Even as markets cheered the agreement by European leaders to allow the direct use of the bloc’s bailout funds to recapitalize struggling banks, well-known investor Jim Rogers told CNBC the move does nothing to help solve the region’s biggest problem, which is its high debt levels.
“Just because now you have a way to get them (the banks) to borrow even more money, this is not solving the problem, this is making the problem worse,” Rogers said on Friday.
“People need to stop spending money they don’t have. The solution to too much debt is not more debt. All this little agreement does is give them (banks) a chance to have even more debt for a while longer,” he added.
After negotiating late into the night, European policymakers agreed on Friday morning that the bloc’s bailout fund, the European Stability Mechanism (ESM), would be able to lend directly to recapitalize banks without increasing a country’s budget deficit, and without preferential seniority status.
Read more @ CNBC.com
Calendar Of Key Events In Europe, Whose President Starting Today Is Broke Cyprus
In
a development that is too hilarious for even the most hardened cynics
to pass by, starting today, the rotating presidency of the EU will be
handed over to... broke Cyprus. We learn this and much
more about the onslaught of sovereign debt auctions out of Spain and
France in the month of July (explaining the urgency to come up with any mechanism
to keep Spanish and Italian bond yields below 7% as absent some deux
ex, no matter how temporary, the whole charade may have ended as soon as
31 days from today) courtesy of the following calendar of key events
out of Europe.Public Opinion Of US Supreme Court Deteriorates Following Obamacare Decision
While we are still collecting various public polling results showing popular sentiment in the aftermath of the Supreme Court's surprising Obamacare ruling last week, the first results out of Rasmussen show that if Judge John Roberts' goal was to somehow restory credibility in the supreme judicial entity, following his alleged flip flopping on the ACA, whereby he passed the Individual Mandate in a format never intended by the Obama administration, he has failed. From Rasmussen: "A week ago, 36% said the court was doing a good or an excellent job. That’s down to 33% today. However, the big change is a rise in negative perceptions. Today, 28% say the Supreme Court is doing a poor job. That’s up 11 points over the past week."
Turkey Scrambles F-16s On Syria Border As US Intelligence Says Syrian Story Was Correct All Along
Last
week's false flag story of baseless Middle Eastern provocation refuses
to go away. Even after, in a shocking turn of events, US intelligence
confirmed this weekend that Syria's version of events
surrounding the downed Turkish F-4 jet story was the right one all
along, pulling the media narrative rug right from under Hillary
Clinton's provocative feet (and making others wonder just which country
is the only one that stands to benefit of NATO does pull Article 4 or 5
and does invade Syria on now invalidated and false premises), today we
read that Turkey continues to try to escalate. From the BBC: "Turkey
has scrambled six F-16 fighters jets near its border with Syria after
Syrian helicopters came close to the border, the country's army says. A total of six jets were sent to the area in response to three such incidents on Sunday, although there was no border violation, the Reuters news agency quoted the statement saying. On Friday, Turkey
said it had begun deploying rocket launchers and anti-aircraft guns
along the border in response to the downing of its F-4 Phantom jet."
Of course, without an actual confirmed provocation, such as the one
Turkey itself pulled against Syria, it is left with the same media
rhetoric that continues to expose just one side of the Syrian story -
the Western media spun one. "Turkey has strongly criticised Syria's
response to the 16-month anti-government uprising, which has seen more
than 30,000 Syrian refugees enter Turkey." Fair enough, we do however
wonder what Syria would say about Turkey's treatment of Kurdish
minorities. Finally, confirmation that just as we first suggested two
weeks, this whole incident has been nothing but a provocation stage test
to get NATO involved without any of the facts being on the table,
comes from no other source than US military intelligence.Is The Bank Of England About To Be Dragged Into Lie-borgate, And Which US Bank Is Next
While the Lieborgate
scandal gathers steam not so much because of people's comprehension of
just what is at stake here (nothing less than the fair value of $350
trillion in interest-rate sensitive products as explained in February), but simply courtesy of several very vivid emails which
mention expensive bottles of champagne, once again proving that when
it comes to interacting with the outside world, banks see nothing but
rows of clueless muppets until caught red-handed (at which point they use big words, and speak confidently), the BBC's Robert Peston brings an unexpected actor into the fray: the English Central Bank and specifically Paul Tucker, the man who, unless Goldman's-cum-Canada's Mark Carney or Goldman's Jim O'Neill step up, will replace Mervyn King as head of the BOE.
We The Sheeplez... is intended to reflect
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.
I'm PayPal Verified Spain Reminds Us What The Main Problem With Blank Checks Is: Says Q2 GDP Will Be Worse Than Q1
Even as Spain, Italy and soon France are scrambling to break the link between sovereigns and banks, an unpopular move that until recently Germany was very much against as it permitted the culture of endless unsupervised bank bailouts on taxpayer dimes to continue, we get a fresh reminder of why any unconditional aid, entitlement, or backstop guarantees funded by "other people's money" is always inevitably a bad idea. Case in point: Spain, which just said that its economy will contract in Q2 even more than in Q1. This reminds us why any claims of "austerity" are a total mockery: only Keynesian priests seem unable to grasp that countries gain much more upside from pushing their economies to the brink only to be bailed out, than from engaging in real economic viability and sustainability programs: i.e., living within your means (something we proved empirically before). Finally, this is also a stark reminder that when one removes out all the bailout noise and the daily high-beta gyrations of sovereign debt, the real reason why sovereign bondholders should be buying Spanish debt - an actual improvement in its economy- continues to not only be absent, but by the very nature of endless now-monthly bailouts, becomes impossible as debt never fixed more debt.Emerging Markets Have A Much Better Growth Potential Than All The Industrial World
Admin at Marc Faber Blog - 3 hours ago
Emerging markets have a much better growth potential than all the
industrial world and therefore I personally have most of my investments in
Asian emerging markets, including also India.
I think they will go down, but I do not want to be 100 percent in cash
because I am not too sure about the value of cash and may be I am wrong
about the downturn in equity market and the central banks throw all the
money into the system and the equity prices go up.
So I want to own some equities, but I have also a lot of cash in order to
be able to add to my positions. - *in ETimes *
*
*
*Related: i... more »
How Many Times Has This Happened In The Last 3 Years?
Admin at Jim Rogers Blog - 10 hours ago
How many times has this happened in the last three years – they (EU
leaders) have had a meeting, the markets have rallied, two days later the
market says wait a minute this doesn’t solve the problem. - *in CNBC*
Related: SPDR S&P 500 ETF (SPY), Ishares MSCI Emerging Markets, United
States Oil Fund LP (ETF) (NYSE:USO),
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The
Financial Times and is a regular guest on Bloomberg and CNBC.*
Yoichi Shimatsu, Rense.com:
A security camera inside the Fukushima 1 nuclear plant reveals the final steps in the demolition of a ferroconcrete structure. A mobile crane-mounted plasma torch cuts through the skeletal remnant of a three-story building, methodically cleaving the few remaining support beams, releasing dust clouds of burnt slake lime.
Though the digital mosaic is often blurry, it’s clear that only one side of the structure is left standing, indicating that the three other walls had been either removed earlier at nighttime or collapsed in the Richter 5+ earthquakes that struck northeast Japan between June 17 and June 22.
The obvious conclusion could be drawn from the scene, which still goes unreported by the media, but once again as throughout this crisis I have always wished to be pleasantly wrong rather than painfully correct. In response to my skeptical query, Japanese activists responded: “It was definitely the No 4 reactor. We have not heard anything else about it. It (the demolition) was done on the day when the nation was focused on the government decision to raise the consumer tax.”
The demolition of Reactor 4 – yet to be officially announced by TEPCO or the Economy Ministry – has been overlooked by the mass media and even the anti-nuclear movement, which are preoccupied by the ongoing protests in the capital Tokyo against the reopening of the Oi nuclear power plant and a parliamentary vote for a higher consumption tax. On June 26, after a divisive debate among his party members, Prime Minister Yoshihiko Noda and his supporters in the ruling Democratics introduced a bill doubling the consumption tax – timed to divert public attention from the deteriorating conditions at Fukushima No.1 nuclear plant. If the videoclip is indeed of a collapsed Reactor 4, then Japan and the rest of the world are in for a long hot summer and much worse ahead.
Read More @ Rense.com
from TruthNeverTold :
A security camera inside the Fukushima 1 nuclear plant reveals the final steps in the demolition of a ferroconcrete structure. A mobile crane-mounted plasma torch cuts through the skeletal remnant of a three-story building, methodically cleaving the few remaining support beams, releasing dust clouds of burnt slake lime.
Though the digital mosaic is often blurry, it’s clear that only one side of the structure is left standing, indicating that the three other walls had been either removed earlier at nighttime or collapsed in the Richter 5+ earthquakes that struck northeast Japan between June 17 and June 22.
The obvious conclusion could be drawn from the scene, which still goes unreported by the media, but once again as throughout this crisis I have always wished to be pleasantly wrong rather than painfully correct. In response to my skeptical query, Japanese activists responded: “It was definitely the No 4 reactor. We have not heard anything else about it. It (the demolition) was done on the day when the nation was focused on the government decision to raise the consumer tax.”
The demolition of Reactor 4 – yet to be officially announced by TEPCO or the Economy Ministry – has been overlooked by the mass media and even the anti-nuclear movement, which are preoccupied by the ongoing protests in the capital Tokyo against the reopening of the Oi nuclear power plant and a parliamentary vote for a higher consumption tax. On June 26, after a divisive debate among his party members, Prime Minister Yoshihiko Noda and his supporters in the ruling Democratics introduced a bill doubling the consumption tax – timed to divert public attention from the deteriorating conditions at Fukushima No.1 nuclear plant. If the videoclip is indeed of a collapsed Reactor 4, then Japan and the rest of the world are in for a long hot summer and much worse ahead.
Read More @ Rense.com
from TruthNeverTold :
By Greg Canavan, Daily Reckoning.com.au:
India is looking to shoot the messenger. It wants to ban the sale of gold coins
via the banking system. India’s currency, the rupee, is falling fast
against the US dollar and a range of other currencies. As a result, Indians buy gold to protect themselves against the falling rupee.
The US Dollar Rising Against Indian Rupee
This increases India’s imports, which worsens its current account deficit and puts more pressure on the currency. So the Indian government, in their wisdom, look to remedy the situation by trying to discourage gold imports. Genius.
India’s problem is that it’s no longer the ‘hot’ economy it was just a few years ago. The ‘emerging markets‘ are now emerging slower than many had hoped. The two big ones, India and China, are not emerging much at all. The hot money that previously flowed into these economies is now lukewarm at best.
So the Indian rupee is under pressure, and apparently it’s gold’s fault.
The interesting thing about this is that India’s private stash of gold is massive. According to the World Gold Council, its citizens hold around 18,000 tonnes of gold. At a US$1,600 gold price, that equates to around US$1 trillion dollars.
Read More @ DailyReckoning.com.au
India is looking to shoot the messenger. It wants to ban the sale of gold coins
via the banking system. India’s currency, the rupee, is falling fast
against the US dollar and a range of other currencies. As a result, Indians buy gold to protect themselves against the falling rupee. India’s problem is that it’s no longer the ‘hot’ economy it was just a few years ago. The ‘emerging markets‘ are now emerging slower than many had hoped. The two big ones, India and China, are not emerging much at all. The hot money that previously flowed into these economies is now lukewarm at best.
So the Indian rupee is under pressure, and apparently it’s gold’s fault.
The interesting thing about this is that India’s private stash of gold is massive. According to the World Gold Council, its citizens hold around 18,000 tonnes of gold. At a US$1,600 gold price, that equates to around US$1 trillion dollars.
Read More @ DailyReckoning.com.au
by Ron Hera, SafeHaven.com:
At Royal Bank, Mr. Embry was named Vice-President, Equities and
Portfolio Manager at RBC Global Investment Management, a $33 billion
organization where he oversaw $5 billion in assets, including the
flagship $2.9 billion Royal Canadian Equity Fund and the $250 million
Royal Precious Metals Fund, which was the #1 ranked fund in Canada for
its 2002 net performance of 153%.Hera Research Newsletter (HRN): Thank you for joining us today. Let’s talk about gold stocks.
John Embry: Gold stocks represent a tremendous value in relation to the price of gold and to the fundamentals of the sector. There has been tremendous shorting activity by hedge funds and, as a result, dedicated gold funds have experienced redemptions. Retail investors, who are natural buyers of these stocks, have been annihilated by the price action. This has created one of the finest opportunities, if not the finest opportunity, that I have ever seen.
HRN: Do you have a short term price target?
John Embry: I don’t look at short term price charts for gold. In a market as heavily interfered with as this one, charts can be made to look any way you want in the short run. As I see it, if you don’t like gold at these prices, then you must like currencies. My partner Eric Sprott often says, the U.S. dollar is the best looking horse in the glue factory. If the U.S. dollar is the world’s strongest currency, that’s the best endorsement for gold that I can think of.
HRN: Do you believe that currencies are losing value?
Read More @ SafeHaven.com
At Royal Bank, Mr. Embry was named Vice-President, Equities and
Portfolio Manager at RBC Global Investment Management, a $33 billion
organization where he oversaw $5 billion in assets, including the
flagship $2.9 billion Royal Canadian Equity Fund and the $250 million
Royal Precious Metals Fund, which was the #1 ranked fund in Canada for
its 2002 net performance of 153%.Hera Research Newsletter (HRN): Thank you for joining us today. Let’s talk about gold stocks.John Embry: Gold stocks represent a tremendous value in relation to the price of gold and to the fundamentals of the sector. There has been tremendous shorting activity by hedge funds and, as a result, dedicated gold funds have experienced redemptions. Retail investors, who are natural buyers of these stocks, have been annihilated by the price action. This has created one of the finest opportunities, if not the finest opportunity, that I have ever seen.
HRN: Do you have a short term price target?
John Embry: I don’t look at short term price charts for gold. In a market as heavily interfered with as this one, charts can be made to look any way you want in the short run. As I see it, if you don’t like gold at these prices, then you must like currencies. My partner Eric Sprott often says, the U.S. dollar is the best looking horse in the glue factory. If the U.S. dollar is the world’s strongest currency, that’s the best endorsement for gold that I can think of.
HRN: Do you believe that currencies are losing value?
Read More @ SafeHaven.com
by Jonathan Strong, Roll Call:
In the midst of a fiery floor debate over contempt proceedings for
Attorney General Eric Holder, House Oversight and Government Reform
Chairman Darrell Issa (R-Calif.) quietly dropped a bombshell letter into the Congressional Record.
The May 24 letter to Rep. Elijah Cummings (D-Md.), ranking member on the panel, quotes from and describes in detail a secret wiretap application that has become a point of debate in the GOP’s “Fast and Furious” gun-walking probe.
The wiretap applications are under court seal, and releasing such information to the public would ordinarily be illegal. But Issa appears to be protected by the Speech or Debate Clause in the Constitution, which offers immunity for Congressional speech, especially on a chamber’s floor.
According to the letter, the wiretap applications contained a startling amount of detail about the operation, which would have tipped off anyone who read them closely about what tactics were being used.
Read More and LISTEN Now @ RollCall.com
In the midst of a fiery floor debate over contempt proceedings for
Attorney General Eric Holder, House Oversight and Government Reform
Chairman Darrell Issa (R-Calif.) quietly dropped a bombshell letter into the Congressional Record.The May 24 letter to Rep. Elijah Cummings (D-Md.), ranking member on the panel, quotes from and describes in detail a secret wiretap application that has become a point of debate in the GOP’s “Fast and Furious” gun-walking probe.
The wiretap applications are under court seal, and releasing such information to the public would ordinarily be illegal. But Issa appears to be protected by the Speech or Debate Clause in the Constitution, which offers immunity for Congressional speech, especially on a chamber’s floor.
According to the letter, the wiretap applications contained a startling amount of detail about the operation, which would have tipped off anyone who read them closely about what tactics were being used.
Read More and LISTEN Now @ RollCall.com
[Ed. Note: What illustrates the moral depravity and general insanity of the less than 1% better than a $28,000 cupcake?]
from Arabian Gazette:
Bloomsbury’s officially opened at The Dubai Mall on Thursday 28th June
2012. The new boutique café in Dubai marks the one year anniversary of
Bloomsbury’s which opened it’s doors to food lovers last year in Abu
Dhabi.
The new store is located on the lower ground floor of The Dubai Mall and is one of many new locations due to open in the Gulf. Bloomsbury’s brings the luxurious taste of London to Dubai with its boutique cupcakes and confectionaries along with world renowned teas and coffees.
The opening event at The Dubai Mall was inaugurated by Mr Yusuff Ali MA (EMKE Group) and saw the unveiling of “The Most Expensive ‘Edible’ Cupcake” named “The Golden Phoenix” using the finest, most expensive ingredients available from around the world.
Afternoon tea was served to guests and the setting of the opening was very English indeed, the ambiance was set with street lamps and London street signage, definitely a rare sight for sore eyes at The Dubai Mall. After the ceremonial ribbon cutting, The most expensive ‘edible’ cupcake, The Golden Phoenix, was rolled in on a lush, Italian, Villari 24 carat gold plated Maria Antoinette Princess Tea Trolley and presented on a 24 carat gold painted Empire Morning Cake Stand with Cloch. The unveiling of The Golden Phoenix presentation exceeded $28,000 (AED100,000).
Read More @ ArabianGazette.com
I'm PayPal Verified
from Arabian Gazette:
Bloomsbury’s officially opened at The Dubai Mall on Thursday 28th June
2012. The new boutique café in Dubai marks the one year anniversary of
Bloomsbury’s which opened it’s doors to food lovers last year in Abu
Dhabi.The new store is located on the lower ground floor of The Dubai Mall and is one of many new locations due to open in the Gulf. Bloomsbury’s brings the luxurious taste of London to Dubai with its boutique cupcakes and confectionaries along with world renowned teas and coffees.
The opening event at The Dubai Mall was inaugurated by Mr Yusuff Ali MA (EMKE Group) and saw the unveiling of “The Most Expensive ‘Edible’ Cupcake” named “The Golden Phoenix” using the finest, most expensive ingredients available from around the world.
Afternoon tea was served to guests and the setting of the opening was very English indeed, the ambiance was set with street lamps and London street signage, definitely a rare sight for sore eyes at The Dubai Mall. After the ceremonial ribbon cutting, The most expensive ‘edible’ cupcake, The Golden Phoenix, was rolled in on a lush, Italian, Villari 24 carat gold plated Maria Antoinette Princess Tea Trolley and presented on a 24 carat gold painted Empire Morning Cake Stand with Cloch. The unveiling of The Golden Phoenix presentation exceeded $28,000 (AED100,000).
Read More @ ArabianGazette.com
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
No comments:
Post a Comment