from KingWorldNews:
Today Egon von Greyerz told King World News that going forward the
world is going to witness, “…unprecedented wealth destruction.”
Greyerz, who is founder and managing partner at Matterhorn Asset
Management out of Switzerland, also said to KWN that gold will soar, but
in the midst of the rise, “There will be failing economies, higher
unemployment, more QE, and extraordinary levels of social unrest.”
Here is what Greyerz had to say about the ongoing financial crisis and where we are headed: “Right now the world is on the edge. When Draghi says something it hits the wire and gold goes up and the dollar goes down. Market participants are sloshing money around from currency to currency, but, in the end, all of the currencies will experience a massive decline.”
“Virtually every economic figure published worldwide shows there is a rapidly declining global economy. We all know that Southern Europe is a basket case, but Germany is starting to suffer now. Then we go to the UK and that’s a disaster waiting to happen.
I believe the UK is already in a depression….
Egon von Greyerz continues @ KingWorldNews.com
Today Egon von Greyerz told King World News that going forward the
world is going to witness, “…unprecedented wealth destruction.”
Greyerz, who is founder and managing partner at Matterhorn Asset
Management out of Switzerland, also said to KWN that gold will soar, but
in the midst of the rise, “There will be failing economies, higher
unemployment, more QE, and extraordinary levels of social unrest.” Here is what Greyerz had to say about the ongoing financial crisis and where we are headed: “Right now the world is on the edge. When Draghi says something it hits the wire and gold goes up and the dollar goes down. Market participants are sloshing money around from currency to currency, but, in the end, all of the currencies will experience a massive decline.”
“Virtually every economic figure published worldwide shows there is a rapidly declining global economy. We all know that Southern Europe is a basket case, but Germany is starting to suffer now. Then we go to the UK and that’s a disaster waiting to happen.
I believe the UK is already in a depression….
Egon von Greyerz continues @ KingWorldNews.com
Jim Willie: Exposure of Allocated Gold Account Raids Will DEVASTATE the Major Banks
by Jim Willie, GoldenJackass.com via Silver Doctors:
The recent rally in the USTBond 10-yield under 1.5% is a big danger signal
-Last week the jump came to the money laundering by a major global bank, next could be exposure of the artificial flight to USTBond safety, enabled by Interest Rate Swaps
-Another jump could be exposure of the big bank insolvency, covered up by accounting fraud
-A wild card jump could be exposure of the big banks diversifying away from the USTBond, dumping it, as they reveal their own collusion in lifting its value via derivative leverage
-A devastating jump will be the exposure of Allocated Gold account raids, which have left the major banks possibly over 40 thousand metric tons short of gold
-The result might not be successful prosecutions and legal entanglements for the banks
so much as a mutual assured destruction of their systems that require faith and trust
-Gold is the true sanctuary, not the USTBond, and the Gold price is going toward $5,000 per oz
-The Gold price is at long-term monthly support, poised for a major move based upon more scandal
As preface, consider that the USTreasury 10-year yield went below 1.4% this week. Some unenlightened celebrate the asset appreciation and point to a successful asset in performance in an otherwise dismal financial market. The Jackass said in the June 6th public article “USTBonds: Black Hole Dynamics” that such a success is a marquee billboard message of economic meltdown and systemic failure. As the rally continues, possibly the onliest rally outside of corn and soybeans in yet another disaster, people should focus on whether the systemic collapse will occur before the 10-yield hits 1.0% in my warning. Focus on four major points:
Read More @ Silver Doctors
from silverguru:
The recent rally in the USTBond 10-yield under 1.5% is a big danger signal-Last week the jump came to the money laundering by a major global bank, next could be exposure of the artificial flight to USTBond safety, enabled by Interest Rate Swaps
-Another jump could be exposure of the big bank insolvency, covered up by accounting fraud
-A wild card jump could be exposure of the big banks diversifying away from the USTBond, dumping it, as they reveal their own collusion in lifting its value via derivative leverage
-A devastating jump will be the exposure of Allocated Gold account raids, which have left the major banks possibly over 40 thousand metric tons short of gold
-The result might not be successful prosecutions and legal entanglements for the banks
so much as a mutual assured destruction of their systems that require faith and trust
-Gold is the true sanctuary, not the USTBond, and the Gold price is going toward $5,000 per oz
-The Gold price is at long-term monthly support, poised for a major move based upon more scandal
As preface, consider that the USTreasury 10-year yield went below 1.4% this week. Some unenlightened celebrate the asset appreciation and point to a successful asset in performance in an otherwise dismal financial market. The Jackass said in the June 6th public article “USTBonds: Black Hole Dynamics” that such a success is a marquee billboard message of economic meltdown and systemic failure. As the rally continues, possibly the onliest rally outside of corn and soybeans in yet another disaster, people should focus on whether the systemic collapse will occur before the 10-yield hits 1.0% in my warning. Focus on four major points:
Read More @ Silver Doctors
by J. D. Heyes, Natural News:
Millions
of Americans have long suspected that the so-called “mainstream media”
is big-time controlled, whether selectively or institutionally. A recent
New York Times story not only substantiates that belief, it proves just how
controlled the messages are that are coming from those who mean to rule
over us. What’s more, the story demonstrates that most major media
sources are complicit in the packaging of information the public is
“allowed” to hear.
The revelations may not necessarily be groundbreaking news to many Americans who already suspected they weren’t getting unfiltered and unbiased reporting, though the extent of control over the information reaching the public from the major campaigns may surprise many.
But the revelations should certainly be disturbing to voters who are trying to make choices based on altered or incomplete information.
Read More @ NaturalNews.com
Millions
of Americans have long suspected that the so-called “mainstream media”
is big-time controlled, whether selectively or institutionally. A recent
New York Times story not only substantiates that belief, it proves just how
controlled the messages are that are coming from those who mean to rule
over us. What’s more, the story demonstrates that most major media
sources are complicit in the packaging of information the public is
“allowed” to hear.The revelations may not necessarily be groundbreaking news to many Americans who already suspected they weren’t getting unfiltered and unbiased reporting, though the extent of control over the information reaching the public from the major campaigns may surprise many.
But the revelations should certainly be disturbing to voters who are trying to make choices based on altered or incomplete information.
Read More @ NaturalNews.com
from TF Metals Report:
Today’s action, though disappointing, is meaningless when next week
brings another FOMC meeting and the BLSBS. I hope you’re ready.
Frankly, my biggest concern is that we’ve seen this all before. The Cartel allows the metals to rise in the days before some kind of Fed “news”, only to rip the spec’s guts out when the Fed, inevitably, disappoints. So, the most likely outcome next week is a rally on Monday and Tuesday as the Spec Sheep are led into the shearing barn.
The hammer falls on Wednesday and Thursday as the politically-handcuffed Fed “disappoints”.
Then, a sharp rally on Friday when the BLSBS comes in lousy.
The Spec Sheep get sheared twice by being long on Wednesday and short on Friday. The Gold Cartel wins twice and laughs all the way to the bank.
{Now, let’s get one thing straight. I am NOT trying to have it both ways. What I have described above is the most likely outcome for next week. Likely but not 100% certain. Regardless of what happens next week, I am still expecting a hot, explosive and historic summer and fall.}
Read More @ TF Metals Report.com
Today’s action, though disappointing, is meaningless when next week
brings another FOMC meeting and the BLSBS. I hope you’re ready.Frankly, my biggest concern is that we’ve seen this all before. The Cartel allows the metals to rise in the days before some kind of Fed “news”, only to rip the spec’s guts out when the Fed, inevitably, disappoints. So, the most likely outcome next week is a rally on Monday and Tuesday as the Spec Sheep are led into the shearing barn.
The hammer falls on Wednesday and Thursday as the politically-handcuffed Fed “disappoints”.Then, a sharp rally on Friday when the BLSBS comes in lousy.
The Spec Sheep get sheared twice by being long on Wednesday and short on Friday. The Gold Cartel wins twice and laughs all the way to the bank.
{Now, let’s get one thing straight. I am NOT trying to have it both ways. What I have described above is the most likely outcome for next week. Likely but not 100% certain. Regardless of what happens next week, I am still expecting a hot, explosive and historic summer and fall.}
Read More @ TF Metals Report.com
from silverguru:
Faith, Hope, And Draghi
What
can we say? From the better than expected GDP this morning Gold and
the USD (and Treasury yields) diverged from the QE hope trade - but
stocks didn't. Then came the statement of the entirely sublime obvious
from someone somewhere about Draghi's normal pre-meeting meetings and we
were off to the races to test recent highs. Treasuries exploded higher
in yield, Gold popped, USD weakened (as EUR popped), and stocks
ripped. But...Treasuries reverted back to pre-Draghi-levels,
EUR tumbled and the USD ended near the highs of the day, Gold gave back
most of its spike gains and closed in the middle of its day's range as
stocks just wouldn't give up the dream. For a 2% rally in
S&P 500 e-mini futures, VIX fell only modestly by 0.9 vos to 16.7% -
which is above last week's close (while stocks end almost 2% above
last week's close). Amid the heaviest volume in over a month and the
largest average trade size in over a week, ES closed at almost 3-month
highs. It appears to us that unless Draghi and Bernanke - who now seem
engrossed deep in the inter-continental thermonuclear currency war -
both do their bit next week (which the market has now more than fully
priced in given the dismal fundamentals) then this is becoming farcical
but as Maria B said "a rally is a rally, right?" Ask the ZNGA and FB
buyers of the rally on IPO day. Stocks ended the day notably decoupled from risk-assets amid Treasuries worst day in 9 months.The Channel-Stuffed GDP Report
There was not much in the GDP report that was unexpected, except durable goods.
The decline in durable goods was comparable to Q2 2011, right down to
the primary driver of that weakness - motor vehicles. However, there
was no earthquake in Japan this year to disrupt supply chains,
production schedules and brand availability. Just like last year, marginal economic growth overall seems to be backfilled with a tide of inventory.
The trouble with inventory at the margins of growth is that it is
essentially a build-up of forward demand, and therefore susceptible to
reversal should overdone production move out of alignment with final
demand. Both monetary and fiscal policies actively seek to
pull forward demand, meaning this inventory-driven activity conforms to
policy goals. It's almost like the 1960's and 70's, with motor
vehicles and government spending driving the marginal economy again.
All that’s missing is for Ralph Nader to show up and write about how
cars are dangerous.The Absurdity Of Sandy Weill
Any contrition on the part of Weill for his role in repealing Glass-Steagall might as well be an attempt to close the stable door after the horse has bolted. It’s like trying to uninvent the atom bomb after Hiroshima. Weill was the guy who — above anyone else — was responsible for the damage done. Coming out and claiming that reimposing Glass-Steagall would fix the problem is inadequate. If he wants to be taken seriously he should match every dollar he spent trying to get Glass-Steagall repealed with new lobbying funds to reimpose a separation between banks that accept deposits and the shadow banking and derivatives casinos.
by David Galland, Casey Research:
I want to start today’s missive with a couple of unusual charts.
Unusual because they contain no reference points. Here’s the first.
And here’s the second.
We’ll return to those charts momentarily. First, however, a confession.
As much as I read, and despite interacting with very smart people on a daily basis, until just recently I have missed something about our economy that, on reflection, should have been as obvious as the computer screen I spend far too many hours staring at.
Allow me to emphasize the point in somewhat stronger terms.
That I could have overlooked this particular aspect of the US economy and the overarching consequences that follow from it for all these years should, if I were a lawyer, cause me to be disbarred. If I were a doctor, the medical practice board would be entirely within their rights to revoke my license. If I were a politician, my benefactors would be entirely justified in cutting off my bribes donations. If I were a… well, you get the idea.
Interestingly, as smack-up-the-side-of-the-head obvious as this feature of the economy is, and has been for years, virtually everyone else has failed to spot it as well.
Read More @ CaseyResearch.com
I want to start today’s missive with a couple of unusual charts.
Unusual because they contain no reference points. Here’s the first.And here’s the second.
We’ll return to those charts momentarily. First, however, a confession.
As much as I read, and despite interacting with very smart people on a daily basis, until just recently I have missed something about our economy that, on reflection, should have been as obvious as the computer screen I spend far too many hours staring at.
Allow me to emphasize the point in somewhat stronger terms.
That I could have overlooked this particular aspect of the US economy and the overarching consequences that follow from it for all these years should, if I were a lawyer, cause me to be disbarred. If I were a doctor, the medical practice board would be entirely within their rights to revoke my license. If I were a politician, my benefactors would be entirely justified in cutting off my bribes donations. If I were a… well, you get the idea.
Interestingly, as smack-up-the-side-of-the-head obvious as this feature of the economy is, and has been for years, virtually everyone else has failed to spot it as well.
Read More @ CaseyResearch.com
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I'm PayPal Verified All The Olympic Charts That's Fit To Print, And More
Update: a perfectly-timed release by S&P: S&P AFFIRMS UNITED KINGDOM 'AAA/A-1+' RATINGS; OUTLOOK STABLE.In honor of today's commencement of the Olympics here are some entertaining charts that for once have nothing to do with an insolvent Europe or America, China's RAND() function, or much hated, non-magic based math, and instead have everything to do with the Olympics, and sport in general.
Weekly Bull/Bear Recap: Jul. 16-20, 2012
While it would appear that all news is good news; good news (or no news) is better news; and old-news is the best news; here is your one stop summary of all the notable bullish and bearish events in the past seven days.
by Reggie Middleton, BoomBustBlog.com:
Facebook gave its first quarterly report as a public company yesterday,
and it failed to deliver the goods. Unfortunately, but as can be
expected, the MSM and the sell side have apparently failed to pick up on
the most pertinent aspect of the conference call, which also happens to
have been one of the first things uttered by its young CEO. To wit:
We ended June with 955 million monthly active users, over 1/2 of whom used Facebook on a daily basis and over 1/2 of whom used Facebook for mobile devices. We saw more people using our services at the end of June than at the end of March across all key countries, including 3 million more people in the U.S. Growing the network of people who use Facebook and expanding the social experiences available to them remains the foundation of our efforts and the key to our future success.
Let’s parse those words… “Growing the network of people who use Facebook and expanding the social experiences available to them remains the foundation of our efforts and the key to our future success.”
Should the astute fundamental investor (of which there aren’t many of us left, are they?) take Zuckerberg’s word as to the key to Facebook’s future success? If so, methinks it’s time to start stuffing those long term puts under the mattress, to wit…
Read More @ BoomBustBlog.com
Facebook gave its first quarterly report as a public company yesterday,
and it failed to deliver the goods. Unfortunately, but as can be
expected, the MSM and the sell side have apparently failed to pick up on
the most pertinent aspect of the conference call, which also happens to
have been one of the first things uttered by its young CEO. To wit:We ended June with 955 million monthly active users, over 1/2 of whom used Facebook on a daily basis and over 1/2 of whom used Facebook for mobile devices. We saw more people using our services at the end of June than at the end of March across all key countries, including 3 million more people in the U.S. Growing the network of people who use Facebook and expanding the social experiences available to them remains the foundation of our efforts and the key to our future success.
Let’s parse those words… “Growing the network of people who use Facebook and expanding the social experiences available to them remains the foundation of our efforts and the key to our future success.”
Should the astute fundamental investor (of which there aren’t many of us left, are they?) take Zuckerberg’s word as to the key to Facebook’s future success? If so, methinks it’s time to start stuffing those long term puts under the mattress, to wit…
Read More @ BoomBustBlog.com
Temporary Reprieve: UN fails to reach deal on global arms trade treaty, as US asks for “more time”
from Fox News:
U.N. member states have failed to reach agreement on a new treaty to regulate the multibillion-dollar global arms trade.Some diplomats and treaty supporters blamed the United States for triggering the unraveling of the month-long negotiating conference.
Hopes had been raised that agreement could be reached on a revised treaty text that closed some key loopholes by Friday’s deadline for action. But the United States announced Friday morning that it needed more time to consider the proposed treaty — and Russia and China then also asked for more time.
A bipartisan group of 51 U.S. senators on Thursday had threatened to oppose the global treaty regulating international weapons trade if it falls short in protecting the constitutional right to bear arms.
In a letter to President Obama and Secretary of State Hillary Clinton, the senators expressed serious concerns with the draft treaty that has circulated at the United Nations, saying that it signals an expansion of gun control that would be unacceptable.
Read More @ FoxNews.com
Pressure and Energy Building As Investors Give Up On Gold
Eric De Groot at Eric De Groot - 4 hours ago
Net long as a percentage of open interest has risen to -19.06% (chart 1).
The invisible hand has been aggressively covering its shorts position in
2012. The last time it did that was 2008 before the huge rally of
2009-2011. Chart 1: London P.M Fixed and the Commercial Traders COT
Futures and Options Net Long As A % of Open Interest The gold market
continues to vent gas...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
by Greg Hunter, USAWatchdog:
Once again, Syria is at the top of the News Wrap-Up. Russia is
sending a large contingent of marines to Syria. They will park off the
coast, ready to go ashore if needed. I told you this was not going to
go down like Libya. Russia has a naval base in Syria and is a big ally
of the Syrian government. Now, Iran is saying it will come to the help
of the Syrian government and will not permit a regime change. This is a
bloody civil war that has claimed the lives of nearly 20,000 Syrian
citizens. There is no end in sight.Treasury Secretary Tim Geithner was in the Congressional hot seat this week. Geithner was grilled with questions as to why he did not call a halt to the multi-trillion dollar Libor global rate rigging fraud. The big bankers are going to say Mr. Geithner, who was at the New York Fed when this started, basically gave his tacit approval for the fraud. I look for him to be sacrificed by the bankers over this mess.
Former CEO of Citi Group, Sandy Weill, says the big banks should be broken up. What? He was one of the architects of the big bank “supermarket” model. What do you want to bet the banks will shave off the productive assets for investment banks and leave taxpayers with the debt and toxic garbage to clean up? What a weasel!!!
Read More @ USAWatchdog.com
Mogambo Sure-Fire Defensive-Posture Bunker (MSFDPB),
Richard Daughty, a.k.a., 'The Mogambo Guru' at Mogambo Guru Report! - 7 hours ago
Something woke me up. I don't know what. Something, though.
But once awake, it seemed to me that it was strangely quiet. And before
you ask, the answer is "Yes. It is TOO quiet," which unfailingly means that
something bad, usually something VERY bad, is just about to happen, like
(as I learned from decades of watching TV) getting attacked with guns
and/or arrows.
So, naturally, I instinctively ran to the periscope and quickly scanned
the perimeter of the Mogambo Sure-Fire Defensive-Posture Bunker (MSFDPB),
naturally expecting the worst. Flames. Riots. Mushroom clouds risin... more »
Gold Chart and Comments
Trader Dan at Trader Dan's Market Views - 8 hours ago
ECB President Draghi apparently has developed a severe case of loose lips
as he cannot seemingly keep his mouth from issuing words into the
atmosphere fast enough of late. The man has decided to initiate a round of
verbal intervention directed at his stinking currency and as a collateral
note, the global equity markets.
Yesterday it was: "we will save the Euro at all costs". Today it is "let's
propose another round of bond buying and lower interest rates".
Just like that, it was music to the ears of the hedge fund community which
wasted no time dutifully responding like the obedient... more »
by Michael Krieger, Liberty Blitzkreig
“We can easily forgive a child who is afraid of the dark. The real tragedy of life is when men are afraid of the light.” – Plato
So this morning, I woke up to an email forward from someone that used to be a client. The forward was an anti-gold rant from a sell-side (Wall Street) broker who will remain unnamed. The piece was so biased and ridiculous I took the time to write a somewhat lengthy response. I am not going to include this person’s message since it is the property of his employer, but you can tell his arguments based on my answer. Hope this helps anyone that feels the need to make the bull gold argument cogently to a sheeple should you run into one in the wild.
My email:
Only someone on Wall Street could write something so foolish. It is so easy to pick this guy’s arguments apart it is not even funny. First, he claims gold has no intrinsic value. I’d love for him to define what “intrinsic” value is? So let’s say a painting is just a piece of canvas with a blue solid image on it. It may look like nothing or garbage to me but others may see brilliance and pay $5 million for it in the market. Because I look at it and see junk does that mean it has no intrinsic value? Gold has been the money of Kings for 5,000 years and even in the “modern” world it remains the asset people gravitate to as a store of value. I’d say having high value consistently for the entire span of human civilization gives it intrinsic value. It has value as alternative money and a store of wealth. That is the value of gold. Also why are regulators considering making gold a Tier 1 asset if it has no value and is archaic. See here. Finally, no one put it better that the fiat pimp himself Alan Greenspan in his article “Gold and Economic Freedom.”
Read More @ LibertyBlitzkreig.com
from Matlarson10:
“We can easily forgive a child who is afraid of the dark. The real tragedy of life is when men are afraid of the light.” – Plato
So this morning, I woke up to an email forward from someone that used to be a client. The forward was an anti-gold rant from a sell-side (Wall Street) broker who will remain unnamed. The piece was so biased and ridiculous I took the time to write a somewhat lengthy response. I am not going to include this person’s message since it is the property of his employer, but you can tell his arguments based on my answer. Hope this helps anyone that feels the need to make the bull gold argument cogently to a sheeple should you run into one in the wild.
My email:
Only someone on Wall Street could write something so foolish. It is so easy to pick this guy’s arguments apart it is not even funny. First, he claims gold has no intrinsic value. I’d love for him to define what “intrinsic” value is? So let’s say a painting is just a piece of canvas with a blue solid image on it. It may look like nothing or garbage to me but others may see brilliance and pay $5 million for it in the market. Because I look at it and see junk does that mean it has no intrinsic value? Gold has been the money of Kings for 5,000 years and even in the “modern” world it remains the asset people gravitate to as a store of value. I’d say having high value consistently for the entire span of human civilization gives it intrinsic value. It has value as alternative money and a store of wealth. That is the value of gold. Also why are regulators considering making gold a Tier 1 asset if it has no value and is archaic. See here. Finally, no one put it better that the fiat pimp himself Alan Greenspan in his article “Gold and Economic Freedom.”
Read More @ LibertyBlitzkreig.com
from Matlarson10:
by Adrian Ash, Gold Seek:
Store-of-value gold has never been so expensive against industrial platinum…
BOTH PLATINUM and gold are useful metals. But where gold’s use is ultimately social – being a thing of beauty, symbol of power, store of value and a means of exchange since the earliest civilizations – platinum is primarily an industrial metal. Which isn’t helping platinum versus the gold price one bit right now.
Platinum – from platina, meaning “little silver” in Modern Latin via Spanish – was only identified as a precious metal in the mid-18th century. So it lacks gold’s long history of human use. In our modern age of global commodity markets, unbacked fiat currency, and fast-growing car ownership however, little silver has always traded at a steep premium to gold – a 46% premium per ounce on average.
Hence the problem amid our economic depression today. “Platinum lacks safe haven status and has limited investment demand,” explains Morgan Stanley’s commodities team. So gold has never before been this expensive in comparison.
Read More @ GoldSeek.com
Store-of-value gold has never been so expensive against industrial platinum…BOTH PLATINUM and gold are useful metals. But where gold’s use is ultimately social – being a thing of beauty, symbol of power, store of value and a means of exchange since the earliest civilizations – platinum is primarily an industrial metal. Which isn’t helping platinum versus the gold price one bit right now.
Platinum – from platina, meaning “little silver” in Modern Latin via Spanish – was only identified as a precious metal in the mid-18th century. So it lacks gold’s long history of human use. In our modern age of global commodity markets, unbacked fiat currency, and fast-growing car ownership however, little silver has always traded at a steep premium to gold – a 46% premium per ounce on average.
Hence the problem amid our economic depression today. “Platinum lacks safe haven status and has limited investment demand,” explains Morgan Stanley’s commodities team. So gold has never before been this expensive in comparison.
Read More @ GoldSeek.com
from FinancialSurvivalNetwork.com:
Chris Duane was with us today, and he’s eased off his economic
educational pursuits. He believes the system’s days are rapidly coming
to an end, and he’s making plans on what to do when that inevitable day
happens. After all, there’s only so much you can say about the collapse
and the corrupt system. Now it’s time to get ready for life after the
great crash. Do you go to another country, an island, or just stay and
fight. These are questions all of us will have to deal with in the near
future. Better to start preparing now, than to have to make the decision
without adequate thought and time.
CLICK HERE FOR AUDIO INTERVIEW
Chris Duane was with us today, and he’s eased off his economic
educational pursuits. He believes the system’s days are rapidly coming
to an end, and he’s making plans on what to do when that inevitable day
happens. After all, there’s only so much you can say about the collapse
and the corrupt system. Now it’s time to get ready for life after the
great crash. Do you go to another country, an island, or just stay and
fight. These are questions all of us will have to deal with in the near
future. Better to start preparing now, than to have to make the decision
without adequate thought and time.CLICK HERE FOR AUDIO INTERVIEW
from CapitalAccount:
Welcome to Capital Account. The US economy slowed in the second quarter: GDP rose at 1.5% on an annualized basis according to the Commerce Department. The Wall Street Journal points out that this current economic ‘recovery’ is the second weakest rebound post World War II. Cue speculation about the Federal Reserve taking more action, or talk of how government GDP numbers aren’t reliable anyway. How does this so-called recovery lag compared to others, and when did things really start going downhill economically in the US. Was it after a peak of good times for America in the late 50s to mid 60s, with the 1959 cadillac a relic of a bygone era?
We are not just talking about its iconic tail fins, but of the decent standard of living for Americans that it represents — one that was NOT built on unsustainable debt supplanting stagnant wages. Or was what sealed America’s fate the 1971 closing of the gold window by Richard Nixon? We will talk to Doug Casey, bestselling author and founder and publisher of Casey Research, for his thoughts.
Also, Spain has, for the first time, conceded it may need a full EU IMF bailout, according to Reuters. Meanwhile, Spanish unemployment has hit the highest level since its transition to democracy post-Franco. We will take stock of the Eurozone crisis with the man who literally wrote the book on Crisis Investing, Doug Casey.
Finally, our own Demetri Kofinas will debrief us on Agora Financial’s “Innovate or Die” conference, which is wrapping up today in Vancouver. Demetri will hopefully tell us how to avoid death, no pun intended.
Welcome to Capital Account. The US economy slowed in the second quarter: GDP rose at 1.5% on an annualized basis according to the Commerce Department. The Wall Street Journal points out that this current economic ‘recovery’ is the second weakest rebound post World War II. Cue speculation about the Federal Reserve taking more action, or talk of how government GDP numbers aren’t reliable anyway. How does this so-called recovery lag compared to others, and when did things really start going downhill economically in the US. Was it after a peak of good times for America in the late 50s to mid 60s, with the 1959 cadillac a relic of a bygone era?
We are not just talking about its iconic tail fins, but of the decent standard of living for Americans that it represents — one that was NOT built on unsustainable debt supplanting stagnant wages. Or was what sealed America’s fate the 1971 closing of the gold window by Richard Nixon? We will talk to Doug Casey, bestselling author and founder and publisher of Casey Research, for his thoughts.
Also, Spain has, for the first time, conceded it may need a full EU IMF bailout, according to Reuters. Meanwhile, Spanish unemployment has hit the highest level since its transition to democracy post-Franco. We will take stock of the Eurozone crisis with the man who literally wrote the book on Crisis Investing, Doug Casey.
Finally, our own Demetri Kofinas will debrief us on Agora Financial’s “Innovate or Die” conference, which is wrapping up today in Vancouver. Demetri will hopefully tell us how to avoid death, no pun intended.
by Chris Marcus, Gold Money:
There’s been a decent pop higher in gold and silver prices over the
last 48 hours, occasioned of course by talk of more easing from the
Federal Reserve and European Central Bank. Mario Draghi’s comments
yesterday that the ECB was prepared to “do whatever it takes” to save
the eurozone have raised expectations of another large-scale European
money-printing venture, though whether Draghi is actually prepared to
walk the walk on this score remains to be seen. As remarked in our Monday article,
holding the likes of Spain and Greece’s feet to the fire by refusing to
monetise debt is a way of forcing governments in these countries to
make cuts. It may also be a beneficial crisis for the EU if it forces
the kind of eurozone fiscal integration that many would have thought
impossible just a few years ago.
Back in the USA meanwhile, the Fed’s “QE3 timetable” is said to have been moved forwards, from September to August. You’re probably sick of reading about endless speculation on this front, and perhaps disheartened that markets are now so heavily influenced by monetary central planners. One point worth making though is that the Fed may choose the nuclear option: an open-ended commitment to nominal-GDP targeting. QE to infinity in other words
Read More @ GoldMoney.com
There’s been a decent pop higher in gold and silver prices over the
last 48 hours, occasioned of course by talk of more easing from the
Federal Reserve and European Central Bank. Mario Draghi’s comments
yesterday that the ECB was prepared to “do whatever it takes” to save
the eurozone have raised expectations of another large-scale European
money-printing venture, though whether Draghi is actually prepared to
walk the walk on this score remains to be seen. As remarked in our Monday article,
holding the likes of Spain and Greece’s feet to the fire by refusing to
monetise debt is a way of forcing governments in these countries to
make cuts. It may also be a beneficial crisis for the EU if it forces
the kind of eurozone fiscal integration that many would have thought
impossible just a few years ago.Back in the USA meanwhile, the Fed’s “QE3 timetable” is said to have been moved forwards, from September to August. You’re probably sick of reading about endless speculation on this front, and perhaps disheartened that markets are now so heavily influenced by monetary central planners. One point worth making though is that the Fed may choose the nuclear option: an open-ended commitment to nominal-GDP targeting. QE to infinity in other words
Read More @ GoldMoney.com
by The Daily Bell:
Britain Unleashed: Why Britain needs Adam Smith
more than ever … Free markets didn’t cause our current economic crisis,
but a perversion of their core principles did. It wasn’t for lack of
regulation that banking came apart. Under Gordon Brown,
a veritable army of box-ticking, officious regulators was created,
ineffectually looking in the wrong direction while the peril grew,
unobserved, beneath their feet. – UK Telegraph
Dominant Social Theme: We need to create free markets that work.
Free-Market Analysis: This article from the Telegraph proposes a way to fix capitalism based on the idea that free-market thinking has traveled too far, too fast. The article,, written by Telegraph maven Jeremy Warner focuses on the appropriate amount of regulation that is necessary for a healthy economy.
The crux paragraph actually comes toward the end of the article when Warner explains how a modern economy works and what is necessary. Here’s an excerpt:
Read More @ TheDailyBell.com
Britain Unleashed: Why Britain needs Adam Smith
more than ever … Free markets didn’t cause our current economic crisis,
but a perversion of their core principles did. It wasn’t for lack of
regulation that banking came apart. Under Gordon Brown,
a veritable army of box-ticking, officious regulators was created,
ineffectually looking in the wrong direction while the peril grew,
unobserved, beneath their feet. – UK TelegraphDominant Social Theme: We need to create free markets that work.
Free-Market Analysis: This article from the Telegraph proposes a way to fix capitalism based on the idea that free-market thinking has traveled too far, too fast. The article,, written by Telegraph maven Jeremy Warner focuses on the appropriate amount of regulation that is necessary for a healthy economy.
The crux paragraph actually comes toward the end of the article when Warner explains how a modern economy works and what is necessary. Here’s an excerpt:
Read More @ TheDailyBell.com
by Patrick J. Buchanan, Lew Rockwell:
Since 1928, only Dwight Eisenhower and George W. Bush have won the
presidency while capturing both houses of Congress for the GOP.
In his 49-state landslide, Richard Nixon failed to take either House. In his two landslides, Ronald Reagan won back only the Senate. Yet Mitt Romney is even money to pull off the hat trick.
With this hopeful prospect, why the near despair among so many Republicans about the long term?
In his New York Times report, “In California, GOP Fights Steep Decline,” Adam Nagourney delves into the reasons.
In the Golden Land, a state Nixon carried all five times he was on a national ticket and Reagan carried by landslides all four times he ran, the GOP does not hold a single statewide office. It gained not a single House seat in the 2010 landslide. Party registration has fallen to 30 percent of the California electorate and is steadily sinking.
Why? It is said that California Republicans are too out of touch, too socially conservative on issues like right-to-life and gay rights. “When you look at the population growth,” says GOP consultant Steve Schmidt, “the
Read More @ LewRockwell.com
Since 1928, only Dwight Eisenhower and George W. Bush have won the
presidency while capturing both houses of Congress for the GOP.In his 49-state landslide, Richard Nixon failed to take either House. In his two landslides, Ronald Reagan won back only the Senate. Yet Mitt Romney is even money to pull off the hat trick.
With this hopeful prospect, why the near despair among so many Republicans about the long term?
In his New York Times report, “In California, GOP Fights Steep Decline,” Adam Nagourney delves into the reasons.
In the Golden Land, a state Nixon carried all five times he was on a national ticket and Reagan carried by landslides all four times he ran, the GOP does not hold a single statewide office. It gained not a single House seat in the 2010 landslide. Party registration has fallen to 30 percent of the California electorate and is steadily sinking.
Why? It is said that California Republicans are too out of touch, too socially conservative on issues like right-to-life and gay rights. “When you look at the population growth,” says GOP consultant Steve Schmidt, “the
Read More @ LewRockwell.com
from nutnfancy:
by Mac Slavo, SHTFPlan:
Though standing ovations and applause are forbidden by Congressional rules, that didn’t stop the House of Representatives from applauding and chanting “USA! USA! USA!” after a rousing speech by Mike Kelly (R-PA) in which he took aim at the trillions of dollars in red tape surrounding government regulatory procedures.
In an effort to sway votes in favor of HR4078, a bill that would would freeze “significant regulatory action” from government agencies until the employment rate is at or below 6%, Kelly relayed a personal story of his own business and experience, targeting the thousands of pages of regulations and laws that American business owners have to navigate in order to survive in an already contracting economy.
While President Obama claims that American entrepreneurs didn’t built their businesses, one thing’s for sure. The only role government has played – especially with behemoth legislative actions like universal healthcare and the most complex system of taxation man has ever known – is to restrict small business growth and facilitate the outsourcing of jobs to other countries.
Read More @ SHTFPlan.com
by Kurt Nimmo, Info Wars:
Now that Obama has tested the water on government gun control with a speech delivered before the National Urban League, we can expect the divisive issue to play a role in his re-election campaign.
Obama and his globalist handlers – who ultimately want every gun confiscated – understand that the American people by and large support the Second Amendment. This is why the president patronized hunters and shooters with an oily sleight of hand.
“I also believe that a lot of gun owners would agree that AK-47s belong in the hands of soldiers, not in the hands of criminals,” Obama said. “That they belong on the battlefield of war, not on the streets of our cities.”
In fact, according to the founders, guns – including AK47s in the modern context – belong in the hands of the citizens and their state militias, as plainly and eloquently spelled out in the Second Amendment. Thomas Jefferson and the founders did not craft the Second Amendment to protect the right of hunters and target shooters. It was included – right after the First Amendment guareenting political speech – to ensure the right of citizens to violently oppose a tyrannical federal government if need be.
AK47s and other “assault” weapons are the sort of tools that will be used if push comes to shove and the people must violently oppose the government.
Now that Obama has tested the water on government gun control with a speech delivered before the National Urban League, we can expect the divisive issue to play a role in his re-election campaign.
Obama and his globalist handlers – who ultimately want every gun confiscated – understand that the American people by and large support the Second Amendment. This is why the president patronized hunters and shooters with an oily sleight of hand.
“I also believe that a lot of gun owners would agree that AK-47s belong in the hands of soldiers, not in the hands of criminals,” Obama said. “That they belong on the battlefield of war, not on the streets of our cities.”
In fact, according to the founders, guns – including AK47s in the modern context – belong in the hands of the citizens and their state militias, as plainly and eloquently spelled out in the Second Amendment. Thomas Jefferson and the founders did not craft the Second Amendment to protect the right of hunters and target shooters. It was included – right after the First Amendment guareenting political speech – to ensure the right of citizens to violently oppose a tyrannical federal government if need be.
AK47s and other “assault” weapons are the sort of tools that will be used if push comes to shove and the people must violently oppose the government.
from Matlarson10:
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