from KingWorldNews:
“Nothing has been solved.But the other point that I was making this week was that this bailout fund, this European Stability Mechanism, which is supposed to have firepower of up to 700 billion euros, it doesn’t actually exist. It’s imaginary.
And before it’s even setup, we have a legal challenge in Ireland. We have a legal challenge in Germany, through their Constitutional Court. We have the Estonian Finance Minister saying that it contradicts their constitution, and therefore will need a change in their Parliament to their law. I mean this thing is all over the place.
So frankly I think that not just the credibility of the institutions and the mechanisms, but as I said this week to my old friend Herman van Rompuy, these guys, him and Barroso, they have no credibility, internationally, at all. They have no respect within the euro itself.
LISTEN NOW @ KingWorldNews.com
Paul Brodsky: Central Banks Are Nearing The 'Inflate Or Die' Stage
"It's impossible to have a political solution to a balance sheet problem" says Paul Brodsky, bond market expert and co-founder of QB Asset Management. The world has simply gotten itself into too much debt. There are creditors that expect to be paid, and debtors that are having an increasingly difficult time making their coupon payments. No amount of political or policy intervention is going to change that reality. (Unless a global "debt jubilee" transpires, which Paul thinks is unlikely). Looking at the global monetary base, Paul sees it dwarfed by the staggering amount of debts that need to be repaid or serviced. The reckless use of leverage has resulted in a chasm between total credit and the money that can service it. So how will this debt overhang be resolved?Central bank money printing -- and lots of it -- thinks Paul.
from Zero Hedge:
Spain got a “bailout” or so the media claimed. Because I cannot find
any entity in Europe with the funds to actually bailout Spain (the EUFN
is tapped out, the ESM has major political issues, and Germany is
risking a credit downgrade and insolvency based on its backdoor EU
props).
As one would expect in this situation, things are rapidly going into hyper-drive in Spain. The weekend before last the country implemented capital controls including
-A minimum fine of €10,000 for taxpayers who do not report their foreign accounts.
-Secondary fines of €5,000 for each additional account
-No cash transactions greater than €2,500
-Cash transaction restrictions apply to individuals and businesses
Does this sound like the actions of an economy with a sound banking system?
On a related note, Italy is once again back on the brink: in the last 2 weeks Italy’s Prime Minister Mario Monti has said that the country is “flirting with economic disaster… [and] in a crisis.” He, like Spain’s PM Rajoy, has pushed for the ESM to buy sovereign bonds. He’s also asked the ECB to implement a mechanism through which it would buy Italian sovereign bonds whenever the spread between them and German bunds grows too large (a type of bailout).
Read More @ Zero Hedge.com
The concept of inflation is poorly understood. In today’s world it is
thought of as simply rising prices due to shortages. In economics there
are several forms of inflation that appear in different circumstances.
Overall governments favor low inflation because it gives the appearance of rising wealth as prices rise, provided that these levels are restrained around, say 3%. Above that and savings are visibly damaged and consequently the economic power of a nation.
But we are moving far away from such a concept now. In today’s world the bulk of inflation has come from rising oil prices [an insidious, usually imported inflation] and the like. At the moment, we are at a time when inflation is at very low levels, so low they no longer represent a fear or concern.
Read More @ GoldSeek.com
Spain got a “bailout” or so the media claimed. Because I cannot find
any entity in Europe with the funds to actually bailout Spain (the EUFN
is tapped out, the ESM has major political issues, and Germany is
risking a credit downgrade and insolvency based on its backdoor EU
props).As one would expect in this situation, things are rapidly going into hyper-drive in Spain. The weekend before last the country implemented capital controls including
-A minimum fine of €10,000 for taxpayers who do not report their foreign accounts.
-Secondary fines of €5,000 for each additional account
-No cash transactions greater than €2,500
-Cash transaction restrictions apply to individuals and businesses
Does this sound like the actions of an economy with a sound banking system?
On a related note, Italy is once again back on the brink: in the last 2 weeks Italy’s Prime Minister Mario Monti has said that the country is “flirting with economic disaster… [and] in a crisis.” He, like Spain’s PM Rajoy, has pushed for the ESM to buy sovereign bonds. He’s also asked the ECB to implement a mechanism through which it would buy Italian sovereign bonds whenever the spread between them and German bunds grows too large (a type of bailout).
Read More @ Zero Hedge.com
by Julian D. W. Phillips, Gold Seek:
The concept of inflation is poorly understood. In today’s world it is
thought of as simply rising prices due to shortages. In economics there
are several forms of inflation that appear in different circumstances.Overall governments favor low inflation because it gives the appearance of rising wealth as prices rise, provided that these levels are restrained around, say 3%. Above that and savings are visibly damaged and consequently the economic power of a nation.
But we are moving far away from such a concept now. In today’s world the bulk of inflation has come from rising oil prices [an insidious, usually imported inflation] and the like. At the moment, we are at a time when inflation is at very low levels, so low they no longer represent a fear or concern.
Read More @ GoldSeek.com
Cash Strapped California Votes For $68 Billion Monorail To Get Federal Bailout
California's budget deficit may be $16 billion (up from $9 billion in January), the state's cities may be keeling over and filing for bankruptcy left and right (Stockton and Mammoth Lakes), and overall container traffic at the Port of Long Beach may have dropped 7.2% in
May compared to last year, but at least California is about to get its
own monorail. Well, maybe not monorail, but certainly a high speed
line between Los Angeles and San Francisco for the low, low price of at
least $4.5 billion in debt to start (and much, much more to actually
end). The winners: Keynesians and labor groups. The losers: anyone who
has ever taken math for idiots. From USA Today: "California lawmakers approved billions of dollars Friday in construction financing for the initial segment of what would be the nation's first dedicated high-speed rail line connecting Los Angeles and San Francisco. The
state Senate voted 21-16 on a party-line vote after intense lobbying
by Gov. Jerry Brown, Democratic leaders and labor groups." And while
nobody really expects the train to actually be built, here is the real
reason for passing the legislation: "The bill authorizes the state to
begin selling $4.5 billion in voter-approved bonds that includes $2.6
billion to build an initial 130-mile (210-kilometer) stretch of the
high-speed rail line in the Central Valley. That will allow the
state to collect another $3.2 billion in federal funding that could
have been rescinded if lawmakers failed to act Friday." In
summary, just passing the bill, gives California a $3.2 billion federal
bailout while the actual use of funds may or may not ever appear (or
money is on the latter). If still confused think Greece and Germany,
because Federal tax collections were just used to give California a
very fungible cash injection. Where the money ends up now is anyone's
guess.Q2 Winners And Losers: Who Were The Top And Bottom Contributors To The S&P
In the second quarter, despite the ludicrous ramp in the S&P on the last day of the month on what has now been proven to be yet another fizzled European summit, the S&P dropped by 275 bps. Below is the full breakdown of which sectors contributed or detracted from the S&P's performance, as well as which companies were the biggest winners and losers in the quarter. In short: boring old Telecom (AT&T and Verizon at the top), Consumer Staples and Utilities did great, while IT, Financial and Energy got crushed.
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Video Interview: Market Update, Global Picture
Admin at Marc Faber Blog - 16 minutes ago
Latest video interview, CNBC TV-18
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
There Is No Such Thing As Safe
Admin at Jim Rogers Blog - 24 minutes ago
Even if you put your money in cash, if you put your money in the wrong
cash, you lose a lot of money. - *in OilPrice.com *
*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.*
Trader Dan on King World News Markets and Metals Wrap
Trader Dan at Trader Dan's Market Views - 2 hours ago
Please click on the following link to listen in to my regular weekly radio
interview with Eric King on the KWN Markets and Metals wrap where we
discuss this week's price action in the markets.
*http://tinyurl.com/cjfhts6*
**
Austerity From Glass Houses Doesn't Work
Eric De Groot at Eric De Groot - 3 hours ago
It is a myth that governments are ready to face the economic, social and
political fallout standing austere as their economies implode, which they
will. Jim Sinclair Source: jsmineset.com Jim's absolutely correct. Anyone
giving him heat about this position has not studied history. Any serious
student knows that nothing opens a can of whoop ass on the status...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
Latest Attempt To Break Gold Will Fail Says Markets
Eric De Groot at Eric De Groot - 5 hours ago
Jim's expectation that the "cartel" will attempt another takedown of gold
next week is justified. They and their highly concentrated short position
realize that the probability of an accelerating up trend grows with each
passing session. The means that the urgency to reduce their controlling
positions (21.26% net long as percentage of open interest) ahead of the
acceleration is extremely high...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]Why Spanish Social Tension Does Not Boil Over?
It
is truly difficult to believe that social tensions may be contained
indefinitely under a deteriorating economic scenario – although there
is the 'frog in the pot analogy' again. There are also escape valves
which surely help keep social tension from mounting such as the ongoing criminal investigation in which former Bankia chairman Rodrigo Rato
and 32 members of the failed bank’s board were formally cited this week
as suspects of fraud, misappropriation of funds, and the falsification
of financial documents; a necessary but inconceivable turn of events compared to only two months ago.
Ultimately, however, unless the long-yearned European breakthrough
(which nobody has managed to properly define) occurs soon and some form
of economic upturn begins to be seen as within reach, there is no
reason to believe that Spain’s situation will improve over the next
several months. If the summer turns out to be as “hot” as expected,
Rajoy may at least have to revise his communication strategy and start
facing the public. The cooling variables which currently work in favor
of keeping society simmering in a state of fear rather than boiling with outrage may not hold the fire.
by Stephen Lendman, SJLendman.Blogspot.com:
At issue is a bad barrel, not a few rotten apples. Western banking is
rife with fraud. The business model of major banks is grand theft.
UK-based Barclays bank was caught in a Libor rigging scandal. Other major banks are involved. Expect more to come out. How much and who’s named remains to be seen. More on that below.
Libor and Euribor are mechanisms used to set interest rates.
Euribor stands for the Euro Interbank Offered Rate. It’s one of the reference rates for interbank lending.
Libor is the acronym for London Interbank Offered Rate. It’s a fundamental rate-setting benchmark. It’s set daily between UK banks for overnight to 12 month durations.
Read More @ SJLendman.Blogspot.com
At issue is a bad barrel, not a few rotten apples. Western banking is
rife with fraud. The business model of major banks is grand theft.UK-based Barclays bank was caught in a Libor rigging scandal. Other major banks are involved. Expect more to come out. How much and who’s named remains to be seen. More on that below.
Libor and Euribor are mechanisms used to set interest rates.
Euribor stands for the Euro Interbank Offered Rate. It’s one of the reference rates for interbank lending.
Libor is the acronym for London Interbank Offered Rate. It’s a fundamental rate-setting benchmark. It’s set daily between UK banks for overnight to 12 month durations.
Read More @ SJLendman.Blogspot.com
Industry Veteran Closely Involved in the Libor Process Says that the Rate Has Been Manipulated for 15 Years
from Washington’s Blog:
We’ve previously noted that Libor manipulation has been going on since at least 2005 … and continued long after the manipulation was first reported.
The Financial Times started reporting on the manipulation in 2007, and the Wall Street Journal in 2008 (see this, this, this, this and this).
But as the Economist reports today, the manipulation probably goes back a lot further:
Read More @ WashingtonsBlog.com
from Washington’s Blog:
We’ve previously noted that Libor manipulation has been going on since at least 2005 … and continued long after the manipulation was first reported.The Financial Times started reporting on the manipulation in 2007, and the Wall Street Journal in 2008 (see this, this, this, this and this).
But as the Economist reports today, the manipulation probably goes back a lot further:
The FSA has identified price-rigging dating back to 2005, yet some current and former traders say that problems go back much further than that. “Fifteen years ago the word was that LIBOR was being rigged,” says one industry veteran closely involved in the LIBOR process. “It was one of those well kept secrets, but the regulator was asleep, the Bank of England didn’t care and…[the banks participating were] happy with the reference prices.” Says another: “Going back to the late 1980s, when I was a trader, you saw some pretty odd fixings…With traders, if you don’t actually nail it down, they’ll steal it.”Given that homeowners, students, credit card holders, and other borrowers pay more when rates are higher, the banks appear to have fleeced consumers for 10 years during the entire bull run leading up to the financial crisis.
Read More @ WashingtonsBlog.com
by Louise Armitstead, The Telegraph:
The economists, who included Hans-Werner Sinn, head of Ifo, the
influential think tank, argued that the German chancellor had taken a
dangerous step towards a “banking union”.
The agreement by leaders at the last summit to allow the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM) to fund struggling banks directly – rather than via governments – was seen as a key advance.
Spanish banks, which have dragged the eurozone’s fourth -biggest economy to the brink, are expected to tap the bail-out funds for as much as €100bn.
But in the letter, published by the German daily, Frankfurter Allgemeine Zeitung, the economists said: “Banks’ debts are nearly three times higher than government debts . . . the taxpayers, retirees and savers in the so-far solid countries of Europe must not be made liable for backing these debts, particularly since gigantic losses are foreseeable from financing the southern countries’ inflationary economic bubbles.”
Read More @ Telegraph.co.uk
The economists, who included Hans-Werner Sinn, head of Ifo, the
influential think tank, argued that the German chancellor had taken a
dangerous step towards a “banking union”.The agreement by leaders at the last summit to allow the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM) to fund struggling banks directly – rather than via governments – was seen as a key advance.
Spanish banks, which have dragged the eurozone’s fourth -biggest economy to the brink, are expected to tap the bail-out funds for as much as €100bn.
But in the letter, published by the German daily, Frankfurter Allgemeine Zeitung, the economists said: “Banks’ debts are nearly three times higher than government debts . . . the taxpayers, retirees and savers in the so-far solid countries of Europe must not be made liable for backing these debts, particularly since gigantic losses are foreseeable from financing the southern countries’ inflationary economic bubbles.”
Read More @ Telegraph.co.uk
from KingWorldNews:
The KWN Weekly Metals Wrap – We have added new segments to the KWN
Weekly Metals Wrap covering gold, silver, trading and a plethora of
other factors affecting the precious metals markets. I am giving King
World News listeners globally access to what has long been my secret
weapons in researching where gold and silver are headed directionally
along with the COT Report. We Cover the Commitment of Traders Report in
detail as well as a number of other factors which can influence the gold
and silver market price action.
LISTEN NOW @ KingWorldNews.com
The KWN Weekly Metals Wrap – We have added new segments to the KWN
Weekly Metals Wrap covering gold, silver, trading and a plethora of
other factors affecting the precious metals markets. I am giving King
World News listeners globally access to what has long been my secret
weapons in researching where gold and silver are headed directionally
along with the COT Report. We Cover the Commitment of Traders Report in
detail as well as a number of other factors which can influence the gold
and silver market price action.LISTEN NOW @ KingWorldNews.com
by Mike Shedlock, Global Economic Analysis:
Eurozone announcements are often as amusing as attempts to herd cats on horseback.
Today is no different. Via Google translate please consider Hollande and Merkel Want a “Super Mr. Euro”
The ever-present Jean-Claude Juncker will probably continue for some months at the head of the Eurogroup, but it is only the beginning of history: France and Germany are working on the installation, from the Next year, a “super Mr Euro” in order to provide the single currency a more responsible policy, more visible and more international than the current Prime Minister of Luxembourg.
Reinforced that stature should be the president of the Eurogroup level equal to the President of the ECB , Mario Draghi , or to the Executive Director of IMF , Christine Lagarde , told the BBC French and German sources. The mandate would be five years. Function become exclusive, forcing the person to give up its national responsibilities.
Read More @ GlobalEconomicAnalysis.blogspot.com
My Dear Extended Family,
Eurozone announcements are often as amusing as attempts to herd cats on horseback.Today is no different. Via Google translate please consider Hollande and Merkel Want a “Super Mr. Euro”
The ever-present Jean-Claude Juncker will probably continue for some months at the head of the Eurogroup, but it is only the beginning of history: France and Germany are working on the installation, from the Next year, a “super Mr Euro” in order to provide the single currency a more responsible policy, more visible and more international than the current Prime Minister of Luxembourg.
Reinforced that stature should be the president of the Eurogroup level equal to the President of the ECB , Mario Draghi , or to the Executive Director of IMF , Christine Lagarde , told the BBC French and German sources. The mandate would be five years. Function become exclusive, forcing the person to give up its national responsibilities.
Read More @ GlobalEconomicAnalysis.blogspot.com
My Dear Extended Family,
Next week is the war between manipulation of gold by the West, and
appetite for buying gold in the East, both from friendlies and enemies.
Anyone that does not see today’s gold market as a rig is blind or brain
dead. There is a full blown crisis in Western world banking today, right
here and now. There is a full blown crisis in sovereign debt of some
weaker nations as in a very short while certain government will be out
of money. The Eurosnobs hate each other which does not make for a fast
reconciliation of a crisis.
It is a myth that Western banks are strong enough to weather the storm of a full blown banking crisis in Europe.
It is a myth that the Federal Reserve will stand as the one hawk in the Western world and fiddle while it’s Rome burns.
It is a myth that Obama could be re-elected if the Fed remains intransigent.
It is a myth that Finland or Germany will strike a match to the euro that totally wipes out the largest part of their exports.
It is a myth that governments are ready to face the economic, social
and political fallout standing austere as their economies implode, which
they will.
It is myth that there is any recovery in the USA. By falling more we will be in a depression.
It is a myth that because thousands of bears email me that somehow
they can convince me of the opposite when I know I am correct.
Next week will be the time the cartel tries to break the gold price
again. They have failed seven times, and will fail on the 8th. Gold is
going to $3500 and above. All the lying and conniving only means the
price will go higher. Just as Morgan’s whale could not fight the market,
the cartel cannot fight gold as we have a flight away from all fiat
currencies.
How can anyone in Europe sleep tonight with cash in the bank, even
amongst the stronger nations whose banks are loaded with weak nation’s
paper. The house of cards is coming down right now. Trying to manipulate
the price of gold to hide the crisis at hand is futile.
If you have your positions on margin you are crazy and I cannot do
anything for you. All others stand tall because gold will trade above
$3500 and not in some LaLa Land future of Armstrong’s imagination.
Respectfully,
Jim
Jim
Jim,
The sign on the wall gets clearer every day, and it’s in plain sight, not like the golden olden times. One doesn’t need the Daniel of biblical times to interpret.
Have a great weekend,
CIGA "THE GORDON"
Argentina bans buying dollars as a way to save Fri Jul 6, 2012 6:46am IST
BUENOS AIRES, July 5 (Reuters) – Argentina’s central bank on Thursday formally banned people from buying dollars for the purpose of saving them, confirming the government’s de facto policy aimed at safeguarding foreign reserves.
Argentines tend to convert their pesos into greenbacks as a hedge against high inflation and to protect against potential currency devaluations, which they have endured through decades of boom and bust economic cycles.
President Cristina Fernandez slapped new controls on foreign currency purchases just after winning re-election in October, requiring the tax agency approve each individual transaction.
But starting in May, the government sharply limited those approvals, permitting people to buy foreign currency only if they could show they would be traveling abroad.
This sent the black-market rate for dollars soaring. Argentines now pay about 5.95 pesos per dollar on the black market while the official rate is 4.53.
More…
by Dorothy Kosich, MineWeb.com
In its recently published Gold Quarterly Review, Scotia Capital
forecasts an average gold price of $1,750/oz for 2012 to 2014, $1,500/oz
in 2015, $1,400/oz in 2016, and $1,200/oz for 2017 and beyond.
“We expect high levels of volatility in the gold price to continue into the foreseeable future and expect the gold price to perform better following the summer vacation season (seasonally a weak price for gold),” wrote Scotia Capital gold and precious metals analysts Tanya Jakusconek, Joanne van Ballegooie, and James Bender.
Noting that, historically, the gold price and gold equities generally experience a pullback in June and July, the analysts said, “Looking forward we will be entering a seasonally stronger period for gold equities following the traditional summer holiday period. We expect high levels of volatility in the gold price to continue and expect a stronger performance in the latter part of the year.”
Read More @ MineWeb.com
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In its recently published Gold Quarterly Review, Scotia Capital
forecasts an average gold price of $1,750/oz for 2012 to 2014, $1,500/oz
in 2015, $1,400/oz in 2016, and $1,200/oz for 2017 and beyond.“We expect high levels of volatility in the gold price to continue into the foreseeable future and expect the gold price to perform better following the summer vacation season (seasonally a weak price for gold),” wrote Scotia Capital gold and precious metals analysts Tanya Jakusconek, Joanne van Ballegooie, and James Bender.
Noting that, historically, the gold price and gold equities generally experience a pullback in June and July, the analysts said, “Looking forward we will be entering a seasonally stronger period for gold equities following the traditional summer holiday period. We expect high levels of volatility in the gold price to continue and expect a stronger performance in the latter part of the year.”
Read More @ MineWeb.com
by Michael Krieger, Liberty Blitzkreig
At the center of the growing Vatican money-laundering scandal is Gotti Tedeschi, who fell afoul of powerful players within the Church for seemingly investigating financial crimes too closely upon becoming head of the Vatican Bank. This is an incredible story that is sure to only grow in scope, and of course America’s number one criminal organization, JP Morgan, finds itself squarely in the middle of it all. This is a lengthy but must read article…
Key Quotes:
The pope had apparently tasked the financial executive with making the Vatican bank more transparent. But by approaching his task with perhaps an excess of zeal Gotti Tedeschi upset powerful forces within the Roman Curia, the Vatican’s administrative and judicial apparatus. Several high-ranking officials within the Curia viewed the bank, officially known as the Institute for Works of Religion (IOR), as something akin to a trust company for clandestine monetary transactions that is not only used by the Church, but allegedly also by the mafia as well as corrupt politicians and companies. In one of the seized Gotti Tedeschi memos, he wrote: “I’ve seen things in the Vatican that scare me.”
A role in the effort was played by a bank in Benedict’s home country: Germany. In 2009, the same year that Gotti Tedeschi took over as president of the IOR, the bank set up an account with the Milan-based branch of the American bank JPMorgan Chase. From that point on, millions started flowing on an almost daily basis from JPMorgan’s Milan office to the one in Frankfurt, where the IOR also had a JPMorgan account.
Read More @ LibertyBlitzkreig.com
from MOXNEWSd0tC0M:
from ronpaul:
Today’s Items:
Finally, Please prepare now for the escalating economic and social unrest. Good Day
At the center of the growing Vatican money-laundering scandal is Gotti Tedeschi, who fell afoul of powerful players within the Church for seemingly investigating financial crimes too closely upon becoming head of the Vatican Bank. This is an incredible story that is sure to only grow in scope, and of course America’s number one criminal organization, JP Morgan, finds itself squarely in the middle of it all. This is a lengthy but must read article…
Key Quotes:
The pope had apparently tasked the financial executive with making the Vatican bank more transparent. But by approaching his task with perhaps an excess of zeal Gotti Tedeschi upset powerful forces within the Roman Curia, the Vatican’s administrative and judicial apparatus. Several high-ranking officials within the Curia viewed the bank, officially known as the Institute for Works of Religion (IOR), as something akin to a trust company for clandestine monetary transactions that is not only used by the Church, but allegedly also by the mafia as well as corrupt politicians and companies. In one of the seized Gotti Tedeschi memos, he wrote: “I’ve seen things in the Vatican that scare me.”
A role in the effort was played by a bank in Benedict’s home country: Germany. In 2009, the same year that Gotti Tedeschi took over as president of the IOR, the bank set up an account with the Milan-based branch of the American bank JPMorgan Chase. From that point on, millions started flowing on an almost daily basis from JPMorgan’s Milan office to the one in Frankfurt, where the IOR also had a JPMorgan account.
Read More @ LibertyBlitzkreig.com
from MOXNEWSd0tC0M:
from ronpaul:
Today’s Items:
The Wicked Witch of the West, Hillary Clinton, lambasted Russia and China over their support for Syria claiming they will pay for what they have done.
Yes, these two nations are clearly in the way for the U.S. attempt to
overthrow the Middle East. They have vetoed previous efforts by the
U.N. Security Council to condemn the violence in Syria.
China’s unexpected cut in interest rates –
the second in less than a month – suggests that the world’s
second-biggest economy is in worse shape than it appears. China is due
to release closely-watched indicators, including inflation and second
quarter GDP growth. If the economy continued to weaken and there is
indication that the Chinese government could miss its official target,
there will certainly be more stimulus measures.
The U.S. economy created just 80,000 jobs
in June and the official unemployment rate held steady at a bogus 8.2
percent. The Bureau of Labor Statistics said private payrolls increased
by 84,000, while the government lost 4,000 jobs. Economists had
expected a job growth of about 100,000; thus, they were shocked I tell
you… Just shocked! It appears that we are getting to the “are you
kidding me” stage of the denial when it comes to these statistics.
Historically, gold has made its
significant gains, relative to other assets, not during inflation, but
during deflation. Since the 1920s there have been three major gold
rallies and all three came after a significant top in the Dow and the
Dow/Gold ratio. With that said, the Gold to Silver ratio, being very
high, suggests that silver will outperform gold; therefore, after
preparing, keep stacking.
This is a satirical debate between Obama
and Obama err… Romney. In short, voting for one of these two fools is a
vote for a system that does not support the U.S. Constitution.
According to Dick Morris, Obama, who absolutely hates the 2nd amendment, along with the rest of the U.S. Constitution, will sidetrack the 2nd Amendment and sign a treaty on July 27th giving the UN control over guns. Expect the Senate to do one of those midnight votes to ratify the treaty.
For those beginning in gardening, take heart of these five stages…
1. Denial… As in these green beans will be fine, it is just a few hundred locusts.
2. Anger… As in why my Spinach, Where can I find some DDT?
3. Bargaining… As in let me get one more tomato before the birds eat them all.
4. Depression… As in Why bothering pulling weeds at all?
5. Acceptance… It okay, I may as well enjoy canning those twelve bushels of tomatoes.
1. Denial… As in these green beans will be fine, it is just a few hundred locusts.
2. Anger… As in why my Spinach, Where can I find some DDT?
3. Bargaining… As in let me get one more tomato before the birds eat them all.
4. Depression… As in Why bothering pulling weeds at all?
5. Acceptance… It okay, I may as well enjoy canning those twelve bushels of tomatoes.
![[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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