from KingWorldNews:
On the heels of the Fed decision and continued volatility in gold and
silver, today King World News interviewed James Turk out of Europe. Turk
stunned KWN by saying that US debt is about to be downgraded once
again. Turk also warned, “The reality is the Fed is losing control,”
and the Fed is now being “overwhelmed.” He went on to say that all of
this means right now we are going to see an “upside explosion” in both
gold and silver.
Here is what Turk had to say: “The Federal Reserve has made another announcement, Eric, and each one of their proclamations makes it more obvious that the Fed is no longer in the driver’s seat. It is just rehashing the same stuff. The reality is the Fed is losing control. It is slowly but surely being overwhelmed by events, and particularly, the reality that US government finances are out of control.”
“The 800-pound gorilla in the room is the US government’s horrendous deficits and addiction to debt. The Fed is keeping interest rates low to sustain the illusion that the US government is solvent, while hoping that low rates will also jump-start the US economy and thereby increase federal tax revenue to service the mountain of debt.
James Turk continues @ KingWorldNews.com
On the heels of the Fed decision and continued volatility in gold and
silver, today King World News interviewed James Turk out of Europe. Turk
stunned KWN by saying that US debt is about to be downgraded once
again. Turk also warned, “The reality is the Fed is losing control,”
and the Fed is now being “overwhelmed.” He went on to say that all of
this means right now we are going to see an “upside explosion” in both
gold and silver.Here is what Turk had to say: “The Federal Reserve has made another announcement, Eric, and each one of their proclamations makes it more obvious that the Fed is no longer in the driver’s seat. It is just rehashing the same stuff. The reality is the Fed is losing control. It is slowly but surely being overwhelmed by events, and particularly, the reality that US government finances are out of control.”
“The 800-pound gorilla in the room is the US government’s horrendous deficits and addiction to debt. The Fed is keeping interest rates low to sustain the illusion that the US government is solvent, while hoping that low rates will also jump-start the US economy and thereby increase federal tax revenue to service the mountain of debt.
James Turk continues @ KingWorldNews.com
Live Webcast Of Draghi Press Conference - Draghi Punts, ECB "MAY" Act In Coming Weeks
Summary of what has been said so far: Nothing.
Draghi basically repeated the June 29 summit bottom line that the EFSF
should buy PIIGS bonds, the ECB "May" act, which means Germany is
still not on board, and that after talking markets up by 5%, he has
delivered nothing but a delay. This is a huge blow to his and the ECB's
credibility.* * *
With speculation ripe out of everyone from Reuters to the FT about what Draghi may or may not say, with or without Germany's blessing, the best at this point is just to hand over the microphone to the former Goldmanite. Here is the live webcast of Draghi's press conference. Pay attention as a word out of place will send the EURUSD plunging by 200 pips. Or soaring.
Hope On. Hope Off
Sigh...
from The Economic Collapse Blog:
When someone in the mainstream media goes out on a limb to tell the truth, then the rest of us should go out of our way to applaud that effort. Reporter Ben Swann of Fox 19 in Cincinnati is one of the few local television reporters in the United States that consistently tackles the tough issues. As you can see from his “Reality Check” archives, he regularly does reports on the Federal Reserve, the emerging police state, the loss of our freedoms and liberties, the advance of globalism, the economic collapse, political corruption, etc. etc. That is one reason why his YouTube channel is rapidly approaching a million views. In his most recent Reality Check, Ben Swann asked this question: “Is auditing the Federal Reserve really necessary?” In just four minutes, Swann covered the creation of the Federal Reserve, where money comes from, the 16 trillion dollars in secret loans given out by the Fed during the last financial crisis, and why an audit of the Fed is so important. It really was extraordinary to watch a local mainstream news reporter tell the truth about these things. We could definitely use about 1000 more reporters just like him.
Read More @ TheEconomicCollpaseBlog.com
When someone in the mainstream media goes out on a limb to tell the truth, then the rest of us should go out of our way to applaud that effort. Reporter Ben Swann of Fox 19 in Cincinnati is one of the few local television reporters in the United States that consistently tackles the tough issues. As you can see from his “Reality Check” archives, he regularly does reports on the Federal Reserve, the emerging police state, the loss of our freedoms and liberties, the advance of globalism, the economic collapse, political corruption, etc. etc. That is one reason why his YouTube channel is rapidly approaching a million views. In his most recent Reality Check, Ben Swann asked this question: “Is auditing the Federal Reserve really necessary?” In just four minutes, Swann covered the creation of the Federal Reserve, where money comes from, the 16 trillion dollars in secret loans given out by the Fed during the last financial crisis, and why an audit of the Fed is so important. It really was extraordinary to watch a local mainstream news reporter tell the truth about these things. We could definitely use about 1000 more reporters just like him.
Read More @ TheEconomicCollpaseBlog.com
from Got Gold Report:
The chart is of the short positions by the traders the CFTC classes as “Managed Money,” including hedge funds, Commodity Trading Advisors (CTAs) and other funds that trade futures for clients. They are normally on the long side for silver futures, but over the past couple months they have been adding more and more short positions up to a new record high for the entire disaggregated COT report data going back to 2006.
Here is the chart:
Source: CFTC for COT, Cash Market for silver.
As of Tuesday, July 24, with silver at $26.93, Managed Money traders held the highest ever number of bets that silver would fall in price (17,575 short contracts).
Read More @ GotGoldReport.com
In Gold, Silver, Diamonds, & Stock Markets, Controlling Perception is the Banker Weapon Du Jour
08/02/2012 - 05:48
Market Reaction - Gravity Bites As Draghi Serves Cold Plate Of Epic Disappointment
As
he began to speak the EUR rallied, EGBs rallied and ES rallied - last
minute hopiness wrung out of the system, but as soon as he explained
that his plan to promise a plan which plans to promise a solution was
nothing but another promise and not an actual plan, so everything
reversed. S&P futures are -17pts from pre-Draghi, Gold back under
$1600, and the USD is ripping higher, Treasury yields are down 8bps from
pre-Draghi, EURUSd is perfectly unch at 1.2275 after trading up over
1.24 as he began. Spain and Italy have given back the immediate euphoria with Italy now 20bps wider from pre-Draghi and Spain +10bps (though still -60-80bps from before his comment last week).
by John Rubino, DollarCollapse.com:
The euro is down big lately, which is to be expected. Over-indebted countries have traditionally used devaluation to keep their debts from crippling them.
The problem is that a cheaper currency is only a temporary fix because it invites retaliation from everyone else. For a real-world example of this process in action, consider what just happened to McDonald’s. For the past few years it has been turning crappy food into great numbers, in part by adding new restaurants in hospitable markets and in part because the dollar was relatively weak, which made the euros and yen McDonald’s earned relatively valuable.
But with the euro plunging against the dollar, these trends have shifted into reverse:
McDonald’s second-quarter profit falls, shares slide
(Reuters) – McDonald’s Corp reported lower-than-expected quarterly profit on Monday, hurt by a slowing global economy and the impact of a stronger dollar, and said sales growth at established restaurants would slow this month.
Results from the world’s biggest hamburger chain showed that even the most resilient restaurant operators were being hurt by the weak U.S. economic recovery and persistent financial woes in Europe — which are forcing diners to pull back on spending for meals away from home.
Read More @ DollarCollapse.com
No Functional Miracle Weapons To Fight The Debt Crisis
08/01/2012 - 19:51
Final Berserk Algo Bill To Knight - $440 Million; Stock Implodes
While JPMorgan thought it was $170mm, we said last night the number was notably higher - and sure enough, via Bloomberg:- *KNIGHT SAYS TRADING OUT OF POSITION YIELDED $440M PRETAX LOSS
- *KNIGHT SEEKS OPTIONS TO BOOST 'SEVERELY' HURT CAPITAL POSITION
- *KNIGHT CAPITAL PURSUING STRATEGIC, FINANCING ALTERNATIVES
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I'm PayPal Verified Opinions Vary But the Message of the Market Is Absolute
Eric De Groot at Eric De Groot - 57 minutes ago
Opinions not supported by the message of the market tend to be misleading.
Stocks were cheap relative to bond bonds in 1932, 1942, 1974, 2002, and
2009 (chart). 2012 suggests neither over- or under-peformance of stocks or
bonds. The time to buy stocks in size with leverage was 2009. Chart:
Large Cap Total Return Index (LCSTRI) to Long-Term Government...
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content, and more! ]]
by Peter Maass and Megha Rajagopalan, Pro Publica:
Gen. Keith Alexander is the director of the National Security Agency and oversees U.S. Cyber Command, which means he leads the government’s effort to protect America from cyberattacks. Due to the secretive nature of his job, he maintains a relatively low profile, so when he does speak, people listen closely. On July 9, Alexander addressed a crowded room at the American Enterprise Institute in Washington, D.C., and though he started with a few jokes — his mother said he had a face for radio, behind every general is a stunned father-in-law — he soon got down to business.
Alexander warned that cyberattacks are causing “the greatest transfer of wealth in history,” and he cited statistics from, among other sources, Symantec Corp. and McAfee Inc., which both sell software to protect computers from hackers. Crediting Symantec, he said the theft of intellectual property costs American companies $250 billion a year. He also mentioned a McAfee estimate that the global cost of cybercrime is $1 trillion. “That’s our future disappearing in front of us,” he said, urging Congress to enact legislation to improve America’s cyberdefenses.
These estimates have been cited on many occasions by government officials, who portray them as evidence of the threat against America. They are hardly the only cyberstatistics used by officials, but they are recurring ones that get a lot of attention.
Read More @ ProPublica.org
Gen. Keith Alexander is the director of the National Security Agency and oversees U.S. Cyber Command, which means he leads the government’s effort to protect America from cyberattacks. Due to the secretive nature of his job, he maintains a relatively low profile, so when he does speak, people listen closely. On July 9, Alexander addressed a crowded room at the American Enterprise Institute in Washington, D.C., and though he started with a few jokes — his mother said he had a face for radio, behind every general is a stunned father-in-law — he soon got down to business.
Alexander warned that cyberattacks are causing “the greatest transfer of wealth in history,” and he cited statistics from, among other sources, Symantec Corp. and McAfee Inc., which both sell software to protect computers from hackers. Crediting Symantec, he said the theft of intellectual property costs American companies $250 billion a year. He also mentioned a McAfee estimate that the global cost of cybercrime is $1 trillion. “That’s our future disappearing in front of us,” he said, urging Congress to enact legislation to improve America’s cyberdefenses.
These estimates have been cited on many occasions by government officials, who portray them as evidence of the threat against America. They are hardly the only cyberstatistics used by officials, but they are recurring ones that get a lot of attention.
Read More @ ProPublica.org
Colleges freeze, reduce tuition as public balks at further price hikes
Eric De Groot at Eric De Groot - 57 minutes ago
These guys were alarmed to discover that enrollment started to slip when
tuition was increased two to three times the rate of inflation in
perpetuity? Jobs required to ask “do you want fries with your order” only
introduce next generation to the 21st century’s version of indentured
servitude at an earlier age. Of course, students and families are fed up.
Headline: Colleges freeze, reduce...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
The World At War: A New Germany
Daily US Opening News And Market Re-Cap: August 2
Both the ECB and the BoE have held their benchmark borrowing rates
unchanged at 0.75% and 0.5% respectively at their rate announcements.
The ECB decision provided instant support for EUR/USD, in firm positive
territory at the North American crossover. In the fast money move,
European equity futures sold off, but half the move has been rapidly
pared. In fixed income, Bund futures declined, and are now seen
marginally higher on the day. Despite this decision being largely
expected, markets have priced in action from the ECB today, and some
analysts pointed to a potential rate cut today. This reaction was seen
on initial disappointment and the retracement move made as the ECB could
still announce measures at the press conference scheduled to begin at
1330BST/0730CDT. Risk appetite has boosted European equities are in
positive territory at the North American crossover as speculation that
the ECB will announce further stimulus at the press conference later
today rises. Financials are the best performing sector led by BNP
Paribas whose earnings beat analyst expectations despite a decline of
13% year-over-year for its net.
The Importance Of Being Earnest
Today there will be no discussion of the weather. Today platitudes,
arcane phrases, vague promises couched in banalities will no longer do.
Mr. Draghi has laid down the gauntlet of actually providing a solution
for Europe by having the ECB act as Superman, Batman and the Avengers
and show up and make the last minute rescue and I fear that anything
short of this will now send the markets into a tailspin. Expectations
run high, Mr. Draghi may well have over-promised and any sort of under
delivery will not be taken well. Today may be the most critical meeting,
ever, of the European Central Bank and it is Mr. Draghi’s reputation,
the ECB’s reputation that has been put on the line by Mr. Draghi’s bold
comments.
ECB Keeps Rate Unchanged At 0.75% As Expected
The rate announcement is not the surprise: virtually nobody expected a
cut which would have taken the deposit facility to a negative rate and
the monetary Twilight Zone. Where the surprise will come is what
Draghi announces at the press conference in 45 minutes time which we
will livestream when it starts.
Draghi vs. Weidmann Round 1
Investors now look to the European Central Bank’s rate decision at
1145 GMT. If “Super” Mario Draghi doesn’t come out with a loaded
arsenal (bold intervention), then the markets will be disappointed.
Mario Draghi will be confronting his colleague and nemesis in the ECB
Jens Weidmann. Weidmann is the Head of THE Bundesbank, a former Merkel
economics advisor, and an ECB governing council member who has just 1
vote out of the 23 today at the ECB MEETING in Frankfurt. However
Weidmann sees his role differently. "I certainly would not say that we
are just one of 17 central banks [in the Eurozone]," he said in an
interview published on Wednesday. "We are the largest and most
important central bank and we have a greater say than many other central
banks in the Eurosystem. This means we have a different role." The
disagreement here lies with the fact that the Germans are against the
ECB becoming like a US Federal Reserve in Europe. Weidmann feels it
would be wrong to give the ESM a banking license allowing it to tap
large quantities of funds from the ECB. Can “Super” Mario make the jump
happen? Time will tell.
Frontrunning: August 2
- What's wrong with this headline: Obama authorizes secret support for Syrian rebels (Reuters)
- Hilsenrath promptly dusts off ashes of sheer propaganda failure, tries again: Fed Gives Stronger Signals of Action (WSJ)
- Fed Hints at Fresh Action on Economy (FT)
- Fed Poised to Step Up Stimulus Unless Economy Strengthens (Bloomberg)
- IMF Chief Lagarde Praises Greece, Spain for Efforts (Bloomberg) - efforts to beg as loud as possible?
- US sanctions against bank 'target' China (China Daily)
- Trimming China's Financial Hedges (WSJ)
- ganda central bank cuts key lending rate to 17 pct (Reuters)
- Greece Agrees €11.5bn Spending Cuts (FT) - Agrees? Or does what a good debt slave is told to do
- Germany Retains Stable AAA Outlook at S&P After Moody’s Cut (Bloomberg)
- Spain’s Bond Auction Beats Target as Borrowing Costs Rise (Bloomberg)
Deutsche On Draghi: "In Short It Doesn’t Look Like We Will Get Any Explicit Action Today"
With everyone confused over why Draghi has put himself in a position from which he can't deliver and satisfy the market one hour ahead of the ECB announcement, and everyone placing their last bets on the EUR and the SPGBs before the ECB press release hits without really having any clue what the Italian has in store that will make both the EuroStoxx and the Bundesbank happy, here are some additional last minute "insights" from Deutsche Bank that promise not to clarify the situation all that much. Because while "We'll be honest and say we've been totally confused about what to expect from the ECB ever since Draghi's speech last Thursday" DB does say: "In short it doesn’t look like we will get any explicit action today." Clear as mud.Obamanomics: Grab Some Pizza, Grow the Economy
08/01/2012 - 23:27
Today’s Items:
Germany, similar to France, showed its
manufacturing sector contracted at its fastest pace in three years last
month. France and Spain were either at or close to the steepest decline
in manufacturing since mid-2009. In addition, unemployment across the
European bloc rose to a euro-era high of 11.2%. So, the situation
continues to deteriorate.
In some very good news, the UN has failed to agree on their agenda
for confiscation of guns. Although the battle is not over by a long
shot, we can at least breath easy for a day or two.
Before the Fed announcement, there was a massive paper short raid on the COMEX.
Both gold and silver prices plunged; and with that, an excellent buying
opportunity to collect more physical. As the pressure of reality of
limited supply escalates, the manipulation will become even more
desperate; thus, after preparing, keep stacking physical.
Globally, the GDP data has been weak. In
an attempt to stimulate growth, central banks, globally, have been
cutting interest rates; however, it is not working; thus, expect to see
these Central banks gear up their printing presses. Since they have
painted themselves in the financial corner, what else can they do at
this point?
This fact-check video summarizes the role of the criminal enterprise known as the Federal Reserve.
The Federal Reserve was not designed to support the American People or
the U.S. Constitution. It was designed to stealthily transfer wealth,
from the many to the few. In short, the best way to rob a bank; thus
the taxpayers, is to own one, or to control all of them. What should
happen is that the FED should be shut down… plain and simple.
Here are a few…
1. The U.S. has lost more than 56,000 manufacturing facilities since 2001.
2. The U.S. trade deficit with China during 2011 was 28 times larger than it was back in 1990.
3. Medicare spending increased by 138 percent between 1999 and 2010.
1. The U.S. has lost more than 56,000 manufacturing facilities since 2001.
2. The U.S. trade deficit with China during 2011 was 28 times larger than it was back in 1990.
3. Medicare spending increased by 138 percent between 1999 and 2010.
Droughts devastating crops, dust storms
hitting cities like Phoenix, and massive power grid failure – like those
affecting over 600 million people in India… Could be a harbinger of
things to come. A scientific study has been published that says that
the western U.S. could be facing a “100-year drought.”
Heat and wildfires are also absolutely ravaging Russia right now. To
add to this, my ice-maker in my refrigerator just jammed. Oh, the
horror.
Next…
Black Pastors Group Launches Anti-Obama Campaign
http://politicalticker.blogs.cnn.com
http://articles.chicagotribune.com
Black Pastors Group Launches Anti-Obama Campaign
http://politicalticker.blogs.cnn.com
http://articles.chicagotribune.com
To paraphrase Martin Luthor King Junior, judge a person by the content of their character
and not the color of their skin. In 2008, many black pastors around
the country told their congregations that Obama best represented their
hopes and aspirations. Four years later, after Obama’s own actions
clearly contradicted many of those same church congregations, the
credibility of those same pastors should be in the proverbial garbage
can.
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![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
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