"We
do not have the slightest doubt that our holdings in New York and Paris
are also made up of the purest fine gold. We have at our disposal fully
documented lists of the bars, and our partner central banks send us
every year confirmation not only of the bars’ existence but also of
their quality.... We had nothing but the best of experiences with our partners in New York, London and Paris. There
was never any doubt about the security of Germany’s gold. In future, we
wish to continue to keep gold at international gold trading centres so
that, when push comes to shove, we can have it available as a reserve
asset as soon as possible. Gold stored in your home safe is not
immediately available as collateral in case you need foreign
currency....for years, our gold has been stored by the highly esteemed
central banks of the United States, Great Britain and France without
provoking any complaints whatsoever – not by just any fly-by-night operators. Part of the debate in Germany has veered somewhat towards the absurd."As Thousands Of Italians March Against Austerity On "No Monti Day", Berlusconi Threatens To Scuttle Monti Government
First, it was Greece who failed to stick with the "do not rock the boat until the US election"
script so meticulously crafted by Tim Geithner, and now it is Italy's
turn as Europe threatens to come unhinged precisely in the week when
complete peace and quiet is needed to avoid deflecting attention from
the peak season of the US presidential theater. As Reuters reports,
"Tens of thousands of people marched through Rome in a "No Monti Day"
on Saturday, some throwing eggs and spraying graffiti to protest
against austerity measures introduced by Prime Minister Mario Monti's
government. Appointed in November when Italy risked being sucked into
the euro zone debt crisis, Monti has pushed through painful austerity
measures to cut the country's massive debt, including tax hikes,
spending cuts and a pension overhaul. "We are here against Monti
and his politics, the same politics as all over Europe, that brought
Greece to its knees and that are destroying half of Europe, public
schools, health care," said demonstrator Giorgio Cremaschi...
In another demonstration in northern Italy, a small group of protesters
scuffled with police near where Monti was addressing a rally on the
theme of family values." So who gets to capitalize on the latest bout of
surging discontent with the Goldman appointed technocrat? Why the same
man who yesterday was sentenced to several years in jail (a sentence
that will be never carried out of course), Silvio Berlusconi, and whom
the ECB singlehandedly took down nearly a year ago, when it sent
Italian bond yields to record highs: "The center-right bloc will decide
"in the next few days" whether to withdraw confidence for Prime
Minister Mario Monti in parliament or support him until elections in
April, former Prime Minister Silvio Berlusconi said on Saturday.
Monti's government of non-elected technocrats is backed by the
center-left, the center and the center-right. It would have to resign if it lost the support of the entire center-right.""Go South, Young Man": The Africa Scramble
While
those in the power and money echelons of the "developed" world
scramble day after day to hold the pieces of the collapsing tower of
cards in place (and manipulating public perception that all is well), knowing full well what the final outcome eventually will be, those who still have the capacity to look, and invest, in
the future, are looking neither toward the US, nor Asia, and certainly
not Europe, for one simple reason: there is no more incremental debt
capacity at any level: sovereign, household, financial or corporate.
Because without the ability to create debt out of thin air, be it on a
secured or unsecured basis, the ability to "create" growth, at least in
the current Keynesian paradigm, goes away with it. Yet there is one
place where there is untapped credit creation potential, if not on an
unsecured (i.e., future cash flow discounting), then certainly on a
secured (hard asset collateral) basis. The place is Africa, and
according to some estimates the continent, Africa can create between $5 and $10 trillion in secured debt, using its extensive untapped resources as first-lien collateral.Trader Dan on King World News Metals Wrap
Please click on the following link to listen in to my regular weekly radio
interview with Eric King on the KWN Weekly Metals Wrap.
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2012/10/27_KWN_Weekly_Metals_Wrap.html
Relatively Cautious Stance Towards The Asian Markets
At present, there is high level of economic activity in India as well as
China and Southeast Asia, but India is not growing anymore. Hence, I will
take a relatively cautious stance towards the Asian markets. - in ET
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
One Of The Best Rules Anybody Can Learn About Investing
“One of the best rules anybody can learn about investing is to do nothing,
absolutely nothing, unless there is something to do.” - in Market Wizards
*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.*
Spanish unemployment rises above 25%/Greece given until Sunday for an all party agreement on austerity/gold and silver hold/
Good morning Ladies and Gentlemen: Gold closed down $1.10 to finish the comex session at $1710.90. Silver finished the day down 4 cents to $32.01. Throughout the night, bourses were deeply in the red reacting to news of Apple's warnings that things might not be that good in 2013. Amazon also disappointed with big losses. However at 8:30 news that 3rd quarter GDP was better than thought at 2%China Warns It Will Respond "Forcefully" To Japanese Violation Of Its "Territorial Sovereignty"
While the topic of the Japanese purchase of the contested [Senkaku|Diaoyu] Islands may have receded from the front pages of global media for lack of any major recent developments, the issue is still quite ripe in the minds of over 1 billion Chinese (and several hundred million Japanese, not to mention the executives of Japanese car and electronics makers who have seen a cliff-like collapse in purchases of their products by Chinese consumers in the past month). However, just because it is out of sight, does not mean it is out of mind, the front page of the official Chinese Daily is out with a big piece titled "China says no concession on territorial sovereignty" in which it makes it abundantly clear that Japan will have no choice but to back down in what China continues to consider an "aggressive" invasion of its territorial sovereignty. And to avoid any confision. Xinhua clarifies that if "anyone wants to challenge China's bottom line on the issue of sovereignty, China will have no alternative but to respond forcefully so as to remove disturbance and obstacles and move steadily on the path of peaceful development."
Hurricane Sandy Update
If Obama Wins, Buy IT, Telecom, Sell Materials, Healthcare; If Romey: Buy Staples, Healthcare, Fins, Sell Materials
While the much anticipated ramp into the elections has so far failed to materialize (confirming yet another "technical pattern" of the New Normal, namely that whatever most expect to happen, never happens), it is time to consider what impact a given administration - either Republican or Democrat - would have on the stock market. Fiscal cliff aside, whose overcoming will be very problematic in either case and will likely necessitate a market plunge a la August 2011 to be fully implemented, although more likely if Romney wins the presidency or there is a Democratic sweep, both outcomes which according to popular conventional wisdom and various online polling services have a less than 50% chance of occurring, it turns out that at the macro level there is absolutely no difference for the market whether the president is a republican or a democrat for stock returns one year after the election. As Goldman observes: "Since 1976, the S&P 500 has offered approximately 10% total returns in the twelve months following a presidential election, regardless of which party wins that election. Performance is also very similar over shorter three and six month windows. However, median returns are slightly better early in Republican administrations, while during an entire four year term the equity market has somewhat higher returns under Democrats." In other words, those who are unsure if to invest in the broad market based on who wins, should not have the party affiliation of the winner as a consideration, at least not as a key issue. Where there are, however, nuances is at the sector level, which is where those seeing to generate "presidential beta" should consider trading on.
A Golden Opportunity
The euro debt crisis in Europe has presented Germany with a unique opportunity to lead the world away from monetary destruction
and its consequences of economic chaos, social unrest, and
unfathomable human suffering. The cause of the euro debt crisis is the
misconstruction of the euro that allows all members of the European
Monetary Union (EMU), currently 17 sovereign nations, to print euros
and force them on all other members. Germany is on the verge of seeing its capital base plundered from the inevitable dynamics of this tragedy of the commons. It should leave the EMU, reinstate the deutsche mark (DM), and anchor it to gold.The Complete 'Advanced' Economy Sovereign Ratings Cheat-Sheet
S&P recently acted to markedly downgrade Spain, and Moody’s has ended its recent ratings review, leaving Spain at Baa3; and while ratings could remain largely stable in the short-term (supported by OMT's promise and the possible delay of GRExit), there are a few exceptions such as France and and the UK that Citi's Rates group expect to see downgrades on in the short-term. The following table provides the full breakdown of Moody's and S&P's ratings for the advanced economies along with Citi's model views - which imply weak outlooks for most of Europe in the medium-term as Greek reality hits home.
Putin Is the New Global Shah of Oil
Exxon Mobil is no longer the world's number-one oil producer.
As of yesterday, that title belongs to Putin Oil Corp – oh, whoops. We
mean the title belongs to Rosneft, Russia's state-controlled oil
company. With TNK-BP in its hands, Rosneft will be in charge of more
than 4 million barrels of oil production a day. And who is in charge of Rosneft? None other than Vladimir Putin, Russia's resource-full president. Gazprom in control of Europe's gas, Rosneft in control of its oil.
A red hand stretching out from Russia to strangle the supremacy of the
West and pave the way for a new world order– one with Russia at the
helm. It is not as far-fetched as it might seem – or as you might want
it to be. Or imagine this: Russia could join OPEC.
by Vedran Vuk, Casey Research:
I must apologize ahead of time for next week’s issue. While it should
be a good issue, it might not cover the latest financial news since I’ll
be making a trip to Austin, TX to see Leonard Cohen
in concert on Thursday. If a financial apocalypse happens between
Thursday night and Friday, I apologize now for not covering it.In case some of our readers are too young to know of Leonard Cohen or perhaps missed out on some of his hits during the late ’60s and ’70s, here are a few videos of them: Suzanne; Famous Blue Raincoat; and here’s a cover of his song made famous by the movie Shrek, Hallelujah. With Leonard Cohen, the appeal is mostly his lyrics. It’s certainly not his voice, which Cohen himself admits is a failure. However, if you can still make it in the music world while having a bad voice, then that really says something about your quality of songwriting.
For example, here are some lines from his song Everybody Knows. Given our political and economic situation, they ring a bell today:
Read More @ CaseyResearch.com
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by Bill Bonner, Daily Reckoning.com.au:
US stocks down another 25 points on the Dow… gold dropped (briefly) below $1,700 an ounce.
If we were you, dear reader, we’d get out of stocks while the getting is good. It’s good right now. Because stocks are expensive. Someday, they’ll be cheap. Then, you can get back in.
Meanwhile, with the US presidential election in just a few days, we thought we’d take a few moments to focus on the candidates. As far as we know, both are intelligent. But neither is very thoughtful. At least, judging from what we’ve seen.
Then again, we give them the benefit of the doubt. A thoughtful man wouldn’t get very far in politics and the two candidates know it. They are likely to hide their thoughts, if they have any.
Read More @ DailyReckoning.com.au
US stocks down another 25 points on the Dow… gold dropped (briefly) below $1,700 an ounce.If we were you, dear reader, we’d get out of stocks while the getting is good. It’s good right now. Because stocks are expensive. Someday, they’ll be cheap. Then, you can get back in.
Meanwhile, with the US presidential election in just a few days, we thought we’d take a few moments to focus on the candidates. As far as we know, both are intelligent. But neither is very thoughtful. At least, judging from what we’ve seen.
Then again, we give them the benefit of the doubt. A thoughtful man wouldn’t get very far in politics and the two candidates know it. They are likely to hide their thoughts, if they have any.
Read More @ DailyReckoning.com.au
by Ben Traynor, Bullion Street:
U.S. dollar gold prices traded just above $1700 an ounce throughout
Friday morning in London, following an overnight reversal of Thursday’s
rally, while European stock markets traded lower on Friday morning
following losses in Asia, ahead of the release of US GDP data.
“The trend remains bearish so long as gold trades below $1723,” says the latest note from Scotiabank technical analyst Russell Browne.
“People are still looking a bit at the downside rather than the upside for the time being, waiting for it to break $1700,” adds Ronald Leung, director at Lee Cheong Gold Dealers in Hong Kong.
Silver prices traded just above $31.70 per ounce for most of the morning, 1.2% down on last Friday’s close, while other commodities also edged lower and major government bond prices gained.
Read More @ BullionStreet.com
U.S. dollar gold prices traded just above $1700 an ounce throughout
Friday morning in London, following an overnight reversal of Thursday’s
rally, while European stock markets traded lower on Friday morning
following losses in Asia, ahead of the release of US GDP data.“The trend remains bearish so long as gold trades below $1723,” says the latest note from Scotiabank technical analyst Russell Browne.
“People are still looking a bit at the downside rather than the upside for the time being, waiting for it to break $1700,” adds Ronald Leung, director at Lee Cheong Gold Dealers in Hong Kong.
Silver prices traded just above $31.70 per ounce for most of the morning, 1.2% down on last Friday’s close, while other commodities also edged lower and major government bond prices gained.
Read More @ BullionStreet.com
2007-2008
US West Point reports reveal Al Qaeda network behind NATO’s so-called
“freedom fighters.” Extremists in Syria were behind Iraq War foreign
terrorist influx, not Syrian government.
by Tony Cartalucci, via Global Research:
The first report, “Al-Qa’ida’s Foreign Fighters in Iraq,” was extensively cited by historian and geopolitical analyst Dr. Webster Tarpley in March of 2011,
exposing that NATO-backed “pro-democracy” rebels in Libya were in fact
Al Qaeda’s Libyan Islamic Fighting Group (LIFG), listed by the US State Department, United Nations, and the UK Home Office (page 5, .pdf) as an international terrorist organization.
The West Point report exposed Libya as a global epicenter for Al Qaeda training and recruitment, producing more fighters per capita than even Saudi Arabia, and producing more foreign fighters than any other nation that sent militants to Iraq, except Saudi Arabia itself.
But Libya’s foreign fighters weren’t drawn equally from across the nation. They predominately emanated from the east (Cyrenaica), precisely where the so-called 2011 “pro-democracy revolution” also began, and where most of Libyan leader Muammar Qaddafi’s attention had been focused over the course of at least three decades, fighting militant extremists. The cities of Darnah, Tobruk, and Benghazi in particular fielded the vast majority of foreign fighters sent to Iraq and also served as the very epicenter for the 2011 violent, NATO-backed uprising.
Read More @ GlobalResearch.ca
by Tony Cartalucci, via Global Research:
The first report, “Al-Qa’ida’s Foreign Fighters in Iraq,” was extensively cited by historian and geopolitical analyst Dr. Webster Tarpley in March of 2011,
exposing that NATO-backed “pro-democracy” rebels in Libya were in fact
Al Qaeda’s Libyan Islamic Fighting Group (LIFG), listed by the US State Department, United Nations, and the UK Home Office (page 5, .pdf) as an international terrorist organization.The West Point report exposed Libya as a global epicenter for Al Qaeda training and recruitment, producing more fighters per capita than even Saudi Arabia, and producing more foreign fighters than any other nation that sent militants to Iraq, except Saudi Arabia itself.
But Libya’s foreign fighters weren’t drawn equally from across the nation. They predominately emanated from the east (Cyrenaica), precisely where the so-called 2011 “pro-democracy revolution” also began, and where most of Libyan leader Muammar Qaddafi’s attention had been focused over the course of at least three decades, fighting militant extremists. The cities of Darnah, Tobruk, and Benghazi in particular fielded the vast majority of foreign fighters sent to Iraq and also served as the very epicenter for the 2011 violent, NATO-backed uprising.
Read More @ GlobalResearch.ca
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.
Bill Haynes and Dan Norcini AUDIO INTERVIEW @ 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.Bill Haynes and Dan Norcini AUDIO INTERVIEW @ KingWorldNews.com
By Zeal LLC, The Market Oracle:
After a long contentious slog, the hyper-critical 2012 elections are
almost here. Americans will finally have the opportunity to choose our
great nation’s future course. Will we collectively vote for free-market
prosperity or big-government dependency? One thing is certain, the
fortunes of the US stock markets will play a major role in this
all-important decision. Few things influence our national sentiment
more.
While ideology governs how some cast their votes, for the great majority of Americans the deciding factor is how we are doing economically. Do we feel secure in our jobs? Are our businesses thriving? Can we maintain our lifestyles? Are our incomes sufficient to provide for our families and save for the future? If we feel good economically, we favor incumbents. Why change leadership that is producing good fruits?
Of course we intimately understand our own personal economies, whether we are blessed with surplus income or are struggling to make ends meet. But naturally we humans are always anxious about the future, wondering if times of plenty or scarcity are coming next. So we look to broader economic trends to try and game the unknown future. Our own little economies generally mirror America’s national one.
Read More @ TheMarketOracle.co.uk
And the Sheeplez Sleep...
After a long contentious slog, the hyper-critical 2012 elections are
almost here. Americans will finally have the opportunity to choose our
great nation’s future course. Will we collectively vote for free-market
prosperity or big-government dependency? One thing is certain, the
fortunes of the US stock markets will play a major role in this
all-important decision. Few things influence our national sentiment
more.While ideology governs how some cast their votes, for the great majority of Americans the deciding factor is how we are doing economically. Do we feel secure in our jobs? Are our businesses thriving? Can we maintain our lifestyles? Are our incomes sufficient to provide for our families and save for the future? If we feel good economically, we favor incumbents. Why change leadership that is producing good fruits?
Of course we intimately understand our own personal economies, whether we are blessed with surplus income or are struggling to make ends meet. But naturally we humans are always anxious about the future, wondering if times of plenty or scarcity are coming next. So we look to broader economic trends to try and game the unknown future. Our own little economies generally mirror America’s national one.
Read More @ TheMarketOracle.co.uk
And the Sheeplez Sleep...
A
new Rolling Stone interview with the president shows subservience to
power, not partisan favor, is what drives the press corps
By Glenn Greenwald, Op Ed News:
Last month, Vanity Fair featured a major profile of President Obama by Michael Lewis, who was given what the New York Times called ”rare”
and “extraordinary access.” Lewis “conducted multiple interviews with
the president”; “rode in the official presidential limousine”; “was
given a special lapel pin that identified him to the Secret Service as
someone who was allowed to be in close proximity to the president”; and
“flew with the president on several foreign and domestic trips” — “not
with the rest of the press corps in the back of Air Force One, but near
the front.” And, noted the Times, “the president even allowed Mr. Lewis
to play on his basketball team.”
But in exchange for such access, Lewis, unbeknown to readers of his profile, had agreed to a journalistically corrupt practice — now banned by many large media outlets – whereby the only quotes he was permitted to use were ones the White House approved in advance. Unsurprisingly, the profile was pure hagiography that left Obama’s most devoted media fans gushing with ecstacy.
Read More @ OpedNews.com
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By Glenn Greenwald, Op Ed News:
Last month, Vanity Fair featured a major profile of President Obama by Michael Lewis, who was given what the New York Times called ”rare”
and “extraordinary access.” Lewis “conducted multiple interviews with
the president”; “rode in the official presidential limousine”; “was
given a special lapel pin that identified him to the Secret Service as
someone who was allowed to be in close proximity to the president”; and
“flew with the president on several foreign and domestic trips” — “not
with the rest of the press corps in the back of Air Force One, but near
the front.” And, noted the Times, “the president even allowed Mr. Lewis
to play on his basketball team.”But in exchange for such access, Lewis, unbeknown to readers of his profile, had agreed to a journalistically corrupt practice — now banned by many large media outlets – whereby the only quotes he was permitted to use were ones the White House approved in advance. Unsurprisingly, the profile was pure hagiography that left Obama’s most devoted media fans gushing with ecstacy.
Read More @ OpedNews.com
by Suevon Lee, Pro Publica:
The Supreme Court has remained a largely unspoken topic on the campaign
trail — even though the Court plays a critical function in Americans’
lives. (This past June’s Affordable Care Act ruling [1], anyone?)
The next president could very well appoint one or two new justices. And who steps down first could also depend on who’s elected.
Mitt Romney hasn’t said much about the Supreme Court, apart from expressing disagreement [2] with the Court’s ruling on Obamacare. But his website [3] states the candidate would nominate judges “in the mold of” the Court’s conservatives — Antonin Scalia, Clarence Thomas, Samuel Alito and Chief Justice John Roberts (the last two of whom a then-Sen. Obama voted against confirming). It also says Romney would like to see Roe v. Wade overturned [4].
Read More @ ProPublica.com
Your support is needed...
The Supreme Court has remained a largely unspoken topic on the campaign
trail — even though the Court plays a critical function in Americans’
lives. (This past June’s Affordable Care Act ruling [1], anyone?)
The next president could very well appoint one or two new justices. And who steps down first could also depend on who’s elected.
Mitt Romney hasn’t said much about the Supreme Court, apart from expressing disagreement [2] with the Court’s ruling on Obamacare. But his website [3] states the candidate would nominate judges “in the mold of” the Court’s conservatives — Antonin Scalia, Clarence Thomas, Samuel Alito and Chief Justice John Roberts (the last two of whom a then-Sen. Obama voted against confirming). It also says Romney would like to see Roe v. Wade overturned [4].
Read More @ ProPublica.com
from Silver Doctors:
Bernard von NotHaus faces up to 20 years in prison for his ‘conviction’
of the crime of minting $60 million worth of constitutionally legal
private silver coins. Naturally, since von NotHaus made the mistake of
minting the word dollar on the coins, the Feds threw the book at him,
confiscated the phyzz, and labeled the patriot a ‘domestic terrorist’.
Ahead of von NotHaus’ sentencing, the NY Times examines the man, his mission to combat currency devaluation with precious metals, and the authoritarian state that cannot allow any alternative to it’s enslaving fiat debt currency.
von NotHaus successfully introduced over $60 million worth of gold and silver coins into circulation throughout the US, a freedom crime that did not go unnoticed by the stasi thugs:
Read More @ Silver Doctors
Bernard von NotHaus faces up to 20 years in prison for his ‘conviction’
of the crime of minting $60 million worth of constitutionally legal
private silver coins. Naturally, since von NotHaus made the mistake of
minting the word dollar on the coins, the Feds threw the book at him,
confiscated the phyzz, and labeled the patriot a ‘domestic terrorist’.Ahead of von NotHaus’ sentencing, the NY Times examines the man, his mission to combat currency devaluation with precious metals, and the authoritarian state that cannot allow any alternative to it’s enslaving fiat debt currency.
von NotHaus successfully introduced over $60 million worth of gold and silver coins into circulation throughout the US, a freedom crime that did not go unnoticed by the stasi thugs:
Read More @ Silver Doctors
by Michelle Smith, Silver Investing News:
Downward pressure in the silver market has not abated. Friday’s action
provided a clue as to what was in store this week. Silver was pushed
below its 50-day moving average and though it could not be kept down at
that level for the close, the metal lost $0.75. As North America slept
Sunday night, pressure was again applied to the market, setting silver
up for a week that saw it touch new lows.
Monday morning, silver fell to a new low coming out of the gate. To the relief of bulls, the metal was able to claw its way back and actually closed near the session high at $32.45 with a gain of $0.38.
But Tuesday, those vying for lower prices had their wishes granted. The markets were forced to digest news of rising Spanish bond yields and the fact that the nation’s economy contracted during the third quarter; further, Moody’s downgraded some sectors of the Spanish economy. In the US there was a slew of disappointing company earnings reports.
Read More @ SilverInvestingNews.com
Downward pressure in the silver market has not abated. Friday’s action
provided a clue as to what was in store this week. Silver was pushed
below its 50-day moving average and though it could not be kept down at
that level for the close, the metal lost $0.75. As North America slept
Sunday night, pressure was again applied to the market, setting silver
up for a week that saw it touch new lows.Monday morning, silver fell to a new low coming out of the gate. To the relief of bulls, the metal was able to claw its way back and actually closed near the session high at $32.45 with a gain of $0.38.
But Tuesday, those vying for lower prices had their wishes granted. The markets were forced to digest news of rising Spanish bond yields and the fact that the nation’s economy contracted during the third quarter; further, Moody’s downgraded some sectors of the Spanish economy. In the US there was a slew of disappointing company earnings reports.
Read More @ SilverInvestingNews.com
by Wolf Richter, Testosterone Pit.com:
That France’s economy is hurting is an understatement. Today’s manufacturing index
tested depths not seen since 2009 during the trough of the financial
crisis. Orders plunged and employment was morose. The service sector
index dove to the lowest level since January 2009. Cited reasons:
“unfavorable business climate and lack of visibility.” It confirmed
yesterday’s Insee business climate index, which, at the lowest level
since mid-2009, was mired in pessimism.
So the government deployed its big gun: Industry Minister Arnaud Montebourg. He’d turn around the economy by revitalizing industry; and he has been on the forefront with his vision.
In July, he announced that the government would ask the European Commission to “monitor” the free-trade agreement between the EU and South Korea. He pointed at the “very substantial increase in imports of Korean vehicles” during a time when vehicle sales in France were cascading downhill. He wanted the EU to stick additional taxes on Korean cars. In August, the French government submitted the formal request to the European Commission. At the Paris auto show in early October, Montebourg attacked the Koreans for the “social hardness” hiding “behind the windows of every Hyundai and Kia” and accused them of “social dumping” [Worse than the Infamous Lehman September: France’s Private Sector Gets Kicked off a Cliff].
Read More @ TestosteronePit.com
So the government deployed its big gun: Industry Minister Arnaud Montebourg. He’d turn around the economy by revitalizing industry; and he has been on the forefront with his vision.
In July, he announced that the government would ask the European Commission to “monitor” the free-trade agreement between the EU and South Korea. He pointed at the “very substantial increase in imports of Korean vehicles” during a time when vehicle sales in France were cascading downhill. He wanted the EU to stick additional taxes on Korean cars. In August, the French government submitted the formal request to the European Commission. At the Paris auto show in early October, Montebourg attacked the Koreans for the “social hardness” hiding “behind the windows of every Hyundai and Kia” and accused them of “social dumping” [Worse than the Infamous Lehman September: France’s Private Sector Gets Kicked off a Cliff].
Read More @ TestosteronePit.com
by Thomas Hedges, Truth Dig:
Seventy protesters stood outside the U.S. Chamber of Commerce in
Washington, D.C., last week, asking for full disclosure of the lobby
group’s financial contributions. They gathered in Lafayette Square
before walking two blocks to the Chamber doors. The interest groups that
organized the event—Public Citizen,
the D.C. Public Interest Research Group and the Business Ethics
Network—presented a petition with 30,000 signatures to the business
federation along with wrapped up “mystery gifts.” They brought two
birthday cakes with them. One was for the protesters. The other was
delivered to the Chamber of Commerce, which was celebrating its
centennial.
“Happy disclosure to you,” a chorus of demonstrators sang to two security guards outside the Chamber building. “No more secret political donors. … Democracy demands transparency. … Secret corporate money out of our elections,” they sang.
Read More @ TruthDig.com
Seventy protesters stood outside the U.S. Chamber of Commerce in
Washington, D.C., last week, asking for full disclosure of the lobby
group’s financial contributions. They gathered in Lafayette Square
before walking two blocks to the Chamber doors. The interest groups that
organized the event—Public Citizen,
the D.C. Public Interest Research Group and the Business Ethics
Network—presented a petition with 30,000 signatures to the business
federation along with wrapped up “mystery gifts.” They brought two
birthday cakes with them. One was for the protesters. The other was
delivered to the Chamber of Commerce, which was celebrating its
centennial.“Happy disclosure to you,” a chorus of demonstrators sang to two security guards outside the Chamber building. “No more secret political donors. … Democracy demands transparency. … Secret corporate money out of our elections,” they sang.
Read More @ TruthDig.com
from Wealth Wire:
In the third century, greed got the best of Rome’s emperors. As they
spent through the silver in the treasury, one emperor after another
reduced the amount of precious metal in each denarius until the coins
contained almost no silver whatsoever.
It was the world’s first experience with currency debasement and hyperinflation. As people saw the value of their savings evaporate, society grew angry and demanded a scapegoat. Christians became that scapegoat, and Romans turned on them with incredible violence.
This pattern – currency debasement leading to social upheaval and violence – would repeat many times over.
In medieval Europe, the number of women on trial for witchcraft climbed in sync with the debasement of currency. In revolutionary France, the Reign of Terror that slaughtered 17,000 wealthy counterrevolutionaries aligns perfectly with the deterioration of the purchasing power of the assignat note.
Read More @ WealthWire.com
In the third century, greed got the best of Rome’s emperors. As they
spent through the silver in the treasury, one emperor after another
reduced the amount of precious metal in each denarius until the coins
contained almost no silver whatsoever.It was the world’s first experience with currency debasement and hyperinflation. As people saw the value of their savings evaporate, society grew angry and demanded a scapegoat. Christians became that scapegoat, and Romans turned on them with incredible violence.
This pattern – currency debasement leading to social upheaval and violence – would repeat many times over.
In medieval Europe, the number of women on trial for witchcraft climbed in sync with the debasement of currency. In revolutionary France, the Reign of Terror that slaughtered 17,000 wealthy counterrevolutionaries aligns perfectly with the deterioration of the purchasing power of the assignat note.
Read More @ WealthWire.com
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