UBS'
Art Cashin provides the clearest 'simile' for our current economic
malaise as he remembers back 90 years... On this day in 1922, the German
Central Bank and the German Treasury took an inevitable step in a
process which had begun with their previous effort to "jump start" a
stagnant economy. Many months earlier they had decided that what was needed was easier money.
Their initial efforts brought little response. So, using the
governmental "more is better" theory they simply created more and more
money. But economic stagnation continued and so did the money
growth. They kept making money more available. No reaction. Then,
suddenly prices began to explode unbelievably (but, perversely, not
business activity). Think it can't happen here? read on...Your Future...
http://wethesheeplez.blogspot.com/2011/09/weimar-hyperinflation-when-money-dies.html
by Money Morning, The Market Oracle:
Kent Moors writes: Matters are beginning to come to a head in Iran.
So far, the impact of Western sanctions – an EU embargo of oil purchases, European and U.S. restrictions on Tehran’s access to international banking, and a new move to intensify the trading restrictions even further – have had a devastating impact.
Iran’s currency, the rial, has collapsed. Riots have begun. Its government has rapidly lost its authority. And the Iranian economy is unraveling.
This has all the markings of a full-blown crisis.
It will have an uncertain impact on the region and the wider oil market. This could get very unpredictable and very nasty. Let me explain…
Read More @ TheMarketOracle.co.uk
Your support is needed... Kent Moors writes: Matters are beginning to come to a head in Iran.So far, the impact of Western sanctions – an EU embargo of oil purchases, European and U.S. restrictions on Tehran’s access to international banking, and a new move to intensify the trading restrictions even further – have had a devastating impact.
Iran’s currency, the rial, has collapsed. Riots have begun. Its government has rapidly lost its authority. And the Iranian economy is unraveling.
This has all the markings of a full-blown crisis.
It will have an uncertain impact on the region and the wider oil market. This could get very unpredictable and very nasty. Let me explain…
Read More @ TheMarketOracle.co.uk
by Ron Paul, Paul.House.gov:
The media insists on characterizing statements about dependency on
government handouts as controversial, but in truth such statements are
absolutely correct. It’s not that nearly half of Americans are
dependent on government; it’s actually more than half. If one includes
not just people on food stamps and welfare, but also seniors on Medicare, Social Security and people employed by the government directly, the number is more like 165 million out of 308 million, which is 53%.
Some argue that Social Security and Medicare benefits are a right because people pay into these programs their whole lives, or that we need a government safety net in place for people who fall on hard times. However, this all becomes a moot point when the funds people depend on become worthless due to government default or rampant inflation.
This is less an issue of dignity or dependence on government, and more about the deceitfulness of government promises.
Read More @ Paul.House.gov
The media insists on characterizing statements about dependency on
government handouts as controversial, but in truth such statements are
absolutely correct. It’s not that nearly half of Americans are
dependent on government; it’s actually more than half. If one includes
not just people on food stamps and welfare, but also seniors on Medicare, Social Security and people employed by the government directly, the number is more like 165 million out of 308 million, which is 53%.Some argue that Social Security and Medicare benefits are a right because people pay into these programs their whole lives, or that we need a government safety net in place for people who fall on hard times. However, this all becomes a moot point when the funds people depend on become worthless due to government default or rampant inflation.
This is less an issue of dignity or dependence on government, and more about the deceitfulness of government promises.
Read More @ Paul.House.gov
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by The Gold Report, Seeking Alpha:
Shadowstats.com
Author John Williams wonders if politics are at play behind the latest
jobs report, which shows 114,000 new U.S. jobs since September and a
0.3% drop in unemployment since August. Investors need to know how
seasonal factors and month-to-month volatility affect the Bureau of
Labor Statistics’ reports. In this exclusive interview with The Gold Report ,
Williams explains why he doubts that we are in a recovery. The
take-away? Look at the unadjusted figures before you sell your gold.
The Gold Report: John, as Mark Twain famously quipped, “There are three kinds of lies: lies, damned lies and statistics.” The Bureau of Labor Statistics [BLS] just came out with new jobs numbers that show the country added 114,000 jobs since September and the unemployment rate dropped to 7.8%, down from 8.1% in August. On Shadowstats.com, you argue that the numbers are wrong and pointed to politics as a possible reason for the incorrect figures. Are unemployment statistics being manipulated and if so how?
John Williams: I normally put out a commentary on the numbers, and, in this one, I raised the possibility of politics as a factor. The problem is very serious misreporting of the numbers and the result is what appears to be a bogus unemployment rate. The BLS reported a drop in the unemployment rate from 8.1% to 7.8%, three-tenths of a percentage point, which runs counter to what is being experienced in the marketplace.
Read More @ SeekingAlpha.com
Shadowstats.com
Author John Williams wonders if politics are at play behind the latest
jobs report, which shows 114,000 new U.S. jobs since September and a
0.3% drop in unemployment since August. Investors need to know how
seasonal factors and month-to-month volatility affect the Bureau of
Labor Statistics’ reports. In this exclusive interview with The Gold Report ,
Williams explains why he doubts that we are in a recovery. The
take-away? Look at the unadjusted figures before you sell your gold.The Gold Report: John, as Mark Twain famously quipped, “There are three kinds of lies: lies, damned lies and statistics.” The Bureau of Labor Statistics [BLS] just came out with new jobs numbers that show the country added 114,000 jobs since September and the unemployment rate dropped to 7.8%, down from 8.1% in August. On Shadowstats.com, you argue that the numbers are wrong and pointed to politics as a possible reason for the incorrect figures. Are unemployment statistics being manipulated and if so how?
John Williams: I normally put out a commentary on the numbers, and, in this one, I raised the possibility of politics as a factor. The problem is very serious misreporting of the numbers and the result is what appears to be a bogus unemployment rate. The BLS reported a drop in the unemployment rate from 8.1% to 7.8%, three-tenths of a percentage point, which runs counter to what is being experienced in the marketplace.
Read More @ SeekingAlpha.com
from RussiaToday:
Britain’s Prime Minister David Cameron has delivered closing remarks at the Conservative party’s annual conference in an effort to drum up support amid eroding public confidence. The party is trailing behind the Labor opposition in opinion polls as it takes fire for sweeping spending cuts. David Cameron has had to avoid even using the word “austerity” which he helped popularize after coming to power. Nigel Farage, leader of the UK Independence party, says that Tory policies are not bringing any meaningful change to the country’s economy.
Britain’s Prime Minister David Cameron has delivered closing remarks at the Conservative party’s annual conference in an effort to drum up support amid eroding public confidence. The party is trailing behind the Labor opposition in opinion polls as it takes fire for sweeping spending cuts. David Cameron has had to avoid even using the word “austerity” which he helped popularize after coming to power. Nigel Farage, leader of the UK Independence party, says that Tory policies are not bringing any meaningful change to the country’s economy.
from The Economic Collapse Blog:
When it comes to explaining the problems with our economy, one of the
hardest things to do is to get people to understand that we are living
in an economic fantasy world that is completely and totally
unsustainable. As a nation we consume far more than we produce, we
spend far more than we bring in, our debt is growing much faster than
our GDP is, our entitlement programs are growing at an exponential rate,
our retirement system is a Ponzi scheme and the Federal Reserve is
printing money as if there is no tomorrow in a desperate attempt to
paper over all of our problems. But we have all grown so accustomed to
the debt-fueled prosperity that we have been enjoying for so many
decades that it actually feels “real” to most of us. Unfortunately,
history has shown us that it is simply not possible to grow your debt
faster than your economy indefinitely. At some point your consumption
will drop back to a level more equal to your production. Sometimes
that adjustment can be gradual, but other times it can be extremely
painful. In our case, we have been living way above our means for so
long that it would take a major economic miracle just to keep our
adjustment to an “exceedingly painful” level. We are living in the
largest debt-fueled prosperity bubble in the history of the world, and
our unsustainable economy is going to crash and burn at some point.
Hopefully it will be later rather than sooner, but a crash is most
definitely coming.
Read More @ TheEconomicCollpaseBlog.com
When it comes to explaining the problems with our economy, one of the
hardest things to do is to get people to understand that we are living
in an economic fantasy world that is completely and totally
unsustainable. As a nation we consume far more than we produce, we
spend far more than we bring in, our debt is growing much faster than
our GDP is, our entitlement programs are growing at an exponential rate,
our retirement system is a Ponzi scheme and the Federal Reserve is
printing money as if there is no tomorrow in a desperate attempt to
paper over all of our problems. But we have all grown so accustomed to
the debt-fueled prosperity that we have been enjoying for so many
decades that it actually feels “real” to most of us. Unfortunately,
history has shown us that it is simply not possible to grow your debt
faster than your economy indefinitely. At some point your consumption
will drop back to a level more equal to your production. Sometimes
that adjustment can be gradual, but other times it can be extremely
painful. In our case, we have been living way above our means for so
long that it would take a major economic miracle just to keep our
adjustment to an “exceedingly painful” level. We are living in the
largest debt-fueled prosperity bubble in the history of the world, and
our unsustainable economy is going to crash and burn at some point.
Hopefully it will be later rather than sooner, but a crash is most
definitely coming. Read More @ TheEconomicCollpaseBlog.com
On The New Monetary Era
A
new monetary era has began in the West. Its consequences will probably
be very different in the United States and Europe. However, one way or
the other, investors now operate under a regime of central bank asset price targeting. Everything we know about investors’ traditional reflexes and all historical points of reference are potentially invalid.
from Silver Underground:
I found this video titled “Ron Paul Owns Ben Bernanke in 10 seconds” I might have said “Schooled” Ben Bernanke, just to avoid the language of human ownership. But it’s a pretty sound argument I think… the great and noble central planners that are tasked with keeping the world’s baseless paper currencies afloat all hoard gold… why would they do that? They’re currencies aren’t redeemable for gold. None of them are tied to gold. So why are they all still keeping huge stores of gold in their reserves? It almost seems like they don’t swallow the BS they’re spoon feeding you. Well, that should tell you something.
Vladimir Putin has reportedly doubled Russia’s gold stockpile in the last five years, spending about half a billion dollars on acquisitions each month.
The World Gold Council (WGC) recently reported that global central banks have increased their gold purchases 137.9% in the last year, including a list of 10 countries with the largest official gold holdings:
I found this video titled “Ron Paul Owns Ben Bernanke in 10 seconds” I might have said “Schooled” Ben Bernanke, just to avoid the language of human ownership. But it’s a pretty sound argument I think… the great and noble central planners that are tasked with keeping the world’s baseless paper currencies afloat all hoard gold… why would they do that? They’re currencies aren’t redeemable for gold. None of them are tied to gold. So why are they all still keeping huge stores of gold in their reserves? It almost seems like they don’t swallow the BS they’re spoon feeding you. Well, that should tell you something.
Vladimir Putin has reportedly doubled Russia’s gold stockpile in the last five years, spending about half a billion dollars on acquisitions each month.
The World Gold Council (WGC) recently reported that global central banks have increased their gold purchases 137.9% in the last year, including a list of 10 countries with the largest official gold holdings:
10) India: 557.7 tonnes
9) Netherlands: 612.5 tonnes
Read More @ Silver Underground
Everything is rigged – health, politics, finance and more – but here’s how to beat the system
by Mike Adams, Natural News:
I’ve been pondering this topic for weeks, trying to find the words to
communicate the full impact of this realization to which we are all
increasingly awakening. Everything is rigged… the stock market, the news, the food, your taxes, public schools, the health care system, and on and on. Even Lance Armstrong’s cycling victories were all apparently rigged (with doping), we’re now finding out.But what do I mean by “rigged” specifically? All these systems and industries are rigged to cheat you, to suppress you, and ultimately to suppress your human potential.
Think about it. The sick-care system is intentionally engineered to give you cancer, keep you sick, and keep you locked into a medical system that enriches powerful corporations while sacrificing human life.
Read More @ NaturalNews.com
US Retail Investors Throw Up On Bernanke's Invitation To Buy Stocks
Another
week, another retail outflow from domestic equity mutual funds - but
this time it's different. Now 11 weeks-in-a-row of outflows have led to
this week's highest outflow since August 2011 - just
as stocks hit multi-year highs. It seems no matter how much Bernanke
says 'come on in, the water is fine', the newly-smart money (or fooled
one too many times perhaps - is it any wonder when only yesterday CNBC was discussing Selling AAPL Puts as a viable strategy?)
of the retail investor is smelling sharks and fading the strength.
With $250bn in outflows since the start of 2011, and $50bn alone in the
last 11 weeks (as the market inexorably rises on Johnny-5's
instruction), we can't help but think this week's $10.6bn outflow is redemptions at the end of Q3 - not
exactly what the performance-chasing, money-on-the-sideline-hoping,
recovery-is-around-the-corner-believing long-only commission-taking
'managers' wanted to see.
from KingWorldNews:
Today a legend in the business surprised King World News when he
said, “Gold is going to keep going up until the US dollar is finished.
So the reign of the US dollar will come to an end.” Keith Barron, who
consults with major gold companies around the world, and is responsible
for one of the largest gold discoveries in the last quarter century,
also said, “At that point the global collapse will be in full-swing.”
On the heels of another major country being downgraded yesterday, Barron also warned, “The real problem here is that you can’t restore confidence at this point in the cycle.” Here is what he had to say: “Europe is getting worse all the time. The IMF is now saying that European banks may have to sell off an additional $4.5 trillion of assets. At the same time, they are trying to push various governments for increased austerity measures, and it’s not working. Either the countries are simply not implementing the increased austerity or they are not implementing them to the extent that the troika wants.”
Keith Barron continues @ KingWorldNews.com
Today a legend in the business surprised King World News when he
said, “Gold is going to keep going up until the US dollar is finished.
So the reign of the US dollar will come to an end.” Keith Barron, who
consults with major gold companies around the world, and is responsible
for one of the largest gold discoveries in the last quarter century,
also said, “At that point the global collapse will be in full-swing.”On the heels of another major country being downgraded yesterday, Barron also warned, “The real problem here is that you can’t restore confidence at this point in the cycle.” Here is what he had to say: “Europe is getting worse all the time. The IMF is now saying that European banks may have to sell off an additional $4.5 trillion of assets. At the same time, they are trying to push various governments for increased austerity measures, and it’s not working. Either the countries are simply not implementing the increased austerity or they are not implementing them to the extent that the troika wants.”
Keith Barron continues @ KingWorldNews.com
Will The Real Jobless Benefit Claims Number Please Step Forward?
Dave in Denver at The Golden Truth - 1 hour ago
*There's no B.S. like the b.s. from the BLS * - My name is Dave In Denver
and I approve this blog post
The headline report from all the news services reads: "Jobless Claims
Plunge To New Four-Year Low," among other misleading statements. That is
also the headline report that will be reported to the hoi polloi who watch
their local nightly news rather than stay current with what's going on with
Snooki. That is also the headline that will be read by those who actually
pick up a newspaper tomorrow (the dwindling few in our society who actually
try to keep up with the news).
But,... more »
Did COMEX Gold Futures 'Glitch' Hint At The Future Awaiting Us?
Call
it a fat-finger, or a deus ex 'aurum' machina, but during this
morning's COMEX gold futures trading, we wonder if the obvious 'glitch'
gave us a premonition of things to come?Filed under WWIII False Flag...
Netanyahu Shoots Down Hezbollah Drones Over Israel
It would seem things are going from worse to worserer as, while US citizens prepare to see 30,000 drones over their own 'domestic' heads, Israel's Benjamin Natanyahu accuses Lebanon's Hezbollah of launching a previously unidentified drone (which has been shot down) over Israel last week. As the Globe and Mail reports (via AFP) -"We are acting with determination to protect our borders," his office quoted him as saying during a visit to the frontier with Egypt.
"As we prevented last weekend an attempt by Hezbollah. We shall continue to act aggressively against all threats," Mr. Netanyahu said.
Filed under WWIII False Flag...
from Reuters:
Masked gunmen shot dead a Yemeni man on his way to work at the U.S. embassy in Sanaa on Thursday, a security source said, the latest in a wave of assassinations in the Arab state where Washington is battling al Qaeda militants.
The attackers on a motorcycle opened fire on a car carrying Qassem Aqlan – who headed an embassy security team – in the center of Yemen’s capital, the source told Reuters.
“This (assassination) operation has the fingerprints of al Qaeda which carried out similar operations before,” said the source who asked not to be named.
The Yemen-based al Qaeda in the Arabian Peninsula and other militant groups strengthened their grip on parts of the country during an uprising that ousted veteran President Ali Abdullah Saleh in February.
Read More @ Reuters.com
Masked gunmen shot dead a Yemeni man on his way to work at the U.S. embassy in Sanaa on Thursday, a security source said, the latest in a wave of assassinations in the Arab state where Washington is battling al Qaeda militants.
The attackers on a motorcycle opened fire on a car carrying Qassem Aqlan – who headed an embassy security team – in the center of Yemen’s capital, the source told Reuters.
“This (assassination) operation has the fingerprints of al Qaeda which carried out similar operations before,” said the source who asked not to be named.
The Yemen-based al Qaeda in the Arabian Peninsula and other militant groups strengthened their grip on parts of the country during an uprising that ousted veteran President Ali Abdullah Saleh in February.
Read More @ Reuters.com
The Pursuit Of Happiness And The Sociopathology Of Prosperity
The notion that increased consumption leads to increased happiness is self-evidently false, yet consumption remains the focus of our economy and society. The appeal of consumption is understandable once we grasp that it is the only empowering act in a neofeudal society where we are essentially powerless. In the mindset of the consumerist economy, purchasing something feels empowering because the act of consuming is experienced as renewing our sense of identity and social status. But since that identity is inauthentic, the sense of euphoric renewal is short-lived and soon defaults to the base state of insecurity. Since the consumer is only empowered by buying and displaying status signifiers, the balance of their lives is experienced as powerless – that is, a chronic state of social defeat. In the act of consuming, the only feature that continues on after the initial euphoria fades is the debt taken on to make the purchase.Apple Slide Halts Yet Another Rumor-Driven Risk Rally
Yesterday even as the broader market slid materially, much to the dismay of permabulls everywhere, taking out post QE3 lows, one stock that obstinately refused to join the trend was Apple, which as we have noted before is the vanguard of the index known as NASDAAPL, and whichever way the NASDAAPL goes, so go America's hedge funds, all of which have decided to piggyback on the stock in hope of catching up to the market performance and avoid being redeemed to death. Today, we get a mirror image of yesterday, when after opening at its highs, AAPL has since tumbled 2.5% from its highs, following news that an Apples court has allowed sales of Samsung Galaxy to continue. Finally, the broader market, which ramped early on hope that the intolerable Basel III requirements would be delayed by 1 year (they will be eventually as they demand that banks sell trillions in assets: something they can't do), is about to slide not only with AAPL as the catalyst but following news from Dow Jones that the "EU Trialogue Didn't Discuss Basel III Delay Thursday." In other words, we ramped on a completely bogus rumor originating in Europe once again. What else is new?
Visualizing Central Bank Mal-Investment-Driven Excess
One
of the most egregious aspects of the Great Moderation was the issuance
(and thus demand for) of large amounts of grossly mispriced extremely
'junky' debt at the peak as investors stymied by the lack of spread
(return) pushed further and further out the credit risk spectrum. The driver at the time was the liquidity flood triggered by large-scale securitizations (and that ended well eh?); this time it is central banks providing the fuel for investors to seek yield through leverage (either through fundamental leverage in riskier firms or technical leverage through riskier instruments). To wit, the last few weeks have seen a resurgence of issuance of PIK-Toggle bonds.
by Reggie Middleton, BoomBustBlog.com:
From American Banker:
From American Banker:
‘Yet Another Bank’: One
week after New York Attorney General Eric Schneiderman filed a civil
case against JPMorgan Chase alleging fraud in how Bear Stearns packaged
and sold mortgage-backed securities, Wells Fargo finds itself being sued
by the government for nearly a decade’s worth of “reckless” mortgage
lending. U.S. prosecutors (not affiliated with Schneiderman’s mortgage
task force, though he has promised more suits are on the way)
are seeking “hundreds of millions of dollars” in civil damages from the
bank on behalf of the Federal Housing Administration, alleging Wells “made false certifications”
about the condition of their mortgage loans so that the government
agency would insure them. FHA then had to foot the bill when the bank’s
alleged “mortgage factory”
— Dealbook’s interpretation of the complaint — output went belly up.
“Yet another major bank has engaged in a longstanding and reckless
trifecta of deficient training, deficient underwriting and deficient
disclosure, all while relying on the convenient backstop of government
insurance,” United States attorney in Manhattan Preet Bharara said in a
(perhaps obvious) statement.
Read More @ BoomBustBlog.com
by Pater Tenebrarum, Acting-Man.com:
What is Behind the New Buzzword
Economists, market analysts, journalists and investors alike are all talking about it quite openly, generally in a calm and reserved tone that suggests that – to borrow a phrase from Bill Gross – it represents the ‘new normal’. Something that simply needs to be acknowledged and analyzed in the same way we e.g. analyze the supply/demand balance of the copper market. It is the new buzzword du jour: ‘Financial Repression’.
The term certainly sounds ominous, but it is always mentioned in an off-hand manner that seems to say: ‘yes, it is bad, but what can you do? We’ve got to live with it.’
But what does it actually mean? The simplest, most encompassing explanation is this: it describes various insidious and underhanded methods by which the State intends to rob its citizens of their wealth and income over the coming years (and perhaps even decades) above and beyond the already onerous burden of taxation and regulatory costs that is crushing them at present.
Read More @ Acting-Man.com
What is Behind the New BuzzwordEconomists, market analysts, journalists and investors alike are all talking about it quite openly, generally in a calm and reserved tone that suggests that – to borrow a phrase from Bill Gross – it represents the ‘new normal’. Something that simply needs to be acknowledged and analyzed in the same way we e.g. analyze the supply/demand balance of the copper market. It is the new buzzword du jour: ‘Financial Repression’.
The term certainly sounds ominous, but it is always mentioned in an off-hand manner that seems to say: ‘yes, it is bad, but what can you do? We’ve got to live with it.’
But what does it actually mean? The simplest, most encompassing explanation is this: it describes various insidious and underhanded methods by which the State intends to rob its citizens of their wealth and income over the coming years (and perhaps even decades) above and beyond the already onerous burden of taxation and regulatory costs that is crushing them at present.
Read More @ Acting-Man.com
from Gold Money News:
GoldMoney’s Alasdair Macleod interviews Vice-Governor Hampl of the Czech National Bank. They discuss the nature of the Czech economy, which is savings-driven, the Republic being a nation of small savers. This gives it an economy that has more in common with Germany than the rest of Europe. The economy enjoys a low-inflation environment, with a free-market approach. Since 1989, the economy has been driven by economic agents wishing to rebuild their wealth, and this has helped the Republic develop its economy more rapidly than its neighbours.
The Czech National Bank feels it is not under pressure to reflate, because both the public and the government are wary of the destructive effect on savings. With current economic uncertainties in Europe, the economy has turned down as saving has intensified; but unlike other governments, the Czechs are not being panicked into reflation.
Joining the euro is not on the agenda, being out of the question at the moment, nor does Mr Hampl personally expect the Republic to enter the eurozone. Meanwhile, Mr Hampl says that the Czech banking system is stable and well-capitalised, with little cross-border loan exposure; and even though some of the banks are foreign-owned, they are effectively ring-fenced from problems their parents may or may not have. Hampl described Czech banks as cash-cows, whose loan exposure is comfortably covered by deposits.
On gold, My Hampl was less forthcoming, saying the purpose of the bank’s assets is to be available as a reserve in case of currency volatility. But interestingly, the Bank has diversified its portfolio into Australian dollars, Swedish kroner and Canadian dollars.
GoldMoney’s Alasdair Macleod interviews Vice-Governor Hampl of the Czech National Bank. They discuss the nature of the Czech economy, which is savings-driven, the Republic being a nation of small savers. This gives it an economy that has more in common with Germany than the rest of Europe. The economy enjoys a low-inflation environment, with a free-market approach. Since 1989, the economy has been driven by economic agents wishing to rebuild their wealth, and this has helped the Republic develop its economy more rapidly than its neighbours.
The Czech National Bank feels it is not under pressure to reflate, because both the public and the government are wary of the destructive effect on savings. With current economic uncertainties in Europe, the economy has turned down as saving has intensified; but unlike other governments, the Czechs are not being panicked into reflation.
Joining the euro is not on the agenda, being out of the question at the moment, nor does Mr Hampl personally expect the Republic to enter the eurozone. Meanwhile, Mr Hampl says that the Czech banking system is stable and well-capitalised, with little cross-border loan exposure; and even though some of the banks are foreign-owned, they are effectively ring-fenced from problems their parents may or may not have. Hampl described Czech banks as cash-cows, whose loan exposure is comfortably covered by deposits.
On gold, My Hampl was less forthcoming, saying the purpose of the bank’s assets is to be available as a reserve in case of currency volatility. But interestingly, the Bank has diversified its portfolio into Australian dollars, Swedish kroner and Canadian dollars.
by Judge, Andrew P. Napolitano, Lew Rockwell:
President Obama has been a failure. On his watch, the American economy
has significantly deteriorated largely because he has stifled free
market forces by over-regulating them and because he has laden taxpayers
with debt. Those two factors alone – the federal government increasing
the cost of doing business by telling businesses from physicians to
major industries how to do their work, and the federal government
spending trillions it doesn’t have and pushing the debts onto future
generations – are enough to sink any economy.
In this arena, Mitt Romney has it half-right. He does understand that only free market forces can produce prosperity, but he fails to see that when the government spends what it doesn’t have, the result is inflation and higher taxes for future generations. Why does the federal government now spend half a trillion a year in debt service? Because every president, Republicans as well as Democrats, from FDR to Obama has borrowed money in order to spend more than he collected and has let future generations deal with repaying the debt. Because the feds do not repay (they merely roll over) their debt, the cost of interest payments has skyrocketed. Romney’s ability to articulate the virtues of the free market and to dance around the issue of debt, while the president nearly fell asleep, are the reasons he did so well in the presidential debate last week.
Read More @ LewRockwell.com
President Obama has been a failure. On his watch, the American economy
has significantly deteriorated largely because he has stifled free
market forces by over-regulating them and because he has laden taxpayers
with debt. Those two factors alone – the federal government increasing
the cost of doing business by telling businesses from physicians to
major industries how to do their work, and the federal government
spending trillions it doesn’t have and pushing the debts onto future
generations – are enough to sink any economy.In this arena, Mitt Romney has it half-right. He does understand that only free market forces can produce prosperity, but he fails to see that when the government spends what it doesn’t have, the result is inflation and higher taxes for future generations. Why does the federal government now spend half a trillion a year in debt service? Because every president, Republicans as well as Democrats, from FDR to Obama has borrowed money in order to spend more than he collected and has let future generations deal with repaying the debt. Because the feds do not repay (they merely roll over) their debt, the cost of interest payments has skyrocketed. Romney’s ability to articulate the virtues of the free market and to dance around the issue of debt, while the president nearly fell asleep, are the reasons he did so well in the presidential debate last week.
Read More @ LewRockwell.com
[Ed. Note: You want to know how the controllers think? Here ya go.]
from CFR:
Jamie Dimon, JPMorgan Chase & Co.’s Chairman and Chief Executive Officer, discusses the state of the global economy.
from CFR:
Jamie Dimon, JPMorgan Chase & Co.’s Chairman and Chief Executive Officer, discusses the state of the global economy.
by David Kotok, Financial Sense:
“MOODY’S MAY DOWNGRADE 30 CALIFORNIA CITIES. The review may affect
$14.3 billion in general obligation and lease-backed debt.” Source:
Bloomberg Brief, October 10, 2012
“When a municipality files a Chapter 9 petition under the U.S. Bankruptcy Code, Standard & Poor’s Ratings Services believes the municipality is raising the issue of its willingness to fund some or all of its financial obligations. In our view, there are few actions that should carry greater stigma in the municipal credit markets than a bankruptcy filing. We believe any potential weakening of an obligor’s willingness to pay its obligations may reflect degraded credit quality. Moreover, once a bankruptcy occurs, we anticipate the credit implications will remain after the municipality technically emerges from bankruptcy. Restoration of market access could be many years into the future.” Source: Municipal Bankruptcy: Standard & Poor’s Approach And Viewpoint, 05 Oct 2012
Read More @ financialsense.com
“MOODY’S MAY DOWNGRADE 30 CALIFORNIA CITIES. The review may affect
$14.3 billion in general obligation and lease-backed debt.” Source:
Bloomberg Brief, October 10, 2012“When a municipality files a Chapter 9 petition under the U.S. Bankruptcy Code, Standard & Poor’s Ratings Services believes the municipality is raising the issue of its willingness to fund some or all of its financial obligations. In our view, there are few actions that should carry greater stigma in the municipal credit markets than a bankruptcy filing. We believe any potential weakening of an obligor’s willingness to pay its obligations may reflect degraded credit quality. Moreover, once a bankruptcy occurs, we anticipate the credit implications will remain after the municipality technically emerges from bankruptcy. Restoration of market access could be many years into the future.” Source: Municipal Bankruptcy: Standard & Poor’s Approach And Viewpoint, 05 Oct 2012
Read More @ financialsense.com
What is the point of prosperity?
by Charles Hugh Smith, Peak Prosperity:
Though few people ever voice this question openly, the general
assumption is that prosperity and wealth increase happiness. The
pursuit of happiness (famously grouped with “life” and “liberty” in the
Declaration of Independence as an inalienable right) has become the
pursuit of prosperity and wealth.
That physical comfort and security grease the skids of happiness is self-evident; living a hand-to-mouth existence inside a cardboard box is not as conducive to human happiness as having a comfortable home and secure income.
But it is equally self-evident that a secure dwelling and income do not guarantee happiness; rather, they provide the physical foundation for the much more elusive qualities of happiness. We can make the same distinction between the civil liberties that underpin the pursuit of happiness and the actual pursuit of happiness. The first is a political system devoted to safeguarding liberty; the second is a messy, dynamic process that continues through all of life.
Read More @ PeakProsperity.com
by Charles Hugh Smith, Peak Prosperity:
Though few people ever voice this question openly, the general
assumption is that prosperity and wealth increase happiness. The
pursuit of happiness (famously grouped with “life” and “liberty” in the
Declaration of Independence as an inalienable right) has become the
pursuit of prosperity and wealth.That physical comfort and security grease the skids of happiness is self-evident; living a hand-to-mouth existence inside a cardboard box is not as conducive to human happiness as having a comfortable home and secure income.
But it is equally self-evident that a secure dwelling and income do not guarantee happiness; rather, they provide the physical foundation for the much more elusive qualities of happiness. We can make the same distinction between the civil liberties that underpin the pursuit of happiness and the actual pursuit of happiness. The first is a political system devoted to safeguarding liberty; the second is a messy, dynamic process that continues through all of life.
Read More @ PeakProsperity.com
from TheDailyBell.com
Why the IMF has got it so hopelessly wrong on the euro crisis … David Cameron
and George Osborne are not for turning, but the International Monetary
Fund is plainly made of flimsier stuff. The latest flurry of economic
analysis from the IMF – to coincide with the annual meeting in Tokyo –
has revealed a not so subtle change of heart over fiscal austerity. – UK
Telegraph
Dominant Social Theme: It is very necessary to raise taxes and cut deficit spending to create a responsible recovery.
Free-Market Analysis: The Telegraph’s Jeremy Warner, assistant editor, has written an interesting article about the IMF and its recent actions.
We are not so adept at reading certain tea leaves (the IMF’s, for instance) as Warner seems to be. But he does make a case – and if correct, it would fit into some larger projections we’ve been making for years as well…
Read More @ TheDailyBell.com
Why the IMF has got it so hopelessly wrong on the euro crisis … David Cameron
and George Osborne are not for turning, but the International Monetary
Fund is plainly made of flimsier stuff. The latest flurry of economic
analysis from the IMF – to coincide with the annual meeting in Tokyo –
has revealed a not so subtle change of heart over fiscal austerity. – UK
TelegraphDominant Social Theme: It is very necessary to raise taxes and cut deficit spending to create a responsible recovery.
Free-Market Analysis: The Telegraph’s Jeremy Warner, assistant editor, has written an interesting article about the IMF and its recent actions.
We are not so adept at reading certain tea leaves (the IMF’s, for instance) as Warner seems to be. But he does make a case – and if correct, it would fit into some larger projections we’ve been making for years as well…
Read More @ TheDailyBell.com
by Dorothy Kosich, MineWeb.com
U.S. mines produced 20,800 kilograms (668,736 troy ounces) during the
month of July with an average daily gold production of 671 kg (21,573
oz.), the U.S. Geological Survey reported.The agency reported total U.S. mined gold production of 134,000 kg (4,308,200 oz.) during the period from January to July. Nevada was the top-producing gold mining state with 17,400 kg (559,423 oz.) of production during that period.
The United States exported a total of 424,000 kg (13,631,916 oz.) of gold ores and concentrates, doré and precipitates, and refined bullion between January and July with most of the gold exported to Switzerland, the United Kingdom, and India.
Read More @ MineWeb.com
Obama’s Lucky Charms: A Hindu God In His Pocket, A Masonic Emblem, And A Ring That Says “There Is No God Except Allah”
from End of the American Dream:
Why do our politicians have to be so weird? You can tell a lot about a
person by the jewelry that they wear and by the things that they carry
around in their pockets, and Barack Obama’s “lucky charms” include a
Hindu god, a Masonic emblem and a “wedding ring” that has the phrase
“there is no god except Allah” inscribed on it. So what do these things
tell us about Barack Obama? That is a very good question. Perhaps
someone should ask him about these items. If he is indeed a Prince Hall
Freemason (as has been publicly reported),
then he should just come out and admit it. If he feels a connection to
Hinduism or Islam, then he should just come out and admit it. One of
the biggest things that annoys so many people about Obama is the secrecy
that he has about his past. There are vast stretches of his history
that nobody is even supposed to talk about. We are all just supposed to
accept that he is a “Christian” man that is not into any freaky stuff
even when there is a tremendous amount of evidence to the contrary.Read More @ EndoftheAmericanDream.com
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