Tuesday, October 9, 2012

No Currencies Will Survive What Lies Ahead, But That’s OK

from KingWorldNews:
Today 40 year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson, who is founder of The Portola Group, warned about a chaotic future where, “Along the way, various currencies will become the safe haven of the day, but none will survive what lies ahead.” He also cautioned, “No amount of printing or economic growth can prevent our destiny of currency destruction and entitlement collapse.”
October 19, 1987 was a shocking day as the U.S. stock market declined by a stomach churning 23 percent in that one session.  It is impossible to convey the sense of desperation, on that day, felt by anyone whose savings or livelihood was dependent upon the equity markets.
Most of the financial disasters since the early 1980s were caused by well meaning professors espousing new insights derived from their research.  In the case of ’87, institutions were convinced to take a much higher allocation to equities.  The research showed that if a problem ensued, the institutions could simply sell a futures contract, thereby immunizing their portfolio’s exposure to the effects of any subsequent decline.  It worked great in their computer simulations.
Robert Fitzwilson continues @ KingWorldNews.com

Silver Top Commodity in Q3

by Michelle Smith, Silver Investing News:
Silver has a reputation for volatility due to its history of violent price swings. That is unattractive for those without the stomach to tolerate sudden, sharp declines. But it is often forgotten that the pendulum swings in both directions. When silver makes moves to the upside it has the ability to outperform its peers, which can prove rewarding for silver investors. One need look no further than 2012′s third quarter (Q3) for a prime example. Silver exited the period bearing the crown of best performing commodity.
Central bank policies in Q3 gave the metals markets a boost, but the rewards were not distributed equally. Since gold5 undoubtedly has more clout than its peers, it receives the most attention — and silver is commonly said to take direction from its more popular yellow sibling. That makes it all the more impressive that the white metal outran gold during Q3.
Read More @ SilverInvestingNews.com

Latest Gallup Obama Poll Causes Another InTrade Flash Crash

Gallup just announced the results of their latest poll and find Romney has overtaken Obama 49% to 47% among 'Likely Voters'. Obama still holds the lead among 'Registered voters' but this headline was enough to cause a dramatic crash (back under 60%) in Obama's odds on Intrade's market. Critically, the entire post-QEternity bump that Obama-believers had bought, has now been retraced as it seems the old adage "As Goes AAPL, So Goes Obama" is proving true...

Jack Welch Terminates Contract With Reuters, Fortune In Aftermath Of Infamous Tweet

The fallout in the aftermath of last week's infamous tweet by Jack Welch in which he dares to accuse the BLS of manipulating labor data (the same BLS which has already been purposefully caught leaking data, but never actually caught red handed manipulating it: after all things like these don't happen, Liborgate notwithstanding), something which it did (although the one thing that nobody dares to say is "why" because if suddenly it becomes clear that if this most critical of economic indicators is fudged, then every other one must be) has begun. Moments ago, in response to perceived political badgering by Fortune and Reuters, Jack Welch, the CEO of Chairman of GE from 1981 to 2001, just after the company's stock peaked at $593 billion, the outspoken critic of Obama has decided to sever ties with both the CNN-controlled publication and with the Thomson Reuters organization, and instead going forward will use the WSJ as a platform. What drove Welch over the edge is the now traditional media response of attacking the person instead of the argument whenever the status quo is threatened, in this case predicated by articles by both Fortune and Reuters.

Will The Real Unemployment Rate Please Step Forward?

Dave in Denver at The Golden Truth - 1 hour ago
*If you tell a lie big enough and keep repeating it, people will eventually come to believe it. *- Joseph Goebbels, Hitler's Minister of Propaganda Last Friday's non-farm payroll report and the supposed decline in the reported unemployment rate to 7.8% stirred up quite a debate in media over whether or not the number was artificially manipulated lower for Obama's political benefit. I have detailed extensively in previous posts, with plenty of data to back it up, the assertion that the employment report is heavily manipulated. Much of it comes directly from the BLS website. What ... more » 

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Merkel Lands in Athens as Greek Debt Picture Darkens

Eric De Groot at Eric De Groot - 4 hours ago
Liquidity to infinity requires trust, cooperation, and above all confidence in leadership. "Seven thousand police officers and rooftop snipers and commandos placed to provide protection for the German leader" suggests all three are heading in the wrong direction. One impulsive mistake, an outcome consistently shown throughout human history, would not only derail global... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

There Could Be Weeks When Decades Happen

Recession drives contingent liabilities into present liabilities quickly and with force and the cattle are now out of control and the stampede has begun. For those of you perhaps wishing for and certainly waiting for some type of “Lehman Moment” to flee; you may find it soon. The danger has always been that Europe will believe its own stuff and then make judgments based upon it and if this turns out to be the case then the decisions will be wrong and the consequences horrific.

A Surge In "Market Conditions" Imminent?

While hardly a crash, today's AAPL driven market swoon is certainly not the stuff centrally-planned market confidence is built on (not to mention yet another day of various abnormal stock trading patterns in some of the more retail-heavy held stocks which will hardly break the pattern of domestic capital flowing out of equities and into bonds). And as we have seen in the past two weeks, when even green days have resulted in the infamous "market conditions" clause being triggered for companies attempting to sell equity or raise debt, today's red day, assuming of course, the fat pipe between Citadel and the FRBNY is not unclogged for the last hour of trading ramp, may mean that a surge of "market conditional" excuses by companies and underwriters is imminent. The reason: as the WSJ reports there are no less than 10 IPOs in the next 3 days. Should today's market tone persist into the close, we would be very surprised if even half of these price in a market in which the primary market bid disappears on even a -0.01% close.

‘The Intruders’ Crash Investment Banking Awards To Present Barclays with Award for ‘Innovation in LIBOR manipulation’ 

from WeAreTheIntruders:

The Investment Banking Awards are the Oscars of the financial world. Dished out for so-called ‘innovation’, some of the world’s richest bankers gather together to congratulate each other on devising ever more creative ways to make obscene sums of money.
One of 2012′s most profitable scams was the bankers’ ‘innovative’ approach to a key interest rate called LIBOR. Virtually every bank at the event was involved in illegally colluding to rig LIBOR, ensuring that they would always be the winners in the multi-million pound bets they were making on the markets.
When we noticed that this money-spinner had been overlooked in the ceremony, we decided to show up and make sure the LIBOR-riggers got the recognition they deserve.

BTFD...Keep Stacking...

Central Banks Accumulating Gold

by David Schectman, MilesFranklin.com:
Foreign central banks are concerned that their major reserve currency, the US dollar is losing value. Many of them are looking toward gold since it provides stability and liquidity.
The following chart shows the amount of dollars held by the central banks in reserve. Note that the graph is heading south! Not good for the dollar but very good for gold.
Since last July, the U.S. dollar index (the value of the U.S. dollar compared to six major world currencies) has lost almost six percent. Plus the euro has fallen as well and the central banks have limited choices to consider, making gold all the more important to them.
Central banks are not very transparent with their gold dealings and we usually find out well after the fact. Since central banks of China, Russia, Saudi Arabia, and Korea hold less than 10% of their reserves in gold bullion, they stand ready to add a considerable amount to their reserves. China holds only 1.7% and they also hold the largest amount of foreign reserve currencies, so their participation alone will be very significant in the continued rise in the price of gold.
Read More @ MilesFranklin.com

Gold shines even brighter in times of monetary stimulus

by, Charlie Fell Irish Times:
Since virtually all of the world’s primary monetary policymakers are engaged in similar action, currencies should depreciate against the only credible alternative – gold
IT IS more than one month since Mario Draghi, the European Central Bank president, revealed the monetary policymaker’s latest “shock-and-awe” response to the seemingly interminable euro zone debt crisis. Frankfurt’s latest manoeuvre was quickly followed by news from Beijing that the National Development and Reform Commission had approved 60 new projects, centred on roads and infrastructure projects, totalling more than $150 billion.
The flood of stimulus measures, designed to boost flagging global economic growth, did not end there. One week later, Ben Bernanke, chairman of the Federal Reserve Board, declared that he would do whatever proved necessary to jump-start the US economy. His words were accompanied by the third round of quantitative easing, which, unlike previous programmes, is limited neither in duration nor magnitude.
Read More @ IrishTimes.com

Senate: Counterterrorism ‘Fusion’ Centers Invade Innocent Americans’ Privacy and Don’t Stop Terrorism

by Mark M. Jaycox and Trevor Timm, Activist Post

The Department of Homeland Security’s 70 counterterrrorism “fusion” centers produce “predominantly useless information,” “a bunch of crap,” while “running afoul of departmental guidelines meant to guard against civil liberties” and are “possibly in violation of the Privacy Act.”
This may sound like the words of EFF, but in fact, these conclusions come from a new report issued by a US Senate committee. At the cost of up to $1.4 billion, these fusion centers are supposed to facilitate local law enforcement sharing of valuable counterterrorism information to DHS, but according to the report, they do almost everything but.
DHS described its fusion centers as “one of the centerpieces of [its] counterterrorism strategy” and its database was supposed to be a central repository of known or “appropriately suspected” terrorists.
Read More @ Activist Post

It’s Better To Look Up Than Look Down

by Richard Russell, Lew Rockwell:
“At a certain age, it’s better to look up than look down.” ~ Penny Marshall
Well, we got through the first week of October all right. And I’m still waiting to see if the Dow can close at a new unconfirmed high, which would be just above 13,596.93. Does the Dow have a mysterious brain, and does the Dow, with its extraordinary way of thinking, not want to record an unconfirmed new high? It almost seems so. Ah, it’s just one of the fantastic mysteries of the market. Day after day the Dow flirts with a potential new high – then it thinks better about it, and sells off, which is what it did yesterday. The Transports closed up 43 yesterday, but at a close of 5012.71 they are still far from confirming (a confirmation would require the Transports to close above 5285.97). Frankly, I can’t remember dealing with a weird situation like this before. Strange, we’re waiting for new highs in the Averages, and at the same time we’re waiting for gold to break upside into the 1800s.
Read More @ LewRockwell.com

6 ways to protect your family from the danger of GMOs

by PF Louis, Natural News:
The California Proposition 37 ballot to make GMO (genetically modified organisms) labeling mandatory by state law is approaching. The hope is that if the California popular vote carries it by voting yes, this will set a precedent for other states.
The European Union (EU) might ban GMO corn in light of the recent French study that clearly showed horrific consequences from a lifetime of GMOs fed lab rats.
Most EU nations already mandate GMO labeling. Some EU farmers have uprooted or burned genetically modified Monsanto crop testing fields. Europeans aggressively oppose GMOs. These developments give hope to those of us who oppose biotech interventions into the food chain.
Meanwhile, here in the USA, even health food store chains carry products containing GMOs that are not labeled as such. USA labeling laws require listing ingredients. But Monsanto’s influence on government agencies has kept those laws from including GMOs on food labels.
Read More @ NaturalNews.com

Why A Gold Standard, Alone, Is Not Enough

from Silver Doctors:
Most of our readers are aware of the ongoing debate on whether a return to the gold standard would fix the massive debt problem plaguing the Western financial system.  Sound money advocates led by Ron Paul have long called for a return to the gold standard rather than the paper fiat debt currency currently issued by the Federal Reserve.
The gold standard debate has even recently reached the mainstream, with the Republican party even making it a portion of their party platform to study the feasibility of such a return to sound money.
In this excellent and MUST READ piece, Martin Sibileau presents a technical perspective on why a return to the gold standard alone is NOT ENOUGH to solve our current economic crisis, stating that it must be accompanied by the extinction of the shadow banking system.
Read More @ Silver Doctors

How TN Dealt with Vote Fraud: The Battle of Athens

from Silver Underground:
Sometimes, major historical events get skipped over by high school US history classes. For example, most people have no idea that a lawfully mustered militia overthrew a county government in Tennessee in 1946 in an explosive turn of events now known as the Battle of Athens. Also referred to as the McMinn County War, the conflict was between the corrupt local sheriff and a group of returning World War 2 vets.
Astonished by the corruption infecting their own home county upon returning from World War 2, a slate of veterans ran against local county officials. State Senator Paul Cantrell and Sheriff Pat Mansfield feared that the popular veterans would beat them in a fair election, so they ordered deputies to close the polls and steal the ballot boxes for a private count. In the ruckus, a poll worker from the opposing campaign and an African American voter were shot by deputies at the polls. In response to these astonishing acts of violent tyranny, the people mustered the militia.

Read More @ Silver Underground

Blueseed: Floating Bilderberg Cities Where the Elite Control the Masses

by Susanne Posel, Occupy Corporatism:

Blueseed is a San Francisco startup corporations that plans to launch a floating city 12 nautical miles off the coast of California.Blueseed will revamp a cruise ship or barge to create the off-shore city. It will sit in international waters and be a metropolis where foreign and American workers can conduct business and theorize new corporations without the pesky need for American work visas.
The sustainable design of the ship will allow for an environmentally-friendly workplace.
Only passports will be needed for businesses to work from the ship. Being situated in international waters means that no taxes will be collected or have to be paid by the corporations involved.
Read More @ OccupyCorporatism.com

IMF cuts global growth forecasts

from Euronews:

The International Monetary Fund has joined a growing band of world experts who are taking a more pessimistic view of the global economy. In its World Economic Outlook, the IMF told US and European decision makers to be proactive in fixing their respective financial woes as a matter of urgency or the slump will drag on much longer than expected.
The IMF Chief Economist Olivier Blanchard said: “In advanced economies, growth is now too low to make a substantial dent in unemployment and in major emerging markets, growth which had been strong earlier has also decreased.”
The IMF’s latest health check on the world economy revises its global growth forecast down to 3.3 per cent. For the US, it projects growth at just above two per cent for this year and next. But the eurozone is predicted to contract even more than thought in the summer.
Last week, Canada’s finance minister said the eurozone debt crisis was a ‘clear and present danger’ to the global economy. As for Britain, the IMF warned the government to ease off on spending cuts planned for next year should growth turn out to be weaker than forecast. The UK opposition have long said the programme of cuts is too much too fast.
The forecast for Spain’s already gasping economy, the eurozone’s fourth largest, is that it will contract at double the rate previously thought next year.

Guest Post: Four Alternative Stores Of Value

One of the most successful con jobs in the history of the world has been the concept of unbacked paper currency… or fiat money. Over the last 100-years or so, governments have been able to convince people that their pieces of paper, backed by nothing but promises, actually have ‘value’. This seems truly bizarre when you think about it. Governments tend to be untrusted, serial failures. Yet people readily accept their guarantees the world over. As such, it’s high time for creative, thinking people to consider their options and start trading their pieces of paper for something of value.

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