As
we stop to remember the sacrifice of so many, we thought perhaps some
reflection from over 50 years ago would provide a little context for
that 'shared' sacrifice...Dear Daily Readers...
I'm Back...Had Computer Problems...
The UK's Most Disturbing Number: Total Unfunded Pension Obligations = 321% Of GDP
For all our UK readers, who hope some day to collect pension benefits, we have two messages: i) our condolences, and ii) you won't. Why? The answer comes straight from the ONS:The new supplementary table published by ONS in Levy (2012)10 includes the following headline figures for Government pension obligations as at end December 2010:
- Social security pension schemes (i.e. unfunded state pension scheme obligations): £3.843 trillion, being 263 per cent of gross domestic product (GDP) (£3.497 trillion at end of December 2009)
- Centrally – administered unfunded pension schemes for public sector employees (i.e. unfunded public service pension scheme obligations): £852 billion, being 58 per cent of GDP (£915 billion at end of December 2009)
- Funded DB pension schemes for which government is responsible: £313 billion, being 21 per cent of GDP (£332 billion at end of December 2009).
Is Democracy Possible In A Corrupt Society?
If
the citizenry cannot dislodge a parasitic, predatory financial
Aristocracy via elections, then "democracy" is merely a public-relations
facade, a simulacra designed to create the illusion that the citizenry
"have a voice" when in fact they are debt-serfs in a neofeudal State. When the Status Quo remains the same no matter who gets elected, democracy is a sham. The
U.S. Status Quo is also like an iceberg: the visible 10% is what we're
reassured "we" control, but the 90% that is completely out of our
control is what matters. There is another dynamic in a facsimile democracy: the Tyranny of the Majority. When the Central State issues enough promises to enough people, the majority
concludes that supporting the Status Quo, no matter how corrupt, venal,
parasitic, unsustainable and dysfunctional it might be, is in their
personal interests. In this facsimile democracy, citizenship has devolved to advocacy for a larger share of Federal government swag. Is Democracy Possible in a Corrupt Society? No, it is not. Our democracy is a PR sham.Efficient Op-Ed Hypothesis: "Fiscal Cliff" Soars After Obama Win
Whocouldanode?
Since August 2011, we have know this painful combination of tax-cut
cessations and spending cuts (sequestrations) was due to hit as yet
another painful decision 'can' was kicked down the road by the 'super
committee'. In February 2012, Bernanke coined the term 'fiscal cliff'
for this chaos and since then we have been active in discussing the
impact (329 ZeroHedge articles). From pointing out the market's total lack of 'pricing-in' to comprehending the contagion and impact of the 'fiscal cliff' or slope or hill, it would appear the world has been numbed into denial by the monetary policy medicine needed to get an incumbent re-elected.
The 'efficient' market is now catching on - as are the 'efficient'
headlines as we see searches and news stories surge about this critical
event horizon. Between Bloomberg's news story count and Google's search
volumes, it would appear the American public is waking up to the
reality about to beset them now that re-hope is back.Chinese Gold Imports Surge In September, YTD Total Surpasses Official Indian Holdings
Anyone who may have been concerned by the slowdown in Chinese gold imports in August, when the country imported "only" 53.5 tons of gold from Hong Kong (down from 75.8 in July), can breathe a sigh of relief. According to the Hong Kong Census Bureau, in September Chinese gross imports soared by 30% reverting to the long-term trendline of 65 tons in gross imports per month, and rising to a total of 69.7 tons. Net imports were 40% less, although that excludes organic Chinese gold mining and recirculation, which is why for all intents and purposes the gross number is the apples to apples one. And using that, Year-To-Date China has now imported a whopping 582 tons of gold, more than the official holdings of India at 558 tons, and which through November has certainly surpassed the holdings of the Netherlands, and make China's gross imports in just 2012 nominally the equivalent of Top 10 largest sovereign holder of gold.
LBMA Chairman Says Chinese Gold Allocation To Rise
Chairman
of the LBMA David Gornall told the conference, “When comparing China
to the U.S., it would seem that in China, gold asset allocation can
only go in one direction. The country has only 2% of its reserves in
the form of gold compared with the U.S. at 75%.” The People’s Bank of
China hasn’t disclosed any changes to its gold holdings since 2009,
when it said they had risen a whopping 76% to 1,054 metric tons. While
the U.S., Germany, Italy and France keep more than 70% of reserves in
gold, China’s share is less than 2%. “Prices have recently been
supported by official sector buying,” Gornall said today, without
listing any central bank. “Will the gap between the amount of gold held
in reserve by the developing markets and that of the developed world
close?” Brazil, South Korea and Russia have all added gold reserves this
year data from the International Monetary Fund show. Nations bought
254.2 tons in the first six months and may increase to 500 tons this
year, the World Gold Council said in August, exceeding the 456 tons
added in 2011. China has the world’s largest foreign-exchange reserves,
totaling $3.29 trillion in September, according to data by Bloomberg.Mogambo Time!
November 12, 2012
Mogambo Guru
Getting it good and hard
The elections being over, I shall not unduly comment on the reelection of
the horrid Obama, or the un-professional, traitorous hacks of the leftist
media that kept his many scandals, incompetences and disgraceful lies out
of the news, or about the trusting, gullible, ignorant, greedy and stupid
people who elected him, except to quote the immortal Thomas Jefferson, who
said "The government you elect is the government you deserve."
But it was H.L. Mencken who ... more »
Gold Stymied Once Again at $1740
Gold continues to attract more sellers than buyers near the $1740 level
once again reinforcing that zone as the next important chart resistance
level that needs to be taken out if the market is to have a legitimate
chance of making yet another run to $1800.
At the present time, it continues to retreat with dip buyers planning their
next point of entry. Keep in mind that a lot of guys were leery about
chasing this market higher after it first collapsed in price about 10 days
ago and then came roaring back after the US election. That sort of extreme
volatility is enough to chase away ... more »
Entitlement Nation
*The American Republic will endure until the day Congress discovers that it
can bribe the public with the public’s money*. – Alexis de Tocqueville
The monthly Government report for August on food stamp usage was
conveniently released, on a delayed basis supposedly because of the storm,
after the election. The food stamp usage numbers are beginning to go
beyond shocking. August saw close to half a million more people added to
the food stamp usage list, the largest increase in a year. 47.1 million
people and 22.6 million households in this country are now using food
stamps. Zer... more »
Talk of an Amicable Divorce Picking up Supporters
Last week I penned a commentary noting what I believe to be an
irreconciliable division growing within these DisUnited States of America.
That division, in my opinion, cannot be bridged because it includes TWO
MUTUALLY EXCLUSIVE political ideologies.
One consists of a vision of limited, Constitutional government, as
bequeathed to us by our Founding Fathers, and which gave rise to the most
free, most prosperous and most generous nation that this planet has ever
seen or will likely ever see again.
This philosophy has at its core the ideas espoused by John Locke, namely,
natural law ... more »
US Treasury Bond Market Showing Concentrated Accumulation
Bullish money flows (chart 1) precede yet another technical breakout in the
bond market (chart 2). Patience counts the setups and waits for entry
points rather than chasing. Chart 1: US Treasury Bond 20YR+ (TLT) And US
Treasury Bond Diffusion Index (DI) Chart 2: US Long Bonds ETF (TLT)
------------------------------------- Insights is intended to...
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Italy's Monti says he would prefer not to stay on as PM
Monti as a non-elected technocrat knows what's coming in a couple of years.
Headline: Italy's Monti says he would prefer not to stay on as PM MILAN
(Reuters) - Italy's Mario Monti said on Monday he would prefer not to stay
on as prime minister after elections in April, despite widespread calls for
him to do so. Monti was named as leader of a technocrat government last
November...
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content, and more! ]]
Video: GoldSeek Video Interview
*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.*
Dependance On Government Largess
In order to exercise control over the population, governments throughout
history have made people dependent on government largess.
A government can make an increasing number of people dependent on its
generosity by providing more and more benefits to a larger and larger share
of the population. Because of these “freebies,” people will go along with
the government’s enlargement as a percent of the economy.
The masses believe in their free lunch and because the business elite knows
it can profit from the growth in government. However, there comes a point
at which the “nanny state” bec... more »
It Will Be Liquidity (Bailout) over Austerity
American leadership speaks of balanced budgets, but the markets know that strategy of higher taxation and lower spending can only be described as pushing on a string. Total revenues as a percentage of GDP (national income) has fluctuated within a tight range of three and five percent since 1946 (chart). This fluctuation occurred under a wide range of individual and corporate tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]Israel Continues Shelling Of Syrian Targets For Second Consecutive Day
When we reported yesterday that
following "recurring" "provocations" by the Syrian military, which is
so very confused who it wants to declare war on first - NATO member
Turkey, or best US friend Israel, it is pressing on both fronts, even
as it continues to be torn by CIA funded, and Al Qaeda stoked civil
war, which saw Israel launch a missile into Syrian territory for the
first time since 1973,we said, "It goes without saying that this is
merely the first proverbial shot across the bow, or in this case the
DMZ. Much more to follow, until finally the UN rules, and the fair
and objective media backs it, that the time to invade liberate Syria has come." Sure enough, less than 24 hours later...ISRAELI MILITARY REPORTS `DIRECT HITS' ON SYRIA TARGETS: AP
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