Sunday, November 4, 2012

Max Keiser: ‘Barack Obama is clueless. Mitt Romney will bankrupt the country’

A serf in the days of King John, Max Keiser argues, was in many ways better off than some US voters in 2012.
“Because in the age of Robin Hood,” Keiser says, “at least the process of theft was transparent. The barons came to your house. They whacked you over the head then they took all your money.” Even if the poor didn’t exactly empathise with their oppressors, Keiser adds, they could at least comprehend their methods. “And the serfs,” he continues, “did enjoy a modicum of stability. They got something in return for their enslavement. A small plot of land. Shelter. A relationship with the lord of the manor.” In the modern age of “financial tyranny” orchestrated by what Keiser refers to as “the banksters” in charge of the major financial institutions in the US and Europe, he believes, “We have reverted to a more pernicious kind of neo-feudalism. The instruments of larceny have changed; that’s all.”
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On Winner-Take-All Politics

Bill Moyers explores how America’s vast inequality didn’t just happen, it’s been politically engineered.
by Bill Moyers, Bill Moyers:

Because of Hurricane Sandy’s impact on our offices and studio, we’re airing this encore edition of Moyers & Company, first broadcast in January. This Election Day, issues of money, influence and “winner-take-all politics” are more important than ever.
In its premiere episode, Moyers & Company dives into one of the most important and controversial issues of our time: How Washington and Big Business colluded to make the super-rich richer and turn their backs on the rest of us.
Bill’s guests – Jacob Hacker and Paul Pierson, authors of Winner-Take-All Politics: How Washington Made the Rich Richer — And Turned Its Back on the Middle Class, argue that America’s vast inequality is no accident, but in fact has been politically engineered.
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A Week of Gains or Losses for Silver?

Super-storm Sandy raged off the East Coast of the US and came inland early this week, resulting in massive devastation. While US equity markets were closed, silver trading continued; however, volumes clearly indicated that investors’ focus was elsewhere, and the metal started the week with losses, down $0.33 at $31.76. Silver has since recovered those early-week losses, but has yet to make any substantial gains.
US equity exchanges reopened on Wednesday and as more focus shifted back to the markets, silver participation, along with prices, recovered. The metal, which drafted support from positive action in base metals and crude, started the day higher. Some pressure crept into the market intraday, but silver then had strength in the gold market to play off. By the time New York spot markets closed, silver was able to post its first gain for the week, up $0.51 at $32.26.
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Nationalizing Companies Is Part Of The French DNA

by Wolf Richter, Testosterone
In France, socialism isn’t a political movement that swept the elections this year, and it isn’t an economic philosophy that moved once again to the forefront, but it’s part of the DNA of much of the population. And it produces classic knee-jerk reactions to the current economic morass—such as the nationalization of tottering automaker Peugeot.
French automakers are in a death spiral, within a market that is morose. In October, auto sales fell 7.8% from prior year, and a breath-taking 15.8% once the two extra selling days this October (23 instead 21) are taken into account. Year to date, sales are down 13.3%.
PSA Peugeot Citroën dropped 5% for the month and 17.2% for the year. Its captive finance subsidiary, Banque PSA Finance, was bailed out by the taxpayer last week to the tune of €5 to €7 billion. More bailouts are on the horizon. Layoffs loom, but political resistance is enormous, and it might be impossible to shrink PSA’s capacity down to reality.
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from The Burning Platform:
Our old friend RE (aka Doctor Doom) has submitted his first article in a long time to TBP. I guess time heals all wounds. Grab a bottle of hard liquor before reading.

When it gets serious, you have to lie.- Jean-Claude Juncker
JCJ, Prime Minister of Luxemborg and President of the Euro Group made this statement with respect to the Economic Hurricane which made its first landfall in Greece, and has since swept across all of southern Europe over the last 2 years.  In the aftermath of Frankenstorm Snor’eastercane Sandy,  these words of Political Wisdom are being followed to the letter by everyone from Power Company Executives to Mayors; from Goobernators to the POTUS.
The first most obvious lie is that power will be restored to most of the affected customers inside 4 days or so. Goobernator Chris Christie said a one week timeline for power restoration was “Unacceptable”.  Well, after about 4 days here, there are still some 6M customers around the region still without power, so I guess CC will be Spanking the responsible repairmen when power is still not up at the end of the week?
The next obvious lie is that Plucky New Yawkers and the Bridge and Tunnel crowd are picking up the pieces here and gettting back to BAU.  Only true if you consider BAU to be Looting Pharmacies and waiting on Mile Long lines for Gas to fill your portable generator.
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Detlev Schlichter on the Nature of Money and the Evolution of an Inflationary Depression

by Anthony Wile, The Daily Bell:
The Daily Bell is pleased to present this exclusive interview with Detlev Schlichter
Daily Bell: Where did you grow up and go to school?
Detlev Schlichter: I was born, raised and educated in Germany. My hometown is Bocholt, in West Germany, near the border to the Netherlands. I studied economics and business administration at the Ruhr-Universität, Bochum.
Daily Bell: What was it like to work in the realm of international financial markets, predominantly in investment management?
Detlev Schlichter: For most of my 19 years in the finance industry I loved it. I worked for some great companies, worked with smart people, had interesting clients and visited many fascinating places. I loved financial markets. I enjoyed trading and investing. But in the end, I became disillusioned and frustrated. Our financial system has less and less to do with free markets. It is unstable and unsustainable in its present form.
Daily Bell: You worked for J.P. Morgan & Co. (1990-98), Merrill Lynch Investment Managers (1998-2001) and Western Asset Management Co. (2001-09). Does Wall Street get a bad rap?
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Brad Delong and Happines Fallacies

by James E. Miller, Mises:
In a new article for the San Francisco Chronicle, Berkley economist Brad Delong bemoans over the state of income equality in the U.S. economy.  In typical leftist fashion, he complains that wealth disparity in the U.S. hasn’t been as high as it is today since the Gilded Age (1870-1929).  The large gap between the haves and have nots has created an economy where less people are “happy.”
To prove his theory, Delong argues the following:
A more equal economy would be a happier economy. The time and energy and work devoted to making, toasting and serving a $40 bagel at the Four Seasons Hotel on 57th Street in Manhattan would, in a more equal America, buy a full dinner for four at Sizzler Steakhouse for a family to whom going to Sizzler is a once-a-month treat – and thereby produce more human happiness.
To the unlearned, such reasoning may seem plausible. In Delong’s scenario, four people are enjoying an expenditure of $40 versus one. If that $40 is spent satisfying four people as opposed to one, therefore more happiness is created. But such a naïve assertion totally misunderstands the nature of human emotion and derived utility.
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Oil, Guns, Spies and Islamism

by Claude Salhani,
The events leading up to the bombing of a munitions factory in the Sudanese capital Khartoum last Monday– believed to have been carried out by Israel – has all the markings of the next made for Hollywood blockbuster spy thriller; international intrigue, politics, espionage, arms trafficking and Islamist fervor all taking place in oil producing countries.
What is interesting — and worrisome – in this story is the extent to which the Middle East conflict has evolved, the number of countries which have become drawn into it and just how complex and dangerous this issue has become, transgressing borders and establishing new frontiers in international Islamist cooperation.
There are two very different parts to this story that at first may seem unrelated. Last Monday an Iranian naval task force docked in Sudan, most probably in Port Sudan, on the Red Sea. The naval force was bringing a message “of peace and security to neighboring countries,” reports the official Iranian news agency, IRNA. “The visit by Iranian warships to Sudan “is intended to underscore the defense and security ties between the two countries,” said IRNA.
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The US Dollar Will Strength Over The Next Couple Of Months

Admin at Marc Faber Blog - 3 hours ago
The difference is that Spain and Greece can only print money to a very limited extent. To some extent they can, but very limited. Whereas the U.S. can endlessly print money, which could lead to a severe dollar weakness overtime. Now for the next couple of months I think the US Dollar will strength, not because anything is particularly favorable in the US but we have even worse conditions in Europe. - *in a recent interview * *Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.* 

Religious, Racial Problems Are Rooted In The Economy

Admin at Jim Rogers Blog - 4 hours ago
The capitalist knows that whatever the problem a country exhibits, the underlying problem, more often than not, is rooted in its economy. It may pass for a religious or racial problem, but it basically economic. - *in Adventure Capitalist* *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.*

The Petition To Impeach Barack Obama

by Sean Francisco,
Americans are being systematically targeted and murdered by the Obama Administration on suspicions alone and without respect to Due Process of Law. There is no trial by jury and no appeal, just an execution that is carried out by agents of the US Government on orders of the President.
An “extrajudicial killing” is defined as the killing of a person by government authorities without any judicial proceedings or sanctioned legal process. It is by definition unlawful, as it bypasses the Due Process of Law in the jurisdiction in which it is carried out in.
When President Obama ordered the deaths of Anwar al-Awlaki and Samir Khan for suspected terrorist activities, he conspired in the unlawful murder of American Citizens. These men, both Americans, were summarily executed along with others without any respect for the Law.
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The Corporate Masters of the Universe

by Thom Hartmann and Sam Sacks, Truth-Out:

First the corporate masters of the universe came for Greece, and we here in the United States did nothing.
We watched with silence as corporate technocrats toppled the democratic government of Prime Minister George Papandreou and forced austerity on the Greek people against their will. We said nothing as unemployment rates spiraled out of control and suicide rates shot up 40%. We didn’t flinch when a Greek pensioner walked up to Parliament and shot himself in the head, leaving behind a letter blaming austerity that read, “I cannot find any other form of struggle except a dignified end before I have to start scrounging for food from rubbish bins.”
This week, the Conservative Greek government unveiled a new round of austerity cuts for the Greek people, who’ve already lost their universal healthcare system to the bankster masters. Pensioners and public workers will again be hit the hardest, just so these corporate masters can collect their returns on their failed investments.
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Ben Swann: What The Media Isn’t Telling You About The Drug War

from BenSwannRealityCheck:

In New York’s Public Housing, Fear Creeps In With the Dark

from New York Times:
It would be dark soon at the Coney Island Houses, the fourth night without power, elevators and water. Another night of trips up and down pitch-black staircases, lighted by shaky flashlights and candles. Another night of retreating from the dark.
On the second floor of Building 4, an administrative assistant named Santiago, 43, who was sharing her apartment with five relatives, ran through a mental checklist. Turn the oven on for heat. Finish errands, like fetching water for the toilet, before the light fades.
“We don’t dare throw out garbage at night,” she said. “We make sure everything’s done.”
Elsewhere in the building, Sandra Leon, 35, a mother of two, kept an eye on her door fearing another attempted break-in. Victor Alvarez, 60, waited for any word of his wife, Lucet, who suffers from schizophrenia and had disappeared into the wreckage-strewed neighborhood. And Marilyn Smalls, 48, sipped a room-temperature Corona that she had liberated from a gas-station trash bin the day before, along with sodas and bags of beef jerky — which drew neighbors knocking, as word of the haul got out.
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Time to Buy, Buy, Buy

from Gold Scents:
If you aren’t already in, Monday or Tuesday should represent an exceptional buying opportunity as gold moves into its final intermediate cycle bottom.
Now that the 38% retracement has been breached I would look for a final exhaustion move to test the 50% level early next week as we move into the elections.
[...] At that point sentiment should be completely washed out and gold will be set up for an explosive move to test the all-time highs by the end of the year or early January.
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American Crossroads: Operation Hot Mic

from AmericanCrossroads:

You only run twice.

Is a Central Bank Gold Run at Hand?

by Charles Goyette, Lew Rockwell:
On learning that French gold was being held by the U.S. Federal Reserve, French President Charles de Gaulle is reported to have said, “I could hardly sleep easily with such an arrangement.” So in 1965 he ordered French navy ships to cross the Atlantic to pick up $150 million in gold held in the Fed’s New York vaults and deliver it to the Banque de France in Paris.
It was a prudent move by de Gaulle. And it was consistent with the advice I have long given: Do not leave your gold in the care of somebody else. Take physical possession of your gold.
De Gaulle realized the United States was running an international con. It had promised that holders of U.S. dollars would always be able to redeem them for gold at the official rate of $35 per ounce. But like someone writing bad checks, it was clear that the U.S. was printing more dollars than it could possibly redeem at that rate.
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In The News Today

My Dear Friends,

There is much discussion this weekend of the following:

Almost 192 million ounces of paper Silver were ‘dumped’ on the market Friday within ten minutes upon the NFP release. This is the equivalent to one-quarter of the world’s annual physical Silver production. –CIGA RS.

Have you for a moment considered that 192 million ounces of silver were purchased on the market on Friday within 10 minutes?
Respectfully yours,


In The News Today

My Dear Friends,

The thesis of MSM is that "Nothing must ever disturb the social order." Mother Nature can do this in seconds, and an overnight collapse of confidence in the dollar will do it in three days.
Currency induced cost push inflation is what will collapse confidence overnight and cause an explosion in the velocity of money in three days. Study history. It has happened before and will happen again. Although you will not want to hear this, it is true.
Ben Bernanke is the only person in the US financial management that thoroughly understands the mess that has been made, that which I have taught you. His action with QE is the only tool to buy time. QE is the only way the can gets kicked down the road for 3 years, preventing for some time, a total collapse. To fire Bernanke will be the single greatest error made in US financial management ever. We are over the cliff and in a free fall. Anyone speaking austerity and the dollar is unknowingly speaking about the final Western world financial collapse, without any remedy, within 9 months. If they knew, they would keep their mouths shut.
What I know and Bernanke knows is that your vote next week in the USA is for immediate (9 months) collapse or for the test coming between 2015 and 2017. You have the right to select the time of the end. This choice of leadership is between the devil you know or the devil you do not know.
Having your business assets in East Africa is a calming feeling. Two major Brics taking Tanzania under their wing gives me comfort. The choice of next week’s election in the USA is gold at and above $3500 either immediately defined as within 6 to 9 months from now, or in 2015-2017. The US dollar will trade at USDX .7200 and lower in the same timeframes resulting from your vote.
Choose wisely,

Queens residents arm themselves in the post-storm blackout from looters
Residents feel isolated and some use guns, baseball bats, booby traps — even a bow and arrow — to defend themselves.
By Clare Trapasso , Mark Morales AND Corky Siemaszko / NEW YORK DAILY NEWS
Friday, November 2, 2012, 8:44 PM

When night falls in the Rockaways, the hoods come out.
Ever since Sandy strafed the Queens peninsula and tore up the boardwalk, it’s become an often lawless place where cops are even scarcer than electrical power and food. Locals say they are arming themselves with guns, baseball bats, booby traps — even a bow and arrow — to defend against looters.
Thugs have been masquerading as Long Island Power Authority (LIPA) workers, knocking on doors in the dead of night. But locals say the real workers have been nowhere in sight, causing at least one elected official — who fears a descent into anarchy if help doesn’t arrive soon — to call for the city to investigate the utility.
Further exacerbating desperate conditions, it could take at least a month to repair the the bridge that connects the Rockaways to the city subway system, officials said.
“We booby-trapped our door and keep a baseball bat beside our bed,” said Danielle Harris, 34, rummaging through donated supplies as children rode scooters along half-block chunk of the boardwalk that had marooned into the middle of Beach 91st St.
“We heard gunshots for three nights in a row,” said Harris, who believed they came from the nearby housing projects.
Carly Ruggieri, 27, who lives in water-damaged house on the block, said she barricades her door with a bed frame. “There have been people in power department uniforms knocking on doors and asking if they’re okay, but at midnight.”
And another local surfer said he has knives, a machete and a bow and arrow on the ready. Gunshots and slow-rolling cars have become a common  fixture of the night since Hurricane Sandy.

Jim Sinclair’s Commentary

Only if the QE now in Euroland continues. It is the only tool to buy some time – about 3 years.

Merkel: debt crisis will last five more years Saturday, November 03, 2012 – 02:54 PM
German Chancellor Angela Merkel says Europe’s sovereign debt crisis will last at least five more years.
Mrs Merkel says the continent is on the right path to overcome the crisis but “whoever thinks this can be fixed in one or two years is wrong”.
Two years ago some heavily indebted European countries were dragged into the turmoil that first gripped global financial markets in 2007.
Greece in particular has been struggling with the austerity conditions imposed on it by countries such as Germany.
But Merkel told a regional meeting of her Christian Democratic Party today that the time had come for “a bit of strictness.”
Otherwise, she says, Europe won’t be able to attract international investment.

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