Have you ever sat in a room and couldn’t figure out why people were laughing? They laughed and laughed and laughed as your curiosity grew and grew. And then, suddenly, you realized they were laughing at you! This is what is happening to all Americans. We have been robbed blind and we have scarcely noticed. Now, our very existence is being threatened and people laugh at you for talking about it as they call you a “conspiracy theorist”, “fear-monger” and “the purveyor of doom and gloom”.
I was roundly criticized when I said the Cyprus bail-in scenario was coming to the United States. I was told there would be a revolution if this happened and the government would be too afraid to try such a thing and that we would have 100 million Americans in the street who would be heavily armed.
Submitted by cpowell on 06:20PM ET Wednesday, September 23, 2015. Section: Daily Dispatches
9:19p ET Wednesday, September 23, 2015
Dear Friend of GATA and Gold:
Physical Gold Fund’s John Ward today interviews an unidentified director of a large Swiss gold refinery who asserts, among other things, that gold is heading from West to East in huge volumes; that the gold price at the moment has no correlation to the physical market, which is tight; that if gold buyers ever start taking delivery of metal instead of leaving their metal on deposit with bullion banks, the situation could become dangerous; but that as long as buyers don’t take delivery, the current price mechanism — that is, price suppression by central banks and their bullion bank agents — can continue forever.
Of course this is pretty much the account that GATA and others, like JSMineset’s Jim Sinclair, have been providing for a long time.
The interview is 23 minutes long and can be heard at the Physical Gold Fund’s Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Submitted by Tyler Durden on 09/24/2015 - 11:14 "... this time we would see deeply negative interest rates in the US (and Europe). Sweden has led the way, dipping their toe below the water line with their current -0.35% policy rates but there will be more, much more along these lines. For if -0.35% is possible, why not - 3.5% or less? It goes without saying that deeply negative interest rates would be accompanied by a massively expanded QE4 in the US. The last seven years of exploding central bank balance sheets will seem like Bundesbank monetary austerity compared to what is to come."
Submitted by Tyler Durden on 09/24/2015 - 11:07 And the regional Fed survey collapse goes on... Dallas, Richmond, New York, Philly, Chicago, and now Kansas City...
Submitted by Tyler Durden on 09/24/2015 - 12:05 "According to a senior officer in the Syrian Arab Army (SAA) that is stationed inside the Syrian coastal city of Latakia, Chinese military personnel and aerial assets are scheduled to arrive in the coming weeks (6 weeks) to the port-city of Tartous – he could not provide anymore detail."
Submitted by Tyler Durden on 09/24/2015 - 10:40 It's time to trade in your Jag, Mercedes, BMW (and maybe your Prius, Volvo, Lexus, etc.) before the Days of Rage start. The resistance will take the form of subverting the signifiers of wealth that exemplify the few who have benefited so greatly while everyone else lost ground.
The world is enslaved to an economic system designed to create tremendous power and wealth for those who own the system, while forcing the rest of us into mathematically insurmountable debt and the stagnation, austerity and poverty that comes with it.
Corrupt and patently unsustainable, the world’s currencies and financial markets are rigged, and an economic collapse is inevitable at some point. Sad but true, and the ongoing dramatic narrative of the interplay between engineered boom and engineered bust is a chief psychological tool in sustaining the popular belief that this monetary reality as the onlymonetary reality possible. The truth, however, is that as long as this economic realityis the reality then we will be slaves to debt economics, and the pursuit of endless growth is certain to consume everything on the planet.
Submitted by Tyler Durden on 09/24/2015 - 12:51 A failure of the current key support area would signify a deepening of these problematic trends that have unfolded over the past month. And as bad as things have been this past month, a further acceleration could be devastating.
Submitted by Tyler Durden on 09/24/2015 - 12:33 Butter prices hit $3.10 per lb today in Chicago trading - a record high - as it appears the expectations of production increases after the EU milk quota system expired in March have proved "wildly optimistic." Of course, no one should complain at the rising cost of staples like butter (or toilet paper), just ask Jamie Dimon... "let them eat iPhones."
Submitted by Tyler Durden on 09/24/2015 - 12:23 Oe of the most surprising developments in recent months has been the relative scarcity of any high-profile commodity blow-ups or trader snafus, despite the tumbling commodity prices. That changed today when Dutch grain-trading firm, Nidera BV (whose name is an acronym consisting of the countries in which it operates: Netherlands, India, Deutschland, England, Russia, Argentina) has suffered a crushing blow as a result of a "rogue trader" whose actions led to "significant losses" in the company's biofuels business. Nidera CEO Ton van der Laan said the grain-trading house has since exited the biofuels business and closed all the deals linked to the losses. "There is a significant loss."
Submitted by Tyler Durden on 09/24/2015 - 12:07 Since Francois Hollande was elected (in May 2012), France has seen its joblessness ranks rise 36 of 39 months by a stunning 648,000. The lastest month added another 20,000 as it appears the brief respite in June and July is well and truly over. At 3.571 million, this is the highest number of jobseekers France has ever had...
Submitted by Tyler Durden on 09/24/2015 - 11:40 In a startling turn of events, retired General John Allen will be stepping down as special envoy to the global coalition fighting ISIS and will be leaving government employment entirely. President Obama’s hand-picked choice to lead the U.S. in the international effort fighting the Islamic State will call it quits just as the harsh spotlight intensifies scrutiny over questionable decisions by the administration.
Submitted by Tyler Durden on 09/24/2015 - 11:32 For USD investors, the collapse in German stocks has crushed returns to the lowest in 2 years. DAX's collapse this week leaves it closing at Black Monday lows, the lowest since Dec 2014. Perhaps most stunning is German stocks down over 20% since Q€ began...
Submitted by Tyler Durden on 09/24/2015 - 13:20 When passing rising labor costs on to consumers isn’t an option, it’s the supply chain that suffers and now, in a frantic attempt to extract every last penny of savings in order to offset the cost of paying hundreds of thousands of workers $9/hour versus $8, Wal-Mart is effectively demanding price cuts from anyone with a connection to China in the wake of Beijing’s move to devalue the yuan.
Submitted by Tyler Durden on 09/24/2015 - 13:12 When we summarized yesterday's very strong 5 Year auction, we previewed today's 7 year issuance as follows: "assuming no material changes in the demeanor of the market over the next 24 hours, expect tomorrow's 7Y auction to also proceed without a hitch. In fact, the more the general sense of risk-off, the stronger tomorrow's auction will likely be." That's precisely what happened.
Did Janet Yellen make the right decision in delaying a Federal Reserve rate hike? Did the United States dodge a bullet? Of course not.
And the system is on course for a dangerous, hard landing.
As far as many experts can tell, there is no right way or good way out of this crisis under Fed control, and the exit isn’t likely to be smooth or pretty.
Russia so desperately desires to be part of the disreputable and collapsing West that Russia is losing its grip on reality.
Despite hard lesson piled upon hard lesson, Russia cannot give up its hope of being acceptable to the West. The only way Russia can be acceptable to the West is to accept vassal status.
Russia miscalculated that diplomacy could solve the crisis that Washington created in Ukraine and placed its hopes on the Minsk Agreement, which has no Western support whatsoever, neither in Kiev nor in Washington, London, and NATO.