The Bernank says...Q.E. 3, 4, 5, to Infinity and Beyond on it's way...Prepare for HYPERINFLATION...
Bernanke: Fed Is Preparing For A Third Round of Stimulus

Fed Chairman Ben Bernanke told Congress Wednesday that a new stimulus program is in the works that will entail more asset purchases, the clearest sign yet the central bank is weighing another round of monetary easing,

Watch Ben Bernanke's Testimony To Congress Live, "Prepared To Respond If Stimulus Needed" 

Watch live the first of two official monetary policy testimonies by Ben Bernanke, today being before Congress, and thus Ron Paul, tomorrow before the Senate. Among the critical items to be discussed are the role of fiscal policy, whether there will be QE3, and how (and when) the Fed will proceed with future rate hikes. Mostly, it is expected be a whole lot of hot air. Full text of the report can be read here. The reason everything is surging is because, as predicted, the Chairsatan appears to have just ushered in QE3: "The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support. The Federal Reserve remains prepared to respond should economic developments indicate that an adjustment of monetary policy would be appropriate."




If your not buying Gold and Especially Silver, as an Insurance policy to protect your wealth...your making the Biggest Mistake of your financial life...

Today's Economic Data Docket - Bernanke Presentation To Congress On State Of The Monetary Disunion 

With several economic items on the docket, the key event today is the start of Ben Bernanke's Humphrey Hawkins semi-annual report on the monetary policy to Congress (tomorrow an identical one will be delivered to the corrupt, brain dead zombies in the Senate). Look for select key words such as "QE3", "Ponzi", "Catastrophe", "Pray", and, of course, "Get tu da choppa" 

 

 

 

 

Gold Surges To New All Time Record 

Market regulators forcing short squeezes? Check. Central banks using mob-style gimmicks to push the price of "assets" around? Check. Market confidence back to 100%? We'll have to get back to you on that. Gold spot just touched on a fresh new intraday all time high of just under $1,579... and is going much, much higher. After all, the most important question - Everyone is broke? Check. 

 

 

 

 

 

New Record Nominal Gold Highs in USD, GBP and EUR 

Gold for immediate delivery rose to new record nominal highs of 987.58 British pounds and 1578.8 U.S. dollars in London this morning. New record nominal highs were seen for gold in euros (1,123.50 euros per ounce), pounds and dollars yesterday. Gold rose soon after FOMC minutes showed that the Federal Reserve is considering further quantitative easing or QE3 and after Moody’s downgraded Ireland’s debt to junk status. The very poor trade deficit numbers in the U.S. yesterday ($50.2 billion in May) and the UK this morning (£8.5 billion in May) is also supporting gold today. The Moody’s downgrade of Ireland was expected but the timing was very bad given the increasing turmoil in Eurozone bond markets and deepening risk of contagion due to bond risk in Spain and Italy, the world’s third largest debtor after Japan and the U.S. While Italian and Spanish bond yields have fallen today, the Irish 10 year yield rose to new euro era record highs at 13.74%. While UK inflation figures yesterday were slightly better than expected, today’s unemployment figures were worse than expected. Jobless claims rose at their fastest pace since May 2009, showing the UK recovery is faltering and jobs are being lost as the deepest government budget cuts since World War II take hold. 

 

 

 

 

 

Italian Regulator Urges Banks To Destroy Shorts, Pull All Stock Borrow, Generate Marketwide Squeeze 

Frequent Zero Hedge readers may recall that back in the spring of 2009, when the market needed a desperate boost by any and all insivible hands, we exposed one of the methods of ramping stocks as being stock custodians, in this case State Street and Bank of New York, generating a wholesale squeeze by pulling borrow, or in other words retrieving lent out shares so those who are short are forced to cover. Many laughed assuming this was merely yet another deranged rant. It wasn't. Fast forward to today, when we learn that the Consob, Italy's market regulator and SEC equivalent, has "recommended to stakeholders who have lent shares in Italian companies to retrieve them" - i.e., playbook artificial short squeeze 101. This is two days after the Consob banned naked short selling: a move which had disastrous consequences after the market continued plunging and would have collapsed entirely had it not been for the ECB and/or China buying Italy bonds before yesterday's Bill auction. ""Yes, we've exercised moral suasion by asking all those who have lent shares to retrieve them," Consob Chairman Giuseppe Vegas told journalists on the sideline of a conference." And now you know how to generate a market-wide short squeeze.

Rating Agency Wars 2: The New Evil Empire Strikes Back - Dagong Says Likely To Downgrade US Even If Debt Limit Raised 

When on July 4 we reported the patriotic decision by Moody's to suddenly discover that up to 10% of China's GDP is concentrated in previously undisclosed bad debt, we suggest that "Dagong downgrades the US to junk status in 5, 4, 3..." Well, it's one and a half. China Daily has just reported that according to the notorious abovementioned Dagong rating agency, "The US' sovereign credit rating is likely to be downgraded regardless of whether the US Congress reaches an agreement on raising its statutory debt limit. "If the debt limit is raised and the public debt continues to grow, it will further damage the US' debt-paying ability, which is a key factor in Dagong's evaluation, and we will consider lowering its ratings accordingly," said Guan Jianzhong, chairman and CEO of Dagong. "If the raised limit fails to pass and the US faces default, the rating will be immediately and substantially downgraded," he said. According to Guan, the downgrading is really just "a matter of time and extent". And if Europe is suffering now, after Moody's has discovered religion and is slapping ratings downgrades at each and every PIIG, just wait until the global Nash equilibrium collapse in the rating agency Ponzi preservation prerogative goes trans-Pacific. Because following the imminent Dagong downgrade, Moody's and S&P will retaliate yet again, this time likely throwing Japan into the fray yet again, until such time as virtually the entire overleveraged world declares any and all rating agency employees persona non-grata. 

 

 

 

 

 

The Euro 1999 - 2012 R.I.P.

Posted by: Econophile

Post date: 07/13/2011 - 00:14

Why would anyone think that a monetary system whereby poor states spend and get bailed out by rich (i.e., successful) states would ever work? The euro is a failed concept and will tear Europe's monetary system apart. 

 

 

 

 

Why Silver is a better investment then Gold... 

 

 

 

Debt and Deficit: When Graphics Speak Louder Than Words

Posted by: EconMatters

Post date: 07/13/2011 - 07:12

Italy has now become the new victim as worries of a debt crisis contagion, as it is euro zone's third largest economy and the next weak link in the region. Italy's predicament could also be partly attributed to the political power struggle. If the Italian sings a good political opera, the United States gets an Emmy for its political soap.

 

 

 

 

Corruption? | Foreclosure Fraud Investigators Forced Out at Pam Bondi's Office

Posted by: 4closureFraud

Post date: 07/13/2011 - 09:37

On May 20, Edwards said she and Clarkson were summoned together to a meeting at 3:30 p.m. and told by Robert Julian, then the South Florida bureau chief for the Economic Crimes Section of the attorney general’s office, that they had the opportunity to resign or would be let go immediately.