[Ed. Note: He would know. He's driving.]
by Peter Schroeder, TheHill.com:
Congress risks taking the economy over a “massive fiscal cliff,” Federal Reserve Chairman Ben Bernanke warned lawmakers on Wednesday.
In remarks that hit Wall Street stock prices, the central bank boss suggested the economy could hit a serious roadblock if Congress allows the Bush tax rates and a payroll tax cut to expire and $1.2 trillion in spending cuts to be implemented simultaneously in January.
“Under current law, on Jan. 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases,” Bernanke told the House Financial Services Committee. “I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date.
“All those things are hitting on the same day, basically. It’s quite a big event.”
The tax hikes and spending cuts could knock GDP growth in 2013 down from 2.6 percent to 1 percent, according to Andrew Fieldhouse, a federal budget policy analyst with the liberal Economic Policy Institute.
Read More @ TheHill.com
by Peter Schroeder, TheHill.com:
Congress risks taking the economy over a “massive fiscal cliff,” Federal Reserve Chairman Ben Bernanke warned lawmakers on Wednesday.
In remarks that hit Wall Street stock prices, the central bank boss suggested the economy could hit a serious roadblock if Congress allows the Bush tax rates and a payroll tax cut to expire and $1.2 trillion in spending cuts to be implemented simultaneously in January.
“Under current law, on Jan. 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases,” Bernanke told the House Financial Services Committee. “I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date.
“All those things are hitting on the same day, basically. It’s quite a big event.”
The tax hikes and spending cuts could knock GDP growth in 2013 down from 2.6 percent to 1 percent, according to Andrew Fieldhouse, a federal budget policy analyst with the liberal Economic Policy Institute.
Read More @ TheHill.com
Juncker Says There Is A "Plan B" If Greek Debt Swap Fails
With 9 days left until the end of the Greek exchange offer, many are curious for hints on how the uptake may be proceeding and whether funds have amassed enough of a blocking stake in the Greek bonds (they certainly have it in the UK-law bonds whose exchange offer will take place conveniently in Apil after the Troika's €130 is funded, if at all). Which is why the following statement by Juncker will likely be very closely scrutinized:- JUNCKER SAYS THERE'S `PLAN B' IF GREEK DEBT SWAP FAILS
- JUNCKER DECLINES TO PROVIDE DETAILS ON BACK-UP PLAN
Capturing Sarkozy's Close Encounter Of The Third Estate Kind
Earlier we presented a photo gallery showing
Sarkozy's dignified retreat from 'his people.' This time we bring
several video clips of the same event as there is quite a bit lost in
translation. For one - it certainly explains why democracy is verboten
in the old world: imagine putting the fate of the chosen ones in the
hands of this mob? What next: proceeds from the payperview cams at La
Bastille used to pay down Italian debt?Presenting Birinyi's Parabolic World... And Bi-Ruler
The last time Laszlo Birinyi came out with a bold market prediction was back in January 2011, when he forecast that the market would go to 2,854 by September 4, 2013 (more or less precisely to the dot). Many thought he was joking; he was not, and a month later he repeated the same forecast, leading to the advent of the Birinyi ruler. Needless to say, a year after his initial forecast the market was down. However, now that we have had yet another of the now traditional market blow off top moves on massive liquidity injected by central banks, the time to trot Birinyi back on the stage is upon us, and sure enough earlier today he made an appearance in Bloomberg where he proposed his latest forecast of 1,700 in the S&P by year end. Granted this is less aggressive than his previous forecast, which however still stands, so below we present visually the move that the market has to undergo in order to hit both of his targets, courtesy of John Lohman. Since we now have two waypoints on the road to exponential market nirvana, it is no longer a smooth single sloped, but rather a bi-sloping ramp, for which we can only assume one has to use a "bi-ruler" whatever that may be.
Greece Manufacturing Plummets/ISDA rule on Preliminary Request: no default/Now a second request/
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 1 hour ago
Good
evening Ladies and Gentlemen:
Today, gold and silver reversed the steep declines from yesterday. Gold
regained the losses it had in the access market yesterday and closed up
$11.20 from yesterday's comex close to finish the comex session at
$1721.30. Silver on the other hand rose by $1.03 to $35.61. Today we
received news that Greek manufacturing plummeted which will cause our
European
S&P 500 keeps marching higher - shrugs off downside reversal
Trader Dan at Trader Dan's Market Views - 5 hours ago
Yesterday the S&P 500 give a hint that it might be forming a sort of
interim top as it shot to a brand new 52 week high only to move steadily
lower throughout the rest of the session closing below the preivous day's
low. That constitutes a downside reversal day on the price chart, normally
a powerful bearish signal.
Once again, as has often been the case in this market, once the liquidity
spigots are wide open, no downside followthrough was seen. Early in the
overnight session there was some light selling but nothing heavy. Today,
this market is once again working on testing yet an... more »
Israeli Central Bank to Use Its Reserves to Buy US Equities
ISDA's Take On Lack Of Greek CDS Trigger: "We Think The Credit Event/DC Process Is Fair, Transparent And Well-Tested"
Everyone's favorite banker-controlled CDS determining organization
took offense to media reports saying it may be secretive, corrupt, and
borderline manipulate if not worse. To wit: "In sum, we think
the credit event/DC process is fair, transparent and well-tested.
There’s simply no evidence to the contrary. Perhaps after today this
non-secret secret will be a secret no more." Well, that takes
care of that. ISDA is now certainly "fair, transparent, and
well-tested", and for those who wrongfully feel that a 70%+ bond
haircut could possible be an event of default, tough. Anyone else who
wishes to express their feelings on the matter, can respond on ISDA's blog site.
As Spirits Soar, Two Bubbles Worth Watching
And now for something off the beaten path. As the title implies, while the rest of the world is transfixed on the usual bubble candidates in traditional asset classes, two of the bubbles currently brewing well beneath the radar are a second derivative on the uber-wealthy class in China and Hong Kong, which appears to have a very disproprionate impact on spending patterns for ultra luxury goods, in this case cognac and Swiss watches. Not only that, but investing in these up and coming bubbles has some useful externalities: one can drink cognac, while a Swiss watch can be melted into its constituent gold or platinum once the inevitable hyperinflation finally hits. Alternatively, as these are some of the most marginal products available, any changes in consumption patterns here will be the first indication that the Asian party is ending...
Central Bank Bubble Blowers and the Rehypothecation Inflation-Nation
Reality Check: The Fiat Dollar Is The Real Reason For High Gas Prices
by Jeffrey Tucker, Whiskey and Gun Powder:
If you are willing to look past mainstream media coverage of American politics, you can actually find exciting and interesting activities taking place that rise above lobbying, voting, graft and corruption.
Consider the Free State Project. It is an attempt, and a surprisingly successful one, to inspire a political migration by lovers of liberty to New Hampshire. It is not about lobbying, forming a political party, populating a real estate development or anything like that. It is about seeking a place to live and let live in these times when the political culture seems to be about everything but that.
The idea is to gather people with some consciousness of the idea of liberty so that they can live peacefully among friends and influence the political culture in a way that brings more freedom or at least protects what we have. As the statement that Free Staters sign says: “I will exert the fullest practical effort toward the creation of a society in which the maximum role of civil government is the protection of life, liberty and property.”
Read More @ WhiskeyAndGunPowder.com
If you are willing to look past mainstream media coverage of American politics, you can actually find exciting and interesting activities taking place that rise above lobbying, voting, graft and corruption.
Consider the Free State Project. It is an attempt, and a surprisingly successful one, to inspire a political migration by lovers of liberty to New Hampshire. It is not about lobbying, forming a political party, populating a real estate development or anything like that. It is about seeking a place to live and let live in these times when the political culture seems to be about everything but that.
The idea is to gather people with some consciousness of the idea of liberty so that they can live peacefully among friends and influence the political culture in a way that brings more freedom or at least protects what we have. As the statement that Free Staters sign says: “I will exert the fullest practical effort toward the creation of a society in which the maximum role of civil government is the protection of life, liberty and property.”
Read More @ WhiskeyAndGunPowder.com
by Carl Herman, Activist Post:
Virginia’s Senate voted
Wednesday (39-1) to nullify NDAA 2012 provisions to seize American
citizens at the dictate of the federal executive branch. They joined the
House’s 96-4 vote.
Do an Internet news search for this story (like this); you won’t find any corporate media coverage. This is what Secretary of Defense Rumsfeld meant with Information Operations Road Map (specifically with endnote 76 in an article on the also non-covered Martin Luther King civil trial that found the US government guilty of assassinating Dr. King), and what CIA-disclosed Operation Mockingbird was meant to achieve: no corporate media opposition.
Again, here’s NDAA:
Read More @ ActivistPost.com
Virginia’s Senate voted
Wednesday (39-1) to nullify NDAA 2012 provisions to seize American
citizens at the dictate of the federal executive branch. They joined the
House’s 96-4 vote.Do an Internet news search for this story (like this); you won’t find any corporate media coverage. This is what Secretary of Defense Rumsfeld meant with Information Operations Road Map (specifically with endnote 76 in an article on the also non-covered Martin Luther King civil trial that found the US government guilty of assassinating Dr. King), and what CIA-disclosed Operation Mockingbird was meant to achieve: no corporate media opposition.
Again, here’s NDAA:
Read More @ ActivistPost.com
from TFMetalsReport.com:
As
with most crime scenes, evidence can be difficult to uncover. First,
you have to know where to look for the evidence. Then, how do you build a
case if the only evidence you find is circumstantial? Well, your humble
correspondent is willing to give it a try.
[...]
With deference to our legal department (CALawyer), it would seem that the first component of the investigation is the search for motive. Does JPM, et al (aka The Cartel aka The EE) have the motive to attack and slaughter the gold and silver markets?
Read More @ TFMetalsReport.com
As
with most crime scenes, evidence can be difficult to uncover. First,
you have to know where to look for the evidence. Then, how do you build a
case if the only evidence you find is circumstantial? Well, your humble
correspondent is willing to give it a try.[...]
With deference to our legal department (CALawyer), it would seem that the first component of the investigation is the search for motive. Does JPM, et al (aka The Cartel aka The EE) have the motive to attack and slaughter the gold and silver markets?
Read More @ TFMetalsReport.com
from King World News:
Today
multi-billionaire Hugo Salinas Price told King World News that central
banks were definitely behind the smash in the gold price yesterday. He
also said people should ignore it and continue buying gold and silver.
But first, here is what Hugo Salinas Price had to say when asked about
the plunge in gold yesterday: “I definitely think the central banks
were behind it. I look at the graph of the gold price yesterday and
when it collapses down $100 in about an hour, that is not natural market
action. I think people are getting used to this. This is standard
procedure and it doesn’t worry me at all.”
Hugo Salinas Price continues: Read More @ KingWorldNews.com
Today
multi-billionaire Hugo Salinas Price told King World News that central
banks were definitely behind the smash in the gold price yesterday. He
also said people should ignore it and continue buying gold and silver.
But first, here is what Hugo Salinas Price had to say when asked about
the plunge in gold yesterday: “I definitely think the central banks
were behind it. I look at the graph of the gold price yesterday and
when it collapses down $100 in about an hour, that is not natural market
action. I think people are getting used to this. This is standard
procedure and it doesn’t worry me at all.” Hugo Salinas Price continues: Read More @ KingWorldNews.com
Controversial
detentions could soon be commonplace in the U.S. – with the National
Defense Authorisation Act coming into effect this Thursday. The law,
that many fear spells the end of American democracy, grants the
government and the military unprecedented powers to detain US citizens
indefinitely, without trial. All this is happening against the backdrop
of ramped up anti-Iranian rhetoric from Washington. Film director Sean
Stone, who recently made headlines for publicly embracing Islam, has
told RT the timing is no coincidence.
by Ethan A. Huff, NaturalNews.com:
(NaturalNews) Wisconsin raw dairy farmer Vernon Hershberger has had it tough, as government tyrants in the Dairy State have repeatedly targeted him for legally supplying raw milk and other farm-fresh foods to members of a private buying club, for which he now faces a potential three-year prison term and more than $10,000 in fines. In his defense, a group of food sovereignty advocates will be holding a rally on March 2 at the Sauk County Courthouse in Baraboo, Wisc., where he is set to appear for a court hearing.
The Wisconsin Department of Agricultural Trade and Consumer Protection (DATCP) remains under the false assumption that it has the authority to restrict Hershberger from distributing raw milk and other raw dairy products to individuals in his community who want these items. This bloated bureaucracy has arbitrarily decided that such distribution is the equivalent of retail sales, and has proceeded to harass and tyrannize Hershberger and his family throughout the past several years, which has culminated into his arrest and upcoming trial (http://www.naturalnews.com).
Read More @ NaturalNews.com
...
Please consider making a small donation, to help cover some of the labor and costs to run this blog.
(NaturalNews) Wisconsin raw dairy farmer Vernon Hershberger has had it tough, as government tyrants in the Dairy State have repeatedly targeted him for legally supplying raw milk and other farm-fresh foods to members of a private buying club, for which he now faces a potential three-year prison term and more than $10,000 in fines. In his defense, a group of food sovereignty advocates will be holding a rally on March 2 at the Sauk County Courthouse in Baraboo, Wisc., where he is set to appear for a court hearing.
The Wisconsin Department of Agricultural Trade and Consumer Protection (DATCP) remains under the false assumption that it has the authority to restrict Hershberger from distributing raw milk and other raw dairy products to individuals in his community who want these items. This bloated bureaucracy has arbitrarily decided that such distribution is the equivalent of retail sales, and has proceeded to harass and tyrannize Hershberger and his family throughout the past several years, which has culminated into his arrest and upcoming trial (http://www.naturalnews.com).
Read More @ NaturalNews.com
...
by John Galt:
Hard as this is to believe, I’m no longer going to pound my head on an exposed nail in the wall and preach to the insane that the world is about to end. In fact, I have no intention of any longer telling the foolish that the world is about implode. I’ve warned. I’ve preached. I’ve provided the warning signs. The financial system is irrevocably broken and the idiots in charge continue to preach that all is well, keep moving. Why should I or anyone else continue to say that it will fail? Michael Panzer in his book Financial Armageddon attempted to spell out the obvious and what did that get him? A great selling book yes, but deliberate, calculated mockery on CNBC and other financial networks designed to impugn his work, yet never actually denying the reality of his facts or statements.
Read More @ JohnGaltFLA.com
Hard as this is to believe, I’m no longer going to pound my head on an exposed nail in the wall and preach to the insane that the world is about to end. In fact, I have no intention of any longer telling the foolish that the world is about implode. I’ve warned. I’ve preached. I’ve provided the warning signs. The financial system is irrevocably broken and the idiots in charge continue to preach that all is well, keep moving. Why should I or anyone else continue to say that it will fail? Michael Panzer in his book Financial Armageddon attempted to spell out the obvious and what did that get him? A great selling book yes, but deliberate, calculated mockery on CNBC and other financial networks designed to impugn his work, yet never actually denying the reality of his facts or statements.
Read More @ JohnGaltFLA.com
Please consider making a small donation, to help cover some of the labor and costs to run this blog.
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