Buy Gold Because A Currency Crisis is Coming
Mark Fisher Accused By CFTC Of Pulling An MF Global, Depositing Customer Funds Into Non-Segregated Account
Mark
Fisher is a staple contributor on CNBC. Or at least was. According to
various headlines flashing across both Bloomberg and Reuters, it seems
that his MBF Clearing Corp is the
first victim of the CFTC expanding its MF Global inquiry, and Fisher's
MBF Clearing Corp of performing just the same "vaporization" activity
that MF Global engaged in and that boggle regulators' minds.
MBF CLEARING CORP SUED BY CFTC FOR FAILIING TO SEGREGATE FUNDS
CFTC ACCUSES MBF OF DEPOSITING CUSTOMER FUNDS INTO A NON-SEGREGATED ACCOUNT THAT ROUTINELY HELD BETWEEN $30-90 MLN
CFTC ALLEGES CUSTOMER ACCOUNTS WEREN'T PROPERLY SEGREGATED
CFTC ACCUSES MBF OF DEPOSITING CUSTOMER FUNDS INTO A NON-SEGREGATED ACCOUNT THAT ROUTINELY HELD BETWEEN $30-90 MLN
CFTC ALLEGES CUSTOMER ACCOUNTS WEREN'T PROPERLY SEGREGATED
Oops. In other news, JPM and Jon Corzine are both completely innocent
of anything. But at least the CFTC can say it has done its duty of
punishing transgressors and all is now well.
Much-needed
rescue cash will finally start flowing into Greek coffers later this
month, as the Eurozone group clears the way for a 130-billion Euro
bailout. However, the International Monetary Fund is yet to confirm its
part in the deal despite Greece agreeing a bond-swap deal with private
creditors. One senior Euro official even suggested its debt could fall
more than expected. But Euro MP Paul Nuttall believes southern European
countries should just get out of the currency union.
Money Printer...
from GoldMoney.com:
Gold
and silver prices slipped lower yesterday, partly perhaps because of
bearish Chinese economic statistics, but the more relevant point is
simply that these markets are consolidating. Whether or not this is the
“spring coiling” before a dramatic move higher in either metals, or the
precursor to another sharp correction is impossible to say – though Jesse argues that the odds favour an upside breakout.
Platinum, however, had a decent day – with the April Comex contract
rising by $10.80 to settle at $1,695.70/oz. At one point, the platinum
price rose above that of gold for the first time since September last
year, though as The Wall Street Journal reports, it slipped below gold again later in the session.
Asian trade deficits seem to be talk of the markets at the moment, with China and Japan both reporting notable trade deficits in recent days. Chris Martenson wrote a piece published in the Analysis section of this website yesterday, noting that Japan is now recording record trade deficits as a result largely of a surge in energy import costs. Before the Fukushima nuclear disaster, the country relied on nuclear power for 30% of electricity production. But by the end of this month, that figure will stand at 0%. Resource-poor Japan is having to spend enormous amounts on importing oil and natural gas.
Read More @ GoldMoney.com
Gold
and silver prices slipped lower yesterday, partly perhaps because of
bearish Chinese economic statistics, but the more relevant point is
simply that these markets are consolidating. Whether or not this is the
“spring coiling” before a dramatic move higher in either metals, or the
precursor to another sharp correction is impossible to say – though Jesse argues that the odds favour an upside breakout.
Platinum, however, had a decent day – with the April Comex contract
rising by $10.80 to settle at $1,695.70/oz. At one point, the platinum
price rose above that of gold for the first time since September last
year, though as The Wall Street Journal reports, it slipped below gold again later in the session.Asian trade deficits seem to be talk of the markets at the moment, with China and Japan both reporting notable trade deficits in recent days. Chris Martenson wrote a piece published in the Analysis section of this website yesterday, noting that Japan is now recording record trade deficits as a result largely of a surge in energy import costs. Before the Fukushima nuclear disaster, the country relied on nuclear power for 30% of electricity production. But by the end of this month, that figure will stand at 0%. Resource-poor Japan is having to spend enormous amounts on importing oil and natural gas.
Read More @ GoldMoney.com
[Ed. Note: Related.]
by Stanley White, Reuters:
(Reuters) – Japan said on Tuesday it had received approval from China’s government to purchase 65 billion yuan ($10.3 billion) in Chinese government debt in a move that can help Japan diversify its reserves away from the dollar and strengthen economic ties between the two Asian countries.
The timing of purchases hasn’t been set yet as Japan still needs to make some administrative preparations, but Japan is likely to start with a small amount and then increase purchases, Japan’s Finance Minister Jun Azumi said.
Japan will also consider the impact on financial markets when it decides the timing of its purchases, Azumi said.
China said on Monday it would continue its purchases of Japanese government debt but would reduce purchases when the yen is rising as China and Japan, holders of the largest and second-largest currency reserves, look to limit exposure to the dollar.
Read More @ Reuters.com
by Stanley White, Reuters:
(Reuters) – Japan said on Tuesday it had received approval from China’s government to purchase 65 billion yuan ($10.3 billion) in Chinese government debt in a move that can help Japan diversify its reserves away from the dollar and strengthen economic ties between the two Asian countries.
The timing of purchases hasn’t been set yet as Japan still needs to make some administrative preparations, but Japan is likely to start with a small amount and then increase purchases, Japan’s Finance Minister Jun Azumi said.
Japan will also consider the impact on financial markets when it decides the timing of its purchases, Azumi said.
China said on Monday it would continue its purchases of Japanese government debt but would reduce purchases when the yen is rising as China and Japan, holders of the largest and second-largest currency reserves, look to limit exposure to the dollar.
Read More @ Reuters.com
Banks Buy Treasuries at Seven Times Pace in 2011
[Ed. Note: Related.]
by Meera Louis, Bloomberg.com:
U.S.
banks bought more government and related debt in the first two months
of 2012 than they did in all of last year, an endorsement of Federal
Reserve Chairman The Ben Bernank’s assessment of the economy that’s
boosting demand for bonds even with yields near the lowest on record.
Commercial lenders purchased $78.2 billion of Treasuries and securities of agencies in January and February, compared with $62.6 billion in all of 2011, bringing their holdings to $1.78 trillion, Fed data show. Deposits exceeded loans by a record $1.63 trillion last month, up from $1.17 trillion in January 2011, providing scope to buy more bonds.
While the economy has expanded for eight straight quarters, unemployment at 8.3 percent, the scheduled end of the Bush-era tax cuts, a mandatory $1 trillion in federal budget cuts over 10 years and the presidential election campaign have made banks hesitant to accelerate lending. Instead of providing credit, they are exploiting the gap between the Fed’s target interest rate for overnight loans and Treasury yields to make profits.
Read More @ Bloomberg.com
by Meera Louis, Bloomberg.com:
U.S.
banks bought more government and related debt in the first two months
of 2012 than they did in all of last year, an endorsement of Federal
Reserve Chairman The Ben Bernank’s assessment of the economy that’s
boosting demand for bonds even with yields near the lowest on record.Commercial lenders purchased $78.2 billion of Treasuries and securities of agencies in January and February, compared with $62.6 billion in all of 2011, bringing their holdings to $1.78 trillion, Fed data show. Deposits exceeded loans by a record $1.63 trillion last month, up from $1.17 trillion in January 2011, providing scope to buy more bonds.
While the economy has expanded for eight straight quarters, unemployment at 8.3 percent, the scheduled end of the Bush-era tax cuts, a mandatory $1 trillion in federal budget cuts over 10 years and the presidential election campaign have made banks hesitant to accelerate lending. Instead of providing credit, they are exploiting the gap between the Fed’s target interest rate for overnight loans and Treasury yields to make profits.
Read More @ Bloomberg.com
Is Ron Paul Taleb's New Black Swan?
While
he does have some new philosophy (at X% off MSRP of course, coming to a
Kindle near you) to preach, Nassim Taleb's re-emergence from the
darkness of the media spotlight starts with a bang: "I realized
that something wrong is going on, and only one candidate 'Ron Paul'
seems to have grasped the issues and is offering the right remedies".
He was given quite a lengthy period to proselytize as he outlines the
Big Four problems he sees with the USA (and for that matter the world):
Deficits (metastatic governments), The Fed, Militarism, and
non-Bailouts (what is fragile should break early). As
Ron Paul notes, "It's an illusion that the USD can bailout the world",
Taleb makes many interesting, though a little murmur-some for our
liking, points like "you don't gamble with hyperinflation"
and his comparison between the US and the Soviet Union will surely
raise some headlines as he rants of the growing divide between public
and private employees standards of living, our "need to do something drastic about it" and on Obama/Government and deficit reduction that "the whole thing is rotten".The Government Data Farce Continues
Dave in Denver at The Golden Truth - 43 minutes ago
A quick comment on today's "robust" retail sales report. More
appropriately labelled, "robustly reported" retail sales report. First,
don't forget that this is a* Government*-calculated and reported number.
In this report, the second footnote states:
*Estimates are concurrently adjusted for seasonal variation and for holiday
and trading day differences, but not for price changes LINK*
Please note: "adjusted for seasonal variation" AND the effect of inflation
is NOT removed. So these numbers, aside from the the likely problematic
data-gathering, statistical compilation and ma... more »
If You're Smart, Put Your Money Into Anything Related To Agriculture
Admin at Jim Rogers Blog - 1 hour ago
The average age of farmers in Japan is 66. The average age of farmers in
Australia and the UK is 58. The highest rate of suicides in Britain is with
farmers.
Nobody wants to farm any more. Yet there are more people than even now.
Seven billion of us. What are we going to eat? Every year, the US has
something like 225,000 graduates in public relations. I think there's
20,000 agriculture graduates in the US now. Have you ever tried to eat a
press release?
My advice to young people would be to get into agriculture. If you want to
make money over the next 20 years, agriculture is the w... more »
European Money Aggregates - No Deflation Yet - Policy Responses to Deleveraging
A Visual Simplification Of The CDS Market
CDS is once again (still) in the spotlight. We have moved on from debating whether or not a Credit Event has occurred in the Hellenic Republic, to concerns about whether the CDS market will settle without a problem. There is a lot of talk about “net” and “gross” notionals and counterparty risk. What I will attempt to do here, is build a CDS world for you. We will look at various counterparties, the trades they do, and the residual risks in the system. It will be loosely based on Greek CDS but some liberties will be taken. None of the institutions are real world institutions (in spite of how much they sound like some people we know). It is a simplification, but to make it useful, it has to be robust enough to give a realistic picture of the CDS market/system.
Did LTRO's Carry Trade Engine Run Out Of Fuel?
The continual restatement by endless talking heads of the compression in Italian bond spreads/yields as some indicator of success and recovery in Europe is becoming nonsensical. Short-end rates have become anchored, and as UBS notes today, the huge liquidity injections have caused structural breaks between curve slop and spread levels (curve now at its steepest since EUR inception). However, what makes the nonsense-speak greatest is the disappointment in terms of market reaction post LTRO2. After the previous two major liquidity injections (LTRO1 and the Reserve Requirement shift) we saw a considerable spread compression very soon after. However, in the two weeks since LTRO2, Italian spreads have gone nowhere (and have in fact seen notably larger volatility and intraday decompression in the last few days post-Greece). With theeconomics of the carry trade diminished, and the market fully priced in LTRO's impact, expectations of further improvement in Italy's bond curve seem entirely dependent on more surprise liquidity (unlikely short-term) as the carry-trade engine appears to have run out of fuel (or collateral maybe?)
Live Webcast Of Obama Firing The First Round In US-China Trade Wars
If there is one thing that can be said about Obama's previously noted announcement
at 11 am Eastern highlighting "new efforts" to enforce our "trade
rights" with China (aka launch the stray inaugural .22 calibre bullet
into the China-US DMZ) is that the algos in charge of the market will
love it and send stocks soaring just because. Oh, and if China were to
just incidentally make live for FoxConn products that little bit more
difficult in retaliation, so be it. That will be bullish as well,
certainly for the NASDAPPLE.Remember that The First Amendment... is Protected by The Second Amendment...
Obama Makes Free Speech A Felony
by Mac Slavo, SHTFPlan.com:
Over
the last dozen years we’ve witnessed events in America and around the
world that have proven one thing: sometimes, really bad things happen.
We’ve seen thousands die in terrorist attacks on our own soil, residents
of an entire U.S. city transformed into refugees almost overnight
after, generations of families swept away by Tsunamis, economic and
financial collapse that has wiped out decades of retirement savings,
millions losing their jobs and forced into the government safety net for
survival, and most recently, a nuclear disaster that to this day
threatens the health of the population of the entire globe.
One thing’s for sure. It pays to prepare, because you just never know when disaster will strike. And the next time it does, you may not be just watching it on television.
The realization that the world in which we live can quickly turn into TEOTWAWKI is one that often yields – and with good reason – emotional responses like stress, anxiety, and panic.
Read More @ SHTFPlan.com
from End of The American Dream:
Do
you have faith in the people running this nation? When answering that
question, most people would bash either the Democrats or the
Republicans, but my question goes much deeper than that. Power is
constantly shifting back and forth between the two major political
parties, and it seems like things don’t really change no matter who is
in power. What I am asking is if you have faith in the entire system.
Do you have faith in the U.S. government, the Federal Reserve, the state
governments, the local governments, our public schools and our
financial system? Do you believe that the people that are running
things in this country are doing a good job? When you look at the
results, it is hard to argue that those in power are making good
decisions. In fact, this country is caught in such a downward spiral
that it would be easy to argue that most of our politicians should
immediately resign in disgrace. Our leaders just keep coming up with
one bad idea after another. Sometimes it almost seems as though it
would be better for our leaders to do absolutely nothing at all because
every time they try to do something they only make things worse.
Read More @ EndOfTheAmericanDream.com
European
finance ministers gathered in Brussels to approve the release of a
€130bn (£109.3bn) bail-out for Greece – amid growing warnings that the
rescue package is already inadequate.
by Louise Armitstead, Telegraph.co.uk:
Wolfgang
Schaeuble, Germany’s finance minister, admitted “nobody can rule out”
that Athens would need yet another rescue fund while economists warned
that the terms of the current bail-out would crush growth in Greece.
Holger Schmieding, chief economist at Berenberg Bank said: “The debt-swap deal does not solve the problems of Greece at all. Of course, without it, Greece would be in huge trouble. But Greece’s problem is that it has to return to growth. Otherwise, no debt burden is sustainable.”
Michael Hewson of CMC Markets: “There is widespread acknowledgment that even after last weeks debt swap that the country will in all probability need a third bailout, after economic data Friday showed that the economy shrank even more than first thought in fourth quarter, by 7.5pc.”
Read More @ Telegraph.co.uk
(Ed note...If you have this much Gold...or Silver...Please consider supporting our efforts to keep you informed...)
Please consider making a small donation, to help cover some of the labor and costs to run this blog.
Over
the last dozen years we’ve witnessed events in America and around the
world that have proven one thing: sometimes, really bad things happen.
We’ve seen thousands die in terrorist attacks on our own soil, residents
of an entire U.S. city transformed into refugees almost overnight
after, generations of families swept away by Tsunamis, economic and
financial collapse that has wiped out decades of retirement savings,
millions losing their jobs and forced into the government safety net for
survival, and most recently, a nuclear disaster that to this day
threatens the health of the population of the entire globe.One thing’s for sure. It pays to prepare, because you just never know when disaster will strike. And the next time it does, you may not be just watching it on television.
The realization that the world in which we live can quickly turn into TEOTWAWKI is one that often yields – and with good reason – emotional responses like stress, anxiety, and panic.
Read More @ SHTFPlan.com
from King World News:
With
continued volatility in the gold and silver markets, today King World
News reached out to 40 year veteran John Hathaway. Hathaway is the
prolific manager of the Tocqueville Gold Fund and he has achieved a
5-star rating from Morningstar. Hathaway sent KWN, exclusively, an
outline of 9 key points in the gold and silver markets. Here is a
portion of one of the 9 key points (all 9 points below): “The fact that
gold has survived the negative news flow from the monetary and economic
front is encouraging. If gold can withstand the apparently changing
narrative that had underpinned a bullish stance on gold, it will be a
sign of enormous strength.”
John Hathaway continues: Read More @ KingWorldNews.com
With
continued volatility in the gold and silver markets, today King World
News reached out to 40 year veteran John Hathaway. Hathaway is the
prolific manager of the Tocqueville Gold Fund and he has achieved a
5-star rating from Morningstar. Hathaway sent KWN, exclusively, an
outline of 9 key points in the gold and silver markets. Here is a
portion of one of the 9 key points (all 9 points below): “The fact that
gold has survived the negative news flow from the monetary and economic
front is encouraging. If gold can withstand the apparently changing
narrative that had underpinned a bullish stance on gold, it will be a
sign of enormous strength.”John Hathaway continues: Read More @ KingWorldNews.com
by Patrick Henningsen, GlobalResearch.ca
Even the best laid plans of mice and men turn sour sometimes. This is never more true than in the cointelro corporate mainstream media sphere.
Dayem was caught conducting what appears to be staged media reports from Syria. Although the seasoned spin doctor Cooper is able to coolly direct their conversation, Syrian Danny cannot hide the obvious panic which had already set in as a result of being exposed as a stage actor manufacturing news in his alleged home country. The video below shows CNN’s point man Anderson Cooper conducting damage control with the mainstream media’s public face of the Syrian opposition, Danny Dayem who can be seen pleading on air, “Why would we have to manipulate anything?”.
Read More @ GlobalResearch.ca
Even the best laid plans of mice and men turn sour sometimes. This is never more true than in the cointelro corporate mainstream media sphere.
Dayem was caught conducting what appears to be staged media reports from Syria. Although the seasoned spin doctor Cooper is able to coolly direct their conversation, Syrian Danny cannot hide the obvious panic which had already set in as a result of being exposed as a stage actor manufacturing news in his alleged home country. The video below shows CNN’s point man Anderson Cooper conducting damage control with the mainstream media’s public face of the Syrian opposition, Danny Dayem who can be seen pleading on air, “Why would we have to manipulate anything?”.
Read More @ GlobalResearch.ca
Rick Santorum Endorses Ron Paul… Sort of.
Do
you have faith in the people running this nation? When answering that
question, most people would bash either the Democrats or the
Republicans, but my question goes much deeper than that. Power is
constantly shifting back and forth between the two major political
parties, and it seems like things don’t really change no matter who is
in power. What I am asking is if you have faith in the entire system.
Do you have faith in the U.S. government, the Federal Reserve, the state
governments, the local governments, our public schools and our
financial system? Do you believe that the people that are running
things in this country are doing a good job? When you look at the
results, it is hard to argue that those in power are making good
decisions. In fact, this country is caught in such a downward spiral
that it would be easy to argue that most of our politicians should
immediately resign in disgrace. Our leaders just keep coming up with
one bad idea after another. Sometimes it almost seems as though it
would be better for our leaders to do absolutely nothing at all because
every time they try to do something they only make things worse.Read More @ EndOfTheAmericanDream.com
by Louise Armitstead, Telegraph.co.uk:
Wolfgang
Schaeuble, Germany’s finance minister, admitted “nobody can rule out”
that Athens would need yet another rescue fund while economists warned
that the terms of the current bail-out would crush growth in Greece.Holger Schmieding, chief economist at Berenberg Bank said: “The debt-swap deal does not solve the problems of Greece at all. Of course, without it, Greece would be in huge trouble. But Greece’s problem is that it has to return to growth. Otherwise, no debt burden is sustainable.”
Michael Hewson of CMC Markets: “There is widespread acknowledgment that even after last weeks debt swap that the country will in all probability need a third bailout, after economic data Friday showed that the economy shrank even more than first thought in fourth quarter, by 7.5pc.”
Read More @ Telegraph.co.uk
Please consider making a small donation, to help cover some of the labor and costs to run this blog.
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