by Karen Roche and JT Long, MineWeb.com
The Gold Report:
David, you have talked and written about the effect of
government-funded, debt-fueled spending on the stock market. What will
be the real impact of quantitative easing?
David Stockman: We are in the last innings of a very bad ball game. We are coping with the crash of a 30-year-long debt super-cycle and the aftermath of an unsustainable bubble.
Quantitative easing is making it worse by facilitating more public-sector borrowing and preventing debt liquidation in the private sector-both erroneous steps in my view. The federal government is not getting its financial house in order. We are on the edge of a crisis in the bond markets. It has already happened in Europe and will be coming to our neighborhood soon.
Read More @ MineWeb.com
It may be left undecided whether or not it is correct to call the economic organization of the Roman Empire capitalism. At any rate it is certain that the Roman Empire in the 2nd century, the age of the Antonines, the “good” emperors, had reached a high stage of the social division of labor and of interregional commerce. Several metropolitan centers, a considerable number of middle-sized towns, and many small towns were the seats of a refined civilization.
Read More @ Mises.org
by Rick Ackerman, Rick Ackerman.com:
Europe’s
doomed experiment with the politics of austerity went down in flames
over the weekend as voters across the region veered sharply to the left
in savaging incumbents. Elections in six European nations on Sunday
promised to end any pretense of fiscal sanity in the region. However, it
remains to be seen how quickly and drastically the new leaders will act
to unbalance their nations’ books in the name of economic growth.
There’s a Catch-22 as well that could make any promises of
budget-busting relief for pensioners and public workers impossible to
keep. Recall that even the socialists in Greece’s parliament were forced
to support austerity measures a few months ago because, without them,
the country would have been unable to borrow enough cash to meet
payroll.
Read More @ RickAckerman.com
from TestosteronePit:
The Gold Report:
David, you have talked and written about the effect of
government-funded, debt-fueled spending on the stock market. What will
be the real impact of quantitative easing?David Stockman: We are in the last innings of a very bad ball game. We are coping with the crash of a 30-year-long debt super-cycle and the aftermath of an unsustainable bubble.
Quantitative easing is making it worse by facilitating more public-sector borrowing and preventing debt liquidation in the private sector-both erroneous steps in my view. The federal government is not getting its financial house in order. We are on the edge of a crisis in the bond markets. It has already happened in Europe and will be coming to our neighborhood soon.
Read More @ MineWeb.com
By, Dr Volkmar G. Hable The Market Oracle:
Few Americans will have noticed that this Sunday the end of the Euro
will take place. On that day the final run-off ballot between current
French president Mr. Sarkozy and socialist presidential candidate Mr.
Hollande will decide over the future of the Euro.
According to all polls the leftist socialist candidate Mr. Hollande will win by a safe margin over the current president Mr. Sarkozy and will be the next French president. Politicians in Berlin are biting their nails already in anticipation of the election result. The savings dictate that Germany has imposed on most of the other heavily indebted euro zone countries is vehemently opposed by socialist party leader Mr. Hollande who favors more government spending, meaning: accumulating more debts, in order to promote growth in the Euro zone.
Read More @ TheMarketOracle.co.uk
Few Americans will have noticed that this Sunday the end of the Euro
will take place. On that day the final run-off ballot between current
French president Mr. Sarkozy and socialist presidential candidate Mr.
Hollande will decide over the future of the Euro.According to all polls the leftist socialist candidate Mr. Hollande will win by a safe margin over the current president Mr. Sarkozy and will be the next French president. Politicians in Berlin are biting their nails already in anticipation of the election result. The savings dictate that Germany has imposed on most of the other heavily indebted euro zone countries is vehemently opposed by socialist party leader Mr. Hollande who favors more government spending, meaning: accumulating more debts, in order to promote growth in the Euro zone.
Read More @ TheMarketOracle.co.uk
by Ludwig von Mises, Mises.org:
[In a recent debate
between Ron Paul and Paul Krugman, Dr. Paul said, "Professor Krugman
indicates we just want to go back 100 years or so. That's not exactly
true. We want to improve on what life was like back then. But he wants
to go back 1,000 years or 2,000 years, just as the Romans and the Greeks
… debased their currency."
In Human Action, Ludwig von Mises explained how currency debasement contributed to the fall of the classical civilization of antiquity.]
Knowledge of the effects of government interference with market
prices makes us comprehend the economic causes of a momentous historical
event, the decline of ancient civilization. [In a recent debate
between Ron Paul and Paul Krugman, Dr. Paul said, "Professor Krugman
indicates we just want to go back 100 years or so. That's not exactly
true. We want to improve on what life was like back then. But he wants
to go back 1,000 years or 2,000 years, just as the Romans and the Greeks
… debased their currency."In Human Action, Ludwig von Mises explained how currency debasement contributed to the fall of the classical civilization of antiquity.]
It may be left undecided whether or not it is correct to call the economic organization of the Roman Empire capitalism. At any rate it is certain that the Roman Empire in the 2nd century, the age of the Antonines, the “good” emperors, had reached a high stage of the social division of labor and of interregional commerce. Several metropolitan centers, a considerable number of middle-sized towns, and many small towns were the seats of a refined civilization.
Read More @ Mises.org
Europe’s
doomed experiment with the politics of austerity went down in flames
over the weekend as voters across the region veered sharply to the left
in savaging incumbents. Elections in six European nations on Sunday
promised to end any pretense of fiscal sanity in the region. However, it
remains to be seen how quickly and drastically the new leaders will act
to unbalance their nations’ books in the name of economic growth.
There’s a Catch-22 as well that could make any promises of
budget-busting relief for pensioners and public workers impossible to
keep. Recall that even the socialists in Greece’s parliament were forced
to support austerity measures a few months ago because, without them,
the country would have been unable to borrow enough cash to meet
payroll.Read More @ RickAckerman.com
from The American Dream:
Despite what you may have heard from the mainstream media, Mitt Romney
does not have the Republican nomination locked up. In fact, he is
rapidly losing delegates that almost everyone assumed that he already
had in the bag. To understand why this is happening, you have to
understand the delegate selection process. Each state has different
rules for selecting delegates to the Republican national convention, and
in many states the “voting” done by the public does not determine the
allocation of delegates to particular candidates at all. And the truth
is that delegates are the only thing that really matters in this race.
In state after state, the Ron Paul campaign is focusing on the delegate
selection process with laser-like precision, and it is paying off big
time. At this point, there is still a legitimate chance that Ron Paul
will be able to win enough delegates to deny Mitt Romney the nomination
on the first ballot at the Republican national convention in Tampa. If
Romney does not have the 1,144 delegates that he needs on the first
ballot, then it becomes a brokered convention and anything becomes
possible at that point.
Sadly, most Americans have no idea how this process really works.
Read More @ EndOfTheAmericanDream.com
Despite what you may have heard from the mainstream media, Mitt Romney
does not have the Republican nomination locked up. In fact, he is
rapidly losing delegates that almost everyone assumed that he already
had in the bag. To understand why this is happening, you have to
understand the delegate selection process. Each state has different
rules for selecting delegates to the Republican national convention, and
in many states the “voting” done by the public does not determine the
allocation of delegates to particular candidates at all. And the truth
is that delegates are the only thing that really matters in this race.
In state after state, the Ron Paul campaign is focusing on the delegate
selection process with laser-like precision, and it is paying off big
time. At this point, there is still a legitimate chance that Ron Paul
will be able to win enough delegates to deny Mitt Romney the nomination
on the first ballot at the Republican national convention in Tampa. If
Romney does not have the 1,144 delegates that he needs on the first
ballot, then it becomes a brokered convention and anything becomes
possible at that point.Sadly, most Americans have no idea how this process really works.
Read More @ EndOfTheAmericanDream.com
from TestosteronePit:
Treasuries Plummet To 3 Month Low Yields As Equities Recouple
US Treasuries opened just over an hour ago and are now trading considerably lower in yield. 10Y yields are under 1.84%,
their lowest since February 3rd and within a few bps of ther 1.7959%
yield lows of mid-December which would all but guarantee a return to the
September 2012 2011 low yields. More critically for all those QE-hopers, the massive
divergence which we have been vociferously arguing as unsustainable
between 10Y yields and the S&P 500 has how collapsed and converged
perfectly. From last Tuesday's Bernanke press-conference when
he hinted (albeit hedged with chatter of recklessness) that QE was still
on the table (which we argued meant that - should the entire world
suddenly go pear-shaped, we will step in but until then we are on hold),
US equities decided that they should forget fundamentals once again
and simply bid the market on nominal price improvement based on
fiat-debasement - which enabled a 50 point divergence from reality-
which has now completely converged and in fact S&P futures are now 10-15points below the pre-Bernanke-week-hope lows.Is Gold Hinting At Imminent Coordinated Global Intervention?
While it is still early in the overnight session, initial indications are for a full spectrum Risk Off market. In fact, S&P 500 futures (ES) have not fallen this fast over a two- or three-day period since the third week of November last year. As many may remember - a few days of drops like this took ES from 1260 to 1136 in a week but more importantly was followed
very quickly by a massive and coordinated Central Bank intervention
that ripped ES over 6% higher in an overnight session - sparking the
entire rally of the last six months as it appeared the central
bank put strike had been dragged higher. Admittedly the two-day fall so
far (while the largest in almost six months) is still small in
context, it would appear the world is waking up to the true event risks
of a debt-saturated fiat system going through its death throes. Back
of the envelope would suggest we need to drop to 1285 or so on the
S&P before the same kind of
hit-the-big-red-central-bank-panic-button kind of move comes into play.
Sure enough, Gold is only very modestly lower (-$3 at $1640)
so far in the face of a rip higher in USD and broad liquidation
everywhere else - perhaps the patience of sound money will be paid off
once again.Birth/Death Model Smaller Role In Weak Job Recovery
Eric De Groot at Eric De Groot - 38 minutes ago
Nonfarm payrolls are seasonally adjusted while jobs created or lost from
the birth/death model are not. This makes interpretations from month to
month comparisons of the two time series spotty at best. A comparison of
similar time periods not only removes influence of seasonal adjustments but
also helps to quantify why the current job recovery is weak in comparison
to the previous...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
Victorious French left reclaims the Bastille
Eric De Groot at Eric De Groot - 2 hours ago
Oops! A Greek and French Rejection of German-led austerity. QE to infinity is the only option left. Headline: Victorious French left reclaims the Bastille PARIS (Reuters) - Giddy revellers thronged Paris's Bastille square on Sunday as Socialist Francois Hollande swept to a presidential election victory, erupting into cheers and rejoicing not seen since the party's only other elected... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Complete European Event Calendar: May, June Edition
Two big events down, many, many others more left to go. Below is a full European event calendar for the rest of May and June. Just like in 2011, Europe got unhinged around this time and things peaked by November when only a coordinated global intervention saved the world courtesy of $1.3 trillion from the ECB, expanded FX swaps from the Fed and a PBOC rate cut. Only unlike in 2011, with Silvio and Sarko both now gone, the roster of political scapegoats is getting very, very thin. Whose head wil the vigilantes demand next? We will find out over the summer and fall, which promise to be even more exciting than last year.
The
CME Group was granted a 90-day reprieve from imposing new rules that
will hike margins for some exchange members by as much as a third, one
day after news of the increase riled locals and roiled markets.The new rules, which would have increased trading costs for exchange members who are classified as speculators, will now come into effect on August 5 instead of on Monday, it said in a release.
Members will continue to enjoy special terms that allow them to meet the lower “hedger” margin requirement during the 90 days.
“During the extension period, CME Clearing will work with the CFTC (Commodity Futures Trading Commission) to address member-customer concerns,” the CME said. The exchange said it had requested and been granted the delay on Thursday.
Read More @ Reuters.com
from Silver Doctors:
The Euro/USD gapped down on Monday’s open, and has now broken 1.30 to the downside, with a last of 1.2956.
Gold and silver also gapped down on Monday’s Globex session open, with silver briefly penetrating $30 again before popping back above the critical support, and gold dropping $5 to $1637.
Gold and silver’s plunge is merely a knee jerk reaction to the plunge in the Euro, as rational traders (rather than HFT algos that merely react to forex moves) understand the implications of today’s Greek and French elections will have on Europe’s fiscal landscape going forward.
Read More @ SilverDoctors.com
The Euro/USD gapped down on Monday’s open, and has now broken 1.30 to the downside, with a last of 1.2956.Gold and silver also gapped down on Monday’s Globex session open, with silver briefly penetrating $30 again before popping back above the critical support, and gold dropping $5 to $1637.
Gold and silver’s plunge is merely a knee jerk reaction to the plunge in the Euro, as rational traders (rather than HFT algos that merely react to forex moves) understand the implications of today’s Greek and French elections will have on Europe’s fiscal landscape going forward.
Read More @ SilverDoctors.com
from KingWorldNews:
With continued volatility in global markets, the Godfather of
newsletter writers, Richard Russell, had some very interesting charts
and warnings in his latest commentary. Here is what Russell had to say:
“It’s difficult to make people believe that there’s a
difference between an investment for a possible profit and a store of
wealth. But rich people know the difference. When a man has made as
much money as he can, he starts worrying about losing that money.
That’s the time when he wants to own “eternal stores of wealth.”
Read More @ KingWorldNews.com
With continued volatility in global markets, the Godfather of
newsletter writers, Richard Russell, had some very interesting charts
and warnings in his latest commentary. Here is what Russell had to say:
“It’s difficult to make people believe that there’s a
difference between an investment for a possible profit and a store of
wealth. But rich people know the difference. When a man has made as
much money as he can, he starts worrying about losing that money.
That’s the time when he wants to own “eternal stores of wealth.”Read More @ KingWorldNews.com
Meet James. James bought a house. It cost him $150,000, of which $30,000 had come from his own savings, leaving him with a $120,000 30-year fixed-rate mortgage from the WTF Bank, with a final cost (after 30 years of interest) of $200,000. Now, up until the ’80s, a mortgage was just a mortgage. Banks would lend the funds and profit from interest as the mortgage is paid back.
Not so today. James’s $200,000 mortgage was packaged up with 1,000 other mortgages into a £180 million MBS, (mortgage backed security), and sold for an immediate gain by WTF Bank to Privet Asset Management, a hedge fund. Privet then placed this MBS with Sacks of Gold, an investment bank, in return for a $18 billion short-term collateralised (“hypothecated”) loan. Two days later Sacks of Gold faced a margin call, and so re-hypothecated this collateral for another short-term collateralised $18 billion loan with J.P. Morecocaine, another investment bank. Three weeks later, a huge stock market crash resulted in a liquidity panic, resulting in more margin calls, more forced selling, which left Privet Asset Management — who had already lost a lot of money betting stocks would go up — completely insolvent.
Confused? You should be.
Read More @ Azizonomics.com
from Washington’s Blog:
After visiting Fukushima, Senator Ron Wyden warned that the situation was worse than reported … and urged Japan to accept international help to stabilize dangerous spent fuel pools.
An international coalition of nuclear scientists and non-profit groups are calling on the U.N. to coordinate a multi-national effort to stabilize the fuel pools. And see this.
Fuel pool number 4 is, indeed, the top short-term threat facing humanity.
Anti-nuclear physician Dr. Helen Caldicott says that if fuel pool 4 collapses, she will evacuate her family from Boston and move them to the Southern Hemisphere. This is an especially dramatic statement given that the West Coast is much more directly in the path of Fukushima radiation than the East Coast.
Read More @ Washington’s Blog
After visiting Fukushima, Senator Ron Wyden warned that the situation was worse than reported … and urged Japan to accept international help to stabilize dangerous spent fuel pools.
An international coalition of nuclear scientists and non-profit groups are calling on the U.N. to coordinate a multi-national effort to stabilize the fuel pools. And see this.
Fuel pool number 4 is, indeed, the top short-term threat facing humanity.
Anti-nuclear physician Dr. Helen Caldicott says that if fuel pool 4 collapses, she will evacuate her family from Boston and move them to the Southern Hemisphere. This is an especially dramatic statement given that the West Coast is much more directly in the path of Fukushima radiation than the East Coast.
Read More @ Washington’s Blog
from EndtheLie:
End the Lie Radio with Madison Ruppert and guest, Drew Lamb discussing the upcoming NATO Summit in Chicago, ongoing Northcom/Norad drills, Fishtail Farms, Fukushima and Senator Wyden.
Jim Sinclair’s Commentary
Golden Dawn (Greece) From Wikipedia, the free encyclopedia
Golden Dawn (Greek: Χρυσή Αυγή, Chrysi Avyi, Greek pronunciation: [xriˈsi avˈʝi]) is a Greek nationalist far-right political organization founded in 1993, and led by Nikolaos Michaloliakos.
Golden Dawn temporarily ceased political operations in 2005, and was absorbed by the Patriotic Alliance. The Alliance in turn ceased operations after Michaloliakos withdrew support. In March 2007, Golden Dawn held its sixth congress, where Party officials announced the resumption of their political activism. At local elections on November 7, 2010 Golden Dawn got 5.3% of the vote in the municipality of Athens, winning a seat at the City Council. In some neighbourhoods with big immigrant communities it even reached 20%.[8] In the general elections held on 6 May 2012, exit polls showed Golden Dawn polling between 5 and 8 percent of the vote, enough to enter parliament for the first time.[9]
Golden Dawn described itself as a "People’s Nationalist Movement" and "uncompromising Nationalists."[10] Michaloliakos described Golden Dawn as opposing the "so-called Enlightenment" and the Industrial Revolution.[10][11] According to the Party’s charter, "only Aryans in blood and Greeks in descent can be candidate members of Golden Dawn".[11] The charter also puts the leader in total control of the party, and formalizes the use of the Hitlergruss for party members.[11] At first, the party embraced neo-Pagan beliefs, in accordance to Nazi occultism, describing Marxism and liberalism as "the ideological carriers of Judeo-Christianity."[12][Third-party source needed] Later, however, the party underwent ideological changes, embracing Eastern Orthodox Christianity.[13]
More…
Jim Sinclair’s Commentary
Merkel loses power in state election Published: 6 May 12 19:40 CET
German Chancellor Angela Merkel’s centre-right coalition lost power in the state of Schleswig-Holstein, first estimates showed Sunday, after a vote that could presage national elections next year.
Merkel’s Christian Democrats (CDU) scored 30.6 percent, according to ARD public television, with her junior partners at the national level, the Free Democrats (FDP), winning 8.3 percent – not enough to retain power in the northern state.
However, the opposition – combining the centre-left Social Democrats and ecologist Greens – also failed to gain sufficient support to form a government, with 29.9 percent and 13.6 percent respectively.
This left as a strong possibility a so-called "grand coalition" between the CDU and SPD, which many believe could be the final result of the national elections due in September or October 2013.
The big winners on the night were the Pirates, an upstart party that has shaken up the staid world of German politics with a campaign based on more transparency in the political process and internet freedom.
For the third consecutive regional election, they breached the five-percent mark needed to enter the state parliament, winning 8.2 percent of the vote.
More…
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from tmpeters:
Noted as the most lavish film produced by Daryl F. Zanuck the black and white, also known as ‘Die Rothschilds, stars George Arliss as Mayer & Nathan Rothschild and Boris Karloff as Baron Ledrantz. The movie was released April 7th 1934, five years before Hitler commenced WWII who, incidentally, the Rothschild empire is believed to have funded.
End the Lie Radio with Madison Ruppert and guest, Drew Lamb discussing the upcoming NATO Summit in Chicago, ongoing Northcom/Norad drills, Fishtail Farms, Fukushima and Senator Wyden.
Jim Sinclair’s Commentary
You want shocking change? This US turndown in business will bring on QE to infinity sooner that anyone anticipates.
Consider the Golden Dawn political party in Greece originally
expected to draw about 3% of the vote. It now appears to have gone above
8%.
Austerity runs politicians out of office in the election following
the austerity initiative, and can bring in some strange replacements as
did the Weimar situation.
This US downturn in business will bring on QE to infinity, which is debt monetization on steroids.
Golden Dawn (Greece) From Wikipedia, the free encyclopedia
Golden Dawn (Greek: Χρυσή Αυγή, Chrysi Avyi, Greek pronunciation: [xriˈsi avˈʝi]) is a Greek nationalist far-right political organization founded in 1993, and led by Nikolaos Michaloliakos.
Golden Dawn temporarily ceased political operations in 2005, and was absorbed by the Patriotic Alliance. The Alliance in turn ceased operations after Michaloliakos withdrew support. In March 2007, Golden Dawn held its sixth congress, where Party officials announced the resumption of their political activism. At local elections on November 7, 2010 Golden Dawn got 5.3% of the vote in the municipality of Athens, winning a seat at the City Council. In some neighbourhoods with big immigrant communities it even reached 20%.[8] In the general elections held on 6 May 2012, exit polls showed Golden Dawn polling between 5 and 8 percent of the vote, enough to enter parliament for the first time.[9]
Golden Dawn described itself as a "People’s Nationalist Movement" and "uncompromising Nationalists."[10] Michaloliakos described Golden Dawn as opposing the "so-called Enlightenment" and the Industrial Revolution.[10][11] According to the Party’s charter, "only Aryans in blood and Greeks in descent can be candidate members of Golden Dawn".[11] The charter also puts the leader in total control of the party, and formalizes the use of the Hitlergruss for party members.[11] At first, the party embraced neo-Pagan beliefs, in accordance to Nazi occultism, describing Marxism and liberalism as "the ideological carriers of Judeo-Christianity."[12][Third-party source needed] Later, however, the party underwent ideological changes, embracing Eastern Orthodox Christianity.[13]
More…
Jim Sinclair’s Commentary
QE to infinity, which is debt monetization on steroids in the entire Western world.
Merkel loses power in state election Published: 6 May 12 19:40 CET
German Chancellor Angela Merkel’s centre-right coalition lost power in the state of Schleswig-Holstein, first estimates showed Sunday, after a vote that could presage national elections next year.
Merkel’s Christian Democrats (CDU) scored 30.6 percent, according to ARD public television, with her junior partners at the national level, the Free Democrats (FDP), winning 8.3 percent – not enough to retain power in the northern state.
However, the opposition – combining the centre-left Social Democrats and ecologist Greens – also failed to gain sufficient support to form a government, with 29.9 percent and 13.6 percent respectively.
This left as a strong possibility a so-called "grand coalition" between the CDU and SPD, which many believe could be the final result of the national elections due in September or October 2013.
The big winners on the night were the Pirates, an upstart party that has shaken up the staid world of German politics with a campaign based on more transparency in the political process and internet freedom.
For the third consecutive regional election, they breached the five-percent mark needed to enter the state parliament, winning 8.2 percent of the vote.
More…
I'm PayPal Verified
Noted as the most lavish film produced by Daryl F. Zanuck the black and white, also known as ‘Die Rothschilds, stars George Arliss as Mayer & Nathan Rothschild and Boris Karloff as Baron Ledrantz. The movie was released April 7th 1934, five years before Hitler commenced WWII who, incidentally, the Rothschild empire is believed to have funded.
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