European Bloodbath Continues
Europe
was a sea of red (apart from Bund prices) today. With yesterday's
window-dressing done and overnight dismissal of Spain's hopeful
ECB-workaround, European equity and credit markets were dismal, EURUSD ended under 1.2400, and 2Y Bunds at 0.00% yield. Financials underperformed in stocks and credit with senior bank spreads back up to 300bps and LTRO Stigma jumping 12bps to 177.5bps
(near record wides). Spain and Italy dominated both single-name banking
and non-banking credit and equity moves as well as sovereigns with
Spanish 10Y now +45bps on the week and Italy +37bps (with Belgium,
France, and Austria all around 9bps wider). All European equity indices are down for the week with Spain down almost 8%.
EUR-USD 3Y basis swaps turned back lower (worse) back to -70bps - not a
good sign for funding (especially in light of the drop in LTRO we
noted yesterday). On a final note of despair, Spanish 2s10s is now flatter than at any time since LTRO1 - implying that any LTRO debt used to fund a real carry trade is now a loser.BTFD...Keep Stacking...
by Geoff Candy, Mineweb
For
Sprott’s John Embry the current level represents a strong buying
opportunity because nothing in recent months has really been gold
unfriendly.
While gold has fallen significantly since hitting a peak in September last year, according to Sprott asset management’s chief investment strategist, John Embry, nothing in this period has been “gold unfriendly”.
Indeed, Embry believes that there has been a great deal of interference within the market with a lot of people trying to make the global economic picture look better than it actually is. And, as a result, at current levels, gold represents “one of the finest opportunities if not the finest in the entire bull market which is now in its 12th year.”
Read More @ MineWeb.com
For
Sprott’s John Embry the current level represents a strong buying
opportunity because nothing in recent months has really been gold
unfriendly.While gold has fallen significantly since hitting a peak in September last year, according to Sprott asset management’s chief investment strategist, John Embry, nothing in this period has been “gold unfriendly”.
Indeed, Embry believes that there has been a great deal of interference within the market with a lot of people trying to make the global economic picture look better than it actually is. And, as a result, at current levels, gold represents “one of the finest opportunities if not the finest in the entire bull market which is now in its 12th year.”
Read More @ MineWeb.com
by Barry Stuppler, Gold Seek:
I am proud to say that I have been actively trading Gold since
President Ford signed legislation that legalized private Gold coin and
bar ownership, which took effect December 31, 1974. During those 37
years the Gold price moved from $103 in August of 1976 to $850 in
January of 1980, and back to $284 per ounce in February of 1985. The
Gold price traded between $250 and $475 from 1985 to 2001, (before the
current bull move started), reaching $1,920 per ounce in September of
last year. During those years I saw reasons for Gold ownership change
from diversification, to speculation, to being an inflation hedge, and a
safe haven investment numerous times. However, until now I have not
seen sizeable purchasing of Gold from the World’s Central Banks, as a
replacement for the U.S. Dollar and Euros, being held as part of their
national reserves. That’s just part of the extraordinary fundamentals
that make the current price of Gold look like the buy of the century.
Let me share these fundamentals with you.
Read More @ GoldSeek.com
I am proud to say that I have been actively trading Gold since
President Ford signed legislation that legalized private Gold coin and
bar ownership, which took effect December 31, 1974. During those 37
years the Gold price moved from $103 in August of 1976 to $850 in
January of 1980, and back to $284 per ounce in February of 1985. The
Gold price traded between $250 and $475 from 1985 to 2001, (before the
current bull move started), reaching $1,920 per ounce in September of
last year. During those years I saw reasons for Gold ownership change
from diversification, to speculation, to being an inflation hedge, and a
safe haven investment numerous times. However, until now I have not
seen sizeable purchasing of Gold from the World’s Central Banks, as a
replacement for the U.S. Dollar and Euros, being held as part of their
national reserves. That’s just part of the extraordinary fundamentals
that make the current price of Gold look like the buy of the century.
Let me share these fundamentals with you. Read More @ GoldSeek.com
Quite why anybody thought that a €1 trillion liquidity blitz through
the banks is better than €1 trillion in genuine QE is beyond me. I think
the ECB
has twisted itself in knots to comply with a dysfunctional mandate,
enshrined in the dysfunctional Maastricht treaty. One error begets
another. This is not a criticism of Mario Draghi.
He had no choice. The Italian and Spanish banking systems were
crumbling last November. He outmanoeuvred the Bundesbank for a few
months and bought time. Unfortunately, that time has run out. What next?
Any reader brainwaves on how we get out of this? – UK TelegraphDominant Social Theme: We’ll need to try something new, and we will.
Free-Market Analysis: The Telegraph‘s Ambrose Evans-Pritchard along with others is sounding the alarm today over a European bank balance-sheet collapse (see above).
“Today’s spike in Italian yields shows that they are running out of LTRO money to keep the game,” he writes. “Spanish five-year debt is over 6pc.”
In simplest terms, the European Central Bank helped out member banks throughout Europe but especially in the Southern PIGS with what are called LTROs – long-term refinancing operations.
Read More @ TheDailyBell.com
Gold Rehypothecation – COMEX, the LBMA, GLD, the Bank of England- IT’S ONE INVENTORY!
from Silver Doctors:
The Doc sat down with Harvey Organ over the holiday weekend to discuss the escalation of the European debt crisis, JP Morgan’s derivatives crisis, and the gold and silver markets.
In this explosive interview, Harvey discusses the cartel’s re-hypothecation of physical gold bullion, and documents how the bullion banks are running a shell game by re-hypothecating/ swapping/ leasing Arab investors’ gold bullion deposited at the Bank of England to the GLD and other ‘gold depositories’.
‘Essentially the GLD vaults hold physical gold metal, but it’s not owned by the GLD. It has to be re-swapped back to the Bank of England. The Bank of England has basically swapped the gold to the GLD, and it’s not even the Bank of England’s gold, it’s Arab investor’s gold! It’s an obligation on the part of the Bank of England to get it back! This goes along with the whole hypothecation/ rehypothecation story of MF Global. The same ounces of gold are going from one place to another to another.
The COMEX, the LBMA, the Bank of England- it’s ONE INVENTORY!! It serves three masters, and the fun begins when they all want it back!‘
A quick glance at today's cross asset class market moves shows a clear standout. The massive outperformance of Gold
(relative to USD strength, Stock weakness, and Treasury yields
tumbling). However, focusing on a slightly longer-term context shows
that it appears you can't keep a good gold market down
as it has merely recovered from its over-zealous selling pressure of
earlier in the week - to resync with FX, stocks, and bonds. Most
importantly, as we pointed out yesterday, it is now clear once again that 'sexy, smart' stocks knew nothing then (for the fourth time this week) - but keep on believing, as we will focus on 'other' asset classes as a signal.
Who???
from Silver Doctors:
The Doc sat down with Harvey Organ over the holiday weekend to discuss the escalation of the European debt crisis, JP Morgan’s derivatives crisis, and the gold and silver markets.
In this explosive interview, Harvey discusses the cartel’s re-hypothecation of physical gold bullion, and documents how the bullion banks are running a shell game by re-hypothecating/ swapping/ leasing Arab investors’ gold bullion deposited at the Bank of England to the GLD and other ‘gold depositories’.
‘Essentially the GLD vaults hold physical gold metal, but it’s not owned by the GLD. It has to be re-swapped back to the Bank of England. The Bank of England has basically swapped the gold to the GLD, and it’s not even the Bank of England’s gold, it’s Arab investor’s gold! It’s an obligation on the part of the Bank of England to get it back! This goes along with the whole hypothecation/ rehypothecation story of MF Global. The same ounces of gold are going from one place to another to another.
The COMEX, the LBMA, the Bank of England- it’s ONE INVENTORY!! It serves three masters, and the fun begins when they all want it back!‘
What Does Gold Know That Stocks Don't?
A quick glance at today's cross asset class market moves shows a clear standout. The massive outperformance of Gold
(relative to USD strength, Stock weakness, and Treasury yields
tumbling). However, focusing on a slightly longer-term context shows
that it appears you can't keep a good gold market down
as it has merely recovered from its over-zealous selling pressure of
earlier in the week - to resync with FX, stocks, and bonds. Most
importantly, as we pointed out yesterday, it is now clear once again that 'sexy, smart' stocks knew nothing then (for the fourth time this week) - but keep on believing, as we will focus on 'other' asset classes as a signal."Big Idea Solution": Radically Lower The Cost Basis Of The Entire Economy
We are constantly told all our problems are too complex to be addressed with simple "big idea" solutions. Complex problems require complex solutions, we are assured, and so the "solutions" conjured by the Central State/Cartel Status Quo are so convoluted and complex (for example, the 2,319-page Dodd-Frank Wall Street Reform and Consumer Protection Act or the 2,074-page Obamacare bill) that legislators say they must "pass the bill to see what's in it." The real "solution" is to see that complexity itself is the roadblock to radical reformation of failed systems. Complexity is the subterfuge the Status Quo uses to erect simulacra "reforms" while further consolidating their power behind the artificial moat of complexity. Over the next three days, I will present three "big idea" solutions that cut through the self-serving thicket of complexity. Nature is complex, but it operates according to a set of relatively simple rules. The interactions can be complex but the guiding principles can be, and indeed, must be, simple. Big Idea One: Radically lower the cost basis of the entire U.S. economy. The cost basis of any activity is self-evident: what are the total costs of the production of a good or service? The surplus produced is the net profit which can be spent on consumption or invested in productive assets (or squandered in mal-investments).As Broke Bankia Runs Out Of Toasters, It Has A Bold Solution: A Spiderman Beach Towel
A week ago we tweeted, jokingly, or so we thought, the following:Rumor Europe has run out of toasters to hand out with new checking accountsAs it turns out it was no joke. Because instead ot the Generally Accepted Depositor Principles bauble generically handed out to witless investors, what Bankia is now resorting to is... a Spiderman Beach Towel in exchange for a €300 deposit.
— zerohedge (@zerohedge) May 24, 2012
The Third World Is Giving Up On Europe
First it was Nigeria cutting back its European exposure, now it is South Africa's turn:- S. AFRICA'S MARCUS: SCALE OF GLOBAL CRISIS IS `HUGE'
- MARCUS: WORLD IN WORST POSITION NOW THAN BEFORE CRISIS
- MARCUS: CENBANK MONITORING POSSIBILITY OF CONTAGION
Who???
While we can argue over which exact position Iksil and his crew had on,
the widening in IG9 10Y spreads post-Dimon signals an unwind of epic
proportions continues. It seems the mainstream media has grown tired of
discussing skews, basis, curves, tranches, and tail-risk but for those
who care about the reality that JPMorgan faces – we note that the credit index most closely tied to the CIO’s office debacle continues to push wider. Today sees the spread at six-month wides (up a hulking 33% since Dimon’s mea crapa).
Perhaps this helps explain why JPM just can’t get a bid (or hold onto
one even after last week’s ECB/Fed print rumors) as its stock’s price
hovers just in the red YTD (with a $32 handle).
Read More @ Zerohedge
by J. D. Heyes, Natural News:
Scores of experts and analysts have feared for months that it would
happen, and now it has: Radiation from the heavily damaged nuclear power
plants at Japan’s Fukushima complex has made it into the seafood chain
off the coast of America.
Small amounts of cesium-137 and cesium-134, both radioactive elements released after a major earthquake-caused tsunami damaged at least three reactors at the site along Japan’s northeastern coast in March 2011, have been found in at least 15 tuna that were recently caught off the coast of California, scientists have said.
The finding suggests that the fish may have carried the contamination across the Pacific Ocean faster than wind or water has been able to do, and months earlier than wind and water brought debris from the damaged nuclear plant across the ocean to the shores of Alaska and the Pacific Northwest, said Reuters.
Read More @ NaturalNews.com
Scores of experts and analysts have feared for months that it would
happen, and now it has: Radiation from the heavily damaged nuclear power
plants at Japan’s Fukushima complex has made it into the seafood chain
off the coast of America.Small amounts of cesium-137 and cesium-134, both radioactive elements released after a major earthquake-caused tsunami damaged at least three reactors at the site along Japan’s northeastern coast in March 2011, have been found in at least 15 tuna that were recently caught off the coast of California, scientists have said.
The finding suggests that the fish may have carried the contamination across the Pacific Ocean faster than wind or water has been able to do, and months earlier than wind and water brought debris from the damaged nuclear plant across the ocean to the shores of Alaska and the Pacific Northwest, said Reuters.
Read More @ NaturalNews.com
from TF Metals Report:
It’s beginning to look a lot like 2008. Everywhere you go. Selling
anything you can find, can ease your liquidity bind. From gold to stocks
to crude and the eur-oh.
Wow! Does anyone else have deja vu, all over again? If it isn’t nailed down, it’s getting thrown out today. We’re either at the end of this liquidation cycle/event or we’re just at the beginning. Time will tell, I guess. I mean, for crying out loud, look at the euro. It’s right at the lows of 2008 and just points away from the lows of early 2010.
Read More @ TF Metals Report.com
It’s beginning to look a lot like 2008. Everywhere you go. Selling
anything you can find, can ease your liquidity bind. From gold to stocks
to crude and the eur-oh.Wow! Does anyone else have deja vu, all over again? If it isn’t nailed down, it’s getting thrown out today. We’re either at the end of this liquidation cycle/event or we’re just at the beginning. Time will tell, I guess. I mean, for crying out loud, look at the euro. It’s right at the lows of 2008 and just points away from the lows of early 2010.
Read More @ TF Metals Report.com
By Nickolai Hubble, DailyReckoning.com.au:
The media is stuck in a twilight zone when it comes to Europe. It has
been repeating the same headlines and articles for months now. If Greece
is a slow motion train wreck, the emphasis is on ‘slow motion’.
Meanwhile, the stock market has been all over the place.
But there is a funny side to the Greek crisis. It’s thrown a spanner in the works of contradictory conventional wisdom. The two armed economist is making a comeback.
Who? The two armed economist is the one who always says ‘on the one hand X, but on the other hand Y’. That’s an economist’s way to say ‘I dunno’. Most economists are one armed and so only give you the X or the Y, depending on their source of income and career goals. The two armed economist is always driven to acknowledge his two hands each have a mind of their own.
Read More @ DailyReckoning.com.au
The media is stuck in a twilight zone when it comes to Europe. It has
been repeating the same headlines and articles for months now. If Greece
is a slow motion train wreck, the emphasis is on ‘slow motion’.
Meanwhile, the stock market has been all over the place. But there is a funny side to the Greek crisis. It’s thrown a spanner in the works of contradictory conventional wisdom. The two armed economist is making a comeback.
Who? The two armed economist is the one who always says ‘on the one hand X, but on the other hand Y’. That’s an economist’s way to say ‘I dunno’. Most economists are one armed and so only give you the X or the Y, depending on their source of income and career goals. The two armed economist is always driven to acknowledge his two hands each have a mind of their own.
Read More @ DailyReckoning.com.au
from KingWorldNews:
Richard T. O’Brien: President and CEO of Newmont Mining Corporation –
Mr. O’Brien has been with $24 billion Newmont Mining since July 2007.
He has over 25 years of broad financial and operational experience in
the energy, power and natural resources businesses. Newmont Mining
Corporation is primarily a gold producer, with significant assets or
operations in the United States, Australia, Peru, Indonesia, Ghana,
Canada, New Zealand and Mexico. Founded in 1921 and publicly traded
since 1925, Newmont is one of the world’s largest gold producers and is
the only gold company included in the S&P 500 Index and Fortune 500.
LISTEN NOW @ KingWorldNews.com
Richard T. O’Brien: President and CEO of Newmont Mining Corporation –
Mr. O’Brien has been with $24 billion Newmont Mining since July 2007.
He has over 25 years of broad financial and operational experience in
the energy, power and natural resources businesses. Newmont Mining
Corporation is primarily a gold producer, with significant assets or
operations in the United States, Australia, Peru, Indonesia, Ghana,
Canada, New Zealand and Mexico. Founded in 1921 and publicly traded
since 1925, Newmont is one of the world’s largest gold producers and is
the only gold company included in the S&P 500 Index and Fortune 500.LISTEN NOW @ KingWorldNews.com
by Adrian Ash, Mineweb
So “HEDGE FUNDS find ways to trade Euro misery,” according to a
Reuters headline. And with no hint of irony, the newswire includes gold
in its list.
Haw! “Greenlight Capital’s David Einhorn recently said he is bullish on gold and gold miners, in part because of concern about the fallout from a Eurozone meltdown,” Reuters goes on. Yet the Eurozone meltdown, to date, has done nothing for gold investing but show it up as a failed “safe haven” – a has-been, a fraud, a charlatan.
Today’s drop back through $1560 per ounce came precisely as the single currency sank through $1.24 on the foreign exchange market. So is the Euro as good as gold, or is gold investing in fact only as “good” as the Euro?
Read More @ MineWeb.com
So “HEDGE FUNDS find ways to trade Euro misery,” according to a
Reuters headline. And with no hint of irony, the newswire includes gold
in its list.Haw! “Greenlight Capital’s David Einhorn recently said he is bullish on gold and gold miners, in part because of concern about the fallout from a Eurozone meltdown,” Reuters goes on. Yet the Eurozone meltdown, to date, has done nothing for gold investing but show it up as a failed “safe haven” – a has-been, a fraud, a charlatan.
Today’s drop back through $1560 per ounce came precisely as the single currency sank through $1.24 on the foreign exchange market. So is the Euro as good as gold, or is gold investing in fact only as “good” as the Euro?
Read More @ MineWeb.com
from Gold Core:
Determined selling at the $1,580/oz level capped gold yesterday prior
to a bout of sharp selling. This saw gold quickly fall $20 from
$1,575/oz to $1,555/oz on heavy volume. Tuesday’s COMEX gold futures
volume was well over 450,000 lots – which is close to the record for
2012 and volume more than doubled its 30 day average.
Counter intuitively, gold turned sharply lower due to another bout of concentrated selling despite a distinct lack of market moving news – indeed market news was quite gold bullish. There were mere rumours that Egan Jones had downgraded Spain. The downgrade rumour , which was subsequently confirmed, saw the euro fall only marginally – from 1.253 to 1.248 and little movement in equities.
Gold is weaker again today despite heightened risk aversion on fears that the euro crisis is escalating. Concerns about Italy have resurfaced after their 10 year bond yield rose above the important 6% level this morning.
Gold has recently tracked the euro as many investors opted for the dollar over safe haven gold bullion in the near term. This was graphically seen during the Lehman and AIG crisis when gold also fell in the short term prior to quickly basing and making a speedy recovery soon after.
Read More @ GoldCore.com
Today’s Items:
Finally, Please prepare now for the escalating economic and social unrest. Good Day
3 Years...2,285 posts... to help keep YOU informed...and only 7 Donations (Thank You Donors) Total raised $165.00...
Please Donate
Thank You
Determined selling at the $1,580/oz level capped gold yesterday prior
to a bout of sharp selling. This saw gold quickly fall $20 from
$1,575/oz to $1,555/oz on heavy volume. Tuesday’s COMEX gold futures
volume was well over 450,000 lots – which is close to the record for
2012 and volume more than doubled its 30 day average. Counter intuitively, gold turned sharply lower due to another bout of concentrated selling despite a distinct lack of market moving news – indeed market news was quite gold bullish. There were mere rumours that Egan Jones had downgraded Spain. The downgrade rumour , which was subsequently confirmed, saw the euro fall only marginally – from 1.253 to 1.248 and little movement in equities.
Gold is weaker again today despite heightened risk aversion on fears that the euro crisis is escalating. Concerns about Italy have resurfaced after their 10 year bond yield rose above the important 6% level this morning.
Gold has recently tracked the euro as many investors opted for the dollar over safe haven gold bullion in the near term. This was graphically seen during the Lehman and AIG crisis when gold also fell in the short term prior to quickly basing and making a speedy recovery soon after.
Read More @ GoldCore.com
by Peter Cooper, Arabian Money:
Gold prices may have fallen out of bed over the past four months. But
gold as a currency is gaining ground as gold reserves are increasingly
being allocated a more important role in the coming new economic order.
Under a $3.5 billion stabilisation plan being promoted in Germany as the European Redemption Pact the heavily indebted eurozone states would use hard assets such as their gold and currency reserves to back a new type of euro bond.
Gold backed
By back stopping with gold and other currencies the fear of euro bonds opening a pandora’s box of additional spending would be closed. Basically public debts above 60 per cent of GDP would be pooled into the ERP.
Read More @ arabianmoney.net
Gold prices may have fallen out of bed over the past four months. But
gold as a currency is gaining ground as gold reserves are increasingly
being allocated a more important role in the coming new economic order.Under a $3.5 billion stabilisation plan being promoted in Germany as the European Redemption Pact the heavily indebted eurozone states would use hard assets such as their gold and currency reserves to back a new type of euro bond.
Gold backed
By back stopping with gold and other currencies the fear of euro bonds opening a pandora’s box of additional spending would be closed. Basically public debts above 60 per cent of GDP would be pooled into the ERP.
Read More @ arabianmoney.net
by Prof. James F. Tracy, Global Research:
The police state’s framework for suppressing information and opinion
arguably threatens all forms of independent thought and appears poised
to intensify as the “war on terror” continues. As the recent emergence
of US plans for indoctrination in reeducation camps reveals, Western
governments’ actual enemy is the capacity for a people to exercise
critical thought en route to intervening in and altering
political-economic processes.
Public opinion—defined by 19th century English political thinker William MacKinnon as “that sentiment on any given subject which is entertained by the best informed, most intelligent, and most moral persons in the community”—is fundamentally at odds with police state prerogatives also exemplified in recent US Department of Homeland Security documents.
Read More @ GlobalResearch.ca
The police state’s framework for suppressing information and opinion
arguably threatens all forms of independent thought and appears poised
to intensify as the “war on terror” continues. As the recent emergence
of US plans for indoctrination in reeducation camps reveals, Western
governments’ actual enemy is the capacity for a people to exercise
critical thought en route to intervening in and altering
political-economic processes.Public opinion—defined by 19th century English political thinker William MacKinnon as “that sentiment on any given subject which is entertained by the best informed, most intelligent, and most moral persons in the community”—is fundamentally at odds with police state prerogatives also exemplified in recent US Department of Homeland Security documents.
Read More @ GlobalResearch.ca
from The American Dream:
Do you believe that parents should be able to spank their children?
Do you ever express that opinion to others? If so, then you could be
sent to prison. Sadly, that is exactly what happened to one pastor up
in Wisconsin recently. A minister named Philip Caminiti was sentenced to 2 years in prison
for simply teaching that parents should spank their children when they
misbehave. Please note that Caminiti was not accused of spanking anyone
or of physically hurting anyone. He was put in prison simply for his
speech. He was put in prison simply for what he was teaching others to
do. Whether you agree with spanking or not, this should be incredibly
sobering for all of us.
Read More @ EndOfTheAmericanDream.com
Do you believe that parents should be able to spank their children?
Do you ever express that opinion to others? If so, then you could be
sent to prison. Sadly, that is exactly what happened to one pastor up
in Wisconsin recently. A minister named Philip Caminiti was sentenced to 2 years in prison
for simply teaching that parents should spank their children when they
misbehave. Please note that Caminiti was not accused of spanking anyone
or of physically hurting anyone. He was put in prison simply for his
speech. He was put in prison simply for what he was teaching others to
do. Whether you agree with spanking or not, this should be incredibly
sobering for all of us. Read More @ EndOfTheAmericanDream.com
by Jeff Berwick, Dollar Vigilante:
Gary North is an icon in the Austro-libertarian world, and writes
more in a day than most will write in their lifetimes. The majority of
what he says is excellent and it is well worth your time listening to
whatever he has to say.
In his recent article, entitled, “Why We Are Not On The Road to Serfdom”, he takes a slightly different perspective than TDV on the state of liberty in the USSA. In it, he makes many good points and tries to lay out the case that because the US Government is on the verge of financial collapse, we should be optimistic about the future. He opens his argument with the following statement: “the federal government is no deeper into our pockets than it was in 1947,” and presents us with the following chart:
Read More @ DollarVigilante.com
by Greg Hunter, USAWatchdog:
You know things are heating up when the banks start with scare
tactics. In Greece, the bankers are in full court press to sway voters
for next month’s election. Reuters reported yesterday, “In a
report released ahead of an election on June 17 that may determine
whether the country stays in the single currency, the country’s biggest
bank said the risk of Athens exiting the euro was no longer just a
theoretical possibility, warning that the fallout from such a move would
be dramatic. ‘An exit from the euro would
lead to a significant decline in the living standards of Greek
citizens,’ the NBG wrote ahead of a vote which parties opposed to
austerity measures that have kept Greece in the euro so far have a
chance of winning.” (Click here for the complete Reuters story.)
Read More @ USAWatchdog.com
Gary North is an icon in the Austro-libertarian world, and writes
more in a day than most will write in their lifetimes. The majority of
what he says is excellent and it is well worth your time listening to
whatever he has to say. In his recent article, entitled, “Why We Are Not On The Road to Serfdom”, he takes a slightly different perspective than TDV on the state of liberty in the USSA. In it, he makes many good points and tries to lay out the case that because the US Government is on the verge of financial collapse, we should be optimistic about the future. He opens his argument with the following statement: “the federal government is no deeper into our pockets than it was in 1947,” and presents us with the following chart:
Read More @ DollarVigilante.com
You know things are heating up when the banks start with scare
tactics. In Greece, the bankers are in full court press to sway voters
for next month’s election. Reuters reported yesterday, “In a
report released ahead of an election on June 17 that may determine
whether the country stays in the single currency, the country’s biggest
bank said the risk of Athens exiting the euro was no longer just a
theoretical possibility, warning that the fallout from such a move would
be dramatic. ‘An exit from the euro would
lead to a significant decline in the living standards of Greek
citizens,’ the NBG wrote ahead of a vote which parties opposed to
austerity measures that have kept Greece in the euro so far have a
chance of winning.” (Click here for the complete Reuters story.) Read More @ USAWatchdog.com
from The Economic Collapse Blog:
Warren Buffett once said that derivatives are “financial weapons of
mass destruction”, and that statement is more true today than it ever
has been before. Recently, JP Morgan made national headlines when it
announced that it was going to take a 2 billion dollar loss
from derivatives trades gone bad. Well, it turns out that JP Morgan
did not tell us the whole truth. As you will see later in this article,
most analysts are estimating that the losses will eventually be far
larger than 2 billion dollars. But no matter how bad things get for JP
Morgan, it will not be allowed to fail. JP Morgan is the largest bank
in the United States, so it is essentially the “granddaddy” of the too big to fail banks.
If JP Morgan gets to the point where it is about to collapse, the U.S.
government and the Federal Reserve will rush in to save it.
Read More @ TheEconomicCollpaseBlog.com
Warren Buffett once said that derivatives are “financial weapons of
mass destruction”, and that statement is more true today than it ever
has been before. Recently, JP Morgan made national headlines when it
announced that it was going to take a 2 billion dollar loss
from derivatives trades gone bad. Well, it turns out that JP Morgan
did not tell us the whole truth. As you will see later in this article,
most analysts are estimating that the losses will eventually be far
larger than 2 billion dollars. But no matter how bad things get for JP
Morgan, it will not be allowed to fail. JP Morgan is the largest bank
in the United States, so it is essentially the “granddaddy” of the too big to fail banks.
If JP Morgan gets to the point where it is about to collapse, the U.S.
government and the Federal Reserve will rush in to save it. Read More @ TheEconomicCollpaseBlog.com
Today’s Items:
The Bank of England is poised to cut
interest rates or launch another round of quantitative easing, not if,
but when, the euro collapses. The money printing is expected to be about
a sum of £325 billion which could be extended. Of course, you can be
assured that Sugar Daddy Benji Bernanke, at the Fed, will be turning the
digital money press up to warp nine as well.
Next…
Homes Prices Drop 2% to Post-Crisis Lows as Consumer Confidence Plunges
http://www.cnbc.com
http://news.yahoo.com
Homes Prices Drop 2% to Post-Crisis Lows as Consumer Confidence Plunges
http://www.cnbc.com
http://news.yahoo.com
Home prices fell in the first quarter to
new post-crisis lows; however, prices were up in March from February for
the first time in seven months. Las Vegas continues to be the worst
housing market. Meanwhile, consumer confidence, which accounts for 70%
of economic activity, had its biggest drop in eight months in May.
The GOP leadership in the House of
Representatives announced that HR 459 to fully audit the Federal Reserve
will come to a vote in July. You know, to give time for Federal Reserve
operatives to apply the necessary pressure to ensure the vote goes the
way they want it to go. Do not be surprised if there is an addendum to
the bill extending the Federal Reserve for another 100 years and that
the audit will be watered down to the point that it will only verify
that the Federal Reserve buildings have not been stolen. Who will be
the person who introduces the 100 year extension? Most likely, none
other than outgoing representative Barney Frank who helped bring us the
housing crisis.
Here are a few…
1. Cannibalism is alive and well in America. It’s what’s for dinner.
2. Many of our major cities are turning into war zones.
3. These days, most people do not seem to care if you are pregnant.
4. Flash mobs continue to rob convenience stores all over the country.
1. Cannibalism is alive and well in America. It’s what’s for dinner.
2. Many of our major cities are turning into war zones.
3. These days, most people do not seem to care if you are pregnant.
4. Flash mobs continue to rob convenience stores all over the country.
Like California, refugees are fleeing New
York State because of high taxes. In ten years, New York has lost 3.4
million taxpayers to lower tax states. For example, 612,000 moved to
Florida. Of that, between 2009 and 2010 alone, 40,195 New York residents
moved to Florida, taking $1.3 billion in income. Hopefully, although
unlikely, these people realize the error demanding more government
services.
Right out of some nightmare communist
manifesto, Wisconsin judge, Patrick Fiedler, has decided that families
cannot drink the milk from their own cows on their own property.
Apparently, this judge needs to be impeached.
3 Years...2,285 posts... to help keep YOU informed...and only 7 Donations (Thank You Donors) Total raised $165.00...
Please Donate
Thank You
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vp2-xvG3Gq3B0AUHX3cI1agoQZL_o2eiA9UxlNfFbcaFoySbg3woD_-UK5BOGnfqErrJQqJVIu6ZWlg4r9tzbEnKggbWvaYcU0Pw7qEesTYTAgrOFbAJGaIvi-a6uV8pb-QA=s0-d)
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vuwA7QFiXdCSpt1sLHz4SWIYvHEp6QrOx1Ih7YYSQET4L9xtPxwkZd6X5whWuQC5SSYaO2FVbxptYkQiysxWLZ8RR9Bq5nHOkxH_mJ782x6nCjnw6BpXM9txkedyf9LCmXUpqw=s0-d)
No comments:
Post a Comment