As RBS' ATM "Glitch" Enters Fifth Day, The Bailed Out Bank Issues A Statement

Over the past week, various entities controlled by bailed out UK-bank RBS, focusing primarily on NatWest, have seen clients unable to access virtually any of their funds, perform any financial transactions, or even get an accurate reading of their assets. The official reason: "system outage"... yet as the outage drags on inexplicably for the 5th consecutive day, the anger grows, as does speculation that there may be more sinister reasons involved for the cash hold up than a mere computer bug.

Turns Out China IS Lying About Everything

In what may come as a shocking surprise to exactly nobody, the next great discovery as more and more layers of the global ponzi onion are exposed, is that China was, in fact, lying about everything. Yes, we know, stunning.

Europe 1-2-3

There are two significant events that will be decided in the forthcoming days. Each will change the face of the European Union. The first is Greece; a little country with a total debt of $1.3 trillion and likely to default. The calculations in Athens are how to get more money out of Germany and the calculations in Berlin is whether a default is less costly, both politically and economically, than giving Greece more money. Debt forgiveness has never even been mentioned so I think we can rule out this possibility as it would have been floated by the German public for review and reaction. The Troika shows up Monday in Athens, they will find all targets missed, all promises unkempt and all hopes for salvation dashed upon the Greek floor along with the plates. The Greeks will beg and plead and threaten and the Germans will decide. In the end I think Greece will be allowed to stay in the EU to preserve the dream, that they will default, that they will return to the Drachma and that they will receive some kind of debtor in possession financing so that the country does not collapse. That is my best guess. Cheaper tourism and cheaper ships will help with their competiveness but it will be years before Greece is allowed back into the Eurozone as a voting member. The second item on the docket is Spain. They need a total of around $350-400 billion dollars to straighten out their banking system and their regional debt. Money lent to the banks in some fashion, not currently allowable under the various policies but you never know, or money lent to the sovereign to be lent to the banks will be just the first tranche of funding. It will be followed by more money lent to the regions of Spain which may take another novel approach but no matter. Spain is about to be run out of Germany no matter how all of the trivialities play out and so the impositions of the Men in Black are about to be put in place. So long to the importance of Madrid and thanks for all of the entertainment. You have been caught and are about to be hung out to dry and enjoy the ice wine that Germany will provide for your congratulatory dinner. Rajoy was right, a “Great Victory for Europe;” serving ice wine in Madrid.

Military Rolls Tanks Onto St. Louis Streets...But Why?

I have to say that this event, which is being labeled a "training exercise", makes very little sense to me.  U.S. Army troops all the way from Maryland running open exercises in armored personnel carriers on the busy streets of St. Louis?  I know Maryland is a small state, but is there really not enough room at Ft. Detrick to accommodate a tank column and some troops?  Are there not entire fake neighborhood and town complexes built with taxpayer dollars on military bases across the country meant to facilitate a realistic urban environment for troops to train in?  And why travel hundreds of miles to Missouri?  At the very least, this is a massive waste of funds.

"One Cannot Operate A Capitalist System If The State Can Borrow At A Negative Cost"

"I could go on and on with other examples, but let’s just get to the point: one cannot operate a capitalist system if the state can borrow at a negative cost. Years of irresponsibly loose monetary policy in the US has led to cheap funding for the US (and other) governments, but difficult credit conditions for the  private sector all around the world. As I underlined in How The World Works, negative real rates leads to misallocation of capital which ends in asset deflation, while simultaneously limiting the capacity for recovery by driving out the private sector.... The Fed has been managed by a bunch of Keynesians who care nothing about the role of the dollar as a reserve currency and who probably believed they were managing the central bank of Belorussia or Zimbabwe!"

Does Syria Want A War?

It seems pretty clear that the Syrians know the consequences of their actions. NATO (including deluded US hawks who are happy to ignore the disastrous consequences of the drug war on the US border while talking up more intervention in the middle east) and the NATO-backed Syrian opposition has been looking for any excuse to get stuck into a new interventionist mission. We know that the NATO-backed opposition were prepared to try and get a British journalist killed in a false flag operation in order to trigger a Western intervention. So why did Russia-armed Syria do it? And why (given the age of F-4 aircraft, it could easily have crashed of its own accord giving the Syrians a lot of plausible deniability) are they not at least denying that they shot it down? Is it possible that the wider Eurasian anti-American coalition led by the Russians and the Chinese are confident that NATO will not intervene out of fear of triggering a wider war? After all the Russian naval base has been a great obstacle to NATO intervention. Libya didn’t have any Russian bases, and it took far less internal violence for NATO to intervene there.

Gold Chart and Comments

Trader Dan at Trader Dan's Market Views - 4 hours ago

Gold did not have a good week ending down $61 or 3.7% from the prior week's closing print. As we all know by now, disappointment by bulls who had bought out ahead of the FOMC meeting and statement, was quickly reflected in the initial drop lower when the statement hit the wires. However, during that same day, there was a reconsideration after parsing the statement and the price rebounded taking back most of the losses. After further reflection overnight, the sentiment once again soured and down it went plunging through $1600 in the process and closing near the low of the week and th... more » 

 

Trader Dan on King World News Markets and Metals Wrap

Trader Dan at Trader Dan's Market Views - 5 hours ago

Please click on the following link to listen in to my weekly radio interview with Eric King on the KWN Markets and Metals Wrap. *http://tinyurl.com/6qvpz4g* ** 

 

You Cannot Deny Reality

Admin at Jim Rogers Blog - 6 hours ago

German tax payers have made a mistake. Why should they be bailing out banks, while Greece is sitting on the beach drinking wine? So, I would let them go bankrupt; it will cause pain but a lot of other European countries had horrible pains few years ago but now they are booming. You cannot deny reality. You should take the pain and get over with it. - *in NDTV * *Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and i... more » 

 

Marking time waiting for the Eu Summit next week

Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 7 hours ago

Good morning Ladies and Gentlemen: Before commencing, I would like to report that we had no banking casualties last night as such no new entrants into our morgue. Gold closed up today to the tune of $1.50 to $1666.00 by comex closing time.  The price of silver however was a little more subdued falling by 18 cents to $26.65, Yesterday Europe bourses were in the red catching up to all of the

 

Cash-strapped Municipalities Across America

Eric De Groot at Eric De Groot - 7 hours ago

As desperate, cash-strapped municipalities across America search for answers, these outcomes will become more common. Headline: Stockton bankruptcy likely to be costly mess SAN FRANCISCO — A costly mess, including court battles with employees and lenders that could stretch over years, is likely to await Stockton, California, if it cannot reach a last-minute deal with creditors and becomes... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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