from Silver Doctors:
*Breaking Reports: Cyber Bank Raid in Progress Targeting US, UK, Euro-zone Banks*UK’s Sky News has just reported that a huge worldwide cyber bank raid is ongoing- €60 million have been confirmed stolen through 1 server, and a total of €2 billion is estimated to have been stolen through an additional 59 servers!
Sky News is reporting that McAfee Virus has uncovered a series of financial attacks on US, UK, and Euro-zone banks with individual transfers of over €100,000 being reported.
Is this an extension of RBS’ NatWest’s complete banking system melt-down/ cash account rehypothecation, which is now in its 8th day?
Our thoughts are this is either an Iranian ‘Stuxnet’ retaliation, or a false-flag banking system lock up by the Western Central Banks themselves on which they can conveniently pin the blame for an imminent derivatives induced contagion and banking collapse. Read More…
Egan Jones Downgrades Germany From AA- To A+
The unstoppable Egan-Jones juggernaut continues
Supply Chain Slowdown Signals US Economic Slump Ahead
The
American Chemistry Council's chief economist Kevin Swift created a
'Chemical Activity Barometer' which tracks chemical production and
prices, hours worked at producers, and manufacturing output among other
factors. As indicated in today's Bloomberg Chart-of-the-Day, this
indicator, based on its 'earliness in the supply chain' provides
a signal that "the outlook for the economy is slowing during the next
six to nine months" since 96% of manufactured goods are derived in part
from materials produced by the US chemical industry.
Three-month declines of 3% or more have preceded all but one recession
since 1947 and it is currently down over 2.5% from its highs in March
suggesting sub-par growth is coming.
Supply Chain Slowdown Signals US Economic Slump Ahead
The
American Chemistry Council's chief economist Kevin Swift created a
'Chemical Activity Barometer' which tracks chemical production and
prices, hours worked at producers, and manufacturing output among other
factors. As indicated in today's Bloomberg Chart-of-the-Day, this
indicator, based on its 'earliness in the supply chain' provides
a signal that "the outlook for the economy is slowing during the next
six to nine months" since 96% of manufactured goods are derived in part
from materials produced by the US chemical industry.
Three-month declines of 3% or more have preceded all but one recession
since 1947 and it is currently down over 2.5% from its highs in March
suggesting sub-par growth is coming.As The ECB's Balance Sheet Hits A New Record High, Fair EURUSD Value Is 900 Pips Lower
Hours ago, in addition to making Cypriot sovereign bonds no longer eligible as collateral at the ECB, the European Central Bank also announced something that received less attention, namely that its balance sheet rose by €31 billion in the past week (due to an increase in the MRO) to a new all time record high of €3.058 trillion. In other words, even as the Fed's balance sheet continues to be flat, or is even modestly declining, the ECB continues to pick up the monetary slack with all new fiat ending up to benefit the US capital markets. Now as frequent readers know, this latest shift in the relative size of the two critical CB balance sheets also means something else: that the fair value of thje EURUSD implied purely on balance sheet correlation, a relationship that historically worked perfectly, yet in recent months has broken down due to the market's conviction that more QE is coming any minute now, is now just above 1.16, or just shy of 900 pips lower from here.
Momentarily Stepping Back From The Trees To Show These Two Charts Of The Forest
Every time we get too bogged down by details, minutae, nuances, footnotes, rumors, lies, or, at the very bottom of the bullshit pyramid, European politician promises, and think that maybe, just maybe, there is a way to fix the mess we are in, we take a quick look at what is in store (most recently recapped by Deutsche Bank in the form of the following two charts) and quickly realize that all concerns about a happy ending have been for nothing.
In Harbinger Of Much More Pain To Come, SEC Sues Phil Falcone
Things appear to be going from worse to worserer as the failure of Light-Squared appears to have been a 'harbinger' of pain to come for the man who was 188th richest in the US. As Bloomberg notes:- *SEC SAID TO AUTHORIZE LAWSUIT AGAINST HARBINGER'S PHIL FALCONE
- *SEC SAID TO PLAN TO SUE FALCONE OVER TAX LOAN, GOLDMAN DEAL
- *SEC MAY FILE LAWSUIT AGAINST FALCONE AS EARLY AS THIS WEEK
- *FALCONE LAWSUIT MAY INCLUDE CLAIM OF MARKET MANIPULATION
"Mr. Euro" named Greek finance minister
Eric De Groot at Eric De Groot - 2 hours ago
Could there have been any other choice than Mr Euro? Headline: "Mr. Euro"
named Greek finance minister ATHENS (Reuters) - Yannis Stournaras, an
affable and well-respected liberal economist, was appointed Greece's new
finance minister on Tuesday after the sudden resignation of the first
choice for the job at a crucial moment for the debt-laden country. The new
conservative-led government...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]The EU Summit Scenario Matrix
With any and every European leader talking unilaterally (and only one worth listening to, given the market's reactions),
we ask and answer what should investors expect from the forthcoming EU
Summit and what are the investment implications? Morgan Stanley's
Arnaud Mares offers a succinct analysis of the three key axes being
debated around the 'banking union' premise: a European Deposit
Guarantee Scheme (DGS); a Common rule book and European level bank
supervisor; and a federal resolution regime (and, in some proposals, a federal recapitalisation vehicle). The base-case view is that the current set of EU banking union proposals, whilst directionally helpful, are too long-term or too timid to address the 'crisis'
with supervision stratified and insufficiently federal leading
investment implications of little meaningful relief in Eurozone banking
and sovereign credit markets. Recent comments from European ministers
suggest that the path to federalized Banking Union will be far from an easy one, given the tightly interconnected federal debate.Santelli And Taylor On Hayekian Rules And Saving America's Economic Future
There
is a certain irony to the fact that John Taylor, he of the infamous
'Taylor Rule' policy tool, conjures Hayek and the need for
policy-makers to base decisions on 'rules' as opposed to the whim of
short-termist solutions and band-aids. In an excellent discussion
starting from Hayek and the foundations of Austrian economics
'rules-based-policy', Santelli and Taylor opine that 'policy must be more predictable'
as fiscal cliffs, monetary uncertainty, and policy confusion weighs on
both sentiment and businesses willingness (or ability) to make plans.
Critically, they point out the dilemma that the short-cuts to solve immediate problems are in and of themselves unpredictable and so a longer-term rules-based strategy - which empirically has led to re-election (which may come as a surprise to many who see palliatives as populist vote-buying) - is a far better solution
both politically and economically. The two go on to discuss the
inability (or unwillingness) to enforce existing legislation (as opposed
to new regulatory pressures) and the Hakeyian suggestion that those in
power feel the need to do something different (or 'fine-tune') as
opposed to enforce and continue strong rules-based policy which leads to
short-term 'confusing' interventions.Primary Dealer Take Down Hits 2012 High In 2 Year $35 Billion Treasury Auction
With Operation Twist being extended for another 6 months, forcing Primary Dealers to buy up all the short-end bonds from the Fed, the last thing the Dealer community needed at today's 2 Year bond auction was to be stuck holding the bag. Which is precisely what happened: the Treasury sold $35 billion in fresh 2 year paper as the first auction of this week's trio of bond issuance, at a yield of 0.313%, the highest since March even if in line with the When Issued, and a Bid To Cover of 3.62, the lowest since February. But the key internal indicator was the distribution between the Primary Dealer take down and everyone else: at 60.4% of the entire offering or $21 billion, going to Dealers, this was the highest notional having to be stuffed in the channels of the Primary Dealer repo market since December 2011. Naturally, the offset, Direct and Indirect takedown, was quite low, with Indirect bidders holding just 31.69% of the auction, or the lowest since December as well. Unless the PDs can offload the bonds quickly and effectively, this means they are stuck with another product for $21 billion which will generate returns far lower than ROI and ROE breakevens, and force them to take even more risks with whatever other capital they have lying around courtesy of US depositors.
People like to ask about dates. “When do you think the collapse will
happen?” they ask. What are your thoughts on the Mayan calendar? How
’bout December 21st, 2012?
Most of us informed and awake folks aren’t interested in trying to predict specific dates. That’s an art best left to Nostradamus. That said, highly respected truth tellers James Turk and John Williams have both tied dates to predictions. In an interview with James Turk he told me that he thinks we will see $400 silver and $8,000 gold some time between 2013-2015. And John Williams firmly believes the die has been cast for hyperinflation in the United States, likely beginning in 2014.
Over the past 48 hours we’ve stumbled across three separate pieces of information, all predicting essentially the exact same thing regarding a fall 2012 economic collapse. Serendipity or coincidence, it’s information I want to pass on. As always, discussion is welcomed below.
The first warning is from a St. Louis based police officer who called into the Alex Jones radio show on Sunday, June 24th. The second warning comes our way via the Silver Doctors. And the third came today from unflappable UBS analyst Art Cashin. All three warnings are presented here for your benefit and consideration:
The first warning came our way via the Sunday broadcast of the Alex Jones radio show. Jones announced that he only wanted to take calls from members of the military or police. A man identifying himself as a police officer named ‘Jim’ called in to report some startling information.
“We have been told that in October we need to be prepared for an event that will require us to use air and ground support, in conjunction with the military here.” Read More…
Highlights
0:55 Whole conference had “stink of death upon it”.
2:50 The real ambition [of Greenpeace] has nothing to do with the environment.
3:20 Had everything to do with destroying the economies of the West, from within.
4:15 From their [cabal's] point of view, conference was a failure.
4:30 The cabal [Kp's word] intentions were to allow the U.N. to become effectively a one world government (Al Gore, Jacques Chirac, et al, have been talking about it).
6:10 The original document (of Rio?) concluded that not climate change, but poverty was the main problem in the world.
7:15 The fact that poverty is considered number 1, focuses attention on bringing the world out of poverty.
8:00 Prosperity stabilizes the world population.
9:00 Our footprint on the world should not be too heavy.
9:26 But these concerns were not discussed at the conference, rather they were effectively talking about means of bringing freedom to an end worldwide.
9:37+ They lost. They lost big time… The game is up.
Read More @ Kauilapele.wordpress.com
Most of us informed and awake folks aren’t interested in trying to predict specific dates. That’s an art best left to Nostradamus. That said, highly respected truth tellers James Turk and John Williams have both tied dates to predictions. In an interview with James Turk he told me that he thinks we will see $400 silver and $8,000 gold some time between 2013-2015. And John Williams firmly believes the die has been cast for hyperinflation in the United States, likely beginning in 2014.
Over the past 48 hours we’ve stumbled across three separate pieces of information, all predicting essentially the exact same thing regarding a fall 2012 economic collapse. Serendipity or coincidence, it’s information I want to pass on. As always, discussion is welcomed below.
The first warning is from a St. Louis based police officer who called into the Alex Jones radio show on Sunday, June 24th. The second warning comes our way via the Silver Doctors. And the third came today from unflappable UBS analyst Art Cashin. All three warnings are presented here for your benefit and consideration:
The first warning came our way via the Sunday broadcast of the Alex Jones radio show. Jones announced that he only wanted to take calls from members of the military or police. A man identifying himself as a police officer named ‘Jim’ called in to report some startling information.
“We have been told that in October we need to be prepared for an event that will require us to use air and ground support, in conjunction with the military here.” Read More…
from Kauilapele’s Blog:
Lord Christopher Monckton, chief policy advisor to the Science and
Public Policy Institute and former science advisor to Margaret Thatcher,
tells The New American from Rio that the just-concluded Rio+20
conference was not about saving the planet or eradicating poverty, but
about shackling the plant under global government. He also
optimistically stresses that the “pointy heads here in Rio” have failed
despite their declaration of success and that “the game is up.”Highlights
0:55 Whole conference had “stink of death upon it”.
2:50 The real ambition [of Greenpeace] has nothing to do with the environment.
3:20 Had everything to do with destroying the economies of the West, from within.
4:15 From their [cabal's] point of view, conference was a failure.
4:30 The cabal [Kp's word] intentions were to allow the U.N. to become effectively a one world government (Al Gore, Jacques Chirac, et al, have been talking about it).
6:10 The original document (of Rio?) concluded that not climate change, but poverty was the main problem in the world.
7:15 The fact that poverty is considered number 1, focuses attention on bringing the world out of poverty.
8:00 Prosperity stabilizes the world population.
9:00 Our footprint on the world should not be too heavy.
9:26 But these concerns were not discussed at the conference, rather they were effectively talking about means of bringing freedom to an end worldwide.
9:37+ They lost. They lost big time… The game is up.
Read More @ Kauilapele.wordpress.com
from laroucheyouth:
As the process to remove President Obama from office continues, our job is to begin to take out the trash of history and build a new presidency that is committed to the original intent of the U.S. Constitution.
By John Mauldin, The Market Oracle:
This week all eyes are on Germany, and the question is “What will
Germany do?” We are going to look at four quite-short essays. Two are
from GaveKal, one is from Dennis Gartman, and the last is from Kiron
Sarkar – all on this very topic.
One of the reasons I really like to read the research from GaveKal is that they are very public when their analysts disagree, and you get to listen to the back and forth. Some of the best analysis I see is when Charles and Louis Gave (father and son) and Anatole Kaletsky do email battle with each other while they are on three different continents. This time it is Anatole and one of their analysts, Francois Chauchat (whom I have not had the pleasure of meeting), differing on whether Germany should (or even can!) leave the eurozone.
Read More @ TheMarketOracle.co.uk
This week all eyes are on Germany, and the question is “What will
Germany do?” We are going to look at four quite-short essays. Two are
from GaveKal, one is from Dennis Gartman, and the last is from Kiron
Sarkar – all on this very topic.One of the reasons I really like to read the research from GaveKal is that they are very public when their analysts disagree, and you get to listen to the back and forth. Some of the best analysis I see is when Charles and Louis Gave (father and son) and Anatole Kaletsky do email battle with each other while they are on three different continents. This time it is Anatole and one of their analysts, Francois Chauchat (whom I have not had the pleasure of meeting), differing on whether Germany should (or even can!) leave the eurozone.
Read More @ TheMarketOracle.co.uk
from TF Metals Report:
It’s July silver option expiration day and it’s Tuesday. Put those together and you have to expect some volatility.
So far, the activity has been light but, as of 10:20 EDT, it appears to be heating up. Silver just dropped about 20c and gold $5. Let’s see if this continues. I haven’t looked at the silver option open interest but I would imagine that there is some decent volume around $27, seeing as how that level has acted as support for the past 8 weeks or so. With that in mind, I would expect the activity in silver to center around that level today. I wouldn’t look for the same volatility we saw in February and April as the “market” has been flat and rangebound for the past eight weeks or so. Nonetheless, a volatile trade that whipsaws around $27 is likely in order today.
Here are two daily charts. The silver chart is particularly nasty. Though I believe that silver is in a sideways consolidation and basing pattern, you can clearly see that silver remains in the down channel, as I’ve drawn it. Yuck. Gold, on the other hand, looks like it’s trying to break out…if I draw the lines the same way. Not sure what this means, if anything, as I think the horizontal, basing pattern is more important.
Read More @ TF Metals Report.com
Jim Sinclair’s Commentary
Moody’s cuts debt ratings of 28 Spanish banks By MARCY GORDON, AP Business Writer
Spain’s battered banks have taken another hit, this time in the form of a sweeping downgrade by Moody’s.
The rating agency said that it is cutting its views on the debt issued by 28 Spanish banks, including international heavyweights Banco Santander and Banco Bilbao Vizcaya Argentaria.
The Spanish government’s fragile finances are making it more difficult for that country to support its lenders, according to Moody’s. And it says the banks are vulnerable to further losses from Spain’s real-estate bust.
The announcement late Monday from Moody’s Investors Service came on the same day that Spain’s government formally asked for help from its European neighbors in cleaning up its stricken banking sector. The request left many questions unanswered, including how much Spain would ask for out of the $125 billion loan package it has been offered.
That uncertainty over Spain led to losses Monday in global stock markets. Bond investors, meanwhile, pushed Spain’s borrowing costs higher, a sign of wilting confidence in the country’s ability to support its banks.
More…
Jim Sinclair’s Commentary
Survey: More Than 25% of Americans Have No Emergency Savings Monday, 25 Jun 2012 10:02 AM
By Nancy Stanley
While nearly half of Americans don’t have enough money saved to cover emergencies, one-quarter don’t have any money saved, according to Bankrate.com’s Financial Security Index survey.
The general rule of thumb is to have enough cash saved to cover at least six months of expenses.
However, only 25 percent of Americans have saved that amount and 17 percent have three to five months’ expenses saved, while 28 percent have no emergency savings and 21 percent have less than three months’ expenses saved.
Those earning more than $75,000 annually have higher odds of saving six months of expenses. Only 9 percent of these high earners don’t have emergency savings versus 52 percent of those earning less than $30,000.
Among retirees, 41 percent have enough money saved to cover at least six months’ expenses, while 26 percent have less than six months’ expenses saved and 18 percent have no savings.
More…
Jim,
No one should be at all surprised that today is COMEX expiry, and ‘surprise’ (wink-wink, nod-nod) Gold and Silver are dropping as scheduled.
Gee, what a coincidence! And, yes, I have the CRIMEX expiry dates pre-written in my calendar for the next six months… just because it’s sordid ‘fun’ to watch the destruction of money by the ‘smart’ money and their masters, the Central Banks (you know the ones who "never SAW that coming").
Once again it’s worth looking at the grand game in the context of fiat money being debauched by these ‘wise guys’ over time.
CIGA Richard
It’s July silver option expiration day and it’s Tuesday. Put those together and you have to expect some volatility.So far, the activity has been light but, as of 10:20 EDT, it appears to be heating up. Silver just dropped about 20c and gold $5. Let’s see if this continues. I haven’t looked at the silver option open interest but I would imagine that there is some decent volume around $27, seeing as how that level has acted as support for the past 8 weeks or so. With that in mind, I would expect the activity in silver to center around that level today. I wouldn’t look for the same volatility we saw in February and April as the “market” has been flat and rangebound for the past eight weeks or so. Nonetheless, a volatile trade that whipsaws around $27 is likely in order today.
Here are two daily charts. The silver chart is particularly nasty. Though I believe that silver is in a sideways consolidation and basing pattern, you can clearly see that silver remains in the down channel, as I’ve drawn it. Yuck. Gold, on the other hand, looks like it’s trying to break out…if I draw the lines the same way. Not sure what this means, if anything, as I think the horizontal, basing pattern is more important.
Read More @ TF Metals Report.com
Jim Sinclair’s Commentary
Why not just downgrade the entire Western world to junk and have it
over with? That way you could beat the market crisis to doing the same
thing.
Moody’s cuts debt ratings of 28 Spanish banks By MARCY GORDON, AP Business Writer
Spain’s battered banks have taken another hit, this time in the form of a sweeping downgrade by Moody’s.
The rating agency said that it is cutting its views on the debt issued by 28 Spanish banks, including international heavyweights Banco Santander and Banco Bilbao Vizcaya Argentaria.
The Spanish government’s fragile finances are making it more difficult for that country to support its lenders, according to Moody’s. And it says the banks are vulnerable to further losses from Spain’s real-estate bust.
The announcement late Monday from Moody’s Investors Service came on the same day that Spain’s government formally asked for help from its European neighbors in cleaning up its stricken banking sector. The request left many questions unanswered, including how much Spain would ask for out of the $125 billion loan package it has been offered.
That uncertainty over Spain led to losses Monday in global stock markets. Bond investors, meanwhile, pushed Spain’s borrowing costs higher, a sign of wilting confidence in the country’s ability to support its banks.
More…
Jim Sinclair’s Commentary
Can you imagine what is going to happen here assuming Bernanke overplays his game of chicken?
Survey: More Than 25% of Americans Have No Emergency Savings Monday, 25 Jun 2012 10:02 AM
By Nancy Stanley
While nearly half of Americans don’t have enough money saved to cover emergencies, one-quarter don’t have any money saved, according to Bankrate.com’s Financial Security Index survey.
The general rule of thumb is to have enough cash saved to cover at least six months of expenses.
However, only 25 percent of Americans have saved that amount and 17 percent have three to five months’ expenses saved, while 28 percent have no emergency savings and 21 percent have less than three months’ expenses saved.
Those earning more than $75,000 annually have higher odds of saving six months of expenses. Only 9 percent of these high earners don’t have emergency savings versus 52 percent of those earning less than $30,000.
Among retirees, 41 percent have enough money saved to cover at least six months’ expenses, while 26 percent have less than six months’ expenses saved and 18 percent have no savings.
More…
Jim,
No one should be at all surprised that today is COMEX expiry, and ‘surprise’ (wink-wink, nod-nod) Gold and Silver are dropping as scheduled.
Gee, what a coincidence! And, yes, I have the CRIMEX expiry dates pre-written in my calendar for the next six months… just because it’s sordid ‘fun’ to watch the destruction of money by the ‘smart’ money and their masters, the Central Banks (you know the ones who "never SAW that coming").
Once again it’s worth looking at the grand game in the context of fiat money being debauched by these ‘wise guys’ over time.
CIGA Richard
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