Eric Sprott Presents The Ministry of [Un]Truth
We
have no doubt that everyone is tired of bad news, but we are compelled
to review the facts: Europe is currently experiencing severe bank runs,
budgets in virtually every western country on the planet are out of
control, the banking system is running excessive leverage and risk, the
costs of servicing the ever-increasing amounts of government debt are
rising rapidly, and the economies of Europe, Asia and the United States
are slowing down or are in full contraction. There's no sugar coating it
and we have to stop listening to politicians and central planners who
continue to downplay, obfuscate and flat out lie about the current
economic reality.Stop listening to them.
from Silver Vigilante:
The focal point of the G20 leaders’ summit in Los Cabos, Mexico, June 18-19 was the eurozone sovereign debt crisis. The United States and other G20 members made sure that Europe would remain committed to “a concrete timeline for further political and fiscal integration.”
According to the CFR, there are “two key takeaways” from the meeting:
“first, the additional commitment of funds to the IMF by the large emerging markets, which indicates that they have accepted to continue a longer-term process of IMF quota reform, despite the Obama administration’s inability to get Congressional approval for the 2010 agreement before the October 2012 deadline. Secondly, it is the detailed commitment of the euro area, which “will”–rather than intend, or should–”take all necessary measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks.”
Read More @ Silver Vigilante
from KingWorldNews:
On the heels of the recent turmoil in global markets, today King World
News interviewed MEP (Member European Parliament) Nigel Farage, to get
his take on the ongoing crisis. Farage told KWN that “What you
may see is a very desperate European Union begin to put in place capital
controls and things like this … In a sense the proposal that is on the
table next week, which is coming from Van Rompuy and Barroso, would be
the first step toward that repression.” Farage also discussed
the action in the gold market, but first, here is what Farage had to say
about the crucial meeting in Europe next week: “I would be
very, very surprised at that big summit next week, which incidentally I
have a ticket to, not that I’ll be the most popular person in the
building, but I just don’t think there is going to be an agreement of
any great significance next week. I just don’t see it happening.”
Farage continues @ KingWorldNews.com
On the heels of the recent turmoil in global markets, today King World
News interviewed MEP (Member European Parliament) Nigel Farage, to get
his take on the ongoing crisis. Farage told KWN that “What you
may see is a very desperate European Union begin to put in place capital
controls and things like this … In a sense the proposal that is on the
table next week, which is coming from Van Rompuy and Barroso, would be
the first step toward that repression.” Farage also discussed
the action in the gold market, but first, here is what Farage had to say
about the crucial meeting in Europe next week: “I would be
very, very surprised at that big summit next week, which incidentally I
have a ticket to, not that I’ll be the most popular person in the
building, but I just don’t think there is going to be an agreement of
any great significance next week. I just don’t see it happening.”Farage continues @ KingWorldNews.com
by Jim Sinclair, JS Mineset
Dr. Michael "The Big Short" Burry's "Brutal Hangover Is Inevitable" State-Of-The-World UCLA Commencement Speech
Infamous
for his prediction of the great recession, Europe's demise, and the
collapse of the US financial system (as well as profiting extremely
handsomely from said predictions), so well captured in Michael Lewis'
book "The Big Short", UCLA's Dr. Michael Burry undertakes UCLA's
Economics Department's commencement speech with much aplomb. In this
"age of infinite distraction", the astounding truthiness of this 15
minute speech is stunning from single-sentence summation of
Europe's convulsions that "when the entitled elect themselves, the party
accelerates, and the brutal hangover is inevitable" he reminds us that
Californians, and indeed all Americans, should take note. A quarter-of-an-hour well spent from a self-described 'chicken-little' who was "just trying to figure it all out".Could This Make The Bernank A Soviet Dictator?
More than two decades after the
fall of the Soviet Union, the Iron Curtain is still alive and well in
an often forgotten corner of Eastern Europe… albeit a kindler, gentler
version. Belarus has been ruled by the same person, Alexandr
Lukashenko, practically since its independence in the early 1990s. He
has total control of every facet of the country, from media
and information flow, to education, to the military and ‘State Security
Agency’ (which is still called the KGB), to the centrally
planned economy. Perhaps nowhere is this more obvious than with respect
to the nation’s currency, the Belarusian ruble. In 2009, one US dollar
bought roughly 2,200 Belarusian rubles. In 2010, that number rose to
2,800. A year later, over 3,000. And today, one US dollar is worth over
8,000 rubles. On the black market, it’s much, much higher. (You can
just imagine how much the ruble has lost against gold and silver over
the same period.)
Coordinated Intervention Follows Panic & Fear
Eric De Groot at Eric De Groot - 4 hours ago
Correlation between asset classes has risen sharply since 2009. Oil is
sending a strong message that could shatter investor confidence soon. Get
ready for the coordinated Western worldwide bank and equity markets rescue.
The tool will be QE to Infinity, Jim Sinclair. Please heed Jim's warning.
History reminds us that coordinated interventions almost always rise from
the ashes of fear,...
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content, and more! ]]
Next Tuesday 26 June Is Silver July Options Expiration - Shenanigans Reminder
Escalation: Syria Says Turkish Jet Shot Down Was Over Syrian Territorial Waters
The "Syrianna" story from this afternoon, which many were quick to label as merely a lot of diplomatic hot air and rhetoric, just turned uglier, after Syria not only did not officially
apologize as Turkey PM Erdogan implied had happened previously for the
shot down Turkish F-4 fighter jet, but instead turned the tables on
Turkey, and gave itself an out for what is now a definitive military
action. From Reuters:
The Syrian military said it shot down a Turkish military aircraft "over Syrian territorial waters" on Friday.
"Our air defences confronted a target that penetrated our
air space over our territorial waters pre-afternoon on Friday and shot
it down. It turned out to be a Turkish military plane," a statement by the military circulated on state media said.
The only question remains whether Syria's act was offensive or
defensive. Naturally, its version is one of self-defense. Turkey
obviously will claim it was in its right to be wherever the plane may
be, and will say this was an act of provocation. Then NATO, read
Hillary Clinton, will promptly step in, and make this a case in which
Turkey was in its right and that Syria committed an act of aggression.
From there, things will just escalate, and can potentially deteriorate
to a far more troubling scale, because as we reminded earlier, Syria has recently become a major symbol for NATO vs the Russia-China axis.
Stocks Dump Into Close After Help From Oil And Bonds All Day
Early
weakness in Treasuries (rising yields) and an acceleration in WTI
prices back over $80 provided the 'contextual' support for an almost
perfect 38.2% retracement bounce in S&P 500 e-mini futures today.
Key support/resistance at the 1330 level was restested on dismal volume
with a late-day surge but average trade size and activity picked up rather notably into the bell and ES cracked back almost 7 points to a 'mysterious' VWAP close. HYG outperformed today (as did VXX - and implicitly VIX which closed around 18% dropping 2 vols)
but it appeared medium-term that equities were reverting to HYG's less
sanguine view of the last month rather than HYG really leading. Financials were strong performers but all of those gains were at the open
with XLF (and JPM which was unable to break VWAP in the afternoon) unch
from 930ET and MS/GS/BAC/C all down 0.7% to 1.6% from the open (with a
late day give back). Gold, Silver, and Copper are pretty much
unchanged from the 4pmET close levels of yesterday while WTI is up over
2% closing back above $80. The long-bond underperformed +7bps on the day
but outperformed on the week (as the 7Y and 10Y underperformed on the
week) and provided the support for equity's levitation but this seemed
as much QE-hope unwind as any implicit weakness. FX markets were dead with slight strength in AUD and EUR and weakness in JPY as USD basically trod water +0.8% on the week.
The Fed And Goldilocks Economic Forecasting
Beginning
in 2011 the Federal Reserve begin releasing its economic forecast for
the present year and two years forward covering GDP, Unemployment, and
Inflation. The question is after 18 months of forecasting - just how
good has the Fed at forecasting these economic variables? I have
compiled the data from each of the releases for each category and
compared it to the real figures and used a current trend analysis for
future estimates.... The Fed has been slowly guiding economic forecasts
lower since 2011. The reality is that 2.6% economic growth is not a
boon of economic prosperity, corporate profitability, increasing
incomes or a secular bull market. It is also not the "death of America"
or the return to the stone age. What is important to understand, as
investors, is the impact on investment portfolios, expectated real rates
of returns and the realization that higher levels of market volatility
with more frequent "booms and busts" are here to stay.
Deconstructing Hopium In 3 Simple Charts
Confused
as to how to position your equity portfolio? Need to BTFD? Unsure of
what is going on now that Bernanke has left you alone in the dark with
reality? Have no fear. These simple three charts, that perfectly
describe the process top-down for arriving at a view on US equities,
will allay all your fears of missing the next great bull market leg. Equity Prices track Earnings Estimates; Earnings track ISM; and Real-Time Surveys indicate ISM going down. @Not_Jim_Cramer provides this clarifying confirmation of what we noted yesterday with regard to oil prices and slowing global growth (or a lack of printing) - equities appear alone in their hope for now.
"Our air defences confronted a target that penetrated our air space over our territorial waters pre-afternoon on Friday and shot it down. It turned out to be a Turkish military plane," a statement by the military circulated on state media said.
Sightings of vehicles provokes fears of martial law
by Paul Joseph Watson, Infowars:
St Louis City residents have been warned to not be alarmed at the sight of U.S. Army tanks rolling down residential neighborhoods after sightings of the vehicles provoked fears of martial law.
The exercise is part of a U.S. Army program run by military police from Fort Meade, Maryland focused around training MPs from St. Louis how to drive heavily armored tanks “on highways and on city streets.”
Sightings of the tanks prompted hundreds of residents to flood news channel KSDK’s Facebook page, with some expressing fears that martial law had arrived with others promising to “stop and salute” the tanks as they rolled by.
Reporting that he was told by the Army not to disclose the location of where the exercise was operating out of for “security reasons,” KSDK reporter Casey Nolan downplayed the exercise as “not such a big deal.”
U.S. Army Sergeant Cornelius Ivory discouraged citizens from taking video and photographs of the tanks and urged them not to get too close.
Read More @ Infowars.com
by Paul Joseph Watson, Infowars:
St Louis City residents have been warned to not be alarmed at the sight of U.S. Army tanks rolling down residential neighborhoods after sightings of the vehicles provoked fears of martial law.
The exercise is part of a U.S. Army program run by military police from Fort Meade, Maryland focused around training MPs from St. Louis how to drive heavily armored tanks “on highways and on city streets.”
Sightings of the tanks prompted hundreds of residents to flood news channel KSDK’s Facebook page, with some expressing fears that martial law had arrived with others promising to “stop and salute” the tanks as they rolled by.
Reporting that he was told by the Army not to disclose the location of where the exercise was operating out of for “security reasons,” KSDK reporter Casey Nolan downplayed the exercise as “not such a big deal.”
U.S. Army Sergeant Cornelius Ivory discouraged citizens from taking video and photographs of the tanks and urged them not to get too close.
Read More @ Infowars.com
by Richard (Rick) Mills, Ahead of the Herd:
As a general rule, the most successful man in life is the man who has the best information.
At the start of golden ages golden stories should be told
Following many years of net annual sales in the 400 to 500 tonne range, central banks, underweighted in gold and overweight in dollars and euro’s, became net buyers of gold in 2009 – in 2002 central banks sold 545 tonnes of gold, in 2011 they bought 440 tonnes.
“Central banks continued to buy gold; net purchases recorded during the first quarter, 2012 amounted to 80.8 tonnes, accounting for around 7% of global gold demand. Central banks from a diverse group of countries added to the overall holdings of the official sector, with a number of banks making sizable purchases. Diversification requirements and growth in foreign exchange reserves of a number of countries point towards a continuation of this trend.” World Gold Council (WGC) report
Read More @ AheadOfTheHerd.com
As a general rule, the most successful man in life is the man who has the best information. At the start of golden ages golden stories should be told
Following many years of net annual sales in the 400 to 500 tonne range, central banks, underweighted in gold and overweight in dollars and euro’s, became net buyers of gold in 2009 – in 2002 central banks sold 545 tonnes of gold, in 2011 they bought 440 tonnes.
“Central banks continued to buy gold; net purchases recorded during the first quarter, 2012 amounted to 80.8 tonnes, accounting for around 7% of global gold demand. Central banks from a diverse group of countries added to the overall holdings of the official sector, with a number of banks making sizable purchases. Diversification requirements and growth in foreign exchange reserves of a number of countries point towards a continuation of this trend.” World Gold Council (WGC) report
Read More @ AheadOfTheHerd.com
By: Peter Schiff , Gold Seek:
The
commentary below is from Peter Schiff, CEO of Euro Pacific Capital and
host of the nationally syndicated Peter Schiff Show, broadcasting live
from 10am to noon ET every weekday, and streaming at www.schiffradio.com. Please feel free to excerpt or repost with the proper attribution and all links included.
The political left wing has long tried to cast doubt on the fairness, and even the efficacy, of free market capitalism by branding it as a “trickle down” system. This epithet is meant to show how the middle and lower classes are dependent on scraps of wealth that happen to fall from the buffet table of the rich. This characterization of an unfair and inefficient system has helped them demonize policies that lower taxes (if they also extend to the wealthy) and reduce regulation on business.
To correct these supposed problems, they have long called for policies to redistribute wealth or for government to inject funds directly into the economy. Either mechanism puts money into the hands of everyday consumers who they claim to be the true engines of economic growth. They believe that consumer spending lies at the root of the economic pyramid. When people spend, business owners are able to sell more products, hire more workers, and reap more profits. In essence, they believe in a system of “trickle up” economics, whereby prosperity flows upward from government into the lower and middle classes and ultimately to the upper class.
Read More @ GoldSeek.com
The
commentary below is from Peter Schiff, CEO of Euro Pacific Capital and
host of the nationally syndicated Peter Schiff Show, broadcasting live
from 10am to noon ET every weekday, and streaming at www.schiffradio.com. Please feel free to excerpt or repost with the proper attribution and all links included. The political left wing has long tried to cast doubt on the fairness, and even the efficacy, of free market capitalism by branding it as a “trickle down” system. This epithet is meant to show how the middle and lower classes are dependent on scraps of wealth that happen to fall from the buffet table of the rich. This characterization of an unfair and inefficient system has helped them demonize policies that lower taxes (if they also extend to the wealthy) and reduce regulation on business.
To correct these supposed problems, they have long called for policies to redistribute wealth or for government to inject funds directly into the economy. Either mechanism puts money into the hands of everyday consumers who they claim to be the true engines of economic growth. They believe that consumer spending lies at the root of the economic pyramid. When people spend, business owners are able to sell more products, hire more workers, and reap more profits. In essence, they believe in a system of “trickle up” economics, whereby prosperity flows upward from government into the lower and middle classes and ultimately to the upper class.
Read More @ GoldSeek.com
by Shivom Seth, MineWeb.com
Many
Indian investors are making a beeline for silver, and are refraining
from buying gold due to its high price, though gold is expected to give a
20% return in 2012.
With gold prices too hot for many in India, silver has regained its sheen. Sales of silver coins are soaring in India, with most consumers buying silver coins which herald good luck and prosperity. Gold, on the other hand, has hit several highs in the last couple of days, deterring buyers from the precious metal.
Delayed monsoons in India have all but grounded sale of gold too. In rural India, sales of the yellow metal are closely linked to monsoon, since good rains that bring on a rich harvest will boost gold purchases by farmers.
Read More @ MineWeb.com
With gold prices too hot for many in India, silver has regained its sheen. Sales of silver coins are soaring in India, with most consumers buying silver coins which herald good luck and prosperity. Gold, on the other hand, has hit several highs in the last couple of days, deterring buyers from the precious metal.
Delayed monsoons in India have all but grounded sale of gold too. In rural India, sales of the yellow metal are closely linked to monsoon, since good rains that bring on a rich harvest will boost gold purchases by farmers.
Read More @ MineWeb.com
by Jacque Fresco, Hang The Bankers:
Obama is in Mexico for yet another G20 meeting of the international
socialist politburo. We are told the discussions at the meeting are
centered on the European economic crisis.
The United States government is set to spend about $2.4 trillion this year. The mainstream propagandists are telling us that if Spain and Greece fold on their debt, it will wipe out our economy. Spain is in debt $2.4 trillion and Greece is in debt $553 billion. These are not little numbers by any stretch of the imagination, but the fact remains the total is about $553 billion more than we spend in a year.
Considering we do not owe the Greek debt nor the Spanish debt, how could this relatively small amount wipe up out? Are we a part of some kind of bizarre international insurance pool wherein the guy across town totals his Volkswagen and we lose our farm?
Read More @ HangTheBankers.com
Obama is in Mexico for yet another G20 meeting of the international
socialist politburo. We are told the discussions at the meeting are
centered on the European economic crisis.The United States government is set to spend about $2.4 trillion this year. The mainstream propagandists are telling us that if Spain and Greece fold on their debt, it will wipe out our economy. Spain is in debt $2.4 trillion and Greece is in debt $553 billion. These are not little numbers by any stretch of the imagination, but the fact remains the total is about $553 billion more than we spend in a year.
Considering we do not owe the Greek debt nor the Spanish debt, how could this relatively small amount wipe up out? Are we a part of some kind of bizarre international insurance pool wherein the guy across town totals his Volkswagen and we lose our farm?
Read More @ HangTheBankers.com
from David McWilliams:
THIS week we are going to raise our heads above the lip of the
European trench and have a look at the rest of the world. This is
critical to an Ireland where the strategy of export-led growth needs the
world to grow, to buy the exports that we make.
Regular readers will appreciate that this column is not too persuaded about the ability of exports to do the heavy lifting for the economy.
Without domestic demand, the Irish rate of unemployment — the only really meaningful economic indicator — is not likely to fall.
We are going to examine first China and what is going on in the country. Remember that up to now this has been the one constant positive economic story. I have been lucky enough to spend a bit of time over there — four working trips to the Middle Kingdom in the past two years. Sitting in a cafe just off the impressive Bund in Shanghai, watching the world racing by, it struck me — as it has many others — that “growth” has replaced “equality” as the Communist Party’s central slogan.
Read More @ DavidMcWilliams.ie
THIS week we are going to raise our heads above the lip of the
European trench and have a look at the rest of the world. This is
critical to an Ireland where the strategy of export-led growth needs the
world to grow, to buy the exports that we make.Regular readers will appreciate that this column is not too persuaded about the ability of exports to do the heavy lifting for the economy.
Without domestic demand, the Irish rate of unemployment — the only really meaningful economic indicator — is not likely to fall.
We are going to examine first China and what is going on in the country. Remember that up to now this has been the one constant positive economic story. I have been lucky enough to spend a bit of time over there — four working trips to the Middle Kingdom in the past two years. Sitting in a cafe just off the impressive Bund in Shanghai, watching the world racing by, it struck me — as it has many others — that “growth” has replaced “equality” as the Communist Party’s central slogan.
Read More @ DavidMcWilliams.ie
by David Nash of Shepherd School , SHTFPlan:
Any person who has begun to seriously prepare has had to make
compromises between current wants and future needs, how much to spend on
preparations, and how many people to stock supplies for. If you’re
married, you need to have a spouse that shares your concerns or you’re
going to fight over every #10 can the mailman delivers. I don’t need to
go into detail on how much you should store, how to store it, or what
makes the cut on your List of Lists. The purpose of this article is to
help communicate the need to prepare with those in your family that you want to help without alienating them or downgrading your own preparedness plans.
I am a professional firearms instructor and am also employed full time as an emergency management planner. Due to my job, my hobbies, and my personal beliefs, my former mother-in-law delighted in trying to insult me by calling me “Sgt. Tackleberry”. She was unreachable, and I didn’t spend a lot of time trying to convince her of the importance in prepping. She would rather buy timeshares of vacation property than spend money on a basic 72 hour kit. That works for her, and I cannot judge her, but she would not be invited to,“come live with me if it ever did happen,” as she believed.
Read More @ SHTFPlan.com
Any person who has begun to seriously prepare has had to make
compromises between current wants and future needs, how much to spend on
preparations, and how many people to stock supplies for. If you’re
married, you need to have a spouse that shares your concerns or you’re
going to fight over every #10 can the mailman delivers. I don’t need to
go into detail on how much you should store, how to store it, or what
makes the cut on your List of Lists. The purpose of this article is to
help communicate the need to prepare with those in your family that you want to help without alienating them or downgrading your own preparedness plans.I am a professional firearms instructor and am also employed full time as an emergency management planner. Due to my job, my hobbies, and my personal beliefs, my former mother-in-law delighted in trying to insult me by calling me “Sgt. Tackleberry”. She was unreachable, and I didn’t spend a lot of time trying to convince her of the importance in prepping. She would rather buy timeshares of vacation property than spend money on a basic 72 hour kit. That works for her, and I cannot judge her, but she would not be invited to,“come live with me if it ever did happen,” as she believed.
Read More @ SHTFPlan.com
by The Daily Bell:
Euro’s
big four seek way out of crisis in Rome … The leaders of Germany,
France, Italy and Spain will try to find common ground in Rome on Friday
to restore confidence in the euro zone ahead of a full EU summit next week, with German Chancellor Angela Merkel
likely to be outnumbered. Dangerously high borrowing costs for Spain
and Italy have eased a little on market hopes for policy initiatives at
the Brussels summit on June 28/29. If it falls short, both countries may
be pushed closer to eventually needing sovereign bailouts. Friday’s
meeting will search for ways to achieve fiscal and banking union in the
euro zone and, more urgently, it may also be the occasion for Spain to
formally request assistance of up to 100 billion euros for its
struggling banks … Merkel is expected to resist any pressure from Monti,
French President Francois Hollande and Spanish Prime Minister Mariano
Rajoy for less stringent euro zone fiscal policies or the issuance of
common euro zone bonds. – Reuters
Dominant Social Theme: If these four did not meet in Italy the world would collapse.
Free-Market Analysis: So … the “big four” – Merkel, Monti, Rajoy and Hollande – are meeting in Rome today. Reuters, a bought-and-paid-for media facility of the power elite, will be present to report on the scene and to remind us that our world depends on these four individuals.
Read More @ TheDailyBell.com
Euro’s
big four seek way out of crisis in Rome … The leaders of Germany,
France, Italy and Spain will try to find common ground in Rome on Friday
to restore confidence in the euro zone ahead of a full EU summit next week, with German Chancellor Angela Merkel
likely to be outnumbered. Dangerously high borrowing costs for Spain
and Italy have eased a little on market hopes for policy initiatives at
the Brussels summit on June 28/29. If it falls short, both countries may
be pushed closer to eventually needing sovereign bailouts. Friday’s
meeting will search for ways to achieve fiscal and banking union in the
euro zone and, more urgently, it may also be the occasion for Spain to
formally request assistance of up to 100 billion euros for its
struggling banks … Merkel is expected to resist any pressure from Monti,
French President Francois Hollande and Spanish Prime Minister Mariano
Rajoy for less stringent euro zone fiscal policies or the issuance of
common euro zone bonds. – ReutersDominant Social Theme: If these four did not meet in Italy the world would collapse.
Free-Market Analysis: So … the “big four” – Merkel, Monti, Rajoy and Hollande – are meeting in Rome today. Reuters, a bought-and-paid-for media facility of the power elite, will be present to report on the scene and to remind us that our world depends on these four individuals.
Read More @ TheDailyBell.com
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