from KingWorldNews:
With global stock markets trading in the red, today Egon von Greyerz
told King World News that people are going to witness the greatest
financial collapse the world has ever seen. Egon von Greyerz, who is
founder and managing partner at Matterhorn Asset Management out of
Switzerland, also said, “…investors are under the illusion that the
system will continue, but it won’t.” Here is what Greyerz had to say
about the the coming financial collapse: “As always, Eric, I’m focusing
on the big picture. We are in a crisis, and the outcome is absolutely
certain. What is not certain is how we get there. The problem is it’s
not only one crisis, it’s a number of crises. We have the first one
which is the sovereign crisis.”
“Almost every single major country in the world is bankrupt, and no one has the tools or a plan to get these countries out of this crisis. So countries will go bankrupt by default or by printing excessive money. This situation will continue to get worse and ultimately lead to a hyperinflationary depression.
Egon von Greyerz continues @ KingWorldNews.com
With global stock markets trading in the red, today Egon von Greyerz
told King World News that people are going to witness the greatest
financial collapse the world has ever seen. Egon von Greyerz, who is
founder and managing partner at Matterhorn Asset Management out of
Switzerland, also said, “…investors are under the illusion that the
system will continue, but it won’t.” Here is what Greyerz had to say
about the the coming financial collapse: “As always, Eric, I’m focusing
on the big picture. We are in a crisis, and the outcome is absolutely
certain. What is not certain is how we get there. The problem is it’s
not only one crisis, it’s a number of crises. We have the first one
which is the sovereign crisis.”“Almost every single major country in the world is bankrupt, and no one has the tools or a plan to get these countries out of this crisis. So countries will go bankrupt by default or by printing excessive money. This situation will continue to get worse and ultimately lead to a hyperinflationary depression.
Egon von Greyerz continues @ KingWorldNews.com
Horkel Divide Growing
UPDATE: ES has lost over 60% of its late-day spike gains...France's 'happy' Hollande is out, apres-dejeuner, opining on what occurred today and where he stands. The critical items appear to be the growing divide between his immediate need for 'debt stability' measures versus his disagreement over the assumptive 'fiscal pact' that Merkel will require before any money leaves that nation's shores in its transfer-of-wealth way. Headlines via Bloomberg:
- HOLLANDE WITHHOLDS ENDORSEMENT OF EU FISCAL PACT
- HOLLANDE SAYS MUST FIND ALTERNATIVE TO ECB IN CUTTING YIELDS
- DEBT STABILITY MEASURES NEED TO COME FIRST, HOLLANDE SAYS
- HOLLANDE SAYS GROWTH MEASURES `AREN'T ENOUGH'
- EUROPE SHOULD HAVE MORE THAN MARKET ECONOMY, HOLLANDE SAYS
- WE WILL RENEGOTIATE COUNTRY SPECIFIC RECOMMENDATIONS AND WILL ONLY IMPLEMENT WHAT WE AGREE WITH
from CapitalAccount:
European Leaders hold the umpteenth EU summit to try and save the monetary union and the Eurozone. This meeting has been deemed by some in the media as crucial, but is it really? Not a chance, according to our guest Nigel Farage, leader of the United Kingdom Independence Party (UKIP) and member of European Parliament. It’s more of the same “can kicking.”
And fingers point at Germany to save Europe, but the core isn’t immune to the problems of the Eurozone. New figures show that the number of people out of work is creeping up in Germany, up by seven thousand in June. And a poll shows support for the Euro may be fracturing in the core, the very part of Europe that is holding the entire continent together. Will Angela Merkel eventually buckle to the will of her electorate, or will she do the bidding of her “European partners?” We’ll look at how this impacts the EU summit, and recent attempts to quell this European crisis.
And the Supreme Court upholds the healthcare law, otherwise known as Obamacare, advocated for by the current administration. According to the US president, this was a victory for the American people. But what is the market telling us?
European Leaders hold the umpteenth EU summit to try and save the monetary union and the Eurozone. This meeting has been deemed by some in the media as crucial, but is it really? Not a chance, according to our guest Nigel Farage, leader of the United Kingdom Independence Party (UKIP) and member of European Parliament. It’s more of the same “can kicking.”
And fingers point at Germany to save Europe, but the core isn’t immune to the problems of the Eurozone. New figures show that the number of people out of work is creeping up in Germany, up by seven thousand in June. And a poll shows support for the Euro may be fracturing in the core, the very part of Europe that is holding the entire continent together. Will Angela Merkel eventually buckle to the will of her electorate, or will she do the bidding of her “European partners?” We’ll look at how this impacts the EU summit, and recent attempts to quell this European crisis.
And the Supreme Court upholds the healthcare law, otherwise known as Obamacare, advocated for by the current administration. According to the US president, this was a victory for the American people. But what is the market telling us?
Mike Krieger: Where Food Stamps Go to Die
Nothing exemplifies the ghetto status of the U.S. economy more than the success of Wal-Mart in the face of the ongoing destruction of what was once a vibrant and strong middle class. In case you missed it, Marion Nestle, Professor in the Department of Nutrition, Food Studies, and Public Health at NYU, came out with some interesting tidbits regarding the food stamp program. One of them is extraordinarily disturbing. She shows that Wal-Mart’s gets as much as 25% to 40% of revenue at some stores from food stamp dollars. This says it all folks. Food stamps are or course the perfect business for Wal-Mart and JP Morgan, which as I pointed out previously makes a lot of money running the program and keeping the populace in perpetual serfdom. Meanwhile, guess what another of the best performing stocks this year is? Corrections Corp of America, ticker CXW, up 41% YTD! Guess what they do? Yep, you guessed it. They lock up the serfs that get out of line.
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I'm PayPal Verified California Is Not Spain, Uganda, Or Greece; But Stockton Sure Is: Largest US City Bankruptcy Is Now Official
The longest foreplay, well except what they have going on over in Europe these days, is now over:- STOCKTON, CALIFORNIA, FILES FOR BANKRUPTCY COURT PROTECTION
Obama On The Topic Of Mandates
Earlier, we presented a
slightly more idealistic, slightly less gray, slightly less
mathematically challenged version of the president talking to ABC's
George Stephanopolous on the topic of whether or not the Affordable Care
Act should be treated as tax. Obama said "I absolutely reject that notion". The Supreme Court, however, whether with a last minute change of heart by Chief Justice Roberts for
whatever reasons, or not, disagreed in what ended up being a shocking
hail mary effort, and essentially said that Obama's entire spin
campaign of Obamacare as 'not a tax' is wrong, in the process making
Obamacare constitutional but also making it the largest tax increase in
the history of the US. We are eagerly looking for the CBO's scoring of
how the ACA will impact the parabolic charts of projected future US
deficit and debt. In the meantime, once again looking back in time, we
present an even younger version of the president, all the way back in
2008, sharing his thoughts on the now so very crucial topic of mandates. To wit: "If
a mandate was the solution, we could try that to solve homelessness by
mandating everybody buy a house. The reason they don't have a house is
they don't have the money." He is right. Hopefully, this
rather insightful allegory into cause and effect from 4 years ago is
not a preamble into what the SCOTUS may have just unleashed with the
imminent arrival of the Affordable Housing Act.Q1 GDP - Consumer Weaker As Weather Saves The Day
Today's
release of the final estimate of 1st Quarter GDP came in unchanged at
1.9% at the headline which was sharply lower than the 3% growth rate in
the 4th quarter of 2011. However, what was masked by the headline,
was the impact of the unseasonably warm winter that boosted
construction spending while the rest of the economy deteriorated. The
chart shows the changes between the second and final estimates of GDP.
As you will see the consumer was weaker than originally estimated along
with all the areas that the consumer directly effects - goods and
services. The warmest winter over the last 65 years helped to boost
construction spending and investment more than originally estimated
which provided the offset from the drag in virtually every other
category. Had it not been for this higher estimation in construction
spending our estimate of 1.7% would have been obtained.
BTFD...
Silver Paradigm Shift: Devil’s Metal Hits 19-Month Low As Funds Eye Quarter-End Position Shifts
from Silver Vigilante:
By the end of the day Thursday, silver has crossed below its 18-month
bottom of $26.25. It broke through this on the bid before 11:30 AM
Pacific Standard Time, west coast United States. Therefore, expect
possible further weakness tonight on the Globex. Silver fell quickly
down to $26.13 for a spike-low that might be the bringer of warning for
the future. Calls are being made for a weaker euro, such as is covered
here. More pressure is being put on the United States financials, and
thus the stock market, as $9 billion is reported lost at JPMorgan. Both
of these signal bearish for precious metals, including silver.
With $26.75 now a memory since the metals fell Thursday and Friday of last week, and $26.25 barely hanging on, if at all, it is reasonable to conclude that the most recent medium-term paradigm for silver has broken down.
Will silver bounce off this low? It very well might. But, finance capital has, through their manipulation of the silver market, demonstrated their awesome patience.
Read More @ Silver Vigilante
In a vote severed by party lines, Republicans outvoted Democrats 23 to
17 Wednesday to hold the attorney general in contempt, even after the
White House asserted executive privilege on the matter. Patricia Murphy
reports. Plus, Murphy on Obama flexing his executive privilege muscle on the issue.
A bitterly divided House committee voted along party lines, 23 to 17, to hold Attorney General Eric Holder in contempt of Congress for failing to produce thousands of documents related to Operation Fast and Furious, a gun-walking program under the Department of Justice that ultimately led to the death of an American Border Patrol agent.
he vote is the latest move in the battle between Holder and Republicans on the House Committee on Oversight and Government Reform, which issued a subpoena to Holder in 2011 to turn over all internal Justice Department documents related to the Fast and Furious program. Although Holder has turned over more than 7,000 documents, he has withheld thousands more that the committee says it still wants.
Read More @ TheDailyBeast.com
Oil, natural gas, and alternatives dominate the headlines when it
comes to energy. But there’s a big and largely-overlooked revolution
occuring with the energy source likey to become the most preferred fuel
for a world in ecomomic decline: coal.
The United States coal sector has been hit very, very hard this spring. Demand has been crushed by over 10%, as warm weather and bountiful supplies of cheap natural gas have induced power plant operators and all other users where possible to switch away from domestic coal. The rapid change in fortune has sent the stock prices of big, listed names such as Peabody and Arch down by double digit percentages, as the Dow Jones US Coal Index has fallen below 160 from above 225 at the start of 2012.
Read More @ PeakProsperity.com
By the end of the day Thursday, silver has crossed below its 18-month
bottom of $26.25. It broke through this on the bid before 11:30 AM
Pacific Standard Time, west coast United States. Therefore, expect
possible further weakness tonight on the Globex. Silver fell quickly
down to $26.13 for a spike-low that might be the bringer of warning for
the future. Calls are being made for a weaker euro, such as is covered
here. More pressure is being put on the United States financials, and
thus the stock market, as $9 billion is reported lost at JPMorgan. Both
of these signal bearish for precious metals, including silver.With $26.75 now a memory since the metals fell Thursday and Friday of last week, and $26.25 barely hanging on, if at all, it is reasonable to conclude that the most recent medium-term paradigm for silver has broken down.
Will silver bounce off this low? It very well might. But, finance capital has, through their manipulation of the silver market, demonstrated their awesome patience.
Read More @ Silver Vigilante
by Patricia Murphy, TheDailyBeast:
In a vote severed by party lines, Republicans outvoted Democrats 23 to
17 Wednesday to hold the attorney general in contempt, even after the
White House asserted executive privilege on the matter. Patricia Murphy
reports. Plus, Murphy on Obama flexing his executive privilege muscle on the issue.A bitterly divided House committee voted along party lines, 23 to 17, to hold Attorney General Eric Holder in contempt of Congress for failing to produce thousands of documents related to Operation Fast and Furious, a gun-walking program under the Department of Justice that ultimately led to the death of an American Border Patrol agent.
he vote is the latest move in the battle between Holder and Republicans on the House Committee on Oversight and Government Reform, which issued a subpoena to Holder in 2011 to turn over all internal Justice Department documents related to the Fast and Furious program. Although Holder has turned over more than 7,000 documents, he has withheld thousands more that the committee says it still wants.
Read More @ TheDailyBeast.com
by Gregor Macdonald, Peak Prosperity:
Oil, natural gas, and alternatives dominate the headlines when it
comes to energy. But there’s a big and largely-overlooked revolution
occuring with the energy source likey to become the most preferred fuel
for a world in ecomomic decline: coal.The United States coal sector has been hit very, very hard this spring. Demand has been crushed by over 10%, as warm weather and bountiful supplies of cheap natural gas have induced power plant operators and all other users where possible to switch away from domestic coal. The rapid change in fortune has sent the stock prices of big, listed names such as Peabody and Arch down by double digit percentages, as the Dow Jones US Coal Index has fallen below 160 from above 225 at the start of 2012.
Read More @ PeakProsperity.com
by Andrew Hoffman, MilesFranklin.com:
“The US worked hard to create the American dream of opportunity. But today, that dream is a myth.”
These are the words of Nobel Prize winning economist Joseph Stiglitz, in his recent article… The American Dream Is Now a Myth
Not that I attach much credence to the Nobel Prize per se, as blithering idiots like Paul Krugman won it too , plus a slew of “Bernanke-like” academics – Myron Scholes, Harry Markowitz, Merton Miller, William Sharpe, and Franco Modigliani, to name a few – that have contributed NOTHING to finance but meaningless formulas. In all fairness, colleges have made millions selling suckers – er, students – books containing these theories, and don’t forget the billions spent on tuition to be taught such drivel. And don’t forget John Nash, whose jibberish was awarded with not only a Nobel Prize, but a movie portrayed him as handsome as Russell Crowe and exciting as James Bond – capable, of course, of attracting Hollywood starlets like Jennifer Connelly: A Beautiful Mind (film) – Wikipedia
Slightly off topic – but ENTIRELY validating my “anti-Nobel” stance, was its committee’s farcical 2009 decision to give its most valuable distinction to someone not only unworthy of such plaudits, but in reality, championing the polar opposite of peace… Obama wins Nobel Peace Prize
Back to the quote above, I am fixated on its first part, regarding how hard Americans “worked” to create their dream. Pray tell, what “work” is he speaking of? Was it the endless wars – be they “good ones” like World War II or “bad ones” like Korea, Vietnam, and Iraq?” Was it “democracy”, “entrepreneurship,” or a tireless work ethic? And/or all of the above? Please tell me, I’m dying to know!
Read more @ MilesFranklin.com
“The US worked hard to create the American dream of opportunity. But today, that dream is a myth.”
These are the words of Nobel Prize winning economist Joseph Stiglitz, in his recent article… The American Dream Is Now a Myth
Not that I attach much credence to the Nobel Prize per se, as blithering idiots like Paul Krugman won it too , plus a slew of “Bernanke-like” academics – Myron Scholes, Harry Markowitz, Merton Miller, William Sharpe, and Franco Modigliani, to name a few – that have contributed NOTHING to finance but meaningless formulas. In all fairness, colleges have made millions selling suckers – er, students – books containing these theories, and don’t forget the billions spent on tuition to be taught such drivel. And don’t forget John Nash, whose jibberish was awarded with not only a Nobel Prize, but a movie portrayed him as handsome as Russell Crowe and exciting as James Bond – capable, of course, of attracting Hollywood starlets like Jennifer Connelly: A Beautiful Mind (film) – Wikipedia
Slightly off topic – but ENTIRELY validating my “anti-Nobel” stance, was its committee’s farcical 2009 decision to give its most valuable distinction to someone not only unworthy of such plaudits, but in reality, championing the polar opposite of peace… Obama wins Nobel Peace Prize
Back to the quote above, I am fixated on its first part, regarding how hard Americans “worked” to create their dream. Pray tell, what “work” is he speaking of? Was it the endless wars – be they “good ones” like World War II or “bad ones” like Korea, Vietnam, and Iraq?” Was it “democracy”, “entrepreneurship,” or a tireless work ethic? And/or all of the above? Please tell me, I’m dying to know!
Read more @ MilesFranklin.com
from Testosterone Pit.com:
It’s astounding just how distorted the coverage of Germany the grand Eurozone bailout scheme has been—well, at least in the English-speaking mainstream media. Time after time, we’re confronted with the inanest headlines and reports that place Chancellor Angela Merkel and her fellow politicians on some kind of invisible verge where they will suddenly, and under tremendous international pressure, come to their senses and … blink.
And by blinking, Germany would agree to, guarantee, and fund all the panaceas regularly trotted out by those that need them, particularly Spain, Italy, and now loudest of all, due to its shaky megabanks, France. The lasted blast came from the Wall Street Journal where Berlin Blinks on Shared Debt. Others regurgitated it, including MarketWatch. Yet, it contradicted everything that either German Finance Minister Wolfgang Schäuble or Chancellor Merkel had ever been quoted saying in the German press. And indeed, not much later, a spokesman at the Ministry of Finance made it clear, once again: “This is not true,” he said.
Read More @ TestosteronePit.com
It’s astounding just how distorted the coverage of Germany the grand Eurozone bailout scheme has been—well, at least in the English-speaking mainstream media. Time after time, we’re confronted with the inanest headlines and reports that place Chancellor Angela Merkel and her fellow politicians on some kind of invisible verge where they will suddenly, and under tremendous international pressure, come to their senses and … blink.
And by blinking, Germany would agree to, guarantee, and fund all the panaceas regularly trotted out by those that need them, particularly Spain, Italy, and now loudest of all, due to its shaky megabanks, France. The lasted blast came from the Wall Street Journal where Berlin Blinks on Shared Debt. Others regurgitated it, including MarketWatch. Yet, it contradicted everything that either German Finance Minister Wolfgang Schäuble or Chancellor Merkel had ever been quoted saying in the German press. And indeed, not much later, a spokesman at the Ministry of Finance made it clear, once again: “This is not true,” he said.
Read More @ TestosteronePit.com
from Zero Hedge:
Earlier, we presented a slightly more idealistic, slightly less gray, slightly less mathematically challenged version of the president talking to ABC’s George Stephanopolous on the topic of whether or not the Affordable Care Act should be treated as tax. Obama said “I absolutely reject that notion“. The Supreme Court, however, whether with a last minute change of heart by Chief Justice Roberts for whatever reasons, or not, disagreed in what ended up being a shocking hail mary effort, and essentially said that Obama’s entire spin campaign of Obamacare as ‘not a tax’ is wrong, in the process making Obamacare constitutional but also making it the largest tax increase in the history of the US.
We are eagerly looking for the CBO’s scoring of how the ACA will impact the parabolic charts of projected future US deficit and debt. In the meantime, once again looking back in time, we present an even younger version of the president, all the way back in 2008, sharing his thought on the now so very crucial topic of mandates. To wit: “If a mandate was the solution, we could try that to solve homelessness by mandating everybody buy a house. The reason they don’t have a house is they don’t have the money.” He is right. Hopefully, this rather insightful allegory into cause and effect from 4 years ago is not a preamble into what the SCOTUS may have just unleashed with the imminent arrival of the Affordable Housing Act.
Read More @ Zero Hedge.com
Earlier, we presented a slightly more idealistic, slightly less gray, slightly less mathematically challenged version of the president talking to ABC’s George Stephanopolous on the topic of whether or not the Affordable Care Act should be treated as tax. Obama said “I absolutely reject that notion“. The Supreme Court, however, whether with a last minute change of heart by Chief Justice Roberts for whatever reasons, or not, disagreed in what ended up being a shocking hail mary effort, and essentially said that Obama’s entire spin campaign of Obamacare as ‘not a tax’ is wrong, in the process making Obamacare constitutional but also making it the largest tax increase in the history of the US.
We are eagerly looking for the CBO’s scoring of how the ACA will impact the parabolic charts of projected future US deficit and debt. In the meantime, once again looking back in time, we present an even younger version of the president, all the way back in 2008, sharing his thought on the now so very crucial topic of mandates. To wit: “If a mandate was the solution, we could try that to solve homelessness by mandating everybody buy a house. The reason they don’t have a house is they don’t have the money.” He is right. Hopefully, this rather insightful allegory into cause and effect from 4 years ago is not a preamble into what the SCOTUS may have just unleashed with the imminent arrival of the Affordable Housing Act.
Read More @ Zero Hedge.com
[Ed. Note: Libor = London interbank offered rate]
from liarpoliticians :
Conservative chancellor George Osborne gives a statement into the breaking scandal of Barclays Bank being fined for rigging the LIBOR interest rate with other banks. Other banks are to be revealed who are in on the scandal.
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from liarpoliticians :
Conservative chancellor George Osborne gives a statement into the breaking scandal of Barclays Bank being fined for rigging the LIBOR interest rate with other banks. Other banks are to be revealed who are in on the scandal.
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