from CapitalAccount:
Welcome to Capital Account. No matter the outcome of the Greek election on Sunday, Monday will certainly be an interesting day for global markets. Many believe Sunday’s elections will determine whether the nation remains in the Eurozone.
The political parties in Greece have fallen into two categories: those in favor of the 240 billion euro bailout loan, tied to extreme austerity measures, and those against it.
Syriza, the party led by Alexis Tsipras, is running on a staunch anti-austerity platform. He has stated publicly that he believes Greece will not be pushed out of the euro even if they break with the austerity measures tied to the bailout. He recently said “We have no sense that European partners will follow this tactic of blackmail heard from some quarters and stop funding”
by The Daily Bell:
O’Neill’s BRICs
Risk Hitting Wall Threatening G-20 Growth … Even Jim O’Neill is asking
whether the BRICs need reinforcing 11 years after he coined the term to
describe the world’s future powerhouse economies. O’Neill, chairman of Goldman Sachs
Asset Management, says his thesis that Brazil, Russia, India and China
would together increasingly buoy the global economy faces “a more
challenging test” as investors dump the countries’ stocks … Leaders
attending next week’s Group of 20 summit in Mexico are already
expressing concern, with Brazilian President Dilma Rousseff warning June
4 that emerging markets can’t carry the weight of the world on their
shoulders. Rich-nation policy makers “are so wrapped up in their own
problems they’re praying some of this weakness is just temporary in the
BRICs,” London-based O’Neill, 55, said in a telephone interview. “If
it’s not, then it’s pretty worrying.” – Bloomberg
Dominant Social Theme: It’s pretty bad. But maybe, somehow it will get better
Free-Market Analysis: There is surely a power elite that is trying to drive the world into depression. We would tend to believe it is succeeding. This latest squawk from Goldman Sachs is testimony to that.
Read More @ TheDailyBell.com
Welcome to Capital Account. No matter the outcome of the Greek election on Sunday, Monday will certainly be an interesting day for global markets. Many believe Sunday’s elections will determine whether the nation remains in the Eurozone.
The political parties in Greece have fallen into two categories: those in favor of the 240 billion euro bailout loan, tied to extreme austerity measures, and those against it.
Syriza, the party led by Alexis Tsipras, is running on a staunch anti-austerity platform. He has stated publicly that he believes Greece will not be pushed out of the euro even if they break with the austerity measures tied to the bailout. He recently said “We have no sense that European partners will follow this tactic of blackmail heard from some quarters and stop funding”
by The Daily Bell:
O’Neill’s BRICs
Risk Hitting Wall Threatening G-20 Growth … Even Jim O’Neill is asking
whether the BRICs need reinforcing 11 years after he coined the term to
describe the world’s future powerhouse economies. O’Neill, chairman of Goldman Sachs
Asset Management, says his thesis that Brazil, Russia, India and China
would together increasingly buoy the global economy faces “a more
challenging test” as investors dump the countries’ stocks … Leaders
attending next week’s Group of 20 summit in Mexico are already
expressing concern, with Brazilian President Dilma Rousseff warning June
4 that emerging markets can’t carry the weight of the world on their
shoulders. Rich-nation policy makers “are so wrapped up in their own
problems they’re praying some of this weakness is just temporary in the
BRICs,” London-based O’Neill, 55, said in a telephone interview. “If
it’s not, then it’s pretty worrying.” – BloombergDominant Social Theme: It’s pretty bad. But maybe, somehow it will get better
Free-Market Analysis: There is surely a power elite that is trying to drive the world into depression. We would tend to believe it is succeeding. This latest squawk from Goldman Sachs is testimony to that.
Read More @ TheDailyBell.com
from SchiffReport:
by The Daily Bell:
Osborne unveils £140bn scheme to kick-start stagnant economy … George
Osborne unveiled a £140 billion emergency scheme to try to avoid a
second credit crunch caused by the ongoing chaos in the eurozone. The Bank of England
is to offer money to high-street banks to kick-start mortgage and small
business lending to prevent loans being rationed for many families and
entrepreneurs, the Chancellor announced. It comes after sharp rises in
the costs of mortgages and other loans in recent months as banks
struggle to raise money in the midst of the single currency crisis. Sir Mervyn King,
the Bank of England Governor, said that the “industrialised world have
thrown everything bar the kitchen sink” at the global economic meltdown
but that even “bolder action” was now required. – UK Telegraph
Dominant Social Theme: Britain is taking bold action by providing banks with electronic credits they don’t deserve and have not earned.
Free-Market Analysis: The Internet has surely helped focus the mind on the insanity of central banking. Now, when we read articles like this, we can translate them immediately.
Read More @ TheDailyBell.com
Osborne unveils £140bn scheme to kick-start stagnant economy … George
Osborne unveiled a £140 billion emergency scheme to try to avoid a
second credit crunch caused by the ongoing chaos in the eurozone. The Bank of England
is to offer money to high-street banks to kick-start mortgage and small
business lending to prevent loans being rationed for many families and
entrepreneurs, the Chancellor announced. It comes after sharp rises in
the costs of mortgages and other loans in recent months as banks
struggle to raise money in the midst of the single currency crisis. Sir Mervyn King,
the Bank of England Governor, said that the “industrialised world have
thrown everything bar the kitchen sink” at the global economic meltdown
but that even “bolder action” was now required. – UK TelegraphDominant Social Theme: Britain is taking bold action by providing banks with electronic credits they don’t deserve and have not earned.
Free-Market Analysis: The Internet has surely helped focus the mind on the insanity of central banking. Now, when we read articles like this, we can translate them immediately.
Read More @ TheDailyBell.com
Four Bullet Points Explaining How JPMorgan Doubled Its Money From MF Global's Corpse In Seven Months
Don't read this if you have high blood pressure or if you are a client of MF Global's, whose money is still held by JP Morgan.
Pictures From Zimbabwe
Volatility Is Not Risk
What
makes for a good investment is price. Price is everything. You need to
receive value in excess of the price paid. An investment’s value is
the amount of real cash its underlying assets can reasonably be
expected to deliver to its shareholders in the future, discounted for
its risk – period. The investment’s price will either be higher than its
value (an uncompensated risk), the same as (neutral) or lower than its
value (a compensated risk). But since value is an imprecise
measurement, the best one can do is to build in a margin of safety by
buying investments that are at deep discounts to a reasonable estimated
value. Too many investors let an investment’s short-term price
movements, or perceptions of short-term price movements drive their
decisions. But since short-term price moves are unknowable, irrelevant
and independent of investment merits, this is not worthy of any time
spent analyzing. If short-term price moves were knowable, then a cadre
of top-performing chartists and market technicians would have far
greater net worths than Warren Buffett, Charlie Munger and the Saudi
Royal Family. They would need only apply leverage to their process and
repeat it a few times in order to accrue hundreds of billions of
dollars. Question: How many market technicians occupy the
Forbes 400? Answer: Zero. Why? Because successfully guessing future
price moves based on charts, MACD indicators or tea leaves is not a
repeatable process. Investors who do this generally have poor outcomes
because they are pursuing answers to the wrong question.The right question is: where is the value?
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from John Galt FLA:
Investors
should buy assets in U.S. dollars and other currencies of strong
developed nations because Japan may default within five years, said
Takeshi Fujimaki, former adviser to billionaire investor George Soros.
“Japan is likely to default before Europe does, which could be in the next five years,” the president of Fujimaki Japan, an investment advising company in Tokyo, said in an interview yesterday. Japanese should hold foreign-currency products, such as those denominated in the greenback, Swiss franc, sterling, Australian and Canadian dollars, Fujimaki said.
From an American economic standpoint, a default by Japan would make the collapse of all of the PIIGS nations pale by comparison and create conditions we have never witnessed for the world financial system and have grave geopolitical implications for the United States and the free world.
Read More @ JohnGaltFLA.com
Please read this article carefully because I’m disclosing for the first time that the U.S. government has given JPMorgan the green light to manipulate the silver market. This fact explains the shenanigans in the silver market. It answers all the questions and exposes this tawdry affair for all to see.
The scandal recently became more outrageous. The June Bank
Participation Report, as of Tuesday, June 5, along with the COT
confirmed that JPMorgan’s silver short position has increased by at
least 5,000 contracts in the past two reporting weeks. That is the
equivalent of 25 million ounces of silver, truly an enormous amount in a
two week period and about equal to all the silver produced and consumed
in the world in the same period. I calculate JPMorgan’s net short
position in COMEX silver futures to be between 16,000 and 17,000 contracts. JPMorgan
has been the sole net commercial silver short seller over the past two
weeks. That is the clearest proof yet of manipulation. A market dominated by one buyer or seller is the ultimate definition of manipulation.
Had JPMorgan not sold short 5,000 or more net additional
contracts in COMEX silver over the past two weeks, the price of silver
would have climbed even higher.
Read More @ Silver Seek
Investors
should buy assets in U.S. dollars and other currencies of strong
developed nations because Japan may default within five years, said
Takeshi Fujimaki, former adviser to billionaire investor George Soros.“Japan is likely to default before Europe does, which could be in the next five years,” the president of Fujimaki Japan, an investment advising company in Tokyo, said in an interview yesterday. Japanese should hold foreign-currency products, such as those denominated in the greenback, Swiss franc, sterling, Australian and Canadian dollars, Fujimaki said.
From an American economic standpoint, a default by Japan would make the collapse of all of the PIIGS nations pale by comparison and create conditions we have never witnessed for the world financial system and have grave geopolitical implications for the United States and the free world.
Read More @ JohnGaltFLA.com
by Theodore Butler, Silver Seek:
Please read this article carefully because I’m disclosing for the first time that the U.S. government has given JPMorgan the green light to manipulate the silver market. This fact explains the shenanigans in the silver market. It answers all the questions and exposes this tawdry affair for all to see.Read More @ Silver Seek
by JS Kim, Silver Seek:
Our mission at SmartKnowledgeU, besides helping our clients to protect and grow their wealth in the face of the criminality of the global banking cartel, has always been, since day one, to also be a spark to reinstate a sound, gold-based monetary system. Bankers have released so much propaganda and deceit regarding the inability of our current fraudulent monetary system to return to a gold-based monetary system that I have written two books to be released this month and next that refutes the banker-created drivel and propaganda regarding the inapplicability of a gold-based system. In my two books, to be released this month and next, titled
(1) The Golden Gift; and
(2) The Bankers’ Plot to Bankrupt the World & How We Can Stop Them!
I describe two important topics that the public-at-large still fails to grasp. One, I describe how the criminal banking cartel can counter-intuitively and periodically temporarily crush gold and silver prices in fraudulent paper markets even as global physical demand rises and physical supplies shrink and the importance of this sham to the banking cartel in seducing the retail investor to always make improper decisions about physical gold and physical silver (ie. not buying it).
Read More @ Silver Seek
Our mission at SmartKnowledgeU, besides helping our clients to protect and grow their wealth in the face of the criminality of the global banking cartel, has always been, since day one, to also be a spark to reinstate a sound, gold-based monetary system. Bankers have released so much propaganda and deceit regarding the inability of our current fraudulent monetary system to return to a gold-based monetary system that I have written two books to be released this month and next that refutes the banker-created drivel and propaganda regarding the inapplicability of a gold-based system. In my two books, to be released this month and next, titled
(1) The Golden Gift; and
(2) The Bankers’ Plot to Bankrupt the World & How We Can Stop Them!
I describe two important topics that the public-at-large still fails to grasp. One, I describe how the criminal banking cartel can counter-intuitively and periodically temporarily crush gold and silver prices in fraudulent paper markets even as global physical demand rises and physical supplies shrink and the importance of this sham to the banking cartel in seducing the retail investor to always make improper decisions about physical gold and physical silver (ie. not buying it).
Read More @ Silver Seek
by James E. Miller, Mises.ca:
This weekend the runoff election will be held in Egypt to decide who
will be the next president. The country’s first democratic election in
decades comes one year after former President Hosni Mubarak was ousted
during a massive civilian protest. Despite decades of financial support
from supposedly democracy-friendly U.S. and Western governments, it’s
was widely acknowledged that Mubarak’s constant reelection was the
product of ballot rigging. He aggressively held power for years by
censoring and controlling the media along with suppressing political
dissent. Mubarak was shielded from most opposition by the fact that he
used his office as a tool of political corruption and was the
quintessential Western puppet of a dictator.
At the beginning, most journalists in the West were celebrating the Egyptian revolution as a victory for democratic governance. They saw the possibility of untainted elections as the best way for Egyptians to adopt their values. With the first presidential runoff ballot since Mubarak just around the corner, the good feelings have begun to wear off. Many prominent media publications are dismayed that this weekend’s contest is looking like a battle between two radical candidates.
Read More @ Mises.ca
This weekend the runoff election will be held in Egypt to decide who
will be the next president. The country’s first democratic election in
decades comes one year after former President Hosni Mubarak was ousted
during a massive civilian protest. Despite decades of financial support
from supposedly democracy-friendly U.S. and Western governments, it’s
was widely acknowledged that Mubarak’s constant reelection was the
product of ballot rigging. He aggressively held power for years by
censoring and controlling the media along with suppressing political
dissent. Mubarak was shielded from most opposition by the fact that he
used his office as a tool of political corruption and was the
quintessential Western puppet of a dictator.At the beginning, most journalists in the West were celebrating the Egyptian revolution as a victory for democratic governance. They saw the possibility of untainted elections as the best way for Egyptians to adopt their values. With the first presidential runoff ballot since Mubarak just around the corner, the good feelings have begun to wear off. Many prominent media publications are dismayed that this weekend’s contest is looking like a battle between two radical candidates.
Read More @ Mises.ca
[Ed. Note: If you missed it, check out this piece from Manos which we originally posted here. The horrible reality of collapse in the United States may be far nearer than you think.]
by Chris Kitze, Before It’s News via SHTFPlan:
SHTFplan editor’s note: When it hit the fan in Bosnia in the 1990′s the
electrical grid and water utilities went down, thus there was no heat
in the winter and no potable water available for drinking. The currency
and banking system were non-existent and commerce in its traditional
form came to a standstill – leaving only barter as a way to acquire
goods. The food supply and transportation systems fell apart. Police,
fire, and medical services disappeared. Violence, disease and death
spread throughout the region. Few were prepared for what would
follow. This is Selco’s story. Pay attention, it may save your life one
day.
OK, i wanna share with you my own experience. (be patient with my English, i am from far away )
I am from Bosnia, and as some of you may know it was hell here from 92-95, anyway, for 1 whole year i lived and survived in a city of 50 000- 60 000 residents WITHOUT: electricity, fuel,running water,real food distribution, or distribution of any goods, or any kind of organized law or government.The city was surrounded for 1 year and in that city actually it was SHTF situation.
Read More @ SHTFPlan.com
by Chris Kitze, Before It’s News via SHTFPlan:
SHTFplan editor’s note: When it hit the fan in Bosnia in the 1990′s the
electrical grid and water utilities went down, thus there was no heat
in the winter and no potable water available for drinking. The currency
and banking system were non-existent and commerce in its traditional
form came to a standstill – leaving only barter as a way to acquire
goods. The food supply and transportation systems fell apart. Police,
fire, and medical services disappeared. Violence, disease and death
spread throughout the region. Few were prepared for what would
follow. This is Selco’s story. Pay attention, it may save your life one
day.“Nobody wins, we just survived, with a lot of bad dreams.”From Selco:
– Selco
OK, i wanna share with you my own experience. (be patient with my English, i am from far away )
I am from Bosnia, and as some of you may know it was hell here from 92-95, anyway, for 1 whole year i lived and survived in a city of 50 000- 60 000 residents WITHOUT: electricity, fuel,running water,real food distribution, or distribution of any goods, or any kind of organized law or government.The city was surrounded for 1 year and in that city actually it was SHTF situation.
Read More @ SHTFPlan.com
from Hang The Bankers:
The Bilderberg Group is 120-140 powerful people who meet each year to discuss policy. The meetings are closed to the public.
This graph we found on Facebook shows the members’ connections to a ton of corporations, charities, policy groups and media. Everyone from Eric Schmidt to George Soros is a member. There are tons of conspiracy theories about the group, including that they control the world economy.
We took the findings with a grain of salt–after all, it’s easy to trace an individual to a corporation and the graph doesn’t specify what influence the member wielded.
But perhaps it’s a compelling argument for why the meetings should be public.
Click for full scale chart:
Read More @ HangTheBankers.com
The Bilderberg Group is 120-140 powerful people who meet each year to discuss policy. The meetings are closed to the public.This graph we found on Facebook shows the members’ connections to a ton of corporations, charities, policy groups and media. Everyone from Eric Schmidt to George Soros is a member. There are tons of conspiracy theories about the group, including that they control the world economy.
We took the findings with a grain of salt–after all, it’s easy to trace an individual to a corporation and the graph doesn’t specify what influence the member wielded.
But perhaps it’s a compelling argument for why the meetings should be public.
Click for full scale chart:
Read More @ HangTheBankers.com
[Ed. Note: David McWilliams is the creator of Punk Economics. He is an author and economist that lives in Ireland and has birds-eye view of the ongoing collapse.]
from David McWilliams:
We have a better chance of winning our group in Poland than the euro has of surviving in its present form.
The currency may survive but not as it is at the moment. The total failure of the huge Spanish bank bailout changes the game because it signals the end of the easy options for Germany which must face up to how much it will cost to hold the euro together.
It is important to appreciate that this is not a fire drill. You know the way we Irish are with fire alarms? We pretend that someone must be messing about as the alarm couldn’t possibly suggest that there is anything to worry about, could it? We don’t have to evacuate the building because it must be just a joke, surely?
This is not a joke. It is deadly serious. According to Reuters yesterday, European finance officials are discussing limiting ATM withdrawals in Greece as well as introducing capital controls in the event that the Greeks vote this weekend for parties that want to tear up the bailout agreements.
We now have Spanish and Italian bond yields soaring, despite the €100bn bailout for the Spanish banks.
Read More @ DavidMcWilliams.ie
from David McWilliams:
We have a better chance of winning our group in Poland than the euro has of surviving in its present form.The currency may survive but not as it is at the moment. The total failure of the huge Spanish bank bailout changes the game because it signals the end of the easy options for Germany which must face up to how much it will cost to hold the euro together.
It is important to appreciate that this is not a fire drill. You know the way we Irish are with fire alarms? We pretend that someone must be messing about as the alarm couldn’t possibly suggest that there is anything to worry about, could it? We don’t have to evacuate the building because it must be just a joke, surely?
This is not a joke. It is deadly serious. According to Reuters yesterday, European finance officials are discussing limiting ATM withdrawals in Greece as well as introducing capital controls in the event that the Greeks vote this weekend for parties that want to tear up the bailout agreements.
We now have Spanish and Italian bond yields soaring, despite the €100bn bailout for the Spanish banks.
Read More @ DavidMcWilliams.ie
By Silver Doctors:
Honk Kong Exchanges & Clearing have beaten out the Western
banksters (The Morgue and The Vampire Squid) and have acquired the LME
(London Metals Exchange).
Please note that this is NOT the LBMA, and the cartel has not just ceded control of their physical gold and silver bullion exchange vehicle to the Chinese.
The Hong Kong Exchanges win is still a huge disappointment to our favorite banksters.
Read More @ SilverDoctors.com
from Matlarson10:
Honk Kong Exchanges & Clearing have beaten out the Western
banksters (The Morgue and The Vampire Squid) and have acquired the LME
(London Metals Exchange).Please note that this is NOT the LBMA, and the cartel has not just ceded control of their physical gold and silver bullion exchange vehicle to the Chinese.
The Hong Kong Exchanges win is still a huge disappointment to our favorite banksters.
Read More @ SilverDoctors.com
from ronpaul:
from Matlarson10:
by Jeff Nielson, Bullion Bulls Canada:
In Part I, we were presented with a mythical “Goldilocks economy”; a
contrivance of propaganda where B.S. Bernanke attempted to portray the
U.S.’s worsening economic collapse as representing some sort of Golden
Age. We were also presented with a legitimate definition of a Goldilocks
economy: steady growth, stable employment, and muted inflation.
However, back in the real world we saw a U.S. economy which literally
exemplified the exact opposite of all those characteristics.
The purpose of Part II is thus to first expand upon this definition which was presented in Part I, and then to point readers toward how such an economic dream could be achieved. The best way in which to accomplish this is to look at the three facets of the Goldilocks paradigm individually.
With respect to the propaganda myth of “steady growth”, understand that as a matter of the simplest arithmetic that this is impossible with any/every economy which embraces the suicidal Keynesian doctrine of perpetually rising debt-levels. Obviously if you begin with an economy which is spending 1% of each dollar of revenue paying interest on debt, then 5%, then 10%, and now 25% to 30% (as Europe’s Deadbeat Debtors prepare to default) you can never possibly have steady growth.
Read More @ BullionBullsCanada.com
from TruthNeverTold :
In Part I, we were presented with a mythical “Goldilocks economy”; a
contrivance of propaganda where B.S. Bernanke attempted to portray the
U.S.’s worsening economic collapse as representing some sort of Golden
Age. We were also presented with a legitimate definition of a Goldilocks
economy: steady growth, stable employment, and muted inflation.
However, back in the real world we saw a U.S. economy which literally
exemplified the exact opposite of all those characteristics.The purpose of Part II is thus to first expand upon this definition which was presented in Part I, and then to point readers toward how such an economic dream could be achieved. The best way in which to accomplish this is to look at the three facets of the Goldilocks paradigm individually.
With respect to the propaganda myth of “steady growth”, understand that as a matter of the simplest arithmetic that this is impossible with any/every economy which embraces the suicidal Keynesian doctrine of perpetually rising debt-levels. Obviously if you begin with an economy which is spending 1% of each dollar of revenue paying interest on debt, then 5%, then 10%, and now 25% to 30% (as Europe’s Deadbeat Debtors prepare to default) you can never possibly have steady growth.
Read More @ BullionBullsCanada.com
from TruthNeverTold :
by Anthony Gucciardi, Activist Post
n a riveting victory against genetically modified creations, a major
biotech company known as Syngenta has been criminally charged for
denying knowledge that its GM Bt corn actually kills livestock. What’s
more is not only did the company deny this fact, but they did so in a
civil court case that ended back in 2007. The charges were finally
issued after a long legal struggle against the mega corp initiated by a
German farmer named Gottfried Gloeckner whose dairy cattle died after
eating the Bt toxin and coming down with a ‘mysterious’ illness.
Grown on his own farm from 1997 to 2002, the cows on the farm were all being fed exclusively on Syngenta’s Bt 176 corn by the year 2000. It was around this time that the mysterious illnesses began to emerge among the cattle population. Syngenta paid Gloeckner 40,000 euros in an effort to silence the farmer; however, a civil lawsuit was brought upon the company. Amazingly, 2 cows ate genetically modified maize (now banned in Poland over serious concerns) and died. During the civil lawsuit, however, Syngenta refused to admit that its GM corn was responsible. In fact, they went as far as to claim having no knowledge whatsoever of any harm.
Read More @ Activist Post
n a riveting victory against genetically modified creations, a major
biotech company known as Syngenta has been criminally charged for
denying knowledge that its GM Bt corn actually kills livestock. What’s
more is not only did the company deny this fact, but they did so in a
civil court case that ended back in 2007. The charges were finally
issued after a long legal struggle against the mega corp initiated by a
German farmer named Gottfried Gloeckner whose dairy cattle died after
eating the Bt toxin and coming down with a ‘mysterious’ illness.Grown on his own farm from 1997 to 2002, the cows on the farm were all being fed exclusively on Syngenta’s Bt 176 corn by the year 2000. It was around this time that the mysterious illnesses began to emerge among the cattle population. Syngenta paid Gloeckner 40,000 euros in an effort to silence the farmer; however, a civil lawsuit was brought upon the company. Amazingly, 2 cows ate genetically modified maize (now banned in Poland over serious concerns) and died. During the civil lawsuit, however, Syngenta refused to admit that its GM corn was responsible. In fact, they went as far as to claim having no knowledge whatsoever of any harm.
Read More @ Activist Post
from KingWorldNews:
Today top trends forecaster Gerald Celente discussed gold at length,
as well as other important trends with King World News. Celente is the
founder of Trends Research, and the man many consider to be the top
trends forecaster in the world. Celente predicted, “a tidal wave entrance into gold,” because “the entire financial system is in collapse.” But first, here is what Celente had to say about what is happening around the world: “The
highlight for the moment is on Greece, but let’s remember that Greece
only counts for 2% of the eurozone GDP. It’s more about publicity. How
will it look if they leave? Also, everybody knew that the $125 billion
(for Spain) was a drop in the bucket compared to the trillions of
dollars of debt.”
Celente continues @ KingWorldNews.com
Dear CIGAs,
Hi Jim,
Looking at quite a few issues this afternoon, this same phenomenon occurred with huge volumes right at the close or even trading after the close. THIS is the biggest, most blatant and in your face manipulation since this whole fiasco started. I entered the PM arena in 1998 and thought that I had seen it all. Apparently not! Of course, we will not hear anything from the regulators but we must yell louder and louder. To suffer in silence is madness and cowardly.
CIGA Bill
Dear Bill,
Jim Sinclair’s Commentary
Central Banks Promise To Save World On Monday If Greece Elects A Crazy Person This Weekend Stella Dawson, Reuters | Jun. 14, 2012, 4:26 PM
WASHINGTON (Reuters) – Central banks from major economies stand ready to take steps to stabilize financial markets by providing liquidity and preventing a credit squeeze if the outcome of Greek elections on Sunday causes tumultuous trading, G20 officials told Reuters.
A senior U.S. official cautioned that the Greek election will not provide "the definitive signal on what happens next" in the euro zone debt crisis.
But if severe market strains emerge after an unusual confluence of three elections this weekend – there are important polls in Egypt and France as well – central bankers are on standby to ensure enough cash is flowing through the financial system.
"The central banks are preparing for coordinated action to provide liquidity," said a senior G20 aide familiar with discussions among international financial diplomats. His statement was confirmed by several other G20 officials.
Wall Street stocks jumped sharply on the news, with the S&P 500 and the Dow Industrials both up more than 1 percent. The euro added to gains and U.S. government debt prices fell, boosting yields.
More…
Jim Sinclair’s Commentary
Bank Yankers – Jamie Dimon on Capitol Hill
The Senate Banking Committee quizzes JPMorgan Chase CEO Jamie Dimon on the efficacy of Dodd-Frank and measures he would take to prevent future catastrophic bank losses.
Click here to watch the video…
Jim Sinclair’s Commentary
Regulators Weigh Easing of Global Bank Rules By DAVID ENRICH And VICTORIA MCGRANE
LONDON—International regulators are poised to ease a core element of new banking rules that were designed to improve the safety of the financial system, with some regulators fearing that plowing ahead with tough new requirements could exacerbate the current European crisis, according to people familiar with the matter.
Following months of intense industry pressure, regulators say they now plan to make it easier for banks to comply with a key provision of new international banking rules that will require lenders to maintain sufficiently deep pools of safe, liquid assets—like cash and government bonds—that can survive market meltdowns and other intense crises.
Now, changes to the rules will allow a wider variety of assets—such as gold and equities—to count toward banks’ liquidity buffers, among other changes envisioned to soften the rules, according to people involved in the talks.
It’s the latest example of central bankers and other policy makers changing course as they navigate the relentless European crisis, which threatens not only to engulf the continent’s economy but financial systems around the world. On Thursday, for example, British officials unveiled plans to flood U.K. banks with cheap central-bank loans, an attempt to shield the country from Europe’s deepening problems.
The likely changes to the banking rules center on part of a package of regulations known as the Basel accord, named after the Swiss city in which the rules are hammered out. The pact, negotiated by senior bank regulators from around the world and championed by governments including the Obama administration, represents regulators’ farthest-reaching response to a financial crisis now in its fifth year.
More…
Jim Sinclair’s Commentary
Jim Sinclair’s Commentary
Hong Kong Exchanges Bid for LME Beats out ICE By Stanley James and Agnieszka Troszkiewicz – Jun 15, 2012 8:35 AM GMT-0300
Hong Kong Exchanges & Clearing Ltd., host to the world’s fifth-largest equity market, agreed to pay 1.39 billion pounds ($2.15 billion) for the London Metal Exchange, which handles more than 80 percent of global trade in industrial-metal futures.
LME investors will get 107.60 pounds per ordinary share in cash, with a vote scheduled before the end of next month, the bourses said today. The stock traded at 4.925 pounds in July 2011, before the LME said it was considering bids. JPMorgan Chase & Co., Goldman Sachs Group Inc. and closely held Metdist Ltd. are the biggest LME shareholders.
Hong Kong is the only place in China where investors can freely buy and sell shares in Industrial & Commercial Bank of China Ltd., the biggest lender by value, and PetroChina Co., Asia’s largest company. The deal would be Hong Kong Exchanges’ first overseas acquisition. The 135-year-old LME sets global benchmark prices for metals including copper, aluminum and nickel, of which China consumes more than any other nation. Its network of warehouses doesn’t currently extend into the country.
“Hong Kong Exchanges can be positive for LME if it can enhance its China exposure,” said Jonas Kan, the head of Hong Kong research at Daiwa Capital Markets. “HKEx has a clearing business, visibility in listing for Chinese companies, and has experience working with regulators and authorities in China, which can add value to the LME.”
More…
Jim Sinclair’s Commentary
Bank Of England Announces Big New Liquidity Plan Simone Foxman | Jun. 14, 2012, 4:12 PM
The Bank of England announced this afternoon that it would attempt to flood banks with cheap cash in order to stave off tensions in the interbank credit markets, according to Dow Jones.
This report followed rumors of coordinated central bank action to bolster liquidity across the world, however the BOE’s plan appears to be much more U.K.-centric.
Speaking at a black tie dinner, BOE’s Mervyn King and the Exchequer’s George Osborne said they would initiate a two-pronged attempt to aid liquidity conditions:
• Multi-year loans at below-market rates to banks (something like the LTROs, perhaps?) in order to support U.K. banks and households
• An emergency liquidity facility that will offer U.K. banks six-month loans in return for as yet unspecified kinds of collateral.
The DJ report notes that there are no signs as yet that U.K. banks are experiencing funding problems. However, it does not come as a surprise that U.K leaders are worried about deteriorating credit conditions and deposit flight—particularly from the euro area periphery—spilling over onto British shores.
More…
Dear Eric,
Manufacturing Malaise: Key Measures Point to Declines CIGA Eric
The equity bulls want more stimulus, but history reminds us that fiscal and monetary policy decision, i.e. additional stimulus or QE(n), tends to be reactive rather than proactive. Also, anything beyond token increase in stimulus might be difficult to defend with the S&P 500 only 6% and 15% below its 2012 and 2007 (all-time) highs.
Headline: Manufacturing Malaise: Key Measures Point to Declines
U.S. manufacturing output contracted in May for the second time in three months while a gauge in New York state fell sharply in June, the latest worrisome signs the American economy could be cooling. Factory production shrank 0.4 percent last month, the Federal Reserve [cnbc explains] said on Friday. Total industrial output, which includes output at factories, mines and utilities, declined 0.1 percent. Analysts polled by Reuters had expected total industrial production to rise 0.1 percent. The declines were widespread within the factory sector. Output for durable — or long lasting — goods dropped 0.5 percent. Production for nondurables fell 0.2 percent. Utilities increased 0.8 percent.
More…
Eric,
U.S. bank downgrades loom CIGA Eric
How many rating agencies were proactive in early to mid 2008? Now that the cat’s out of the bag, they all rush to be proactive. As Jim suggests, perhaps their actions reflect the intention of the men behind the curtain. Or, maybe it’s easier to jump on a bandwagon that’s already moving.
The section of the piece that caught me eye was the following observation,
It may also become more difficult for consumers and businesses to borrow money if banks decide they need to hold onto their cash in order to meet their liquidity needs, Bush said. "It certainly does not help the cause of easing credit," she said.
Sounds like the Great Depression to me.
Headline: U.S. bank downgrades loom
NEW YORK (CNNMoney) — Downgrade fever has been sweeping across the European banking system, and the major Wall Street banks are likely to be the next to get sick. Rating agency Moody’s cut ratings for five banking groups in the Netherlands, three in France and one in Luxembourg Friday. Dutch giants ING (ING) and ABN Amro were among the banks downgraded. Next up for the rating agency are banks in the U.K.. as well as 17 major banks with "global capital markets operations." That includes Wall Street firms Citigroup (C, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500), Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500).
Source: money.cnn.com
More…
Jim Sinclair’s Commentary
“The newscaster announced that “the stock market had fallen 100 points on news that an asteroid was heading to Earth and all life would be destroyed within 24 hours… before recovering on word that the Fed had increased QE to infinity.”
Jim,
Yes, a perfect storm with corporations competing against sovereigns for massive debt refinancing. Expect a lot of bankruptcies on both fronts though many multinationals are in better financial shape than most governments.
CIGA Craig
"A measure of the scale of the refinancing problem is revealed in a recent report by Standard & Poor’s Ratings Services. S&P suggests there is as much as a $46 trillion “credit overhang” — the amount of money corporates will need to raise between 2012 and 2016 to refinance their soon-to-mature debts and to fund capital expenditure and working capital growth.
More…
Dear Jim,
The Bank of England will activate its emergency liquidity tool. Soon all of them will and obviously the Fed is going to have to play the same game.
As you have mentioned many times, there’s no turning back, it’s too late
Regards,
CIGA Luis
UK to get credit flowing, fight euro zone decline
(Reuters) – Britain will launch a new scheme to get credit flowing in the ailing economy and the Bank of England will activate its emergency liquidity tool
The case for another round of gilt purchases had also grown as the outlook for the economy had worsened, King said in his annual Mansion House policy speech to London financiers, though he again rejected calls for the central bank to buy private sector assets, such as company loans, directly.
King said the Bank in conjunction with the finance ministry will in the next few weeks launch a scheme to offer banks loans with a maturity of possibly 3-4 years at below current market rates.
The loans would be made available on condition that banks increase their lending to businesses and households. King said the government’s approval was needed because of the long-term nature of the lending and its pricing.
More…
I'm PayPal Verified
Today top trends forecaster Gerald Celente discussed gold at length,
as well as other important trends with King World News. Celente is the
founder of Trends Research, and the man many consider to be the top
trends forecaster in the world. Celente predicted, “a tidal wave entrance into gold,” because “the entire financial system is in collapse.” But first, here is what Celente had to say about what is happening around the world: “The
highlight for the moment is on Greece, but let’s remember that Greece
only counts for 2% of the eurozone GDP. It’s more about publicity. How
will it look if they leave? Also, everybody knew that the $125 billion
(for Spain) was a drop in the bucket compared to the trillions of
dollars of debt.”Celente continues @ KingWorldNews.com
Dear CIGAs,
Have you had enough of the manipulation of your gold and silver
shares? The more noise we make the closer we come to getting the light
shined on these evil people.
Complain about the raids of your investments by short sellers if you have witnessed it.
Jim
Hi Jim,
Looking at quite a few issues this afternoon, this same phenomenon occurred with huge volumes right at the close or even trading after the close. THIS is the biggest, most blatant and in your face manipulation since this whole fiasco started. I entered the PM arena in 1998 and thought that I had seen it all. Apparently not! Of course, we will not hear anything from the regulators but we must yell louder and louder. To suffer in silence is madness and cowardly.
CIGA Bill
Dear Bill,
I am asking my readers that if any gold shares they hold were sneak
attacked after the close tonight that they raise total hell with both
the regulators and the exchange.
I am asking for 400,000 complaints on Monday morning.
Suffering in
silence is madness. These people do not want sunlight on themselves so
our only weapon is to turn as much light on as we can.
Dear Friends,
Please complain about the blatant manipulation of your company today to the following:
Jim Sinclair’s Commentary
One way or another, now or soon, QE goes to infinity. That is certain.
Central Banks Promise To Save World On Monday If Greece Elects A Crazy Person This Weekend Stella Dawson, Reuters | Jun. 14, 2012, 4:26 PM
WASHINGTON (Reuters) – Central banks from major economies stand ready to take steps to stabilize financial markets by providing liquidity and preventing a credit squeeze if the outcome of Greek elections on Sunday causes tumultuous trading, G20 officials told Reuters.
A senior U.S. official cautioned that the Greek election will not provide "the definitive signal on what happens next" in the euro zone debt crisis.
But if severe market strains emerge after an unusual confluence of three elections this weekend – there are important polls in Egypt and France as well – central bankers are on standby to ensure enough cash is flowing through the financial system.
"The central banks are preparing for coordinated action to provide liquidity," said a senior G20 aide familiar with discussions among international financial diplomats. His statement was confirmed by several other G20 officials.
Wall Street stocks jumped sharply on the news, with the S&P 500 and the Dow Industrials both up more than 1 percent. The euro added to gains and U.S. government debt prices fell, boosting yields.
More…
Jim Sinclair’s Commentary
Jaime Dimon getting interrogated by congress??
Bank Yankers – Jamie Dimon on Capitol Hill
The Senate Banking Committee quizzes JPMorgan Chase CEO Jamie Dimon on the efficacy of Dodd-Frank and measures he would take to prevent future catastrophic bank losses.
Click here to watch the video…
Jim Sinclair’s Commentary
This is part of the continuing maturity of gold in terms of acceptance into its rightful position as the primary asset it is.
Regulators Weigh Easing of Global Bank Rules By DAVID ENRICH And VICTORIA MCGRANE
LONDON—International regulators are poised to ease a core element of new banking rules that were designed to improve the safety of the financial system, with some regulators fearing that plowing ahead with tough new requirements could exacerbate the current European crisis, according to people familiar with the matter.
Following months of intense industry pressure, regulators say they now plan to make it easier for banks to comply with a key provision of new international banking rules that will require lenders to maintain sufficiently deep pools of safe, liquid assets—like cash and government bonds—that can survive market meltdowns and other intense crises.
Now, changes to the rules will allow a wider variety of assets—such as gold and equities—to count toward banks’ liquidity buffers, among other changes envisioned to soften the rules, according to people involved in the talks.
It’s the latest example of central bankers and other policy makers changing course as they navigate the relentless European crisis, which threatens not only to engulf the continent’s economy but financial systems around the world. On Thursday, for example, British officials unveiled plans to flood U.K. banks with cheap central-bank loans, an attempt to shield the country from Europe’s deepening problems.
The likely changes to the banking rules center on part of a package of regulations known as the Basel accord, named after the Swiss city in which the rules are hammered out. The pact, negotiated by senior bank regulators from around the world and championed by governments including the Obama administration, represents regulators’ farthest-reaching response to a financial crisis now in its fifth year.
More…
Jim Sinclair’s Commentary
This is the non-recovery of the Western economic picture.
Note the rest of the place is on a cliff dated December 31st 2012
Jim
Jim Sinclair’s Commentary
Learn Mandarin so you will be able to speak to your bosses.
In time this will be important to all items traded on the LME.
Hong Kong Exchanges Bid for LME Beats out ICE By Stanley James and Agnieszka Troszkiewicz – Jun 15, 2012 8:35 AM GMT-0300
Hong Kong Exchanges & Clearing Ltd., host to the world’s fifth-largest equity market, agreed to pay 1.39 billion pounds ($2.15 billion) for the London Metal Exchange, which handles more than 80 percent of global trade in industrial-metal futures.
LME investors will get 107.60 pounds per ordinary share in cash, with a vote scheduled before the end of next month, the bourses said today. The stock traded at 4.925 pounds in July 2011, before the LME said it was considering bids. JPMorgan Chase & Co., Goldman Sachs Group Inc. and closely held Metdist Ltd. are the biggest LME shareholders.
Hong Kong is the only place in China where investors can freely buy and sell shares in Industrial & Commercial Bank of China Ltd., the biggest lender by value, and PetroChina Co., Asia’s largest company. The deal would be Hong Kong Exchanges’ first overseas acquisition. The 135-year-old LME sets global benchmark prices for metals including copper, aluminum and nickel, of which China consumes more than any other nation. Its network of warehouses doesn’t currently extend into the country.
“Hong Kong Exchanges can be positive for LME if it can enhance its China exposure,” said Jonas Kan, the head of Hong Kong research at Daiwa Capital Markets. “HKEx has a clearing business, visibility in listing for Chinese companies, and has experience working with regulators and authorities in China, which can add value to the LME.”
More…
Jim Sinclair’s Commentary
Whatever liquidity is required here or there will be provided in abundance.
Bank Of England Announces Big New Liquidity Plan Simone Foxman | Jun. 14, 2012, 4:12 PM
The Bank of England announced this afternoon that it would attempt to flood banks with cheap cash in order to stave off tensions in the interbank credit markets, according to Dow Jones.
This report followed rumors of coordinated central bank action to bolster liquidity across the world, however the BOE’s plan appears to be much more U.K.-centric.
Speaking at a black tie dinner, BOE’s Mervyn King and the Exchequer’s George Osborne said they would initiate a two-pronged attempt to aid liquidity conditions:
• Multi-year loans at below-market rates to banks (something like the LTROs, perhaps?) in order to support U.K. banks and households
• An emergency liquidity facility that will offer U.K. banks six-month loans in return for as yet unspecified kinds of collateral.
The DJ report notes that there are no signs as yet that U.K. banks are experiencing funding problems. However, it does not come as a surprise that U.K leaders are worried about deteriorating credit conditions and deposit flight—particularly from the euro area periphery—spilling over onto British shores.
More…
Dear Eric,
You have said it so perfectly. I was totally shocked that there was
an expectation of Fed action at their recent scheduled meeting.
Central banks have never and will never act pre-emptively when the
situation is as grave as it presently is. All world central banks will
act in unison soon, but they will only do so if the market prevents any
other course of action. That is what a crisis is called. No market
crisis means no extraordinary Central bank actions.
Regards,
Jim
Jim
Manufacturing Malaise: Key Measures Point to Declines CIGA Eric
The equity bulls want more stimulus, but history reminds us that fiscal and monetary policy decision, i.e. additional stimulus or QE(n), tends to be reactive rather than proactive. Also, anything beyond token increase in stimulus might be difficult to defend with the S&P 500 only 6% and 15% below its 2012 and 2007 (all-time) highs.
Headline: Manufacturing Malaise: Key Measures Point to Declines
U.S. manufacturing output contracted in May for the second time in three months while a gauge in New York state fell sharply in June, the latest worrisome signs the American economy could be cooling. Factory production shrank 0.4 percent last month, the Federal Reserve [cnbc explains] said on Friday. Total industrial output, which includes output at factories, mines and utilities, declined 0.1 percent. Analysts polled by Reuters had expected total industrial production to rise 0.1 percent. The declines were widespread within the factory sector. Output for durable — or long lasting — goods dropped 0.5 percent. Production for nondurables fell 0.2 percent. Utilities increased 0.8 percent.
More…
Eric,
How about the short interest counts on this, and would encourage it if they could. They can.
Jim
U.S. bank downgrades loom CIGA Eric
How many rating agencies were proactive in early to mid 2008? Now that the cat’s out of the bag, they all rush to be proactive. As Jim suggests, perhaps their actions reflect the intention of the men behind the curtain. Or, maybe it’s easier to jump on a bandwagon that’s already moving.
The section of the piece that caught me eye was the following observation,
It may also become more difficult for consumers and businesses to borrow money if banks decide they need to hold onto their cash in order to meet their liquidity needs, Bush said. "It certainly does not help the cause of easing credit," she said.
Sounds like the Great Depression to me.
Headline: U.S. bank downgrades loom
NEW YORK (CNNMoney) — Downgrade fever has been sweeping across the European banking system, and the major Wall Street banks are likely to be the next to get sick. Rating agency Moody’s cut ratings for five banking groups in the Netherlands, three in France and one in Luxembourg Friday. Dutch giants ING (ING) and ABN Amro were among the banks downgraded. Next up for the rating agency are banks in the U.K.. as well as 17 major banks with "global capital markets operations." That includes Wall Street firms Citigroup (C, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500), Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500).
Source: money.cnn.com
More…
Jim Sinclair’s Commentary
CIGA Wolfgang makes his point succinctly.
“The newscaster announced that “the stock market had fallen 100 points on news that an asteroid was heading to Earth and all life would be destroyed within 24 hours… before recovering on word that the Fed had increased QE to infinity.”
Jim,
Yes, a perfect storm with corporations competing against sovereigns for massive debt refinancing. Expect a lot of bankruptcies on both fronts though many multinationals are in better financial shape than most governments.
CIGA Craig
"A measure of the scale of the refinancing problem is revealed in a recent report by Standard & Poor’s Ratings Services. S&P suggests there is as much as a $46 trillion “credit overhang” — the amount of money corporates will need to raise between 2012 and 2016 to refinance their soon-to-mature debts and to fund capital expenditure and working capital growth.
More…
Dear Jim,
The Bank of England will activate its emergency liquidity tool. Soon all of them will and obviously the Fed is going to have to play the same game.
As you have mentioned many times, there’s no turning back, it’s too late
Regards,
CIGA Luis
UK to get credit flowing, fight euro zone decline
(Reuters) – Britain will launch a new scheme to get credit flowing in the ailing economy and the Bank of England will activate its emergency liquidity tool
The case for another round of gilt purchases had also grown as the outlook for the economy had worsened, King said in his annual Mansion House policy speech to London financiers, though he again rejected calls for the central bank to buy private sector assets, such as company loans, directly.
King said the Bank in conjunction with the finance ministry will in the next few weeks launch a scheme to offer banks loans with a maturity of possibly 3-4 years at below current market rates.
The loans would be made available on condition that banks increase their lending to businesses and households. King said the government’s approval was needed because of the long-term nature of the lending and its pricing.
More…
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