by Jeff Berwick, Dollar Vigilante:
It seems not a terrible lot has changed since the 1400s. Leonardo da
Vinci then stated, “There are three classes of people: those who see.
Those who see when they are shown. Those who do not see.”While we can’t be certain of the percentages of each back then, certainly, today, those who do not see are the vast majority. Those who see when they are shown are very unusual. And those who see sometimes seem as rare as astatine – an element so rare that the total amount on Earth is thought to be less than 28 grams (1 ounce) at any given time.
Certainly, the nearly universal public indoctrination system is responsible for the low level of displayed awareness on Earth today. Just comparing Leonardo da Vinci to an equally famous person of today, Barack Obomba, is proof of the devolution
Read More @ DollarVigilante.com
By Silver Doctors:
Steve Quayle has released an alert from his international banking
contact advising that his sources are informing him a Spanish bank
holiday is imminent, and it will spill over to the rest of the PIIGS and
even to FRANCE.
His contact also states that Morgan Stanley is the next Lehman Brothers due to its Euro and Facebook exposure, and investors have until December at the latest to close all equity accounts, exit the markets, and acquire gold and silver.
Full alert below:
From SteveQuayle.com:
Steve tell your listeners to ignore ETFs and continue buying Physical SILVER and GOLD no matter what “spot price” is. Please tell them to take cash out NOW!!!! Only keep in bank what you can afford to lose and what you need to pay bills and expenses. Please tell them to get money out NOW!!! They have till December the latest to do so. Be mindful it CAN HAPPEN SOONER. Prices of Metals without manipulation $1000 SILVER $5000 GOLD.
Read More @ SilverDoctors.com
Steve Quayle has released an alert from his international banking
contact advising that his sources are informing him a Spanish bank
holiday is imminent, and it will spill over to the rest of the PIIGS and
even to FRANCE.His contact also states that Morgan Stanley is the next Lehman Brothers due to its Euro and Facebook exposure, and investors have until December at the latest to close all equity accounts, exit the markets, and acquire gold and silver.
Full alert below:
From SteveQuayle.com:
Steve tell your listeners to ignore ETFs and continue buying Physical SILVER and GOLD no matter what “spot price” is. Please tell them to take cash out NOW!!!! Only keep in bank what you can afford to lose and what you need to pay bills and expenses. Please tell them to get money out NOW!!! They have till December the latest to do so. Be mindful it CAN HAPPEN SOONER. Prices of Metals without manipulation $1000 SILVER $5000 GOLD.
Read More @ SilverDoctors.com
Tennessee Football Coach fired for Obama song...
from KingWorldNews:
Four-decade veteran John Hathaway told King World News, “we are within months … from this thing blowing wide open. When that happens, money will look to find whatever it can in order to participate.” The prolific manager of the Tocqueville Gold Fund also said, “I think at that stage you are going to see gold go ballistic because it will be an admission of failure on the part of policymakers.” Here is what Hathaway had to say about the ongoing crisis: “All of the political leaders and policymakers are frantically trying to put their fingers in the dyke. The euro is on its last legs. It’s very late in the game to expect anything like the coordinated action that would be necessary to restore confidence. People are moving to the exits.
You’ve got slow motion bank runs taking place. People who see this and understand it are moving into gold. You’ve got rot in the periphery (of Europe) that’s spreading to the core. The core is Germany and ultimately the United States.
The idea that somehow the dollar is protected by some firewall is ridiculous. They are (all) basically fiat currencies, and I don’t think this stops with the euro. This attack is ultimately going to affect the dollar, and it will eventually be reflected in the dollar/gold price.”
Hathaway continues @ KingWorldNews.com
Greek Bank Run Update: Up To $1 Billion A Day Now
Yesterday, we did an update of the Greek bank jog, when noting that between €100-€500 million per day was
being withdrawn from Greek banks based on Kathimerini reports. 24
hours later the jog has become a trot with the most recent estimate from Reuters now
estimated at nearly double: "Combined daily deposit outflows from the
major Greek banks have reached 500-800 million euros over the past few
days, with the pace picking up as the election draws closer and rising
noticeably on Tuesday, two bankers said." This is roughly $1 billion a
day in the upper case, and a number that is approaching 0.5% of the
entire documented €170 billion (now likely much less) deposit base.
by David Levenstein, IBTimes Gold:
After trading above $1640 an ounce last week, the price of gold fell
after hopes for another round of quantitative easing was quashed when US
Federal Reserve chairman, Ben Bernanke,
failed to provide any hint of further monetary easing in his testimony
on Thursday. However, on Friday prices rebounded as there were talks of
an imminent bailout for Spain’s banking sector. Then, on Saturday,
Eurozone finance ministers agreed to lend Spain up to 100 billion euros
($125 billion) in order to prevent the Spanish banking sector from
collapsing. After a 2 1/2 hour conference call of the 17 European
finance ministers, Madrid said the amount of the bailout would be
sufficiently large to banish any doubts.
Spain has now become the fourth country to seek assistance since Europe’s debt crisis began. With the rescue of Greece, Ireland, Portugal and now Spain, the European Union and International Monetary Fund have now committed around 500 billion euros to finance European bailouts.
If anyone remembers, as recently as May 28, Spanish Prime Minister, Mariano Rajoy, flatly rejected any chance of outside help for distressed banks crippled by a huge exposure to the collapsed property sector. “There will be no rescue of the Spanish banks,” he said.
Read More @ International Business Times
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After trading above $1640 an ounce last week, the price of gold fell
after hopes for another round of quantitative easing was quashed when US
Federal Reserve chairman, Ben Bernanke,
failed to provide any hint of further monetary easing in his testimony
on Thursday. However, on Friday prices rebounded as there were talks of
an imminent bailout for Spain’s banking sector. Then, on Saturday,
Eurozone finance ministers agreed to lend Spain up to 100 billion euros
($125 billion) in order to prevent the Spanish banking sector from
collapsing. After a 2 1/2 hour conference call of the 17 European
finance ministers, Madrid said the amount of the bailout would be
sufficiently large to banish any doubts.Spain has now become the fourth country to seek assistance since Europe’s debt crisis began. With the rescue of Greece, Ireland, Portugal and now Spain, the European Union and International Monetary Fund have now committed around 500 billion euros to finance European bailouts.
If anyone remembers, as recently as May 28, Spanish Prime Minister, Mariano Rajoy, flatly rejected any chance of outside help for distressed banks crippled by a huge exposure to the collapsed property sector. “There will be no rescue of the Spanish banks,” he said.
Read More @ International Business Times
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The F.I.R.E. Is Set To Blaze! Focus On Banks
06/13/2012 - 12:28
by Mike Adams, the Health Ranger, Natural News:
What the heck is going on with our world? Why are people such lying
betrayers? Why do the most evil people (like Eric Holder) rise to the
top of the corporate-run fascist government? Why are homeless zombies
eating human flesh?In answering those questions, I’ve assembled the five archetypes of a society in collapse. These are the five dominant personalities we all see around us right now:
• Zombies
• Deniers
• Schemers
• Sociopaths
• Protectors
Which one are you?
Check the descriptions below to find out. You may also come to discover the true archetype of your boss, your spouse, your coworker or even your Congressman!
Read More @ NaturalNews.com
European Banks Preparing To Boycott Big Three Rating Agencies
We were wondering how long Europe's insolvent, and very much scorned, banks would take the constant downgrade abuse (or reacquaintance with reality as we like to call it, but that is irrelevant) by the rating agencies without retorting. After all the same organizations that allowed bank "credit analysts" to pretend they did work for years, when they all merely fell in place in some lemming-like procession, patting each other on the back, pocketing record bonus after record bonus and praising groupthink encapsulated by the made up letters AAA, are now largely non-grata first in Europe, and soon, following the imminent downgrade of American banks, in the US as well. It appears that the response is finally coming. Sky News reports that "some of Europe's largest banks are intensifying discussions about a move to reduce their co-operation with the big three credit ratings agencies amid widespread dissatisfaction with their decision-making." After all, when all they do is downgrade, as opposed to the old standby, upgrade, who needs them. In fact, why not just shut their mouths entirely. Sadly, this is precisely what is on the horizon.JPM's Bogeyman IG9 Notionals Soar On Most Active Week Of Year
DTCC
just released the latest and greatest details on the CDS market's net
and gross notional exposure and it makes for fascinating reading.
Simplifying considerably, gross notionals somewhat represent activity
and net notionals proxy exposure. We see gross IG9 index notionals (the index most at the centre of the JPM debacle) jumped but IG9 tranche gross notionals were steady; but net tranched credit notionals jumped and net untranched fell. This
suggests an unwind of a delta-hedged tranche position with
considerably more index impact than tranche impact - which smells just
like what we think JPM was struggling with (and it appears is far from
over). However, there was a huge jump in the number of trades done in the on-the-run index IG18 - last week was the most active of the year by far
which fits with the surge in gross notional that we saw - as it would
appear (as we noted previously) that the focus is now on using liquid
indices to hedge whatever risk remains on JPM's book - which further helps to explain why IG18 has underperformed so much recently relative to HY credit and stocks.The EU’s Real Agenda: “Lie Until You Are About to Die”
06/13/2012 - 14:20
What should be done with elderly Americans when they become very
seriously ill? Should we try to save their lives or should we just let
them die? Unfortunately, there is a growing consensus among the
“intellectual elite” that most elderly people are not going to have a
high enough “quality of life” to justify the expense of costly life
saving procedures. This philosophy is now being promoted very heavily
through mainstream news outlets, in our television shows and in big
Hollywood movies. The elite are attempting to convince us that killing
off our sick grandparents is cool and trendy. We are being told that
“pulling the plug” on grandma and grandpa is compassionate (because it
will end their suffering), that it is good for the environment and that
it is even good for the economy. We are being told that denying life
saving treatments to old people will dramatically reduce health care
costs and make the system better for all of us. We are being told that
it is not “efficient” for health insurance companies to shell out
$100,000 for an operation that may extend the life of an elderly person
by 6 months. But the truth is that all of this is part of a larger
agenda that the elite are attempting to advance. As I have written
about previously, the elite 
Spain’s Bailout is one big lie.
The American media’s obsession with ignoring bad news and engaging in
propaganda via the art of omission works well for the target audience
which is more concerned about Lindsey Lohan or a “yes we can” chant.
However when the internet news hounds (my readers) and those concerned
about the future of Europe and hence, the U.S. economy start to dig into
the severity of the situation in Europe new facts emerge to raise the
concern level.
from RTAmerica:
This year it seems that Congress is attempting to sneak legislation that could alter the Internet forever, but their may be hope for Americans. Democratic Senator Ron Wyden has bridged the political gap with Republican Representative Darrell Issa to come up with an Internet Bill of Rights. They claim that digital citizens have the right to a free uncensored Internet. These two politicians played a critical role in defeating SOPA and David Seaman, journalist and host of The DL Show, joins us to take a closer look at the proposed bill of rights.
This year it seems that Congress is attempting to sneak legislation that could alter the Internet forever, but their may be hope for Americans. Democratic Senator Ron Wyden has bridged the political gap with Republican Representative Darrell Issa to come up with an Internet Bill of Rights. They claim that digital citizens have the right to a free uncensored Internet. These two politicians played a critical role in defeating SOPA and David Seaman, journalist and host of The DL Show, joins us to take a closer look at the proposed bill of rights.
By Dan Denning, Daily Reckoning.com.au:
Life in any household goes on, even while siblings and spouses argue
amongst each other. Such is the case today in financial markets.
Europe’s quarrels are like a quiet murmur in the living room while the
kids eat dinner in the dining room. Everyone knows the domestic bliss
has been shattered, but you still have to eat.
Aussie stocks are travelling nicely this morning. We’re a bit surprised, given that Spanish government bond yields set a 13-year high overnight. The $125 billion rescue deal for Spanish banks, as we pointed out yesterday, has failed to ‘decouple’ the banking system from the government balance sheet. The rise in yields is the bond market’s way of saying ‘fail’.
Then again, how many people spend any time worrying about Spanish bond yields? Financial markets have become so interconnected and complex that investors are reacting the way we reacted in freshman year algebra: first with confusion, later with indifference.
Read More @ DailyReckoning.com.au
Jim Sinclair’s Commentary
Rasmussen: U.S. Consumer Confidence Hits Five-Month Low Tuesday, 12 Jun 2012 01:20 PM
By Forrest Jones
Consumer confidence is slipping in the U.S., a Rasmussen Reports survey shows.
The Rasmussen Consumer Index, which measures consumer confidence on a daily basis, fell three points on June 9 to its lowest level of the past five months.
"At 84.6, consumer confidence is down four points from a week ago, down five points from a month ago and down eight points from three months ago," Rasmussen reports.
Confidence has not been lower since February.
Investor confidence isn’t faring much better.
"The Rasmussen Investor Index fell three points to 93.7. Investor confidence is down a point from a week ago, down four points from a month ago and down twelve points from three months ago," Rasmussen adds.
About a third of the respondents, or 33 percent, rate their own finances as good or excellent, while 41 percent say fair and 23 percent poor.
More…
Jim Sinclair’s Commentary
Jim Sinclair’s Commentary
Analysis: Endless QE? $6 trillion and counting By Mike Dolan
LONDON | Wed Jun 13, 2012 4:03am EDT
(Reuters) – Many more years of money printing from the world’s big four central banks now looks destined to add to the $6 trillion already created since 2008 and may transform the relationship between the once fiercely-independent banks and governments.
As rich economies sink deeper into a slough of debt after yet another wave of euro financial and banking stress and U.S. hiring hesitancy, everyone is looking back to the U.S. Federal Reserve, European Central Bank, Bank of England and Bank of Japan to stabilize the situation once more.
What’s for sure is that quantitative easing, whereby the "Big Four" central banks have for four years effectively created new money by expanding their balance sheets and buying mostly government bonds from their banks, is back on the agenda for all their upcoming policy meetings.
Government credit cards are all but maxed out and commercial banks’ persistent instability, existential fears and reluctance to lend means the explosion of newly minted cash has yet to spark the broad money supply growth needed to generate more goods and services.
In other words, electronic money creation to date – whether directly through bond buying in the United States or Britain or in a more oblique form of cheap long-term lending by the ECB – is not even replacing what commercial banks are removing by shoring up their own balance sheets and winding down loan books.
More…
Jim Sinclair’s Commentary
Euro zone OK with looser terms for Greece: report June 13, 2012, 1:36 a.m. EDT
The euro zone wants to negotiate a loosening of the terms of Greece’s fiscal consolidation program, German newspaper Financial Times Deutschland reports Wednesday.
Any new Greek government will demand changes to the country’s savings program, regardless of the outcome of Sunday’s general elections, the newspaper reports, citing people close to the matter.
If other member states want Greece to remain in the euro zone, they won’t be able to refuse such negotiations, FTD reports.
The Troika–comprising the European Commission, European Central Bank and International Monetary Fund–is proceeding on the assumption that Greece has already violated the terms of its reform plan, the newspaper reports, citing people close to the matter.
The Troika will confirm at its next visit to Greece that the reform program hasn’t been fulfilled, German Finance Minister Wolfgang Schaeuble told politicians at a meeting of his party’s parliamentary group, FTD reports.
More…
Central Bank Money-Printing: $6 Trillion…and Counting
CIGA Eric
Any long-time reader that’s still shocked by this headline is likely surprised by the fact that the sky is blue.
Jim uses the ski jump recovery illustration to hammer the point home. Perhaps if I put yodeling mountain climber from Cliffhangers on the growing debt pile, more readers would appreciate the severity of the economic mess brewing.
Chart: Federal Debt Held by Foreign & International Investors (FDHBFIN) and the Equilibrium Price (FDHBFIN/OZ)
Video: The Price is Right – Cliffhangers Game
Headline: Central Bank Money-Printing: $6 Trillion…and Counting
Many more years of money printing from the world’s big four central banks now looks destined to add to the $6 trillion already created since 2008 and may transform the relationship between the once fiercely-independent banks and governments. As rich economies sink deeper into a slough of debt after yet another wave of euro financial and banking stress and U.S. hiring hesitancy, everyone is looking back to the U.S. Federal Reserve, European Central Bank [cnbc explains] , Bank of England and Bank of Japan to stabilize the situation once more. What’s for sure is that quantitative easing [cnbc explains] , whereby the "Big Four" central banks have for four years effectively created new money by expanding their balance sheets and buying mostly government bonds from their banks, is back on the agenda for all their upcoming policy meetings.
Source: cnbc.com
More…
Today’s Items:
Finally, Please prepare now for the escalating economic and social unrest. Good Day
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Life in any household goes on, even while siblings and spouses argue
amongst each other. Such is the case today in financial markets.
Europe’s quarrels are like a quiet murmur in the living room while the
kids eat dinner in the dining room. Everyone knows the domestic bliss
has been shattered, but you still have to eat.Aussie stocks are travelling nicely this morning. We’re a bit surprised, given that Spanish government bond yields set a 13-year high overnight. The $125 billion rescue deal for Spanish banks, as we pointed out yesterday, has failed to ‘decouple’ the banking system from the government balance sheet. The rise in yields is the bond market’s way of saying ‘fail’.
Then again, how many people spend any time worrying about Spanish bond yields? Financial markets have become so interconnected and complex that investors are reacting the way we reacted in freshman year algebra: first with confusion, later with indifference.
Read More @ DailyReckoning.com.au
by Eric Peters, SHTFPlan:
Some friends have been actively talking about their Exit Plans – about
getting out of this country before the curtain goes down. While there
is still time. They believe the situation to be hopeless. That despite
the upwelling of liberty-mindedness among some, the vast majority of
Americans are not liberty-minded. That Americans – tens of millions of
them – are stupid, unreachable, mean, irrational, authoritarian-minded
Babbits and poltroons. People who always speak in “we” – and lust to
control others.
Reluctantly, I have to concede the point.
I have had exhaustive (and exhausting) conversations with countless people – some of them probably a lot smarter than I in terms of raw IQ – who just can’t connect the dots.
Or – much worse – don’t care to.
The problem is as much psychological as it is intellectual. There may just be a defective sub-species of human being, homo servilus, who – much like a bee in a hive – is programmed to crave the collective and therefore accepts its corollary – coercion – as the natural and right order of things.
Read More @ SHTFPlan.com
Some friends have been actively talking about their Exit Plans – about
getting out of this country before the curtain goes down. While there
is still time. They believe the situation to be hopeless. That despite
the upwelling of liberty-mindedness among some, the vast majority of
Americans are not liberty-minded. That Americans – tens of millions of
them – are stupid, unreachable, mean, irrational, authoritarian-minded
Babbits and poltroons. People who always speak in “we” – and lust to
control others.Reluctantly, I have to concede the point.
I have had exhaustive (and exhausting) conversations with countless people – some of them probably a lot smarter than I in terms of raw IQ – who just can’t connect the dots.
Or – much worse – don’t care to.
The problem is as much psychological as it is intellectual. There may just be a defective sub-species of human being, homo servilus, who – much like a bee in a hive – is programmed to crave the collective and therefore accepts its corollary – coercion – as the natural and right order of things.
Read More @ SHTFPlan.com
by Dr. Jeffrey Lewis, Silver Seek:
When considering whether silver is a good investment for the future,
you might want to take a closer look at the current above ground supply
of silver.
A reasonable estimate is that roughly 1 billion ounces of silver currently exists above ground in investment grade form.
This does not include the ounces of silver that need to assayed, melted, and recovered from what little silver is left in jewelry, silverware or sequestered away in electronics.
But at least it’s something.
Silver Derivatives and JP Morgan Chase’s Recent $2 Billion Loss
A classic example of the risks involved in derivative products that have no readily visible asset underlying them, such as synthetic credit and debt instruments, is the recent $2 billion loss announced by J.P. Morgan Chase.
Read More @ Silver Seek
When considering whether silver is a good investment for the future,
you might want to take a closer look at the current above ground supply
of silver.A reasonable estimate is that roughly 1 billion ounces of silver currently exists above ground in investment grade form.
This does not include the ounces of silver that need to assayed, melted, and recovered from what little silver is left in jewelry, silverware or sequestered away in electronics.
But at least it’s something.
Silver Derivatives and JP Morgan Chase’s Recent $2 Billion Loss
A classic example of the risks involved in derivative products that have no readily visible asset underlying them, such as synthetic credit and debt instruments, is the recent $2 billion loss announced by J.P. Morgan Chase.
Read More @ Silver Seek
from Silver Vigilante:
Although the mainstream media is pushing the cognitive dope that the
losses suffered at JPMorgan – which amount to “officially” $3 billion
dollars but analytically as high as $18 billion dollars – came as much
of a surprise (and the losses were referred many times by the mainstream
as “surprise”) to JPMorgan as it did to outsiders, there are myriad
reasons to believe this is a mirage conjured by the managers of the U.S.
and world economy.
Adhering to the notion that there is very little differentiation to be made – other than stock symbols and CEO personalities – between major transnational banks , one might assume that some sort of deal was made between JP Morgan and other major banks in order to bring in a London Whale scenario. After all, the financial sector has much to gain from market volatility and, counter-intuitively for most, government regulation. First of all, under our current financial system, for well-connected institutions, profits are privatized and losses are socialized. Second of all, they are above and beyond law that applies to everyone else. And so, government regulation works towards limiting the freedoms of many businesses, but not the transnational institutions which are most out of control.
Read More @ Silver Vigilante
Although the mainstream media is pushing the cognitive dope that the
losses suffered at JPMorgan – which amount to “officially” $3 billion
dollars but analytically as high as $18 billion dollars – came as much
of a surprise (and the losses were referred many times by the mainstream
as “surprise”) to JPMorgan as it did to outsiders, there are myriad
reasons to believe this is a mirage conjured by the managers of the U.S.
and world economy.Adhering to the notion that there is very little differentiation to be made – other than stock symbols and CEO personalities – between major transnational banks , one might assume that some sort of deal was made between JP Morgan and other major banks in order to bring in a London Whale scenario. After all, the financial sector has much to gain from market volatility and, counter-intuitively for most, government regulation. First of all, under our current financial system, for well-connected institutions, profits are privatized and losses are socialized. Second of all, they are above and beyond law that applies to everyone else. And so, government regulation works towards limiting the freedoms of many businesses, but not the transnational institutions which are most out of control.
Read More @ Silver Vigilante
by Jim Sinclair, JS Mineset:
Jim Sinclair’s Commentary
The West is getting ready for bombing and a no fly zone in Syria. The west has 100,000 mercenaries ready to go into Syria.
MSM is yelling human rights violations to set the stage for the validity of making war in another Middle Eastern state. Putin says no go to the West.
Syria might be a nice place to start the third world war.
Russia Sending Attack Helicopters to Syria, Clinton Says
By David Lerman – Jun 12, 2012 3:15 PM GMT-0300
Russia is shipping attack helicopters to Syria’s Assad regime that is fighting to defeat a 15-monthlong uprising, Secretary of State Hillary Clintonsaid.
“We are concerned by the latest information we have that there are attack helicopters on the way from Russia to Syria, which will escalate the conflict quite dramatically,” Clinton said at a conference today in Washington.
Pentagon spokesman Captain John Kirby said he couldn’t confirm Clinton’s information, although “we know that they are using helicopter gunships now to attack their own people.” State Department spokeswoman Victoria Nuland declined to disclose the source of Clinton’s information or to elaborate on it.
Read More @ JSMineset.com
Jim Sinclair’s CommentaryThe West is getting ready for bombing and a no fly zone in Syria. The west has 100,000 mercenaries ready to go into Syria.
MSM is yelling human rights violations to set the stage for the validity of making war in another Middle Eastern state. Putin says no go to the West.
Syria might be a nice place to start the third world war.
Russia Sending Attack Helicopters to Syria, Clinton Says
By David Lerman – Jun 12, 2012 3:15 PM GMT-0300
Russia is shipping attack helicopters to Syria’s Assad regime that is fighting to defeat a 15-monthlong uprising, Secretary of State Hillary Clintonsaid.
“We are concerned by the latest information we have that there are attack helicopters on the way from Russia to Syria, which will escalate the conflict quite dramatically,” Clinton said at a conference today in Washington.
Pentagon spokesman Captain John Kirby said he couldn’t confirm Clinton’s information, although “we know that they are using helicopter gunships now to attack their own people.” State Department spokeswoman Victoria Nuland declined to disclose the source of Clinton’s information or to elaborate on it.
Read More @ JSMineset.com
Jim Sinclair’s Commentary
QE to infinity is as certain as the denials before it is in the sunlight.
Rasmussen: U.S. Consumer Confidence Hits Five-Month Low Tuesday, 12 Jun 2012 01:20 PM
By Forrest Jones
Consumer confidence is slipping in the U.S., a Rasmussen Reports survey shows.
The Rasmussen Consumer Index, which measures consumer confidence on a daily basis, fell three points on June 9 to its lowest level of the past five months.
"At 84.6, consumer confidence is down four points from a week ago, down five points from a month ago and down eight points from three months ago," Rasmussen reports.
Confidence has not been lower since February.
Investor confidence isn’t faring much better.
"The Rasmussen Investor Index fell three points to 93.7. Investor confidence is down a point from a week ago, down four points from a month ago and down twelve points from three months ago," Rasmussen adds.
About a third of the respondents, or 33 percent, rate their own finances as good or excellent, while 41 percent say fair and 23 percent poor.
More…
Jim Sinclair’s Commentary
The hippo is debt. The legs belong to the Western world economy.
Jim Sinclair’s Commentary
"Endless" is another word for "to infinity."
Analysis: Endless QE? $6 trillion and counting By Mike Dolan
LONDON | Wed Jun 13, 2012 4:03am EDT
(Reuters) – Many more years of money printing from the world’s big four central banks now looks destined to add to the $6 trillion already created since 2008 and may transform the relationship between the once fiercely-independent banks and governments.
As rich economies sink deeper into a slough of debt after yet another wave of euro financial and banking stress and U.S. hiring hesitancy, everyone is looking back to the U.S. Federal Reserve, European Central Bank, Bank of England and Bank of Japan to stabilize the situation once more.
What’s for sure is that quantitative easing, whereby the "Big Four" central banks have for four years effectively created new money by expanding their balance sheets and buying mostly government bonds from their banks, is back on the agenda for all their upcoming policy meetings.
Government credit cards are all but maxed out and commercial banks’ persistent instability, existential fears and reluctance to lend means the explosion of newly minted cash has yet to spark the broad money supply growth needed to generate more goods and services.
In other words, electronic money creation to date – whether directly through bond buying in the United States or Britain or in a more oblique form of cheap long-term lending by the ECB – is not even replacing what commercial banks are removing by shoring up their own balance sheets and winding down loan books.
More…
Jim Sinclair’s Commentary
What direction is this taking you ask? The answer is QE to infinity.
Euro zone OK with looser terms for Greece: report June 13, 2012, 1:36 a.m. EDT
The euro zone wants to negotiate a loosening of the terms of Greece’s fiscal consolidation program, German newspaper Financial Times Deutschland reports Wednesday.
Any new Greek government will demand changes to the country’s savings program, regardless of the outcome of Sunday’s general elections, the newspaper reports, citing people close to the matter.
If other member states want Greece to remain in the euro zone, they won’t be able to refuse such negotiations, FTD reports.
The Troika–comprising the European Commission, European Central Bank and International Monetary Fund–is proceeding on the assumption that Greece has already violated the terms of its reform plan, the newspaper reports, citing people close to the matter.
The Troika will confirm at its next visit to Greece that the reform program hasn’t been fulfilled, German Finance Minister Wolfgang Schaeuble told politicians at a meeting of his party’s parliamentary group, FTD reports.
More…
Central Bank Money-Printing: $6 Trillion…and Counting
CIGA Eric
Any long-time reader that’s still shocked by this headline is likely surprised by the fact that the sky is blue.
Jim uses the ski jump recovery illustration to hammer the point home. Perhaps if I put yodeling mountain climber from Cliffhangers on the growing debt pile, more readers would appreciate the severity of the economic mess brewing.
Chart: Federal Debt Held by Foreign & International Investors (FDHBFIN) and the Equilibrium Price (FDHBFIN/OZ)
Video: The Price is Right – Cliffhangers Game
Headline: Central Bank Money-Printing: $6 Trillion…and Counting
Many more years of money printing from the world’s big four central banks now looks destined to add to the $6 trillion already created since 2008 and may transform the relationship between the once fiercely-independent banks and governments. As rich economies sink deeper into a slough of debt after yet another wave of euro financial and banking stress and U.S. hiring hesitancy, everyone is looking back to the U.S. Federal Reserve, European Central Bank [cnbc explains] , Bank of England and Bank of Japan to stabilize the situation once more. What’s for sure is that quantitative easing [cnbc explains] , whereby the "Big Four" central banks have for four years effectively created new money by expanding their balance sheets and buying mostly government bonds from their banks, is back on the agenda for all their upcoming policy meetings.
Source: cnbc.com
More…
Today’s Items:
First…
Bank Runs
http://blog.alexanderhiggins.com
http://www.zerohedge.com
http://www.npr.org
http://problembanklist.com
Bank Runs
http://blog.alexanderhiggins.com
http://www.zerohedge.com
http://www.npr.org
http://problembanklist.com
In the EU, bank runs are accelerating.
For example 100-500 million euros are being withdrawn a day in Greece.
Of course there are three ways to stop a bank run…
1. Slow it down by declaring a bank holiday like in Italy when a major bank went on a Roman Holiday until July 1st.
2. Borrow money from a central bank.
3. Insure the deposits with some underfunded agency like the FDIC.
1. Slow it down by declaring a bank holiday like in Italy when a major bank went on a Roman Holiday until July 1st.
2. Borrow money from a central bank.
3. Insure the deposits with some underfunded agency like the FDIC.
EU officials are working on range of
contingency scenarios, like capital controls, for the possible Greek
exit from the euro, to try to protect public order. Public order? Are
they kidding? Sounds more like they are gearing up for a Euro-zone
police State to match the one in North America. At any rate, you know
things are bad when MSN is questioning paper money because the euro is
breaking.
Next…
US Exempts India, Six Others From Iran Sanctions
http://news.outlookindia.com
http://www.thedailysheeple.com
US Exempts India, Six Others From Iran Sanctions
http://news.outlookindia.com
http://www.thedailysheeple.com
The US has exempted India, Malaysia,
Republic of Korea, South Africa, Sri Lanka, Turkey and Taiwan from
sanctions on Iran’s oil trade. Officials cite reduced oil purchases;
however, with gold in the picture, is that really believable? If these,
and other countries went forward with gold based trade, it would
accelerate the dollar’s downfall.
According to officials at the Federal
Reserve, the ongoing depression has wiped out nearly two decades of
Americans’ wealth. In just three years, the median net worth of families
fell from $126,400 in 2007 to $77,300 in 2010, or a 39% drop. Can you
imagine the drop between 2010 and today? Not good.
Here are a few…
1. 90 percent of all diseases, such as cancer or heart disease, are easily preventable through diet, nutrition, sunlight and exercise.
2. No pharmaceuticals actually cure or resolve the underlying causes of disease.
3. There is no financial incentive, for pharmaceuticals, to actually make patients well.
1. 90 percent of all diseases, such as cancer or heart disease, are easily preventable through diet, nutrition, sunlight and exercise.
2. No pharmaceuticals actually cure or resolve the underlying causes of disease.
3. There is no financial incentive, for pharmaceuticals, to actually make patients well.
Bank of America has pledged $50 billion
over the next 10 years to address climate change. The question is,
where exactly are they going to get this money and with the derivatives,
the bank is unlikely to be around in 5 years.
Next…
North Dakota Considers Eliminating Property Tax
http://www.nytimes.com
http://www.usatoday.com
http://news.investors.com
North Dakota Considers Eliminating Property Tax
http://www.nytimes.com
http://www.usatoday.com
http://news.investors.com
Like Alaska, in 1980, voters in North
Dakota will decide to abolish the state property tax. The oil boom
makes it easier to get rid of the tax. Overall, U.S. states spending is
up 14% since 2008, this may be a way to curtail, the spending spree.
Next…
Why You Absolutely Must Have Food Supplies, Hard Assets and Reserve Cash
http://www.shtfplan.com
Why You Absolutely Must Have Food Supplies, Hard Assets and Reserve Cash
http://www.shtfplan.com
In the event of a bank holiday, do you
have real cash on hand to get through the next 2-4 weeks? If the money
system collapses, because of the derivative implosion, do you have
physical silver and gold to rebuild your wealth? In addition to those
scenarios, you need food and supplies like toilet paper. Can you look
at your family in the eye and honestly say… “Yes, we are as ready as we
can be.”
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