Complete Eurocrisis Summary
Confused by the latest developments, headlines, stories, counterstories, denials, counterdenials and rumors, but mostly prayers out of Europe? Here is your one stop shop of everything that has transpired in the Eurocrisis most recently.Zombie Apocalypse Real-Time Tracker, Disaster Preparedness Simulation And Dispatch Form
In
the aftermath of the recent spike in Zombie Apocalypse outlier (soon
to be inlier) events, which correlate nearly perfectly with the soaring
expiration of unemployment extended benefits (recall: "Your EBT Card Has Been Denied": 700,000 Are About To Lose Their Extended Jobless Claims Benefits"
- after all people's got to eat), it was only a matter of time before
we went from a real-time zombie incidence tracker, to the "ZOMBIE ATTACK: Disaster Preparedness Simulation Exercise #5 (DR5)" Courtesy of the University of Florda.
Anemic
U.S. jobs growth has rekindled ideas that the Federal Reserve might
eventually undertake further easing measures, sending spot gold back
above $1,600 an ounce for the first time in three weeks.The Labor Department reported early Friday that non-farm payrolls climbed just 69,000 in May, when consensus expectations compiled by various news organizations had been for around 150,000 to 170,000. Further, the number of new jobs was revised downward for each of the two prior months. April jobs gains were reduced to 77,000 from an original estimate of 115,000, while new March jobs are now listed at 143,000 rather than the previously reported 154,000.
Marc Chandler, global head of currency strategy with Brown Brothers Harriman, called the data “shockingly poor” and “simply terrible.”
Read More @ KitcoNews
Marc Faber Laughs Maniacally, Predicts Massive Market Crash in the Fall
Things That Make You Go Hmmm - Such As The Spread Between Gold And Gold Miners
Newmont Mining currently trades near a 52-week low and has a dividend of just over 3%. Newmont’s dividend is indexed each quarter to the average price of the gold it sells in that quarter with step-up provisions of a further 7.5c if the average gold price exceeds $1,700 in a given quarter and a further 2.5c should those sales average in excess of $2,000. The company has a cash cost of gold mined of around $650/oz and is working hard to lower that figure. Analysts figure that earnings will hit an all-time high this year of close to $5 per share. The P/E ratio? That would be 11x. The same metric in 2008? 30x. Newmont Mining is currently trading roughly $20, or 40% below the average analyst target price of $67.23 with a yield 50% higher than that of the S&P500 and a P/E ratio 30% low er, while its price-to-book ratio, at 1.8x, is also extremely close to the 2008 lows. If we revisit the performance of NEM, GDX and GDXJ when priced in ounces of gold, it becomes apparent just how beaten up this particular sector has become.Chris Hedges: Days of Destruction, Days of Revolt
Has The Euro/SPOO Correlation Broken Down, Or Is Long EURUSD The ABX Trade Of 2012?
In
his latest note, Jefferies' David Zervos observes something that has
been troubling us for the past few weeks as well: namely, whether the
relentless plunge in the EURUSD, now down nearly 600 pips from when we said the next EURUSD target could be 1.20,
coupled with a far tamer drop in various US equity risk indicators,
such as the S&P, means that the EURUSD/SPOO correlation, so well
known to most traders, has finally broken down. We doubt it. In fact, we believe that being LONG EURUSD
(potentially with an offseting SPOO short for a less balance sheet
intensive pair trade) which will easily rip 400-500 pips in the current
environment, could well be the ABX trade of 2012 for some lucky
trader. There is just the minor matter of timing...
A number of well-known economists – such as Marc Faber, Thomas Woods and Paul Craig Roberts – support Ron Paul, believing that he would help the American economy more than any other presidential candidate.
Why?
I interviewed one well-known Ron Paul supporter – Dr. Walter E. Block – to find out.
Block is an Eminent Scholar Endowed Chair and Professor of Economics at Loyola University in New Orleans, received his PhD in economics from Columbia University, and is a senior fellow at the Ludwig von Mises Institute. He has written 8 books and more than 300 scholarly articles and reviews, and co-edited dozens of books on economics.
Block just published a book called Ron Paul for President in 2012: Yes to Ron Paul and Liberty.
We asked Professor Block 10 questions related to Ron Paul.
Read More @ WashingtonsBlog.com
George
Soros, the billionaire investor, has warned Germany it has three months
to save the eurozone or risk the destruction of the European Union and a
“lost decade”. “
Speaking at a conference in Italy Mr Soros said the eurozone’s fate lay firmly with Germany, which he urged to agree to measures which would help the region’s ailing banking system and ease borrowing costs among the most troubled member states.
“In my judgment the authorities have a three months’ window during which they could still correct their mistakes and reverse the current trends,” he said.
“By the authorities I mean mainly the German government and the Bundesbank because in a crisis the creditors are in the driver’s seat and nothing can be done without German support.
“In the 1980’s Latin America suffered a lost decade; a similar fate now awaits Europe. That is the responsibility that Germany and the other creditor countries need to acknowledge.”
Mr Soros, who famously made $1bn betting against the pound in 1992, said the Greek crisis would come to a head this autumn.
Read More @ Telegraph.co.uk
from FinancialSurvivalNet:
Why?
I interviewed one well-known Ron Paul supporter – Dr. Walter E. Block – to find out.
Block is an Eminent Scholar Endowed Chair and Professor of Economics at Loyola University in New Orleans, received his PhD in economics from Columbia University, and is a senior fellow at the Ludwig von Mises Institute. He has written 8 books and more than 300 scholarly articles and reviews, and co-edited dozens of books on economics.
Block just published a book called Ron Paul for President in 2012: Yes to Ron Paul and Liberty.
We asked Professor Block 10 questions related to Ron Paul.
Read More @ WashingtonsBlog.com
Speaking at a conference in Italy Mr Soros said the eurozone’s fate lay firmly with Germany, which he urged to agree to measures which would help the region’s ailing banking system and ease borrowing costs among the most troubled member states.
“In my judgment the authorities have a three months’ window during which they could still correct their mistakes and reverse the current trends,” he said.
“By the authorities I mean mainly the German government and the Bundesbank because in a crisis the creditors are in the driver’s seat and nothing can be done without German support.
“In the 1980’s Latin America suffered a lost decade; a similar fate now awaits Europe. That is the responsibility that Germany and the other creditor countries need to acknowledge.”
Mr Soros, who famously made $1bn betting against the pound in 1992, said the Greek crisis would come to a head this autumn.
Read More @ Telegraph.co.uk
from FinancialSurvivalNet:
from The Santos Republic
Grace Bedell thought it could clinch the election when she suggested to Abraham Lincoln that he grow a beard. Now a century and a half later, Americans are asking their president to consider an updated proposal: Mr. Obama, please don’t kill us.
Unlike the correspondence from 1860 that was signed off by a single person — an 11-year-old girl from upstate New York — over 1,000 Americans have already added their name to a petition posted on the Internet this week. Their plea may sound silly at first glance, but it’s authors appear to be anything other than serious about it: after a Tuesday morning article in the New York Times revealed US President Barack Obama’s authority to add and remove names from a roster of alleged enemies of the state to be executed without due process, 1,679 Americans have already asked that they be placed on a “do not kill” list.
With the 2012 presidential election less than six months away, issues such as the economy, unemployment and cyber security are should to be big talking points as the candidates prepare for voters to hit the polls. Now, however, it appears as if whether or not the next administration can justify killing anyone on command will be a big talking point leading up to November. And although it might not be as big of a selling point as growing out a beard, Obama’s stance on killing his own citizens could make or break his chances come Election Day.
Read More @ TheSantosRepublic.com
Grace Bedell thought it could clinch the election when she suggested to Abraham Lincoln that he grow a beard. Now a century and a half later, Americans are asking their president to consider an updated proposal: Mr. Obama, please don’t kill us.
Unlike the correspondence from 1860 that was signed off by a single person — an 11-year-old girl from upstate New York — over 1,000 Americans have already added their name to a petition posted on the Internet this week. Their plea may sound silly at first glance, but it’s authors appear to be anything other than serious about it: after a Tuesday morning article in the New York Times revealed US President Barack Obama’s authority to add and remove names from a roster of alleged enemies of the state to be executed without due process, 1,679 Americans have already asked that they be placed on a “do not kill” list.
With the 2012 presidential election less than six months away, issues such as the economy, unemployment and cyber security are should to be big talking points as the candidates prepare for voters to hit the polls. Now, however, it appears as if whether or not the next administration can justify killing anyone on command will be a big talking point leading up to November. And although it might not be as big of a selling point as growing out a beard, Obama’s stance on killing his own citizens could make or break his chances come Election Day.
Read More @ TheSantosRepublic.com
by David Fry, Seeking Alpha:
We could start by noting Chinese Manufacturing Growth fell to 50.4 vs
53.3 previously. Of course, that’s not impressive. The star of the show
was the U.S. The nonfarm payroll data (aka unemployment report) laid an
egg. Pundits forecasted growth of 150K jobs but less than half that
(69K) was reported and the unemployment rate rose to 8.2%. And, this
with so many falling off the employment rolls. Net downward revisions
for March and April were 49K. The labor participation rate is low and
means there are over 5.34 million people not be accounted for in the
official unemployment rate, in other words counted as employed or
unemployed, many who probably need a job and can’t find one.
That’s in addition to the official 12.72 million unemployed.
Read More @ SeekingAlpha.com
We could start by noting Chinese Manufacturing Growth fell to 50.4 vs
53.3 previously. Of course, that’s not impressive. The star of the show
was the U.S. The nonfarm payroll data (aka unemployment report) laid an
egg. Pundits forecasted growth of 150K jobs but less than half that
(69K) was reported and the unemployment rate rose to 8.2%. And, this
with so many falling off the employment rolls. Net downward revisions
for March and April were 49K. The labor participation rate is low and
means there are over 5.34 million people not be accounted for in the
official unemployment rate, in other words counted as employed or
unemployed, many who probably need a job and can’t find one.That’s in addition to the official 12.72 million unemployed.
Read More @ SeekingAlpha.com
from Zerohedge:
This chart, better than any we have seen so far, summarizes just how much has been injected already to preserve the Eurozone from collapse.
This is what is known as a sunk cost, because last time we checked (and just as we explained back in March at the market highs when everyone was euphoric that Europe is now fixed) nothing has been fixed, and Europe is one ‘rogue’ democratic vote away from an EMU exit, and thus oblivion (or so they said last year, now everyone is prepared for a Greek departure, or so they say now, expect for the Greeks of course – they go straight to the 10th circle of hell and do not pass go). The truth is that by the time the status quo finishes its extend and pretend game, which incidentally has only one real outcome, the €2 trillion spent to date, will be orders of magnitude higher…
Read More @ Zerohedge
This chart, better than any we have seen so far, summarizes just how much has been injected already to preserve the Eurozone from collapse. This is what is known as a sunk cost, because last time we checked (and just as we explained back in March at the market highs when everyone was euphoric that Europe is now fixed) nothing has been fixed, and Europe is one ‘rogue’ democratic vote away from an EMU exit, and thus oblivion (or so they said last year, now everyone is prepared for a Greek departure, or so they say now, expect for the Greeks of course – they go straight to the 10th circle of hell and do not pass go). The truth is that by the time the status quo finishes its extend and pretend game, which incidentally has only one real outcome, the €2 trillion spent to date, will be orders of magnitude higher…
Read More @ Zerohedge
President & Chief of Federal Reserve Bank Claims US Dollar is “Neutral” Without Qualifiers
from Silver Vigilante:
Why should Ben Bernanke gets all the credit for bringing on the world a
hurricane of fiat debris and waste? After all, there’s no way one man
could policy a nation into irrelevance without lapdogs, cohorts and
bosses. Enter: Benny and Timmy’s NY Fed President Wally Dudley.
At a meeting that was part of the Council on Foreign Relations C. Peter McColough series on International Economics, William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York since January 2009, and former key figure at Goldman Sachs in thought-leadership and international economics as well as Vice President of The Markets Group, gave a speech entitled “Conducting Monetary Policy at the Zero Bound: Rules, Learning, and Risk Management,” in which a number of soberly-stated yet eyebrow raising theses are made about current monetary conditions, especially as they relate to the Federal Reserve System and the US Dollar.
Read More @ SilverVigilante.com
Thank You
I'm PayPal Verified
from Silver Vigilante:
Why should Ben Bernanke gets all the credit for bringing on the world a
hurricane of fiat debris and waste? After all, there’s no way one man
could policy a nation into irrelevance without lapdogs, cohorts and
bosses. Enter: Benny and Timmy’s NY Fed President Wally Dudley.At a meeting that was part of the Council on Foreign Relations C. Peter McColough series on International Economics, William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York since January 2009, and former key figure at Goldman Sachs in thought-leadership and international economics as well as Vice President of The Markets Group, gave a speech entitled “Conducting Monetary Policy at the Zero Bound: Rules, Learning, and Risk Management,” in which a number of soberly-stated yet eyebrow raising theses are made about current monetary conditions, especially as they relate to the Federal Reserve System and the US Dollar.
Read More @ SilverVigilante.com
By Mike Shedlock, The Market Oracle:
Jobs +69,000, Employment Rate +.1 to 8.2%, April Jobs Revised Lower to +77,000; Long-term Unemployment +310,000
Quick Notes About the Unemployment Rate:
Please Donate Jobs +69,000, Employment Rate +.1 to 8.2%, April Jobs Revised Lower to +77,000; Long-term Unemployment +310,000Quick Notes About the Unemployment Rate:
- US Unemployment Rate rose .01 to 8.2%
- In the last year, the civilian population rose by 3,653,000. Yet the labor force only rose by 1,307,000. Those not in the labor force rose by 2,345,000.
- This month the Civilian Labor Force rose by 642,000.
- Those “Not in Labor Force” decreased by 461,000. If you are not in the labor force, you are not counted as unemployed.
- Those “Not in Labor Force” fell to 87,958,000 from last month’s record high of 88,419,000.
- By the Household Survey, the number of people employed rose by 422,000.
- By the Household Survey, over the course of the last year, the number of people employed rose by 2,479,000.
- Participation Rate rose .2 to 63.8%
- There are 8,098,000 workers who are working part-time but want full-time work, an increase of 245,000
- Thus of the the net of 422,000 people presumably hired by the household survey, 245,000 were for part-time jobs.
- Long-Term unemployment (27 weeks and over) rose by 310,000.
- Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%. Read More @ The Market Oracle
Thank You
I'm PayPal Verified
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sRB9qrjl0_gGPffu22ir5KnnC8jXTB9-7VOm5Sv9Ia0ejShhC4FlENSln27FWoUnTzI8li5MzptSumVV7uet5uAznv52z_ss2pGjwDtegzbuGX3z2OHKsCp0cG7wbifYi7Gg=s0-d)
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uPZkOZ1wdnJoCvLX_CX1-Px-BIlcHnt5has4K7dVBbNpxdcbf3HIwDeHmlmdybe5Je8WzLX9fS0NezlDnIrUVZJC0u0cvYOwtegaurGZYoYHgHiGd7dWxqYMEMFw-mHY1aKG8K=s0-d)
No comments:
Post a Comment