And Now The Fed Gets Dragged Into LiEborgate
As was first reported two days ago, and confirmed today, Barclays' natural response to allegations it single-handedly manipulated the interest rate complex for up to $500 trillion notional in IR-sensitive swaps and other products (it didn't - everyone else did it too), was to drag everyone into the scandal, starting off with the Bank of England (and about to drag Whitehall into it too), and specifically the man who was next in line for governorship of the English Central Bank: Paul Tucker. What does this mean? Well, as we suggested also two days ago, now that the natural succession path at the BOE has been terminally derailed, it brings up those two other gentlemen already brought up previously as potential future heads of the BOE, both of whom just happened to work, or still do, at... Goldman Sachs: Canada's Mark Carney or Goldman's Jim O'Neil. Granted both have denied press speculation they will replace Mervyn King, but it's not like it would be the first time a banker lied to anyone now, would it (and makes one wonder if this whole affair was not merely orchestrated by the Squid from the get go... but no, that would be a 'conspiracy theory'.) Yet the fact that Goldman is hell bent on global domination by stretching its tentacles into every monetary policy administration is no secret: it is only a matter of time before GS also runs the English CTRL-P macros. More interesting is that in addition to the BOE, Barclays today also dragged America's very own Federal Reserve into the fray.
by Susanne Posel, Occupy Corporatism:
The 54mm slither bullets,
manufactured in Iran (who is under an international arms embargo) were
found back in 2010 in west and central Africa. They are anonymously sold
on the black market by soldiers looking for quick cash while others
were smuggled in illegally in shipping containers.
These bullets are found to be in the possession of rebel and government forces along the African Ivory Coast.
All major commodities are controlled by the UN. Now they are coming for the right of citizens to have personal armory.
By decrying the need for laws that regulate arms brokers, delegates are gathering this month at the UN in New York to discuss the UN International Arms Control Treaty (IACT). They have decided they will meet to create an “elaborate a legally binding instrument on the highest possible common international standards for the transfer of conventional arms.”
The IACT will empower the UN to literally force the US government to:
• Enact internationally agreed licensing requirements for Americans
• Confiscate and destroy unauthorized firearms of Americans while allowing the US government to keep theirs
• Ban trade, sale and private ownership of semi-automatic guns
• Create and mandate an international registry to organize an encompassing gun confiscation in America
In 2011, the UN’s General Assembly recognized “that disarmament, arms control and non-proliferation are essential”, meaning citizens could no longer own firearms if there were to be peace in the world.
Read More @ OccupyCorporatism.com
The 54mm slither bullets,
manufactured in Iran (who is under an international arms embargo) were
found back in 2010 in west and central Africa. They are anonymously sold
on the black market by soldiers looking for quick cash while others
were smuggled in illegally in shipping containers.These bullets are found to be in the possession of rebel and government forces along the African Ivory Coast.
All major commodities are controlled by the UN. Now they are coming for the right of citizens to have personal armory.
By decrying the need for laws that regulate arms brokers, delegates are gathering this month at the UN in New York to discuss the UN International Arms Control Treaty (IACT). They have decided they will meet to create an “elaborate a legally binding instrument on the highest possible common international standards for the transfer of conventional arms.”
The IACT will empower the UN to literally force the US government to:
• Enact internationally agreed licensing requirements for Americans
• Confiscate and destroy unauthorized firearms of Americans while allowing the US government to keep theirs
• Ban trade, sale and private ownership of semi-automatic guns
• Create and mandate an international registry to organize an encompassing gun confiscation in America
In 2011, the UN’s General Assembly recognized “that disarmament, arms control and non-proliferation are essential”, meaning citizens could no longer own firearms if there were to be peace in the world.
Read More @ OccupyCorporatism.com
Tuesday Humor: "Citi Today Is A Different Bank Than It Was Before The Crisis"
The FDIC decided to wait with its dose of pre-holiday humor until after the Barclays fixing for today's market close turned out to be spot on. And by that we mean that official release of the US banks' "living will" statements, which as far as we know is about the most worthless exercise ever conducted, and about the dumbest thing to be conceived by that very undynamic duo of Barney Frank and Chris Dodd. Because last we checked, the treatment of living wills in bankruptcy court, where all these firms will end up eventually anyway, is... non-existent. But the real fun is when one actually reads this indicative statement from Citigroup: "Citi is today a fundamentally different institution than it was before the crisis." And that's where we stopped. Because it is banks wasting their time (and taxpayer bailout money) on gibberish like this instead of analyzing the risk inherent in their prop positions that guarantees the next CIO-like blow up will not be just $5 billion but far, far more, and will certainly prove that living wills when one has to equitize tens of billions in unsecured debt are worth exactly didely squat.Cashin On The Constitution And Obamacare
UBS'
Art Cashin had originally intended to explore the scholarly give and
take of both the opinion and of the dissent. Both have marvelous
allusions to things like the Federalist papers and “original intent”. As
he notes "a full reading is like a visit to the mind gym, a mental
workout of the first order." However, the more he read the dissent, the
more he saw the minority’s very evident concern that the Constitution
was being weakened. On a very timely day, Art encourages one and
all to read both the Opinion and Dissent as the venerable patriot adds:
"It's important to all of us".Gold And Stocks Soar As Risk Recouples
An
expectedly low volume day saw equity futures wiggle around VWAP until
the day-session open at which time Energy and Materials sectors surged
to lift stocks 10 pts higher into the European close. Commodities all
surged - led by Oil with its 'Hormuz'-premium pricing in - and while the
USD weakened after the European close ( driven by EURUSD bouncing off
the 50% retracement of the EU Summit spike), equities also lost ground
and rapidly reverted back down to VWAP. The strength in gold and silver
was interesting as they extend their gains from pre-Summit lows (gold up over $70)
and most notable to us was the recoupling of risk assets broadly with
equities. Gold and stocks are seemingly back in sync and so are
(separately) the USD and 10Y Treasury yields. After stocks hit VWAP they
rapidly resurged back up to the highs of the day and closed there
dragged up by a push into the green by HYG (with both stocks and
high-yield seeing some sizable blocks going through at the highs). VIX
closed down very modestly at 16.6% but most notably was the rise in implied correlation (and implicitly index vol - VIX - from around 1045ET into the close, even as stocks rallied).
It would seem that the rise in WTI back over $87.50 (and Brent over
EUR80) has been the 'risk-driver' for much of this rally (with CONTEXT -
broad risk proxy - playing squeeze catch up to equity's health). In
summary, equities are up over 5% as oil is smashing higher due to
pending Hormuz strait closing and WAR; Germany and Finland basically
saying NEIN to EU Summit deal as it stands; JPM in an energy market
probe and BARC told to lower rates by the government!! All is well in nominal, central-bank, asset-value land.European Funding Stress Worst In Over 3 Months
Despite
this week's largest allotment to the ECB's 7-day tender in over 2
months, ECB collateral changes, a flat LIBOR, and endless game-changing
summit conclusions, the market's most accessible source of term
USD financing (the EUR-USD basis swap) has collapsed to its worst
level in over three months. Even as the sovereign and bank
spreads have compressed in the last few days, demand for this
short-term financing has soared (i.e. banks are willing to pay quite a
penalty for that access). Whether this is a cleaner signal than Lie-bor
is unclear but for sure between this and the fact that
2Y Swiss rates are reverting lower once again, all is clearly not well
in Europe (despite what every talking head tells you) and these remain
the two most critical stress indicators for now.Mogambo Bunker Of Solitude (MBOS),
Richard Daughty, a.k.a., 'The Mogambo Guru' at Mogambo Guru Report! - 26 minutes ago
Alone in the Mogambo Bunker Of Solitude (MBOS), I crouch like a cornered
rat in, as expected, the corner of the darkened room, hunched over a
pizza-stained keyboard nestled behind crates of ammo, where I peck out my
usual Hysterical Mogambo Tirade (HMT), which I have to do because when I
confront people face-to-face at the stupid mall or at the stupid grocery
store -- to give them the exact same information! -- they get all huffy! Cops
are suddenly everywhere! Guns! Tazers! Pepper spray! Lawyers!
Pretty soon you are thinking "Just don't taze me, bro'!", and it is at
that m... more »
....My Money (ACWOMM)
Richard Daughty, a.k.a., 'The Mogambo Guru' at Mogambo Guru Report! - 28 minutes ago
I don't seem to give a flying crap about much of anything anymore.
Anything, that is, except buying more gold, silver and oil, as what good is
dreaming should man's reach exceed his grasp?
I am not sure how that vaguely-remembered quote actually goes, but I
remember that I translated it to mean "What good is giving stupid, lazy
kids an allowance, which they use for purposes that I suspect is making
them even more stupid and rude, and so which makes it obviously A Complete
Waste of My Money (ACWOMM), when I could be using that cash to buy more
gold, silver and oil so as to achie... more »
IMF warns on U.S. economy
Eric De Groot at Eric De Groot - 58 minutes ago
The boost now and worry about cutting deficits later strategy, also known
as kicking the can down the road, has been a constant message since 2001.
Periodically, voters get upset with the status quo, but significant
political and economic change rarely emanates from the voting booth.
Headline: IMF warns on U.S. economy NEW YORK (CNNMoney) -- Boost the U.S.
economy now and worry about...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
SP 500 and NDX Futures Daily Charts - Another Low Volume Melt Up
by InfoWars:
A man identifying himself as a police officer named ‘Jim’ called in to report some startling information.We have been told that in October we need to be prepared for an event that will require us to use air and ground support, in conjunction with the military here.”
During the call Jim comes across as passionate, sincere and very shaken by the information he tries to share. After the commercial break, Jim gets choked up as he tries to convey his appreciation for what Alex Jones has tried to do in terms of waking people up in the effort to save the Republic from the clutches of the forces seeking to destroy it. Now, nearly in tears, Jim concludes by saying “This country’s dead Alex. It’s gone” before unexpectedly hanging up.
Read More @ InfoWars
by Andrey Dashkov, Casey Research:
Copper is sometimes referred to as “Dr. Copper,” because the metal is
used in so many industrial applications and is essential for many
different sectors of the economy, from infrastructure to housing to
consumer electronics. That usually makes its price action a good
indicator of the state of the global economy.In 2012, copper demand started out quite strong. The International Copper Study Group (ICSG) published Q112 numbers that showed a healthy uptrend in demand: year-on-year, apparent usage grew by 9%, while refined production increased by 4%. (This is defined by ICSG as refined production + refined imports – refined exports + refined beginning stocks – ending stocks.)
China, responsible for about 40% of global copper demand, almost doubled its net imports, with a 99% annual growth rate in Q112. This does not mean, however, that the metal was used right away by industry: ICSG indicates that high import levels were accompanied by growing inventories in bonded warehouses.
Read More @ CaseyResearch.com
from RussiaToday:
by Neil Charnock, Gold Seek:
From the World Gold Council site:
“Environmental considerations require that mined gold must be ‘replaced’ as part of the mining process. The average cost of replacing and producing an ounce of gold rose to $928/oz in 2010, from $282/oz in 2001, and it continues to climb, according to Metals Economics Group.”
Editor – so total cost climbed $646 in 9 years which averages out at $71.77 per annum. I will take this on face value and therefore “assume” $999.77 for 2011 and $1,071.54 for 2012 additions to this linear progression. (Assumption: I know this is a dangerous practice however I am generalizing on this theory at the macro level for the sector, therefore this provides the best estimation possible.)
By linear progression I mean to say the averaged cost increase for the industry applied equally each year as follows in the table below. I know this is not a perfect system and that costs moved slower in the early years of the rally however this is for illustrative purposes. I believe the averaged figure still serves a purpose for this exercise because it adds understanding of the principles.
Read More @ GoldSeek.com
From the World Gold Council site:“Environmental considerations require that mined gold must be ‘replaced’ as part of the mining process. The average cost of replacing and producing an ounce of gold rose to $928/oz in 2010, from $282/oz in 2001, and it continues to climb, according to Metals Economics Group.”
Editor – so total cost climbed $646 in 9 years which averages out at $71.77 per annum. I will take this on face value and therefore “assume” $999.77 for 2011 and $1,071.54 for 2012 additions to this linear progression. (Assumption: I know this is a dangerous practice however I am generalizing on this theory at the macro level for the sector, therefore this provides the best estimation possible.)
By linear progression I mean to say the averaged cost increase for the industry applied equally each year as follows in the table below. I know this is not a perfect system and that costs moved slower in the early years of the rally however this is for illustrative purposes. I believe the averaged figure still serves a purpose for this exercise because it adds understanding of the principles.
Read More @ GoldSeek.com
by David Schectman, MilesFranklin.com:
Do you read this daily every day? Ah ha! You’re addicted! So am I.
I have to write every day, even though the day-to-day market moves are
nothing more than “noise,” and have no real meaning against the backdrop
of the “Big Picture.” That’s what the computer age has done to us. We
have become slaves to the screen and minutia information. At least you
can take comfort in knowing that the “daily information” you get from
this site is as good as it gets. But seriously, you could disappear for a
few weeks and, in the long run, it wouldn’t make the slightest
difference. Just be sure and come back by late September – that’s when
the fun begins!
Meanwhile, gold is stuck in a range between $1,530 to $1,650 and as of this morning, at 8 a.m., it’s up $21.20 at $1,618.10. Last week’s break held May and December lows. I get the feeling that they will perform just fine for the next few weeks. Let’s see if gold can top $1,650. If it holds at that level, the next (technical) targets are $1,674 and $1,700. Those are numbers the bulls can live with.
Read more @ MilesFranklin.com
Do you read this daily every day? Ah ha! You’re addicted! So am I.
I have to write every day, even though the day-to-day market moves are
nothing more than “noise,” and have no real meaning against the backdrop
of the “Big Picture.” That’s what the computer age has done to us. We
have become slaves to the screen and minutia information. At least you
can take comfort in knowing that the “daily information” you get from
this site is as good as it gets. But seriously, you could disappear for a
few weeks and, in the long run, it wouldn’t make the slightest
difference. Just be sure and come back by late September – that’s when
the fun begins!Meanwhile, gold is stuck in a range between $1,530 to $1,650 and as of this morning, at 8 a.m., it’s up $21.20 at $1,618.10. Last week’s break held May and December lows. I get the feeling that they will perform just fine for the next few weeks. Let’s see if gold can top $1,650. If it holds at that level, the next (technical) targets are $1,674 and $1,700. Those are numbers the bulls can live with.
Read more @ MilesFranklin.com
by John Rubino, DollarCollapse.com:
Bloomberg is reporting on what looks like a brazen con being pulled on
taxpayers by eurozone banks and governments. It goes like this: During
the recent credit bubble the PIIGS country banks created and then sold a
bunch of low-quality mortgage bonds. Now they’re buying them up at big
discounts to the original price, booking a profit on the trade, and
using those securities as collateral for low-interest-rate loans from the European Central Bank.
Bloomberg is reporting on what looks like a brazen con being pulled on
taxpayers by eurozone banks and governments. It goes like this: During
the recent credit bubble the PIIGS country banks created and then sold a
bunch of low-quality mortgage bonds. Now they’re buying them up at big
discounts to the original price, booking a profit on the trade, and
using those securities as collateral for low-interest-rate loans from the European Central Bank. European Banks Bolster Capital With Shunned Bonds: Mortgages
Spanish and Portuguese banks are leading European lenders in buying back their own mortgage- backed securities at distressed prices to bolster capital and stockpile eligible collateral for European Central Bank loans.
Read More @ DollarCollapse.com
from KingWorldNews:
With continued uncertainty surrounding global markets, the Godfather
of newsletter writers, Richard Russell, asked an important and
intriguing question, “Is anything completely safe in our new world of
central bank fiat paper?” Russell also discussed gold at length, but
first, this is what Russell had to say about the action in stocks: “I
wanted a mechanical way to follow the secular (primary) bear market.
This required a moving average that was insensitive to secondary
reactions and also insensitive to cyclical (short-term) bull and bear
markets. In other words, I needed a long-term moving average that would
portray the primary trend while screening out most minor and secondary
movements.”
Richard Russell continues @ KingWorldNews.com
With continued uncertainty surrounding global markets, the Godfather
of newsletter writers, Richard Russell, asked an important and
intriguing question, “Is anything completely safe in our new world of
central bank fiat paper?” Russell also discussed gold at length, but
first, this is what Russell had to say about the action in stocks: “I
wanted a mechanical way to follow the secular (primary) bear market.
This required a moving average that was insensitive to secondary
reactions and also insensitive to cyclical (short-term) bull and bear
markets. In other words, I needed a long-term moving average that would
portray the primary trend while screening out most minor and secondary
movements.”Richard Russell continues @ KingWorldNews.com
from TF Metals Report:
Just a few things before I take some time away.
Tomorrow is Independence Day here in America. The markets will all be closed. I will be traveling and out of action until mid-day on Thursday. With that, here are a few things to ponder.
Today’s move in silver is potentially quite significant. On the surface, it’s just a 3% short squeeze. However, take a look at these long-term charts. Silver has been following the downtrend line from the Leap Day highs for over 4 months. Today, it broke out. Do you recall a few days ago when I mentioned that you should beware of “descending triangles”? They are a bit of an optical illusion as the diagonal line always seems to look more powerful than the horizontal line. In this case, though, the horizontal line connects multiple bottoms and goes back over 9 months, or about twice the duration of the diagonal line. The idea that price would break UP and not down should NOT be surprising. Now, before we get excited, it’s only one day. Silver needs to confirm the breakout by not only holding its gains but advancing further. A move through $29 would be great and set up a move back toward $29.50. Then, IF we can get a lousy NFP number on Friday, the stage will be set for a run at $30 and the buy stops set above there.
Read More @ TF Metals Report.com
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Just a few things before I take some time away.Tomorrow is Independence Day here in America. The markets will all be closed. I will be traveling and out of action until mid-day on Thursday. With that, here are a few things to ponder.
Today’s move in silver is potentially quite significant. On the surface, it’s just a 3% short squeeze. However, take a look at these long-term charts. Silver has been following the downtrend line from the Leap Day highs for over 4 months. Today, it broke out. Do you recall a few days ago when I mentioned that you should beware of “descending triangles”? They are a bit of an optical illusion as the diagonal line always seems to look more powerful than the horizontal line. In this case, though, the horizontal line connects multiple bottoms and goes back over 9 months, or about twice the duration of the diagonal line. The idea that price would break UP and not down should NOT be surprising. Now, before we get excited, it’s only one day. Silver needs to confirm the breakout by not only holding its gains but advancing further. A move through $29 would be great and set up a move back toward $29.50. Then, IF we can get a lousy NFP number on Friday, the stage will be set for a run at $30 and the buy stops set above there.
Read More @ TF Metals Report.com
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from Silver Vigilante:
Embroiled in another financial scandal pertaining to the laundering of
money, the Vatican bank has been called by Forbe’s “the most secret bank
in the world” and faces international scrutiny in its highly secretive banking
model. Although details are limited to the public, it is clear that
the Vatican bank is facing pressure from Italian and European officials
over its innerworkings. In short, the bank has laundered billions of
dollars. It has had help of course, in the deeply interwoven network of
high finance, and none other than US bank JPMorgan abetted highly
suspicious transactions, although the bank has yet to be accused of
laundering itself. Though, this is a no-brainer considering the accounts
the bank hosted for the Vatican.
This part of the story begins when Gottii Tedeschi, now former head of Vatican bank, was relieved when four men waiting for him in the street while he was on his way to work were not hit men. They were investigators with the Carabinieri, Italy’s national military police force. Before he had reached his car, they had served him a search warrant. They escorted him back to his house, where they for many hours searched through his home office. Simultaneously, the military police force was searching through Gotti Tedeschi’s office in Milan. They confiscated two computers, two cabinets’ full of binders, a planner and his briefcase. The documents confiscated from Gotti Tadeschi, who was once a confidant of the pope, “provided Italian law-enforcement officials insight into the innermost workings of the Vatican bank.”
Read More @ Silver Vigilante
Embroiled in another financial scandal pertaining to the laundering of
money, the Vatican bank has been called by Forbe’s “the most secret bank
in the world” and faces international scrutiny in its highly secretive banking
model. Although details are limited to the public, it is clear that
the Vatican bank is facing pressure from Italian and European officials
over its innerworkings. In short, the bank has laundered billions of
dollars. It has had help of course, in the deeply interwoven network of
high finance, and none other than US bank JPMorgan abetted highly
suspicious transactions, although the bank has yet to be accused of
laundering itself. Though, this is a no-brainer considering the accounts
the bank hosted for the Vatican.This part of the story begins when Gottii Tedeschi, now former head of Vatican bank, was relieved when four men waiting for him in the street while he was on his way to work were not hit men. They were investigators with the Carabinieri, Italy’s national military police force. Before he had reached his car, they had served him a search warrant. They escorted him back to his house, where they for many hours searched through his home office. Simultaneously, the military police force was searching through Gotti Tedeschi’s office in Milan. They confiscated two computers, two cabinets’ full of binders, a planner and his briefcase. The documents confiscated from Gotti Tadeschi, who was once a confidant of the pope, “provided Italian law-enforcement officials insight into the innermost workings of the Vatican bank.”
Read More @ Silver Vigilante
from Jesse’s Café Américain:
“And
remember, where you have a concentration of power in a few hands, all
too frequently men with the mentality of gangsters get control. History
has proven that.”
John Dalberg Lord Acton
What I hear is that Mr. Bob Diamond’s arrogant defiance so outraged Whitehall that the word went down to the Bank of England to show him the door, immediately as an example, in the Old Lady’s role of making and breaking the major players in the City.
Mr. Diamond would have been lauded in the States, and offered a settlement and a wristslap, soft pillows and sweet praises by fawning lawmakers and the captive corporate media.
Read More @ Jesse’s Café Américain:
“And
remember, where you have a concentration of power in a few hands, all
too frequently men with the mentality of gangsters get control. History
has proven that.”John Dalberg Lord Acton
What I hear is that Mr. Bob Diamond’s arrogant defiance so outraged Whitehall that the word went down to the Bank of England to show him the door, immediately as an example, in the Old Lady’s role of making and breaking the major players in the City.
Mr. Diamond would have been lauded in the States, and offered a settlement and a wristslap, soft pillows and sweet praises by fawning lawmakers and the captive corporate media.
Read More @ Jesse’s Café Américain:
by Veronica Brown, Reuters:
Gold
prices rose more than 1 percent on Tuesday, gathering steam above
$1,610 per ounce, with broad sentiment lifted as increasingly poor
economic data raised expectations that leading central banks will ease
policy further to stimulate growth.
The rally in bullion was replicated in wider markets and world share prices climbed.
Spot gold rose 1.3 percent on the day to $1,617.09 per ounce by 1323 GMT, while benchmark U.S. gold futures for August delivery were up $20.20 an ounce at $1,617.90.
Read More @ Reuters.com
Gold
prices rose more than 1 percent on Tuesday, gathering steam above
$1,610 per ounce, with broad sentiment lifted as increasingly poor
economic data raised expectations that leading central banks will ease
policy further to stimulate growth.The rally in bullion was replicated in wider markets and world share prices climbed.
Spot gold rose 1.3 percent on the day to $1,617.09 per ounce by 1323 GMT, while benchmark U.S. gold futures for August delivery were up $20.20 an ounce at $1,617.90.
Read More @ Reuters.com
by Ron Paul, The Daily Bell:
Last
week supporters of Federal Reserve transparency had a major victory
when the House Committee on Government Oversight and Reform passed my
Audit the Fed bill, HR 459 unanimously with all major audit provisions
intact. This clears the way for a House floor vote expected sometime in
late July, and with a whopping 263 cosponsors, the chances of it passing
have never looked better! This is an unprecedented opportunity for
transparency into how the currency of the United States is handled, and
mishandled by the Federal Reserve. It is more important than ever that
my colleagues in the House and Senate understand what this legislation
does and why it is so important.
The Federal Reserve is an enormously destructive and unaccountable force in both the U.S. economy and the greater global economy. Federal Reserve policies affect average Americans far more than fiscal, spending, and tax policies legislated by Congress; indeed the Fed “spends” more than Congress when it creates trillions of new dollars on its balance sheet to bail out favored financial institutions.
For several decades the Fed has relentlessly increased the supply of US dollars (both real and electronic) and kept interest rates artificially low. These monetary policies punish thrift, erode the value of savings, and harm older Americans living on fixed incomes and the poor. The Fed’s expansion of the money supply, combined with artificially low interest rates, creates destructive cycles of malinvestment. This results in housing, stock market, and employment booms and busts that destroy lives.
Read More @ TheDailyBell.com
Last
week supporters of Federal Reserve transparency had a major victory
when the House Committee on Government Oversight and Reform passed my
Audit the Fed bill, HR 459 unanimously with all major audit provisions
intact. This clears the way for a House floor vote expected sometime in
late July, and with a whopping 263 cosponsors, the chances of it passing
have never looked better! This is an unprecedented opportunity for
transparency into how the currency of the United States is handled, and
mishandled by the Federal Reserve. It is more important than ever that
my colleagues in the House and Senate understand what this legislation
does and why it is so important.The Federal Reserve is an enormously destructive and unaccountable force in both the U.S. economy and the greater global economy. Federal Reserve policies affect average Americans far more than fiscal, spending, and tax policies legislated by Congress; indeed the Fed “spends” more than Congress when it creates trillions of new dollars on its balance sheet to bail out favored financial institutions.
For several decades the Fed has relentlessly increased the supply of US dollars (both real and electronic) and kept interest rates artificially low. These monetary policies punish thrift, erode the value of savings, and harm older Americans living on fixed incomes and the poor. The Fed’s expansion of the money supply, combined with artificially low interest rates, creates destructive cycles of malinvestment. This results in housing, stock market, and employment booms and busts that destroy lives.
Read More @ TheDailyBell.com
by Whiskey Contributor, Whiskey and Gunpowder:
A growing army of bureaucrats and regulations threaten to reduce the
pace of new medical technologies right when we on the verge of
mind-boggling lifesaving breakthroughs. Enormous advances are being made
in treating disease at the genetic and molecular levels, and they show
unbelievable promise in treating cancer, cardiovascular disease and even
aging itself.
Seen in that light, the recent biotech sells off makes more sense. We are in a race. On the one hand, we have scientific advance, unraveling the mysteries of life and developing revolutionary new therapies. On the other, we have politicians trying to lock everything down into a stasis, whether they know it or not.
Recently, the big news was the Supreme Court’s ruling upholding Obamacare. Stocks, already down that day, plummeted further on the news. Emerging biotechnology companies appeared to be among the hardest hit.
Read More @ WhiskeyAndGunpowder.com
A growing army of bureaucrats and regulations threaten to reduce the
pace of new medical technologies right when we on the verge of
mind-boggling lifesaving breakthroughs. Enormous advances are being made
in treating disease at the genetic and molecular levels, and they show
unbelievable promise in treating cancer, cardiovascular disease and even
aging itself.Seen in that light, the recent biotech sells off makes more sense. We are in a race. On the one hand, we have scientific advance, unraveling the mysteries of life and developing revolutionary new therapies. On the other, we have politicians trying to lock everything down into a stasis, whether they know it or not.
Recently, the big news was the Supreme Court’s ruling upholding Obamacare. Stocks, already down that day, plummeted further on the news. Emerging biotechnology companies appeared to be among the hardest hit.
Read More @ WhiskeyAndGunpowder.com
by J. D. Heyes, Natural News:
Measurements taken recently at the tsunami-damaged Fukushima nuclear
complex in northern Japan have revealed record levels of radiation
contamination, officials with the plant’s operator, Tokyo Electric Power
Company, said.
The elevated contamination levels were discovered in the basement of reactor No. 1, officials said – a discovery that will further delay and impede operations aimed at cleaning up the site. It was the first internal measurement carried out since three of the plant’s nuclear reactors were damaged by a tsunami caused by a major earthquake off Japan’s northeastern coast in March 2011.
TEPCO engineers reportedly gathered samples from the basement after inserting a camera and consulting measuring instruments through a drain hole located in the ceiling of the basement.
Read More @ NaturalNews.com
Measurements taken recently at the tsunami-damaged Fukushima nuclear
complex in northern Japan have revealed record levels of radiation
contamination, officials with the plant’s operator, Tokyo Electric Power
Company, said.The elevated contamination levels were discovered in the basement of reactor No. 1, officials said – a discovery that will further delay and impede operations aimed at cleaning up the site. It was the first internal measurement carried out since three of the plant’s nuclear reactors were damaged by a tsunami caused by a major earthquake off Japan’s northeastern coast in March 2011.
TEPCO engineers reportedly gathered samples from the basement after inserting a camera and consulting measuring instruments through a drain hole located in the ceiling of the basement.
Read More @ NaturalNews.com
by SRSrocco, Silver Doctors:
Something very interesting took place in the first three months of
2012. Last year, the United States was a net importer of gold during
the first quarter. However this year, the U.S. became a huge net
exporter of gold during the same time period. This information was
acquired from the latest USGS Gold Mineral Industry Surveys.
What a difference in a year – the tide has indeed changed. This turns out to be a net export difference of 141 metric tonnes of U.S. gold compared to last year – or 4.53 million ounces of gold in just three months. When the USGS releases the next Gold Mineral Industry Survey, it will be interesting to see how much more gold is leaving the country. Not only is gold leaving the continent, look at the drop of gold imports during this time period.
Read More @ SilverDoctors.com
Something very interesting took place in the first three months of
2012. Last year, the United States was a net importer of gold during
the first quarter. However this year, the U.S. became a huge net
exporter of gold during the same time period. This information was
acquired from the latest USGS Gold Mineral Industry Surveys.What a difference in a year – the tide has indeed changed. This turns out to be a net export difference of 141 metric tonnes of U.S. gold compared to last year – or 4.53 million ounces of gold in just three months. When the USGS releases the next Gold Mineral Industry Survey, it will be interesting to see how much more gold is leaving the country. Not only is gold leaving the continent, look at the drop of gold imports during this time period.
Read More @ SilverDoctors.com
by Brandon Turbeville, Activist Post
In recent weeks, more and more articles have been appearing in
mainstream sources announcing the arrival of compartmentalized forms of
artificial intelligence. On June 26, I wrote an article titled, “New
Intelligent Biometric Security Program Can Adapt To Human Behavior,”
which dealt with the announcement by Biometric Technologies Laboratory
that researchers have developed a biometric security program that is
able to adapt to changing circumstances and make intelligent decisions
regarding the information it receives.
Continuing with this trend, a more recent announcement has also been issued from Raytheon, the notorious American defense contractor, and the shadowy DARPA (Defense Advanced Research Project Agency) regarding the development of an artificial intelligence (AI) program designed to comb news sites and TV broadcasts and boil down the information contained therein to a single concise article for the intelligence agent launching the query.
Obviously, such technology is not being provided for the benefit or convenience of the general public. In fact, it is not being released to the public at all. The users of the new product will be none other than the Pentagon itself.
Read More @ Activist Post
In recent weeks, more and more articles have been appearing in
mainstream sources announcing the arrival of compartmentalized forms of
artificial intelligence. On June 26, I wrote an article titled, “New
Intelligent Biometric Security Program Can Adapt To Human Behavior,”
which dealt with the announcement by Biometric Technologies Laboratory
that researchers have developed a biometric security program that is
able to adapt to changing circumstances and make intelligent decisions
regarding the information it receives.Continuing with this trend, a more recent announcement has also been issued from Raytheon, the notorious American defense contractor, and the shadowy DARPA (Defense Advanced Research Project Agency) regarding the development of an artificial intelligence (AI) program designed to comb news sites and TV broadcasts and boil down the information contained therein to a single concise article for the intelligence agent launching the query.
Obviously, such technology is not being provided for the benefit or convenience of the general public. In fact, it is not being released to the public at all. The users of the new product will be none other than the Pentagon itself.
Read More @ Activist Post
from Zero Hedge:
If one only looks at equity or FX futures this morning, one would
completely ignore the real action in the last few hours which is all
about crude, where Brent just passed back above $100 and WTI is up over
$3 on the session. The reason is that the market’s ultra short term
attention span has noticed the following piece from the NYT,
which says nothing new, and which Zero Hedge readers have known for a
while, yet as a regurgitation of an old theme, provides at least a “new”
short-term catalyst: “The United States has quietly moved
significant military reinforcements into the Persian Gulf to deter the
Iranian military from any possible attempt to shut the Strait of Hormuz and
to increase the number of fighter jets capable of striking deep into
Iran if the standoff over its nuclear program escalates. The deployments
are part of a long-planned effort to bolster the American military
presence in the gulf region, in part to reassure Israel that in dealing
with Iran, as one senior administration official put it last week, “When
the president says there are other options on the table beyond
negotiations, he means it.” Supposedly this is news, even though a month
ago we observed the latest very much expected accumulation in the 5th
Fleet in “And Meanwhile, In The Arabian Sea…”
Of course, the escalation posturing continues on both sides, as Russia and China are no longer shy about their particular interests in the region: “Iran said on Tuesday it had successfully tested medium-range missiles capable of hitting Israel in response to threats of military action against the country, Iranian media reported. The Islamic Republic announced the “Great Prophet 7″ missile exercise on Sunday after a European Union embargo against Iranian crude oil purchases took full effect after another fruitless round of big powers talks with Tehran. Iran’s official English-language Press TV said the Shahab 3 missile with a range of 1,300 km – able to reach Israel – were tested along with the shorter-range Shahab 1 and 2.”
Read More @ Zero Hedge.com
If one only looks at equity or FX futures this morning, one would
completely ignore the real action in the last few hours which is all
about crude, where Brent just passed back above $100 and WTI is up over
$3 on the session. The reason is that the market’s ultra short term
attention span has noticed the following piece from the NYT,
which says nothing new, and which Zero Hedge readers have known for a
while, yet as a regurgitation of an old theme, provides at least a “new”
short-term catalyst: “The United States has quietly moved
significant military reinforcements into the Persian Gulf to deter the
Iranian military from any possible attempt to shut the Strait of Hormuz and
to increase the number of fighter jets capable of striking deep into
Iran if the standoff over its nuclear program escalates. The deployments
are part of a long-planned effort to bolster the American military
presence in the gulf region, in part to reassure Israel that in dealing
with Iran, as one senior administration official put it last week, “When
the president says there are other options on the table beyond
negotiations, he means it.” Supposedly this is news, even though a month
ago we observed the latest very much expected accumulation in the 5th
Fleet in “And Meanwhile, In The Arabian Sea…” Of course, the escalation posturing continues on both sides, as Russia and China are no longer shy about their particular interests in the region: “Iran said on Tuesday it had successfully tested medium-range missiles capable of hitting Israel in response to threats of military action against the country, Iranian media reported. The Islamic Republic announced the “Great Prophet 7″ missile exercise on Sunday after a European Union embargo against Iranian crude oil purchases took full effect after another fruitless round of big powers talks with Tehran. Iran’s official English-language Press TV said the Shahab 3 missile with a range of 1,300 km – able to reach Israel – were tested along with the shorter-range Shahab 1 and 2.”
Read More @ Zero Hedge.com
from The Economic Collapse Blog:
Sometimes we all get a little reminder of just how completely and
totally dependent we are on the power grid. Massive thunderstorms that
ripped through Ohio, West Virginia, Maryland, Washington D.C. and
Virginia left millions without power over the weekend. At this point it
is being projected that some people may not get power back until the
end of the week. The “super derecho”
storm that pounded the Washington D.C. area on Friday night with
hurricane-force winds is being called unprecedented. But the truth is
that there are other events that could happen that would be far more
damaging to our power grid. For example, a substantial EMP burst over a
major U.S. city would fry virtually all of the electronics in the city
and take the power grid in the area down indefinitely. A gigantic EMP
burst over the entire country (caused by a massive solar storm or a very
large nuclear explosion high in the atmosphere) could theoretically
take down the entire national power grid. Just try to imagine a world
where nobody has any electricity, nobody can pump gas, nobody can use
their credit cards or get any more money, where most vehicles won’t
start, where nobody has the Internet, where all cell phones are dead and
where nobody can heat or cool their homes. That is how serious an EMP
burst could potentially be. We are talking about an event that could be
millions of times worse than 9/11.
Read More @ TheEconomicCollpaseBlog.com
Sometimes we all get a little reminder of just how completely and
totally dependent we are on the power grid. Massive thunderstorms that
ripped through Ohio, West Virginia, Maryland, Washington D.C. and
Virginia left millions without power over the weekend. At this point it
is being projected that some people may not get power back until the
end of the week. The “super derecho”
storm that pounded the Washington D.C. area on Friday night with
hurricane-force winds is being called unprecedented. But the truth is
that there are other events that could happen that would be far more
damaging to our power grid. For example, a substantial EMP burst over a
major U.S. city would fry virtually all of the electronics in the city
and take the power grid in the area down indefinitely. A gigantic EMP
burst over the entire country (caused by a massive solar storm or a very
large nuclear explosion high in the atmosphere) could theoretically
take down the entire national power grid. Just try to imagine a world
where nobody has any electricity, nobody can pump gas, nobody can use
their credit cards or get any more money, where most vehicles won’t
start, where nobody has the Internet, where all cell phones are dead and
where nobody can heat or cool their homes. That is how serious an EMP
burst could potentially be. We are talking about an event that could be
millions of times worse than 9/11.Read More @ TheEconomicCollpaseBlog.com
from The American Dream:
The greatest environmental threat that we are facing is genetic
modification. All over the globe, scientists are treating the fabric of
life as if it was a playground where anything goes. Behind closed
doors, scientists all over the planet are creating some of the most
freakish and most bizarre monsters that you could possible imagine, and
very few people seem concerned about it. But the truth is that messing
with the building blocks of life is going to have some very serious
consequences. Scientists claim that they are making our crops stronger,
more productive and less vulnerable to insects. Scientists claim that
they can alter our animals so that they are more “useful” to us.
Scientists claim that genetic modification is only going to “enhance”
humanity. But what if something goes seriously wrong? For example,
what if we learn that eating genetically modified food is really, really
bad for us? Well, at this point more than 70 percent
of the processed foods sold in the United States contain at least one
ingredient that has been genetically modified. It would be kind of hard
to go back now. We have rushed ahead and have created hordes of
freakish genetic monsters without ever seriously considering the
consequences. Someday, future generations may look back on us and
wonder how we could have ever been so incredibly foolish.
Read More @ EndOfTheAmericanDream.com
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The greatest environmental threat that we are facing is genetic
modification. All over the globe, scientists are treating the fabric of
life as if it was a playground where anything goes. Behind closed
doors, scientists all over the planet are creating some of the most
freakish and most bizarre monsters that you could possible imagine, and
very few people seem concerned about it. But the truth is that messing
with the building blocks of life is going to have some very serious
consequences. Scientists claim that they are making our crops stronger,
more productive and less vulnerable to insects. Scientists claim that
they can alter our animals so that they are more “useful” to us.
Scientists claim that genetic modification is only going to “enhance”
humanity. But what if something goes seriously wrong? For example,
what if we learn that eating genetically modified food is really, really
bad for us? Well, at this point more than 70 percent
of the processed foods sold in the United States contain at least one
ingredient that has been genetically modified. It would be kind of hard
to go back now. We have rushed ahead and have created hordes of
freakish genetic monsters without ever seriously considering the
consequences. Someday, future generations may look back on us and
wonder how we could have ever been so incredibly foolish.Read More @ EndOfTheAmericanDream.com
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