Europe's Beggars: Bluffing Their Way To Unity And Propserity Via Hijacking And Extortion

Ten days ago, when predicting what may and likely will be the outcome of the August ECB announcement, we said that it is virtually certain that it will follow in the trailblazing footsteps of what Mario Monti did at the June 29th meeting. To wit: "The bottom line here is that Draghi most likely pulled a Mario Monti (and his hanger on Mariano Rajoy), and spoke up before pre-clearing with Buba's Weidmann. Draghi thinks that, like Monti with Merkel at the June 29 summit, he can bluff the Bundesbank into submission, and Germany will agree to monetization, especially if markets have risen enough where nothing out of the ECB next week leads to a market plunge. The problem is that as we patiently explained, Monti got absolutely no concessions our of Merkel, as was seen in the bond yields of Spain after the June 29 summit." Sure enough, the market soared in the days after June 29 as well, giddy with optimism that Germany would never settle for being bullied publicly and had implicitly agreed with the Monti and Rajoy. Euphoria promptly turned to despair as it became quickly clear that Monti had bluffed without preclearing with Merkel and Buba. Fast forward one month, and what we expected to happen is precisely what did happen.

Chevron's Largest California Refinery "Immediate-Extreme-Health-Hazard" Fire Emergency

UPDATE: *CHEVRON RICHMOND REFINERY HYDROCRACKER EXPLODED: KPIX-TV, REFINERY SHUTDOWN, CAN PROCESS 244,000 BBL/DAY
Chevron's Richmond refinery, the largest refinery in California, is under a Level 3 Hazardous Material extreme immediate warning with local authorities advising local citizens to "to shelter in place, go inside, close all windows and doors, turn off all heaters, air conditioners and fans. If not using the fireplace, close fireplace dampers and vents, and cover cracks around doors and windows with tape or damped towels." As KTVU2 comments, it appears massive and out of control currently. Live KRON4 stream embedded below.

• *2 DISTINCT PLUMES OF SMOKES OBSERVED EMITTING FROM CVX REFINERY
• *CHEVRON SPOKESWOMAN SAYS NOT SURE WHAT CAUSE OF FIRE IS :CVX US
• *CHEVRON RICHMOND REFINERY HAS EVACUATION ON EMISSIONS: FILING

Another Market Breaks - Tokyo Stock Exchange Halts Derivative Trades

Earlier today the Spanish stock exchange was down for nearly 5 hours - the reason is unclear: perhaps as a form of precrime punishment to all those felons who would even consider selling stocks in the future. Now, the SkyNet self-awareness wave goes East just as Japan opens and takes down all Tokyo derivative trading:

• Tokyo Stock Exchange Stops Derivative Trades, Cites System Error - BBG
• Tokyo Stock Exchange Group stopped trading of Topix futures, JGB futures and options from around
  9:20 a.m. because of a systems error.
  
• Co. spokesman Naoya Takahashi spoke in phone interview
  

In the aftermath a series of events such as the FaceBook IPO collapse, Knight, IBEX, this was only logical and expected. Tomorrow, any stock market that even thinks of a red candle will be halted indefinitely.

Lieborgate's Next Casualty: Bob Diamond's Daughter

Instead of having to fire 1900 people, Deutsche Bank will now have to only let go 1899. The reason: the second most prominent casualty of the Lieborgate scandal is now none other than Bob Diamond's daughter Nell, who made quite a splash in the aftermath of the Barclays Libor manipulation revelations when the social circuit butterfly tweeted that "George Osborne and Ed Miliband can go ahead and #hmd.” As it turns out after graduation from Princeton University in June 2011, and following a stint in UNICEF, the philanthropist, whose twitter profile is riddled with photos of shoes and runway poses, joined Deutsche Bank in November 2011, whether due to her natural curiosity into the minutae of Investment Banking, or for other reasons. Of course, considering her Princeton thesis was on "The Cultural Myth of Female Hair in the Victorian Imagination" (strinkingly comparable to "The Power Of Women's Hair In The Victorian Imagination" but we digress), it likely was the latter. As it turns out, 9 months after joining the firm full time (she had a part-time stint in the summer of 2010, following comparable stints at the Abernathy Macgregor Group, Nantucket Ice Cream Company, Abercrombie and Fitch), the young woman who sold "Rates" products (Libor and other IR derivatives? Surely that would be ironic at a bank which is now front and center into the Lieborgate investigation) at Deutsche Bank has decided to call it quits, in the process saving the job of at least one low level banker who now will not have to be let go because of the lack of an English thesis focusing on Female hair during Victorian times



The German Economy Caves, And Eurozone Bailouts Take On New Dimension

Posted by : testosteronepit

Post date: 08/06/2012 - 20:56

The ear-piercing screech of the German export machinery as it down-shifts....

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BBC: Banking With Hitler

IMPACT 2012 in NYC: Chris Hedges and Robert Johnson

Currency Wars: Move to Make Treasury's Geithner a Permanent Member of US National Security Council

Keys to Success

Admin at Jim Rogers Blog - 4 hours ago

Jim Rogers' Keys to Success (taken from the titles and sub headings of each chapter of the new book, "A Gift To My Children"): 1. Do not let others do your thinking for you 2. Focus on what you like 3. Good habits for life & investing 4. Common sense? not so common 5. Attention to details is what separates success from failure 6. Let the world be a part of your perspective 7. Learn philosophy & learn to think 8. Learn history 9. Learn languages (make sure Mandarin is one of them) 10. Understand your weaknesses & acknowledge your mistakes 11. Recognize change & embrace it 12. Lo... more » 

 

 

 

Faulty London Financial times story on silver/Summer doldrums

Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 4 hours ago

Good evening Ladies and Gentlemen: Gold closed up today up by $6.90 to $1612.90.  Silver finished the comex session up by 6 cents. We have lot of ground to cover as I guess you all saw the London Financial times article by Jack Farchy which suggests that the silver manipulation is over.  I can tell you that it is bogus.  We will go over this story and others from Europe, but first let us head

 

 

 

In The Near-Term Markets Can Still Rally

Admin at Marc Faber Blog - 5 hours ago

In the near-term, I believe that markets can still rally somewhat for the simple reason that in every market you have a few strong stocks and they are breaking out on the upside. And then you have a lot of stocks that are down 40-50% and very oversold, so they can also rebound. We have a lot of liquidity in the world that has been created essentially by central bankers. We have negative real interest rates practically everywhere. So if people keep their money on deposits, they are losing out in terms of purchasing power. The sentiment among investors, at the beginning of June, was v... more » 

 

 

 

In The News Today

August 6, 2012, at 11:21 am
by Jim Sinclair

 

 

Jim Sinclair’s Commentary

What a joke the governing bodies have proven to be.

For those who are depressed over the probability that the CFTC will drop their interest in seeking redress for the clear manipulation in silver, it is not regulators who will put an end to manipulation. It is individual company CEOs that will succeed in civil litigation based on common commercial code and get to discovery whereby information can be gathered under subpoena for those who will obtain the redress.

Since almost 100% of them are pussies, a company will distinguishes itself by success in making a recovery from those entities that have practiced illegal means such as manipulation and dirty tricks to profit.

U.S. regulator set to drop silver probe: FT LONDON | Mon Aug 6, 2012 4:51am EDT
(Reuters) – U.S. regulators are set to drop a four-year investigation into the possible manipulation of the silver market after failing to find enough evidence to support a legal case, the Financial Times reported on Sunday, citing three people familiar with the situation.
The Commodity Futures Trading Commission first announced that it was investigating "complaints of misconduct in the silver market" in September 2008 after a group of precious metals investors alleged manipulation, the FT reported.
It said that while the CFTC has not yet formally determined the outcome of the investigation, leaving the possibility that staff could be instructed to dig deeper, the agency does not currently have sufficient evidence to bring a case.
A decision to end the investigation would likely anger some U.S. silver investors, the newspaper said.
"I’m sure it will be met with some concern from a certain group of aggressive silver speculators," one person familiar with the investigation told the FT.
Previous CFTC silver inquiries in 2004 and 2008 found no evidence of wrongdoing, the paper noted.
More…

 

 

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