by Ethan A. Huff, Natural News:
In a shocking admission that shows just how serious the ongoing “Eurozone” crisis truly is, a Finnish official has come forward with information about how his country, which is among the strongest in the European Union (EU), plans to deal with a potential break-up of the euro. Erkki Tuomioja, Finland’s Foreign Minister, openly admits that his country is preparing for an eventual collapse of the Eurozone, and has contingency plans in place that may include reverting from the euro back to the country’s former currency.
Though Finland is relatively strong compared to many other EU member countries, it is weaker than its non-EU Scandinavian neighbors, which include Sweden, Norway, and Denmark. Each of these countries still has its own unique currency, and all of them are growing and thriving much faster than Finland, which is bound to a currency and economic union that is constantly being dragged down by Greece, Spain, and other economically-failing countries.
Read More @ NaturalNews.com
It
may come as a surprise to some of our younger readers, that the
Eurozone, and its associated currency, is merely the latest in a long
series of failed attempts to create a European currency union and a
common currency. Three of the most notable predecessors to the EUR
include the Hapsburg Empire, the Soviet Union, and Yugoslavia.
Obviously, these no longer exist. Just as obvious, all of these unions,
having spent time, energy, money, and effort to change the culture and
traditions of member countries and to perpetuate said unions, had no
desire, just like Brussels nowadays, to see these unions implode. The
question then is: what happened after these multi-nation currency unions
fails. VOX kindly answers: "they all ended with disastrous hyperinflation."
In a shocking admission that shows just how serious the ongoing “Eurozone” crisis truly is, a Finnish official has come forward with information about how his country, which is among the strongest in the European Union (EU), plans to deal with a potential break-up of the euro. Erkki Tuomioja, Finland’s Foreign Minister, openly admits that his country is preparing for an eventual collapse of the Eurozone, and has contingency plans in place that may include reverting from the euro back to the country’s former currency.
Though Finland is relatively strong compared to many other EU member countries, it is weaker than its non-EU Scandinavian neighbors, which include Sweden, Norway, and Denmark. Each of these countries still has its own unique currency, and all of them are growing and thriving much faster than Finland, which is bound to a currency and economic union that is constantly being dragged down by Greece, Spain, and other economically-failing countries.
Read More @ NaturalNews.com
What Happened After Europe's Last Three Currency "Unions" Collapsed
It
may come as a surprise to some of our younger readers, that the
Eurozone, and its associated currency, is merely the latest in a long
series of failed attempts to create a European currency union and a
common currency. Three of the most notable predecessors to the EUR
include the Hapsburg Empire, the Soviet Union, and Yugoslavia.
Obviously, these no longer exist. Just as obvious, all of these unions,
having spent time, energy, money, and effort to change the culture and
traditions of member countries and to perpetuate said unions, had no
desire, just like Brussels nowadays, to see these unions implode. The
question then is: what happened after these multi-nation currency unions
fails. VOX kindly answers: "they all ended with disastrous hyperinflation."
by Keith Koffler, White House Dossier:
The White House is doing something with its local TV interviews that
it could not easily get away with in encounters with the White House
press corps, which President Obama has been studiously ignoring:
choosing the topic about which President Obama and the reporter will
talk.
In interviews with three local TV stations Monday, two from states critical to Obama’s reelection effort, Obama held forth on the possibility of “sequestration” if he and Congress fail to reach a budget deal, allowing him to make his favorite political point that Republicans are willing to cause grievous harm to the economy and jobs in order to protect the rich from tax increases.
Obama Monday threw the White House press corps a bone by suddenly appearing in the briefing room for 22 minutes and taking questions from a total of four reporters. It was his first press conference at the White House – albeit in miniature – since March, and only his second of the year. Obama before Monday had taken exactly one substantive question from White House reporters since June.
Read More @ WhiteHouseDossier.com
The White House is doing something with its local TV interviews that
it could not easily get away with in encounters with the White House
press corps, which President Obama has been studiously ignoring:
choosing the topic about which President Obama and the reporter will
talk.In interviews with three local TV stations Monday, two from states critical to Obama’s reelection effort, Obama held forth on the possibility of “sequestration” if he and Congress fail to reach a budget deal, allowing him to make his favorite political point that Republicans are willing to cause grievous harm to the economy and jobs in order to protect the rich from tax increases.
Obama Monday threw the White House press corps a bone by suddenly appearing in the briefing room for 22 minutes and taking questions from a total of four reporters. It was his first press conference at the White House – albeit in miniature – since March, and only his second of the year. Obama before Monday had taken exactly one substantive question from White House reporters since June.
Read More @ WhiteHouseDossier.com
Niall "Hit The Road Barack" Ferguson Responds To The "Liberal Blogosphere"
Two days ago, historian Niall Fergsuon had the temerity to voice a personal opinion, one which happens to not exactly jive with
the rest of the media's take on current events, on the cover page of
Newsweek (Newsweek is still in print?) titled, succinctly enough, "Hit the road Barack: Why we need a new president."
The response was fast, furious, and brutal, particularly emanating
from what Ferguson has dubbed the "liberal blogosphere." Naturally in
an election year, said blogosphere has much CPM-generating rumination
to do (after all who knows what happens to all those ad revenues if the
US corporate base implodes and all that cash on the sidelines stays
there due to "policy uncertainty"), so Ferguson merely provided the
chum in the water (once the time comes to pick up the calculators again
after the presidential election, things will immediately quiet down
but until then there is, sadly, at least two more months of ever rising
cacophony). So did Ferguson back off having said his piece? Hell no.
In fact, he has just made sure that the "liberal blogosphere" is will
be burning the midnight oil for weeks to come engaged in completely
meaningless point-counterpoint between itself and the historian, when,
in reality nothing changes the simple fact that come August 2016, the US
will have a simply idiotic 130%+ debt/GDP completely independent of
who is in the White House, or in other words, there very well may not
be another presidential election. For now, however, we have much needed
bread and circuses. Below is Ferguson's just released interview from
Bloomberg TV in which he responds to the salient accusations that have
been leveled at him (a more essayistic version can be found here).Read My Lips: 18 New 'Obamacare' Taxes
Don't worry, the 'fiscal cliff' will all be taken care of; have no fear, the market AAPL will hold up into the election to sustain Obama's hope-and-change; and, as The Heritage Foundry blog reports, in that change, there are 18 new tax hikes on their way via Obamacare.
by Smith Mckenna, Bullion Street:
The precious metal boom that was cut short in 2011 could be making a
strong comeback in late 2012 and over the next few years, said Stephen
Smith, managing member of Smith McKenna, LLC.
He said the metal to keep a watchful eye on is silver. Analysts and precious metal experts are in harmony on predictions of silver surpassing $50/oz. and gold edging above $1,900/oz by as early as year end.
Investing in silver ahead of the future outlook for both the global economy and manufacturing sector could prove to be very rewarding. 2011 marked the end to a bullish few years which made a lot of people very wealthy.
While gold is still expensive, silver is the commodity that investors should be paying special attention to. Silver in relation to gold is priced substantially lower; it’s undervalued and is expected to respond bullishly over the next few years.
Read More @ BullionStreet.com
The precious metal boom that was cut short in 2011 could be making a
strong comeback in late 2012 and over the next few years, said Stephen
Smith, managing member of Smith McKenna, LLC.He said the metal to keep a watchful eye on is silver. Analysts and precious metal experts are in harmony on predictions of silver surpassing $50/oz. and gold edging above $1,900/oz by as early as year end.
Investing in silver ahead of the future outlook for both the global economy and manufacturing sector could prove to be very rewarding. 2011 marked the end to a bullish few years which made a lot of people very wealthy.
While gold is still expensive, silver is the commodity that investors should be paying special attention to. Silver in relation to gold is priced substantially lower; it’s undervalued and is expected to respond bullishly over the next few years.
Read More @ BullionStreet.com
Is Gold Money? LCH Accepts Shiny Yellow Metal As Collateral
Whether it is because the CME just did it;
or it's all their clients have left; or Gold volatility is lower than
EURUSD volatility (9.0% vs 9.6% in last 3 weeks); or they see the
painting on the wall of Draghi's grand-plans, the LCH-Clearnet just announced that as of August 28th, unallocated gold will be accepted as collateral for margin cover purposes.
This now means all the major exchanges accept worthless barbarous
relics as collateral - as well as worthless fiat paper 'money'.
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I'm PayPal VerifiedAnother Signal That The Rally Is Unsustainable
We
have discussed the broad divergences between high-yield credit and
equity markets (the former not enjoying the ebullience of the latter)
and noted the dismal volume and average trade size of the most recent
surge to new highs. Barclays points out one more concerning factor in
the rally - the very unusual underperformance of lower quality, higher beta credit.
Typically, the B-rated-and-below credits will majorly outperform in
any real risk-on rally (just as they did in the first quarter of the
year), however, in the last 2-3 months of equity exuberance, this has
not been the case at all - as it seems the rally has been used to position in higher quality names (and remain liquid). Just another glimpse of the matrix under the surface.Ten Charts That Show Sentiment Is Anything But Bearish
Walls-of-worry; Short-squeezes; money-on-the-sidelines; Everyone's Bearish, right?
Well, instead of just listening to the drone of the mainstream media
and talking heads, who appear once any rally appears in the hope of
garnering some more AUM and taking commissions, we thought it worth a
few minutes to look at actual data, positions, and sentiment across
equity, debt, and FX asset classes. Sure enough - here are ten
charts that show investors are anything but bearish and that the
ammunition for the next leg from here can only come from central-banks (and we are concerned that disappointment is due).Gone In 180 Minutes - NASDAQ Falls Back To Reality
As
we noted last night, the 100bps of outperformance garnered by the
NASDAQ (thanks to AAPL's exuberance) in the last 3 days was remarkable.
Equally remarkable - the total compression of that 100bps of relative
outperformance to zero in the last three-hours...The Spain – ECB Vaudeville Show
If you still require proof that in the short term, market action is driven by perceptions and sentiment rather than reality, here it is. It is worth quoting again what Mrs. Merkel said in Ottawa in toto:“The European Central Bank, although it is of course independent, is completely in line with what we’ve said all along. And the results of the meeting of the central bank and their decisions, actually shows that the European Central Bank is counting on political action in the form of conditionality as the precondition for a positive development of the Euro.”Does this sound like 'unlimited bond buying without preconditions' to anyone? No? Investors seemed to think that is what it meant. We see no painless way out for Spain, regardless of what ultimately happens. Even if the ECB were to act without conditionality or limits, it could not possibly alter the underlying solvency problems - and this isn't going to happen anyway. So what are markets currently pricing in? Everybody seems quite certain of a happy end at the moment. The bet is that massive central bank intervention is heading our way in the near future and will boost asset prices further. This is a mindset that has very likely set up the markets for disappointment.
Grain Prices Remaining at Lofty Levels
Trader Dan at Trader Dan's Market Views - 1 hour ago
Word out of the crop tour this AM has sent both corn and soybean prices
strongly higher dragging wheat along for the ride.
The supply seems to keep shrinking as each successive yield estimate comes
in with a lower number. Once the market comes to grip with the actual
supply number for this year, the focus will shift to the demand side of the
equation and whether or not the market is doing its job of rationing
supplies.
One thing is for certain - we, the consumer, are going to be reeling at the
grocery store very soon.
Take a look at my Grain Composite Index - if you thought grain ... more »
Net Asset Value Premiums of Certain Precious Metal Trusts and Funds - The Oddest Thing
Why Chinese Inflation Risk Is Over Three Times Greater Than In America
As everyone awaits (or doubts) the next coordinated central planning
bank action - whether Fed QE (Lockhart stymied?), ECB 'bottomless
pockets' (Merkel's back), or China RRR (reverse repos?) - the prices of
things we need (as opposed to want) continue to rise. Nowhere is this
more important than in China with its extremely high levels (and
volatility) of deposit flows increasingly levered to re-inflationary
actions by the PBoC. The critical aspect of the following analysis is
that in the US, the stock market acts as an 'inflation buffer' for the rich's excess disposable income;
in China, this is not the case and given the greater than 3.4x
leverage compared to the US, PBoC actions flow much more rapidly
through the populace to the things they need - and right now more
inflation is not what they need or want - which perhaps explains the
reverse-repo 'gradual' tightening.
How To Cut America's Healthcare Spending By 50%
Since sickcare is fiscally and demographically unsustainable, it will eventually be replaced by something that is sustainable.
Our only choice is to either let the current system collapse and then
start pondering sustainable alternatives, or begin an honest discussion
of sustainable alternatives before sickcare implodes in insolvency. In
the spirit of openly discussing a variety of sustainable, systemic
healthcare options, we present this essay by correspondent "Ishabaka"
M.D. on how to cut our current (18% of GDP) healthcare spending by 50%.
Where European Banks Store Their Cash: Foreign Banks Domiciled In US See Cash Hoard Spike Back To Record Highs
Anyone looking at the broad headline data from the weekly commercial
bank asset (H.8) release could rush to the superficial conclusion that
cash assets at US-based financial institutions is approaching all time
highs, which, again superficially, it is, at $1.9 trillion,
the highest in 2012, and just shy of the all time highs of $1.936
trillion from July 2011. Further superficial analysis would lead one to
believe that there is a notable divergence between total US bank cash
(the bulk of its procured via repoing of previously purchased
securities) and the weekly excess reserve balance indicated by the Fed.
All these would be useful, if completely, wrong observations. The only
relevant and accurate observation in this week's H.8 data is that foreign banks domiciled
in the US have taken their cash balance back to all time highs, which
at $918 billion is in the ballpark of the highest it has ever been, and
merely confirms what everyone has known: the only reason the US market
has benefited in the last several months is due to flight to safety
into what, for whatever reason, is perceived as the safety of the US
capital markets. At some point, this record cash balance will once
again flow out, even as US bank cash holdings remain as flat as they
have been for the past 3 years.
Green AAPL Turns Red - Loses 1 Sony!
UPDATE: As we said - $660.14 VWAP was support
After a few explosive days of performance-chasing desperation in the hedge-fund hotel stock of the decade; everyone's new favorite stock AAPL just did something odd - it traded down! after almost touching $675 just after the open, we are now back below $665 after tsting VWAP and selling back down on heavy volume - small doors, large crowds. Next stop $660.14 (yesterday's VWAP)
By SGT,According to Market Watch, Gold futures climbed Monday to close at their highest level since June 19th. Silver was the biggest mover on Monday with a 2.1% gain on the day to a new 2-month high, which the mainstream media attributes to ‘technical trading’.
Maybe. But maybe it’s something more. As our friend Bill Murphy told us on July 19, his London source assured him that “BIG, BIG Gold & Silver Moves Are Coming in August”. It’s August folks, and Ag is on the move. Credit +1 to Bill.
With the European Union staring at the edge of the September 12th abyss, and the big guns like Jacob Rothschild, his minion George Soros and John Paulson literally betting on a collapse, people may be starting to wake up to the cold harsh reality of the potential nightmares we face.
As the financial collapse finally becomes apparent to all, the dumbed down masses will eventually stampede into the precious metals, it’s inevitable. Central Banks across the globe and deep pocketed Billionaires are already rushing into gold. Although for now the big boys appear to be utilizing paper ETF’s to shore up their positions, perhaps in part, as a method to provide propaganda for the general public that “paper gold is perfectly safe”. These folks also own a king’s ransom in physical. Which leaves those of us who know the truth to conclude, “PHYSICAL silver below $30? Still a bargain!”
At this point it may be prudent to revisit the words of James Turk, “A beach ball submerged for far too long only has one way to go upon its release. Straight up.”
by Dan Denning, Daily Reckoning.com.au:
In today’s Daily Reckoning
we’ll look at what the slowdown in Chinese steel production could mean
for the Aussie gold price. We’ll also show you why at least one Chinese
policy maker thinks gold is more valuable than oil.
That brings us to Sun Zhaoxue and China’s gold strategy.
Sun is the head of the state-owned China National Gold Corporation. According to the Financial Times, he recently wrote an article in the leading academic journal of the Chinese Communist Party (CCP) that may tell you exactly how China views gold. So then, how exactly does the CCP view gold?
‘As gold is a currency in nature,’ writes Sun, ‘no matter if it’s for state economic security or for the acceleration of renminbi internationalisation, increasing the gold reserve should be one of the key strategies of China.’ This point will be recognisable if you’ve read China’s Bust, by the DR’s own Greg Canavan.
Jim Rickards stated that for China to have a seat at the table when the world’s next monetary system is negotiated, it will have to have more gold. China last reported official gold holdings in 2009. At that time, the People’s Bank of China revealed it had accumulated 1,054 tonnes — or a 75% increase from when it last reported in 2003 at 600 tonnes.
Read More @ DailyReckoning.com.au
In today’s Daily Reckoning
we’ll look at what the slowdown in Chinese steel production could mean
for the Aussie gold price. We’ll also show you why at least one Chinese
policy maker thinks gold is more valuable than oil. That brings us to Sun Zhaoxue and China’s gold strategy.
Sun is the head of the state-owned China National Gold Corporation. According to the Financial Times, he recently wrote an article in the leading academic journal of the Chinese Communist Party (CCP) that may tell you exactly how China views gold. So then, how exactly does the CCP view gold?
‘As gold is a currency in nature,’ writes Sun, ‘no matter if it’s for state economic security or for the acceleration of renminbi internationalisation, increasing the gold reserve should be one of the key strategies of China.’ This point will be recognisable if you’ve read China’s Bust, by the DR’s own Greg Canavan.
Jim Rickards stated that for China to have a seat at the table when the world’s next monetary system is negotiated, it will have to have more gold. China last reported official gold holdings in 2009. At that time, the People’s Bank of China revealed it had accumulated 1,054 tonnes — or a 75% increase from when it last reported in 2003 at 600 tonnes.
Read More @ DailyReckoning.com.au
By Raul Mejier, The Market Oracle:
The enormous power cut recently seen in India, which affected perhaps 700 million people, serves to highlight the degree of the structural dependency we have built into our lives in the era of cheap energy.
Electricity is one of the most complex manifestations of our complex system and has come to be widely seen as a basic necessity. It enables many of our modern life support systems. Expectations have been raised, even in many of the slums of the world, that electricity will be available, at least some of the time. The lack of it, especially if that lack is sudden and unexpected, or prolonged, increasingly leads to social unrest.
“So far as I am able to judge, nothing has been left undone, either by man or nature, to make India the most extraordinary country that the sun visits on his rounds. Nothing seems to have been forgotten, nothing overlooked.” Mark Twain, Following the Equator.
It is instructive to contrast the extent of the dependency on electricity, and the expectations that surround it, in developing and developed economies. The way a blackout plays out in a place like India is quite different than a similar outage would be in a place where power supplies are far more reliable. The primary difference is one of resilience.
Read More @ TheMarketOracle.co.uk
The enormous power cut recently seen in India, which affected perhaps 700 million people, serves to highlight the degree of the structural dependency we have built into our lives in the era of cheap energy.Electricity is one of the most complex manifestations of our complex system and has come to be widely seen as a basic necessity. It enables many of our modern life support systems. Expectations have been raised, even in many of the slums of the world, that electricity will be available, at least some of the time. The lack of it, especially if that lack is sudden and unexpected, or prolonged, increasingly leads to social unrest.
“So far as I am able to judge, nothing has been left undone, either by man or nature, to make India the most extraordinary country that the sun visits on his rounds. Nothing seems to have been forgotten, nothing overlooked.” Mark Twain, Following the Equator.
It is instructive to contrast the extent of the dependency on electricity, and the expectations that surround it, in developing and developed economies. The way a blackout plays out in a place like India is quite different than a similar outage would be in a place where power supplies are far more reliable. The primary difference is one of resilience.
Read More @ TheMarketOracle.co.uk
by J. D. Heyes, Natural News:
As drought conditions persist well into late summer across the
majority of U.S. states, agricultural production continues to be well
below normal, meaning consumers will literally be paying the price for
so much crop destruction.
One product where that has already begun to happen is beef; in fact, ground beef prices are skyrocketing, and based on a combination of Mother Nature and government action, prices are likely to remain elevated for the foreseeable future.
In fact, according to Labor Department data, the price of ground beef hit a record high in the U.S. in July, rising to an average of $3.085 per pound, up from $3.007 in June.
Before June, the average price of 100 percent ground beef had never topped $3.00, the Labor Department’s Bureau of Labor Statistics, which has been tracking ground beef prices since 1984, said.
Read More @ NaturalNews.com
As drought conditions persist well into late summer across the
majority of U.S. states, agricultural production continues to be well
below normal, meaning consumers will literally be paying the price for
so much crop destruction.One product where that has already begun to happen is beef; in fact, ground beef prices are skyrocketing, and based on a combination of Mother Nature and government action, prices are likely to remain elevated for the foreseeable future.
In fact, according to Labor Department data, the price of ground beef hit a record high in the U.S. in July, rising to an average of $3.085 per pound, up from $3.007 in June.
Before June, the average price of 100 percent ground beef had never topped $3.00, the Labor Department’s Bureau of Labor Statistics, which has been tracking ground beef prices since 1984, said.
Read More @ NaturalNews.com
by Ron Hera, Gold Seek:
Gold, silver and crude oil prices are closely related to the movement of the U.S. dollar. After a healthy consolidation, gold began to move up in August 2012. At the same time, deteriorating expectations for crop yields in the American Midwest moved corn and soybean prices to new highs. Higher food prices in late 2012 or early 2013 could have far reaching and geopolitically destabilizing effects likely to weigh on stocks, putting the shine back on precious metals. While billionaires George Soros and John Paulson are buying gold, silver has been in backwardation in recent weeks and silver held in ETFs rose to $16.2 billion according to Bloomberg.
While increasing risk of geopolitical instability, including fear of a U.S. or Israeli war with Iran, account for rising crude oil prices and renewed interest in precious metals, the proverbial elephant in the room remains the U.S. dollar vis-à-vis a crumbling Euro. Precious metals mining stocks hit a low in mid May when the U.S. Dollar Index (USDX) shot up +5.5% (4.33 points) from 78.71 on April 27 to 83.04 on May 31. By July 24 the USDX had made a 2-year high of 84.10 as Spanish bond yields soared against a backdrop of continued worries over the European debt crisis. The U.S. dollar then slid -2.25% (1.89 points) to 82.21 on August 2, bouncing back to 82.60 by August 17 with a flat 50-day moving average as precious metals prices and mining stocks rose.
Read More @ GoldSeek.com
Gold, silver and crude oil prices are closely related to the movement of the U.S. dollar. After a healthy consolidation, gold began to move up in August 2012. At the same time, deteriorating expectations for crop yields in the American Midwest moved corn and soybean prices to new highs. Higher food prices in late 2012 or early 2013 could have far reaching and geopolitically destabilizing effects likely to weigh on stocks, putting the shine back on precious metals. While billionaires George Soros and John Paulson are buying gold, silver has been in backwardation in recent weeks and silver held in ETFs rose to $16.2 billion according to Bloomberg.
While increasing risk of geopolitical instability, including fear of a U.S. or Israeli war with Iran, account for rising crude oil prices and renewed interest in precious metals, the proverbial elephant in the room remains the U.S. dollar vis-à-vis a crumbling Euro. Precious metals mining stocks hit a low in mid May when the U.S. Dollar Index (USDX) shot up +5.5% (4.33 points) from 78.71 on April 27 to 83.04 on May 31. By July 24 the USDX had made a 2-year high of 84.10 as Spanish bond yields soared against a backdrop of continued worries over the European debt crisis. The U.S. dollar then slid -2.25% (1.89 points) to 82.21 on August 2, bouncing back to 82.60 by August 17 with a flat 50-day moving average as precious metals prices and mining stocks rose.
Read More @ GoldSeek.com
from TF Metals Report:
Yes, the past 24 hours have indeed been hot and explosive. Is it THE hot and explosive? Maybe.
As you know, I’ve been waiting for a “hot, explosive and historic” rally to begin. I’m sure most everyone is wondering whether or not this is the beginning of that move. In all honesty, I can only say “maybe”. Let’s talk about another option, first.
As you know, The Fed last met for an OMC meeting three weeks ago. At the conclusion of the meeting, the “Fedlines” were released, giving us all some idea of the things The Goon Squad discussed between steak dinners and trips to Cheetahs. Tomorrow, after a 3-week delay, we get the release of the official minutes of the meeting. As you also know, we have already had five or six occasions in 2012 where prices ran up ahead of a Fed/Bernank announcement, only to be summarily beaten back immediately following said Fedlines/press conference. This could be just another occurrence of the SpecSheep being led to the shearing barn. Could. It also might not be.
As we discussed last Friday and over the weekend, the CoT last week was very, very interesting. At 47,797, the gross commercial long position in silver is the highest I ever recall seeing it. Additionally, Uncle Ted suspected that the 4,752 increase in the gross commercial short position came almost entirely from JPM. From there, I began to wonder if we were about to witness a “civil war” in silver.
Read More @ TF Metals Report.com
Yes, the past 24 hours have indeed been hot and explosive. Is it THE hot and explosive? Maybe.
As you know, I’ve been waiting for a “hot, explosive and historic” rally to begin. I’m sure most everyone is wondering whether or not this is the beginning of that move. In all honesty, I can only say “maybe”. Let’s talk about another option, first.
As you know, The Fed last met for an OMC meeting three weeks ago. At the conclusion of the meeting, the “Fedlines” were released, giving us all some idea of the things The Goon Squad discussed between steak dinners and trips to Cheetahs. Tomorrow, after a 3-week delay, we get the release of the official minutes of the meeting. As you also know, we have already had five or six occasions in 2012 where prices ran up ahead of a Fed/Bernank announcement, only to be summarily beaten back immediately following said Fedlines/press conference. This could be just another occurrence of the SpecSheep being led to the shearing barn. Could. It also might not be.
As we discussed last Friday and over the weekend, the CoT last week was very, very interesting. At 47,797, the gross commercial long position in silver is the highest I ever recall seeing it. Additionally, Uncle Ted suspected that the 4,752 increase in the gross commercial short position came almost entirely from JPM. From there, I began to wonder if we were about to witness a “civil war” in silver.
Read More @ TF Metals Report.com
by Jeff Clark, Casey Research:
Jeff Clark: Hi, this is Jeff Clark, editor of BIG GOLD. I’m here with Chuck Butler of EverBank. Chuck is one the people I look to when I want to find out more about currencies – which ones are strong and which ones are not. This is someone who is widely regarded as an expert in currencies, something he’s been doing for twenty years now. Chuck, thanks for taking a few moments to spend with me.
Chuck Butler: Jeff, thank you very much for inviting me.
Jeff: Let’s talk about the inflation/deflation debate. Harry Dent here at our conference made a compelling argument yesterday that deflation is what’s actually coming next. He bases that belief on demographics, since the population is aging – not just in the US, but in other countries as well. I know you study these kinds of things, so what’s your response to that? Do you see inflation ahead? And are you afraid of deflation?
Chuck: I’m not afraid of deflation. Deflation is really not that bad of a thing. It just means that you get to buy things cheaper. But inflation to me is something that each individual experiences. The government may tell you that inflation is only 2%, but you personally feel that it’s running around 10% because you buy things like tuition and ballpark tickets and movie tickets and stuff like that. So to me, inflation is already bad here in the US.
Read More @ CaseyResearch.com
Jeff Clark: Hi, this is Jeff Clark, editor of BIG GOLD. I’m here with Chuck Butler of EverBank. Chuck is one the people I look to when I want to find out more about currencies – which ones are strong and which ones are not. This is someone who is widely regarded as an expert in currencies, something he’s been doing for twenty years now. Chuck, thanks for taking a few moments to spend with me.
Chuck Butler: Jeff, thank you very much for inviting me.
Jeff: Let’s talk about the inflation/deflation debate. Harry Dent here at our conference made a compelling argument yesterday that deflation is what’s actually coming next. He bases that belief on demographics, since the population is aging – not just in the US, but in other countries as well. I know you study these kinds of things, so what’s your response to that? Do you see inflation ahead? And are you afraid of deflation?
Chuck: I’m not afraid of deflation. Deflation is really not that bad of a thing. It just means that you get to buy things cheaper. But inflation to me is something that each individual experiences. The government may tell you that inflation is only 2%, but you personally feel that it’s running around 10% because you buy things like tuition and ballpark tickets and movie tickets and stuff like that. So to me, inflation is already bad here in the US.
Read More @ CaseyResearch.com
The
family of a senior partner at Deloitte has called for answers after he
apparently committed suicide days after the auditing firm was linked to
the Standard Chartered Iran dollar trades scandal.
by Kamal Ahmed, and Jonathan Wynne-Jones, The Telegraph:
Daniel Pirron, a partner in Delloite’s key General Counsel’s office
in New York, was found dead in a car park near his home in Trumbull,
Connecticut.
On August 6, Deloitte was accused by the New York Department of Financial Services of aiding Standard Chartered in its “deception” over billions of dollars’ worth of trades involving Iran.
Mr Pirron apparently took his own life seven days later.
Deloitte denies the DFS allegations that have led to Standard Chartered agreeing to pay a fine of $340m.
Speaking publicly for the first time about the incident, Mr Pirron’s brother, Mike, said the family believed the two events were connected and that Daniel Pirron had warned his daughters the day before his death that there was “big trouble” ahead.
“My brother didn’t discuss the case but he told me they were in big trouble with this case in London,” he said.
“He was clearly apprehensive about a case that was about to come out. It is just extraordinary, when he was fine, that somebody would take his life.”
Asked directly if he believed the two events were connected, Mr Pirron said: “The circumstances are just too much of a coincidence.
Read More @ Telegraph.co.uk
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by Kamal Ahmed, and Jonathan Wynne-Jones, The Telegraph:
Daniel Pirron, a partner in Delloite’s key General Counsel’s office
in New York, was found dead in a car park near his home in Trumbull,
Connecticut.On August 6, Deloitte was accused by the New York Department of Financial Services of aiding Standard Chartered in its “deception” over billions of dollars’ worth of trades involving Iran.
Mr Pirron apparently took his own life seven days later.
Deloitte denies the DFS allegations that have led to Standard Chartered agreeing to pay a fine of $340m.
Speaking publicly for the first time about the incident, Mr Pirron’s brother, Mike, said the family believed the two events were connected and that Daniel Pirron had warned his daughters the day before his death that there was “big trouble” ahead.
“My brother didn’t discuss the case but he told me they were in big trouble with this case in London,” he said.
“He was clearly apprehensive about a case that was about to come out. It is just extraordinary, when he was fine, that somebody would take his life.”
Asked directly if he believed the two events were connected, Mr Pirron said: “The circumstances are just too much of a coincidence.
Read More @ Telegraph.co.uk
by Patrick J. Buchanan, Lew Rockwell:
After his great victory in Desert Storm, George H.W. Bush went before
the United Nations to declare the coming of a New World Order.
The Cold War was yesterday. Communism was in its death throes. The Soviet Empire had crumbled.
The Soviet Union was disintegrating. Francis Fukuyama was writing of “The End of History.” Savants trilled about the inevitable triumph of democratic capitalism.
Yet, in 2012, sectarianism, tribalism and nationalism are all resurgent, reshaping a world where U.S. power and influence are visibly receding.
Syria is sinking into a war of all against all that may end with a breakup of the nation along ethno-sectarian lines – Arab, Druze, Kurd, Sunni, Shia and Christian. Iraq descends along the same path.
A U.S. war with Iran could end with a Kurdish enclave in Iran’s northwest tied to Iraqi Kurdistan, Iran’s Azeri north drifting toward Azerbaijan, and a Balochi enclave in the south linked to Pakistan’s largest province, Balochistan, leaving Iran only Persia.
Read More @ LewRockwell.com
The police, the FBI and the CIA along with other governing authorities have been monitoring Facebook posts every since it’s inception. New technologies are paving the way for an Orwellian surveillance grid and we are now beginning to see pre crime arrests for simply voicing your opinion.
A Rothschild brother, this time Jacob of RIT Capital Partners is in the news
again, going short the euro currency with a $200 million position. It
is unknown how the position is levered or structured; however, coming
from this source, it is a big blow to confidence in the euro currency.
Readers understand that confidence is the greatest asset that underpins a fiat currency.
The Rothschild family is widely believed to control ownership in parts of the most influential central banks today due to their multi-generational history of understanding the value of, and capitalizing on, government enforced monopoly in currency creation. The “founding father of international finance,” as Forbes put it, and patriarch of the family, Mayer Amschel Rothschild said:
Read More @ WealthCycles.com
After his great victory in Desert Storm, George H.W. Bush went before
the United Nations to declare the coming of a New World Order.The Cold War was yesterday. Communism was in its death throes. The Soviet Empire had crumbled.
The Soviet Union was disintegrating. Francis Fukuyama was writing of “The End of History.” Savants trilled about the inevitable triumph of democratic capitalism.
Yet, in 2012, sectarianism, tribalism and nationalism are all resurgent, reshaping a world where U.S. power and influence are visibly receding.
Syria is sinking into a war of all against all that may end with a breakup of the nation along ethno-sectarian lines – Arab, Druze, Kurd, Sunni, Shia and Christian. Iraq descends along the same path.
A U.S. war with Iran could end with a Kurdish enclave in Iran’s northwest tied to Iraqi Kurdistan, Iran’s Azeri north drifting toward Azerbaijan, and a Balochi enclave in the south linked to Pakistan’s largest province, Balochistan, leaving Iran only Persia.
Read More @ LewRockwell.com
from weavingspider:
The police, the FBI and the CIA along with other governing authorities have been monitoring Facebook posts every since it’s inception. New technologies are paving the way for an Orwellian surveillance grid and we are now beginning to see pre crime arrests for simply voicing your opinion.
from Wealth Cycles:
A Rothschild brother, this time Jacob of RIT Capital Partners is in the news
again, going short the euro currency with a $200 million position. It
is unknown how the position is levered or structured; however, coming
from this source, it is a big blow to confidence in the euro currency.Readers understand that confidence is the greatest asset that underpins a fiat currency.
The Rothschild family is widely believed to control ownership in parts of the most influential central banks today due to their multi-generational history of understanding the value of, and capitalizing on, government enforced monopoly in currency creation. The “founding father of international finance,” as Forbes put it, and patriarch of the family, Mayer Amschel Rothschild said:
“Permit me to issue and control the money of a nation, and I care not who makes its laws.”Mayer Rothschild understood that loaning currency to governments and kings was much more profitable than loaning to private individuals because the loans were bigger, and they were secured by the nation’s taxes.
Read More @ WealthCycles.com
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