Promises Of More QE Are No Longer Sufficient: Desperate Banks Demand Reserves, Get First Fed Repo In 4 Years
While endless jawboning and threats of more free (and even paid for those close to the discount window) money can do miracles for markets, if only for a day or two, by spooking every new incremental layer of shorts into covering, there is one problem with this strategy: the "flow" pathway is about to run out of purchasing power. Recall that Goldman finally admitted that when it comes to monetary policy, it really is all about the flow, just as we have been claiming for years. What does this mean - simple: the Fed needs to constantly infuse the financial system with new, unsterilized reserves in order to provide bank traders with the dry powder needed to ramp risk higher. Logically, this makes intuitive sense: if talking the market up was all that was needed, Ben would simply say he would like to see the Dow at 36,000 and leave it at that. That's great, but unless the Fed is the one doing the actual buying, those who wish to take advantage of the Fed's jawboning need to have access to reserves, which via Shadow banking conduits, i.e., repos, can be converted to fungible cash, which can then be used to ramp up ES, SPY and other risk aggregates (just like JPM was doing by selling IG9 and becoming the market in that axe). As it turns out, today we may have just hit the limit on how much banks can do without an actual injection of new reserves by the Fed. Read: a new unsterilized QE program.
from Silver Doctors:
After the post NFP smash sub $27 to $26.96, silver popped vertically today by $1 on no news, to $27.84.The first burst took the metal to $27.50 where it paused briefly, and the 2nd pop has brought silver within striking distance of $28.
Momentum for the move appears to be stalling, and we expect the cartel to come back in near $28 to prevent a weekly close above the critical level.
Read More @ Silver Doctors
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by Gary North, Lew Rockwell:
Where is the gold price today? If you’re like many Americans, you
have no idea whether it went up, down, or sideways. Fortunately, I know
my readers to be more informed – you likely know that after falling from
almost $1900, gold has been trapped around $1600 since early May. But
you may still be curious why despite continued money-printing and
abysmal US economic reports, gold hasn’t been able to hit new highs.
Here’s the truth: gold is currently priced for collapse. Many investors believe the yellow metal has topped out and are selling into every rally.
Nerves of Tin
Being a gold investor is tough business. The last thing any government or corrupt big bank wants is to have a bunch of people putting their savings into hard assets – and gold is one of the hardest of all. So we’re constantly up against tides of propaganda saying that gold has no value or is the refuge of doomsayers.
The effect of this is that even heavy gold investors are always waiting for the other shoe to drop. When house prices were rising, no one was worried that the market had peaked or prices were unsustainable. No one was asking whether all the thin-walled McMansions going up would actually be worth anything in a generation. But for gold, Wall Street has been shorting it all the way up!
Read More @ LewRockwell.com
Where is the gold price today? If you’re like many Americans, you
have no idea whether it went up, down, or sideways. Fortunately, I know
my readers to be more informed – you likely know that after falling from
almost $1900, gold has been trapped around $1600 since early May. But
you may still be curious why despite continued money-printing and
abysmal US economic reports, gold hasn’t been able to hit new highs.Here’s the truth: gold is currently priced for collapse. Many investors believe the yellow metal has topped out and are selling into every rally.
Nerves of Tin
Being a gold investor is tough business. The last thing any government or corrupt big bank wants is to have a bunch of people putting their savings into hard assets – and gold is one of the hardest of all. So we’re constantly up against tides of propaganda saying that gold has no value or is the refuge of doomsayers.
The effect of this is that even heavy gold investors are always waiting for the other shoe to drop. When house prices were rising, no one was worried that the market had peaked or prices were unsustainable. No one was asking whether all the thin-walled McMansions going up would actually be worth anything in a generation. But for gold, Wall Street has been shorting it all the way up!
Read More @ LewRockwell.com
from KingWorldNews:
With tremendous volatility in global markets, investors and
professionals are wondering where the markets are headed from here.
This piece will provide a huge clue for investors. Today King World
News wanted share with its readers key portions from the latest
Investors Intelligence report.
This is an extremely important piece because it shows increasing pessimism for the third week in a row, even as the market continues to strengthen. Here is the latest Investors Intelligence report: “We did see the third weekly drop for the bulls to 39.4%, from 40.4% last time. The first week of July had their number at 44.7%, up from 34.0% at the start of June when the averages fell to their 2012 lows.”
“Now they have fallen back to midway between those two levels, despite the index gains, they trade at least near their July highs and in some cases above. That is a favorable sign suggesting they were not rushing to accumulate new positions and there is likely still plenty of cash on the sidelines.
Investors Intelligence continues @ KingWorldNews.com
With tremendous volatility in global markets, investors and
professionals are wondering where the markets are headed from here.
This piece will provide a huge clue for investors. Today King World
News wanted share with its readers key portions from the latest
Investors Intelligence report. This is an extremely important piece because it shows increasing pessimism for the third week in a row, even as the market continues to strengthen. Here is the latest Investors Intelligence report: “We did see the third weekly drop for the bulls to 39.4%, from 40.4% last time. The first week of July had their number at 44.7%, up from 34.0% at the start of June when the averages fell to their 2012 lows.”
“Now they have fallen back to midway between those two levels, despite the index gains, they trade at least near their July highs and in some cases above. That is a favorable sign suggesting they were not rushing to accumulate new positions and there is likely still plenty of cash on the sidelines.
Investors Intelligence continues @ KingWorldNews.com
from The Economic Collapse Blog:
The financial chess game in Europe is still being played out, but in
the end it is going to boil down to one very fundamental decision. Is
Germany going to allow the ECB to print up trillions of euros and use
those euros to buy up the sovereign debt of troubled eurozone members
such as Spain and Italy or not? Nothing short of this is going to solve
the problems in Europe. You can forget the ESM and the EFSF. Anyone
that thinks they are going to solve the problems in Europe is someone
that would also take a water pistol to fight a raging wildfire. No, the
only thing that is going to keep Spain and Italy from collapsing under
the weight of a mountain of debt is a financial nuke. The ECB needs to
have the power to print up trillions of euros and use that money to buy
up massive amounts of sovereign debt in order to guarantee that Spain
and Italy will be able to borrow lots more money at very low interest
rates. In fact, this is probably what European Central Bank President
Mario Draghi has in mind when he says that he is going to “do whatever
it takes to preserve the euro”. However, there is one giant problem.
The ECB is not going to be able to do this unless Germany allows them
to. And after enduring the horror of hyperinflation under the Weimar
Republic, Germany is not too keen on introducing trillions upon
trillions of new euros into the European economy. If Germany allows the
ECB to go down this path, Germany will end up experiencing tremendous
inflation and the only benefit for Germany will be that the eurozone was
kept together. That doesn’t sound like a very good deal for Germany.
Read More @ TheEconomicCollpaseBlog.com
The financial chess game in Europe is still being played out, but in
the end it is going to boil down to one very fundamental decision. Is
Germany going to allow the ECB to print up trillions of euros and use
those euros to buy up the sovereign debt of troubled eurozone members
such as Spain and Italy or not? Nothing short of this is going to solve
the problems in Europe. You can forget the ESM and the EFSF. Anyone
that thinks they are going to solve the problems in Europe is someone
that would also take a water pistol to fight a raging wildfire. No, the
only thing that is going to keep Spain and Italy from collapsing under
the weight of a mountain of debt is a financial nuke. The ECB needs to
have the power to print up trillions of euros and use that money to buy
up massive amounts of sovereign debt in order to guarantee that Spain
and Italy will be able to borrow lots more money at very low interest
rates. In fact, this is probably what European Central Bank President
Mario Draghi has in mind when he says that he is going to “do whatever
it takes to preserve the euro”. However, there is one giant problem.
The ECB is not going to be able to do this unless Germany allows them
to. And after enduring the horror of hyperinflation under the Weimar
Republic, Germany is not too keen on introducing trillions upon
trillions of new euros into the European economy. If Germany allows the
ECB to go down this path, Germany will end up experiencing tremendous
inflation and the only benefit for Germany will be that the eurozone was
kept together. That doesn’t sound like a very good deal for Germany.Read More @ TheEconomicCollpaseBlog.com
Interview With A High-Frequency Trader
While
the attached interview between the Casey Report and HFT expert Garrett
from CalibratedConfidence will not reveal much unknown new to those who
have been following the high frequency trading topic ever
since ZH made it a mainstream issue in April of 2009, it will serve as a
great foundation for all those new to the topic who are looking for an
honest, unbiased introduction to what is otherwise a nebulous and
complicated matter. We urge everyone who is even remotely interested in
market structure, broken markets and the future of trading to read the
observations presented below.Here's Hilsenrath: The Door Is Still Open For The Fed To "Help The Economy"
One didn't think that an economic event could come and go without some commentary from the WSJ's resident "Fed mouthpiece-cum-economist" who has rapidly become a caricature of himself, and is solely known for his heretofore programmed leaks of Fed policy, which tended to work until it didn't. In a normal day when newsflow or fundamentals actually mattered, we would focus on far more important things. However, since we are caught in the manic phase of the market's daily bipolar gyrations, and nothing can make a dent in sentiment at least until Monday when the market suddenly decides it was 100% wrong in its re-interpretation of Draghi's comments (last we checked there is still no press release from the Bundesbank saying it has agreed to any bond buying, let along short-dated) and decides to plunge all over again, here is Jon with more propaganda that today's NFP beat, which is still well below the 200+ needed to maintain the declining unemployment rate trendline, means nothing for the Fed.July Jobs Report Is Clear as Mud
Eric De Groot at Eric De Groot - 1 minute ago
Private sector employment as a percentage of nonfarm payrolls declines
during an economic contraction. Conversely, public sector employment
advances. While today's positive or positively spun employment report is
‘juicing’ the equity markets higher, it cannot reverse the negative
trends of 2000 and 2007. Let the highly-reactionary, non-thinking...
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Chris Hedges On the Current State Of Journalism and Post-Literate Society
The Problem With Fractional Reserve Banking
John Tamny of Forbes is one of the more informed contributors in the increasingly dismal state of economic commentating. Tamny readily admits he is on the libertarian side of things and doesn’t give into the money-making game of carrying the flag for a favored political party under the guise of a neutral observer. He condemns the whole of the Washington establishment for our current economic woes and realizes that government spending is wasteful in the sense that it is outside the sphere of profit and loss consideration. In short, Tamny’s column for both Forbes and RealClearMarkets.com are a breath of fresh air in the stale rottenness of mainstream economic analysis. Much to this author’s dismay however, Tamny has written a piece that denies one of the key functions through which central banks facilitate the creation of money. In doing so, he lets banks off the hook for what really can be classified as counterfeiting. In a recent Forbes column entitled “Ron Paul, Fractional Reserve Banking, and the Money Multiplier Myth,” Tamny attempts to bust what he calls the myth that fractional reserve banking allows for the creation of money through credit lending. According to him, it is an extreme exaggeration to say money is created “out of thin air” by fractional reserve banks as Murray Rothbard alleged. This is a truly outrageous claim that finds itself wrong not just in theory but also in plain evidence. Not only does fractional reserve banking play a crucial role in inflationary credit expansion, it borders on being outright fraudulent.What Do Swiss Bonds Know That Nobody Else Does?
On the surface all is well, stocks are soaring, the EURUSD is up solidly, and euphoria is back, or that is at least what is being telegraphed. So why is the single biggest unmanipulated flight to safety flag (defined by us) currently available - the Swiss 2 Year - screaming to run for cover? The bond is currently at an all time nominal low, as none of the peripheral euphoria has had any impact on Europe's true remaining risk free asset, and instead it just hit a new all time record low yield moments ago. Just what does it know that nobody else does, or wishes to acknowledge? Or is today merely the latest iteration of the Copperfield market: keep the algos distracted with flashing red headlines and bright green S&P numbers, which the real money is quietly running away into the safety of Geneva bank vaults...
Which Sectors Added Jobs In The Past 12 Months?
Jobless and looking? According to the BLS the US has added 1.8 million jobs in the last 12 months: these are the sectors which supposedly have high demand for (part-time) workers - Professional and Business Services accounting for one third of the increase in jobs, Education and Health Services at 23%, and, in equal amount, Leisure and Hospitality and Trade, Transportation and Utilities, which combined have accounted for 31% of the change. Where there were no job additions in the last year? Construction (but yes, there is a housing recovery supposedly). The one sector actively laying off? Government. That's ok though: with 22 million government jobs at the end of April, or 16.5% of the total people employed, government can stand to shed many more jobs.
Baffle With BS Continues: Non-Manufacturing ISM Better Than Expected As Employment Drops To Lowest Since 2011
The strategy to keep everyone utterly confused and merely chasing momentum and trends continues. After the surge in this morning's NFP report, driven entirely by statistical fudging and part-time jobs, which has sent the market higher by well over 1%, we next get a Services ISM update for July according to which the US non-manufcaturing sector improved modestly, to 52.6, on expectations of an unchanged print at 52.1, making the case for NEW QE even more distant. But wait, just to keep everyone totally baffled with BS, the ISM says that the employment index dipped below 50 for the first time since 2011, printing at 49.3 from 52.3: in other words, the employment in the US services sector is now contracting, something which the NFP number roundly denied. Confusion? Mutual exclusivity? It doesn't matter to algos, who are confident that the Fed will certainly launch more QE with the S&P at 2012 highs no matter what the facts say.BTFD...Keep Stacking...
by Cora Currier, Pro Publica:
Accusations continue to fly
from lawmakers and presidential hopeful Mitt Romney that the Obama
administration has leaked national security information for political
gain. Leaks, of course, are nothing new
in Washington, but now the Senate has jumped into the fray, with a new
proposal to tighten control over the flow of information between
intelligence agencies and the press.This summer the Justice Department opened two investigations into leaks about a foiled terror plot and U.S. cyber-attacks against Iran. But leak prosecutions haven’t always proved easy. As we’ve explained before, there’s no single law criminalizing the disclosure of classified information. National security leaks are sometimes prosecuted under the Espionage Act, which has been used a record six times under Obama, but there is perennial debate over whether to introduce more stringent laws against leaks.
On Monday, the Senate Select Committee on Intelligence filed new anti-leak legislation. The bill wouldn’t amend the Espionage Act, or make any blanket criminal penalty for leaks. But it does include several provisions that could stymie reporting on national security.
Read More @ ProPublica.org
by Dr. Paul Craig Roberts, PaulCraigRoberts.org:
Just as is every issue in the US, Obamacare and the wider question of
the state of American health care are obscured by propaganda and
disinformation. In the article below, Dr. Robert S. Dobson looks back on
a lifetime of medical practice and provides facts and insights that
might help us to understand our situation.The US medical system is the most expensive on earth without being the best and without providing full coverage. One-sixth of the American population has no medical coverage.
There are two main reasons that US medicine is so expensive. One is that profits are piled upon profits. In addition to wages and salaries for doctors, nurses, and medical personnel, the American health care system has to provide profits for private hospitals, diagnostic centers, insurance companies, and for the accountants, attorneys and management consultants made necessary by the enormous litigation and regulatory compliance cost. American medicine is the most regulated in the world and the most criminalized.
Read More @ PaulCraigRoberts.org
by Jeff Nielson, SilverGoldBull:
Today was a very significant day for precious metals, as the market
simply rejected the monthly propaganda from the U.S. Bureau of Labor
Statistics: its July “non-farm payrolls report”. However, I’ll discuss
the developments for gold and silver later today in “This Week In Precious Metals”. For the moment I want to explain why the market rejected the lie which the U.S. propaganda machine attempted to pass off.
Regular readers will know that I have written frequently about the favorite Big Lie of the BLS, its utterly absurd/totally fraudulent “birth/death model”. This one lie fabricates more than 1 million imaginary jobs every year in the U.S. However, with people (like myself) drawing ever more attention to that one, blatant fraud; the BLS has needed to come up with new ways of lying-with-numbers. Thus it has increasingly turned to its second-favorite lie: “seasonal adjustments”.
This other Big Lie produces somewhere in excess of ½ million imaginary jobs each year (and possibly more than 1 million), including 300,000 – 400,000 imaginary jobs in the month of January alone. In other words, these two lies by themselves account for more than 100% of all U.S. “job gains” during the 3+ years of the supposed “U.S. economic recovery”. Thus (in the real world), the U.S. economy never stopped losing jobs.
Read More @ SilverGoldBull
Today was a very significant day for precious metals, as the market
simply rejected the monthly propaganda from the U.S. Bureau of Labor
Statistics: its July “non-farm payrolls report”. However, I’ll discuss
the developments for gold and silver later today in “This Week In Precious Metals”. For the moment I want to explain why the market rejected the lie which the U.S. propaganda machine attempted to pass off.Regular readers will know that I have written frequently about the favorite Big Lie of the BLS, its utterly absurd/totally fraudulent “birth/death model”. This one lie fabricates more than 1 million imaginary jobs every year in the U.S. However, with people (like myself) drawing ever more attention to that one, blatant fraud; the BLS has needed to come up with new ways of lying-with-numbers. Thus it has increasingly turned to its second-favorite lie: “seasonal adjustments”.
This other Big Lie produces somewhere in excess of ½ million imaginary jobs each year (and possibly more than 1 million), including 300,000 – 400,000 imaginary jobs in the month of January alone. In other words, these two lies by themselves account for more than 100% of all U.S. “job gains” during the 3+ years of the supposed “U.S. economic recovery”. Thus (in the real world), the U.S. economy never stopped losing jobs.
Read More @ SilverGoldBull
from The Daily Bell:
Long-term unemployment: the next threat to the world economy … As during the Great Depression, long-term unemployment will be an impediment to global economic recovery … However bad you think the global economy is today in terms of the business cycle, that is only one lens through which to view the world. In terms of global life expectancy, total world wealth, the overall level of technology, growth prospects in emerging economies, and global income distribution, things look rather good, while on still other dimensions – say, global warming or domestic income inequality and its effects on countries’ social solidarity – they look bad. – UK Guardian
Dominant Social Theme: Print money as fast as you can … before it is too late!
Free-Market Analysis: Another weary article on the need for central bank money printing. This one is served up in the Guardian from J. Bradford DeLong, a former deputy assistant secretary of the US Treasury. He is also apparently a professor of Economics at the University of California at Berkeley and a research associate at the National Bureau for Economic Research.
Read More @ TheDailyBell.com
Long-term unemployment: the next threat to the world economy … As during the Great Depression, long-term unemployment will be an impediment to global economic recovery … However bad you think the global economy is today in terms of the business cycle, that is only one lens through which to view the world. In terms of global life expectancy, total world wealth, the overall level of technology, growth prospects in emerging economies, and global income distribution, things look rather good, while on still other dimensions – say, global warming or domestic income inequality and its effects on countries’ social solidarity – they look bad. – UK Guardian
Dominant Social Theme: Print money as fast as you can … before it is too late!
Free-Market Analysis: Another weary article on the need for central bank money printing. This one is served up in the Guardian from J. Bradford DeLong, a former deputy assistant secretary of the US Treasury. He is also apparently a professor of Economics at the University of California at Berkeley and a research associate at the National Bureau for Economic Research.
Read More @ TheDailyBell.com
by Susanne Posel, Occupy Corporatism:
The US agenda of proxy wars and fake revolutions in Syria are pointed to one end: to eliminate oppositional forces who have any potential of disrupting the global takeover of the Elite.
Al-Qaeda, the CIA funded Boogeyman, has been aiding and encouraging the Free Syrian Army (FSA); even in so far as recruiting more members to fuel the “political transition” of Assad out of power in his own country.
The FSA are not just tied to al-Qaeda, the fake Islamic terrorist group, they ARE al-Qaeda. In a video of members of the FSA, these men are brandishing AK-47s provided to them by the CIA and have al-Qaeda flags flying in the background.
Members of FSA openly admit they are fighting for al-Qaeda. Abu Khuder, militant in the FSA explains : “We have clear instructions from our [al-Qaeda] leadership that if the FSA need our help we should give it. We help them with IEDs and car bombs. Our main talent is in the bombing operations.”
Abu Thuha (a pseudonym) is an al-Qaeda operative who claims that “we have experience now fighting the Americans, and more experience now with the Syrian revolution. Our big hope is to form a Syrian-Iraqi Islamic state for all Muslims, and then announce our war against Iran and Israel, and free Palestine.”
As the fighting forces of the FSA are “new” to this proxy “revolutionary” war, they lean on al-Qaeda “experience in these military activities and it knows how to deal with it.”
Read More @ OccupyCorporatism.com
The US agenda of proxy wars and fake revolutions in Syria are pointed to one end: to eliminate oppositional forces who have any potential of disrupting the global takeover of the Elite.Al-Qaeda, the CIA funded Boogeyman, has been aiding and encouraging the Free Syrian Army (FSA); even in so far as recruiting more members to fuel the “political transition” of Assad out of power in his own country.
The FSA are not just tied to al-Qaeda, the fake Islamic terrorist group, they ARE al-Qaeda. In a video of members of the FSA, these men are brandishing AK-47s provided to them by the CIA and have al-Qaeda flags flying in the background.
Members of FSA openly admit they are fighting for al-Qaeda. Abu Khuder, militant in the FSA explains : “We have clear instructions from our [al-Qaeda] leadership that if the FSA need our help we should give it. We help them with IEDs and car bombs. Our main talent is in the bombing operations.”
Abu Thuha (a pseudonym) is an al-Qaeda operative who claims that “we have experience now fighting the Americans, and more experience now with the Syrian revolution. Our big hope is to form a Syrian-Iraqi Islamic state for all Muslims, and then announce our war against Iran and Israel, and free Palestine.”
As the fighting forces of the FSA are “new” to this proxy “revolutionary” war, they lean on al-Qaeda “experience in these military activities and it knows how to deal with it.”
Read More @ OccupyCorporatism.com
“I think they killed him, my son wasn’t suicidal.”
by Paul Joseph Watson, Infowars:
Jonesboro Police claim a man who was searched, handcuffed, double-locked and bundled in the back of a patrol car shot himself in the head, an explanation the man’s mother dismisses as a cover-up for murder.
After officers claimed Chavis Carter was in possession of drugs, they searched him before handcuffing him and putting him in the back of a patrol car. The handcuffs were double-locked, making it harder for the lock to be picked.
Police then claim they heard a “thumping noise” before turning around to see Carter slumped on the back seat shot in the head.
“They’re still investigating but they think Chavis, somehow managed to pull out a hidden gun and shot himself in the head,” reports WREG Memphis, despite the fact that officers found no weapon on him during the search.
“I think they killed him, my son wasn’t suicidal,” said the man’s mother Teresa Carter. She adds that Chavis was shot in the right temple and yet he is left-handed.
Read More @ InfoWars.com
by Paul Joseph Watson, Infowars:
Jonesboro Police claim a man who was searched, handcuffed, double-locked and bundled in the back of a patrol car shot himself in the head, an explanation the man’s mother dismisses as a cover-up for murder.
After officers claimed Chavis Carter was in possession of drugs, they searched him before handcuffing him and putting him in the back of a patrol car. The handcuffs were double-locked, making it harder for the lock to be picked.
Police then claim they heard a “thumping noise” before turning around to see Carter slumped on the back seat shot in the head.
“They’re still investigating but they think Chavis, somehow managed to pull out a hidden gun and shot himself in the head,” reports WREG Memphis, despite the fact that officers found no weapon on him during the search.
“I think they killed him, my son wasn’t suicidal,” said the man’s mother Teresa Carter. She adds that Chavis was shot in the right temple and yet he is left-handed.
Read More @ InfoWars.com
by Christine Kim, MineWeb.com
Gold’s trading range appears to have narrowed after yet another non-committal statement from the FOMC but price hit again when Draghi statement also makes no definitive promises..
One wonders whether some gold investors – and particularly gold traders
– will ever learn. Yet again gold moved upwards. Back to around the
$1620s ahead of the FOMC meeting – and again gold has plunged back down
below the $1600 mark, before making a small recovery back above that
level, as the Fed took no definitive action yet again. Whether it’s a
statement from Ben Bernanke or the Fed committee, the result seems to be
exactly the same. They will take action as necessary, but because it’s
not jam today the market falls back in a wave of disappointment.
As London broker Canaccord Genuity succinctly put it “The FOMC’s tone was slightly more accommodative of further QE but stopped short of any extra measures. The committee will closely monitor incoming information on economic and financial developments and will provide accommodation as needed”.
Whether gold price movement either way is justified is a moot point. We are in the normally weak period for the gold price anyway as many New York traders and market movers are soaking up the sun and the heat, and the thunderstorms this year, in the Hamptons and gold market action is generally subdued. The big test is unlikely to come until September and the next FOMC meeting then will perhaps be a better pointer as to whether or not more easing is on the cards. The consensus is that it will be forthcoming at some stage unless there’s a remarkable turnaround in the U.S. economy and the labour market.
Read More @ MineWeb.com
The Mario brothers were in the news yesterday. Mario Monti – academic,
former European Commissioner and now top man in Italy – called on Mario
Draghi – former banker and now top man at the European Central Bank – to get a move on. Draghi, at the ECB, said last week he would do ‘whatever it takes’ to keep Euroland in business.
“Believe me,” Draghi assured investors, “it will be enough.”
Trouble is, Mr Draghi doesn’t have enough of whatever it takes. Which is what animated Mr Monti. He thinks the Germans should be more generous with whatever it takes. He wants the healing gift bestowed on Draghi so that the ECB can do to Europe roughly want the Fed is doing to the US.
On the evidence, the ECB seems unable to fix the problem. It has laid its hands, more than once, on the European economy. And now, European banks shake and shiver with $3 trillion in ‘impaired loans’ – which is about 9% more than they had last year.
In the popular mind, if there is one, the Fed has what it takes. The ECB does not. So, the obvious question presents itself: whatever does it take?
Read More @ DailyReckoning.com.au
Gold’s trading range appears to have narrowed after yet another non-committal statement from the FOMC but price hit again when Draghi statement also makes no definitive promises..
One wonders whether some gold investors – and particularly gold traders
– will ever learn. Yet again gold moved upwards. Back to around the
$1620s ahead of the FOMC meeting – and again gold has plunged back down
below the $1600 mark, before making a small recovery back above that
level, as the Fed took no definitive action yet again. Whether it’s a
statement from Ben Bernanke or the Fed committee, the result seems to be
exactly the same. They will take action as necessary, but because it’s
not jam today the market falls back in a wave of disappointment.As London broker Canaccord Genuity succinctly put it “The FOMC’s tone was slightly more accommodative of further QE but stopped short of any extra measures. The committee will closely monitor incoming information on economic and financial developments and will provide accommodation as needed”.
Whether gold price movement either way is justified is a moot point. We are in the normally weak period for the gold price anyway as many New York traders and market movers are soaking up the sun and the heat, and the thunderstorms this year, in the Hamptons and gold market action is generally subdued. The big test is unlikely to come until September and the next FOMC meeting then will perhaps be a better pointer as to whether or not more easing is on the cards. The consensus is that it will be forthcoming at some stage unless there’s a remarkable turnaround in the U.S. economy and the labour market.
Read More @ MineWeb.com
He had a code to track the TRILLIONS of missing money from the elite government corporate industrial complex.
from Megaritual:
According to his LinkedIn profile, James Holmes’s father, Dr. Robert
Holmes, who received a PhD in Statistics in 1981 from the University of
California at Berkeley, worked for San Diego-based HNC Software, Inc.
from 2000 to 2002. HNC, known as a “neural network” company, and DARPA,
beginning in 1998, have worked on developing “cortronic neural
networks,” which would allow machines to interpret aural and visual
stimuli to think like humans.
The cortronic concept was developed by HNC Software’s chief scientist and co-founder, Robert Hecht-Nielsen. HNC merged with the Minneapolis-based Fair Isaac Corporation (FICO), a computer analysis and decision-making company. Robert Holmes continues to work at FICO.
Robert Holmes brief bio at linked in states the following: “My educational background is in Mathematics and Statistics. My experience over the last 10 years at HNC and FICO has been in developing predictive models for financial services; credit & fraud risk models, first and third party application fraud models and internet/online banking fraud models.”
Robert Holmes is currently the senior lead scientist with the American credit score company FICO and will soon testify to the Senate on the LIBOR scandal. Robert’s algorithms were said to be used to discover this massive fraud scheme. Of his management experience he says : “I am currently managing a team building Falcon Fraud Manager Credit card fraud models. I have also managed teams in the Telco and Identity Theft fraud areas.”
Read More @ Megaritual
from Luis Miranda, The Real Agenda via The Daily Sheeple:
France has implemented –beginning today [Aug. 2, 1012] — a new financial transactions tax, a levy of 0.2% to be paid by investors whose shares belong to businesses with headquarters in the country.
Transactions in shares of companies whose market value is below EUR 1,000 million (1,230 million) will be exempt.
The application of a tax on financial transactions in Europe has not been possible so far due to the refusal of countries like the United Kingdom. At least nine nations that defend their implementation want to be forerunners in the application of taxes on financial transactions under the “enhanced cooperation” program.
The government of President François Hollande also decided to implement a new tax of 0.01 percent to certain high frequency business transactions, as well as some business with unpaid insurance (CDS) on government borrowings from the European Union (EU).
Read More @ TheDailySheeple.com
While most market players are enjoying summer holidays, many investors are waiting on the sidelines in cash.
A US bill sponsored by Congressman Ron Paul would require the Federal Reserve to be subjected to an audit of monetary policy, including deliberations over changes to the benchmark interest rate.
US Fed chairman, Ben Bernanke, claimed it would diminish the Fed’s independence and subject policy making to political pressure.
The bill, passed US Congress 327-98, and needs Senate approval plus President Barack Obama’s signature before becoming law.
Christine Lagarde, Head of the IMF, cautioned policy makers on both sides of the pond that they “should continue to be in crisis management mode” to deal with both the euro-zone debt crisis and the gaping US fiscal cliff.
And, she added, there are “serious questions about the US economic future” if policymakers fail to avert a fiscal cliff before January, at which point government spending will drop and taxes will rise sharply.”
Read More @ GoldCore.com
from Megaritual:
According to his LinkedIn profile, James Holmes’s father, Dr. Robert
Holmes, who received a PhD in Statistics in 1981 from the University of
California at Berkeley, worked for San Diego-based HNC Software, Inc.
from 2000 to 2002. HNC, known as a “neural network” company, and DARPA,
beginning in 1998, have worked on developing “cortronic neural
networks,” which would allow machines to interpret aural and visual
stimuli to think like humans.The cortronic concept was developed by HNC Software’s chief scientist and co-founder, Robert Hecht-Nielsen. HNC merged with the Minneapolis-based Fair Isaac Corporation (FICO), a computer analysis and decision-making company. Robert Holmes continues to work at FICO.
Robert Holmes brief bio at linked in states the following: “My educational background is in Mathematics and Statistics. My experience over the last 10 years at HNC and FICO has been in developing predictive models for financial services; credit & fraud risk models, first and third party application fraud models and internet/online banking fraud models.”
Robert Holmes is currently the senior lead scientist with the American credit score company FICO and will soon testify to the Senate on the LIBOR scandal. Robert’s algorithms were said to be used to discover this massive fraud scheme. Of his management experience he says : “I am currently managing a team building Falcon Fraud Manager Credit card fraud models. I have also managed teams in the Telco and Identity Theft fraud areas.”
Read More @ Megaritual
France has implemented –beginning today [Aug. 2, 1012] — a new financial transactions tax, a levy of 0.2% to be paid by investors whose shares belong to businesses with headquarters in the country.
Transactions in shares of companies whose market value is below EUR 1,000 million (1,230 million) will be exempt.
The application of a tax on financial transactions in Europe has not been possible so far due to the refusal of countries like the United Kingdom. At least nine nations that defend their implementation want to be forerunners in the application of taxes on financial transactions under the “enhanced cooperation” program.
The government of President François Hollande also decided to implement a new tax of 0.01 percent to certain high frequency business transactions, as well as some business with unpaid insurance (CDS) on government borrowings from the European Union (EU).
Read More @ TheDailySheeple.com
from GoldCore:
While most market players are enjoying summer holidays, many investors are waiting on the sidelines in cash. A US bill sponsored by Congressman Ron Paul would require the Federal Reserve to be subjected to an audit of monetary policy, including deliberations over changes to the benchmark interest rate.
US Fed chairman, Ben Bernanke, claimed it would diminish the Fed’s independence and subject policy making to political pressure.
The bill, passed US Congress 327-98, and needs Senate approval plus President Barack Obama’s signature before becoming law.
Christine Lagarde, Head of the IMF, cautioned policy makers on both sides of the pond that they “should continue to be in crisis management mode” to deal with both the euro-zone debt crisis and the gaping US fiscal cliff.
And, she added, there are “serious questions about the US economic future” if policymakers fail to avert a fiscal cliff before January, at which point government spending will drop and taxes will rise sharply.”
Read More @ GoldCore.com
By Bill Bonner, Daily Reckoning.com.au:
The Mario brothers were in the news yesterday. Mario Monti – academic,
former European Commissioner and now top man in Italy – called on Mario
Draghi – former banker and now top man at the European Central Bank – to get a move on. Draghi, at the ECB, said last week he would do ‘whatever it takes’ to keep Euroland in business.“Believe me,” Draghi assured investors, “it will be enough.”
Trouble is, Mr Draghi doesn’t have enough of whatever it takes. Which is what animated Mr Monti. He thinks the Germans should be more generous with whatever it takes. He wants the healing gift bestowed on Draghi so that the ECB can do to Europe roughly want the Fed is doing to the US.
On the evidence, the ECB seems unable to fix the problem. It has laid its hands, more than once, on the European economy. And now, European banks shake and shiver with $3 trillion in ‘impaired loans’ – which is about 9% more than they had last year.
In the popular mind, if there is one, the Fed has what it takes. The ECB does not. So, the obvious question presents itself: whatever does it take?
Read More @ DailyReckoning.com.au
by Greg Hunter, USAWatchdog:
Iran’s supreme leader, Ayatollah Ali Khamenei, said to his top generals, “We’ll be at war within weeks.”
The quote and story comes from Debka.com, a credible source.
Meanwhile, this week, Israeli Prime Minister Benjamin Netanyahu
reportedly told U.S. Secretary of Defense Leon Panetta that sanctions
are not working, and time is running out to stop Iran’s nuclear program.
Iran has repeatedly said it is for the peaceful production of energy.
This week, Panetta was in Israel for a visit and wants the Israelis to
be patient. Leadership there has repeated its stance that it has the
right to defend itself. Mind you, the U.S. military has announced a new
30,000 pound bunker buster is now operational and available for use.
It can penetrate 60 feet of reinforced concrete. If Iran is attacked,
all hell is going to break loose, and I think that will mark the
beginning of World War III.
Also revealed this week, President Obama signed a secret order helping the Syrian rebels earlier this year. Many sources have reported this, and now it is official. The White House says it is not providing weapons. The Russians and other news sources say the U.S. is providing weapons through back channels.
Read More @ USAWatchdog.com
Iran’s supreme leader, Ayatollah Ali Khamenei, said to his top generals, “We’ll be at war within weeks.”
The quote and story comes from Debka.com, a credible source.
Meanwhile, this week, Israeli Prime Minister Benjamin Netanyahu
reportedly told U.S. Secretary of Defense Leon Panetta that sanctions
are not working, and time is running out to stop Iran’s nuclear program.
Iran has repeatedly said it is for the peaceful production of energy.
This week, Panetta was in Israel for a visit and wants the Israelis to
be patient. Leadership there has repeated its stance that it has the
right to defend itself. Mind you, the U.S. military has announced a new
30,000 pound bunker buster is now operational and available for use.
It can penetrate 60 feet of reinforced concrete. If Iran is attacked,
all hell is going to break loose, and I think that will mark the
beginning of World War III.Also revealed this week, President Obama signed a secret order helping the Syrian rebels earlier this year. Many sources have reported this, and now it is official. The White House says it is not providing weapons. The Russians and other news sources say the U.S. is providing weapons through back channels.
Read More @ USAWatchdog.com
by Rick Ackerman, Rick Ackerman.com:
Alas, the devil is in the details for Europe’s latest attempt at
financial alchemy. Much to the investment world’s apparent dismay
yesterday, it turned out that the ECB’s Draghi had nothing very specific
in mind when he pledged last week to defend Europe’s monetary union by
any means necessary. In theory, and most immediately, such a rescue
would entail using printing-press money to mop up Spain’s leprous bonds,
lest rates push above 7%. Seven percent is the generally accepted
danger threshold for sovereign borrowers, but we’d lower the red zone to
around 2% ourselves. Our argument is that even a “mere” 2% rate imposes
an asphyxiating burden in real terms, given the combination of
deflation and fiscal austerity that has put Europe in a choke hold.
Regardless, we won’t quibble over a spread of five measly percentage
points if Europe’s bankers have indeed convinced themselves, as they
seem to have, that servicing loans at a rate above zero is do-able in a
negative-growth environment that could linger for years.
No doubt Mr. Draghi feels a twinge of Helicopter envy whenever he is called on to make heroic promises. His colleague Mr. Bernanke can say and do things that would get Draghi hauled in front of a tribunal – if not in his native Italy, which has always thrived on gray markets, then in Germany, where bankers continue to vex the rest of Europe with their prissy insistence that i’s be dotted and t’s crossed. With Germany riding herd on any tactic that Draghi might attempt, his task of fixing Europe is akin to Bernanke trying to bail out California with Ron Paul holding a veto.
Read More @ RickAckerman.com
Alas, the devil is in the details for Europe’s latest attempt at
financial alchemy. Much to the investment world’s apparent dismay
yesterday, it turned out that the ECB’s Draghi had nothing very specific
in mind when he pledged last week to defend Europe’s monetary union by
any means necessary. In theory, and most immediately, such a rescue
would entail using printing-press money to mop up Spain’s leprous bonds,
lest rates push above 7%. Seven percent is the generally accepted
danger threshold for sovereign borrowers, but we’d lower the red zone to
around 2% ourselves. Our argument is that even a “mere” 2% rate imposes
an asphyxiating burden in real terms, given the combination of
deflation and fiscal austerity that has put Europe in a choke hold.
Regardless, we won’t quibble over a spread of five measly percentage
points if Europe’s bankers have indeed convinced themselves, as they
seem to have, that servicing loans at a rate above zero is do-able in a
negative-growth environment that could linger for years.No doubt Mr. Draghi feels a twinge of Helicopter envy whenever he is called on to make heroic promises. His colleague Mr. Bernanke can say and do things that would get Draghi hauled in front of a tribunal – if not in his native Italy, which has always thrived on gray markets, then in Germany, where bankers continue to vex the rest of Europe with their prissy insistence that i’s be dotted and t’s crossed. With Germany riding herd on any tactic that Draghi might attempt, his task of fixing Europe is akin to Bernanke trying to bail out California with Ron Paul holding a veto.
Read More @ RickAckerman.com
from End of the American Dream:
Do you want to know why it seems like good jobs are very rare in the United States today? It is because good jobs are
very rare in the United States today. According to a paper that was
just released by the Center for Economic and Policy Research, only 24.6 percent
of all American jobs qualified as “good jobs” in 2010. Over the past
several decades, there has been increasing pressure on corporations to
reduce expenses and increase corporate profits. One of the biggest
expenses that any corporation faces is labor. Large corporations all
over the globe are in an endless race to gain a competitive advantage by
pushing labor costs as low as possible. Sometimes this is done by
using technology. Computers, automation, robotics and other forms of
technology have eliminated millions of jobs in the United States and
those jobs are never coming back. Millions of other jobs have been
eliminated by offshoring. In our globalized economy, American workers
have been merged into one giant labor pool with everyone else. That
makes it very tempting for big corporations to move jobs from areas
where workers are very expensive (such as the United States) to areas of
the world where it is legal to pay slave labor wages. When big
corporations do this, corporate profits go up, but the number of good
jobs in the United States goes down. As a result, there is increased
competition for the jobs that remain in the United States and this
drives down wages. Meanwhile, the cost of living just keeps going up.
So millions of American families have fallen into poverty in recent
years, and millions of others have gone deep into debt in an attempt to
survive. This dynamic is absolutely shredding the middle class in the United States.
Read More @ EndoftheAmericanDream.com
Do you want to know why it seems like good jobs are very rare in the United States today? It is because good jobs are
very rare in the United States today. According to a paper that was
just released by the Center for Economic and Policy Research, only 24.6 percent
of all American jobs qualified as “good jobs” in 2010. Over the past
several decades, there has been increasing pressure on corporations to
reduce expenses and increase corporate profits. One of the biggest
expenses that any corporation faces is labor. Large corporations all
over the globe are in an endless race to gain a competitive advantage by
pushing labor costs as low as possible. Sometimes this is done by
using technology. Computers, automation, robotics and other forms of
technology have eliminated millions of jobs in the United States and
those jobs are never coming back. Millions of other jobs have been
eliminated by offshoring. In our globalized economy, American workers
have been merged into one giant labor pool with everyone else. That
makes it very tempting for big corporations to move jobs from areas
where workers are very expensive (such as the United States) to areas of
the world where it is legal to pay slave labor wages. When big
corporations do this, corporate profits go up, but the number of good
jobs in the United States goes down. As a result, there is increased
competition for the jobs that remain in the United States and this
drives down wages. Meanwhile, the cost of living just keeps going up.
So millions of American families have fallen into poverty in recent
years, and millions of others have gone deep into debt in an attempt to
survive. This dynamic is absolutely shredding the middle class in the United States.Read More @ EndoftheAmericanDream.com
from Spiegel International:
There have been plenty of banking scandals, but none quite like this: Investigators and political leaders believe that the manipulation of the Libor benchmark interest rate was the result of organized fraud. Institutions that participated could face billions in fines and penalties.
Eduard Pomeranz and Rolf Majcen are small fish in the shark tank of
international high finance. Their hedge fund, FTC Capital, is
headquartered in tranquil Vienna and manages only €150 million ($189
million) in assets. But now Pomeranz, the founder, and Majcen, the head
of the legal department, have been able to strike fear in the hearts of
the big fish.
“The Libor manipulation is presumably the biggest financial scandal ever,” says Majcen, a man with slightly disheveled-looking hair and Viennese sarcasm. Yes, he says, it did shock him that something like this was even possible, namely that a group of international banks had been manipulating interest rates for years. But Majcen takes a matter-of-fact approach to it all. As a financial professional, he is only one of many who want to get back the money that they feel they’ve been cheated out of.
At the end of June, British and American regulators imposed a $500 million fine on Barclays, the major British bank, and forced its CEO Bob Diamond to resign. Since then, a war of sorts has erupted in the financial sector. Investigators are attacking presumed offenders, banks that are involved are denouncing others in the hope of mitigating their own penalties, and small investors like Majcen are inundating Libor banks with lawsuits.
Read More @ Spiegel.de
There have been plenty of banking scandals, but none quite like this: Investigators and political leaders believe that the manipulation of the Libor benchmark interest rate was the result of organized fraud. Institutions that participated could face billions in fines and penalties.
Eduard Pomeranz and Rolf Majcen are small fish in the shark tank of
international high finance. Their hedge fund, FTC Capital, is
headquartered in tranquil Vienna and manages only €150 million ($189
million) in assets. But now Pomeranz, the founder, and Majcen, the head
of the legal department, have been able to strike fear in the hearts of
the big fish.“The Libor manipulation is presumably the biggest financial scandal ever,” says Majcen, a man with slightly disheveled-looking hair and Viennese sarcasm. Yes, he says, it did shock him that something like this was even possible, namely that a group of international banks had been manipulating interest rates for years. But Majcen takes a matter-of-fact approach to it all. As a financial professional, he is only one of many who want to get back the money that they feel they’ve been cheated out of.
At the end of June, British and American regulators imposed a $500 million fine on Barclays, the major British bank, and forced its CEO Bob Diamond to resign. Since then, a war of sorts has erupted in the financial sector. Investigators are attacking presumed offenders, banks that are involved are denouncing others in the hope of mitigating their own penalties, and small investors like Majcen are inundating Libor banks with lawsuits.
Read More @ Spiegel.de
by Ambrose Evans-Pritchard, The Telegraph:
Mario Draghi, the ECB’s president, said the bank may “undertake
outright open market operations” to cap borrowing costs in those
countries pushing through reforms. Intervention will be of “adequate
size” to fulfil the task.
“These are very strong words,” said Julian Callow from Barclays Capital. “Draghi has made it clear that the ECB is preparing to buy Spanish and Italian bonds on a much bigger scale. This is the thin end of the wedge for QE and marks a turning point in the crisis.”
Market opinion was deeply divided, with critics lining up to berate Mr Draghi for failing to deliver on last week’s pledge to do “whatever it takes” to save the euro.
“This could accelerate the crisis,” Jacques Cailloux from Nomura said. “We have a bond crash in Spain and Italy, and the worst financial crisis in European history and all we get from the ECB is ‘guidance’. It is clear that they are not yet ready to do anything,” he said.
The euro plummeted below €1.22 against the dollar on the lack of concrete action. The IBEX stock index in Madrid plunged 5.2pc, while the MIB dropped 4.6pc in Milan.
Read More @ Telegraph.co.uk
Mario Draghi, the ECB’s president, said the bank may “undertake
outright open market operations” to cap borrowing costs in those
countries pushing through reforms. Intervention will be of “adequate
size” to fulfil the task.“These are very strong words,” said Julian Callow from Barclays Capital. “Draghi has made it clear that the ECB is preparing to buy Spanish and Italian bonds on a much bigger scale. This is the thin end of the wedge for QE and marks a turning point in the crisis.”
Market opinion was deeply divided, with critics lining up to berate Mr Draghi for failing to deliver on last week’s pledge to do “whatever it takes” to save the euro.
“This could accelerate the crisis,” Jacques Cailloux from Nomura said. “We have a bond crash in Spain and Italy, and the worst financial crisis in European history and all we get from the ECB is ‘guidance’. It is clear that they are not yet ready to do anything,” he said.
The euro plummeted below €1.22 against the dollar on the lack of concrete action. The IBEX stock index in Madrid plunged 5.2pc, while the MIB dropped 4.6pc in Milan.
Read More @ Telegraph.co.uk
from Testosterone Pit.com:
The strongest and toughest creatures out there that no one has been able to subdue yet, the inexplicable American consumers, are digging in their heels though the entire power structure has been pushing them relentlessly to buy more and more with money they don’t have, and borrow against future income they might never make, just so that GDP can edge up for another desperate quarter.
But it’s been tough. Despite the Fed’s insistence that inflation is “contained,” or its periodic fear-mongering about deflation, consumers have been hit with rising costs. Tuition has been ballooning—up 21% in California in 2011 alone! Student loan balances exceed $1 trillion. Some parents who are still paying for their own student loans are now watching their kids piling them up too [read.... Next: Bankruptcy for a whole Generation]. Healthcare expenses have seen a meteoric rise. And so have many other items that cut deep into the average budget.
Inflation is a special tax. It’s not that horrid if it’s small, if higher yields compensate investors and savers for it, and if higher wages compensate workers for it. But that hasn’t been the case. The Fed’s Zero Interest Rate Policy has seen to it that entire classes of investors and savers get their clocks cleaned; and wages haven’t kept up with inflation since the wage peak of 2000—with the very logical but brutal goal of bringing wages in line with those in China.
Read More @ TestosteronePit.com
The strongest and toughest creatures out there that no one has been able to subdue yet, the inexplicable American consumers, are digging in their heels though the entire power structure has been pushing them relentlessly to buy more and more with money they don’t have, and borrow against future income they might never make, just so that GDP can edge up for another desperate quarter.
But it’s been tough. Despite the Fed’s insistence that inflation is “contained,” or its periodic fear-mongering about deflation, consumers have been hit with rising costs. Tuition has been ballooning—up 21% in California in 2011 alone! Student loan balances exceed $1 trillion. Some parents who are still paying for their own student loans are now watching their kids piling them up too [read.... Next: Bankruptcy for a whole Generation]. Healthcare expenses have seen a meteoric rise. And so have many other items that cut deep into the average budget.
Inflation is a special tax. It’s not that horrid if it’s small, if higher yields compensate investors and savers for it, and if higher wages compensate workers for it. But that hasn’t been the case. The Fed’s Zero Interest Rate Policy has seen to it that entire classes of investors and savers get their clocks cleaned; and wages haven’t kept up with inflation since the wage peak of 2000—with the very logical but brutal goal of bringing wages in line with those in China.
Read More @ TestosteronePit.com
from Silver Doctors:
The CME announced after today’s close a 10.7% REDUCTION in silver initial and maintenance margins effective Monday 8/6/12.
Initial silver margins cut from $18,900 to $16875, and maintenance margins cut from $14,000 to $12,500.
Read More @ Silver Doctors
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The CME announced after today’s close a 10.7% REDUCTION in silver initial and maintenance margins effective Monday 8/6/12.Initial silver margins cut from $18,900 to $16875, and maintenance margins cut from $14,000 to $12,500.
Read More @ Silver Doctors
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