from FinancialSurvivalNetwork.com:
Bill Holter believes that the Fed’s latest round of QE3 is a suicide
pact. By embracing on going systematic money printing, we’re only a
black swan away from complete and utter financial collapse. Which means
that you need to prepare and get ready. The only question is why did it
take them so long? And clearly they decided that they couldn’t hold off
any longer. Everyone knows that QE1 and QE2 were unmitigated failures
and there’s no reason to expect why QE3 is going to be any different.
And it won’t be because you don’t cure insolvency, which means that your
debts exceed your assets, by going further into debt. The only way is
to liquidate the debt, which no one wants to do.
CLICK HERE FOR AUDIO INTERVIEW
Bill Holter believes that the Fed’s latest round of QE3 is a suicide
pact. By embracing on going systematic money printing, we’re only a
black swan away from complete and utter financial collapse. Which means
that you need to prepare and get ready. The only question is why did it
take them so long? And clearly they decided that they couldn’t hold off
any longer. Everyone knows that QE1 and QE2 were unmitigated failures
and there’s no reason to expect why QE3 is going to be any different.
And it won’t be because you don’t cure insolvency, which means that your
debts exceed your assets, by going further into debt. The only way is
to liquidate the debt, which no one wants to do.CLICK HERE FOR AUDIO INTERVIEW
The Five Key Differences Between The ECB's OMT And The Fed's QEternity
With
their recently announced additional bond purchase programs, both the
Fed and the ECB have added a new chapter to their respective handbooks.
While at first glance they are both simply the end-game of
money-printing-monkeys, Morgan Stanley sees some similarities but more differences that are critical to understand when judging the awesomeness (or not) of these actions.
The ECB’s Outright Monetary Transactions (OMT), in contrast to the
previous SMP program, will be ex ante unlimited in size but conditional
upon government action. Likewise, the Fed’s additional purchases of
agency MBS are ex ante unlimited in size (the monthly pace will be US$40
billion but the program is open-ended) and conditional (though not
upon government action but labor market performance). Another parallel
is that there was only one dissenting member each in the two policy
committees (Jeffrey M. Lacker and Jens Weidmann). However, this is where
the similarities end. Looking at the details, the two programs actually differ in five important respects.The Fate Of The Rally Now Rests In The Hands Of The US Consumer
A
funny thing happened on the way to QEternity - multiples expanded by
an aggressive 2x to reach their highest in two years as the print-gasm
hope was 'priced in' to the nominal value of the US equity indices (and
fundamentals didn't matter). During this period, which was all about
anticipation of the Fed, the real economy (that is earnings and
revenues) have been disappointing. From here, now that Ben has blown his
eternal wad, it is up to EPS and multiples - which leaves us with a
little problem. As the chart below shows, the next few quarters are the
very picture of hopes, dreams, and unicorns as Q4 EPS is somehow magically expected to stop a straight line decline in YoY profits - and soar by 10%. The driver of this miracle is the good old US Consumer - as discretionary spending now accounts for 100% of the expected EPS growth and 300% of the revenue growth for the post-election, pre-year-end extravaganza that is the lame-duck 'fiscal-cliff'-denying lead up to the holidays. As we said yesterday, either you believe in math or you believe in magic.
Attorney says this is “not a huge development, the fight goes on… but this President has been even more aggressive in eroding American civil liberties than George W. Bush.”
from RTAmerica:
A lone appeals judge bowed down to the Obama administration this week and reauthorized the White House’s ability to indefinitely detain American citizens without charge or due process. A group of journalists and activists sued the government over the powers granted to them under the National Defense Authorization Act, or NDAA, but despite a federal judge’s ruling banning that particular provision, the White House continues to fight to get it back on the books. Carl Mayer, a counsel representing the plaintiffs in the case against President Obama, joins us to discuss.
from RTAmerica:
A lone appeals judge bowed down to the Obama administration this week and reauthorized the White House’s ability to indefinitely detain American citizens without charge or due process. A group of journalists and activists sued the government over the powers granted to them under the National Defense Authorization Act, or NDAA, but despite a federal judge’s ruling banning that particular provision, the White House continues to fight to get it back on the books. Carl Mayer, a counsel representing the plaintiffs in the case against President Obama, joins us to discuss.
Bonds Up, Stocks Up (Just)
Equity
markets drifted from an unch open to the overnight post-BoJ highs -
albeit in an 8 point range and low volumes once again, before giving it all back in the last few minutes - as it dumped to VWAP (again!!). In other 'real' markets, Treasuries rallied
- led by the long-bond playing catch up, the USD sold off on the day -
aside from a post-BoJ recovery higher which was dissolved into the US
day session open, Gold/Silver/Copper inched higher as the USD weakened
but Oil continued its post-QE ritual sacrifice - now
down 5.5% from pre-FOMC (back under $92) as the Saudi's promise more
supply and the IEA build was heavy. Credit markets underperformed - but
we suspect this was pre-roll moves and is not too signal-prone. Some
standouts in the unreal world of our efficient equity markets, JCP's
remarkable rip-and-dip, AAPL's rapid devolution from record highs to
VWAP and an unch close at the last minute on huge volume, and QCOR's
multiple-halt day ending down 48%. VIX (fell modestly) and the S&P 500 are back in sync and tracked each other all day. After
the day-session close (small green), S&P futures drifted further
down and ended practically unchanged - on a heavy volume push.Trading Around Core Gold Position - Don't
Eric De Groot at Eric De Groot - 3 hours ago
Jim's response to trading around core gold position, Eric, I would say
unless you are an accomplished trader - don't. Jim Sent from my iPad Good
advice, Jim. It looks a lot easier in principle than practice. Eric
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A Paradigm Shift
Dave in Denver at The Golden Truth - 3 hours ago
*We suspect last week’s events, in which both the ECB and Fed committed to
open-ended base money creation – against a geopolitical environment in
which China’s USD reserves are being held astride an increasingly dynamic
domestic political regime and in which the petro-dollar regime of the past
forty years seems under attack – may be the catalyst that begins to raise
public awareness of the link between monetary inflation and price inflation*.
- Lee Quaintance/Paul Brodsky, QB Asset Mgmt LINK
"Raise public awareness of the link between monetary inflation [i.e. QE]
and price inf... more »
HUI looks strong - Following S&P 500 Higher
Trader Dan at Trader Dan's Market Views - 3 hours ago
The mining shares are seeing some very good inflows of speculative money.
The result has been an advance for 8 out of the last 9 weeks. The chart
shows the index blowing through resistance levels with relative ease with
the next Fibonacci retracement level within striking distance.
As the trend is higher, we would expect dips in price to be bought. Initial
support for the index is down near the 50% retracement level that comes in
near the 505 region. AT some point longs will decide to take some money off
the table after a run of this nature but as to where and when this will
occur, ... more »
Norfolk Southern, Adobe Cut Outlook
While the currency printers, print, and will do so until the complete collapse of the current monetary regime, corporate revenues continue to collapse. The latest casualty: concurrent economic activity indicator Norfolk Southern, which just slashed its Q3 EPS forecast to $1.18-$1.25 on Wall Street expectations of a $1.63 print. This will be lower than a year ago. The reason: reduced coal and merchandise shipments will lead to a $120 revenue decline. Then again, in Bernanke's world, neither energy nor actual trade are important. Print on, and BTFD!
South African Violence Returns As All Miners Demand Pay Hike
Rumors
about the death of the South African miner strike seem to have been
greatly exaggerated following the agreement by Lonmin to hike miner pay
by 22%. The reason: the precedent has now been set and everyone else demands equitable treatment: i.e., the same pay hike as Lonmin agreed to. From Al Jazeera:
"South African police have fired tear gas and rubber bullets to
disperse protesters near a mine run by the world's biggest platinum
producer Anglo American Platinum, as unrest spreads after strikers at
rival Lonmin won big pay rises. Within hours of Lonmin agreeing
pay rises of up to 22 per cent, workers at nearby mines called for
similar pay increases on Wednesday, spelling more trouble after
six weeks of industrial action that claimed more than 40 lives and
rocked South Africa's economy." For those curious what it means when the
precedent has been set and one corporation has caved on the issue of
pay here it is: "Police clashed with a crowd of men carrying traditional weapons such as spears and machetes in
a township at a nearby Anglo American Platinum (Amplats) mine outside
the city of Rustenburg. Officers fired tear gas, stun grenades and
rubber bullets to disperse an "illegal gathering", police spokesman
Dennis Adriao said. He had no information on any injuries." So much for
the strikes being over: thanks to Lonmin's caving, they have only just
started.Sentiment Nearing Record Bullishness
While
we are bombarded with talking heads telling us that there is
money-on-the-sidelines and everyone is so bearish with the market
climbing a wall of worry, the reality - as we see across multiple asset
classes - is that investors are overweight risk assets (e.g. credit
investors overweight IG and HY and mutual fund cash at record lows), near-extreme levels of bullishness
(AAII and Put-Call Ratios), near extreme levels of non-bearishness
(AAII), and yet credit investors believe markets are overvalued (though
still buying) even as IG and HY bonds are seeing near-record highs in
advance-decline.The Curious Case Of Post-QE Oil Hangovers
In a strange centrally-planned 'see-it's-only-transitory' trick, crude oil prices have suffered a significant post-coital hangover each time the Fed has engaged its QE-warp drive.
As the following chart shows, the current swing lower is ahead of pace
compared to the previous two 'schemes' which stopped dropping after 10
days (QE2) and 20 days (QE1). It's almost as if someone wanted to
prove that extreme monetary policy does indeed have no inflationary
impact on the price of energy - or perhaps its just an over-crowded and
obvious pre-QE trade coming undone in a hurry (like stocks?)Dear Obese America: Uncle Sam Wants To Regulate What You Eat
It
seems that the recent foray of Mayor Bloomberg into determining what
one may and may not consume based on calorie count, was just the
appetizer, so to say. As some may recall, back in March we wrote that based on OECD predictions, up to 75% of the US nation will be overweight or obese.
Now, none other than Uncle Sam has gotten wind that his population
will soon be primarily made up of fat people. So he has a solution,
which is in the vein of all other solutions where Uncle Sam is
concerned: regulate, regulate, regulate. Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
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by Pam Martens, Alternet.org:
By mid morning on Monday, September 17, as Occupy Wall Street
protesters marched around the perimeter of the Federal Reserve Bank of
New York, all signs that an FRPD (Federal Reserve Police Department)
existed had disappeared. The FRPD patrol cars and law enforcement
officers had been replaced by NYPD patrol cars and officers. That
decision may have been made to keep from drawing attention to a
mushrooming new domestic police force that most Americans do not know
exists.
Quietly, without fanfare or Congressional hearings, the USA Patriot Act in 2001 bestowed on the 12 privately owned Federal Reserve Banks, domestic policing powers.
Section 364 of the Act, “Uniform Protection Authority for Federal Reserve,” reads: “Law enforcement officers designated or authorized by the Board or a reserve bank under paragraph (1) or (2) are authorized while on duty to carry firearms and make arrests without warrants for any offense against the United States committed in their presence…Such officers shall have access to law enforcement information that may be necessary for the protection of the property or personnel of the Board or a reserve bank.”
Read More @ Alternet.Org
By mid morning on Monday, September 17, as Occupy Wall Street
protesters marched around the perimeter of the Federal Reserve Bank of
New York, all signs that an FRPD (Federal Reserve Police Department)
existed had disappeared. The FRPD patrol cars and law enforcement
officers had been replaced by NYPD patrol cars and officers. That
decision may have been made to keep from drawing attention to a
mushrooming new domestic police force that most Americans do not know
exists. Quietly, without fanfare or Congressional hearings, the USA Patriot Act in 2001 bestowed on the 12 privately owned Federal Reserve Banks, domestic policing powers.
Section 364 of the Act, “Uniform Protection Authority for Federal Reserve,” reads: “Law enforcement officers designated or authorized by the Board or a reserve bank under paragraph (1) or (2) are authorized while on duty to carry firearms and make arrests without warrants for any offense against the United States committed in their presence…Such officers shall have access to law enforcement information that may be necessary for the protection of the property or personnel of the Board or a reserve bank.”
Read More @ Alternet.Org
A
senior advisor to the Chinese government has called for an attack on
the Japanese bond market to precipitate a funding crisis and bring the
country to its knees, unless Tokyo reverses its decision to nationalise
the disputed Senkaku/Diaoyu islands in the East China Sea.
by Ambrose Evans-Pritchard, The Telegraph:
Jin Baisong from the Chinese Academy of International Trade – a
branch of the commerce ministry – said China should use its power as
Japan’s biggest creditor with $230bn (£141bn) of bonds to “impose
sanctions on Japan in the most effective manner” and bring Tokyo’s
festering fiscal crisis to a head.
Writing in the Communist Party newspaper China Daily, Mr Jin called on China to invoke the “security exception” rule under the World Trade Organisation to punish Japan, rejecting arguments that a trade war between the two Pacific giants would be mutually destructive.
Separately, the Hong Kong Economic Journal reported that China is drawing up plans to cut off Japan’s supplies of rare earth metals needed for hi-tech industry. The warnings came as anti-Japanese protests spread to 85 cities across China, forcing Japanese companies to shutter factories and suspend operations.
Fitch Ratings threatened to downgrade a clutch of Japanese exporters if the clash drags on. It warned that Nissan is heavily at risk with 26pc of its global car sales in China, followed by Honda with 20pc.
Read More @ Telegraph.co.uk
by Ambrose Evans-Pritchard, The Telegraph:
Jin Baisong from the Chinese Academy of International Trade – a
branch of the commerce ministry – said China should use its power as
Japan’s biggest creditor with $230bn (£141bn) of bonds to “impose
sanctions on Japan in the most effective manner” and bring Tokyo’s
festering fiscal crisis to a head.Writing in the Communist Party newspaper China Daily, Mr Jin called on China to invoke the “security exception” rule under the World Trade Organisation to punish Japan, rejecting arguments that a trade war between the two Pacific giants would be mutually destructive.
Separately, the Hong Kong Economic Journal reported that China is drawing up plans to cut off Japan’s supplies of rare earth metals needed for hi-tech industry. The warnings came as anti-Japanese protests spread to 85 cities across China, forcing Japanese companies to shutter factories and suspend operations.
Fitch Ratings threatened to downgrade a clutch of Japanese exporters if the clash drags on. It warned that Nissan is heavily at risk with 26pc of its global car sales in China, followed by Honda with 20pc.
Read More @ Telegraph.co.uk
from CaseyResearchFan :
from BirtherReportDotCom :
from Reuters via, CNBC:
German Chancellor Angela Merkel has backed ECB chief Mario Draghi and
the central bank’s bond-buying program, but has urged a go-slow approach
to EU bank supervision.
Speaking at her traditional summer press conference in Berlin on Monday, delayed this year to allow the Constitutional Court to rule first on Europe’s new rescue fund, Chancellor Merkel voiced support for European Central Bank (ECB) President Mario Draghi’s decision to buy the bonds of indebted euro states but warned against rushing to create a new pan-European banking union.
Offering a robust defense of her Finance Minister Wolfgang Scheuble, who at a meeting with his European counterparts in Cyprus over the weekend played down expectations that a new banking supervisory body would be up and running by the start of 2013, the 58-year-old German leader told reporters that before a euro-wide bank supervisor was created under the auspices of the ECB, it was more important to put a credible watchdog in place.
“We cannot disappoint by moving too fast,” Merkel told reporters. “It is not a matter of coming up with something as soon as possible which will also end up not working, but of winning back credibility.”
Read More @ CNBC
from INETeconomics:
German Chancellor Angela Merkel has backed ECB chief Mario Draghi and
the central bank’s bond-buying program, but has urged a go-slow approach
to EU bank supervision. Speaking at her traditional summer press conference in Berlin on Monday, delayed this year to allow the Constitutional Court to rule first on Europe’s new rescue fund, Chancellor Merkel voiced support for European Central Bank (ECB) President Mario Draghi’s decision to buy the bonds of indebted euro states but warned against rushing to create a new pan-European banking union.
Offering a robust defense of her Finance Minister Wolfgang Scheuble, who at a meeting with his European counterparts in Cyprus over the weekend played down expectations that a new banking supervisory body would be up and running by the start of 2013, the 58-year-old German leader told reporters that before a euro-wide bank supervisor was created under the auspices of the ECB, it was more important to put a credible watchdog in place.
“We cannot disappoint by moving too fast,” Merkel told reporters. “It is not a matter of coming up with something as soon as possible which will also end up not working, but of winning back credibility.”
Read More @ CNBC
from INETeconomics:
by Bill Bonner, Daily Reckoning.com.au:
Dow down. Gold down. The biggest money-printing push in world history… and this is how the markets react? With a yawn!
What does it mean? That QE3 will do nothing? Or that the market had already priced it in?
We don’t know… probably a bit of both. But QE is the easiest way out of the mess we’re in… so we figure ol’ Bennie boy will keep at it.
The former Secretary of the US Treasury, along with others, has written to the Wall Street Journal to let Americans know what a “mess we’re in”.
Dow down. Gold down. The biggest money-printing push in world history… and this is how the markets react? With a yawn!What does it mean? That QE3 will do nothing? Or that the market had already priced it in?
We don’t know… probably a bit of both. But QE is the easiest way out of the mess we’re in… so we figure ol’ Bennie boy will keep at it.
The former Secretary of the US Treasury, along with others, has written to the Wall Street Journal to let Americans know what a “mess we’re in”.
Did you know that annual spending by the federal government now exceeds the 2007 level by about $1 trillion? With a slow economy, revenues are little changed. The result is an unprecedented string of federal budget deficits, $1.4 trillion in 2009, $1.3 trillion in 2010, $1.3 trillion in 2011, and another $1.2 trillion on the way this year. The four-year increase in borrowing amounts to $55,000 per U.S. household.Read More @ DailyReckoning.com.au
by Bruce Krasting, Bruce Krasting Blog:
A tax lawyer I know sent me a link to an article about a tax ruling.
I’m thinking “Boring”, who cares about that? Then I read the article. A
few lines jumped out:
– Commodity prices could come under severe pressure if the U.S. Internal Revenue Service (IRS) decides to revoke previous rulings.
– Without the tax exemption, mutual funds would have to restructure or liquidate their holdings.
– The resulting liquidation would put tremendous pressure on commodity prices and reverse much of the build up of speculative money in commodity markets over the past decade.
– An enormous industry has built up on a very thin legal foundation, and now it’s starting to sway dangerously in the wind.
Read More @ BruceKrasting.blogspot.com
A tax lawyer I know sent me a link to an article about a tax ruling.
I’m thinking “Boring”, who cares about that? Then I read the article. A
few lines jumped out:– Commodity prices could come under severe pressure if the U.S. Internal Revenue Service (IRS) decides to revoke previous rulings.
– Without the tax exemption, mutual funds would have to restructure or liquidate their holdings.
– The resulting liquidation would put tremendous pressure on commodity prices and reverse much of the build up of speculative money in commodity markets over the past decade.
– An enormous industry has built up on a very thin legal foundation, and now it’s starting to sway dangerously in the wind.
Read More @ BruceKrasting.blogspot.com
from Bullion Street:
Asia’s fourth largest economy, South Korea’s gold reserves hit 70.4
tons valued $2.98 billion at the end of August, according to World Gold
Council.
South Korea now ranked 40th in the world in gold holdings by nations, up three notches from two months earlier as its central bank purchased the precious metal to diversify foreign exchange reserves.
However, Gold still accounts for only 0.9 percent out of the country’s total foreign reserves of $316.88 billion.
The Bank of Korea (BOK) bought 16 tons of gold in July, the third purchase of the precious metal since the central bank bought it in July last year for the first time in 13 years.
The BOK’s move came as the bleaker economic outlook and the protracted eurozone debt crisis raised investors’ appetite for safe assets. Gold is also viewed as a way to hedge inflation.
Read More @ BullionStreet.com
Asia’s fourth largest economy, South Korea’s gold reserves hit 70.4
tons valued $2.98 billion at the end of August, according to World Gold
Council.South Korea now ranked 40th in the world in gold holdings by nations, up three notches from two months earlier as its central bank purchased the precious metal to diversify foreign exchange reserves.
However, Gold still accounts for only 0.9 percent out of the country’s total foreign reserves of $316.88 billion.
The Bank of Korea (BOK) bought 16 tons of gold in July, the third purchase of the precious metal since the central bank bought it in July last year for the first time in 13 years.
The BOK’s move came as the bleaker economic outlook and the protracted eurozone debt crisis raised investors’ appetite for safe assets. Gold is also viewed as a way to hedge inflation.
Read More @ BullionStreet.com
from Azizonomics:
I expected to spend quite some time writing about the Obama
administration’s successful appeal against Katherine Forrest’s historic
gutting of the indefinite detention provision of the NDAA. Yet I can add
very little to Glenn Greenwald’s summation:
I expected to spend quite some time writing about the Obama
administration’s successful appeal against Katherine Forrest’s historic
gutting of the indefinite detention provision of the NDAA. Yet I can add
very little to Glenn Greenwald’s summation:In May, something extremely rare happened: a federal court applied the US constitution to impose some limits on the powers of the president. That happened when federal district court judge Katherine Forrest of the southern district of New York, an Obama appointee, preliminarily barred enforcement of the National Defense Authorization Act (NDAA), the statute enacted by Congress in December 2011 with broad bipartisan support and signed into law by President Obama (after he had threatened to veto it).
That 2011 law expressly grants the president the power to indefinitely detain in military custody not only accused terrorists, but also their supporters, all without charges or trial. It does so by empowering the president to indefinitely detain not only al-Qaida members, but also members of so-called “associated forces”, as well as anyone found to “substantially support” such forces – whatever those terms might mean. I wrote about that decision and the background to this case when it was issued.
Read More @ Azizonomics.com
from WeAreChange:
Bob from WeAreChange talks to Jack Hunter, The Southern Avenger, about an article he wrote in the Charleston City Paper entitled: “Bilderberg conspiracies have become a handicap for the Liberty Movement.” You can read Jack’s incredibly insulting article in which he refers to those who would talk about these destructive, secretive organizations as ‘Bilderbirthers’, here.
It is not often that readers get a clear-cut choice between two forecasts. Most forecasts have wiggle room. Not the following.
1. The United States government will default.
2. The United States government will not default.
I hold the first position. John T. Harvey holds the second. He wrote a piece for Forbes defending his position: “It Is Impossible For The US To Default“.
I regard this as the most fundamental economic issue facing the U.S. government. I regard it as the most fundamental economic issue facing Americans under age 60.
Mr. Harvey begins:
Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
Bob from WeAreChange talks to Jack Hunter, The Southern Avenger, about an article he wrote in the Charleston City Paper entitled: “Bilderberg conspiracies have become a handicap for the Liberty Movement.” You can read Jack’s incredibly insulting article in which he refers to those who would talk about these destructive, secretive organizations as ‘Bilderbirthers’, here.
by Gary North, Lew Rockwell:
It is not often that readers get a clear-cut choice between two forecasts. Most forecasts have wiggle room. Not the following.1. The United States government will default.
2. The United States government will not default.
I hold the first position. John T. Harvey holds the second. He wrote a piece for Forbes defending his position: “It Is Impossible For The US To Default“.
I regard this as the most fundamental economic issue facing the U.S. government. I regard it as the most fundamental economic issue facing Americans under age 60.
Mr. Harvey begins:
With so many economic, political, and social problems facing us today, there is little point in focusing attention on something that is not one. The false fear of which I speak is the chance of US debt default. There is no need to speculate on what that likelihood is, I can give you the exact number: there is 0% chance that the US will be forced to default on the debt.Read More @ LewRockwell.com
Donations will help maintain this goal and defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
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