from RT:
Following months of persistent rumors, economy experts across America predict that the US Federal Reserve will finally announce plans for a third round of quantitative easing, or QE3, on Thursday.
Almost two-thirds of the economists polled by Bloomberg News this week say that they predict another round of quantitative easing to be announced on Thursday. Less than a week earlier, Goldman Sachs issued a statement from their offices in which the banking giant said they also expected the Fed to announce QE3 in the coming days.
The members of the Federal Reserve, the US central bank, have just begun meeting in New York City, where they are expected to make an announcement next week.
Quantitative easing, an attempt at stimulating the economy usually by means of purchasing bonds, has been discussed with the Fed time and time in recent years, even after the recession was officially considered over and done with in 2009. As rampant unemployment has devastated the US economy throughout the tenure thus far of President Barack Obama, the Fed has hinted several times at starting QE3, although even the members of the bank themselves aren’t certain what good, if any, will come from it.
Last week, Goldman Sachs said, “With today’s August employment report showing a nonfarm payroll gain of 96,000 and an unemployment rate of 8.1% because of a drop in the participation rate, we expect a return to unsterilized and probably open-ended asset purchases at the September 12-13 FOMC meeting.”
Read More @ RT.com
US Totalitarianism Loses Major Battle As Judge Permanently Blocks NDAA's Military Detention Provision
Back in January, Pulitzer winning journalist Chris Hedges sued President Obama and the recently passed National Defense Authorization Act, specifically challenging the legality of the Authorization for Use of Military Force or, the provision that authorizes military detention for people deemed to have "substantially supported" al Qaeda, the Taliban or "associated forces." Hedges called the president's action allowing indefinite detention, which was signed into law with little opposition from either party "unforgivable, unconstitutional and exceedingly dangerous." He attacked point blank the civil rights farce that is the neverending "war on terror" conducted by both parties, targetting whom exactly is unclear, but certainly attaining ever more intense retaliation from foreigners such as the furious attacks against the US consulates in Egypt and Libya. He asked "why do U.S. citizens now need to be specifically singled out for military detention and denial of due process when under the 2001 Authorization for Use of Military Force the president can apparently find the legal cover to serve as judge, jury and executioner to assassinate U.S. citizens." A few months later, in May, U.S. District Judge Katherine Forrest ruled in favor of a temporary injunction blocking the enforcement of the authorization for military detention. Today, the war againt the true totalitarian terror won a decisive battle, when in a 112-opinion, Judge Forrest turned the temporary injunction, following an appeal by the totalitarian government from August 6, into a permanent one.
from ETFDailyNews.com:
The mainstream media in the United States is almost totally ignoring
one of the most important trends in global economics. This trend is
going to cause the value of the U.S. dollar (NYSEARCA:UDN) to fall
dramatically and it is going to cause the cost of living in the United
States to go way up. Right now, the U.S. dollar (NYSEARCA:UUP) is the
primary reserve currency of the world. Even though that status has been
chipped away at in recent years, U.S. dollars still make up more than
60 percent of all foreign currency reserves in the world. Most
international trade (including the buying and selling of oil) is
conducted in U.S. dollars, and this gives the United States a tremendous
economic advantage. Since so much trade is done in dollars, there is a
constant demand for more dollars all over the globe from countries that
need them for trading purposes. So the Federal Reserve is able to
flood our financial system with dollars without it causing a tremendous
amount of inflation because the rest of the world ends up soaking up a
lot of those dollars. But now that is changing. China and Russia have
been spearheading a movement to shift away from using the U.S. dollar in
international trade. At the moment, the shift is happening gradually,
but at some point a tipping point will come (for example if Saudi Arabia
were to declare that it will no longer take U.S. dollars for oil) and
the entire global financial system is going to change. When that
tipping point comes the global demand for U.S. dollars is going to
absolutely plummet and nightmarish inflation will come to the United
States. If such a scenario sounds far out to you, then you have not
been paying attention. In fact, China and Russia have been working very
hard to move us toward exactly such a scenario.
Read More @ ETFDailyNews.com
BTFD...Keep Stacking...
The mainstream media in the United States is almost totally ignoring
one of the most important trends in global economics. This trend is
going to cause the value of the U.S. dollar (NYSEARCA:UDN) to fall
dramatically and it is going to cause the cost of living in the United
States to go way up. Right now, the U.S. dollar (NYSEARCA:UUP) is the
primary reserve currency of the world. Even though that status has been
chipped away at in recent years, U.S. dollars still make up more than
60 percent of all foreign currency reserves in the world. Most
international trade (including the buying and selling of oil) is
conducted in U.S. dollars, and this gives the United States a tremendous
economic advantage. Since so much trade is done in dollars, there is a
constant demand for more dollars all over the globe from countries that
need them for trading purposes. So the Federal Reserve is able to
flood our financial system with dollars without it causing a tremendous
amount of inflation because the rest of the world ends up soaking up a
lot of those dollars. But now that is changing. China and Russia have
been spearheading a movement to shift away from using the U.S. dollar in
international trade. At the moment, the shift is happening gradually,
but at some point a tipping point will come (for example if Saudi Arabia
were to declare that it will no longer take U.S. dollars for oil) and
the entire global financial system is going to change. When that
tipping point comes the global demand for U.S. dollars is going to
absolutely plummet and nightmarish inflation will come to the United
States. If such a scenario sounds far out to you, then you have not
been paying attention. In fact, China and Russia have been working very
hard to move us toward exactly such a scenario.Read More @ ETFDailyNews.com
BTFD...Keep Stacking...
by Ed Steer, Casey Research:
Gold didn’t do a lot on Tuesday, either. The rally that developed in early Far East trading, ran into a seller just before 11:00 a.m. Hong Kong time…which was the same thing that happened during the Monday trading session.
From there, the gold price didn’t do much until the 8:20 a.m. Eastern Comex open. At that point the dollar index cratered…and gold took off…running into a not-for-profit seller at the London p.m. gold fix which came shortly after 10:00 a.m. in New York. The high tick at the ‘fix’ was $1,739.10 spot.
Despite the fact that the dollar continued to decline, the gold price continued to get sold down until around lunch time on the East coast…and from there traded sideways into the 5:15 p.m. electronic close.
Read More @ CaseyResearch.com
Gold didn’t do a lot on Tuesday, either. The rally that developed in early Far East trading, ran into a seller just before 11:00 a.m. Hong Kong time…which was the same thing that happened during the Monday trading session.
From there, the gold price didn’t do much until the 8:20 a.m. Eastern Comex open. At that point the dollar index cratered…and gold took off…running into a not-for-profit seller at the London p.m. gold fix which came shortly after 10:00 a.m. in New York. The high tick at the ‘fix’ was $1,739.10 spot.
Despite the fact that the dollar continued to decline, the gold price continued to get sold down until around lunch time on the East coast…and from there traded sideways into the 5:15 p.m. electronic close.
Read More @ CaseyResearch.com
by George Krum, SafeHaven.com:
The depression and panic will come before the current administration goes out of office. Nothing can prevent it.
Our government debt is almost as great as the debts of all the balance
of the world put together. With this burden of debt and the government
expenses, how can a panic and depression be prevented?
The United States has been the greatest spender and the greatest waster, and the taxpayers will be the greatest losers. I believe the Bible when it says that you shall reap just what you sow. The current administration has given away hundreds of billions of dollars, and the result will be a panic and depression which will shake the foundation of this country and cause the voters to vote out the Democrats. It will be too late to do anything after the crash comes. Taxpayers have it in their power to stop this expense if they will organize and do something about it before it is too late. If spending and giving away continues, as it is at the present time, it will just be a matter of a short time before the government will begin to confiscate property and everything else.
There will be many causes of the next great depression. Greece is broke, and most all of the other countries in Europe are in the same fix.
Read More @ SafeHaven.com
Throw Me A Bone...
I'm PayPal Verified
The depression and panic will come before the current administration goes out of office. Nothing can prevent it.
Our government debt is almost as great as the debts of all the balance
of the world put together. With this burden of debt and the government
expenses, how can a panic and depression be prevented?The United States has been the greatest spender and the greatest waster, and the taxpayers will be the greatest losers. I believe the Bible when it says that you shall reap just what you sow. The current administration has given away hundreds of billions of dollars, and the result will be a panic and depression which will shake the foundation of this country and cause the voters to vote out the Democrats. It will be too late to do anything after the crash comes. Taxpayers have it in their power to stop this expense if they will organize and do something about it before it is too late. If spending and giving away continues, as it is at the present time, it will just be a matter of a short time before the government will begin to confiscate property and everything else.
There will be many causes of the next great depression. Greece is broke, and most all of the other countries in Europe are in the same fix.
Read More @ SafeHaven.com
Throw Me A Bone...
I'm PayPal Verified
by Dan Amoss, Daily Reckoning.com.au:
Is today Big Wednesday?
Well, if you had to pick a day when the market could blow out — in
either direction — you could do worse than today. There are at least two
big events that markets will react to (or have already reacted to).
First, Germany’s constitutional court will rule on the legality of
Germany’s participation in the European Stability Mechanism (ESM). Second, the US Federal Reserve meets on Thursday.
Germany will probably fall on its sword and agree to unlimited liability for Europe’s bottomless government debt pit. The $700 billion ESM is as undemocratic as any bailout fund can be. It bypasses the German parliament and the German voter to give the European Central Bank a vehicle with which to make unlimited purchases of Spanish and Italian government bonds.
With that kind of bizzaro world so tantalisingly close, it’s no wonder the S&P 500 is close to a five-year high. The US blue-chip index closed at 1433 yesterday in New York. That’s the highest close since December 28, 2007, when it closed at 1478. What does it mean?
Read More @ DailyReckoning.com.au
Is today Big Wednesday?
Well, if you had to pick a day when the market could blow out — in
either direction — you could do worse than today. There are at least two
big events that markets will react to (or have already reacted to).
First, Germany’s constitutional court will rule on the legality of
Germany’s participation in the European Stability Mechanism (ESM). Second, the US Federal Reserve meets on Thursday.Germany will probably fall on its sword and agree to unlimited liability for Europe’s bottomless government debt pit. The $700 billion ESM is as undemocratic as any bailout fund can be. It bypasses the German parliament and the German voter to give the European Central Bank a vehicle with which to make unlimited purchases of Spanish and Italian government bonds.
With that kind of bizzaro world so tantalisingly close, it’s no wonder the S&P 500 is close to a five-year high. The US blue-chip index closed at 1433 yesterday in New York. That’s the highest close since December 28, 2007, when it closed at 1478. What does it mean?
Read More @ DailyReckoning.com.au
by Richard Russell, Financial Sense:
“One Nation — SUBSIDIZED — How Big Government Underwrites Your Life.” From the cover of this week’s Time magazine.
Russell goes moral — I may work my whole life and make an after-tax total of five million dollars. The Fed, with nobody working, can “create” 100 billion dollars out of thin air in a matter of a few seconds. To me, this is absolutely immoral. Furthermore, the Fed wants inflation to continue at 2% a year. Again, I maintain that this is immoral. It’s wiping out the middle class over time. I have a GI life insurance policy that was worth $10,000 when I took it out in 1945. At that time, the policy looked like big money. I scrimped and saved to buy and pay off that policy. What’s the policy worth today, after years of compounded 2% inflation? Not much — talk about legal robbery!
Read More @ Financial Sense.com
The Federal Reserve is likely to announce a third round of bond purchases tomorrow, according to almost two-thirds of economists in a Bloomberg survey, while also extending the duration of its zero-interest-rate policy into 2015.
Chairman Ben S. Bernanke and his colleagues on the Federal Open Market Committee will once again roll out unconventional policies to bolster economic growth of less than 2 percent in the second quarter and bring down unemployment stuck above 8 percent for 43 straight months, the survey showed.
“The Fed clearly wants to do more,” said Nick Sargen, a former San Francisco Fed economist who oversees $40 billion as chief investment officer at Fort Washington Investment Advisors in Cincinnati. “The economy is looking lackluster, and the Fed has said all along that they feel it’s almost immoral that the unemployment rate is as high as it is.”
Read More @ Bloomberg
“One Nation — SUBSIDIZED — How Big Government Underwrites Your Life.” From the cover of this week’s Time magazine.
Russell goes moral — I may work my whole life and make an after-tax total of five million dollars. The Fed, with nobody working, can “create” 100 billion dollars out of thin air in a matter of a few seconds. To me, this is absolutely immoral. Furthermore, the Fed wants inflation to continue at 2% a year. Again, I maintain that this is immoral. It’s wiping out the middle class over time. I have a GI life insurance policy that was worth $10,000 when I took it out in 1945. At that time, the policy looked like big money. I scrimped and saved to buy and pay off that policy. What’s the policy worth today, after years of compounded 2% inflation? Not much — talk about legal robbery!
Read More @ Financial Sense.com
by Joshua Zumbrun and Jeff Kearns, Bloomberg:
The Federal Reserve is likely to announce a third round of bond purchases tomorrow, according to almost two-thirds of economists in a Bloomberg survey, while also extending the duration of its zero-interest-rate policy into 2015.
Chairman Ben S. Bernanke and his colleagues on the Federal Open Market Committee will once again roll out unconventional policies to bolster economic growth of less than 2 percent in the second quarter and bring down unemployment stuck above 8 percent for 43 straight months, the survey showed.
“The Fed clearly wants to do more,” said Nick Sargen, a former San Francisco Fed economist who oversees $40 billion as chief investment officer at Fort Washington Investment Advisors in Cincinnati. “The economy is looking lackluster, and the Fed has said all along that they feel it’s almost immoral that the unemployment rate is as high as it is.”
Read More @ Bloomberg
by Mac Slavo, SHTFPlan:
The destabilization of the middle east continues.
While the Obama administration touted the depositions of Egyptian prime dictator Hosni Mubarak and Libya’s Muammar Gaddafi as victories for democratic reform, peace and social networking, it should be quite obvious that what’s transpired in the middle east under the leadership of our Nobel Peace Prize winning Commander In Chief is yet another chapter in the broader destabization of the region.
The events of the last 72 hours have been particularly interesting, as they came on the heels of the President’s refusal to meet with Israeli Prime Minister Benjamin Netanyahu about Iran’s nuclear ambitions. The American public’s waning sentiment for further expansion of the war in the middle east has forced Obama to take a wait-and-see approach ahead of the November Presidential elections.
Read More @ SHTFPlan.com
from KingWorldNews:
On the heels of the German high court ruling, today King World News interviewed five time Graham & Dodd Award Winner, Rob Arnott, who oversees more than $100 billion as the Founder & Chairman of Research Affiliates. Here is what Arnott had to say about the ruling and what is facing investors going forward: “Well it’s not unlike the US Supreme Court ruling on Obamacare. Courts tend to be reluctant in areas of gray, to overrule choices made by the elected populace. So in effect what we have is a green light for a European policy of extend and pretend.”
Arnott continues @ KingWorldNews.com
On the heels of the German high court ruling, today King World News interviewed five time Graham & Dodd Award Winner, Rob Arnott, who oversees more than $100 billion as the Founder & Chairman of Research Affiliates. Here is what Arnott had to say about the ruling and what is facing investors going forward: “Well it’s not unlike the US Supreme Court ruling on Obamacare. Courts tend to be reluctant in areas of gray, to overrule choices made by the elected populace. So in effect what we have is a green light for a European policy of extend and pretend.”
Arnott continues @ KingWorldNews.com
by Madison Ruppert, Activist Post
The President of the Italian Supreme Court, Fernando Imposimato, has reportedly called for a criminal investigation into the tragic attacks on September 11, 2001 and even went as far as to draw connections between historical “false flag” incidents such as those organized by the Central Intelligence Agency (CIA) in Italy as part of Operation Gladio (which some claim has reared its ugly head once more).
In a quite vitriolic letter published by the Journal of 9/11 Studies, Imposimato pulls no punches, opening the letter with the searing statement,
The President of the Italian Supreme Court, Fernando Imposimato, has reportedly called for a criminal investigation into the tragic attacks on September 11, 2001 and even went as far as to draw connections between historical “false flag” incidents such as those organized by the Central Intelligence Agency (CIA) in Italy as part of Operation Gladio (which some claim has reared its ugly head once more).
In a quite vitriolic letter published by the Journal of 9/11 Studies, Imposimato pulls no punches, opening the letter with the searing statement,
The 9/11 attacks were a global state terror operation permitted by the administration of the USA, which had foreknowledge of the operation yet remained intentionally unresponsive in order to make war against Afghanistan and Iraq.Read More @ Activist Post
from Joe Joseph:
In this edition of The Freedom Link’s Conspiracy Chronicles, Joe Joseph discusses the difference between Equal Justice, and Social Justice. It is extremely important to differentiate between the two as we now live in a society ruled by Social Justice. It’s due to the fact that there is a Social Justice system that we now have the erosion of our privacy and the implementation of a Stasi style police state.
In this edition of The Freedom Link’s Conspiracy Chronicles, Joe Joseph discusses the difference between Equal Justice, and Social Justice. It is extremely important to differentiate between the two as we now live in a society ruled by Social Justice. It’s due to the fact that there is a Social Justice system that we now have the erosion of our privacy and the implementation of a Stasi style police state.
Sources are telling me a Strike against Iran is likely before the Election if Obama is ahead
by Sam Fellman, Navy Times:
On the last night of the Democratic National Convention, a retired Navy four-star took the stage to pay tribute to veterans. Behind him, on a giant screen, the image of four hulking warships reinforced his patriotic message.
But there was a big mistake in the stirring backdrop: those are Russian warships.
While retired Adm. John Nathman, a former commander of Fleet Forces Command, honored vets as America’s best, the ships from the Russian Federation Navy were arrayed like sentinels on the big screen above.
These were the very Soviet-era combatants that Nathman and Cold Warriors like him had once squared off against.
“The ships are definitely Russian,” said noted naval author Norman Polmar after reviewing hi-resolution photos from the event. “There’s no question of that in my mind.”
Read More @ navytimes.com
On the last night of the Democratic National Convention, a retired Navy four-star took the stage to pay tribute to veterans. Behind him, on a giant screen, the image of four hulking warships reinforced his patriotic message.
But there was a big mistake in the stirring backdrop: those are Russian warships.
While retired Adm. John Nathman, a former commander of Fleet Forces Command, honored vets as America’s best, the ships from the Russian Federation Navy were arrayed like sentinels on the big screen above.
These were the very Soviet-era combatants that Nathman and Cold Warriors like him had once squared off against.
“The ships are definitely Russian,” said noted naval author Norman Polmar after reviewing hi-resolution photos from the event. “There’s no question of that in my mind.”
Read More @ navytimes.com
from SilverCircleMovie:
Ngoni Chikomba, native Zimbabwean, sat down with our director Pasha Roberts to talk all about what he experienced during hyperinflation in Zimbabwe. You won’t believe the lengths one would have to go to keep up with the ever-changing prices during this period.
Ngoni Chikomba, native Zimbabwean, sat down with our director Pasha Roberts to talk all about what he experienced during hyperinflation in Zimbabwe. You won’t believe the lengths one would have to go to keep up with the ever-changing prices during this period.
by Laurence M. Vance, Lew Rockwell:
At a breakfast sponsored by the Christian Science Monitor held just before the Republican National Convention began, House Speaker John Boehner, when asked about the new Republican Party Platform, said: “If it were up to me I would have the platform on one sheet of paper. Have you ever met anybody who read the party platform? I’ve not met ever anybody.”
This must have been disheartening to the Republican activists from around the country who worked for months just to earn the right to attend the convention in order to have a chance of contributing to the party platform. Each state delegation assigns two of its members to a special committee that works on the platform and then presents it to the full convention for approval.
Well, I do read party platforms, and I have read the new 2012 Republican Party Platform – the preamble and every word on its 54 pages. The authors of the platform obviously think it is an important document.
Read More @ LewRockwell.com
At a breakfast sponsored by the Christian Science Monitor held just before the Republican National Convention began, House Speaker John Boehner, when asked about the new Republican Party Platform, said: “If it were up to me I would have the platform on one sheet of paper. Have you ever met anybody who read the party platform? I’ve not met ever anybody.”
This must have been disheartening to the Republican activists from around the country who worked for months just to earn the right to attend the convention in order to have a chance of contributing to the party platform. Each state delegation assigns two of its members to a special committee that works on the platform and then presents it to the full convention for approval.
Well, I do read party platforms, and I have read the new 2012 Republican Party Platform – the preamble and every word on its 54 pages. The authors of the platform obviously think it is an important document.
Read More @ LewRockwell.com
from Capital Account:
Welcome to Capital Account. Germany’s Constitutional Court ruled the Eurozone’s permanent bailout fund, also known as the ESM, does not violate the country’s laws. Reportedly, there is some ambiguity in the ruling that could beget more political wrangling. Lauren speaks with Godfrey Bloom, Member of the European Parliament and the UK Independence Party, about what motivated the court’s decision and the problems that lie ahead for the European Union.
Meanwhile, the European Commission president Jose Manuel Barroso, in his State of the Union address, called for a federation of nation states (a European Superstate) and unveiled plans for the ECB to supervise all Eurozone banks. But was it the lack of a centralized banking regulations that contributed to the debt crisis or is this really about something else? We ask Godfrey Bloom if integration is really the solution to the EU’s problems.
And despite attempts at integration and consolidation in the EU, there are more signs of fracture. While Spanish leaders delay decisions on seeking an ECB bond bailout, the crisis fuels the independence movement in the Spanish region of Catalonia. Could this be one of the ironies of integration?
Plus, in today’s episode of “Loose Change,” Lauren and Demetri discuss Apple’s latest announcement: the iPhone 5. According to Reuters this gadget won’t just benefit the tech world, it could boost our economy too!
Check out the following two charts. They fall into the category of “a picture is worth a thousand words.” Throughout this decade-long bull market, I have urged our readers to buy physical gold and sit on it, not trade it. I maintained that if you follow that simple advice, “you have already won.” That is the truth, you know.
Coincidentally, yesterday I wrote that I expect gold to hit at least $1800 by year’s end, which represents an increase of 18.3% from its close one year earlier. Do you think that is an uncommonly strong performance for gold? Actually, it’s just another “average” year in gold’s stealth bull market. “Stealth” because gold has flown beneath most everyone’s radar since the very beginning. But not mine, and hopefully not yours either. Have you participated in it? Have your “paper” investments kept up? You know, 18% per year gains, compounded, will double your money in just four years. Starting from the low of $252, in the year 2000 when the bull market commenced, if gold closes at $2000 in 2012, which is certainly possible (see graph 2), gold will indeed have averaged 18% per year, or three doubles in the 12-year bull run. And you didn’t have to trade it or time it along the way to make these returns!
Read the Full Newsletter @ MilesFranklin.com
We’ve entered a truly dangerous environment in the financial markets.
Economic fundamentals are deteriorating rapidly. Consider the US…
By all counts, the latest ISM (a measure of manufacturing in the US) was a complete and total disaster. In August the ISM hit 49. Anything below 50 is considered a recessionary rating.
However, things are even worse below the surface. The ISM is made up of several components. Its Production component is back to May 2009 levels. The New Orders component is back to April 2009 levels.
And worse of all, Prices Paid is up to 54, up from a reading of just 39 in July.
Read More @ GainsPainsCapital.com
Welcome to Capital Account. Germany’s Constitutional Court ruled the Eurozone’s permanent bailout fund, also known as the ESM, does not violate the country’s laws. Reportedly, there is some ambiguity in the ruling that could beget more political wrangling. Lauren speaks with Godfrey Bloom, Member of the European Parliament and the UK Independence Party, about what motivated the court’s decision and the problems that lie ahead for the European Union.
Meanwhile, the European Commission president Jose Manuel Barroso, in his State of the Union address, called for a federation of nation states (a European Superstate) and unveiled plans for the ECB to supervise all Eurozone banks. But was it the lack of a centralized banking regulations that contributed to the debt crisis or is this really about something else? We ask Godfrey Bloom if integration is really the solution to the EU’s problems.
And despite attempts at integration and consolidation in the EU, there are more signs of fracture. While Spanish leaders delay decisions on seeking an ECB bond bailout, the crisis fuels the independence movement in the Spanish region of Catalonia. Could this be one of the ironies of integration?
Plus, in today’s episode of “Loose Change,” Lauren and Demetri discuss Apple’s latest announcement: the iPhone 5. According to Reuters this gadget won’t just benefit the tech world, it could boost our economy too!
from Gold Money:
Stocks, commodities and the euro have all risen this morning following the German Constitutional Court ruling in favour of German participation in the European Union’s new “European Stability Mechanism” (ESM) fund. The €500 billion ESM is designed to help eurozone countries stave off sovereign default. The court stated that the €190bn “ceiling” on German contributions can be only raised by lawmakers, which implies that the bill for German taxpayers could easily run higher.
The EURUSD briefly nudged above $1.29 this morning, and looks like it could be in the early stages of a move that takes it back up to around $1.50. Similarly, the Dollar Index has fallen below 80.00 for the first time since early May. With all the talk of the Federal Reserve firing up the printing presses once again, and even German Finance Minister Wolfgang Schaeuble openly describing US government debt as “much too high” and the global economy as being “burdened” by this debt, the buck is coming under pressure.
This should push commodities – and in particular –precious metal prices higher, as discussed by James Turk in his latest KWN interview.
Read More @ GoldMoney.com
IRS
pays whistleblower $104 million … The Internal Revenue Service has
awarded an ex-banker $104 million for providing information about
overseas tax cheats — the largest amount ever awarded by the agency,
lawyers for the whistleblower announced Tuesday. Former Swiss banker
Bradley Birkenfeld is credited with exposing widespread tax evasion at Swiss bank
UBS AG. Birkenfeld himself served roughly two and-a-half years in
prison for a fraud conspiracy conviction related to the case, which
resulted in a $780 million fine against the bank and an unprecedented
agreement requiring UBS to turn over thousands of names of suspected
American tax dodgers to the IRS. − AP
Dominant Social Theme: Go get those tax cheats.
Free-Market Analysis: The famous author Charles Adams once observed that governments who overtax their citizens are nearly always “hoisted on their own petard.”
Adams wrote an expansive book about government tax history entitled For Good and Evil: The Impact of Taxes on the Course of Civilization. His main thesis was that tax policy shaped the course of civilization for good or bad.
Read More @ TheDailyBell.com
There was yet another “grave defeat” for fiscal/monetary Sanity in the Western world. Germany’s Constitutional Court has rubber-stamped the suicidal plan to engage in “unlimited bond-buying” in the Euro-zone (i.e. monetizing debt) in order to temporarily prevent all European bond markets from cascading defaults.
The cost of this monetary insanity (and reckless betrayal of the European people) is nothing less than a commitment to hyperinflation. None of Europe’s Deadbeat Debtors has any savings (including Germany itself). Thus every euro spent on these extravagant bond-purchases will be printed out of thin air.
This “unlimited bond-buying” is apparently also going to extend to soaking-up more of the financial feces which continues to accumulate on the balance sheets of the ultra-fraudulent Big Banks. Thus what we have is a massive increase in the money supply, with 0% going toward any productive economic use, and 100% going toward doing nothing but soaking-up worthless banker-paper.
Read More @ SilverGoldBull.com
Stocks, commodities and the euro have all risen this morning following the German Constitutional Court ruling in favour of German participation in the European Union’s new “European Stability Mechanism” (ESM) fund. The €500 billion ESM is designed to help eurozone countries stave off sovereign default. The court stated that the €190bn “ceiling” on German contributions can be only raised by lawmakers, which implies that the bill for German taxpayers could easily run higher.
The EURUSD briefly nudged above $1.29 this morning, and looks like it could be in the early stages of a move that takes it back up to around $1.50. Similarly, the Dollar Index has fallen below 80.00 for the first time since early May. With all the talk of the Federal Reserve firing up the printing presses once again, and even German Finance Minister Wolfgang Schaeuble openly describing US government debt as “much too high” and the global economy as being “burdened” by this debt, the buck is coming under pressure.
This should push commodities – and in particular –precious metal prices higher, as discussed by James Turk in his latest KWN interview.
Read More @ GoldMoney.com
by Staff Report, The Daily Bell:
IRS
pays whistleblower $104 million … The Internal Revenue Service has
awarded an ex-banker $104 million for providing information about
overseas tax cheats — the largest amount ever awarded by the agency,
lawyers for the whistleblower announced Tuesday. Former Swiss banker
Bradley Birkenfeld is credited with exposing widespread tax evasion at Swiss bank
UBS AG. Birkenfeld himself served roughly two and-a-half years in
prison for a fraud conspiracy conviction related to the case, which
resulted in a $780 million fine against the bank and an unprecedented
agreement requiring UBS to turn over thousands of names of suspected
American tax dodgers to the IRS. − APDominant Social Theme: Go get those tax cheats.
Free-Market Analysis: The famous author Charles Adams once observed that governments who overtax their citizens are nearly always “hoisted on their own petard.”
Adams wrote an expansive book about government tax history entitled For Good and Evil: The Impact of Taxes on the Course of Civilization. His main thesis was that tax policy shaped the course of civilization for good or bad.
Read More @ TheDailyBell.com
by Jeff Nielson, Silver Gold Bull:
There was yet another “grave defeat” for fiscal/monetary Sanity in the Western world. Germany’s Constitutional Court has rubber-stamped the suicidal plan to engage in “unlimited bond-buying” in the Euro-zone (i.e. monetizing debt) in order to temporarily prevent all European bond markets from cascading defaults.The cost of this monetary insanity (and reckless betrayal of the European people) is nothing less than a commitment to hyperinflation. None of Europe’s Deadbeat Debtors has any savings (including Germany itself). Thus every euro spent on these extravagant bond-purchases will be printed out of thin air.
This “unlimited bond-buying” is apparently also going to extend to soaking-up more of the financial feces which continues to accumulate on the balance sheets of the ultra-fraudulent Big Banks. Thus what we have is a massive increase in the money supply, with 0% going toward any productive economic use, and 100% going toward doing nothing but soaking-up worthless banker-paper.
Read More @ SilverGoldBull.com
by David Schectman, MilesFranklin.com:
Check out the following two charts. They fall into the category of “a picture is worth a thousand words.” Throughout this decade-long bull market, I have urged our readers to buy physical gold and sit on it, not trade it. I maintained that if you follow that simple advice, “you have already won.” That is the truth, you know.
Coincidentally, yesterday I wrote that I expect gold to hit at least $1800 by year’s end, which represents an increase of 18.3% from its close one year earlier. Do you think that is an uncommonly strong performance for gold? Actually, it’s just another “average” year in gold’s stealth bull market. “Stealth” because gold has flown beneath most everyone’s radar since the very beginning. But not mine, and hopefully not yours either. Have you participated in it? Have your “paper” investments kept up? You know, 18% per year gains, compounded, will double your money in just four years. Starting from the low of $252, in the year 2000 when the bull market commenced, if gold closes at $2000 in 2012, which is certainly possible (see graph 2), gold will indeed have averaged 18% per year, or three doubles in the 12-year bull run. And you didn’t have to trade it or time it along the way to make these returns!
Read the Full Newsletter @ MilesFranklin.com
from Gains Pains & Capital:
We’ve entered a truly dangerous environment in the financial markets.
Economic fundamentals are deteriorating rapidly. Consider the US…
By all counts, the latest ISM (a measure of manufacturing in the US) was a complete and total disaster. In August the ISM hit 49. Anything below 50 is considered a recessionary rating.
However, things are even worse below the surface. The ISM is made up of several components. Its Production component is back to May 2009 levels. The New Orders component is back to April 2009 levels.
And worse of all, Prices Paid is up to 54, up from a reading of just 39 in July.
Read More @ GainsPainsCapital.com
by Bill Holter, MilesFranklin.com:
The big news today and tomorrow is not the Fed meeting. I have
received calls and e-mails asking what I thought the Fed would do. I
have had others pontificating that the Dollar would do this or Gold do
that in the aftermath. Who cares? I mean really, WHO CARES? We
already know that mathematically the Dollar is a dead entity. We
already know how this will end financially, so were Gold to drop or
explode (actually, should the Dollar do this since an ounce today is
still the same ounce tomorrow), what difference does it make?
The Fed is in a box no matter what they say or do. They will be forced to QE in the form of buying any and all Treasury securities that are offered and not purchased by the market place (our creditors). This is an absolute. It is also absolute that the amounts necessary to prevent a financial and economic collapse will be higher in the future, not less. So does it matter whether Gold goes “up” or down”? Does it matter whether it happens now or later? No, keep your eye on the ball here. The Dollar by the way has broken the “80″ level versus foreign currencies so we are now, again, devaluing faster than the rest of the world.
Read more @ MilesFranklin.com
The big news today and tomorrow is not the Fed meeting. I have
received calls and e-mails asking what I thought the Fed would do. I
have had others pontificating that the Dollar would do this or Gold do
that in the aftermath. Who cares? I mean really, WHO CARES? We
already know that mathematically the Dollar is a dead entity. We
already know how this will end financially, so were Gold to drop or
explode (actually, should the Dollar do this since an ounce today is
still the same ounce tomorrow), what difference does it make?The Fed is in a box no matter what they say or do. They will be forced to QE in the form of buying any and all Treasury securities that are offered and not purchased by the market place (our creditors). This is an absolute. It is also absolute that the amounts necessary to prevent a financial and economic collapse will be higher in the future, not less. So does it matter whether Gold goes “up” or down”? Does it matter whether it happens now or later? No, keep your eye on the ball here. The Dollar by the way has broken the “80″ level versus foreign currencies so we are now, again, devaluing faster than the rest of the world.
Read more @ MilesFranklin.com
by Susanne Posel, Occupy Corporatism:
Earlier this week, the CIA-sponsored hacker group called Anonymous claimed responsibility for the taking down of hosting provider GoDaddy and several websites hosted by this corporation. This nameless, faceless group took down the Domain Name System (DNS) while a currently undetermined number of customers were affected.
Some of the websites taken down belonged to towns, cities, private businesses, and real estate agencies. The branch of the fake-hacker group calling themselves AnonymousOwn3r , claimed the attack, yet did not disclose their motive other than stating that this was a test of GoDaddy’s security systems.
AnonymousOwn3r said he is the “security leader of #Anonymous.” He goes on to say in an earlier tweet that he was “behind many things such like irc, ops, attacks [sic].”
Read More @ OccupyCorporatism.com
Earlier this week, the CIA-sponsored hacker group called Anonymous claimed responsibility for the taking down of hosting provider GoDaddy and several websites hosted by this corporation. This nameless, faceless group took down the Domain Name System (DNS) while a currently undetermined number of customers were affected.
Some of the websites taken down belonged to towns, cities, private businesses, and real estate agencies. The branch of the fake-hacker group calling themselves AnonymousOwn3r , claimed the attack, yet did not disclose their motive other than stating that this was a test of GoDaddy’s security systems.
AnonymousOwn3r said he is the “security leader of #Anonymous.” He goes on to say in an earlier tweet that he was “behind many things such like irc, ops, attacks [sic].”
Read More @ OccupyCorporatism.com
by Tom Essaye, ETFDailyNews.com:
One of the most anticipated ECB meetings in history occurred last
week, and with it the European crisis entered a new phase. Generally
speaking ECB Chief Mario Draghi and the ECB met most of the market’s
lofty expectations, as evidenced by market action. Perhaps even more
important, the ECB didn’t disappoint by “kicking the can” down the road
as European officials have done so many times over the past three years.
The ECB pledged to act forcefully to defend the EU and euro by potentially buying bonds to reduce crisis-hit euro-zone countries’ borrowing costs, which is a good thing. The market didn’t price in the lofty summer rhetoric. But on balance, the announcement gives reason to be more bullish on the markets … still not a reason to run out and buy stocks with both hands.
I say that because …
Read More @ ETFDailyNews.com
One of the most anticipated ECB meetings in history occurred last
week, and with it the European crisis entered a new phase. Generally
speaking ECB Chief Mario Draghi and the ECB met most of the market’s
lofty expectations, as evidenced by market action. Perhaps even more
important, the ECB didn’t disappoint by “kicking the can” down the road
as European officials have done so many times over the past three years.The ECB pledged to act forcefully to defend the EU and euro by potentially buying bonds to reduce crisis-hit euro-zone countries’ borrowing costs, which is a good thing. The market didn’t price in the lofty summer rhetoric. But on balance, the announcement gives reason to be more bullish on the markets … still not a reason to run out and buy stocks with both hands.
I say that because …
Read More @ ETFDailyNews.com
by Paul Joseph Watson, Prison Planet:
Despite initial reports suggesting he died in a rocket attack on the
U.S. Consulate in Benghazi, photos appear to indicate that U.S.
Ambassador J. Christopher Stevens was killed by a lynch mob,
illustrating the disastrous consequences of the Obama administration’s
military intervention in Libya – arming some of the very same men who
carried out today’s attack.
“The US ambassador to Libya, Christopher Stevens, has been killed in a rocket attack in the eastern city of Benghazi along with three other embassy staff, the White House confirmed on Wednesday,” reports France 24.
Despite initial reports suggesting he died in a rocket attack on the
U.S. Consulate in Benghazi, photos appear to indicate that U.S.
Ambassador J. Christopher Stevens was killed by a lynch mob,
illustrating the disastrous consequences of the Obama administration’s
military intervention in Libya – arming some of the very same men who
carried out today’s attack.“The US ambassador to Libya, Christopher Stevens, has been killed in a rocket attack in the eastern city of Benghazi along with three other embassy staff, the White House confirmed on Wednesday,” reports France 24.
However, images released in the hours after the attack
show Stevens’ body being paraded around by a mob. The body appears to
show signs of torture.
Subsequent reports
speculated that Stevens’ car was attacked as he and the three other
personnel attempted to escape from the Consulate. The other embassy
staff were shot while Stevens’ died of “suffocation,” suggesting he was
lynched and physically attacked by the mob.
The incident is being portrayed by the establishment
media as a reaction to a film produced in the United States that
purportedly ridicules Islam’s Prophet Mohammed.
Read More @ PrisonPlanet.com
from KingWorldNews:
With gold trading above the $1,700 level and silver around $33, today King World News is pleased to share a piece of legendary technical analyst Louise Yamada’s “Technical Perspectives” report. This information is not available to the public and we are grateful to Louise for sharing her incredible work with KWN readers globally.
Metals: Gold & Silver
July 5 (King World News) – Gold: Beginning to Lift – Exactly one year after the August 2011 price peak at 1,900.23, the corrective / consolidation process for Gold spot price (GOLDS-1,656.50) appears to have come to an end (see Figure 18). With price having lifted out of the triangle noted herein last month, price slowly is addressing, and working through the sequential levels of resistance, with 1,641 achieved, the 200-day Moving Average (MA) and the 2011 downtrend penetrated.
Assuming these levels hold, the next major resistance is 1,700, through which the target becomes the higher resistance at 1,800 from late 2011 into early 2012. Beyond that, the 2011 high becomes the only obstacle to achieving new highs. Outstanding still is our former target at 2,000 which could soon be restored to the table.
Louise Yamada continues @ KingWorldNews.com
Throw Me A Bone...
I'm PayPal Verified
With gold trading above the $1,700 level and silver around $33, today King World News is pleased to share a piece of legendary technical analyst Louise Yamada’s “Technical Perspectives” report. This information is not available to the public and we are grateful to Louise for sharing her incredible work with KWN readers globally.
Metals: Gold & Silver
July 5 (King World News) – Gold: Beginning to Lift – Exactly one year after the August 2011 price peak at 1,900.23, the corrective / consolidation process for Gold spot price (GOLDS-1,656.50) appears to have come to an end (see Figure 18). With price having lifted out of the triangle noted herein last month, price slowly is addressing, and working through the sequential levels of resistance, with 1,641 achieved, the 200-day Moving Average (MA) and the 2011 downtrend penetrated.
Assuming these levels hold, the next major resistance is 1,700, through which the target becomes the higher resistance at 1,800 from late 2011 into early 2012. Beyond that, the 2011 high becomes the only obstacle to achieving new highs. Outstanding still is our former target at 2,000 which could soon be restored to the table.
Louise Yamada continues @ KingWorldNews.com
Throw Me A Bone...
I'm PayPal Verified
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tZWW275olq0md4QX28pmXqNPo3TAT37FOZjxTQTXB2WHG0s47Tr-gNSUu20cbsVB72n_XQXIGXIBrQ3Nn1epyoTrZOo9j6npGokvbJt69FBX6pVuUsKEjLZie_tQ0Lu5fK3Q=s0-d)
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_u_VekN2G3pPe2NnjyeIuGPeVmyozDZhE53GKVBGul6O5_RNG1mpuCS-Gyc8gYWk-D619zW6LDGl36jlhbNKMeRM868eTR59Gjce73HEiNEh5Kudzy7Uuw1DzEnjQLPjOR8OZEI=s0-d)
No comments:
Post a Comment