Mr Asmussen said that the ECB could not lengthen the time period for
loans to Greece or lower interest rates as “both concessions would be a
form of debt forgiveness and therefore a direct financial support for
the Greek state.“That would not be allowed under the law governing the ECB,” he said.
He also said that it would be wrong for Greece to say it needed more time but not more money.
“A temporary extension of fiscal targets automatically means that Greece needs more financial assistance from abroad.” he told German newspaper Bild am Sonntag.
“It is logically quite wrong to say: we need more time, but not more money.”
Read More @ Telegraph.co.uk
Heroic!
Not only is Ron Paul not endorsing Romney, he's not voting for him either.
Silver May Be #1: Now Both BIG & Small Investors Want PHYSICAL Silver
from silver investor.com:Five Fun 'Pre-Earnings' Facts For The "Buy-The-F$$$ing-Dream"ers
With the S&P 500 once again testing multi-year highs, forward P/Es over 14 in a real-rate environment which suggests single-digit P/Es, abnormal micro-structure (mega-caps outperforming and high-beta fading in an up-tape), and a buy-the-f$$king-'dream' mentality soaking in everywhere, we take a close-up view of the earnings season reality that is about to come crashing down on multiple-expansion hopes. Following on from the five most ridiculous charts in US equity markets, these five 'facts' will be assuaged by every long-only manager as 'priced-in' - we suspect otherwise.
[Ed. Note:
If you listened to the MSM you would think that only about 6,000 people
have been showing up for the protests in Madrid. Not only are there
multiples of 6k showing up, Liberty is remembering how to stand up.]
from Public Intelligence:
CLICK HERE TO SEE ALL THE PHOTOS
Ueli Maurer, the Swiss defense minister, has been making coy statements about the European crisis getting ugly – as in really ugly,
like needing armed troops to deal with it. This sounds more like
Greece, where the rioting is regular and increasingly scary, than
anything in Central Europe, but where the whole EU furball is headed
does seem less than clear of late. The Swiss are famous for preparing for everything
and having an absolutely huge army, relative to their population, to
deal with any eventuality. It’s easy to dismiss the Swiss, since they
are a tiny country whose military hasn’t actually fought anybody in a
couple centuries. On the other hand, they managed to stay out
of both of Europe’s catastrophic World Wars precisely though preparing
for eventualities and maintaining a strong defensive capability. They’re clearly on to something.
Whether it is a fringe-blog pointing out the statistical un-possibility (here and here), or a previously well-respected 'elite' pointing out the suspiciousness (here), most of the general public (or their media-based oracles) prefer not to swallow the red pill of reality with regard Friday's data SNAFU. However, given the political (and economic) consequence of a single-number, Gallup has decided to weigh in on reality as they note "even though the Household survey tends to be very volatile, this decline seems to lack face-validity, particularly after the prior month's numbers" as they analyse why the household results should be discounted heavily. Critically, they, like us, suggest the 'unemployment rate' needs to be replaced as a measure of joblessness, suggesting a far simpler (and more transparent) measure - Payroll-to-Population - would avoid the 'adjustments' and 'biases' that are inherent in the BLS's bafflement. The Gallup measure suggests, as one would perceive using common-sense, that the real jobs situation was essentially unchanged last month.
"Detroit is America's most violent city; its homicide rate is the highest in the country." Detroit Police department's "Enter At Your Own Risk" warning to citizens came at a rally yesterday as they fear under-staffing in the midst of what CBS reports as "the explosion in violent crime" leaves police in "deplorable, dangerous, and war-like conditions." While the union presses for more staff - or higher wages to compensate for the risk - we are sure Snake Plissken can be relied upon to rescue GM's CEO if he needs it.
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Donations will help defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
from Public Intelligence:
CLICK HERE TO SEE ALL THE PHOTOS
Do The Swiss Know Something The Rest Of Us Don't?
Ueli Maurer, the Swiss defense minister, has been making coy statements about the European crisis getting ugly – as in really ugly,
like needing armed troops to deal with it. This sounds more like
Greece, where the rioting is regular and increasingly scary, than
anything in Central Europe, but where the whole EU furball is headed
does seem less than clear of late. The Swiss are famous for preparing for everything
and having an absolutely huge army, relative to their population, to
deal with any eventuality. It’s easy to dismiss the Swiss, since they
are a tiny country whose military hasn’t actually fought anybody in a
couple centuries. On the other hand, they managed to stay out
of both of Europe’s catastrophic World Wars precisely though preparing
for eventualities and maintaining a strong defensive capability. They’re clearly on to something.Gallup Goes To Town On BLS Massagery
Whether it is a fringe-blog pointing out the statistical un-possibility (here and here), or a previously well-respected 'elite' pointing out the suspiciousness (here), most of the general public (or their media-based oracles) prefer not to swallow the red pill of reality with regard Friday's data SNAFU. However, given the political (and economic) consequence of a single-number, Gallup has decided to weigh in on reality as they note "even though the Household survey tends to be very volatile, this decline seems to lack face-validity, particularly after the prior month's numbers" as they analyse why the household results should be discounted heavily. Critically, they, like us, suggest the 'unemployment rate' needs to be replaced as a measure of joblessness, suggesting a far simpler (and more transparent) measure - Payroll-to-Population - would avoid the 'adjustments' and 'biases' that are inherent in the BLS's bafflement. The Gallup measure suggests, as one would perceive using common-sense, that the real jobs situation was essentially unchanged last month.
Enter Detroit At Your Own Risk!
"Detroit is America's most violent city; its homicide rate is the highest in the country." Detroit Police department's "Enter At Your Own Risk" warning to citizens came at a rally yesterday as they fear under-staffing in the midst of what CBS reports as "the explosion in violent crime" leaves police in "deplorable, dangerous, and war-like conditions." While the union presses for more staff - or higher wages to compensate for the risk - we are sure Snake Plissken can be relied upon to rescue GM's CEO if he needs it.
by Bruce Krasting, Bruce Krasting Blog:
Both Mitt and Barack spoke about Social Security (SS) in their debate.
For political reasons, they took the same approach. They indicated their
continuing support for this busted program. They agreed that some
“tweeks” might be necessary, but there would be no fundamental changes
to America’s largest entitlement program.
I wish that one or the other of the candidates had spoken the truth about SS. The fact is it is a terrible program for the vast majority of workers who are forced to contribute to it in order to keep this dog alive.
Fortunately, the Congressional Budget Office has provided the information necessary to look at SS and evaluate how various income groups will fare over their lifetimes. The bottom line is as ugly as it can get. The fact is that SS is stiffing 80% of American workers.
Read More @ BruceKrasting.blogspot.com
Please Donate
Donations will help defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
Both Mitt and Barack spoke about Social Security (SS) in their debate.
For political reasons, they took the same approach. They indicated their
continuing support for this busted program. They agreed that some
“tweeks” might be necessary, but there would be no fundamental changes
to America’s largest entitlement program.I wish that one or the other of the candidates had spoken the truth about SS. The fact is it is a terrible program for the vast majority of workers who are forced to contribute to it in order to keep this dog alive.
Fortunately, the Congressional Budget Office has provided the information necessary to look at SS and evaluate how various income groups will fare over their lifetimes. The bottom line is as ugly as it can get. The fact is that SS is stiffing 80% of American workers.
Read More @ BruceKrasting.blogspot.com
Please Donate
Donations will help 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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David
Cameron personally intervened in the bidding process for the West Coast
Main Line and asked the Cabinet Secretary, Sir Jeremy Heywood, to
investigate the matter after a private appeal from Sir Richard Branson.
by Patrick Hennessy, and Kamal Ahmed, The Telegraph:
In an interview with The Sunday Telegraph,
Mr Cameron revealed that Sir Jeremy’s inquiry failed to uncover any of
the problems revealed just weeks later by the Department for Transport.
Last week, Patrick McLoughlin, the Transport Secretary, admitted that the department’s civil service had blundered in its calculations before awarding the contract to FirstGroup. The process was suspended and bids will have to re-submitted.
Sir Richard Branson’s Virgin Trains, which had held the franchise to run the lucrative service but lost the bid battle, took legal action after claiming the process was flawed. It is now believed that DfT mistakes included conflating actual and estimated financial figures and that some numbers had been counted twice.
Read More @ Telegraph.co.uk
by Patrick Hennessy, and Kamal Ahmed, The Telegraph:
In an interview with The Sunday Telegraph,
Mr Cameron revealed that Sir Jeremy’s inquiry failed to uncover any of
the problems revealed just weeks later by the Department for Transport.Last week, Patrick McLoughlin, the Transport Secretary, admitted that the department’s civil service had blundered in its calculations before awarding the contract to FirstGroup. The process was suspended and bids will have to re-submitted.
Sir Richard Branson’s Virgin Trains, which had held the franchise to run the lucrative service but lost the bid battle, took legal action after claiming the process was flawed. It is now believed that DfT mistakes included conflating actual and estimated financial figures and that some numbers had been counted twice.
Read More @ Telegraph.co.uk
by Pater Tenebrarum, Acting-Man.com:
ECB Decision – No Change
The ECB decided not to do anything at yesterday’s meeting – the terse press release reads as follows:
Read More @ Acting-Man.com
ECB Decision – No ChangeThe ECB decided not to do anything at yesterday’s meeting – the terse press release reads as follows:
„At today’s meeting, which was held in Brdo pri Kranju, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.75%, 1.50% and 0.00% respectively.”A webcast of the subsequent press conference can be watched here. Mario Draghi once again underscored his unhappiness with the ‘broken transmission mechanism’ and the ‘convertibility premium’ haunting peripheral sovereign bond markets, but again stressed that his hands remain tied until applications for aid are filed.
Read More @ Acting-Man.com
by Clif Droke, Gold Seek:
What accounts for gold’s strong performance since the initial rebound
in July? That’s the question that many analysts are (belatedly) trying
to answer. The first and most obvious answer is stimulus; specifically
the stimulus provided by the world’s leading central bank in the U.S.
The Federal Reserve’s latest bond-buying scheme known as QE3 is to date
the biggest stimulus aid that has had an impact in boosting the gold
price.
As we all know, gold loves inflation and any increase in monetary liquidity in the global financial system will be reflected in an increasing gold price sooner or later. Analysts have noted that the gold price has recently increased in, Euro, Swiss Franc and Indian Rupee terms, which indicates monetary stimulus particularly benefits gold. As bullion broker Sharps Pixley observed, “This is not just a weak dollar story.”
Read More @ GoldSeek.com
My Dear Friends,
Did you notice that $1775 was Friday’s low in gold? $1775 has taken on more meaning as it has been arbitrarily elected maybe because of its implications in the silver/gold ratio.
Personally, I think ratios have 20/20 vision backward and are blind looking forwards. They do however make good conversation when there is nothing else to talk about.
The range for gold now is clearly $1750 to $1800.
We witnessed the most transparent false report on employment in statistical history Friday. What party does not want to see gold above $1800 before the election? I would say the party of the Banksters, therefore their tool is the gold banks.
The body block thrown at gold just below $1800 was as transparent as the employment figures. The battle pre-election is clearly $1750, $1775, to $1800. Next month’s employment figures better be cooked well done and spicy.
Regards,
Jim
Jim Sinclair’s Commentary
Drama and comedy are two ways to say what few dare to say in conversation.
Jim Sinclair’s Commentary
My suggestions to all of you that have been habituated to financial TV, well any TV.
Welch defends accusation against Labor Dept., but says he has no evidence
Chris Matthews talks to former CEO of GE Jack Welch, who made news Friday morning for accusing the Labor Department of cooking the books on the good September jobs report to make President Obama look good. Welch doubles down on his accusations, though he says he has no evidence.
Hardball | Aired on October 05, 2012
Click here to watch the video…
Jim Sinclair’s Commentary
Wherever there is potential for harm our boys and girls will be deployed.
When you are no longer the economic power, you better be the military power. This entire problem is based on energy undersea. You were told 5 years ago that this had to happen as it has, where it has.
2 U.S. carriers deployed to W. Pacific Kyoko Yamaguchi / Yomiuri Shimbun Correspondent
WASHINGTON–Two aircraft carrier strike groups of the U.S. Navy’s 7th Fleet have been deployed since mid-September to the Western Pacific in an apparent attempt to keep the activities of the Chinese military in check amid growing Japan-China tension over the Senkaku Islands.
The two nuclear-powered aircraft carriers are the USS George Washington, based in Yokosuka, Kanagawa Prefecture, and the USS John C. Stennis, based on the U.S. west coast. The command of the 7th Fleet is also located in Yokosuka.
It is unusual for the U.S. Navy to simultaneously deploy two strike groups each comprising an aircraft carrier and escort ships to the West Pacific. Analysts believe the move is aimed to hold the Chinese military in check in light of the recent tension between Tokyo and Beijing over the islands in Okinawa Prefecture in the East China Sea. The deployment is also believed to be a response to China’s launch of its first aircraft carrier in September.
According to Strategic Forecasting Inc., a U.S. private information firm known as Stratfor, and others, the George Washington Strike Group sailed northwest after training off Guam, arriving in waters east of Taiwan on Wednesday. The Stennis was deployed near the Senkaku Islands on Sept. 26 before passing through the South China Sea, and is currently operating in waters near Malaysia, according to Stratfor and others.
Japanese government sources agree that the deployment of the two strike groups was prompted by the tension between Japan and China.
The U.S. government has stated that the Senkaku Islands "clearly" fall under Article 5 of the Japan-U.S. Security Treaty, which requires Washington to defend Japan in the event of an armed attack.
More…
Hi Jim,
I’m a member of the SilverStackers forum here in Australia. We discuss and educate newbies about all aspects of PM ownership, and the FED and JPM etc.
Many forum members were puzzled however by your recent expression:
“Silver will give you a cheap thrill followed by a spiritual experience devoid of a teacher.”
Can you elaborate slightly on this expression? (And may I post your reply for the education of the others?)
Best Regards,
CIGA Geoff P
Dear Geoff,
Silver’s final price, after its meteoric rise, depends on what the economic conditions are at the time of the End Game. Silver is industrial as well as precious. Silver is more hated than gold by the Banksters, making it the most hated of the PMs.
I must admit that silver aficionados are even more uptight than goldophiles in a gold price reaction.
Jim
What accounts for gold’s strong performance since the initial rebound
in July? That’s the question that many analysts are (belatedly) trying
to answer. The first and most obvious answer is stimulus; specifically
the stimulus provided by the world’s leading central bank in the U.S.
The Federal Reserve’s latest bond-buying scheme known as QE3 is to date
the biggest stimulus aid that has had an impact in boosting the gold
price. As we all know, gold loves inflation and any increase in monetary liquidity in the global financial system will be reflected in an increasing gold price sooner or later. Analysts have noted that the gold price has recently increased in, Euro, Swiss Franc and Indian Rupee terms, which indicates monetary stimulus particularly benefits gold. As bullion broker Sharps Pixley observed, “This is not just a weak dollar story.”
Read More @ GoldSeek.com
My Dear Friends,
Did you notice that $1775 was Friday’s low in gold? $1775 has taken on more meaning as it has been arbitrarily elected maybe because of its implications in the silver/gold ratio.
Personally, I think ratios have 20/20 vision backward and are blind looking forwards. They do however make good conversation when there is nothing else to talk about.
The range for gold now is clearly $1750 to $1800.
We witnessed the most transparent false report on employment in statistical history Friday. What party does not want to see gold above $1800 before the election? I would say the party of the Banksters, therefore their tool is the gold banks.
The body block thrown at gold just below $1800 was as transparent as the employment figures. The battle pre-election is clearly $1750, $1775, to $1800. Next month’s employment figures better be cooked well done and spicy.
Regards,
Jim
Jim Sinclair’s Commentary
Drama and comedy are two ways to say what few dare to say in conversation.
Jim Sinclair’s Commentary
My suggestions to all of you that have been habituated to financial TV, well any TV.
Welch defends accusation against Labor Dept., but says he has no evidence
Chris Matthews talks to former CEO of GE Jack Welch, who made news Friday morning for accusing the Labor Department of cooking the books on the good September jobs report to make President Obama look good. Welch doubles down on his accusations, though he says he has no evidence.
Hardball | Aired on October 05, 2012
Click here to watch the video…
Jim Sinclair’s Commentary
Wherever there is potential for harm our boys and girls will be deployed.
When you are no longer the economic power, you better be the military power. This entire problem is based on energy undersea. You were told 5 years ago that this had to happen as it has, where it has.
2 U.S. carriers deployed to W. Pacific Kyoko Yamaguchi / Yomiuri Shimbun Correspondent
WASHINGTON–Two aircraft carrier strike groups of the U.S. Navy’s 7th Fleet have been deployed since mid-September to the Western Pacific in an apparent attempt to keep the activities of the Chinese military in check amid growing Japan-China tension over the Senkaku Islands.
The two nuclear-powered aircraft carriers are the USS George Washington, based in Yokosuka, Kanagawa Prefecture, and the USS John C. Stennis, based on the U.S. west coast. The command of the 7th Fleet is also located in Yokosuka.
It is unusual for the U.S. Navy to simultaneously deploy two strike groups each comprising an aircraft carrier and escort ships to the West Pacific. Analysts believe the move is aimed to hold the Chinese military in check in light of the recent tension between Tokyo and Beijing over the islands in Okinawa Prefecture in the East China Sea. The deployment is also believed to be a response to China’s launch of its first aircraft carrier in September.
According to Strategic Forecasting Inc., a U.S. private information firm known as Stratfor, and others, the George Washington Strike Group sailed northwest after training off Guam, arriving in waters east of Taiwan on Wednesday. The Stennis was deployed near the Senkaku Islands on Sept. 26 before passing through the South China Sea, and is currently operating in waters near Malaysia, according to Stratfor and others.
Japanese government sources agree that the deployment of the two strike groups was prompted by the tension between Japan and China.
The U.S. government has stated that the Senkaku Islands "clearly" fall under Article 5 of the Japan-U.S. Security Treaty, which requires Washington to defend Japan in the event of an armed attack.
More…
Hi Jim,
I’m a member of the SilverStackers forum here in Australia. We discuss and educate newbies about all aspects of PM ownership, and the FED and JPM etc.
Many forum members were puzzled however by your recent expression:
“Silver will give you a cheap thrill followed by a spiritual experience devoid of a teacher.”
Can you elaborate slightly on this expression? (And may I post your reply for the education of the others?)
Best Regards,
CIGA Geoff P
Dear Geoff,
Silver’s final price, after its meteoric rise, depends on what the economic conditions are at the time of the End Game. Silver is industrial as well as precious. Silver is more hated than gold by the Banksters, making it the most hated of the PMs.
I must admit that silver aficionados are even more uptight than goldophiles in a gold price reaction.
Jim
Please Donate
Donations will help 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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