Whether
its new-fangled Japanese stocks, hi-tech internet company valuations,
multi-colored flowers, or mansions made affordable by criminally lax
lending standards, Grant Williams notes that a bubble is a bubble is a bubble; and citing Stein's Law: "If something cannot go on forever; it will stop."
In this excellent summary of all things currently (and historically)
bubblicious - whether greed-driven or fear-driven - Williams concludes it is never different this time as he addresses the four phases of the classic bubble-wave: smart-money, awareness, mania, blow-off (or crash) and explains how government bonds are set to burst and gold is only just about to enter its mania phase.
This far-reaching and entirely accessible presentation is stunning in
its clarity and as he notes, while bubbles are always easy to spot
ex-ante, understanding how they come about and why they are popped gives
the few an opportunity to profit at the expense of the madness of
crowds. From tulips to tech-wrecks, and from inflation to insatiable
stimulus, the bubble in 'safe-haven flows' that currently exists has all the characteristics of a popular delusion.Meet The Billionaires Behind The Best Presidents Money Can Buy
The last time we checked on the (funding) status of America's real presidential
race - the one where America's uber-wealthy try to outspend each other
in hopes of purchasing the best president money can buy - the totals
were substantially lower. With November 6 rapidly approaching, however,
the scramble to lock in those record political lobbying IRRs
is in its final lap. And thanks to the unlimited nature of PAC
spending, look for the spending to really go into overdrive in the next 2
weeks as the spending frenzy on the world's greatest tragicomedy hits
previously unseen heights.In Progress: Heavy Gunfire, Prime Minister Office Stormed In Beirut
Yesterday we made it very clear why with the Turkey provocation avenue to further Middle East escalation rapidly closing, the one pathway left is Lebanon. Sure enough, today the escalation playbook is firmly in play - from Reuters: "Heavy gunfire erupted in central Beirut on Sunday after protesters tried to storm the offices of Prime Minister Najib Mikati, demanding that he quit over the assasination of a top intelligence official. An official said security forces had fired in the air. Witnesses said at least two protesters had fainted, apparently as a result of tear gas fired by security forces after protesters breached an outer barrier around the prime minister's offices. Hundreds of protesters, waving flags from the anti-Syrian opposition Future Movement - a mainly Sunni Muslim party - and Christian Lebanese Forces as well as black Islamist flags, marched on Mikati's offices after the funeral of Wissam al-Hassan."
Spanish Regional Bailout Fund Runs Out Of Money Just As Regional Elections Begin
Total bailout fund size: €18 billion. Cash bailouts already requested:- Cataluña: €5.023 billion
- Andalucía: €4.906 billion
- C. Valenciana: €4.500 billion
- C. La Mancha: €0.848 billion
- Canarias: €0.757 billion
- Murcia: €0.528 billion
- Baleares: €0.355 billion
- Asturias: €0.2617 billion
Bailout funding left: €0.821 billion. Oops.
Filed under Jackbooted Thugs...(coming to a major city near you soon)...
The Hunted And The Hated: An Inside Look At The NYPD’s Stop-and-Frisk Policy
"When
I came into this police force I wanted to help people, but the civilian
population, they’re being hunted. They’re being hunted and we’re being
hated."- NYPD Officer on the Department’s Feudal “Stop and Frisk” Policy
by Susanne Posel, Occupy Corporatism:
In the UK, Michael Doherty, a former aircraft engineer, is suing the Metropolitan Police for breaking and entering, assault and battery, and kidnapping. Doherty was forcibly taken into police custody on suspicion of harassment without probable cause for the crime.
A district court judge agreed to allow Doherty to bring charges against the police in West London for their blatant disregard for the law. After a bogus internal investigation, Doherty filed charges against the officers in question.
Two men in plain clothes claiming to be police officers came to the victim’s door. Doherty refused to allow the police into his residence when they demanded he open the door. This prompted the use of violent force by the police and the reason for Doherty’s counter claim.
Read More @ OccupyCorporatism.com
In the UK, Michael Doherty, a former aircraft engineer, is suing the Metropolitan Police for breaking and entering, assault and battery, and kidnapping. Doherty was forcibly taken into police custody on suspicion of harassment without probable cause for the crime.
A district court judge agreed to allow Doherty to bring charges against the police in West London for their blatant disregard for the law. After a bogus internal investigation, Doherty filed charges against the officers in question.
Two men in plain clothes claiming to be police officers came to the victim’s door. Doherty refused to allow the police into his residence when they demanded he open the door. This prompted the use of violent force by the police and the reason for Doherty’s counter claim.
Read More @ OccupyCorporatism.com
Climbing the Wall of Worry And Building Cause
Eric De Groot at Eric De Groot - 3 hours ago
TRIN spike clusters often mark downside exhaustion and tradable bottoms as
long as time permits. These clusters are circled blue in the charts
below. The message behind price continues to favor a consolidation that's
building "cause" for another upside move. Chart 1: NYSE Composite
Internals 2012- Chart 2: NYSE Composite Internals...
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content, and more! ]]
There’s Going To Be A Huge Shift In American Society
Admin at Jim Rogers Blog - 13 hours ago
There’s going to be a huge shift in American society, American culture, in
the places where one is going to get rich. The stock brokers are going to
be driving taxis. The smart ones will learn to drive tractors so they can
work for the smart farmers. The farmers are going to be driving
Lamborghinis. I’m telling you. You should start Forbes Farming. -*in an
interview with Steve Forbes earlier this year*
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall... more »
Narcissistic Consumerism And Self-Destruction
Permanent adolescence is the state of resolving insecurity, fear and social defeat by buying things that promise the invulnerability of a fantasy self and world, and by indulging in instant gratification to mask the self-destructive derangement of broken ecosystems: not just in the natural world, but in our bodies, in our society, in our economy and in our politics. Nurturing permanent adolescence, anxiety and alienation are highly profitable, for people responding to the fear and anxiety of Thanatos (the instinct for destruction) will not only become malleable consumers, they will lose their grip on Eros, the instinct for life and love. Once lost to the Dark Side, they have no way to experience health or intact ecosystems; their world darkens as there appears to be no alternative to the Status Quo. Health is horribly unprofitable; illness, anxiety and alienation are highly profitable. That is the destructive essence of our sociopathological "engine of growth," narcissistic consumerism.
The Mechanics Of Transitioning To The Gold Standard... And Why It Won't Happen
In what follows, we will examine the adjustment process necessary to shift from a system with fiat money and a reserve ratio below 1 (reserve requirement under 100%). Let’s begin clarifying that this proposed delevering process is an ideal situation, applicable if one had the luxury of planning the shift. There is not always time to do so and, if we ever had any, we’re running out of it pretty fast. The adjustment process below could only be done very gradually, by adjusting the reserve requirement and gold holdings by the central bank a few bps every year (say 200bps). The ultra-necessary condition here is that the nation undergoing this process be able to generate an equivalent fiscal surplus, in percentage terms. For instance, the process could demand to cover 2% per year of the gap in the reserve ratio to reach 1 (50 years long!!!). This means that if the reserve ratio is 10%, the gap is 90% and narrowing it over 50 years would require to increase reserves by 1.8% every year (90%/50). Because the delevering process should be accompanied by a pari passu reduction in the fiscal deficit and sovereign debt, that 2% annual adjustment, in the US, this would require a surplus of $324BN every year, over 50 years ($16.2 trillion in national debt x 2%). In 2012 terms, spending would have to be cut by $1.52 trillion ($324 billion + $1.2 trillion annual deficit), if the numbers we have are correct. We suspect they are not: The situation is even worse. But, the bottom line is that, once you see these numbers, you realize that going back to a world of no leverage is politically impossible. Even though it is technically feasible, just like the European Monetary Union was planned and built over decades, it is still politically impossible.
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Presenting All The US Debt That's Fit To Monetize
So
far the Fed's 4 year old QEasing strategy has failed for the simple
reason that the smart money instead of being "herded", has far more
simply decided to just front-run the Fed thus
generating risk-free returns, while the "dumb money", tired of the HFT
and Fed-manipulated, and utterly broken casino market, has simply
allocated residual capital either into deposits (M2 just hit a new all time record of
$10.2 trillion) or into "return of capital" products such as taxable
and non-taxable bonds. Alas none of the above means that the Fed will
ever stop from the "strategy" it undertook nearly 4 years ago to the day
with QE1. Instead, it will continue doing more of the same until the
bitter end. But how much more is there? To answer this question, below
we present the entire universe of marketable US debt, in one simple chart showing the average yield by product type on the Y-axis, and the total debt notional on the X.Truth becomes extinct
By Bob Patterson, Op Ed News:
At the next debate, President Obama should be accompanied by a guy in a full fire fighting outfit like George W. Bush was when he spoke at the World Trade Center because if the challenger, Bishop Romney, tells any more lies in the next debate than he did in the last one, surely his pants will catch on fire. The President should announce the reason for having that unusual escort before the debate begins. Is there an incongruous aspect to watching a bishop tell lies non-stop?
When Republicans ask their own children: “Do you use dope?” do they really want to see an example that their offspring can fib as blithely as the bishop does? Shouldn’t they just look for needle tracks on the inside of the elbow area of the kids’ bodies?
Did Mitt really win a Medal of Honor in Vietnam while serving a tour of duty under an assumed identity?
What’s not to love about a California ballot proposition that does the exact opposite of what it sounds like it will accomplish?
Read More @ OpedNews.com
by Robert E. Bauman, InternationalMan.com:
I’ll bet few Americans knew that Eduard Saverin, the young Brazilian
billionaire and co-founder of Facebook, lived in Singapore — until this
past May, when news spread that he had given up his U.S. passport to
become a citizen of the Asian citystate.
Of course, since then Mr. Saverin has been attacked by critics who accuse him of dropping American citizenship to avoid paying tens of millions of dollars in U.S. taxes after Facebook’s initial public offering. However, regardless of the role taxes played in his decision, Saverin was smart to choose Singapore.
A series of reforms in the wake of the 1997-98 Asian financial crises has transformed Singapore into what is now one of the world’s pre-eminent platforms for business growth, a tax-friendly environment, a global center for private banking and offshore finance and an ideal base for second residence, naturalization and even eventual citizenship.
Read More @ InternationalMan.com
by David McWilliams:
I’ll bet few Americans knew that Eduard Saverin, the young Brazilian
billionaire and co-founder of Facebook, lived in Singapore — until this
past May, when news spread that he had given up his U.S. passport to
become a citizen of the Asian citystate. Of course, since then Mr. Saverin has been attacked by critics who accuse him of dropping American citizenship to avoid paying tens of millions of dollars in U.S. taxes after Facebook’s initial public offering. However, regardless of the role taxes played in his decision, Saverin was smart to choose Singapore.
A series of reforms in the wake of the 1997-98 Asian financial crises has transformed Singapore into what is now one of the world’s pre-eminent platforms for business growth, a tax-friendly environment, a global center for private banking and offshore finance and an ideal base for second residence, naturalization and even eventual citizenship.
Read More @ InternationalMan.com
by David McWilliams:
by Jen Alic, OilPrice.com:
Texans are having nightmares of a Niger Delta nature, and while they
have always been the friends of Big Oil, TransCanada is changing the
rules of the game in a legally-aided land grab that will test just how
tough Texans are.
Oil spills, the destruction of agricultural communities, impoverished farmers … this is what Texans fear as TransCanada paves the way to build its 1,179-mile pipeline to transport Canadian tar sands to refineries in south Texas.
The lawsuits against TransCanada are piling up to the dismay of the Keystone XL pipeline project, which has been beleaguered by political, socio-economic, environmental and legal woes at every step from its US origins in Montana to its final destination point in south Texas.
Read More @ OilPrice.com
Texans are having nightmares of a Niger Delta nature, and while they
have always been the friends of Big Oil, TransCanada is changing the
rules of the game in a legally-aided land grab that will test just how
tough Texans are.Oil spills, the destruction of agricultural communities, impoverished farmers … this is what Texans fear as TransCanada paves the way to build its 1,179-mile pipeline to transport Canadian tar sands to refineries in south Texas.
The lawsuits against TransCanada are piling up to the dismay of the Keystone XL pipeline project, which has been beleaguered by political, socio-economic, environmental and legal woes at every step from its US origins in Montana to its final destination point in south Texas.
Read More @ OilPrice.com
by Martin Sibileau, Mises:
Today we retake the discussion left two weeks ago, on a return to the
gold standard. We had divided the discussion in two parts: The first
part (here) was based on an historical perspective. Today, we will deal with the technical one.
As a summary of the first part, we left with two important conclusions: a) A gold standard will fail if the banking system is allowed to survive with a reserve requirement below 100%, and b) Establishing a gold standard does not require that gold be confiscated. The question before us today is: How do we transition from this:
Note that the in the second chart, there is no central bank. And note that in none of the charts, we make reference to the shadow banking structure that exists and is well alive today. While including it makes matters more complicated, excluding it does not affect the analysis at all. We will write why this is so, further below.
Read More @ Mises.ca
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Today we retake the discussion left two weeks ago, on a return to the
gold standard. We had divided the discussion in two parts: The first
part (here) was based on an historical perspective. Today, we will deal with the technical one.As a summary of the first part, we left with two important conclusions: a) A gold standard will fail if the banking system is allowed to survive with a reserve requirement below 100%, and b) Establishing a gold standard does not require that gold be confiscated. The question before us today is: How do we transition from this:
Note that the in the second chart, there is no central bank. And note that in none of the charts, we make reference to the shadow banking structure that exists and is well alive today. While including it makes matters more complicated, excluding it does not affect the analysis at all. We will write why this is so, further below.
Read More @ Mises.ca
Eurozone crisis summit failed to resolve any substantial issues and shelved some big decisions until December and beyond
by Ian Traynor, Guardian:
The European Union looked condemned to months of bitter infighting over money, budgets and the euro on Friday following a summit where leaders merely papered over the deep divisions between them.
While claims of victory were routine and ubiquitous, chancellor Angela Merkel of Germany appeared highly satisfied with the minimalist outcome that failed to resolve any issues of substance and shelved some big decisions until December.
The main issues revolved around new regimes and institutions to help stabilise the euro longer term by enabling the use of bailout funds to shore up weak banks directly as well as putting the eurozone’s banks under a new single supervisory agency, the European Central Bank.
While the leaders decided to agree the legal framework on the new banking supervisor by January during a fraught session that dragged on until after 3am on Friday, all other substantial and highly contested matters were left largely untouched.
Read More @ Guardian.co.uk
Your support is needed...by Ian Traynor, Guardian:
The European Union looked condemned to months of bitter infighting over money, budgets and the euro on Friday following a summit where leaders merely papered over the deep divisions between them.While claims of victory were routine and ubiquitous, chancellor Angela Merkel of Germany appeared highly satisfied with the minimalist outcome that failed to resolve any issues of substance and shelved some big decisions until December.
The main issues revolved around new regimes and institutions to help stabilise the euro longer term by enabling the use of bailout funds to shore up weak banks directly as well as putting the eurozone’s banks under a new single supervisory agency, the European Central Bank.
While the leaders decided to agree the legal framework on the new banking supervisor by January during a fraught session that dragged on until after 3am on Friday, all other substantial and highly contested matters were left largely untouched.
Read More @ Guardian.co.uk
by Brittany Stepniak, Wealth Wire:
In a further attempt by the Federal Reserve to offer the American
people more transparency when it comes to their personal financial
holdings and investment secrets, the Fed was pressured by Ron Paul and
millions of followers into doing something bold…
Earlier this year, the Federal Reserve released approximately 600 pages of financial disclosure documents giving the public a sneak peak into the holdings of today’s current regional presidents.
Fed officials began this ‘transparency’ trend last year, but only the documents releasing details about Chairman Ben Bernanke and the Fed Governors were issued for public viewing.
Bernanke’s assets were pretty plain vanilla: money markets, U.S. Treasury securities, and a couple of traditional retirement accounts.
Read More @ WealthWire.com
In a further attempt by the Federal Reserve to offer the American
people more transparency when it comes to their personal financial
holdings and investment secrets, the Fed was pressured by Ron Paul and
millions of followers into doing something bold…Earlier this year, the Federal Reserve released approximately 600 pages of financial disclosure documents giving the public a sneak peak into the holdings of today’s current regional presidents.
Fed officials began this ‘transparency’ trend last year, but only the documents releasing details about Chairman Ben Bernanke and the Fed Governors were issued for public viewing.
Bernanke’s assets were pretty plain vanilla: money markets, U.S. Treasury securities, and a couple of traditional retirement accounts.
Read More @ WealthWire.com
by Anthony Wile, The Daily Bell:
The Daily Mail received a lot of attention this week for an article entitled, “3,000 doctors putting patients on ‘death lists’ that single them out to be allowed to die.”
Now, some of the feedbacks that the Mail received claimed that the End of Life Care Strategy (Fourth Annual Report) implied nothing of the sort.
But on page 8 of the report, we come to the following statement, “Find Your 1%, which aims to engage GPs in identifying the individuals on their lists who might be in their last year of life, so that they can undertake end of life care planning with them, has reached its midpoint target of 1,000 GPs signed up by August 2012.”
This is fairly clear. General practitioners are being encouraged by the Government Department of Health to make lists of people who they believe are not going to live long. But that’s not all. There are other unmistakable statements in the report that make it clear the mandate to provide end-of-life care is going to be aggressively implemented throughout the British state-run health care system.
Read More @ TheDailyBell.com
from matlarson10:
The Daily Mail received a lot of attention this week for an article entitled, “3,000 doctors putting patients on ‘death lists’ that single them out to be allowed to die.”
Now, some of the feedbacks that the Mail received claimed that the End of Life Care Strategy (Fourth Annual Report) implied nothing of the sort.
But on page 8 of the report, we come to the following statement, “Find Your 1%, which aims to engage GPs in identifying the individuals on their lists who might be in their last year of life, so that they can undertake end of life care planning with them, has reached its midpoint target of 1,000 GPs signed up by August 2012.”
This is fairly clear. General practitioners are being encouraged by the Government Department of Health to make lists of people who they believe are not going to live long. But that’s not all. There are other unmistakable statements in the report that make it clear the mandate to provide end-of-life care is going to be aggressively implemented throughout the British state-run health care system.
Read More @ TheDailyBell.com
from matlarson10:
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