Greece
is plunging into an economic and social crisis as desperate as Germany
under the Weimar Republic, the Greek prime minister, Antonis Samaras,
has warned in an emotional appeal for leniency.
by Louise Armitstead, The Telegraph:
Athens desperately needs the next €31.5bn (£25.4bn) tranche of its bail-out agreement which has been delayed for months while the government pushes through more austerity measures demanded by the terms of the bail-out. Mr Samaras said Greece had just enough money to last until “the end of November. Then the coffers are empty”.
“I cannot and I will not deny it: Greek democracy is facing perhaps its biggest ever challenge,” said Mr Samaras. “People are at the point where they are saying ‘we are prepared to make sacrifices but we want to see light at the end of the tunnel’. Otherwise everything is in vain.”
Referring to the harsh reparations and rampant inflation that brought Adolf Hitler to power – and which form the root of Germany’s instinctive opposition to debt pooling in the eurozone – Mr Samaras said: “It’s about the cohesion of our society, which is being threatened by rising unemployment, like at the end of the Weimar Republic in Germany.”
Read More @ Telegraph.co.uk
Europe,
and its apparent Union, is rapidly fragmenting as tensions mount on
large and small scales across all of its regions and nations.
From Scotland's independence referendum to Flanders' autonomy and now
Catalonian separatism on the rise once more, this is no longer a
north-south divide, but a rich/poor, debt/no-debt divide. As the NY Times
notes, this seems to emerge from the ebbing of the concept of shared
sovereignty (richer - or less debt-saturated - nations increasing anger
at having to bail out their poorer neighbors), or as Stratfor describes
it - the paradox of integration - as 'more Europe' means vastly different things depending on which side of the fence you sit on. Now, as Russia Today
reports, Venice is pushing for independence from Rome and there is
increasing independence movements in Sicily and Sardinia. As old battles
and historical grievance come back to the fore, "when it comes to the
crunch, while money may be the catalyst (who commits what to central
budgets); it is, as the NY Times puts it, "the meta-narrative and
emotions of 'do we feel oppressed?... as the ghosts of history return." From Bannockburn to WWII, "Europe seems shakier; some of the taboo questions are coming out again!"
We have extensively discussed the size (here - must read!) and growth (here)
of the Fed's largesse in soaking up massive amounts of the primary and
second Treasury (and now MBS) markets with the ongoing theme of 'what
about the exit strategy?' among other things. The onset of QEternity
likely means the Fed's balance sheet will grow to over $4 trillion
within the next year and, as UBS notes, although the Fed has suggested
that it will not begin an exit strategy until 2015, the magnitude of the
excess balance sheet argues for considering whether the Fed has the ability to unwind their balance sheet. We, like UBS, believe that the Fed
will find it far more difficult to exit than they have found it to
enter given the limitations of the exit tools frequently cited. There are three main tools for reducing the Fed’s balance sheet: asset sales/maturation (bad signaling), reverse repurchase agreements (size constraints), and interest on reserves (inflationary).
by Louise Armitstead, The Telegraph:
Athens desperately needs the next €31.5bn (£25.4bn) tranche of its bail-out agreement which has been delayed for months while the government pushes through more austerity measures demanded by the terms of the bail-out. Mr Samaras said Greece had just enough money to last until “the end of November. Then the coffers are empty”.
“I cannot and I will not deny it: Greek democracy is facing perhaps its biggest ever challenge,” said Mr Samaras. “People are at the point where they are saying ‘we are prepared to make sacrifices but we want to see light at the end of the tunnel’. Otherwise everything is in vain.”
Referring to the harsh reparations and rampant inflation that brought Adolf Hitler to power – and which form the root of Germany’s instinctive opposition to debt pooling in the eurozone – Mr Samaras said: “It’s about the cohesion of our society, which is being threatened by rising unemployment, like at the end of the Weimar Republic in Germany.”
Read More @ Telegraph.co.uk
Antonis Samaras says Greece’s democracy is in danger, comparing situation to Germany’s pre-war Weimar Republic
by Helena Smith, Guardian:
Greece is teetering on the edge of collapse with its society at risk of disintegrating unless the country’s near-empty public coffers are shored up with urgent financial aid, the country’s prime minister has warned.
Almost three years after the eruption of Europe’s debt drama in Athens, the economic crisis engulfing the nation has become so severe that democracy itself is now imperiled, Antonis Samaras said.
Read More @ Guardian.co.uk
by Helena Smith, Guardian:
Greece is teetering on the edge of collapse with its society at risk of disintegrating unless the country’s near-empty public coffers are shored up with urgent financial aid, the country’s prime minister has warned.
Almost three years after the eruption of Europe’s debt drama in Athens, the economic crisis engulfing the nation has become so severe that democracy itself is now imperiled, Antonis Samaras said.
Read More @ Guardian.co.uk
The European Disunion: The Richest Increasingly Want To Fragment From The Poorest
Europe,
and its apparent Union, is rapidly fragmenting as tensions mount on
large and small scales across all of its regions and nations.
From Scotland's independence referendum to Flanders' autonomy and now
Catalonian separatism on the rise once more, this is no longer a
north-south divide, but a rich/poor, debt/no-debt divide. As the NY Times
notes, this seems to emerge from the ebbing of the concept of shared
sovereignty (richer - or less debt-saturated - nations increasing anger
at having to bail out their poorer neighbors), or as Stratfor describes
it - the paradox of integration - as 'more Europe' means vastly different things depending on which side of the fence you sit on. Now, as Russia Today
reports, Venice is pushing for independence from Rome and there is
increasing independence movements in Sicily and Sardinia. As old battles
and historical grievance come back to the fore, "when it comes to the
crunch, while money may be the catalyst (who commits what to central
budgets); it is, as the NY Times puts it, "the meta-narrative and
emotions of 'do we feel oppressed?... as the ghosts of history return." From Bannockburn to WWII, "Europe seems shakier; some of the taboo questions are coming out again!"Can The Fed Ever Exit?
We have extensively discussed the size (here - must read!) and growth (here)
of the Fed's largesse in soaking up massive amounts of the primary and
second Treasury (and now MBS) markets with the ongoing theme of 'what
about the exit strategy?' among other things. The onset of QEternity
likely means the Fed's balance sheet will grow to over $4 trillion
within the next year and, as UBS notes, although the Fed has suggested
that it will not begin an exit strategy until 2015, the magnitude of the
excess balance sheet argues for considering whether the Fed has the ability to unwind their balance sheet. We, like UBS, believe that the Fed
will find it far more difficult to exit than they have found it to
enter given the limitations of the exit tools frequently cited. There are three main tools for reducing the Fed’s balance sheet: asset sales/maturation (bad signaling), reverse repurchase agreements (size constraints), and interest on reserves (inflationary).
by Daniel Halper, The Weekly Standard:
An Ohio man at the market told President Obama that business has been “Terrible since you got here,” according to the White House pool report. Via the pool report:
POTUS stopped to meet people waiting for him, where he did the requisite hand-shaking, high-fiving and the rare baby-holding before going on to chat with proprietors at Turczyk’s Meats and the adjoining Larry Vilstein’s, Christopher Bakery and Edward Badbuster & Son. He then asked the proprietor at Rolston Poultry how business was going. “Terrible since you got here,” the man said. Pool could not get close enough to the Rolston Poultry man to get his name or political affiliation. POTUS didn’t appear amused by the sentiment.
Read More @ TheWeeklyStandard.com
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Even if both the Bush tax cuts and emergency unemployment insurance are extended, the 'sequester' is mostly postponed, and the fresh fiscal drag is confined to the expiration of the payroll tax cut and the new taxes to pay for Obamacare, Goldman estimates suggest that fiscal policy would shave nearly 1.5% from real GDP growth in early 2013. While it seems the 'market' believes that some compromise will be enough to lift the market to new stratospheric heights; we believe, as does Goldman, that the risks are almost exclusively on the downside of this 'not so good' fiscal scenario.
An Ohio man at the market told President Obama that business has been “Terrible since you got here,” according to the White House pool report. Via the pool report:
POTUS stopped to meet people waiting for him, where he did the requisite hand-shaking, high-fiving and the rare baby-holding before going on to chat with proprietors at Turczyk’s Meats and the adjoining Larry Vilstein’s, Christopher Bakery and Edward Badbuster & Son. He then asked the proprietor at Rolston Poultry how business was going. “Terrible since you got here,” the man said. Pool could not get close enough to the Rolston Poultry man to get his name or political affiliation. POTUS didn’t appear amused by the sentiment.
Read More @ TheWeeklyStandard.com
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Goldman On The Not-So-Good, The Bad, And The Ugly Fiscal Cliff Scenarios That Remain
Even if both the Bush tax cuts and emergency unemployment insurance are extended, the 'sequester' is mostly postponed, and the fresh fiscal drag is confined to the expiration of the payroll tax cut and the new taxes to pay for Obamacare, Goldman estimates suggest that fiscal policy would shave nearly 1.5% from real GDP growth in early 2013. While it seems the 'market' believes that some compromise will be enough to lift the market to new stratospheric heights; we believe, as does Goldman, that the risks are almost exclusively on the downside of this 'not so good' fiscal scenario.
from ChrisMartensondotcom :
High Frequency Trading (HFT) deeply concerns Erik Hunsader, founder of Nanex. He worries that today’s investors, our regulators, — heck, even the HFT algorithms themselves — don’t fully understand the risks market prices face in the brave new era of bot-dominated trading. Hunsader estimates that HFT algorithms are responsible for 70%(!) of all completed transactions on our exchanges, and for 99.9%(!!!) of all exchange quotes.
Individually,
it seems, most Fed officials accept the chief recommendation of
monetary theorists, such as Michael Woodford of Columbia University,
about how to conduct policy when the nominal federal funds rate is
stuck at its zero lower bound. The problem they face rather explicitly,
as Morgan Stanley's Vince Reinhart points out, is how to translate the advice from economic textbooks to the application of policy
by the diverse group of people on the FOMC. Reinhart goes on to ask,
rhetorically, if a conditional policy rule works so well in theory, why
has it not been put into practice? Congress instructs the Fed to foster
maximum employment and price stability but gives no guidance on
weighing deviations from those goals in the short run. If the FOMC
cannot agree on the weights, then they cannot agree on a rule. As a
result, the Fed is living out a collective action problem, in that officials individually support a rule but collectively cannot agree to a single rule. This leaves Fed officials are now in the improvisation phase of their monetary policy experiment. That does not seem to us like a 'good' thing for the most powerful entity in the world.
While
everyone and their pet rabbit 'Dave' in the media seems to 'believe',
there’s plenty of debate about—and money riding on—the question of whether we are in the midst of a sustainable recovery in the housing market.
Nobody knows for sure, of course, but there are plenty of reasons to
be pessimistic. While it is easy to focus on the traditional indicators
of supply and demand and start believing that the long-awaited recovery
in the property market has arrived at last, the fact is that much has changed in the wake of the events of the past decade, a development that is likely to weigh on prices for many years to come.
In
lieu of a missing Friday humor piece, here is the Saturday edition,
which is merely a non-fiction based compilation of this week's Top 10
Bloomberg headlines as they crossed the tape. The conclusion here is
that The Onion has now permanently missed its IPO window, as reality is
now in no need of embellishment.
from Gregory Mannarino:
High Frequency Trading (HFT) deeply concerns Erik Hunsader, founder of Nanex. He worries that today’s investors, our regulators, — heck, even the HFT algorithms themselves — don’t fully understand the risks market prices face in the brave new era of bot-dominated trading. Hunsader estimates that HFT algorithms are responsible for 70%(!) of all completed transactions on our exchanges, and for 99.9%(!!!) of all exchange quotes.
The Fed's 'Improvisation' Phase
Individually,
it seems, most Fed officials accept the chief recommendation of
monetary theorists, such as Michael Woodford of Columbia University,
about how to conduct policy when the nominal federal funds rate is
stuck at its zero lower bound. The problem they face rather explicitly,
as Morgan Stanley's Vince Reinhart points out, is how to translate the advice from economic textbooks to the application of policy
by the diverse group of people on the FOMC. Reinhart goes on to ask,
rhetorically, if a conditional policy rule works so well in theory, why
has it not been put into practice? Congress instructs the Fed to foster
maximum employment and price stability but gives no guidance on
weighing deviations from those goals in the short run. If the FOMC
cannot agree on the weights, then they cannot agree on a rule. As a
result, the Fed is living out a collective action problem, in that officials individually support a rule but collectively cannot agree to a single rule. This leaves Fed officials are now in the improvisation phase of their monetary policy experiment. That does not seem to us like a 'good' thing for the most powerful entity in the world.Housing: Plenty Of Reasons To Be Pessimstic
While
everyone and their pet rabbit 'Dave' in the media seems to 'believe',
there’s plenty of debate about—and money riding on—the question of whether we are in the midst of a sustainable recovery in the housing market.
Nobody knows for sure, of course, but there are plenty of reasons to
be pessimistic. While it is easy to focus on the traditional indicators
of supply and demand and start believing that the long-awaited recovery
in the property market has arrived at last, the fact is that much has changed in the wake of the events of the past decade, a development that is likely to weigh on prices for many years to come.Saturday Humor: This Week's Top Headlines
In
lieu of a missing Friday humor piece, here is the Saturday edition,
which is merely a non-fiction based compilation of this week's Top 10
Bloomberg headlines as they crossed the tape. The conclusion here is
that The Onion has now permanently missed its IPO window, as reality is
now in no need of embellishment.
by Anthony Wile, The Daily Bell:
We track power elite dominant social themes large and small. As part of this effort, we’ve uncovered what we believe to be patterns of “directed history” leading toward ever-bigger government at both national and international levels. Elites love government because they control society via power to enhance private advantages.
As the US has evolved along increasingly imperial lines, mercantilism has grown more obvious and intrusive. Over US$3 trillion is administered via government programs and bureaucrats. With so much money at stake, the political process itself has been increasingly rationalized. In many ways US Inc. is a large business, run by powerful people who have a great deal at stake financially.
Less and less is left up to chance these days. Candidates are vetted for malleability and cooperation within the boundaries of what is tolerable. Someone like Congressman Ron Paul (R-Texas) offered up well-received ideas about freedom and free markets. The “establishment” ostracized him and the GOP itself worked hard to ensure he would not win the nomination nor even have a voice at the convention.
Read More @ TheDailyBell.com
We track power elite dominant social themes large and small. As part of this effort, we’ve uncovered what we believe to be patterns of “directed history” leading toward ever-bigger government at both national and international levels. Elites love government because they control society via power to enhance private advantages.
As the US has evolved along increasingly imperial lines, mercantilism has grown more obvious and intrusive. Over US$3 trillion is administered via government programs and bureaucrats. With so much money at stake, the political process itself has been increasingly rationalized. In many ways US Inc. is a large business, run by powerful people who have a great deal at stake financially.
Less and less is left up to chance these days. Candidates are vetted for malleability and cooperation within the boundaries of what is tolerable. Someone like Congressman Ron Paul (R-Texas) offered up well-received ideas about freedom and free markets. The “establishment” ostracized him and the GOP itself worked hard to ensure he would not win the nomination nor even have a voice at the convention.
Read More @ TheDailyBell.com
from Gregory Mannarino:
by James E. Miller, Mises:
[This article is excerpted from Liberalism, Chapter 1]
So overwhelming was the victory won by liberalism in this conflict that the church had to give up, once and for all, claims that it had vigorously maintained for thousands of years. The burning of heretics, inquisitorial persecutions, religious wars these today belong to history. No one can understand any longer how quiet people, who practiced their devotions as they believed right within the four walls of their own home, could have been dragged before courts, incarcerated, martyred, and burned. But even if no more stakes are kindled ad majorem Dei gloriam, a great deal of intolerance still persists.
Read More @ Mises.ca
[This article is excerpted from Liberalism, Chapter 1]
12. Tolerance
Liberalism limits its concern entirely and exclusively to earthly
life and earthly endeavor. The kingdom of religion, on the other hand,
is not of this world. Thus, liberalism and religion could both exist
side by side without their spheres’ touching. That they should have
reached the point of collision was not the fault of liberalism. It did
not transgress its proper sphere; it did not intrude into the domain of
religious faith or of metaphysical doctrine. Nevertheless, it
encountered the church as a political power claiming the right to
regulate according to its judgment not only the relationship of man to
the world to come, but also the affairs of this world. It was at this
point that the battle lines had to be drawn.So overwhelming was the victory won by liberalism in this conflict that the church had to give up, once and for all, claims that it had vigorously maintained for thousands of years. The burning of heretics, inquisitorial persecutions, religious wars these today belong to history. No one can understand any longer how quiet people, who practiced their devotions as they believed right within the four walls of their own home, could have been dragged before courts, incarcerated, martyred, and burned. But even if no more stakes are kindled ad majorem Dei gloriam, a great deal of intolerance still persists.
Read More @ Mises.ca
by Kathryn Larson, Detroit.CBSlocal.com:
The men and women of the Detroit Police Department believe the city is
too dangerous to enter, and they want citizens to know it.
Detroit Police Officer Association (DPOA) Attorney Donato Iorio said officers are holding the “Enter At Your Own Risk” rally at 3:30 p.m. Saturday in front of Comerica Park to remind the public that the officers are overworked, understaffed, and at times, fearful for their lives.
“Detroit is America’s most violent city, its homicide rate is the highest in the country and yet the Detroit Police Department is grossly understaffed,” Iorio told WWJ’s Kathryn Larson. “The DPOA believes that there is a war in Detroit, but there should be a war on crime, not a war on its officers.”
Iorio says the once 2,000 strong force is shrinking rapidly; since the start of summer, hundreds of officers have left the department.
Read More @ Detroit.CBSlocal.com
The men and women of the Detroit Police Department believe the city is
too dangerous to enter, and they want citizens to know it.Detroit Police Officer Association (DPOA) Attorney Donato Iorio said officers are holding the “Enter At Your Own Risk” rally at 3:30 p.m. Saturday in front of Comerica Park to remind the public that the officers are overworked, understaffed, and at times, fearful for their lives.
“Detroit is America’s most violent city, its homicide rate is the highest in the country and yet the Detroit Police Department is grossly understaffed,” Iorio told WWJ’s Kathryn Larson. “The DPOA believes that there is a war in Detroit, but there should be a war on crime, not a war on its officers.”
Iorio says the once 2,000 strong force is shrinking rapidly; since the start of summer, hundreds of officers have left the department.
Read More @ Detroit.CBSlocal.com
from OCSurvival:
I just talked to the lot guy for Costco that was keeping people out of the gas station, he confirmed my fear. He told me a few fun facts. 1. The tanks in the station hold 30,000 gallons and auto shut off when the level goes under 1,000 gallons. 2. He told me that multiple Costco’s are out of gas. 3. He told me that two or three refineries are off line and that this could last for 3-6 weeks before they come back on line, he says that they have not told him when gas shipments start showing up again.
It’s hard to find gas in Irvine under $4.60 per gallon. Nearly $5 per gallon for premium and wore in L.A, i heard it was near $6 for Regular. it’s gone up nearly .50 here in 24 hours… at 2pm today it was $4.39 – now at 4pm it’s $4.59 Get your prepin’ done!
I just talked to the lot guy for Costco that was keeping people out of the gas station, he confirmed my fear. He told me a few fun facts. 1. The tanks in the station hold 30,000 gallons and auto shut off when the level goes under 1,000 gallons. 2. He told me that multiple Costco’s are out of gas. 3. He told me that two or three refineries are off line and that this could last for 3-6 weeks before they come back on line, he says that they have not told him when gas shipments start showing up again.
It’s hard to find gas in Irvine under $4.60 per gallon. Nearly $5 per gallon for premium and wore in L.A, i heard it was near $6 for Regular. it’s gone up nearly .50 here in 24 hours… at 2pm today it was $4.39 – now at 4pm it’s $4.59 Get your prepin’ done!
by Adam Hamilton, SilverBearCafe.com:
After the Federal Reserve launched QE3 last month, investors and speculators are growing excited about its future impact on gold and silver. Though the Fed’s QE3 campaign started out relatively small, its open-ended nature is utterly unprecedented. Thus an unknown amount of future inflation will be spawned. Naturally gold and silver thrive in such environments, as they proved during QE1 and QE2.
Of course QE stands for quantitative easing. Even as a lifelong student of the financial markets, I don’t recall hearing this term before late 2008′s epic stock panic. Central banks are notorious for trying to cloak their actions. So although ???quantitative easing??? was universally derided historically, it was known by a different name. Quantitative easing is simply a pleasant-sounding euphemism for debt monetization.
Read More @ SilverBearCafe.com
After the Federal Reserve launched QE3 last month, investors and speculators are growing excited about its future impact on gold and silver. Though the Fed’s QE3 campaign started out relatively small, its open-ended nature is utterly unprecedented. Thus an unknown amount of future inflation will be spawned. Naturally gold and silver thrive in such environments, as they proved during QE1 and QE2.
Of course QE stands for quantitative easing. Even as a lifelong student of the financial markets, I don’t recall hearing this term before late 2008′s epic stock panic. Central banks are notorious for trying to cloak their actions. So although ???quantitative easing??? was universally derided historically, it was known by a different name. Quantitative easing is simply a pleasant-sounding euphemism for debt monetization.
Read More @ SilverBearCafe.com
from RussiaToday:
The Turkish military reportedly fired at Syria on Saturday morning in response to a mortar from Syria landing near a Turkish farm. If follows a similar incident on Friday.
The exchange occurred near the village of Guvecci in Hatay province, according to Turkey’s Anadolu Agency.
Earlier on Friday afternoon a mortar shell fell near the town of Yayladagi, some 50 meters away from the Syrian border. The Turkish army immediately “fired back at targets” within Syria, Turkish media report quoting officials.
No injuries were reported in Turkey from either incident.
On Friday, Turkish Prime Minster Recep Tayyip Erdogan warned Syria that future attacks on his country’s territory would be a “fatal mistake,” Reuters reports.
“We are not interested in war, but we’re not far from war either. This nation has come to where it is today having gone through intercontinental wars,” Erdogan said in his speech. “Those who attempt to test Turkey’s deterrence, its decisiveness, its capacity, I say here they are making a fatal mistake.”
Read More @ RT.com
The Turkish military reportedly fired at Syria on Saturday morning in response to a mortar from Syria landing near a Turkish farm. If follows a similar incident on Friday.
The exchange occurred near the village of Guvecci in Hatay province, according to Turkey’s Anadolu Agency.
Earlier on Friday afternoon a mortar shell fell near the town of Yayladagi, some 50 meters away from the Syrian border. The Turkish army immediately “fired back at targets” within Syria, Turkish media report quoting officials.
No injuries were reported in Turkey from either incident.
On Friday, Turkish Prime Minster Recep Tayyip Erdogan warned Syria that future attacks on his country’s territory would be a “fatal mistake,” Reuters reports.
“We are not interested in war, but we’re not far from war either. This nation has come to where it is today having gone through intercontinental wars,” Erdogan said in his speech. “Those who attempt to test Turkey’s deterrence, its decisiveness, its capacity, I say here they are making a fatal mistake.”
Read More @ RT.com
from BenSwannRealityCheck:
Ben Swann talks one on one with Libertarian Presidential Candidate Gary Johnson about the federal deficit, legalizing marijuana and why Johnson is polling so well in Ohio
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Jim Sinclair’s Commentary
Some say that these are Cicero’s axioms. To me they look like the observations of contemporary person with good common sense.
01. The poor: work and work,
02. The rich: exploit the poor,
03. The soldier: protects both,
04. The taxpayer: pays for all three,
05. The wanderer: rests for all four,
06. The drunk: drinks for all five,
07. The banker: robs all six,
08. The lawyer: misleads all seven,
09. The doctor: kills all eight,
10. The undertaker: buries all nine,
11. The Politician: lives happily on the account of all ten.
Jim Sinclair’s Commentary
Take an eye for an eye, and soon the entire world will be blind.
Turkey Responds to Syrian Shelling October 06, 2012
Turkish state media say another mortar bomb from Syria has landed in southern Turkey.
The Anatolian news agency says Turkish military returned fire Saturday after the bomb landed in a rural area amid intense clashes on the Syrian side of the border in Idlib province.
The latest shelling came a day after Turkish Prime Minister Recep Tayyip Erdogan warned Syria against continued cross-border attacks.
In a fiery speech in Istanbul, Erdogan said Syrian President Bashar al-Assad’s government should not test Turkey’s ability to strike back.
His remarks came two days after a Syrian attack on the Turkish town of Akcakale killed five civilians in one of the most serious cross-border incidents in Syria’s 18-month uprising.
Following the attack, Turkish forces shelled Syrian targets, and Turkey’s parliament authorized military operations outside its borders if necessary.
More…
Jim Sinclair’s Commentary
The most likely suspect is US intelligence.
Israel downs unmanned aircraft
The Israeli air force has shot down a small unmanned aircraft after it entered the south of the country, the military has said.
Troops are searching for remains of the aircraft in the north of the Negev desert. It is not clear where it came from.
Local media quoted officials as saying the aircraft flew in from the west, but not from the Gaza Strip.
It was intercepted at around 10:00 local time (08:00 GMT).
The Israeli Defence Force said it was examining the aircraft’s flight path and whether it was being used for reconnaissance or for a potential act of terrorism.
However, Israeli radio quoted a military spokesman as saying it was not carrying explosives.
Correspondents say several small drones have penetrated Israeli territory in the past, but from the north.
More…
Jim,
Let me sign off with that old quote, "Gold is the currency of kings, silver is the currency of princes, barter is the currency of peasants, and DEBT is the currency of SLAVES".
Many thanks and warm regards,
CIGA David N
Jim Sinclair’s Commentary
Subscribing to Monty’s service has significant benefits. You must understand that those who I recommend to you as resources is because I believe in them and their ethics.
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Conference Call Announcement:
Next Friday, October 12, 2012 at 10:00 AM PST / 1:00 PM EST Guild Investment Management is hosting our third conference call, Global Investing In the Current Macro Environment (1 CE Credit), for Investment Management Clients and Gold Subscribers.
As a courtesy, we would like to extend this invitation to and interested family members, close friends, CPAs, financial planners, or estate attorneys of yours who you feel may benefit from our perspective or who need introduction to our investment mindset. To accept this extended invitation, please provide us with the contact information of the interested individual, so that we may reach out to them with details.
We have designed and created these periodic conference calls to help our Gold Subscribers with their investment strategies.
Certified Financial Planners you will be able to earn 1 CE credit for attending the event.
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Global Investing in the Current Macro Environment (1 CE Credit)
During the conference, we will not only discuss what is happening in the markets today, but how we believe you should approach investing over the next several years as markets cycle through periods of crisis and euphoria.
Call Schedule: Friday, October 12, 2012 at 10:00 AM (PST) / 1:00 PM (EST).
Please click here for details and to register for the event.
My Dear Friends,
Today’s employment figure is a shock. A shock not because they are good, but rather because the fabrication is totally transparent. On the other side is the candidate of Wall Street and the Banksters. There is no choice here between good and bad, capable or incapable. No matter who wins, the transition to a one world central bank and a single currency is unavoidable. Both parties are experts on the art and science of stealing an election. Who knows, that might cancel itself out.
If I was a young married man, I would not have children. I would not want them to have to live through the end game of all of this transitioning into the new world of Big Brother’s matrix. I have given you the end game financially which is the Federal Reserve balance sheet’s impact on dollar confidence. I know what the new world will look like, making me totally delighted to be 71.
Gold will protect you in this transition. Silver will give you a cheap thrill followed by a spiritual experience devoid of a teacher.
Respectfully,
Jim
Jim Sinclair’s Commentary
Today in Euroland.
1.30570 +0.00469 (+0.36%)
2012-10-05 20:00:53, 0 min delay
Jim Sinclair’s Commentary
The Chicago statisticians.
Jim Sinclair’s Commentary
The forgiveness of gift tax on family wealth transfers up to $5,000,000 is going to die in less than 90 days.
I do not believe that any thinking political person can walk up to the fiscal cliff and just let it happen. At the least it will get the can kick down the political road as neither candidate wants the bill this event will carry. There is one tax deduction that I feel will not survive the can kick. It is the ability to transfer wealth to your family free of gift tax. In my opinion, I see October to December 31, 2012 as the end of being able to give up to $5,000,000 to your family members without being charged any gift tax. All of us work for our families and take great pride in seeing them succeed. In three months I expect the end forever of this tax break. Forever being defined as our lifetimes.
One way is to give some of your wealth to family members when we are still alive and able to see how they handle it. If they know this is a test, and their inheritance will be based on your review of how they handled money, they might just make you proud. Regardless of the amount you do, I feel it is better than enriching children upon your demise when you are not here to guide them or rate how they did. Think about it as it has less than 90 days to live, in my opinion no matter who is elected.
Tax-Free Gifting Strategies Posted on November 15, 2011 by Financial Advisor
2011 Is a Good Year to Think About Tax-Free Gifting Strategies.
We all know that it is better to give than receive, but if possible, it can be even more advantageous to give and be tax savvy about it too! It is that special feeling in your heart from giving that makes it all worth it, but at the same time, there is nothing wrong with looking at tax smart ways to give as well. Even if you are not a famous philanthropist like Bill Gates, or members of the Rockefeller family, gifting money to your children and grandchildren can be a goal of yours.
In today’s confusing world there are several common strategies that you can use that allow you to gift some of the assets you have accumulated in your estate which in turn could possibly reduce the tax debts on your heirs when you pass. With proper gift planning it is possible to be generous and tax efficient at the same time.
Estate and Gift Taxes
Once your net worth exceeds a certain amount, your estate may be subject to estate taxes. Currently, an individual can gift up to $5,000,000 federally tax-free during their life or when they pass to a non-spouse beneficiary. If you are married, you can gift up to twice this amount, or $10,000,000. That is the federal amount that can transfer federal tax-free to non-spouse beneficiaries. This number is called the basic exclusion amount. (There is no limitation for a spouse to gift to their spouse as long as their spouse is a U.S. citizen.)
While exchanging or gifting large amounts of money to your spouse is considered tax free, this is not always a best solution to reducing your taxable estate. Unfortunately, this transfer could potentially increase the amount of tax you can potentially impose on your spouse’s estate. Gifting assets to your children, or grandchildren and other non-spouse beneficiaries is treated differently; however, there are still various ways you can provide some tax-free gifts for these special beneficiaries.
Unfortunately, today’s generous exclusions only apply for two calendar years. In 2013, unless Congress changes the current law, the federally tax-free amount will revert back to $1,000,000 per person, and the federal tax rate for many estates can go up to 55% (compared to the current maximum rate of 35%).
Many people are surprised when they learn that the gift tax is paid by the giver and not the receiver! It is sometimes hard to believe that the person making the gift is also the one that has to pay out of pocket any of these additional gift taxes. Talk about being generous!
In addition to all these federal taxes, you should investigate whether the state in which you reside might also tax your estate. Currently 16 states and the District of Columbia have an estate tax.
More…
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Ben Swann talks one on one with Libertarian Presidential Candidate Gary Johnson about the federal deficit, legalizing marijuana and why Johnson is polling so well in Ohio
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Jim Sinclair’s Commentary
Some say that these are Cicero’s axioms. To me they look like the observations of contemporary person with good common sense.
01. The poor: work and work,
02. The rich: exploit the poor,
03. The soldier: protects both,
04. The taxpayer: pays for all three,
05. The wanderer: rests for all four,
06. The drunk: drinks for all five,
07. The banker: robs all six,
08. The lawyer: misleads all seven,
09. The doctor: kills all eight,
10. The undertaker: buries all nine,
11. The Politician: lives happily on the account of all ten.
Jim Sinclair’s Commentary
Take an eye for an eye, and soon the entire world will be blind.
Turkey Responds to Syrian Shelling October 06, 2012
Turkish state media say another mortar bomb from Syria has landed in southern Turkey.
The Anatolian news agency says Turkish military returned fire Saturday after the bomb landed in a rural area amid intense clashes on the Syrian side of the border in Idlib province.
The latest shelling came a day after Turkish Prime Minister Recep Tayyip Erdogan warned Syria against continued cross-border attacks.
In a fiery speech in Istanbul, Erdogan said Syrian President Bashar al-Assad’s government should not test Turkey’s ability to strike back.
His remarks came two days after a Syrian attack on the Turkish town of Akcakale killed five civilians in one of the most serious cross-border incidents in Syria’s 18-month uprising.
Following the attack, Turkish forces shelled Syrian targets, and Turkey’s parliament authorized military operations outside its borders if necessary.
More…
Jim Sinclair’s Commentary
The most likely suspect is US intelligence.
Israel downs unmanned aircraft
The Israeli air force has shot down a small unmanned aircraft after it entered the south of the country, the military has said.
Troops are searching for remains of the aircraft in the north of the Negev desert. It is not clear where it came from.
Local media quoted officials as saying the aircraft flew in from the west, but not from the Gaza Strip.
It was intercepted at around 10:00 local time (08:00 GMT).
The Israeli Defence Force said it was examining the aircraft’s flight path and whether it was being used for reconnaissance or for a potential act of terrorism.
However, Israeli radio quoted a military spokesman as saying it was not carrying explosives.
Correspondents say several small drones have penetrated Israeli territory in the past, but from the north.
More…
Jim,
Let me sign off with that old quote, "Gold is the currency of kings, silver is the currency of princes, barter is the currency of peasants, and DEBT is the currency of SLAVES".
Many thanks and warm regards,
CIGA David N
Jim Sinclair’s Commentary
Subscribing to Monty’s service has significant benefits. You must understand that those who I recommend to you as resources is because I believe in them and their ethics.
There is no business relationship with those I recommend, directly or tangentially.
Conference Call Announcement:
Next Friday, October 12, 2012 at 10:00 AM PST / 1:00 PM EST Guild Investment Management is hosting our third conference call, Global Investing In the Current Macro Environment (1 CE Credit), for Investment Management Clients and Gold Subscribers.
As a courtesy, we would like to extend this invitation to and interested family members, close friends, CPAs, financial planners, or estate attorneys of yours who you feel may benefit from our perspective or who need introduction to our investment mindset. To accept this extended invitation, please provide us with the contact information of the interested individual, so that we may reach out to them with details.
We have designed and created these periodic conference calls to help our Gold Subscribers with their investment strategies.
Certified Financial Planners you will be able to earn 1 CE credit for attending the event.
Please see below for conference call details.
Global Investing in the Current Macro Environment (1 CE Credit)
During the conference, we will not only discuss what is happening in the markets today, but how we believe you should approach investing over the next several years as markets cycle through periods of crisis and euphoria.
Call Schedule: Friday, October 12, 2012 at 10:00 AM (PST) / 1:00 PM (EST).
Please click here for details and to register for the event.
My Dear Friends,
Today’s employment figure is a shock. A shock not because they are good, but rather because the fabrication is totally transparent. On the other side is the candidate of Wall Street and the Banksters. There is no choice here between good and bad, capable or incapable. No matter who wins, the transition to a one world central bank and a single currency is unavoidable. Both parties are experts on the art and science of stealing an election. Who knows, that might cancel itself out.
If I was a young married man, I would not have children. I would not want them to have to live through the end game of all of this transitioning into the new world of Big Brother’s matrix. I have given you the end game financially which is the Federal Reserve balance sheet’s impact on dollar confidence. I know what the new world will look like, making me totally delighted to be 71.
Gold will protect you in this transition. Silver will give you a cheap thrill followed by a spiritual experience devoid of a teacher.
Respectfully,
Jim
Jim Sinclair’s Commentary
Today in Euroland.
1.30570 +0.00469 (+0.36%)
2012-10-05 20:00:53, 0 min delay
Jim Sinclair’s Commentary
The Chicago statisticians.
Jim Sinclair’s Commentary
The forgiveness of gift tax on family wealth transfers up to $5,000,000 is going to die in less than 90 days.
I do not believe that any thinking political person can walk up to the fiscal cliff and just let it happen. At the least it will get the can kick down the political road as neither candidate wants the bill this event will carry. There is one tax deduction that I feel will not survive the can kick. It is the ability to transfer wealth to your family free of gift tax. In my opinion, I see October to December 31, 2012 as the end of being able to give up to $5,000,000 to your family members without being charged any gift tax. All of us work for our families and take great pride in seeing them succeed. In three months I expect the end forever of this tax break. Forever being defined as our lifetimes.
One way is to give some of your wealth to family members when we are still alive and able to see how they handle it. If they know this is a test, and their inheritance will be based on your review of how they handled money, they might just make you proud. Regardless of the amount you do, I feel it is better than enriching children upon your demise when you are not here to guide them or rate how they did. Think about it as it has less than 90 days to live, in my opinion no matter who is elected.
Tax-Free Gifting Strategies Posted on November 15, 2011 by Financial Advisor
2011 Is a Good Year to Think About Tax-Free Gifting Strategies.
We all know that it is better to give than receive, but if possible, it can be even more advantageous to give and be tax savvy about it too! It is that special feeling in your heart from giving that makes it all worth it, but at the same time, there is nothing wrong with looking at tax smart ways to give as well. Even if you are not a famous philanthropist like Bill Gates, or members of the Rockefeller family, gifting money to your children and grandchildren can be a goal of yours.
In today’s confusing world there are several common strategies that you can use that allow you to gift some of the assets you have accumulated in your estate which in turn could possibly reduce the tax debts on your heirs when you pass. With proper gift planning it is possible to be generous and tax efficient at the same time.
Estate and Gift Taxes
Once your net worth exceeds a certain amount, your estate may be subject to estate taxes. Currently, an individual can gift up to $5,000,000 federally tax-free during their life or when they pass to a non-spouse beneficiary. If you are married, you can gift up to twice this amount, or $10,000,000. That is the federal amount that can transfer federal tax-free to non-spouse beneficiaries. This number is called the basic exclusion amount. (There is no limitation for a spouse to gift to their spouse as long as their spouse is a U.S. citizen.)
While exchanging or gifting large amounts of money to your spouse is considered tax free, this is not always a best solution to reducing your taxable estate. Unfortunately, this transfer could potentially increase the amount of tax you can potentially impose on your spouse’s estate. Gifting assets to your children, or grandchildren and other non-spouse beneficiaries is treated differently; however, there are still various ways you can provide some tax-free gifts for these special beneficiaries.
Unfortunately, today’s generous exclusions only apply for two calendar years. In 2013, unless Congress changes the current law, the federally tax-free amount will revert back to $1,000,000 per person, and the federal tax rate for many estates can go up to 55% (compared to the current maximum rate of 35%).
Many people are surprised when they learn that the gift tax is paid by the giver and not the receiver! It is sometimes hard to believe that the person making the gift is also the one that has to pay out of pocket any of these additional gift taxes. Talk about being generous!
In addition to all these federal taxes, you should investigate whether the state in which you reside might also tax your estate. Currently 16 states and the District of Columbia have an estate tax.
More…
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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