By: Nadeem Walayat, The Market Oracle:
Whilst the Israeli PM was busy using propaganda cartoons at the UN to
prepare the brain washed masses of the world for an attack against
Iran’s nuclear infrastructure, in addition to the raging cyber war, the
currency war against the Iranian elite has continued to accelerate as
the US elites succeeds in decoupling Iran’s central bank from the global
central bank crime syndicate that manages the relative rates of free
fall amongst all fiat currencies to give the illusion of currency
stability which has sent the Iranian Rial literally into free fall.Whilst the official Iranian central bank rate for the Rial remains stuck at a rate no one can actually trade at, the real rate that people actually live with continues to collapse by falling by more than 25% in just 1 week, and by 70% over the past year (against USD), where apparently the decline is being accelerated by all things the inauguration of new currency trading centre just over a week ago!
Read More @ TheMarketOracle.co.uk
QE3 Has Been Fully Priced In: Comparing QE1 vs QE2 vs Twist 1 vs Twist 2 vs QEternity
In the weeks leading into QE3 we repeatedly stated that virtually the entire impact of the latest Fed market boosting quantiative easing program has already been priced in. Below, we present this visually, while also comparing the impact of all the other (four of them) easing programs launched previously by the Federal Reserve.
by Ryan Jordan, Financial Sense:
Why Silver?
Throughout Western history, silver has been at the center of the world economy, the driver of empires, and an asset that has probably cost just as much if not more blood and treasure to extract than gold. Today, as the world faces sobering realities ranging from debt crises to concerns about resource growth, silver is once again slowly coming onto people’s radar screens, and for good reason.
Silver has been money in more places and has been used by more people than has gold throughout history, even as silver is rarer today than at almost any other time in history (especially relative to gold). With the advent of the industrial revolution, silver became a go-to metal for everything from cameras, to dishwashers, indoor plumbing, television sets, computers, cell phones, adhesives, and now solar technology (besides others uses.) The industrial applications for silver far exceed gold, which ironically is part of the reason why silver is so undervalued and rare: governments and banks dumped all the silver they could dump to satisfy industrial demand which gave markets the impression of limitless official supply of the white metal.
Read More @ financialsense.com
Why Silver?
Throughout Western history, silver has been at the center of the world economy, the driver of empires, and an asset that has probably cost just as much if not more blood and treasure to extract than gold. Today, as the world faces sobering realities ranging from debt crises to concerns about resource growth, silver is once again slowly coming onto people’s radar screens, and for good reason.
Silver has been money in more places and has been used by more people than has gold throughout history, even as silver is rarer today than at almost any other time in history (especially relative to gold). With the advent of the industrial revolution, silver became a go-to metal for everything from cameras, to dishwashers, indoor plumbing, television sets, computers, cell phones, adhesives, and now solar technology (besides others uses.) The industrial applications for silver far exceed gold, which ironically is part of the reason why silver is so undervalued and rare: governments and banks dumped all the silver they could dump to satisfy industrial demand which gave markets the impression of limitless official supply of the white metal.
Read More @ financialsense.com
from KingWorldNews:
Today Rick Rule told King World News “At some point we will see the
availability of physical gold disappear when we begin to see widespread
public ownership like we witnessed in the 1970s.” Rule, who is now part
of Sprott Asset Management, also noted that “… gold will do well
because the value of currencies will continue to erode.”Here is what Rule had to say: “It was a nice catch by Michael Pento the other day on KWN, and I suspect he’s exactly right that we are looking at QE4. It seems to me that regardless of the excuse, the Fed will find ways to add liquidity into the system for a couple of reasons. First, they feel the desperate need to keep the system, at least a big part of the system, liquid, in order to avoid a 2008 style decline.”
“But the second reason is, in addition to buying back mortgage-backed securities, they have to continue to issue short-term debt to fund their spending obligations, and they can’t sell that short-term debt to anybody else. They literally have to add liquidity to the system in order to buy their own paper (debt).
Rick Rule continues @ KingWorldNews.com
No less an authority than Goldman Sachs CEO Lloyd Blankfein said at the
Clinton Global Initiative last week that the United States could risk
its status as the world’s reserve currency if congress fails to act and
the “fiscal cliff” program of spending cuts and tax increases is enacted
January 1.Actually Blankfein’s statement was the reverse of the truth; enaction of the “fiscal cliff” program, halving the US budget deficit at a stroke, is one of the few outcomes that could AVOID the US losing its reserve currency status. But on the assumption that the politicians continue to misbehave after November 6, that trillion-dollar deficits continue, and the US does indeed over time lose its reserve currency status, what will a world without a reserve currency look like?
Read More @ ATimes.com
More Credit Suisse Employees Learn They Are About To Be Laid Off Via Department Of Labor Website
Almost precisely a year ago we posted "268 NY Credit Suisse Employees Learn They Are About To Be Laid Off Via Department Of Labor Website." Now, a year later, irony has struck again, as this time 138 employees from an already substantially trimmed Credit Suisse office in Manhattan, find out courtesy of the DOL's WARN website, but certainly not their HR team who wants everyone as motivated as possible until the "Hammer Hits" day, they have just been made redundant in the critical Christmas bonus season between October and December 29, 2012. Instead now everyone will be undermotivated until they get to learn who gets sacked. All that is left now are the actual identities of the pink slippees. The only other open question is whether the loss to US Federal and NY State tax revenues and US GDP will be offset by the more broken windows that are increasingly being discounted as a result of the ever rising unemployment and greater social unrest (not to mention part time NYPD jobs especially if sharpshooting is actually involved in their training this time).Wholesale Gasoline Shortage In California Causes Gas Stations To Shut Down: Hoarding Next?
"The squeeze is on, and people are doing desperate things," is how one independent described the situation in California. As Bloomberg reports, a shortage of supply along with drastically higher wholesale prices of gasoline has caused 'mom-and-pop' gas stations to close down as their margins are destroyed.- *VALERO SAYS SUPPLY IN CALIFORNIA HAS TIGHTENED
- *VALERO SAYS IT HAS TEMPORARILY HALTED SPOT SALES IN CALIFORNIA
One Very Strange Use For Silver Coins
The nature of what is ‘legal’ has become a truly bizarre concept these days. Developed nations of the west have hundreds of thousands of pages of rules, codes, regulations, laws, decrees, executive orders, etc., many of which are contradictory, archaic, and incomprehensible. Across these ‘free’ nations, the law is selectively enforced, selectively applied, and completely set aside whenever it pleases the state. As such, even the most harmless of activities (operating a lemonade stand, collecting rainwater, etc.) can be cast as illegal… while the direct theft of people’s wealth through taxes and manipulation of the currency is considered legal. There is no morality anymore in the law. And even still, whatever few activities may still be considered ‘legal’ are subject to consequences if the enforcers simply decide they don’t like it.
FOMC Minutes Reveal Nothing New
Same members, same voters, same views, same tools:- *FOMC PARTICIPANTS SAW `SIGNIFICANT DOWNSIDE RISKS' TO GROWTH
- *FOMC PARTICIPANTS SAW `PERSISTENT HEADWINDS' TO RECOVERY
- *FOMC PARTICIPANTS SAW FISCAL POLICY AS A `DRAG' ON ECONOMY
- *FOMC PARTICIPANTS SAID HOUSING MARKET IMPEDING RECOVERY
- *FED OFFICIALS SAW MANAGEABLE BOND BUYING RISKS, MINUTES SHOW
Top Nuclear Experts: Technology Doesn't Yet Exist to Clean Up Fukushima
10/04/2012 - 01:15
Regime-On / Regime-Off As Oil Round-Trips Yesterday's Losses
Confirming
that it is always the markets who make the news, especially when the
news is explained by "world renowned commodity experts" who really are
only long of newsletter sales in constantly wrong terms, yesterday's
slide in oil was quickly and clinically "justified" with the near
certainty that Iran's regime was on the verge of collapse following the
local currency devaluation. We welcome these same "experts" to justify
away why it is that the HFT algos which comprise over 30% of the CME's
revenue have decided to send WTI right back to unchanged in yesterday
terms. Because it would appear that today the Iranian regime is
suddenly more entrenched than ever, and hyperinflation is actually a
sure fire way to cement a so called dictator in his throne (as we said previously).Form vs. Substance
Dave in Denver at The Golden Truth - 1 hour ago
*Unless we begin to close this gap [the widening Govt spending deficit as a
percentage of GDP], then the inevitable result will be that our debt/GDP
ratio will continue to rise, the Fed would print money to pay for the
deficiency, inflation would follow and the dollar would inevitably decline.
Bonds would be burned to a crisp and stocks would certainly be singed; only
gold and real assets would thrive within the “Ring of Fire.”* - Bill
Gross, Pimco Asset Management
I have nothing to say about last night's Presidential debate other than
that Romney cleary kicked Obama's ass - tho... more »
Why Asset-Allocators Are Anxious And Balanced-Funds Are Baloney
Modern Portfolio Theory (MPT) is broken. That is how we interpret Niels Jensen's (Absolute Return Partners) latest missive as he draws a concerning line between the number of managers who rely sheep-like on the diversifying 'artifacts' of MPT in a new normal world of undiversifiable systemic risks. The shifts in intra- and inter-asset class correlations (both long- and short-term) have been incredible both in terms of direction change and magnitude - for example (as Nielsen notes) - In the 2000-03 bear market commodities were an excellent diversifier against equity market risk with the two asset classes being virtually uncorrelated (+0.05). Nowadays, the two are highly correlated (+0.69). This shift to a risk-on / risk-off world, fed by central bankers, makes the empirical Sharpe ratios of olde and track records of your favorite balanced-fund manager entirely useless for any investor seeking protection from not just volatility risk but ultimate risk - the permanent loss of capital.
The Positive Power Of Crisis
If
there is any demarcation with profound implications going forward, it
isn't the line between the 1% and the 99% or the line dividing the
Status Quo into two safely complicit ideological camps: it is
the divide between those who squarely face the burden of knowing the
present is unsustainable and those who flee into the comforts of
denial. Those who accept the burden of knowing are part of the solution,
those who cling to denial are part of the problem. Those who accept
the burden of knowing do not necessarily have answers, but they are
alert to alternatives and potential solutions. Those in denial can only hope that reality can be buried for a while longer.European Sovereigns Weaken Further As Pattern Emerges
European sovereign bond spreads weakened notably today - extending losses from yesterday - ending the day unchanged to slightly wider on the week. There has been a rather notable pattern though emerging in the last week as from the US Open to EU Close, we see bonds consistently sold off. EURUSD pushed up above 1.30 on a decent stop-run amid Draghi's words. It seemed Draghi was a little less dovish than in recent days - no rate cuts, more pain for Portugal, no concessions on Spain. European equities underperformed European credit for the second day in a row - playing catch down as financials underperformed.
Thursday Humor - The Climate-Adjusted Reason Obama 'Lost' The Debate
While
some have blamed last night's 'performance anxiety' on the President's
efforts to save our economy and not having time to practice, and
others at Romney's 'bullying' of the moderator, it seems Al Gore has
come up with the real reason - it's the altitude, stupid!
from cyber-space-war:
from chicagotribune.com: The hackers behind the cyber attacks on major U.S. banks have repeatedly disrupted online banking by using sophisticated and diverse tools that point to a carefully coordinated campaign, according to security researchers.
The hackers, believed to be activists in the Middle East, were highly knowledgeable about the defensive equipment used by the banks and likely spent months on reconnaissance, said several researchers interviewed by Reuters, who viewed the assaults as among the strongest and most complex the world has seen to date.
In the past two weeks, customers of top U.S. banks including Bank of America Corp, JPMorgan Chase & Co, Wells Fargo & Co, U.S. Bancorp and PNC Financial Services have reported having trouble accessing their websites, as unusually high traffic volumes appeared to crash or slow down the systems.
No thefts have been tied to hacked sites, but an untold number of customers were not able to pay bills or transfer money from their computers, leaving banks with remediation expenses and customer irritation as the biggest costs.
Pending affirmation by its national health agency, France is expected
to call for an official ban on Monsanto’s genetically-modified (GM) corn
very soon “at a European level,” according to the French news source RFI. Following the recent release of a University of Caen
study that found a link between the “Frankencorn” and the development
of severe tumors in rats, French officials have been urging a
Europe-wide ban on both the cultivation and import of the GM corn, which
was never proven safe in the first place prior to its commercial
release.
The study, which was published in the peer-reviewed journal Food and Chemical Toxicology, revealed for the first time that rats fed Monsanto’s NK603 GM corn treated with Roundup (glyphosate) herbicide for longer than 90 days developed deadly tumors at a much higher, and much quicker, rate than rats not exposed to these products. Similar health consequences were observed in rats fed NK603 GM corn without Roundup, as well as in rats exposed to just Roundup, revealing more about the true toxicity of these two highly-pervasive food technologies.
Read More @ NaturalNews.com
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 chicagotribune.com: The hackers behind the cyber attacks on major U.S. banks have repeatedly disrupted online banking by using sophisticated and diverse tools that point to a carefully coordinated campaign, according to security researchers.
The hackers, believed to be activists in the Middle East, were highly knowledgeable about the defensive equipment used by the banks and likely spent months on reconnaissance, said several researchers interviewed by Reuters, who viewed the assaults as among the strongest and most complex the world has seen to date.
In the past two weeks, customers of top U.S. banks including Bank of America Corp, JPMorgan Chase & Co, Wells Fargo & Co, U.S. Bancorp and PNC Financial Services have reported having trouble accessing their websites, as unusually high traffic volumes appeared to crash or slow down the systems.
No thefts have been tied to hacked sites, but an untold number of customers were not able to pay bills or transfer money from their computers, leaving banks with remediation expenses and customer irritation as the biggest costs.
by Ethan A. Huff, Natural News:
Pending affirmation by its national health agency, France is expected
to call for an official ban on Monsanto’s genetically-modified (GM) corn
very soon “at a European level,” according to the French news source RFI. Following the recent release of a University of Caen
study that found a link between the “Frankencorn” and the development
of severe tumors in rats, French officials have been urging a
Europe-wide ban on both the cultivation and import of the GM corn, which
was never proven safe in the first place prior to its commercial
release.The study, which was published in the peer-reviewed journal Food and Chemical Toxicology, revealed for the first time that rats fed Monsanto’s NK603 GM corn treated with Roundup (glyphosate) herbicide for longer than 90 days developed deadly tumors at a much higher, and much quicker, rate than rats not exposed to these products. Similar health consequences were observed in rats fed NK603 GM corn without Roundup, as well as in rats exposed to just Roundup, revealing more about the true toxicity of these two highly-pervasive food technologies.
Read More @ NaturalNews.com
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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