Adam Sharp: Is gold cooked? No way!
16 hours ago
Showing posts with label Silver. Show all posts
Showing posts with label Silver. Show all posts
Wednesday, September 15, 2010
Ron Paul discusses the U.S. economy with Mike Maloney of GoldSilver.com
An Interview with Congressman Ron Paul
38:35 - 2 years ago
Congressman and 2008 presidential candidate Ron Paul discusses the U.S. economy with Mike Maloney of GoldSilver.com
Thursday, September 2, 2010
Friday, August 27, 2010
Tuesday, August 24, 2010
Silver and gold explosive, Hinde Capital's Ben Davies tells King World News
Silver and gold explosive, Hinde Capital's Ben Davies tells King World News Submitted by cpowell on Wed, 2010-08-25 02:27. Section: Daily Dispatches 10:15p ET Tuesday, August 24, 2010
Dear Friend of GATA and Gold (and Silver):
Eric King of King World News today did a timely interview about gold and silver with Ben Davies, CEO of Hinde Capital in London. They discussed what Davies called the "fascinating" action in silver today, his expectation of price explosions this fall in both gold and silver, China's increasing leadership in the gold market, and the likelihood of currency devaluations, among other things. You can listen to the interview at the King World News Internet site here:
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/8/25_Ben_Davies.html
Thursday, August 19, 2010
Saturday, August 7, 2010
JP Morgan cuts gold and silver shorts, maybe permanently, Ted Butler says on King World News
Submitted by cpowell on Sat, 2010-08-07 14:31. Section: Daily Dispatches
10:30a ET Saturday, August 7, 2010
Dear Friend of GATA and Gold (and Silver):
In his weekly interview with Eric King of King World News, silver market analyst Ted Butler reports that JPMorganChase, the big short in silver, has brought its position to the lowest level since May 2009 and has been reducing its short position in gold as well. Because of pending changes in law and regulation in the United States, Butler doubts that MorganChase will ever be shorting again as much as it once did. The Comex situation for gold and silver, Butler says, is now about 85 percent bullish. You can listen to the King World News interview with Butler here:
http://kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/8/7_Ted_Butler_on_the_Metals_Market.html
Thursday, August 5, 2010
The Greatest Wealth Transfer In The History of Mankind explained in Mike Maloney's new DVD - Why Gold & Silver?
Also Watch:
http://goldsilver.com/askmike/why_gold_silver_the_movie_preview_bonus2.htm 3 minutes (How Mike Maloney Invests)
http://goldsilver.com/askmike/why_gold_silver_the_movie_preview_bonus3.htm 5 minutes (Buy real gold & silver)
I just ordered this DVD! http://www.goldsilverdvd.com Do you want to understand gold and silver? Do you need some help explaining it to family and friends? In this groundbreaking film, best selling author Mike Maloney (Rich Dad's Guide to Investing In Gold & Silver) explains what could very well be, "The greatest opportunity in the history of mankind".
Monday, August 2, 2010
I recommend this book: Rich Dad's Advisors: Guide to Investing In Gold and Silver: Protect Your Financial Future by Mike Maloney
I bought this book http://www.amazon.com/Rich-Dads-Advisors-Investing-Financial/dp/0446510998/ref=sr_1_1?ie=UTF8&s=books&qid=1280805472&sr=8-1
Please watch this:
http://www.youtube.com/watch?v=dmwGgcCdNkU 2 minutes
http://goldsilver.com/askmike/why_gold_silver_the_movie_preview_bonus2.htm 3 minutes (How Mike Maloney Invests)
http://goldsilver.com/askmike/why_gold_silver_the_movie_preview_bonus3.htm 5 minutes (Buy real gold & silver)
Do you want to understand gold and silver? Do you need some help explaining it to family and friends? In this groundbreaking film, best selling author Mike Maloney (Rich Dad's Guide to Investing In Gold & Silver) explains what could very well be, "The greatest opportunity in the history of mankind".
Bob Chapman on Financial Survival with Melody Cedarstrom of Discount Gold & Silver August 2, 2010
CLICK HERE to Listen to Bob Chapman on Financial Surivival with Melody Cedarstrom of Discount Gold & Silver.
Saturday, July 31, 2010
Press TV-On the edge with Max Keiser-Max Keiser with guest, Jim Willie of the GoldenJackass.com-07-30-2010 (Part1)
Max Keiser is on the edge of the financial news where future financial scandals, market crashes and monetary crisis begin, be there before it happens.
Thursday, July 29, 2010
Gold prices could range from $3,000 to $7,600 based on today’s rate of inflation. Silver will follow in lock step - Bob Chapman
http://theinternationalforecaster.com/International_Forecaster_Weekly/Accounting_for_the_Counterparties_in_the_Goldman_Sachs_Debacle
"These events are laying the groundwork for higher gold and silver prices, which will reflect the loss in buying power in all currencies, as they have over the past five years. Gold prices could range from $3,000 to $7,600 based on today’s rate of inflation. Silver will follow in lock step and could have an even more powerful move."
"These events are laying the groundwork for higher gold and silver prices, which will reflect the loss in buying power in all currencies, as they have over the past five years. Gold prices could range from $3,000 to $7,600 based on today’s rate of inflation. Silver will follow in lock step and could have an even more powerful move."
Saturday, July 24, 2010
Thursday, July 22, 2010
Juerg Kiener of Swiss Asia Capital is Very Bullish on Gold & Silver (1650-1700/oz this year & much higher next year)
In an exclusive interview with CNBC-TV18, Juerg Kiener, MD and CIO, Swiss Asia Capital, speaks about various commodities and gives his outlook going forward he especially likes Gold & Silver.
Tuesday, July 20, 2010
Mike Malloney's Newsletter GoldSilver.com
http://goldsilver.com/newsletters/newsID/8707/ref/1
The Immorality of it All
Fiat currency in conjunction with highly leveraged fractional reserve banking is the inflationist tool to create all sorts of rigged market mischief. Inflation, the expansion on the monetary supply simply increases boom-bust economic cycle severities and occurrences; inflation is the indirect theft of the average saver's capital. It allows nations to initiate and more easily fund endless wars. It enables a select few to more easily confiscate the wealth of the many.
"Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with classical liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism, and socialism." - Ludwig von Mises
The Immorality of it All
Fiat currency in conjunction with highly leveraged fractional reserve banking is the inflationist tool to create all sorts of rigged market mischief. Inflation, the expansion on the monetary supply simply increases boom-bust economic cycle severities and occurrences; inflation is the indirect theft of the average saver's capital. It allows nations to initiate and more easily fund endless wars. It enables a select few to more easily confiscate the wealth of the many.
"Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with classical liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism, and socialism." - Ludwig von Mises
Monday, July 19, 2010
Competing currency being accepted across Mid-Michigan
CHECK OUT THIS ARTICLE from Mike "Mish" Shedlock
New types of money are popping up across Mid-Michigan and supporters say, it's not counterfeit, but rather a competing currency.
Right now, you can buy a meal or visit a chiropractor without using actual U.S. legal tender.
They sound like real money and look like real money. But you can't take them to the bank because they're not made at a government mint. They're made at private mints.
"I sell three or four every single day and then I get one or two back a week," said Dave Gillie, owner of Gillies Coney Island Restaurant in Genesee Township.
Gillie also accepts silver, gold, copper and other precious metals to pay for food.
He says, if he wanted to, he could accept marbles.
"Do people have to accept dollars or money? No, they don'," Gillie said. "They can accept anything they want or they can refuse to accept anything."
He's absolutely right.
The U.S. Treasury Department says the Coinage Act of 1965 says "private businesses are free to develop their own policies on whether or not to accept cash, unless there is a state law which says otherwise."
That allows gas stations to say they don't accept 50- or $100 bills after a certain time of day in hopes of not getting robbed.
A chiropractic office in Lapeer County's Deerfield Township allows creativity when it comes to payment.
"This establishment accepts any form of silver, gold, chicken, apple pie, if someone works it out with me," said Jeff Kotchounian of Deerfield Chiropractic. "I've taken many things."
Jeff Kotchounian says he's used this Ron Paul half troy ounce of silver to get $25 worth of gas from a local station.
While the government and banks don't accept them, many others do.
So why is there interest in these competing currencies?
Is it just novelty or is there something deeper?
Coming tomorrow on NBC25 news at 6 p.m., you'll see why supporters of competing currencies say their money is worth more and is inflation proof.
New types of money are popping up across Mid-Michigan and supporters say, it's not counterfeit, but rather a competing currency.
Right now, you can buy a meal or visit a chiropractor without using actual U.S. legal tender.
They sound like real money and look like real money. But you can't take them to the bank because they're not made at a government mint. They're made at private mints.
"I sell three or four every single day and then I get one or two back a week," said Dave Gillie, owner of Gillies Coney Island Restaurant in Genesee Township.
Gillie also accepts silver, gold, copper and other precious metals to pay for food.
He says, if he wanted to, he could accept marbles.
"Do people have to accept dollars or money? No, they don'," Gillie said. "They can accept anything they want or they can refuse to accept anything."
He's absolutely right.
The U.S. Treasury Department says the Coinage Act of 1965 says "private businesses are free to develop their own policies on whether or not to accept cash, unless there is a state law which says otherwise."
That allows gas stations to say they don't accept 50- or $100 bills after a certain time of day in hopes of not getting robbed.
A chiropractic office in Lapeer County's Deerfield Township allows creativity when it comes to payment.
"This establishment accepts any form of silver, gold, chicken, apple pie, if someone works it out with me," said Jeff Kotchounian of Deerfield Chiropractic. "I've taken many things."
Jeff Kotchounian says he's used this Ron Paul half troy ounce of silver to get $25 worth of gas from a local station.
While the government and banks don't accept them, many others do.
So why is there interest in these competing currencies?
Is it just novelty or is there something deeper?
Coming tomorrow on NBC25 news at 6 p.m., you'll see why supporters of competing currencies say their money is worth more and is inflation proof.
Thursday, July 15, 2010
Saturday, July 10, 2010
This was taken from Grace Power's HelpFreeTheEarth.com
THE BILDERBERGERS Paper Money & Paper Tigers
By: Darryl_R_Schoon
PAPER MONEY
A fortune composed of paper is like a house built on sand
It is no coincidence that so many high ranking “public servants” openly attend a private Bilderberg meeting of the western world's financial elites. Public servants in name only, public bankers are the handmaidens of the private elites, and in so doing serve their own interests as well.
It is also no coincidence that bankers play such a prominent role in the affairs of the Bilderbergs, the western power elite. Prior to the introduction of the bankers' debt-based money in England in 1694, the east and the west were “separate but equal”. The bankers, however, were to significantly change that dynamic.
After central banking was introduced by the Bank of England, the relationship between the east and west shifted dramatically. England in its Faustian pact with the bankers was able to fund its navy and military with debt-based money and in a version of national gang violence, sic imperialism, imposed its will on much of the world.
The 18th , 19th , and 20th centuries reflected this great shift in power. The 21 st century, however, will not. By the end of the 19 th century, England 's time as the preeminent world power had run its course.
In 1870, England 's balance of trade went negative and its Treasury had increasing difficulty in paying the enormous bills of the British Navy and the bankers took careful note of this turn of events.
So, in 1913, the European bankers extended their operations to the US via the creation of the Federal Reserve System, the US version of the Bank of England's central bank. The Federal Reserve System, a consortium of private European and American banks, would issue the same debt-based money in America as had the Bank of England in Britain and the bankers would continue their power and influence in America as they had in England and Europe.
Now, however, in the 21 st century, America 's run at the table of fortune is coming to an end as did England 's one century before. In 1970, America 's balance of trade went negative (as did England 's in the 1870s) and again like England , its military budget would consume more and more of its national wealth.
The debt-based western world of the Bildebergs has now collided head-on with the savings-based world of the east.
CAPITALISM IS NOT COMMERCE
THE COIN OF THE REALM BECOMES THE CON OF THE REALM
Capitalism is the description of the wholesale introduction of credit into the world of commerce. Prior to the introduction of the Bank of England's debt-based money, the words “banker” and “capitalism” did not even exist. The previous description of banking was “money-lending”, an avocation made possible by the charging of interest on the lending of gold.
The utterly brilliant ascent of the BANKSTER money-lenders was made possible by their pact with government, first with King William of England, wherein private bankers would be allowed to issue public currency on which they could charge interest just as they had previously with gold—and government could then spend whatever it wished of the public's money, usually on war.
The advantages are obvious, at least to the bankers and governments. Over time, however, the credit based “money” turns into debt on which compounding interest is levied. In this system, time is the enemy as time compounds debts as well as the amount of paper money causing a continual debasing of previously issued currency.
THE MORE PAPER MONEY PRINTED
THE LESS ITS VALUE
The ultimate seduction of credit lies in its ability to deceive the debtor into believing that it is real money he or she has. It is not. Credit and debt are two sides of the same coin, albeit a coin of highly dubious origin.
The two-sided coin of credit and debt was substituted for gold and silver in an arrangement that served bankers and government, not producers and savers; and, much to the chagrin of the Bilderbergs and their bankers, the rest of the world, sic producers and savers, are now beginning to catch on to this increasingly obvious truth.
The rapid rise in the price of oil is a reflection of the intention of oil producers to no longer automatically trade their limited supply of oil for an unlimited and continually devaluing supply of paper money.
The current volatility in the price of gold and silver is a reflection of the death throes of the Bilderberg's regime of paper money. No paper money system has ever lasted, all have ended in failure and disaster and this present system will end the same way—no matter what efforts are exerted on the behalf of paper money.
PAPER, GOLD, OR SILVER
It was the bankers of the west that invented this game of charades where credit and debt masquerade as money. It is a charade that has lasted three hundred years. All games end, however, and this game is ending now, gratis of the universe whose intelligent hand Buckminster Fuller saw everywhere, even in our mistakes.
Bucky maintained that mistakes are an integral part of learning , Fuller maintained that the universe evolves by mistakes, learning ever more as it does so—and that includes mankind—no matter how dissociated our minds think we are from the originating phenomena of life.
POWER IS NO MORE CONTROL THAN CREDIT IS MONEY
Thursday, July 8, 2010
Witness The Recent Gold Market Takedowns from Bob Chapman's The International Forecaster July 7 2010
Witness The Recent Gold Market Takedowns
A weekly excerpt from the subscription issue of The International Forecaster, taken from Bob Chapman's weekly publication. July 7 2010: whistleblowers, interesting IMF rules, an official war against gold, signs of weakening, a hole 8 million jobs deep, cuts and changes in european economy, solar energy getting money, possible northern Euro, a desire for corruption removed Glass-Steagall.
Recently we were again witness to three gold market takedowns. The first was engineered just prior to and into gold and silver options expiration. Then prior to the ETF GLD gold option expiry and the last manipulative attack commenced just prior to the dreadful unemployment housing and inventory statistics. This sort of action began in 1988 with the signing of the Executive Order by President Ronald Reagan entitled the President’s Working Group on Financial Markets,” ostensibly created to neutralize events such as the October 1987 collapse of the US stock market. Needless to say, that was not the real intention of the creation of such an order. As it has turned out the Treasury and the N.Y. Fed manipulates markets 24/7 worldwide, and they have a particular interest in the suppression of gold and silver prices; they being the antitheist of the US dollar. It should be noted that there were several times that the US Treasury and the privately owned Fed manipulated gold and silver prior to August 1988. We have found in 50 plus years of tracing this manipulative activity by the US government that it happens over and over again. There is no doubt in our minds that a great deal of what is done by government in gold and silver is done by the commercials, who privy to inside information go along for the ride. In the options operation prices are driven down for Comex options as well as GLD options, so that they expire out of the money and as well the perpetrators can cover some of their short positions. This is not difficult to execute, because other traders see what is going on and they get involved as well making the tasks easier.
This spring Andrew Maguire went public with a scam being pulled by JPMorgan Chase in the rigging of silver futures on the LBMA, an exchange similar to Comex in London. This caper was explained to the CFTC, Commodity Futures Trading Commission, months ahead of it occurring and they chose to do nothing about it. Making matters worse, when confronted with the evidence in public hearings, the CFTC didn’t want to hear about it. Maguire broke the story to others who confronted the CFTC who received lip service. The CFTC was forced to conduct a civil investigation and the Justice Department as well is conducting a criminal investigation, which we believe will go nowhere. Realizing that the CFTC, Justice, Morgan and the government are working together against the public in this matter, we are told by our sources that class action suits are being prepared and that the first one should be filed soon. It is a sad day for Americans when justice has to be forced from a corrupt government. In the end we will win but it will be a painful process.
We have found it interesting that the IMF prohibits members from tying their currencies to gold. All of you out there who believe the IMF’s, SDRs, Special Drawing Rights, will be gold backed are mistaken. This historical operating position was further proven when on August 15, 1971 the US closed the gold window. This was the advice Mr. Nixon received from Paul Volcker, who was an early member of the Trilateral Commission and is an Illuminist. Volcker has also been a leader against the US using gold in its monetary policy. Since 8/15/71 there has been an official war against gold by the elitists behind the curtain. It was that seminal event that essentially changed the future of America and the world. At that time US debt was just short of $500 billion. Today short-term debt is $14 trillion and long-term debt is $105 trillion. The engineer of the failure of the US banking system and the failure of the dollar and the rejection of it is at the feet of Mr. Volcker. What he has done to America at the behest of his Illuminist masters is reprehensible. That was eventually followed by the elimination of Glass Steagall and the looting and the collapse of our financial system. This is the result of the corruption of our system.
The result of this treachery is the coming with the complete collapse of the stock market and the end of real estate as an investment. The powers that be have destroyed a once great nation. Everywhere you look, budgets of towns, cities, counties, states and governments are in a shambles. The entire world is becoming their world. You have no doubt seen the elitists’ answer, which is we all switch to the SDR, another fiat currency, devalue all currencies versus the SDR and allow defaults among nations, just as we predicted would happen, although not in this particular way. The solutions being proffered are not solutions at all, only different methods of paying back the bankers and keeping them in business.
That keeps the leaders of the system solvent and throws the debt on the citizen. Mind you, these same bankers were the ones who destroyed our system – or better yet their system – in order to bring about world government. It should not be surprising that gold has been the investment leader.
The Illuminist bankers believe this time they are capable of shutting down the entire system and replacing it with S.D.R.s, so that they can control everything financial worldwide. This is what we have been telling the public for over 50 years and no one wanted to listen. We were called conspiracy theorists. We were dead on correct. The SDR is a stepping-stone to a world currency that can never work. Just look at the horrible results of the unnatural euro. The hunger for power, time after time, makes the rich and powerful become even more insane than they already are. G-8 is now G-20, part of the formation of amalgamation and the recognition of the failure of the euro and the EU as well. We find it ludicrous that the elitists want a broke IMF to fix the monetary system with an SDR. The same IMF that said they would never sell gold into the open market, yet that is what they are doing every day. Their plan is to back the SDR with taxes obtained from world citizens and a carbon tax. That is what the BP oil episode is all about. Don’t expect a gold or silver based currency, because that inhibits the bankers’ ability to own and run the system that has made them so rich and powerful. Sound money is something they never want to see again.
The idea of a Northern euro we believe is undoable. If the big debtors have to pay back their debt they’ll be in depression for 30 years. If they default they can return to their cheap domestic currencies, which would make their exports competitive. That Northern Union creditor group would be stuck with $2 trillion in bad paper. In addition we are very skeptical as to whether they have any gold left and if they do how much to back a new currency. The ECB probably sold off enough gold to suppress the gold price leaving the central bank with probably only 7% of the 15% they originally had. The ECB has the same situation that the Fed has, they are enveloped in debt - much of it sovereign debt. England and others have the same problem. The ECB continues to buy junk bonds because it has no choice but to do so.
These financial and economic matters are very perplexing and social and political issues complicate them. The theory of corporatist fascism, that is so prevalent in America today, has spawned an economic policy of centralism, debt and monopoly driven by the privately owned Federal Reserve, banking and Wall Street. The tune is borrow and go deeper into debt to the bankers until America is bankrupt. This last chapter will be kicked off with more taxes and more fiscal debt. This will be accompanie4d by massive unemployment and eventually a deflationary depression. The unemployment problem is being deliberately allowed to worsen both by the administration and Congress, which won’t address the real reasons our nation is in such a state of failure. What else can you call the loss of 5 million jobs from free trade, globalization, offshoring and outsourcing, which is still going on and the loss of 8.4 million via recession/depression. That is 13.4 million jobs supposedly being filled by a birth/death model and service and retail jobs with little remuneration. Those who control our government, politicians and our economy are about to kick Americans when they are down. Those who control government and their emissaries loathe capitalism and love collectivism. The average American so disgusts our controllers that, if they could they would remove 80% from society.
This has nothing to do with the fabricated left, right paradigm. This is straight forward dictatorship controlled from Wall Street. The president and most of Congress are pliable socialists only intent on enriching themselves. Today we have the centrally planned fascist variety. All finance, production and quality of good will be decided by executive fiat and commercial monopoly. It will be as the Marxists said it will be, each according to their ability and each according to his means. That means centralized management of everything including people. Everything will be done in the public interest, which in fact is by corporate interest. Risk taking will cease to be, and our economy will resemble those of FDR, Juan Peron, Adolph Hitler and Benito Mussolini. Everything that was fascist in the past was an economic and financial failure. The 1930s and 40s were an experiment, a trail run for what we have today. Two stimulus packages and trillions of dollars later few new permanent jobs have been created and all the subsidized money and credit has been transferred via debt from the people to corporate America to bail it out. This is part of the world of in reality. These people count on the public’s ignorance to pull these scams and impose tyranny. You should be doing something about that.
Last week was a telling one for the Dow, which fell 4.5%, S&P fell 5%, the Russell 2000 7.2% and the Nasdaq 100 6.09%. All technical barriers to the downside were broken. Cyclicals fell 8.1%; transports 7.2%; consumers 3.4%; utilities 2.2%; banks 8.6%; broker/dealers 7.8%; high tech 5.2%; semis 5.8%; Internets 6.2% and biotechs 6.8%. Gold bullion fell $44, the HUI 8.1% and the USDX fell 1.1% to 84.41 and the latter appears to be breaking down in its head and shoulders formation.
Two-year T-bills fell 1 bps to 0.59%; the 10-year notes fell 7 bps to 1.76% and the 10-year German bund fell 3 bps to 2.98%.
As housing sales both new and existing fell, Freddie Mac’s 30-year fixed rate mortgage fell 11 bps to 4.58%; the 15’s fell 9 bps to 4.04%; the one-year ARMs rose 3 bps to 3.80% and the 30-year fixed rate jumbo fell 2 bps to 5.50%. The massive inventory overhand continues to put downward pressure on the market and the resumption of falling prices should soon begin.
Fed credit declined $11.9 billion to $2,316 trillion. It is up 8.7% annualized and 16.6% YOY. Fed foreign holdings of Treasuries and Agencies increased $7.8 billion to a new record of $3.098 trillion. Custody holdings for foreign central banks have increased $142 billion YTD and 12% YOY.
M2, narrow, money supply rose $23.6 billion to $8.588 trillion YTD, it is up 1.9% and YOY 1.6%.
Total money market fund assets fell $5.6 billion to $2.812 trillion, YTD funds have fallen $481 billion. YOY it has fallen $851 billion, or 22.3%.
Total commercial paper was unchanged at $1.099 trillion. CP has declined $71.4 billion, or 12.2% annualized YTD, and was down $38 billion YOY, or 3.3%.
The post office wants to increase the price of a stamp by 2 cents to 46 cents starting in January. The agency has been battered by massive losses and declining mail volume and faces a financial crisis.
Postal officials announced a wide-ranging series of proposed price increases Tuesday, averaging about 5 percent, and covering first class, advertising mail, periodicals, packages and other services.
The request now goes to the independent Postal Rate Commission, which has 90 days to respond. If approved, the increase would take effect Jan. 2.
"The Postal Service faces a serious risk of financial insolvency," postal vice president Stephen M. Kearney said.
Kearney said the agency is facing a $7 billion loss in 2011. The rate increase will bring in an extra $2.5 billion, meaning it still faces a $4.7 billion loss.
The rate increase is part of a series of money-saving plans announced in March. These also include reducing mail deliveries to five days a week, closing offices and making other cuts in expenses. Congress must agree to eliminating deliveries on Saturdays.
Concern governments around the world are curtailing stimulus measures too soon spurred Barton Biggs to sell about half of his stock investments this week. Biggs, whose Traxis Partners LLC gained 38 percent in 2009 when he bought equities after the Standard & Poor’s 500 Index fell to a 12-year low, sold most of his U.S. technology holdings, he told Bloomberg Television yesterday.
Signs the U.S. economy is weakening convinced Traxis to reverse course as the S&P 500 posted a weekly slump of 5 percent, bringing its loss since April 23 to 16 percent. Biggs, 77, said yesterday he cut bullish bets by about half since June 29, when they made up 70 percent of his fund.
“I can change my mind very quickly,” Biggs, who manages $1.4 billion, said in a telephone interview following the Bloomberg Television appearance. “I’m not wildly bearish, but I don’t want to have a lot of risk at this point. I just want to have less exposure at a time like this.”
The withdrawal of government stimulus, including the U.S. Senate’s vote against extending unemployment benefits on June 30, may turn a “soft patch” into a recession, he said. The second recession in three years isn’t inevitable should “rational politicians” take action to avert it, he said.
Stocks in the U.S. have fallen nine times in 10 days, including yesterday when data on jobs and factory orders added to concern the economic rebound is slowing. On Bloomberg Television, Biggs said “policy mistakes” could curb the U.S. expansion in gross domestic product that’s forecast by economists to be 3.2 percent in 2010.
President Barack Obama today announced $1.85 billion in loan guarantees to Abengoa SA’s Abengoa Solar unit and Abound Solar Inc. to build sun-powered facilities in the U.S. that he said will create thousands of new jobs.
In his weekly address on the radio and Internet, Obama said the money from the Department of Energy will help the U.S. transition to a “clean energy economy” that creates hundreds of thousands of jobs in the future.
“We’re going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America,” Obama said.
The loan guarantees will come from money in the $862 billion economic stimulus program enacted early last year. Obama announced the funding the day after government figures showed private employers adding fewer workers than forecast in June, reinforcing concerns the economic recovery will weaken.
“The recession from which we’re emerging has left us in a hole that’s about 8 million jobs deep,” Obama said. “And as I’ve said from the day I took office, it’s going to take months, even years, to dig our way out.”
Abengoa Solar, a unit of the Seville, Spain-based engineering company, will receive a $1.45 billion loan guarantee to build a solar-power plant in Arizona that will create 1,600 construction jobs and 85 permanent jobs, according to White House documents released in conjunction with Obama’s address.
The power plant will be the first of its kind in the U.S. and generate enough energy to power 70,000 homes, Obama said. [The same program was used in Spain and it was a total failure. The street hustler from Chicago is blowing smoke.]
Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.
The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds.
By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit. [As you can see it is the duty of Mr. Bernanke as chairman of the Fed to lie about everything to the American public. This is why the Fed does not want to be audited. In the absence of an explanation we have to assume the bonds and swaps were purchased at par and are now probably worth 20 cents on the dollar.]
Once again and with greater force, Europe has snubbed its nose (and rightfully so) the Keynesian clowns in US academia and the Obama administration. Bloomberg reports Trichet Calls on EU Governments to Reduce Budget Deficits to Boost Growth.
European Central Bank President Jean- Claude Trichet pressed governments to trim their budget deficits, saying such action would boost economic growth by improving confidence of consumers and investors. “We are in a period where we have to manage budgets very tightly,” Trichet told journalists in Aix-en-Provence, France. “I have no problem with austerity, rigor. I call this good budgetary management.” Trichet said today that deficit reduction won’t choke growth and a failure to stem budget gaps would be equally risky for the recovery. “Confidence is key for growth, and if you cannot have confidence in the sustainability of the fiscal policies then you have no growth because you have no confidence,” he said. “The two things are complimentary.”
Germany to Reduce Deficit by 80 billion euros ($100 billion) over five years Reuters reports Germany plans to cut new borrowing in savings drive.
Germany plans to cut net new borrowing by some 80 billion euros ($100 billion) over five years, reducing supply of Europe's benchmark debt and adding pressure on other euro zone members to tighten their own public finances. The draft budget for 2011, which the cabinet plans to approve on Wednesday for ratification in parliament in November, will anchor a 34 billion euro reduction in new issuance over the next two years compared to earlier plans. The federal government also aims to cut spending to 307.4 billion euros next year, a 3.8-percent decrease from plans made before a "debt brake" law was passed in 2009, details of the draft made available to Reuters on Sunday showed. The budget is the latest chapter in Germany's drive to consolidate public finances, a move that has drawn criticism from some other large countries that say it is too early to withdraw support enacted during the financial crisis. Unions have promised stiff resistance and industrial action looks likely -- a threat that could rise as cuts in social services deepen and health care costs rise as planned. In addition, some politicians from within Merkel's ruling coalition say the measures are unfairly aimed at the poor, whose benefit cuts make up the largest part of the savings planned through 2014. Besides the spending cuts, the budget's planned reduction in new borrowing to 65.2 billion euros this year and 57.5 billion euros in 2011 will put the onus on other countries that share the euro currency to follow suit.
A weekly excerpt from the subscription issue of The International Forecaster, taken from Bob Chapman's weekly publication. July 7 2010: whistleblowers, interesting IMF rules, an official war against gold, signs of weakening, a hole 8 million jobs deep, cuts and changes in european economy, solar energy getting money, possible northern Euro, a desire for corruption removed Glass-Steagall.
Recently we were again witness to three gold market takedowns. The first was engineered just prior to and into gold and silver options expiration. Then prior to the ETF GLD gold option expiry and the last manipulative attack commenced just prior to the dreadful unemployment housing and inventory statistics. This sort of action began in 1988 with the signing of the Executive Order by President Ronald Reagan entitled the President’s Working Group on Financial Markets,” ostensibly created to neutralize events such as the October 1987 collapse of the US stock market. Needless to say, that was not the real intention of the creation of such an order. As it has turned out the Treasury and the N.Y. Fed manipulates markets 24/7 worldwide, and they have a particular interest in the suppression of gold and silver prices; they being the antitheist of the US dollar. It should be noted that there were several times that the US Treasury and the privately owned Fed manipulated gold and silver prior to August 1988. We have found in 50 plus years of tracing this manipulative activity by the US government that it happens over and over again. There is no doubt in our minds that a great deal of what is done by government in gold and silver is done by the commercials, who privy to inside information go along for the ride. In the options operation prices are driven down for Comex options as well as GLD options, so that they expire out of the money and as well the perpetrators can cover some of their short positions. This is not difficult to execute, because other traders see what is going on and they get involved as well making the tasks easier.
This spring Andrew Maguire went public with a scam being pulled by JPMorgan Chase in the rigging of silver futures on the LBMA, an exchange similar to Comex in London. This caper was explained to the CFTC, Commodity Futures Trading Commission, months ahead of it occurring and they chose to do nothing about it. Making matters worse, when confronted with the evidence in public hearings, the CFTC didn’t want to hear about it. Maguire broke the story to others who confronted the CFTC who received lip service. The CFTC was forced to conduct a civil investigation and the Justice Department as well is conducting a criminal investigation, which we believe will go nowhere. Realizing that the CFTC, Justice, Morgan and the government are working together against the public in this matter, we are told by our sources that class action suits are being prepared and that the first one should be filed soon. It is a sad day for Americans when justice has to be forced from a corrupt government. In the end we will win but it will be a painful process.
We have found it interesting that the IMF prohibits members from tying their currencies to gold. All of you out there who believe the IMF’s, SDRs, Special Drawing Rights, will be gold backed are mistaken. This historical operating position was further proven when on August 15, 1971 the US closed the gold window. This was the advice Mr. Nixon received from Paul Volcker, who was an early member of the Trilateral Commission and is an Illuminist. Volcker has also been a leader against the US using gold in its monetary policy. Since 8/15/71 there has been an official war against gold by the elitists behind the curtain. It was that seminal event that essentially changed the future of America and the world. At that time US debt was just short of $500 billion. Today short-term debt is $14 trillion and long-term debt is $105 trillion. The engineer of the failure of the US banking system and the failure of the dollar and the rejection of it is at the feet of Mr. Volcker. What he has done to America at the behest of his Illuminist masters is reprehensible. That was eventually followed by the elimination of Glass Steagall and the looting and the collapse of our financial system. This is the result of the corruption of our system.
The result of this treachery is the coming with the complete collapse of the stock market and the end of real estate as an investment. The powers that be have destroyed a once great nation. Everywhere you look, budgets of towns, cities, counties, states and governments are in a shambles. The entire world is becoming their world. You have no doubt seen the elitists’ answer, which is we all switch to the SDR, another fiat currency, devalue all currencies versus the SDR and allow defaults among nations, just as we predicted would happen, although not in this particular way. The solutions being proffered are not solutions at all, only different methods of paying back the bankers and keeping them in business.
That keeps the leaders of the system solvent and throws the debt on the citizen. Mind you, these same bankers were the ones who destroyed our system – or better yet their system – in order to bring about world government. It should not be surprising that gold has been the investment leader.
The Illuminist bankers believe this time they are capable of shutting down the entire system and replacing it with S.D.R.s, so that they can control everything financial worldwide. This is what we have been telling the public for over 50 years and no one wanted to listen. We were called conspiracy theorists. We were dead on correct. The SDR is a stepping-stone to a world currency that can never work. Just look at the horrible results of the unnatural euro. The hunger for power, time after time, makes the rich and powerful become even more insane than they already are. G-8 is now G-20, part of the formation of amalgamation and the recognition of the failure of the euro and the EU as well. We find it ludicrous that the elitists want a broke IMF to fix the monetary system with an SDR. The same IMF that said they would never sell gold into the open market, yet that is what they are doing every day. Their plan is to back the SDR with taxes obtained from world citizens and a carbon tax. That is what the BP oil episode is all about. Don’t expect a gold or silver based currency, because that inhibits the bankers’ ability to own and run the system that has made them so rich and powerful. Sound money is something they never want to see again.
The idea of a Northern euro we believe is undoable. If the big debtors have to pay back their debt they’ll be in depression for 30 years. If they default they can return to their cheap domestic currencies, which would make their exports competitive. That Northern Union creditor group would be stuck with $2 trillion in bad paper. In addition we are very skeptical as to whether they have any gold left and if they do how much to back a new currency. The ECB probably sold off enough gold to suppress the gold price leaving the central bank with probably only 7% of the 15% they originally had. The ECB has the same situation that the Fed has, they are enveloped in debt - much of it sovereign debt. England and others have the same problem. The ECB continues to buy junk bonds because it has no choice but to do so.
These financial and economic matters are very perplexing and social and political issues complicate them. The theory of corporatist fascism, that is so prevalent in America today, has spawned an economic policy of centralism, debt and monopoly driven by the privately owned Federal Reserve, banking and Wall Street. The tune is borrow and go deeper into debt to the bankers until America is bankrupt. This last chapter will be kicked off with more taxes and more fiscal debt. This will be accompanie4d by massive unemployment and eventually a deflationary depression. The unemployment problem is being deliberately allowed to worsen both by the administration and Congress, which won’t address the real reasons our nation is in such a state of failure. What else can you call the loss of 5 million jobs from free trade, globalization, offshoring and outsourcing, which is still going on and the loss of 8.4 million via recession/depression. That is 13.4 million jobs supposedly being filled by a birth/death model and service and retail jobs with little remuneration. Those who control our government, politicians and our economy are about to kick Americans when they are down. Those who control government and their emissaries loathe capitalism and love collectivism. The average American so disgusts our controllers that, if they could they would remove 80% from society.
This has nothing to do with the fabricated left, right paradigm. This is straight forward dictatorship controlled from Wall Street. The president and most of Congress are pliable socialists only intent on enriching themselves. Today we have the centrally planned fascist variety. All finance, production and quality of good will be decided by executive fiat and commercial monopoly. It will be as the Marxists said it will be, each according to their ability and each according to his means. That means centralized management of everything including people. Everything will be done in the public interest, which in fact is by corporate interest. Risk taking will cease to be, and our economy will resemble those of FDR, Juan Peron, Adolph Hitler and Benito Mussolini. Everything that was fascist in the past was an economic and financial failure. The 1930s and 40s were an experiment, a trail run for what we have today. Two stimulus packages and trillions of dollars later few new permanent jobs have been created and all the subsidized money and credit has been transferred via debt from the people to corporate America to bail it out. This is part of the world of in reality. These people count on the public’s ignorance to pull these scams and impose tyranny. You should be doing something about that.
Last week was a telling one for the Dow, which fell 4.5%, S&P fell 5%, the Russell 2000 7.2% and the Nasdaq 100 6.09%. All technical barriers to the downside were broken. Cyclicals fell 8.1%; transports 7.2%; consumers 3.4%; utilities 2.2%; banks 8.6%; broker/dealers 7.8%; high tech 5.2%; semis 5.8%; Internets 6.2% and biotechs 6.8%. Gold bullion fell $44, the HUI 8.1% and the USDX fell 1.1% to 84.41 and the latter appears to be breaking down in its head and shoulders formation.
Two-year T-bills fell 1 bps to 0.59%; the 10-year notes fell 7 bps to 1.76% and the 10-year German bund fell 3 bps to 2.98%.
As housing sales both new and existing fell, Freddie Mac’s 30-year fixed rate mortgage fell 11 bps to 4.58%; the 15’s fell 9 bps to 4.04%; the one-year ARMs rose 3 bps to 3.80% and the 30-year fixed rate jumbo fell 2 bps to 5.50%. The massive inventory overhand continues to put downward pressure on the market and the resumption of falling prices should soon begin.
Fed credit declined $11.9 billion to $2,316 trillion. It is up 8.7% annualized and 16.6% YOY. Fed foreign holdings of Treasuries and Agencies increased $7.8 billion to a new record of $3.098 trillion. Custody holdings for foreign central banks have increased $142 billion YTD and 12% YOY.
M2, narrow, money supply rose $23.6 billion to $8.588 trillion YTD, it is up 1.9% and YOY 1.6%.
Total money market fund assets fell $5.6 billion to $2.812 trillion, YTD funds have fallen $481 billion. YOY it has fallen $851 billion, or 22.3%.
Total commercial paper was unchanged at $1.099 trillion. CP has declined $71.4 billion, or 12.2% annualized YTD, and was down $38 billion YOY, or 3.3%.
The post office wants to increase the price of a stamp by 2 cents to 46 cents starting in January. The agency has been battered by massive losses and declining mail volume and faces a financial crisis.
Postal officials announced a wide-ranging series of proposed price increases Tuesday, averaging about 5 percent, and covering first class, advertising mail, periodicals, packages and other services.
The request now goes to the independent Postal Rate Commission, which has 90 days to respond. If approved, the increase would take effect Jan. 2.
"The Postal Service faces a serious risk of financial insolvency," postal vice president Stephen M. Kearney said.
Kearney said the agency is facing a $7 billion loss in 2011. The rate increase will bring in an extra $2.5 billion, meaning it still faces a $4.7 billion loss.
The rate increase is part of a series of money-saving plans announced in March. These also include reducing mail deliveries to five days a week, closing offices and making other cuts in expenses. Congress must agree to eliminating deliveries on Saturdays.
Concern governments around the world are curtailing stimulus measures too soon spurred Barton Biggs to sell about half of his stock investments this week. Biggs, whose Traxis Partners LLC gained 38 percent in 2009 when he bought equities after the Standard & Poor’s 500 Index fell to a 12-year low, sold most of his U.S. technology holdings, he told Bloomberg Television yesterday.
Signs the U.S. economy is weakening convinced Traxis to reverse course as the S&P 500 posted a weekly slump of 5 percent, bringing its loss since April 23 to 16 percent. Biggs, 77, said yesterday he cut bullish bets by about half since June 29, when they made up 70 percent of his fund.
“I can change my mind very quickly,” Biggs, who manages $1.4 billion, said in a telephone interview following the Bloomberg Television appearance. “I’m not wildly bearish, but I don’t want to have a lot of risk at this point. I just want to have less exposure at a time like this.”
The withdrawal of government stimulus, including the U.S. Senate’s vote against extending unemployment benefits on June 30, may turn a “soft patch” into a recession, he said. The second recession in three years isn’t inevitable should “rational politicians” take action to avert it, he said.
Stocks in the U.S. have fallen nine times in 10 days, including yesterday when data on jobs and factory orders added to concern the economic rebound is slowing. On Bloomberg Television, Biggs said “policy mistakes” could curb the U.S. expansion in gross domestic product that’s forecast by economists to be 3.2 percent in 2010.
President Barack Obama today announced $1.85 billion in loan guarantees to Abengoa SA’s Abengoa Solar unit and Abound Solar Inc. to build sun-powered facilities in the U.S. that he said will create thousands of new jobs.
In his weekly address on the radio and Internet, Obama said the money from the Department of Energy will help the U.S. transition to a “clean energy economy” that creates hundreds of thousands of jobs in the future.
“We’re going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America,” Obama said.
The loan guarantees will come from money in the $862 billion economic stimulus program enacted early last year. Obama announced the funding the day after government figures showed private employers adding fewer workers than forecast in June, reinforcing concerns the economic recovery will weaken.
“The recession from which we’re emerging has left us in a hole that’s about 8 million jobs deep,” Obama said. “And as I’ve said from the day I took office, it’s going to take months, even years, to dig our way out.”
Abengoa Solar, a unit of the Seville, Spain-based engineering company, will receive a $1.45 billion loan guarantee to build a solar-power plant in Arizona that will create 1,600 construction jobs and 85 permanent jobs, according to White House documents released in conjunction with Obama’s address.
The power plant will be the first of its kind in the U.S. and generate enough energy to power 70,000 homes, Obama said. [The same program was used in Spain and it was a total failure. The street hustler from Chicago is blowing smoke.]
Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.
The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds.
By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit. [As you can see it is the duty of Mr. Bernanke as chairman of the Fed to lie about everything to the American public. This is why the Fed does not want to be audited. In the absence of an explanation we have to assume the bonds and swaps were purchased at par and are now probably worth 20 cents on the dollar.]
Once again and with greater force, Europe has snubbed its nose (and rightfully so) the Keynesian clowns in US academia and the Obama administration. Bloomberg reports Trichet Calls on EU Governments to Reduce Budget Deficits to Boost Growth.
European Central Bank President Jean- Claude Trichet pressed governments to trim their budget deficits, saying such action would boost economic growth by improving confidence of consumers and investors. “We are in a period where we have to manage budgets very tightly,” Trichet told journalists in Aix-en-Provence, France. “I have no problem with austerity, rigor. I call this good budgetary management.” Trichet said today that deficit reduction won’t choke growth and a failure to stem budget gaps would be equally risky for the recovery. “Confidence is key for growth, and if you cannot have confidence in the sustainability of the fiscal policies then you have no growth because you have no confidence,” he said. “The two things are complimentary.”
Germany to Reduce Deficit by 80 billion euros ($100 billion) over five years Reuters reports Germany plans to cut new borrowing in savings drive.
Germany plans to cut net new borrowing by some 80 billion euros ($100 billion) over five years, reducing supply of Europe's benchmark debt and adding pressure on other euro zone members to tighten their own public finances. The draft budget for 2011, which the cabinet plans to approve on Wednesday for ratification in parliament in November, will anchor a 34 billion euro reduction in new issuance over the next two years compared to earlier plans. The federal government also aims to cut spending to 307.4 billion euros next year, a 3.8-percent decrease from plans made before a "debt brake" law was passed in 2009, details of the draft made available to Reuters on Sunday showed. The budget is the latest chapter in Germany's drive to consolidate public finances, a move that has drawn criticism from some other large countries that say it is too early to withdraw support enacted during the financial crisis. Unions have promised stiff resistance and industrial action looks likely -- a threat that could rise as cuts in social services deepen and health care costs rise as planned. In addition, some politicians from within Merkel's ruling coalition say the measures are unfairly aimed at the poor, whose benefit cuts make up the largest part of the savings planned through 2014. Besides the spending cuts, the budget's planned reduction in new borrowing to 65.2 billion euros this year and 57.5 billion euros in 2011 will put the onus on other countries that share the euro currency to follow suit.
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