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by Charles Hugh-Smith The Devil is in the details. The Devil, of course, always claims to be “doing God’s work.” Satan’s job, as it were, is to deceive, and if claiming to be “doing God’s work” deceives the credulous, then by golly, Satan will do so with the utmost sincerity. If mixing in a bit of truth to a slurry of lies deceives the credulous, then Satan will happily mix up a batch of [...] by Phoenix Capital Research
Japan has fueled much of this latest rally in stocks, driving the marketing first with promises of money printing by the Prime Minister in November 2012, and then a massive $1.2 trillion QE program announced by the Bank of Japan last month. The result of this has been a collapse in the Yen and a 70%+ rally in the Nikkei in the last six months. This has been the fundamental [...] “We don’t have to worry about a recession — we are in a depression,” says Jim Rickards. “We don’t have to worry about a recession — we are in a depression,” says James Rickards. “If you take the classic definition of a sustained, long-term downturn with economic growth below trend, then we are in the midst of a depression,” says the senior managing director of Tangent Capital and author of “Currency Wars.” Rickards [...]
“The Refusal of King George III to Allow The Colonies To Operate An Honest Money System, Which Freed The Ordinary Man From The Clutches of The Money Manipulators Was Probably The Prime Cause Of the Revolution.” from FT:
There is no better topic than gold to polarise an investment discussion. So the recent sharp drop in the metal’s price has pushed to fever pitch the debate between two camps with deeply held convictions: those who view gold as overvalued and lacking both income and capital appreciation attributes; and those who feel it is only a matter of time before others appreciate again gold’s unique role as an [...] A rare peek into a Justice Department leak probe When the Justice Department began investigating possible leaks of classified information about North Korea in 2009, investigators did more than obtain telephone records of a working journalist suspected of receiving the secret material. They used security badge access records to track the reporter’s comings and goings from the State Department, according to a newly obtained court affidavit. They traced the timing of his [...] by GoldCore
Today’s AM fix was USD 1,353.75, EUR 1,051.95 and GBP 890.86 per ounce. Gold fell $22.20 on Friday to $1,364.90/oz and silver closed at $23.632. Silver fell victim to heavy, concentrated selling overnight in thin, illiquid Asian trading. Silver was slammed by 10% and fell from $22.36/oz to $20.30/oz in just four minutes – from 23:05 GMT to [...]
Star bond investor Jeffrey Gundlach says central banks around the world are distorting markets with enormous and ever-increasing quantitative easing programs, which he doesn’t see ending anytime soon. Storm spotters report a tornado on the ground in the northern Oklahoma City, Oklahoma, metro area near Edmond, OK. http://twitpic.com/crsorx Large, Dangerous Tornado hits KS As many as 15 tornadoes have been reported by the National Weather Service this evening as severe thunderstorms continue across the Plains. Wichita and Oklahoma City areas have been among the reports. Hail, some as large as baseballs, have also been causing damaging across the region. Wind gusts [...] Mac Slavo
In a controversial move that some believe will essentially lead to a de facto ban on semi-automatic handguns, Attorney General Kamala Harris announced that, effective immediately, all new semi-automatic firearms sold in the State of California will require a unique microstamp on every shell ejected when a gun is fired. Microstamping, or ballistic imprinting, is a technology patented in the 1990?s by engineer and NRA member Todd Lizotte. When a gun [...] US suspends Constitution in permanent world war on terror Two disturbing developments have occurred in the last couple of days that have gone relatively unnoticed compared to the recent IRS, AP, and Benghazi scandals. First, the senate is debating an expansion of the already broad powers of the 2001 Authorization to Use Military Force (AUMF) so the U.S. can essentially engage any area in the world in the war on terror, including [...] by goldsilverworlds Let’s go straight to the conclusion: too many mysteries are occurring in the gold market, in 2013, to accept them as regular facts. No matter at which “side” you are of what we consider the most controversial asset, you simply cannot deny that the following list of events is something stronger than suspicious. Most importantly, although the mainstream media were very fast to announce the potential sale of 10 tonnes [...] The Past Two Weeks Were A Preview Of The ‘Horror Movie’ Coming To The Bond Market This Summer Over the past few weeks, attention in financial markets has once again turned to the prospect of the Federal Reserve tapering back its monetary stimulus, spurred on by public speeches from Fed presidents and articles fromWSJ reporter Jon Hilsenrath, who is viewed as close to the central bank. As concerns that the Fed may begin [...] Steve Herman ‏@W7VOA 10m #DPRK reported to have launched some short-range missiles into sea. #Korea Steve Herman ‏@W7VOA 10m Yonhap says #DPRK launched 3 short-range missiles into East Sea (aka Sea of Japan). Confirmed: South Korea’s Ministry of Defense has detected three launches of short-range guided missiles by North Korea, it said. Two launches were fired on Saturday morning and another one in the afternoon, reports Yonhap news agency. The missiles were fired from the east [...] Meet the Wall Street-International Monetary Fund Brothers of Destruction; why Ben Bernanke can’t count; the 10-year hangover from the Tequila Trap; and the fox guarding the chicken coop. Seek truth from facts with Econned author Yves Smith, Web of Debt author Ellen Brown, former senior financial regulator Bill Black, Balkans specialist Nebojsa Malic, and globalization debunker Dr. Carlos Encinas The U.S. will reach its debt limit on Saturday, Treasury Secretary Jacob Lew told congressional leaders in a letter on Friday, but said the U.S. is taking extraordinary measures to keep paying bills. Lew said those measures, including previously announced suspension of sales of state and local Treasury securities, won’t be exhausted until “after Labor Day.” http://www.marketwatch.com/story/us-to-reach-debt-limit-saturday-lew-2013-05-17-13913025?link=MW_home_latest_news Lew asks Congress for debt increase, says it’s ‘not open to debate’ Treasury Secretary Jack Lew [...] We Are Headed Directly Into A Brick Wall Where Everything Just Stops Every market is going in the wrong direction in preparation for what is coming. Yes I know, this is always how it works when bubbles are being blown. Money is pouring into bonds in particular, stocks are being propped up and margin balances swollen, people are also being prodded into “selling” their Gold (paper obligations). As I see it, we are headed [...] Rep. Charlie Rangel (D., N.Y.), who was notably censured for not paying 17 years worth of taxes on rental income from a Dominican Republic villa he owned, said Friday morning, “This is wrong to abuse the tax system.” IRS Commissioner: Activity ‘Absolutely Not Illegal’ IRS commissioner Steven Miller said the IRS’s targeting of conservatives “is absolutely not illegal”: http://www.weeklystandard.com/blogs/irs-commissioner-activity-absolutely-not-illegal_724747.html
IRS stalled conservative groups, but gave speedy approval to Obama foundation When the Barack H. Obama Foundation sought tax-exempt status to raise money for good works in Kenya, the Internal Revenue Service provided quick help. The IRS approved charitable status for the foundation, which was run by President Obama’s brother and named after his father, in [...] Part1 Part2 Bankers Fixing The System story about banking industry in 2012 BBC documentary by Phoenix Capital Research
If you want to get a sense of what’s happening in the world, your best bet is to ignore Government data and focus on corporate revenues. Why revenues? Because earnings can be massaged any number of ways (depreciation methods, laying off staff to cut costs, depletion of loan loss reserves for banks, etc.). But you cannot fake actual money coming in the door. With that in mind, I want [...] Switzerland’s cherished banking secrecy is under threat. In the ongoing battle against tax evasion, EU finance ministers have agreed to put pressure on the non-member nation to share its banking data with the Union. Investor Jim Rogers told RT that instead of trying to crack tax havens, EU leaders should address the real problems – like their own unchecked spending habits. Ex-Military Bio-Environmental Engineer Kristen Meghan Blows Whistle On Air Force Chemtrails
Earnings growth expectations are weak, manufacturing activity is decelerating, the dollar is strengthening, commodity prices are deteriorating, and business spending is anemic. Yet stocks have been rallying. In a new research note titled “Remember The 80s?” Deutsche Bank’s David Bianco reminds us that these dynamics are not unprecedented. “1967, 1985-86 and 1995 have the weakest economic mid-cycle manufacturing ISM since 1960,” he wrote. “We see 1985-86 as very similar to now: a stronger dollar [...] Critical Microsoft Office Security Flaw Gets Thousands of Computers Hacked Security firm Trend Micro has released a report to describe a recently-discovered hack targeting unpatched computers running Microsoft Office, currently the world’s number one productivity suite. According to these security experts, the advanced persistent threat (APT) is trying to exploit an Office vulnerability that would basically allow hackers to deploy malicious software on an unpatched system and thus access private information, such as bank accounts. http://news.softpedia.com/news/Critical-Microsoft-Office-Security-Flaw-Gets-Thousands-of-Computers-Hacked-354709.shtml While anecdotally we see again and again that equities rally on bad news (The Fed will save us) and good news (see The Fed saved us), none of that matters until it gets the Goldman Sachs stamp of approval. Sure enough, in a detailed study over the weekend, designed to defend their bullish equity view (specifically financials) and expectations for QE3 to continue to Q3 2014, the bank that does [...] From Ron Paul The IRS’s Job Is To Violate Our Liberties “What do you expect when you target the President?” This is what an Internal Revenue Service (IRS) agent allegedly said to the head of a conservative organization that was being audited after calling for the impeachment of then-President Clinton. Recent revelations that IRS agents gave “special scrutiny” to organizations opposed to the current administration’s policies suggest that many in the IRS still believe harassing [...] http://arxiv.org/abs/1305.3913 The device subject to testing was powered by 360 W for a total of 96 hours, and produced in all 2034 W thermal. This value was reached by calculating the power transferred by the E-Cat HT to the environment by con vection and power irradiated by the device. The resultant values of generated power density (7093 W/kg) and thermal energy density (6,81· 105Wh/kg) allow us to place the E-Cat HT [...] Copper Beech Farm: listed at a staggering $190 million, this Greenwich, Conn. home is the most expensive single-family home for sale in the USA. The property Single-family home is rather a misnomer for this estate, as it consists of so much more than just the home itself- a 13,519 square foot French-renaissance mansion with 12 bedrooms, seven full baths, two half baths, library, solarium, wine cellar and entire floor for staff. Special [...] 232 days – it took over 30 years for Anchorage to set a new record for the longest snow season on record. The National Weather Service measured 2/10ths of an inch just after 9 p.m. Friday and 1/10th Saturday morning – breaking the old record of 230 days set in 1981-1982. http://www.today.com/id/51929453/ns/local_news-anchorage_ak/t/anchorage-sets-record-longest-snow-season/ LONDON (AP) — More than a decade ago, British parents refused to give measles shots to at least a million children because of a vaccine scare that raised the specter of autism. Now, health officials are scrambling to catch up and stop a growing epidemic of the contagious disease. This year, the U.K. has had more than 1,200 cases of measles, after a record number of nearly 2,000 cases last year. The [...] While we have become used to the almost daily trading-halts in Japanese government bonds, when the CME reports that Silver trading was halted four times overnight, it is increasingly clear that this market is anything but ‘normal’: *SILVER TRADING WAS HALTED FOUR TIMES OVERNIGHT, CME GROUP SAYS http://www.zerohedge.com/news/2013-05-20/silver-halted-4-times-overnight-amid-flash-crash TUSCALOOSA, Ala. (CBS Atlanta) – “Is that a smoke detector in your pants or are you just happy to see someone?” That’s the question some people might hear thanks to a new $400,000 government project. Smoke-detecting underwear is the latest federally-funded project commissioned to monitor peoples’ smoking habits for them. http://atlanta.cbslocal.com/2013/05/20/federal-government-funds-400g-smoke-detecting-underwear-project/ Tax this! Tax that! Tax…. gun ammo? The California Assembly Revenue and Taxation Committee recently approved a measure called AB 187, which puts a 10 percent tax on all ammunition sold in the state. Gee, and I thought California’s high tax and anti-gun policies couldn’t get any worse. Assemblymen Rob Bonta and Roger Dickinson support the bill. Both are Democrats. Shocking. http://www.mrconservative.com/2013/05/16832-ammo-tax-coming-ca-targets-gun-owners-by-passing-92-million-bullet-tax/ Scientists say the recent downturn in the rate of global warming will lead to lower temperature rises in the short-term. Since 1998, there has been an unexplained “standstill” in the heating of the Earth’s atmosphere. Writing in Nature Geoscience, the researchers say this will reduce predicted warming in the coming decades. But long-term, the expected temperature rises will not alter significantly. The slowdown in the expected rate of global warming has been studiedfor [...] Sales of Caterpillar Inc.’s CAT +0.40% construction and mining equipment fell 9% worldwide in the three months to the end of April, as strong demand from Latin America offset deteriorating sales from North America. April’s retail sales report for the world’s largest seller of bulldozers, excavators and wheel loaders continued the sluggish sales pattern of recent months. Sales turned negative during the December three-month period for the first time in 30 months [...] Here is the chart Gordon uses to make his case, showing real, relative GDP growth over the past few centuries. It’s basically what Bernanke is arguing against:
CEPR Read more: http://www.businessinsider.com/robert-gordon-chart-cited-by-bernanke-2013-5#ixzz2TqNYnkwj Japanese Government Bond FUTURES NARROWLY AVOID THIRD HALT IN THREE DAYS (BY A TICK); 5Y YIELDS JUMP TO HIGHEST IN 22 MONTHS http://www.bloomberg.com/quote/GJGB10:IND JGB Futures avoid a third halt in three days by 1 tick (drop 0.99 vs 1.00 handle limit) but two words spring to mind – not orderly. It seems the pendulum of ‘inflation repricing channel through the JPY’ has begun to swing back towards the JGB market – not [...] Jim Rogers explains to Yahoo Finance Daily Ticker Host Lauren Lyster why he is not selling his Gold and why he is buying more during this correction. Vitamin D has the potential to significantly cut the symptoms of sufferers. Scientists at King’s College London made the discovery The ‘sunshine’ vitamin resulted in lower levels of a natural chemical in the body that aggravates symptoms in asthma patients
Vitamin D could help asthma patients breathe more easily, claim British researchers. Scientists at King’s College London have discovered vitamin D has the potential to significantly cut the symptoms of sufferers. They say it may [...] Just a few short years ago, Plantation, Fla.-based bankruptcy attorney David Langley did not have even one doctor as a client. But in the years that have followed, Langley has processed at least six bankruptcy cases involving physicians, and is currently working on two bankruptcy cases involving an orthopedic surgeon and an OB/GYN, according to CNNMoney. Why this sudden increase in primarily private practice debacles? A changing healthcare environment prompted by [...] Labor union chief calls immigration bill dangerous, sees agency as ‘approval machine’ The Senate’s immigration bill will raise national security risks and the Obama administration will do little more than “rubber-stamp” illegal immigrants into the program, endangering Americans, says the labor union representing the 12,000 employees who will have to approve the applications. Kenneth Palinkas, president of the American Federation of Government Employees Council 119, which represents officers and staff at U.S. Citizenship and Immigration Services, will deliver a [...] American households are under stress again, according to the latest consumer distress index by CredAbility.
“Despite the growth in jobs and an improved housing market, our index shows that the average U.S. household has seen little improvement in the past year and took a step back in 2013’s first quarter,” according to Phil Baldwin, CEO of CredAbility. Baldwin is referring to the rise in payroll taxes at the start of the year, which [...] |
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