The gold standard was generally restored in the post-war years; however, this return was short-lived, as leading economies once again suspended convertibility in order to devalue their currencies in response to the Great Depression. The US remained on a gold standard, although the 1934 Gold Reserve Act nationalised private gold holdings and devalued the gold dollar.
The true gold standard was never restored after 1922-
The amount of paper currency created by [...]
“Put a fork in it folks.
As I write this the DAX is down well over 5% and there are multiple banks that are lock-limit down and have been suspended over in Europe.
Greek 1 and 2 year bonds are trading over 50% on yield. That’s not a yield, it’s an implied recovery on a default which the market now says is inevitable.
The fraud has [...]
…..”The worst part of the cost-shifting is in the medical device and pharmaceutical business. Other nations slap cost controls on pharmaceuticals, saying to the companies that they will pay “$X” for some device or medication – and if the drug company does not agree to sell for “$X” then the nation threatens to either not buy at all or break their patents and reproduce the drug or device within [...]
Incredible data and charts on Market Ticker blog for 2011-02-06, with a link to a very alerting and alarming interview with David Stockman on 2011-02-04 on CNBC, regarding bonds and a detailed analysis of what is really happening with unemployment, also bonds to GDP, with imminent failure possible and estimated as most likely at around the time of the debt ceiling being reached, as Denninger says from 3 mins into [...]
Bond Market To Bernanke: F@&k You!
Pretty loudly too; this is a “stop that right now or we’re going to blow you to bits” sort of message.
That’s a monster move in the five-year bond yield, nearly 10% todayÂ and almost 50% higher on yield since Ben started QE2.
Then there’s this:
That’s the 10 year.Â Yield up almost 5% today and roughly 16% since Ben started QE2.
Note: Yields have their decimal places one [...]
That was a good news piece!!! Denninger was awesome.
The money came from you when you signed, your signature created that which they claimed they loaned you.Â They never once loaned you anything.Â Â Your so called mortgage note goes into a checking account, they then withdraw to pay for the house they claimed they loaned you.
They just got equity in your house without one dollar.
The fiction with [...]
So if Great Depression level data can’t stop the Bulls, and assuming this is a legit market of course, then why would anyone worry about “double dip”? The economy is in depression and has been for 2 years. The past 18 months the markets are up like 40% despite unemployment going up, foreclosures up, bankruptcies up, homelessness up, people living in poverty up, home sales and auto sales the [...]
With the FOMC announcement just a couple of hours away I’d like to put forward a few things.
First, as anyone with a pulse knows, Greece is in serious trouble. Yesterday Portugal was downgraded and today Spain got hit, the latter by S&P.
This of course makes “contagion” no longer a theoretical exercise, and as market rates back up it will make rolling government debt “over there” more and more difficult – [...]