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zerohedge‏@zerohedge
Latest La7 Senate projection: Berlusconi 31.7%, Bersani 30.2%
6 minzerohedge‏@zerohedge
And Veneto: BERLUSCONI 35.5%, BERSANI 24.5%: IPR SAYS
Anti-Euro Berlusconi and Grillo are gonna win the Italian election!!
They are from different parties but they will win and probably make an anti-Euro coalition!Prepare for some epic financial doom in Europe…
http://www.rawstory.com/rs/2013/02/24/horses-and-cardinals-bloggers-dodge-italy-poll-ban/
Horses and cardinals: Bloggers dodge Italy poll banItalian bloggers have found imaginative ways to dodge a ban on publishing opinion polls ahead of elections — [...]
theburningplatform.com
FEBRUARY 19, 2013
This is a story that just warms your heart. It’s a win, win, win. The executives and stockholders of Office Depot, Office Max and Staples are all thrilled with the merger announced yesterday. Bonuses for everybody!!!! Wall Street is ecstatic. No one seems to be mentioning that it was this very same management that ran their companies into the ground by over expanding and wasting billions of [...]
Dick Bove: US Dollar Will Be ‘Overthrown’ as World’s Reserve Currency
There’s plenty of evidence supporting the belief that the dollar’s days as the preeminent currency are coming to an end, a development that would be catastrophic for the world’s largest economy.
“Generally speaking, it is not believed by the vast majority that the American dollar will be overthrown,” Dick Bove, vice president of equity research at Rafferty Capital Markets, said in [...]
by George Washington
More Redistribution of Wealth to the Richest
Sure, Bush made the rich richer.
But Obama has actually redistributed wealth from the middle class to the very richest more than Bush.
Specifically, income inequality has increased more under Obama than under Bush.
Indeed, inequality in America today is worse than it was in Gilded Age America, modern Egypt, Tunisia or Yemen, many banana republics in Latin America, twice as bad as in ancient [...]
JT Long of The Gold Report (2/8/13)
There is no economic recovery, and there are no signs that a recovery is coming, says Shadowstats.com author John Williams. In this Gold Report interview, he blames mal-adjusted inflation statistics for creating an alternate reality that overestimates economic activity in a way that is unsustainable. Williams warns that eventually the painful truth will be so difficult that even government manipulation won’t be able to [...]
10 signs Wall Street’s soul sickness grows worse
By Paul B. Farrell, MarketWatch
Yes, the Dow and S&P500 hit new highs. But the rally’s hiding huge risks: “GDP turns negative as U.S. economic recovery stalls,” screams one headline. Another hears a “Ticking Time Bomb.”
World’s central bankers at Davos warn cheap money’s blowing a new asset bubble. Dr. Doom, Marc Faber, “loves the high odds of a ‘big-time’ market crash.” [...]
LIVE: Thousands Of Companies Around The World Reveal The Truth About The Economy
SCORECARD (All Time ET)
SCORECARD (All Time ET)
7:00 PM South Korea: HSBC Manufacturing PMI — 49.9, down from 50.1 in Dec.
7:30 PM Australia: AIG Manufacturing PMI — 40.2, down from 44.3
8:00 PM China: NBS Official PMI —50.4, down from 50.6
8:00 PM Netherlands: NEVI Manufacturing PMI — 50.2, up from 49.6
8:45 PM China: HSBC Manufacturing PMI —52.3, up from 51.5
9:00 PM Taiwan: HSBC Manufacturing PMI — 51.5, up from 50.6
9:00 PM Vietnam: HSBC Manufacturing PMI — 50.1, up from 49.3
10:00 PM Indonesia: HSBC Manufacturing PMI — 49.7, down from [...]
by GoldCore
Today’s AM fix was USD 1,674.50, EUR 1,234.88, and GBP 1,058.47 per ounce.
Yesterday’s AM fix was USD 1,666.25, EUR 1,230.70, and GBP 1,057.20 per ounce.
Silver is trading at $32.08/oz, €23.76/oz and £20.40/oz. Platinum is trading at $1,677.50/oz, palladium at $736.00/oz and rhodium at $1,200/oz.
Cross Currency Table – (Bloomberg)
Gold rose $13.80 or 0.83% in New York yesterday and closed at $1,676.50/oz. Silver slipped to a low of $31.24 in the [...]
By The Doc
*Fed hints at more QE as economic recovery paused due to Hurricane Sandy
*QE to continue as long as unemployment remains above 6.5%
*Federal funds rate will remain at zero-.25% as long as unemployment remains above 6.5%
*The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of Treasury and [...]
IMF’s Lagarde Says U.S. Leading Economic Role at Stake
Christine Lagarde, managing director of the International Monetary Fund, said U.S. policy makers should create a long-term plan for handling the deficit or they will risk the nation’s position as the world’s economic leader.
Lagarde said that Washington officials have to “consider that the leading role played by the U.S. economy in the world is at stake,” speaking from Davos, Switzerland, in an [...]
Why Are Yields on U.S. Treasuries Rising All of a Sudden?
Could U.S. debt be reaching a breaking point?
In the chart below of the U.S. 10-year Treasury, it looks like yields on U.S. bonds have bottomed out and are rising again.
…
…
There’s definitely selling pressure in U.S. bonds, otherwise the yields would not have risen 30% since last summer. (Imagine if the Federal Reserve was not buying $45.0 billion worth of U.S. Treasuries per [...]
The nation’s long-term fiscal outlook hasn’t significantly improved following the recent agreement between Congress and the White House over tax and spending issues, according to a new analysis.
The “fiscal cliff” deal, combined with the debt-limit agreement of August 2011, only slightly delays the United States reaching debt-to-gross domestic product levels that would damage the economy and risk another fiscal crisis, according to a report from the Peter G. Peterson Foundation released on Tuesday.
The agreement [...]
by GoldCore
Today’s AM fix was USD 1,660.50, EUR 1,235.12, and GBP 1,057.17 per ounce.
Yesterday’s AM fix was USD 1,656.75, EUR 1,232.43, and GBP 1,052.77 per ounce.
Silver is trading at $31.09/oz, €23.23/oz and £19.84/oz. Platinum is trading at $1,675.50/oz, palladium at $737.00/oz and rhodium at $1,200/oz.
Cross Currency Table – (Bloomberg)
Gold fell $4.00 or 0.24% in New York yesterday and closed at $1,654.90/oz. Silver climbed to $31.30 in Asia before it eased [...]
Bears on the Brink: ‘I Can’t Fight It Anymore’
Though it’s already a few weeks into winter, Wall Street bears may be finally ready to hibernate, though no doubt against their will.
A powerful rally in which virtually all fears have been bypassed has pushed stock marketdetractors to the brink, ready to wave the proverbial white flag as the only direction for the market seems to be up, up, up.
“They’re almost ready to [...]
bbc.co.uk
January 23, 2013
The International Monetary Fund (IMF) has warned again of a weakening global economic recovery despite government efforts to stimulate growth.
The global economy is likely to grow at a slower rate than previously forecast over the next two years, the organisation said in its latest report.
It said it now expected the eurozone to remain in recession in 2013, having previously predicted growth.
The UK’s growth forecasts have also been revised [...]
We’re In a Global Currency War … But What Does It Mean?
There is a currency war raging world-wide.
Japan, Brazil, Peru and countries all over the world are trying to beggar thy neighbor (just as happened during the 1930s) and gain a leg up for their exports by cheapening their currencies.
As the Wall Street Journal writes:
Beggar-thy-neighbor currency devaluations proved ruinous for the global economy in the 1930s. Is the world setting off down the same slippery [...]
from South China Morning Post:
China’s sovereign wealth fund, which has more than US$480 billion in assets, could cut holdings of US Treasury Bonds as they are becoming a less attractive investment, state media said on Tuesday.
The Shanghai Securities News quoted Lou Jiwei, chairman of sovereign wealth fund manager China Investment Corporation (CIC), as telling a conference in Hong Kong on Monday that the US economic recovery had made other investments appealing.
China has the [...]
First Shots Fired in Global ‘Currency War’
Faced with a stubbornly slow and uneven global economic recovery, more countries are likely to resort to cutting the value of their currencies in order to gain a competitive edge.
Japan has set the stage for a potential global currency war, announcing plans to create money and buy bonds as the government of Prime Minister Shinzo Abe looks to stimulate the moribund growth pace. (Read [...]
libertyblitzkrieg.com
January 15, 2013
This trend has been in place since the financial crisis, but the fact that it is accelerating is extremely disconcerting. First off, this is not the kind of behavior that should be witnessed in an “economic recovery.” Second, we need to remember the huge percentage of Americans on food stamps and/or disability. As I have discussed previously, many of them also have jobs. So essentially, a wage anda check [...]
inforwars.com
Plosser says economy is now in state of permanent shock
“It certainly looks like we’ve had a permanent shock” in the wake of the housing-market bust and resulting recession, Mr. Plosser told a gathering of economists in San Diego. But when it comes to understanding the causes and results of that event, observers “won’t know the answer for many years.”
http://www.nasdaq.com/article/feds-plosser-recent-years-suggest-permanent-shock-to-economy-20130104-00497#.UOhH23fLrFQ
Morici: Economy Isn’t Growing Due to Two Words – Barack Obama
The U.S. [...]
by GoldCore Gold Bullion
• Introduction – Gold’s Gains In All Fiat Currencies in 2012
• Much of Gold’s Gains in 2012 On 11% Price Gain in January 2012
• Japanese Yen Shows How Gold Protects From FX Devaluations
• Food Inflation Risk As Wheat and Soybeans Surge in Price
• Currency Wars and Competitive Currency Devaluations
• Gold Remains Historically and Academically Proven Safe Haven
• Conclusion – Gold in 2013
Happy New Year
Introduction – Gold’s Gains In All Fiat Currencies in 2012
Gold saw [...]
“At this point, I think it is clear that the President is not serious about reaching a deal to avoid the fiscal cliff and is using our economy and the livelihood of American families and businesses for what he sees as political gain,” Burr said. “Jeopardizing our economic recovery and being content to let our economy go over the cliff is a clear indication of where the President’s priorities lie.”
http://www.washingtonpost.com/blogs/post-politics/wp/tag/fiscal-cliff/
 IMF Chief Christine Lagarde Warns U.S. of Worldwide Effects of Fiscal Cliff
from Guardian.co.uk:
International Monetary Fund chief Christine Lagarde has warned the US it has the potential to be its “own worst enemy” over the fragile economic recovery and that failure to reach a comprehensive settlement over the fiscal cliff could see growth plummet to zero.
In forthright comments over the impending fiscal cliff, the IMF managing director said that “if the US [...]
Ed Pilkington
Guardian.co.uk
December 9, 2012
International Monetary Fund chief Christine Lagarde has warned the US it has the potential to be its “own worst enemy” over the fragile economic recovery and that failure to reach a comprehensive settlement over the fiscal cliff could see growth plummet to zero.
In forthright comments over the impending fiscal cliff, the IMF managing director said that “if the US economy was to suffer the downside risk of [...]
…The European periphery’s bleak economic and political outlook should be raising a number of basic questions for European policymakers. How much sense does it make to have the European periphery sink ever deeper into recession as a result of severe fiscal tightening in the context of a European credit crunch and a Euro straightjacket that precludes currency devaluation to promote exports? Might the countries in the European periphery not need [...]
from Michael:
All over America there are millions of people that will be missing meals and going hungry this holiday season. Even as much of the country indulges in the yearly ritual of unbridled consumerism that we refer to as “the holiday season”, more families in the United States than ever before will be dealing with not having enough food to eat. Food stamp use is at an all-time high. Demand at food banks [...]
By Michael
All over America there are millions of people that will be missing meals and going hungry this holiday season. Even as much of the country indulges in the yearly ritual of unbridled consumerism that we refer to as “the holiday season”, more families in the United States than ever before will be dealing with not having enough food to eat. Food stamp use is at an all-time high. Demand at food [...]
by WashingtonsBlog
But Obama and His Economic Team Chose the Big Banks Instead
We’ve extensively documented that too much private household debt is killing our economy.
While Ben Bernanke and other economists who are running our economic policy literally believe that the amount of private debt doesn’t matter and isn’t even important to quantify, economists at the “central banks’ central bank” – the Bank of International Settlements – and many other leading economists say that high levels of private debt create [...]
John Williams (ShadowStats.com) has October Year-to-Year inflation at 9.8%.
- Official Real Retail Sales Signal Recession
- Storm’s Impact on October Activity Was Mixed
- Official Real Earnings Sink to Four-Year Low,Down 2.7% Year-to-Year
- Annual Consumer and Wholesale Inflation Continue to Rise
- October Year-to-Year Inflation: 2.2% (CPI-U), 2.2% (CPI-W), 9.8% (SGS)
www.ShadowStats.com
From Jim Sinclair:
Gold will trade at $3500 and beyond. The US dollar will test USDX .7200 before heading lower.
Whatever is required, be it time [...]
By Paul B. Farrell, MarketWatch
The global economic crisis will not end till 2016 or later, warns IMF Chief Economist Olivier Blanchard: It will take “at least a decade from the beginning of the crisis for the world economy to get back to decent shape,” according to a recent Reuters’ report on a Blanchard interview in Europe.
“It’s not yet a lost decade,” Blanchard said, “ but it will [...]
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Impending Stock Market Crash: Time Is Short, Too Many Problems To Solve. The Fiscal Cliff Negotiations Are Failing. If US Can’t Avert Fiscal Cliff, Everything Will Collapse!
IMF Chief Christine Lagarde Warns U.S. of Worldwide Effects of Fiscal Cliff
from Guardian.co.uk:
International Monetary Fund chief Christine Lagarde has warned the US it has the potential to be its “own worst enemy” over the fragile economic recovery and that failure to reach a comprehensive settlement over the fiscal cliff could see growth plummet to zero.
In forthright comments over the impending fiscal cliff, the IMF managing director said that “if the US [...]