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PIMCO’s Bill Gross – Dow 15,000: Don’t Fight the Fed, But Be Afraid It’s hard to know what to make of this week’s record Dow performance except to say, “Don’t fight the Fed.” More than four years after the peak of the financial crisis, quantitative easing—the Federal Reserve strategy of buying up assets like bonds and mortgage-backed securities in order to goose the economy – is still going strong, and so is the [...] Video footage allegedly showing Kindergarten-aged children firing an arsenal of heavy firepower at a terrorist training camp in Pakistan’s tribal area has surfaced online. Young children garbed in shalwar kameez can be seen lined up in neat rows, straining under the recoil as they fire semi-automatic pistols. Moments later, footage shows a kneeling child who is dwarfed by his AK47. The boy struggles with all of his might to pull back the [...] ECB prepared to let Cyprus go, protect others FRANKFURT: The European Central Bank is prepared to cut off funding to Cyprus and let the Mediterranean island succumb to financial meltdown if it has to, confident it has unlimited firepower to protect the rest of the euro zone. Cyprus propelled the 17-nation bloc into uncharted waters on Tuesday by rejecting a proposed levy on bank deposits as a condition [...] If only American soldiers in Afghanistan were unemployed Democratic voters in Chicago, then they might be getting three square meals a day from the government. But the military is the one place that Obama feels comfortable slashing expenses. While spending at an uncontrollable rate unseen since the last days of the Roman Empire in every other area, Obama has been cutting “waste” in the military like 20,000 Marines, Tricare healthcare for [...] This video shows why gun owners do not agree with the assault weapons ban…it makes no sense at all! It is just an excuse to begin banning guns…plain and simple. Enhanced firepower sought to fend off ‘radiological sabotage’ at nuclear sites The Nuclear Regulatory Commission is moving forward with plans to outfit security guards protecting spent fuel storage sites at power plants with machine guns and other high-capacity weapons. A supplemental proposed rule to be published Thursday in the Federal Register amends a 2011 regulation giving personnel at the sites “an expanded arsenal of weapons, including machine guns and semi-automatic, large capacity, [...] This is getting even more serious by the minute! http://www.ynetnews.com/articles/0,7340,L-4308609,00.html Israel points finger at Islamic Republic for arming, subsidizing Gaza terror organizations Itamar Eichner The Prime Minister’s Office’s public relations unit said that, “Gaza is Iran’s [...] PRINCE Harry has returned to the Afghan frontline to battle the Taliban as an Apache helicopter pilot. The royal, 27, touched down today and will spend more than four months in Helmand. The deployment — which Harry has dreamed of since qualifying in February — will cover his 28th birthday and Christmas. He now has his finger on the trigger of an awesome arsenal of firepower including Hellfire missiles and a 30mm cannon [...] businessinsider
Markets are loving the ECB’s new bond-buying plan announced yesterday. Many Wall Street strategists have expressed cautious optimism since ECB President Mario Draghi revealed the details of the rescue program designed to bring government borrowing costs down in Italy and Spain.
Morgan Stanley rates strategist Laurence Mutkin is one of them – at least, for now. In a note today titled OMT – OMG!, Mutkin wrote that the ECB’s new plan provided “ample [...] SEPTEMBER 12TH…THIS IS THE MOST IMPORTANT COURT CASE YOU WILL SEE…WHAT IS DECIDED HERE HOLDS UP OR DESTROYS THE EURO…THE GERMAN COURT TO DECIDE WHETHER IT IS LEGAL FOR GERMANY TO BAILOUT THE REST OF EUROPE. IF THEY RULE NO..THE EURO WILL CRASH AND THE US DOLLAR WILL BE HIT SHORTLY AFTER. I HOPE GERMANY SAYS NO! LET THIS FINANCIAL PYRAMID SCHEME FALL ONCE AND FOR ALL SO WE CAN [...] Comments made by ECB President Mario Draghi at his August 2 press conference have given European markets a major lift, while reducing borrowing costs in Spain and Italy.
It took awhile for the market to come to a conclusion on what Draghi’s message was, but by the following day, the gist was basically this: If countries in Europe make a commitment to reform, the ECB will commit to reducing borrowing costs. For [...] Today King World News is pleased to share with its global readers the investment recommendations of 40 year veteran Don Coxe. Coxe believes, “This schizophrenic period of gold and gold stock valuation is unsustainable.” He feels very strongly that “Investors need to invest where the demand is—and will be for coming decades.”
Coxe, who is Global Strategy Advisor to BMO ($538 billion in assets), also warned, “We remain of the view that [...] The European rescue fund ESM should be capable of following the will of the leading euro-zone countries apparently unlimited credit at the Federal Reserve ECB. According to the “Süddeutsche Zeitung”, the fund would get to a bank license. Federal government and the Bundesbank reject the advance. http://translate.google.at/translate?sl=de&tl=en&js=n&prev=_t&hl=de&ie=UTF http://www.spiegel.de/wirtschaft/soziales/rettungsfonds-esm-soll-banklizenz-bekommen-a-847283.html The ESM should be allowed to stock up at the ECB with unlimited credit The ESM should be allowed to stock up at the ECB with [...] The euro jumped and European shares turned higher today after a European Central Bank policymaker said there were reasons to boost the firepower of the euro zone’s new bailout fund to tackle the region’s deepening debt crisis. Governing council member Ewald Nowotny said there were arguments for giving Europe’s permanent rescue fund a banking licence which would allow it to borrow unlimited ECB money, an idea that the central bank has [...] KWN Today MEP (Member European Parliament) Nigel Farage gave King World News an extraordinary interview. Farage told KWN, “As we speak we’re doing this interview live, the Spanish 10-Year bonds are trading back over 7% again. Nothing has been solved.” Farage also said, “But the other point that I was making this week was that this bailout fund, this European Stability Mechanism, which is supposed to have firepower of up to 700 [...] “We now perceive the eurozone crisis as a long-term threat to the South Korean economy,” says the finance minister. “We need to store up enough fiscal measures to endure this long journey.” via Bloomberg: South Korea indicated that it’s preserving fiscal firepower for worsening economic conditions after Europe’s debt crisis triggered a cut to the nation’s growth forecast. The government’s 8.5 trillion won ($7.4 billion) of economic support measures announced yesterday, including assistance [...] From Citi’s Willem Buiter… After Spain’s still-to-be-finalised euro area bank bail-out, we expect it to be in a troika programme with sovereign conditionality, quite possibly soon.
ATHENS—Greeks began voting Sunday in crucial national elections that are widely seen as a de facto referendum on the country’s future inside the euro, the outcome of which risks setting off a new bout of panic in global financial markets already frayed by Europe’s two-year-long sovereign debt crisis. At stake isn’t just control of Greece’s 300-member parliament but potentially the fate of Europe’s fragile 17-member currency bloc. The raging crisis has [...] he Bank for International Settlements (BIS) said cross-border loans fell by $799bn (£520bn) in the fourth quarter of 2011, led by a broad retreat from Italy, Spain and the eurozone periphery. Lending to banks in the eurozone fell $364bn or 5.9pc, with drastic reductions of 9.8pc in Italy and 8.7pc in Spain. The BIS’s quarterly report said the decline in lending was “largely driven by banks headquatered in the euro area facing [...] via Forbes: Investors are excused if they’re experiencing a strange case of déjà vu. Here we are again, staring down scary European headlines, a sagging equities market and wilting investor confidence. These days, it seems like this happens every few months or so. It is quite hard to look away. Greece seems poised to leave the eurozone after elections next month, exposing the rest of Europe to a number of evils—contagion, recession and [...] We have half joked about this on Friday after a ton of the Facebook traded around its IPO price of $38 and no doubt many of the shares came back to the Street. Oliver Stone couldn’t write a better script.
Far fetched and unlikely as it is, but imagine a scenario where the leads of the Facebook IPO take down so much stock trying to protect the $38 syndicate price it puts them at risk. The markets [...] A weekend gun buyback event in Los Angeles has yielded some unexpected weaponry, including a pair of rocket pistols and a military rocket launcher – sans rocket – that were turned in for gift cards. Los Angeles Police Department Chief Charlie Beck and Mayor Antonio Villaraigosa displayed the 1,673 firearms that were brought in during the fourth annual buyback, among them rifles, handguns, shotguns and assault weapons. As part of the program [...] |
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Thoughts on a “Too Quiet” Labor Day
by Phoenix Capital Research
Swing by www.gainspainscapital.com for more market commentary, investment strategies, and several FREE reports devoted to help you navigate the coming economic and capital market changes safely.
The stock market is closed today for Labor Day.
A few thoughts on the preceding week:
The US Federal Reserve disappointed in a big way during its annual Jackson Hole meeting. It was in 2010 that Fed Chairman Ben Bernanke hinted at QE 2, which kicked off [...]