I would like to share a brief exchange I had yesterday with Jim.
JIM: The COMEX will violate their contract before they allow a squeeze. That is CERTAIN
ERIC: Isn’t that tantamount to saying there’s no way we can delivery on any of the outstanding contracts? Sounds like John Law shell game to me.
JIM: Be assured. it will happen.
ERIC: I have no doubt.
The third count turned green (bullish) before the recent bounce. [...]
February 3, 2012
RELATED: Bill Gates Pays Media to Portray Him As a Saint
(NaturalNews) Aaron Dykes of Prison Planet recently gave an insightful TV news presentation analyzing The Bill and Melinda Gates Foundation’s influence over the media to promote their “world health and agriculture” agendas while soft pedaling the downside of all they’re doing.
Such items as “Gates using his money to save lives … etc” have been appearing in several [...]
I have maintained for years that the ongoing U.S. federal deficit is being actively funded by the Fed, through their primary dealers. More evidence has emerged today due to some great reporting by Bloomberg.
It’s quite simple, actually. The U.S. government has a spending problem. Again this year, it will spend about $1,500,000,000,000 more than it takes in in tax revenue. OK, so where do we get that $1.5T? By borrowing, [...]
The Spiral Staircase: Below Crush Depth
Just in case anyone forgot about the other elephant in the room (one of many, actually) while attention turned to Europe’s financial shell game, Occupy Wall Street protests, and (justified) preoccupation with the 1%, here is a comment by Barstiat at Clusterfuck Nation (stolen and quoted ruthlessly) that puts U.S. Federal debt into useful perspective:
Here is why S&P downgraded the US credit rating.
U.S. Tax revenue: $2,170,000,000,000
Fed budget: [...]
Police officers stood near a burned out shop in Clapham Junction, in South London, on Tuesday.
By JOHN F. BURNS
LONDON — With 10,000 additional police officers deployed across London on Tuesday night, looting and arson dipped sharply from the anarchic scenes that shook Britain over the previous three days, even as violence ticked up again in several other major cities, including Birmingham, Manchester and Liverpool.
Hopes that [...]
Cisco Systems Inc. (CSCO) has cut its income taxes by $7 billion since 2005 by booking roughly half its worldwide profits at a subsidiary at the foot of the Swiss Alps that employs about 100 people.
Now Cisco, the largest maker of networking equipment, wants to save even more — by asking Congress to waive most federal taxes due when multinationals bring such offshore earnings home. Chief Executive Officer John T. [...]
From the most recent edition of Sean Corrigan’s Material Evidence
So, the burning question now is whether commodity prices can shake off the disquiet caused by May’s sharp liquidation and validate the soundbite suppositions of the past few days.
With so much hot money still swilling around the world, readily available at low nominal and largely negative real rates of interest, we can never say never, but [...]
1) Moody’s: US Municipal Sector To See Toughest Year Since 2008
“Moody’s Investors Service said it expects 2011 will be the toughest year for U.S. state and local governments since the economic downturn began in 2008, as states cope with weak revenue growth, significant spending obligations and the loss of federal stimulus funding.”
2) Home prices falling in most major US cities
“Home prices are falling in most major [...]
After years of being the primary supplier of funding to the US credit-money shell game, one more ex-PBoC member wakes up from the “great normalization” acid trip, and in a Caixin editorial says what virtually everyone now understands all too well: the Treasury market is one “giant Ponzi scheme.” Oh, and it wasn’t obvious when China was the biggest holder of debt for years (until [...]
by Peter Schiff
Very few people have either the time or patience to sift through the data released by the Treasury Department in the wake of its bond auctions. But the numbers do provide direct evidence of the country’s current financial condition that in many ways mirror a financial shell game that typifies our entire economy.
Despite continued deterioration of America’s fiscal health, the Treasury is still [...]
Some of the key charts:
Cutting straight to the chase, interest expense on the US debt, which in 2010 was below $200 billion is expected to jump to $800 billion in 2020. Luckily, the Fed will own pretty much all the debt by then, meaning the shell game will be in full force, with all interest due to bondholders promptly remitted back to the Treasury. A Ponzi [...]
One year from today the media will be running amused retrospectives how a deranged bubble chasing hedge fund world was buying NFLX and AMZN at triple and quadruple digit forward multiples. But until then the insanity has just a little longer left to run.
From Material Evidence
Though he later recanted his belief in its message, Lionel Robbins’ near-contemporaneous treatment of events in his ‘Great Depression‘, remains one [...]
I did as a teen some 48 years back after a buddy and I first visited a stock broker’s office and looked into investing money in the securities market. In the process, I deduced that the entire banking system was a “sweetheart deal” for fat cats and that to a large extent, the realty market was a shell game. Worse, it’s now become clear that better than 90% [...]
Chris’ latest blog post on ZeroHedge.
* Record-breaking Treasury auctions continue to go off without a hitch, thanks to massive foreign participation.
* However, the amounts reported to be bought in the auction results do not match the Custody Account or TIC report amounts.
* The Fed is allegedly all done buying MBS and Treasury paper. This cuts off [...]
California is a greater risk than Greece, warns JP Morgan chief
Jamie Dimon, chairman of JP Morgan Chase, has warned American investors should be more worried about the risk of default of the state of California than of GreeceÃ¢â‚¬â„¢s current debt woes.
L.A. to Run Out of Cash in a Month, Controller Says
N.Y. Budget Ã¢â‚¬ËœShell GameÃ¢â‚¬â„¢ Hides Deficits, Report Finds