And surprise surprise… it comes from ROMNEY!!
Romney: [The] former head of Goldman Sachs, John Whitehead, was also the former head of the New York Federal Reserve. And I met with him, and he said as soon as the Fed stops buying all the debt that we’re issuing—which they’ve been doing, the Fed’s buying like three-quarters of the debt that America issues. He said, once that’s over, he said we’re going to [...]
From Brian Rogers
There Will Never Be A Failed US Treasury Auction… Until There Is
“The antidote to hubris, to overweening pride, is irony, that capacity to discover and systematize ideas. Or, as Emerson insisted, the development of consciousness, consciousness, consciousness.”
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”
by James Wesley, Rawles
A curious financial situation has developed in Japan. Largely overlooked in the American press, Japan now has built up a staggering national debt that is approaching 300% of their GDP. This debt exists at the same time that there is tremendous alarm in the global media over Greece’s debt, that is only about 130% of GDP. (And lest we feel smug about those spend thrift Greeks, our own debt is now more [...]
From Brian Rogers of Fator Securities
All Glory Is Fleeting
“For over a thousand years, Roman conquerors returning from the wars enjoyed the honor of a triumph – a tumultuous parade. In the procession came trumpeters and musicians and strange animals from the conquered territories, together with carts laden with treasure and captured armaments. The conqueror rode in a triumphal chariot, the dazed prisoners walking in chains [...]
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 [...]
It’s unbelievable how much negativity is out there with respect to the outlook for our economy. Of course there are the divergent views, such as whether inflation, hyperinflation or deflation are in the cards, but no matter what, things do not look so good. The conspiracy theory of Wall Street, Banksters and Washington politicians getting together to trash and enslave Main Street seems less of a theory [...]
Well, the Canadian government raised interest rates this morning which propelled the CD upward with lasting vigor to say the least. The U.S. stocks, Bobbsy-twin-to-the-CD. rallied in lockstep with the CD, as if the U.S. had been as wise with their monetary policy as Canada! Interesting bedfellows those to make! Bonds took a hit as a result, because asset allocation is in vogue again among the herd. Until, of course, [...]
After a weak start Thursday, stocks started gaining ground. Art Cashin, director of floor operations at UBS Financial Services, offered his insights to CNBC.
What turned the market around?
“Primarily, an easing of the currency pressure,” Cashin declared.
The mitigating effects were seen in oil and gold prices, both of which are “kind of neutral now.” In addition, he pointed to the 30-year Treasury auction, which “went better” than previous auctions. (Track Treasury [...]