Even after seven years of writing macroeconomic analysis for the liberty movement and bearing witness to astonishing displays of financial and political stupidity by more “skeptics” than I can count, it never ceases to amaze me the amount of blind faith average Americans place in the strength of the U.S. dollar. One could explain in vast categorical detail the history of fiat currencies, the inevitable destruction caused by inflationary printing and the conundrum caused when any country decides to monetize its own debt just to stay afloat — often, to no avail.Bank bailouts, mortgage company bailouts, Treasury bond bailouts, stock market bailouts, bailouts of foreign institutions: None of this seems to phase the gibbering bobbleheaded followers of the Federal Reserve cult. Logic and reason and wisdom bounce like whiffle balls off their thick skulls. They simply parrot one of two painfully predictable arguments:o Argument No. 1: There is no way foreign countries will ever dump the U.S. dollar because they are so dependent on American consumers to buy their export goods.o Argument No. 2: There is no way the dollar’s value will ever collapse because it is the dominant petro-currency, and the entire world needs dollars to purchase oil.I have written literally hundreds of articles over the years dismantling the first argument, pointing out … READ THE REST
Yesterday’s AM fix was USD 1,375.25, EUR 1,031.39 and GBP 878.47 per ounce.
Gold fell $6.40 or 0.47% yesterday, closing at $1,366.60/oz. Silver edged down $0.02 or nearly 0.09%, closing at $23.16. Platinum fell $14.52 or 1% to $1,504.49/oz, while palladium was down $10.75 or 1.4% to $749.75/oz.
Gold and silver both pulled back yesterday on profit taking and as stop loss limits triggered selling. There were jitters among some market participants as President Obama met the heads of the CFTC, SEC, CFPB, FHFA, NCUA, FDIC, the Comptroller of the Currency and the Federal Reserve.
This is contributing to the increased tightness in the physical market as large London Good Delivery bars (400 oz) are air freighted to Switzerland for refining into smaller kilo bars (32.15 ounces) for the voracious Asian market.
There is also an increasing preference for allocated storage in Switzerland by high net worths andfamily offices. Switzerland still has much of the world’s gold refining capacity and remains a favourite destination of investors and savers concerned about sovereign risk – including sovereign risk in the EU, U.K. and U.S.
Most of the gold ETFs holdings were held in London vaults, and U.K. gold ‘exports’ to Switzerland exploded from 92 tonnes in all of 2012 to a whopping 240 tonnes in May this year alone and a very large 797 tonnes in the first six months of 2013.
“Bail-ins” and the risk of being an unsecured creditor of investment and savings providers is one of the reasons for the flight to allocated gold.
Store of wealth bullion buyers will use weakness to accumulate physical again due to the strong fundamentals
The obvious consequence of higher prices abroad has led to higher demand for precious metals as a store of value in the same countries.
- Crisis: the new normal
- In a zero sum game, someone has to be the loser
- The business model: speculation
- When the data is bad, make up the data
- Gold and silver: huge demand meets too much leverage
Stacy Summary: Here comes the tsunami following the 2007/2008 collapse in the West. And, once again, the IMF will create some magic credit against which to lend . . . the big question is, however, now in a post bail-in world, what happens to all the gold (and silver to a lesser extent) in which Indians hold their savings.India’s financial woes are rapidly approaching the critical stage. The rupee has depreciated by 44% in the past two years and hit a record low against the US dollar on Monday. The stock market is plunging, bond yields are nudging 10% and capital is flooding out of the country.
In an affidavit, ATI informed the court that one of the two specialists EPA assigned to handle the CEI’s FOIA requests admitted that a supervisor instructed her and a colleague to perform no work on them. Then:“Following this, EPA constructed a cul de sac of refusing to perform a search of responsive records until ATI agreed to pay estimated fees…which by law non-profits typically do not pay under FOIA…but which EPA then refused to provide.”Quite certainly, EPA is not the only federal agency to engage in secret Sue and Settle deals with crony environmental lobbying organizations. In a January letter to his Attorney General Buddy Caldwell, Senator Vitter wrote:“The collusion between federal bureaucrats and the organizations entering consent agreements under a shroud of secrecy represents the antithesis of a transparent government, and your participation in the FOIA request [filed by 13 other states’ AGs] will help Louisianans understand the process by which these settlements were reached.”Caldwell subsequently agreed to the Senator’s request.Vitter highlighted a recent example where the … READ THE REST
Executive SummaryIn 1995, the Cato Institute published a groundbreaking study, The Work vs. Welfare Trade-Off, which estimated the value of the full package of welfare benefits available to a typical recipient in each of the 50 states and the District of Columbia. It found that not only did the value of such benefits greatly exceed the poverty level but, because welfare benefits are tax-free, their dollar value was greater than the amount of take-home income a worker would receive from an entry-level job.Since then, many welfare programs have undergone significant change, including the 1996 welfare reform legislation that ended the Aid to Families with Dependent Children program and replaced it with the Temporary Assistance to Needy Families program. Accordingly, this paper examines the current welfare system in the same manner as the 1995 paper. Welfare benefits continue to outpace the income that most recipients can expect to earn from an entry-level job, and the balance between welfare and work may actually have grown worse in recent years.The current welfare system provides such a high level of benefits that it acts as a disincentive for work. Welfare currently pays more than a minimum-wage job in 35 states, even after accounting for the Earned Income Tax Credit, and in 13 states it pays more than $15 per hour.If Congress and state legislatures are serious about reducing welfare dependence and rewarding work, they should consider strengthening welfare work requirements, removing exemptions, and narrowing the definition of work.Moreover, states should consider ways to shrink the gap between the value of welfare and work by reducing current benefit levels and tightening eligibility requirements.
President of Pento Portfolio Strategies – Michael is a well-established specialist in the “Austrian School” of economics. A regular on CNBC, Bloomberg, Fox Business, and other national media outlets and his market analysis can be read in most major financial publications. Prior to starting Pento Portfolio Strategies he served as a senior economist and VP of the managed products division of another well known financial firm. Michael has also created ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE.]
Other statehood movements
Jefferson State Project About Page:Development of this site began in the fall of 1998 to bring attention to the plight of the local people and local economies along the mountain border region of northern California and southern Oregon.Despite a ‘growing economy’ and a tech boom which went bust, many in our region were facing opposition to our natural resource based industries and livelihoods by environmentalist extremists, activist judges, non-government organizations and their broadening political agenda in collusion with governmental agencies at the state and federal levels. This threat has become more real and is moving in the wrong direction.Our attempt is to bring land use controls and private property rights back to the local level governed by local people by any and every means necessary under the law.This mission brings mocking from politicians, the socialist elite and all of those who place unscrupulous and misguided ideals ahead of a free people under the United States Constitution.For more info:Brian Petersen
Yreka, CA – for now
email@example.comThank-you for your interest.
VIDEO: Dept Of Hate – DHS Manager: In order For Black People To Survive “A Lot Of Whites Need To Be Killed”
“There is a long history of attempts by scientists to control the weather, including using techniques such as cloud seeding.This involves spraying small particles and chemicals into the air to induce water vapour to condense into clouds.” ….
Weather could be controlled using lasersScientists are attempting to control the weather by using lasers to create clouds, induce rain and even trigger lightning.Experts from around the world are to gather at the World Meteorological Organisation next month to discuss how powerful laser pulses can be used to generate changes in the atmosphere that influence the weather.Their experiments have shown that intense pulses of light can cause ice to form and water to condense, leading to the formation of clouds.The scientists have now begun testing their equipment outside for the first time with extremely short pulses of laser light were fired into the sky.Researchers have also proved that lightning discharges can be triggered and channelled through the air using laser pulses.They hope the technology could allow lightning during thunderstorms to be guided away from sensitive buildings such as power plants or airports.It could also be used to manipulate the weather by creating clouds and triggering rainfall ahead of major public events.