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From King World News
With gold rallying $40 off the lows, King World News spoke once again with the firm that is calling for $10,000 gold. Paul Brodsky, who co-founded QB Asset Management Company, had this to say about the volatility and what he is looking for going forward in terms of money printing, “Well, certainly today’s action, with Papandreou posing the referendum to the Greek people, brings QE further down along the timeline. We think central banks are keeping the banking system solvent even though French and German banks are getting weak. We think, clearly, central banks are going to have to move more quickly than they thought they would have to. So we expect QE3 and whatever else might follow on from that to be coming sooner than we did yesterday, that’s for sure.”
Paul Brodsky continues:http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/2_KWN_Special__Global_Policy_Makers_are_Getting_Desperate.html
Gold: The Last Man Standing in the Currency Horse Race.
The world's central banks are all competing to have the weakest currency possible...
THE WORLD'S currency markets right now are like a horse race – except a horse race nobody wants to win, writes Dan Denning, editor of the Daily Reckoning Australia.
The closer a currency gets to the lead (world's strongest) the more its jockey (the central bank) does to slow it down. Some of the horses have been run into the ground. And as we come down the home stretch of the competitive currency devaluation sweepstakes, it wouldn't surprise if one of the jockeys took out a shotgun and blasted his mount away.
http://goldnews.bullionvault.com/gold_currency_110120116
Ugly Truth for the Fed: Inflation Pressures Here to Stay
For the Federal Reserve, policymaking these days is about deciding which of two imposing evils to take on — a decidedly moribund economy or the increasing threat that inflation poses to battered consumers.
For much of the slow slog out of the financial crisis, the Fed ![[cnbc explains]](http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/_News/_CNBC_EXPLAINS/_IMAGES/CNBC_explains_icon1.gif)
which is meeting this week and will issue its policy statement Wednesday, has managed to train its gaze on jump-starting growth through its various quantitative easing measures.
which is meeting this week and will issue its policy statement Wednesday, has managed to train its gaze on jump-starting growth through its various quantitative easing measures.But recent indicators show that inflation is posing an equally daunting threat that further monetary accommodation from the Fed might serve only to aggravate.
is posing an equally daunting threat that further monetary accommodation from the Fed might serve only to aggravate.
28 comments:
"Isn't it strange? The same people who laugh at gypsy fortune tellers take economists
seriously." - Jack Grulin
Inflation in US is about 4% with all numbers factored not just core, shadow stats makes it much, much higher...ooops!
For the Federal Reserve, policy making these days is about deciding which of two imposing evils to take on — a decidedly moribund economy or the increasing threat that inflation poses to battered consumers...
Nice spin. The fed doesn't care one whit about regular people. The fed is there to protect and create the fortunes of the uber-wealthy. That is their only function. The dual mandate thing is hogwash.
Shaza I am saving some of the other articles for tomorrow night. I hope all is well in the land of OZ.
NBC has a new news program starring Brian Williams the NBC new anchor. They did a bit of a hit job on OWS by showing that there are places in the US that have lots of jobs. The kicker is you have to be willing to move to North Dakota. It is bitter cold there, but no worse than Minnesota or Canada. Yes, there are about 2000 jobs open, but how do you go from working in the FIRE economy to working as a truck driver or into the oil fracking business? They also have jobs in Fast Food and Walmarts.
So my takaway was that all those OWS people in NY just need is to move to ND. Oh and BTW did I mention that there is such a rental and housing shortage that many people have no place to live? Some are living in their cars or the cab of a Semi Truck?
Hi Shaza, Edgar and all. All is going well at home so enough about that.
Here is my take on the Fed today and it changes from time to time. The Fed exists to control the ebbs and flows of money. They are a for profit organization that TPTB (The Banking Establishment) entrust to keep the masses placated. The fact the OWS exists proves they are failing.
This means it is their job to right the ship once the drunken banksters hit an iceberg. The unfortunate thing is that they cannot fix it this time. They cannot raise interest rates and they cannot lower them. Any more money printing will be a disaster for the commodities markets by creating inflation in all the things we need in life. We don't need cheaper laptops and cell phones. We do need fuel and food.
Another problem is that Bernanke really believes that what he is doing, is the only thing that will stimulate spending. He needs the velocity of money to start moving again. For some reason he still thinks that printing money and giving it to the banks will magically accomplish this. However, this time it will not work. The average Joe does not have access or want more debt as they are maxed out. By giving the money to the banksters, it will only encourage them to continue gambling in the casino because they have to make money and they cannot do it by loaning it to J6P.
Whether it is in the US or Europe we are playing from the same game plan. When and I won’t say if Europe goes down, it will be followed by the US. This will affect Japan who is already screwed, Canada and China. China will likely have a revolution and this will affect imports from Australia and other SE Asian economies. The dominos and regimes will continue to fall in the Middle East and South America. So hold on folks. The Fed has lost control of the car and we are heading for the cliff.
I don’t mean to seem like a purveyor of Gloom and Doom, but in the face of the current reality, I really cannot see much hope ahead. The hope I had was Obama and look how that turned out. Obviously not everyone will be affected adversely, but you will have to keep a low profile when TSHTF.
My mutual funds are now back in the green so I have to brag for not selling. Of course this can all reverse in a week just as it did in September. I did some reading on Osisko Mining which is a big part of TGLDX. I wondered why it was going down when similar type miners were not.
Production Uncertainty Hits Osisko Mining
Regarding this thread's post from From King World News, QE3 will not get much more traction in fixing this financial mess that last week's EU action which saved Europe for only two days.
Συν Αθηνά και χείρα κίνει Ασφαλής λέξη
That's the latest word from EUrocRatia, and that is final. You can take that to the ECB.
It's all Greek to me.
Will G-Pap resign? New Government, or not? Referendum or not? Election, or not?
Who knows!
The headlines are just laughable today, all manner of wild speculation that is immediately reversed in the next headline.
http://www.nakedcapitalism.com/2011/11/is-the-eurobankster-well-shrink-our-balance-sheets-threat-largely-empty.html
Banksters put gun to head, threaten to kill the hostage:
"Is the Eurobankster “We’ll Shrink Our Balance Sheets” Threat Largely Empty?
Even though the Greek move to blow up the latest Eurorescue plan caught the world’s attention, another pushback is underway, this via the blue chip lobbying group, The International Institute for Finance.
Thus the outcome that the IIF depicts as peril, that of making megabanks much smaller, is precisely where they need to go. The issue that should be argued isn’t whether or not the European banking system needs to shrink. It does. The question is how much and how quickly. The failure to put this issue front and center in policy formulation is likely to lead to inconsistent responses which may well play into the banksters’ hands."
Banksters are playing with fire there.
Popular anger is rising, world wide. Their lengths will be shortened by the heights of their heads if they keep arrogantly ignoring what others say, in pursuit of "bonuses".
Tell me what Bankster deserves any sort of bonus these days, when the only thing keeping the lights on at the frauds they call a "Bank", is the tidal wave of taxpayer capital that has kept them afloat since '08.
Shrink the Banksters and save the world economy at the same time - guillotine Banksters today.
http://www.telegraph.co.uk/news/worldnews/europe/eu/8866296/Greece-will-be-cut-adrift-if-bail-out-is-refused-says-EU.html
"Greece last night faced the threat of bankruptcy within weeks after the EU said it would not provide any more funding to the beleaguered country unless it agreed to support the euro bail-out.
Nicolas Sarkozy, the French president and Angela Merkel, the German Chancellor, said no funds from either Europe or the International Monetary Fund (IMF) would be made available until Greece had accepted the austerity programme.
At a press conference Mr Sarkozy said: "Our Greek friends must decide whether they want to continue the journey with us.
"We cannot commit European taxpayers' money unless the rules unanimously adopted in Brussels are respected to the letter."
He was flanked by Mrs Merkel, who added: "The referendum will revolve around nothing less than the question: does Greece want to stay in the euro, yes or no?"
Simon Johnson, the former chief economist at the IMF said Europe was "looking straight into the face of a great depression"."
The absolute arrogance of the EUrocRatian "elites" is on display, and it is ugly.
Apparently the Greek Finance Minister "met privately" with Merkozy (the Evil Dynamic Duo of EUrocRatia) and then changed his mind on the referendum, which he had just voted to support.
What kind of bribe did the Evil Twins offer him? The interference in internal Greek affairs has been noted by Greek voters, I'm sure.
If they manage to get the referendum canceled, I would think Greek voters will be forced into more hardline anti-EUroRat stances. Not like Merkozy and the EU are popular in Greece already.
The scum in EUrocRatia have risen to the top of the pond.
http://www.guardian.co.uk/world/blog/2011/nov/03/g20-summit-live-coverage
http://www.guardian.co.uk/business/blog/2011/nov/03/greek-crisis-referendum-eurozone
Live Blogs from Cannes and Athens there, and they reflect the confEUsion that is rampant.
Note this from a Tweet from Athens:
"Greeks around us are arguing volubly about the humiliating language of Merkozy last night which has united the entire country in rage."
Consumers aren't CONned by the MSM, it seems:
ZH: "(US) Consumer Comfort Index And State Of The Economy Almost Record Lows"
"Bloomberg's consumer comfort index once again confirms what so many know, despite the day to day 3-4% swings in equity markets, that broad-based sentiment is desperately weak. Retail metrics also confirmed retail sales starting to disappoint - as perhaps burning through savings is starting to reach its tipping point - and so perhaps all those charts we have been so vociferous about pointing to the disconnect between spending/growth and sentiment will converge sooner than many suspect."
Bloomberg "Consumer Confidence Index" now at -90.2, all-time low Feb '09 was -92...
Which is where it should be, in a Depression.
Well GAW from your comments, it is put up or shut up time.
Also I am being proactive with KWN and got approval for the partial story and the link.
I'd love to have been a fly on the wall when Merkozy changed his mind. This uncertainty cannot be good in the short or long run.
US markets and shiny metals just humming along like nothing is happening. "If the economy in Greece falls and no one in the US hears it, did it really happen?" QB
Today's "US Primary Dealer" failure - only what, 13 left, now? They're dropping like flies off a light bulb:
ZH: "Jefferies -20%, Halted, Unhalted, Halted, Unhalted As Market Seems To Have Found The Next MF"
"UPDATE 4: Resumed Trading again
UPDATE 3: JEF halted again
UPDATE 2: JEF resumes trading, dead cat bounce
UPDATE: -20% now, halted
Presented without comment suffice to say that while everyone is focusing on Europe, the US may be about to have its second failed Primary Dealer in a week"
You only need approval to repost an entire story, AFAIK. If you post a few paragraphs with a link, there is no problem and no permission needed.
But I guess it's good to be on the safe side.
A site like KWN probably won't lawyer you, they want more links etc. It's the large corporate websites, specifically Reuters and others like them, that will, from what I have read.
But you still don't need their permission, as long as you link to the original story, and don't post more than a few paragraphs. That is allowed under the DCMA internet copyright law. Unless they specifically send you a letter to 'cease and desist', which they almost never do.
But you still have to watch the photos, whomever owns the image could lawyer you, regardless.
GAW in regards to you above comments on consumer confidence I think we are getting closer every month to the cliff. I think OWS may sustain itself as they have no where else to go. I have also read that they are getting a lot of donations. MSM still cannot frame them yet. Eventually they will just ignore them and focus on nut job in the Republican race like Cain and Perry. Talk about wacko.
GAW I thought they held a gun to the head of the primary dealers. Buy or else you are out of the club. Thanks for the feedback on links. I look for free pictures now or just don't put them up. If anyone wants to see the graphics and charts then just click on the link.
Meanwhile, that other catastrophe continues:
George Washington's Blog: "Fukushima: “Far From Any Stable Shutdown” "
"Radioactive xenon has been detected at the Fukushima nuclear plant, indicating that nuclear reactions are still occurring.
Hopefully, nuclear expert Paul Gunter's fear that we face a "China Syndrome" - where the fuel from the reactor cores at Fukushima have melted through the container vessels, into the ground, and are hitting groundwater and creating highly-radioactive steam - will turn out to be overblown (even though NHK and Tepco have allegedly confirmed that steam was escaping from underground back in June, something Fukushima workers have alleged for some time"
After the ignorant and disrespectful statements made about OWS by many senior Republicans, they have clearly aligned themselves totally with the Banksters, and against the rest of the citizens.
They "follow the money" I guess, where the biggest campaign contributions come from. Obama does too, but at least he isn't so stupid about making it perfectly clear in public.
But the way the Republicans are going, 4 more years of Obama looks likely, and vastly preferable. Unless you think Cain, Perry, Romney, or Bachmann (a very sorry lot there) would make a good President.
Hobson's choice - vote for an idiot, or for a moron.
OMG we have forgotten so soon about Fukushima and the Gulf Spill. I also forgot about Washington's Blog and added it to the list.
I saw this on KD's and had no idea. "There is no means through the EU treaties to expel a nation from the Union. They can choose to leave, but you can't throw them out. Well, except one time-honored way -- with guns."
http://market-ticker.org/
I am off for an hour doing the chores. Catch you all in the afternoon.
have a great day all, have to do some chores myself
I think KD's article today is all wrong. The greeks do not hold all the cards and they don't have any chips. When Germany and France walk away then what will Greece do? So to say that Papandreou’s government has the upper hand is another delusion of his. He must not play much poker oe know that the casino never loses.
So, is the referendum canceled? The news suppliers do not seem capable of definitively answering this question.
But the stock market thinks so. Just shut down the democratic voting process and the market responds positively.
We are not ruled by wise people; we are ruled by greed - pure and simple.
Greed is good! LOL
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