Gold World News Flash |
- Remobilize Gold To Save The World Economy! Open Letter To Paul Volcker
- We Have a New Gold Standard: Marc Faber
- Jim?s Mailbox
- In The News Today
- Hourly Action In Gold From Trader Dan
- Daily Dispatch: The Cure for High Prices
- Leveraging Junk Debt Off the Charts
- Gissen & Berol: Cautious Optimism at Denver Gold Forum
- Steve Parsons: Copper Offtake Thesis Paying Off
- Two Certainties: $1,300 Gold and Taxes
- Gold-Stock Recovery 3
- How Much Higher Can Bonds Go?
- Gold RSI above 75 for 3rd Time in Past Year
- Silver Price Breaks Above 2008 High in Early London Trading
- LGMR: Gold Acting as "Barometer" of Global Currency Devaluation, Nears $1300
- Crazy Market Thoughts: Only Half the Story
- A Quiet Fundamental Session Keeps Oil to Congestion, Gold on a Record Path
- Crude Oil Bucks the Trend and Rises, Gold Stalls Just Under $1300
- Gold-Freedom versus The Cartel ‘End-Game’ & A Strategy for Surmounting It
- Gold Acting as "Barometer" of Global Currency Devaluation, Nears $1300
- Gold Acting as "Barometer" of Global Currency Devaluation, Nears $1300
- And The Obligatory “Selloff Day” Gold Plunge Is Here
- Pat Heller: Supply squeeze in physical gold and silver may be heating up
- Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Nearly 2% and 3% on the Week
- The Gold Price Closed at 1296 - Another New All Time High
- Weaker Dollar Propels Oil Higher Amid Mixed Economic News
- If Currencies ‘Race To The Bottom’ With Competitive Weakening, Will Gold Return To The World Of Money?
- Chariie Munger-Goldbugs are jerks
- Remobilize Gold to Save the World Economy
- Gold and Silver Charts
- 19 Facts About The Deindustrialization Of America That Will Blow Your Mind
- FRIDAY Market Excerpts
- Three Wholesale Credit Unions Nationalized As US Securitizes $50 Billion In Legacy Toxic Assets; Failure "Sweep Under The Rug" Friday Just Got Real
| Remobilize Gold To Save The World Economy! Open Letter To Paul Volcker Posted: 24 Sep 2010 07:21 PM PDT An open letter to Paul Volcker, Chairman of the Board of Governors of the Federal Reserve, 1979-1987; Chairman of President Obama's Economic Recovery Advisory Board, presented to him, in person, last year Antal E. Fekete E-mail: [EMAIL="aefekete@hotmail.com"]aefekete@hotmail.com[/EMAIL] Dear Paul: In 35 years our paths have crossed for the second time. In 1974/75 you and I were Visiting Fellows at Princeton University. Now, in 2009, both you and I are attending the Santa Colomba Conference on the present debt crisis at the invitation of Bob Mundell. In 1975 you conducted a seminar on the international monetary system and invited me to contribute a paper on gold which I did. Those were halcyon days by comparison. The United States, after the turbulence of 1971, successfully consolidated the international position of the dollar and could confidently lift the 42-year old ban on the ownership and trading in gold. On December 31, 1974, trading of gold futures contr...
|
| We Have a New Gold Standard: Marc Faber Posted: 24 Sep 2010 07:21 PM PDT I wouldn't read a thing into yesterdays price action in gold. It spent the entire day range-bound between $1,120 and $1,130. The highs and lows aren't worth mentioning. Nothing to see here, folks! It was the same for silver. There's nothing to talk about in this chart. The dollar has been an interesting case study over the last couple of days. A rally started about 2:00 a.m. Eastern time on Wednesday morning... and, in fits and starts, added about 80 basis points to its price over the next 36 hours... yet the precious metals prices barely reacted at all. In times past, a dollar rally of this magnitude would have resulted in a rather significant sell-off in both gold and silver. It certainly didn't happen this time... and as I mentioned in my column yesterday... we've see a lot more of that kind of action recently, where the gold price is not necessarily tied to the dollar action. As other commentators have pointed out... the precious metals are now bac...
|
| Posted: 24 Sep 2010 07:21 PM PDT View the original post at jsmineset.com... September 24, 2010 08:44 AM Significant Technical Damage In The Dollar Going Unrecognized CIGA Eric Has anyone noticed significant technical damage to the dollar amid all the election rhetoric and Administration reshuffling confusion? A weak currency is good for everyone, right? If there was a time for a "line in the sand" currency intervention, it would be now. Gold is neither blind nor bubble-like to this technical reality. U.S. Dollar Index ETF (UUP): More… Gold Shares: Subtle Changes Within The Trend Suggest Outcome Few Expect CIGA Eric Yesterday Dan’s commentary and charts on jsmineset.com illustrated the under performance and out performance of the mining shares relative to bullion and stock market, respectively. I would also like to add this analysis by illustrating the building strength within the gold shares group not captured by the widely followed indices such as the XAU and HUI (...
|
| Posted: 24 Sep 2010 07:21 PM PDT View the original post at jsmineset.com... September 24, 2010 08:47 AM Thought For The Day I believe that everything Dollar will top on a rising neckline head and shoulders formation. That is what I anticipate in the Long Treasury Bond. Go back and take a look at how the USDX made its top. It is my opinion a similar chart pattern might be in the making now. Stay alert because when this changes you can trade short for a decade, selling strength and buying back on weakness. Jim Sinclair’s Commentary Volcker goes ballistic. Resignations from the Administration invite a conclusion that something beyond what we know is awfully wrong. Volcker launches into bankers, politicians, regulators. Former Fed Chairman Paul Volcker scrapped a prepared speech Thursday and delivered a blistering critique of nearly every corner of the financial system. While praising the financial overhaul, Volcker told attendees at the Chicago Fed the system is still at the risk of regu...
|
| Hourly Action In Gold From Trader Dan Posted: 24 Sep 2010 07:21 PM PDT View the original post at jsmineset.com... September 24, 2010 09:58 AM Dear CIGAs, I wonder if Johannes Gutenberg, the inventor of the printing press, ever realized that his marvelous device which ushered in a new era of knowledge dissemination, would someday also be used to create wealth out of thin air. Apparently he did not for if he had, it is doubtful that the world of his day and future days would have ever experienced economic hardship or ruin again. Witness the marvelous effect of the newly created Fed "wealth" as it makes its way into the equity markets and the commodity markets, at the horrific expense of the Dollar, which has now crashed below the critical 80 level and looks like it is on its way down to 76. There was a literal fund orgy of buying across almost every single market today shoving prices north as the reflation trade was on full display for all the world to gaze at in admiration. "Who is like the Fed and whom else may we bow down and worship" comes the c...
|
| Daily Dispatch: The Cure for High Prices Posted: 24 Sep 2010 07:21 PM PDT September 24, 2010 | www.CaseyResearch.com The Cure for High Prices Dear Reader, With gold poking its fair-haired head over the top of $1,300 today, a new record, many dear readers are wondering if this rally is sustainable. Reader and correspondent Mike B. sent along the following chart, which offers a useful road map to any secular bull market. Of course, those of you who have been subscribers to our services for any period of time will happily note yourselves as belonging to the “smart money” crowd. As to where we are on this map today, it’s our contention that the public is still almost completely uninvolved in gold at this point. Increasingly, however, the institutions are. David Rosenberg, who has a large following among the institutions, wrote today that he thinks the Mania stage is still well off, and that gold won’t really gain steam until it hits $3,000. This, despite his being a st...
|
| Leveraging Junk Debt Off the Charts Posted: 24 Sep 2010 07:21 PM PDT The massive door of the Mogambo Bug-Out Bunker (MBOB) was locked, and I was taking a little break, leisurely looking through the periscope/range finder/fire-control module, calmly reconnoitering the perimeter and keeping an eye on the neighbors, watching them acting like they are innocently mowing their lawns and washing their stupid cars, but who are actually spying on me, like I am too stupid to notice their treachery and perfidy. I see all this an say to myself, "These are the same dolts who are not buying gold, silver and oil with every dollar they have, even after all the time I spent telling them do that very thing! Dolts!" And, indeed, everywhere I look I see dolts, and so, apparently, does Doug Noland, who, in his Credit Bubble Bulletin at PrudentBear.com, takes a look at what is happening in high-yield bonds. He found that "According to Bloomberg, this week's $41.7bn of corporate bond issuance combined with about an equal amount from last week pushed two-week debt sales to t...
|
| Gissen & Berol: Cautious Optimism at Denver Gold Forum Posted: 24 Sep 2010 07:21 PM PDT Source: Sally Lowder of The Gold Report 09/24/2010 Optimism is in the air at the Denver Gold Forum (the conference that assembles the world's leading precious metals miners and the global fund managers who invest in them), according to Encompass Fund Founders Malcolm Gissen and Marshall Berol. The Gold Report was on location at the Forum to get the scoop on their "cautiously optimistic" forecast for precious and base metals, as well as rare earths. In this exclusive interview, Gissen and Berol also explain their company-selection process, which appears to be paying off. The Gold Report: Malcolm and Marshall, thanks for talking with us here at the Denver Gold Forum. Tell us your impressions of the conference. What's the mood? Do you feel you're going to be coming away with some new ideas? Marshall Berol: I'd say the mood is certainly upbeat. I understand the attendance is at an all-time high, close to 1,100 people. I think it's a reflection of the fact that gold and ...
|
| Steve Parsons: Copper Offtake Thesis Paying Off Posted: 24 Sep 2010 07:21 PM PDT Source: Brian Sylvester of The Gold Report 09/24/2010 Wellington West Senior Analyst Steve Parsons developed an investment thesis for large copper deposits three years ago. His premise was that competition among Asian smelters would drive these companies to seek guaranteed sources of metal concentrate. In fact, several companies with large copper deposits have either received generous offtake financings or been taken over. Steve thinks his evolving thesis will remain valid for the foreseeable future. In this exclusive interview with The Gold Report, Steve divulges the few companies he thinks remain targets. The Gold Report: Steve, the copper price has traditionally been considered a bellwether of global economic health. But, more recently, it has remained high despite worldwide economic problems. Why? Steve Parsons: What has happened is that Chinese copper consumption has remained strong. Earlier in the year, bullish sentiment toward copper was only reluctantly embrace...
|
| Two Certainties: $1,300 Gold and Taxes Posted: 24 Sep 2010 07:21 PM PDT The 5 min. Forecast September 24, 2010 11:20 AM by Addison Wiggin [LIST] [*] Gold hits next magic number... Frank Holmes on why it's heading higher still... Silver making an impressive run of its own [*] "Policy uncertainty"... Washington plays chicken with your income tax rates [*] Byron King on one of the "largest financial crimes in history" [*] Ireland, Greece and France, oh my... Inside the euroland of Oz [*] Dispatch from the "Goldline hearings"... Is this guy for real? [/LIST] It didn’t last long. Gold has breached the magic number of $1,300 -- both in London and New York -- but then retraced. Silver, gold's often overlooked but still precious sister, is at $21.40, a level not seen since the nutty days of early 1980. The recent surge in silver is driven, largely, by late inflows into silver ETFs. Institutional interest in silver ETFs have lagged gold and even platinum and palladium ETFs for much of this year, but now they're making up ...
|
| Posted: 24 Sep 2010 07:21 PM PDT Adam Hamilton September 24, 2010 2693 Words Gold’s typical autumn strength has been garnering a lot more interest than usual this year. Since its late-July seasonal low 8 weeks ago, this metal has rallied over 11%. But the limelight really didn’t start shifting to gold until last week, when it started achieving new all-time highs in nominal (not inflation-adjusted) terms. All this new gold attention is rekindling interest in the gold miners. Gold miners’ profits are driven by the price of gold. The higher it goes, the greater their profits grow. And in the stock markets, a stock’s price ultimately reflects its underlying company’s long-term profits. Thus gold stocks follow gold higher, usually amplifying ...
|
| Posted: 24 Sep 2010 07:21 PM PDT David Rosenberg, chief economist at Toronto's Gluskin Sheff, says at least two more years to a top with rates significantly lower than today. Here is Rosenberg's graph: From today's "Breakfast With Dave":[INDENT]Take a look at chart 1, in this post-bubble credit collapse everything is mean reverting from P/E ratios, to savings rates, to debt/income ratios, to homeownership rates and the process is going to take more time and extract more domestic demand growth and pricing power out of the economy. We closed the 1930s with a 2% long bond yield, which makes perfect sense to us since the typical spread between the 30-year and the overnight rate is around 200 basis points. It won’t be a straight line, and based on past long interest rate cycles, which can last up to 32 years, we could be looking at a bottom roughly two years from now. So we wouldn’t quibble with the view that the secular bull market in bonds is in the mature stage. But it ain’t over yet. [...
|
| Gold RSI above 75 for 3rd Time in Past Year Posted: 24 Sep 2010 07:21 PM PDT courtesy of DailyFX.com September 24, 2010 06:57 AM Daily Bars Prepared by Jamie Saettele Sights remains on round figures such as 1300, 1400, 1500, etc. Watch channel resistance going forward. The line is at 1315 today and increases about $3 a day. Of note are the blue colored bars on the chart. These bars indicates an RSI that is above 75. This happened back in November 2009 and May. In both instances, Gold continues higher before reversing....
|
| Silver Price Breaks Above 2008 High in Early London Trading Posted: 24 Sep 2010 07:21 PM PDT SLV ETF adds 2.35 million ounces. China/Japan at daggers drawn over fishing flap. Irish eyes aren't smiling. Silver breaks above 2008 high. Bank of Japan 2nd currency intervention fails...and much, much more. YESTERDAY IN GOLD AND SILVER Ever since the run-up after the FOMC meeting on Tuesday afternoon, the gold price hasn't done much of anything... hanging around just under the magic $1,300 level. Thursday's price action was more of the same. Gold's high price made it up to $1,297.20 spot at 11:30 a.m. Eastern. Silver's price action was a little more interesting. The price didn't do much in Far East trading on Tuesday, but began to sell off shortly after London opened for trading on Thursday morning. This sell-off reached its nadir about 8:10 a.m. in New York. From that point, silver gained a bit, but began to rally more noticeably once the London p.m. gold fix was in moments after 10:00 a.m. Eastern time. The rally [such as it was] ended at...
|
| LGMR: Gold Acting as "Barometer" of Global Currency Devaluation, Nears $1300 Posted: 24 Sep 2010 07:21 PM PDT London Gold Market Report from Adrian Ash BullionVault 09:45 ET, Fri 24 Sept. Gold Acting as "Barometer" of Global Currency Devaluation, Nears $1300 THE PRICE OF GOLD came within 80¢ of $1300 an ounce Friday morning in London, with front-month gold futures in New York breaching that level, as trader-room rumors said the central banks of both Japan and Switzerland were actively selling their own currencies to depress them on the forex market. US crude contracts oil rose back above $75 per barrel. World stock markets rose as the Dollar fell on the currency market.Silver prices broke fresh three-decade highs above $21.40 an ounce. "There is not a country in the world that wants a firmer domestic currency," says Kamal Naqvi, head of commodity sales at Credit Suisse, speaking to the Financial Times today. "The result is devaluing currencies against hard assets, and gold is the obvious barometer of that. The thesis of competitive devaluation as a driver for gold has beco...
|
| Crazy Market Thoughts: Only Half the Story Posted: 24 Sep 2010 07:21 PM PDT In a recent interview conducted by Jeff Clark of Casey Research and self-declared as The Best Gold Interview of 2010, Andy Schectman of Miles Franklin discusses the future supply situation in the retail bullion market. Unfortunately, most people who have been around the block in the gold market will not find his views to be particularly insightful or surprising so we’d like to spice things up a bit by adding our own contrarian arguments and twisted perspective. Among Mr. Schectman’s not-very-extraordinary claims is that the apparent shortage of gold and silver bullion and the resulting premiums that arose during the financial crisis in 2008 were caused by extremely strong demand from panicked retail buyers. Mr. Schectman then warns us that we should expect more retail shortages in the future. We can’t really argue with his logic but we believe he is only telling half the story given that many dealers were in fact rationing their existing inventories as a result of l...
|
| A Quiet Fundamental Session Keeps Oil to Congestion, Gold on a Record Path Posted: 24 Sep 2010 07:21 PM PDT courtesy of DailyFX.com September 23, 2010 04:08 PM On the back of the fundamental fireworks of the past week, we have seen investor sentiment as a byproduct of risk appetite / risk aversion stabilize recently. Without a catalyst for a true trend Thursday, oil was left to congestion and gold to its engrained trend. North American Commodity Update Commodities - Energy Short-Term Swings in Oil Distract from Broader Congestion Crude Oil (LS Nymex) - $75.18 // $0.47 // 0.63% It is easy to get wrapped up in the short-term volatility in price action for the crude market. Thursday’s trading session for US oil was a once again a volatile one; but as has been the case for much of this week – the activity level has not generated anything resembling a clear trend for the commodity. In fact, a technical assessment of the energy market’s performance for the past month leaves us with a clear congestive pattern. A different means of looking at this directionless be...
|
| Crude Oil Bucks the Trend and Rises, Gold Stalls Just Under $1300 Posted: 24 Sep 2010 07:20 PM PDT courtesy of DailyFX.com September 23, 2010 10:51 PM A notable decline in equity markets didn’t stop crude oil from rallying, but the larger trend remains intact. Gold prices rose, but failed to reach a new record. Commodities – Energy Crude Oil Bucks the Trend and Rises Crude Oil (WTI) - $74.98 // $0.20 // 0.27% Commentary: Crude oil managed to reverse early losses in Thursday’s session to settle with a gain of $0.47, or 0.63%. The commodity closed at $75.18, notably above the session’s low of $73.58. It was an odd move considering that U.S. equity markets tumbled 0.83% on the day. But it is important not to make too much of any one day move. We can chalk up the advance to normal market fluctuations. In the bigger picture, things remain almost exactly the same as they have been over the last few weeks: crude oil has failed to meaningfully participate in the overall rally in risk appetite, as the commodity remains encumbered by the burden of ample supp...
|
| Gold-Freedom versus The Cartel ‘End-Game’ & A Strategy for Surmounting It Posted: 24 Sep 2010 06:52 PM PDT
|
| Gold Acting as "Barometer" of Global Currency Devaluation, Nears $1300 Posted: 24 Sep 2010 06:42 PM PDT
|
| Gold Acting as "Barometer" of Global Currency Devaluation, Nears $1300 Posted: 24 Sep 2010 06:42 PM PDT
|
| And The Obligatory “Selloff Day” Gold Plunge Is Here Posted: 24 Sep 2010 05:14 PM PDT by Tyler Durden Just when you thought gold could go through at least one major selloff day without some remarkable fireworks, here comes a perfectly natural $10 selloff in the span of under a minute, because that is precisely how a quantized and "deep" order book looks like. Just how related this [...]
|
| Pat Heller: Supply squeeze in physical gold and silver may be heating up Posted: 24 Sep 2010 04:03 PM PDT 12:01a ET Saturday, September 25, 2010 Dear Friend of GATA and Gold (and Silver): Patrick A. Heller, proprietor of Liberty Coin Service in Lansing, Michigan, reports at Coin Update News that precious metals coin demand has suddenly picked up sharply. Heller's commentary is headlined "Supply Squeeze of Physical Gold and Silver May Be Heating Up" and you can find it at Coin Update News here: http://news.coinupdate.com/supply-squeeze-of-physical-gold-and-silver-ma... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Sona Resources Expects Positive Cash Flow from Blackdome, On May 18, 2010, Sona Resources Corp. (TSXV: SYS, Frankfurt: QS7) announced the release of a preliminary economic assessment for gold production at its flagship Blackdome and Elizabeth properties in British Columbia. Sona Executive Chairman Nick Ferris says: "We view this as a baseline scenario for gold production. The project is highly sensitive to the price of gold. A conservative valuation of gold at $1,093 per ounce would result in a pre-tax cash flow of $54 million. The assessment indicates that underground mining at the two sites would recover 183,600 ounces of gold and 62,500 ounces of silver. Permitting and infrastructure are already in place for processing ore at the Blackdome mill, with a 200-tonne per day throughput over an eight-year mine life. Our near-term goal is to continue aggressive exploration at Elizabeth and develop a million-plus-ounce gold resource, commencing production in 2013." For complete information on Sona Resources Corp. please visit: www.SonaResources.com A Canadian gold opportunity ready for growth Join GATA here: Toronto Resource Investment Conference The Silver Summit New Orleans Investment Conference * * * Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy to Become Coal Producer This Year Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen. For Prophecy's complete press release about its production plans, please visit: http://www.prophecyresource.com/news_2010_may11.php
|
| Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Nearly 2% and 3% on the Week Posted: 24 Sep 2010 04:00 PM PDT Gold rose to a new all-time high at $1299.77 by about 9:15AM EST before it fell back off a bit into the close, but it still ended with a gain of 0.15% at a new all-time closing high. Silver climbed to a new 30-year high of $21.431 before it also dropped a bit, but it still ended with a gain of 0.94%.
|
| The Gold Price Closed at 1296 - Another New All Time High Posted: 24 Sep 2010 03:28 PM PDT Gold Price Close Today : 1,296.00Gold Price Close 17-Sep : 1,275.60Change : 20.40 or 1.6%Silver Price Close Today : 21.38Silver Price Close 17-Sep : 20.79Change : 0.59 or 2.8%Platinum Price Close... This is a summary only. Visit GOLDPRICE.ORG for the full article, gold price charts in ounces grams and kilos in 23 national currencies, and more!
|
| Weaker Dollar Propels Oil Higher Amid Mixed Economic News Posted: 24 Sep 2010 01:52 PM PDT Crude oil prices battled their way to a gain for the week as worries about the economy warred with the upward pressure from a weakening dollar. Read More...
|
| Posted: 24 Sep 2010 01:00 PM PDT In the last two weeks we have seen the U.S. dollar move from $1.2751 to $1.3450 against the Euro. It has also fallen against the Pound, the Yen and the Swiss Franc. The Japanese government via the Bank of Japan is weakening the Yen as we write this.
|
| Chariie Munger-Goldbugs are jerks Posted: 24 Sep 2010 12:12 PM PDT On investing in gold: I don't have the slightest interest in gold. I like understanding what works and what doesn't in human systems. To me that's not optional; that's a moral obligation. If you're capable of understanding the world, you have a moral obligation to become rational. And I don't see how you become rational hoarding gold. Even if it works, you're a jerk. http://finance.yahoo.com/news/Charli...939650256.html :vollkommenauf:
|
| Remobilize Gold to Save the World Economy Posted: 24 Sep 2010 12:00 PM PDT An open letter to Paul Volcker, Chairman of the Board of Governors of the Federal Reserve, 1979-1987; Chairman of President Obama's Economic Recovery Advisory Board, presented to him, in person, last year. Dear Paul: In 35 years our paths have crossed for the second time. In 1974/75 you and I were Visiting Fellows at Princeton University. Now, in 2009, both you and I are attending the Santa Colomba Conference on the present debt crisis at the invitation of Bob Mundell.
|
| Posted: 24 Sep 2010 11:35 AM PDT |
| 19 Facts About The Deindustrialization Of America That Will Blow Your Mind Posted: 24 Sep 2010 11:28 AM PDT 
Any great nation throughout history has been great at making things. So if the United States continues to allow its manufacturing base to erode at a staggering pace how in the world can the U.S. continue to consider itself to be a great nation? We have created the biggest debt bubble in the history of the world in an effort to maintain a very high standard of living, but the current state of affairs is not anywhere close to sustainable. Every single month America does into more debt and every single month America gets poorer. So what happens when the debt bubble pops? The deindustrialization of the United States should be a top concern for every man, woman and child in the country. But sadly, most Americans do not have any idea what is going on around them. For people like that, take this article and print it out and hand it to them. Perhaps what they will read below will shock them badly enough to awaken them from their slumber. The following are 19 facts about the deindustrialization of America that will blow your mind.... #1 The United States has lost approximately 42,400 factories since 2001. About 75 percent of those factories employed over 500 people when they were still in operation. #2 Dell Inc., one of America's largest manufacturers of computers, has announced plans to dramatically expand its operations in China with an investment of over $100 billion over the next decade. #3 Dell has announced that it will be closing its last large U.S. manufacturing facility in Winston-Salem, North Carolina in November. Approximately 900 jobs will be lost. #4 In 2008, 1.2 billion cellphones were sold worldwide. So how many of them were manufactured inside the United States? Zero. #5 According to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone. #6 As of the end of July, the U.S. trade deficit with China had risen 18 percent compared to the same time period a year ago. #7 The United States has lost a total of about 5.5 million manufacturing jobs since October 2000. #8 According to Tax Notes, between 1999 and 2008 employment at the foreign affiliates of U.S. parent companies increased an astounding 30 percent to 10.1 million. During that exact same time period, U.S. employment at American multinational corporations declined 8 percent to 21.1 million. #9 In 1959, manufacturing represented 28 percent of U.S. economic output. In 2008, it represented 11.5 percent. #10 Ford Motor Company recently announced the closure of a factory that produces the Ford Ranger in St. Paul, Minnesota. Approximately 750 good paying middle class jobs are going to be lost because making Ford Rangers in Minnesota does not fit in with Ford's new "global" manufacturing strategy. #11 As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time less than 12 million Americans were employed in manufacturing was in 1941. #12 In the United States today, consumption accounts for 70 percent of GDP. Of this 70 percent, over half is spent on services. #13 The United States has lost a whopping 32 percent of its manufacturing jobs since the year 2000. #14 In 2001, the United States ranked fourth in the world in per capita broadband Internet use. Today it ranks 15th. #15 Manufacturing employment in the U.S. computer industry is actually lower in 2010 than it was in 1975. #16 Printed circuit boards are used in tens of thousands of different products. Asia now produces 84 percent of them worldwide. #17 The United States spends approximately $3.90 on Chinese goods for every $1 that the Chinese spend on goods from the United States. #18 One prominent economist is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040. #19 The U.S. Census Bureau says that 43.6 million Americans are now living in poverty and according to them that is the highest number of poor Americans in the 51 years that records have been kept. So how many tens of thousands more factories do we need to lose before we do something about it? How many millions more Americans are going to become unemployed before we all admit that we have a very, very serious problem on our hands? How many more trillions of dollars are going to leave the country before we realize that we are losing wealth at a pace that is killing our economy? How many once great manufacturing cities are going to become rotting war zones like Detroit before we understand that we are committing national economic suicide? The deindustrialization of America is a national crisis. It needs to be treated like one. If you disagree with this article, I have a direct challenge for you. If anyone can explain how a deindustrialized America has any kind of viable economic future, please do so below in the comments section. America is in deep, deep trouble folks. It is time to wake up.
|
| Posted: 24 Sep 2010 10:00 AM PDT Gold price tests $1300 The COMEX December gold futures contract closed up $1.80 Friday at $1298.10, trading between $1290.60 and $1301.60 September 24, p.m. excerpts: see full news, 24-hr newswire…
|
| Posted: 24 Sep 2010 09:56 AM PDT
It is Friday afternoon, and of course the most troubling news come out. Last week it was that the idiots in charge are raising their stake in Ally to 80%; this week also did not disappoint: the WSJ reports what can arguably be the most important story of the week - to wit: the government just seized three wholesale credit unions and has launched an "unusual plan" to manage $50 billion of troubled assets inherited from failed institutions. The unions taken into conservatorship include Members United Corporate Federal Credit Union in Warrenville, Ill., Southwest Corporate Federal Credit Union of Plano, Texas, and Constitution Corporate Federal Credit Union, Wallingford, Conn., which had a total of $19.67 billion in assets as of July. As for the funding of the new bailout program: "To help fund the rescue, the National Credit Union Administration plans to issue $30 billion to $35 billion in government-guaranteed bonds, backed by the shaky mortgage-related assets." Once again, uncle Sam bails out those who have committed federal crime and sticks Joe Sixpack with the bill. How is it a crime? "Under federal rules, wholesale credit unions were supposed to invest only in safe, liquid assets. But some institutions chased higher returns by loading up on securities backed by subprime mortgages or other risky loans. Their portfolios were decimated by the mortgage meltdown."And here is the punchline: "Officials said the plan won't cost taxpayers any money." How can one not simply laugh at the continued lies and crimes that occur each and every day, and are perpetrated by every single person in charge of this collapsing country? And this kind of shit continues to this day, as the morons at the pension and mutual funds are now loading up on high yield debt and stocks trading at thousands of forward PEs, which will be decimated the second rates start turning up. And guess who will pay for that next rescue, which will come just as "free" as this one, save for the several hundred billion of new bonds that will have to be issued again... and again... and again. More from the WSJ:
And some more:
And oddly enough, this whole "viable only because of what clearly has turned out to be excessive risk-taking" strategy continues, and now has focused on pension funds like the Illinois TRS which is counting down the days to its own "conservatorship." Only now it is occurring in broad daylight, with blogs like Zero Hedge discussing it all day, yet nobody taking any action.... Much like nothing would have ever been done on HFT if the criminal practices of the cabal had not been exposed for all to see. As for the tally, as another reader so well recaps it, here is the tally so far:
We would add that the government also controls the stock market, the bond market, and the FX market. Can the farce of the US "democratic" experiment just accelerate? On second thought, the only way things will unravel is not for stock and bonds to gradually go to their fair values around 95% lower, but for everything to burst in a meltup of unprecedented historic proportions, as the very few remaining players terminally cannibalize each other. Perhaps it is time that those hoping for a fresh start start cheering every single uptick in the Dow Jones (the government still doesn't realize the S&P index exists), as all that does is bring us one step closer to the final disequilibrium. Frankly, we have had enough of this farce.
|
| You are subscribed to email updates from Gold World News Flash To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment