saveyourassetsfirst3 |
- GoldSeek.com Radio Gold Nugget: CEO Bradford Cooke, Endeavour Silver Corp. & Chris Waltzek
- Perth Mint to End Free Silver Storage
- Silver Price Suppression: How, Why and Effect
- 8 Ways to Scratch That Currency Itch
- ETF Top Gainers: Silver, Energy and Inverse Volatility
- Paging Blythe, SLV call volume high, some May PUT premiums IN THE RED, paging Blythe
- Covering shorts to commence, raid is a failure
- Gold and Silvers Daily Review for March 28th, 2011
- Gold & Silver Slip, Face "Bigger Correction" If Arab Turmoil "Quickly Resolved"
- This unusual chart is able to predict stock prices far into the future
- Euro CRISIS: Portugal could be slammed with another big downgrade this week
- Trader alert: Gold miners could be setting up for a big move higher
- remember how
- Gold’s Hyperbolic Trajectory
- Look whos calling Utah and gold eccentric
- First signs of a parabolic spike for silver
- Economic Saboteurs and Dullards
- Months?
- Plotting Plosser's Plan
- Gold Investing Hits the Horoscopes
- The Safest Way to Play Commodities
- Demand from Asia Spurring Precious Metal Highs
- Got Gold Report - Gold, Silver Test New Highs
- When the Fix is In
- Surf Warning: Tsunami to Lift Gold by: Jim Willie CB
| GoldSeek.com Radio Gold Nugget: CEO Bradford Cooke, Endeavour Silver Corp. & Chris Waltzek Posted: 28 Mar 2011 06:40 AM PDT Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) (TSX: EDR.WT) (DBFrankfurt :EJD) is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted six consecutive years of aggressive silver production and resource growth. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition program should help Endeavour achieve its goal to become the next premier mid-tier primary silver producer. |
| Perth Mint to End Free Silver Storage Posted: 28 Mar 2011 06:37 AM PDT From the Desk of Peter Schiff Dear Investor, For years, Euro Pacific Capital has offered clients the benefits of offshore purchase and storage of precious metals through the world-renowned Perth Mint Certificate Program (PMCP). The Mint's "unallocated silver account," in which purchasers buy and hold silver bullion while paying no storage fees, has been one of the most inexpensive ways to invest in physical silver. Unfortunately, the Perth Mint has become a victim of its own success and has found itself holding too much unallocated silver. So, it has decided to discontinue the program as of May 1st of this year. Fortunately, any holdings purchased before that deadline will be "grandfathered" in - meaning free storage until you decide to sell. (This applies to unallocated silver holdings you may already own at Perth, and any you buy before May 1st.) I'm writing this notice to alert you of the deadline to lock in free storage when purchasing unallocated silver through the Perth Mint Certificate Program. If you are interested and do not already have a PMCP account, please call 800-993-8350 and ask for Matt or Danielle Psarras today. (See note "A" below.) If you already have a PMCP account, contact your PMCP broker at 800-993-8350 if you wish to add to your holdings before May 1st. (See note "B" below.) Once again, April is the last month the Perth Mint will offer free storage of silver bullion - no exceptions. As of May 1st, the least expensive way to store silver at the Perth Mint will start at 0.95% per year. For an investment of $100,000, you could end up spending over $10,000 in storage over ten years - and more if the dollar value of your silver rises. So, visit our website, do your research, but please don't hesitate should you decide to lock in free silver storage at the Perth Mint. I believe that US investors should hold at least 5-10% of their portfolios in physical precious metals. As the US government confronts its decades of reckless spending and money-printing, it may turn to extreme measures like confiscatory tax rates or asset seizures to pay its bills, and you may wish to have some savings stored abroad. Even if it never comes to that, the Perth Mint Certificate Program is a competitively priced storage option for those who don't want to hold all their bullion at home. Of all the overseas storage locations, I chose the Perth Mint for its long history, stellar reputation, and location in one of the world's most attractive economies. Australia is a low-debt country with a dependable legal system. The Mint itself has been in operation since 1899 and is owned by the Government of resource-rich Western Australia. Given its location, reputation, and competitive pricing, it is surprising that Perth Mint has waived storage fees for its unallocated silver for so long. Unfortunately, the free lunch is over. That's why it's so important for those looking to purchase unallocated silver to lock in free storage before May 1st. I believe silver should benefit in dollar terms as the Fed's massive inflation circulates around the world economy, and will likely benefit in real terms as industrial and jewelry demand grow from emerging markets. The Perth Mint Certificate Program is a reliable way to hold silver securely overseas. This is not a promotion or a sale. Once the Perth Mint stops offering unallocated silver, I do not expect them to start again. I hope you'll take action today to help secure your assets for tomorrow. Cordially, Peter Schiff CEO & Chief Global Strategist Euro Pacific Capital |
| Silver Price Suppression: How, Why and Effect Posted: 28 Mar 2011 06:27 AM PDT This paper is written as a response to market observers who opine, "how can the price of precious metals be suppressed when their prices have empirically gone up 4 fold and more over the past 10 years?" |
| 8 Ways to Scratch That Currency Itch Posted: 28 Mar 2011 05:56 AM PDT Igor Greenwald submits: The dollar's never had so many influential friends. The central banks of Brazil, Chile, Colombia and Peru have been buying it. So have the central banks of China, South Korea and Malaysia. Ditto for Russia, Turkey and South Africa. These august institutions are obviously not vacuuming up greenbacks because they think they're a great investment. On the contrary, they're doing it to slow the rise of their own currencies against the dollar, thereby hoping to protect exports and jobs. How's that working out so far? Well, the dollar is near its 52-week lows against a range of global currencies, from its Canadian and Australian namesakes to the likes of the Korean won and the Peruvian nuevo sol. It's at a 13-year low this week versus the Taiwan dollar and the Malaysian ringgit. I normally steer clear of currency speculation; it's too hard to get right and the volatility's too low Complete Story » |
| ETF Top Gainers: Silver, Energy and Inverse Volatility Posted: 28 Mar 2011 04:37 AM PDT Dan Pritch submits: US equities continued their ascent with the S&P500 (SPY) up 2.8% despite a worsening nuclear crisis in Japan, an undeclared 3rd war front with Libya and multiple Middle East fiefdoms on the verge of collapse. Evidently, the prospect of cheap money, another round of Quantitative Easing rumored and record corporate profits continue to capture the momentum over any bad news in the geopolitical spectrum. For the week, the hottest ETFs were related to Silver, Energy and inverse volatility funds. Here are some top conventional and leveraged performers for the prior 5 trading sessions which may set the tone for this week's trading: Non-Leveraged ETFs:XIV – Credit Suisse Inverse VIX - Up 16% -This recently launched ETF has benefited from a continued uptrend in equities. Basically, as a double-negative if you will, of market enthusiasm, one should expect XIV to rally when the market does. See, the underlying VIX is Complete Story » |
| Paging Blythe, SLV call volume high, some May PUT premiums IN THE RED, paging Blythe Posted: 28 Mar 2011 03:44 AM PDT How on earth do premiums decline on the put side, when silver gets crushed? I'll tell you why. No one is buying puts. And the volume on red silver days on the calls is indicating higher fiat prices in April and May. Shocking. |
| Covering shorts to commence, raid is a failure Posted: 28 Mar 2011 02:14 AM PDT In between 12-1:30 est time, there will be covering in silver shorts as the volume in Gold contracts is already FULL RETARD right now as the raid is MASSIVE complete utter FAILURE for the PTB. Hope you bought this dip...lets see how this plays out. Games being played on TINKA today, seems that it has attracted the daytraders over at Swiftrade I hear. Clearly evident as the sell orders that |
| Gold and Silvers Daily Review for March 28th, 2011 Posted: 28 Mar 2011 01:56 AM PDT Gold Forecaster |
| Gold & Silver Slip, Face "Bigger Correction" If Arab Turmoil "Quickly Resolved" Posted: 28 Mar 2011 01:54 AM PDT
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| This unusual chart is able to predict stock prices far into the future Posted: 28 Mar 2011 01:07 AM PDT From Pragmatic Capitalism: Just over a year ago, I looked at the 10-year leading indication that crude oil prices give for the stock market. It's time to take another look at that relationship, especially in light of the trouble that it suggests is coming for stock prices. This week's chart shows again how the price plot of crude oil prices has done a great job of giving us a macro view of what the trend should be 10 years later for the stock market. The periods when crude oil prices have moved sideways led to sideways periods for the stock market a decade later. And the periods when crude oil has trended upward were followed 10 years later by big bull markets in the stock market. So the fact that crude oil prices have gone from a low of $11/barrel in 1998 to now above $100 is an indication that we should expect... Read full article... More on stocks: The world's best silver stock keeps getting better This could be the best company you've never heard of Marc Faber: "Lifetime buying opportunity" in these cheap stocks |
| Euro CRISIS: Portugal could be slammed with another big downgrade this week Posted: 28 Mar 2011 01:06 AM PDT From Zero Hedge: Just released by Moody's: * On March 23, 2011, the Portuguese parliament rejected the government's proposed austerity package. Prime Minister José Sócrates subsequently resigned, which, in our opinion, increases policy uncertainty and heightens Portugal's refinancing risk. * We have lowered our long-term sovereign credit rating on Portugal by two notches to 'triple-B' from 'A-'. The 'A-2' short-term sovereign credit rating is unchanged. All ratings remain on CreditWatch with negative implications, pending the official announcement about the European Stability Mechanism. * We are lowering our long- and short-term counterparty credit ratings on the five Portuguese banks and two related subsidiaries that we rate. The long-term ratings remain on CreditWatch with negative implications. * The negative CreditWatch implications reflect the possibility of a further sovereign downgrade, which we expect could take place as early as this week, and its direct and/or indirect impact on our view of Portuguese banks' creditworthiness. Read full article... More on the euro crisis: Whatever you do, don't forget about the euro crisis Top strategist: The biggest crisis the world is facing now Euro CRISIS: The Portuguese government is on the brink of collapse |
| Trader alert: Gold miners could be setting up for a big move higher Posted: 28 Mar 2011 01:04 AM PDT From The TSI Trader: This is a daily chart of the Gold Bugs Index (HUI) covering the past six months. The custom software I am using plots the True Strength Index (TSI) indicator reading below the price action of not only the HUI index, but also the individual mining stocks that are members of the index. I've put a lot of information on this chart but will slow it down and explain what's there. The buy and sell signals I've identified using my favorite TSI technique –- the trend line break... Read full article (with chart)... More on gold miners: Doug Casey: Get ready for the junior gold mania Porter Stansberry: This is the only way you'll ever get RICH in stocks Casey Research reveals the top takeover targets in the junior mining sector |
| Posted: 28 Mar 2011 12:24 AM PDT we have talked of during the bear, metals would go up on Thurs, only to be crushed on Fri? then during the running bull, it would correct on Thurs, then come back strong and reassert the trend on Friday? last week I was thinking of that, and once again it is borne out as the metals were weak Friday, and now Monday the hammer is out. There are always tips and clues out there as money is moved around, it is just recognizing them over time as a pattern emerges. Keep your eyes out whether buying or selling, as this one rarely fails. S |
| Posted: 27 Mar 2011 09:00 PM PDT March 28, 2011 I am not a mathematician, but those knowledgeable about math have explained to me the difference between a parabola and a hyperbola. I'll cut through the math to get |
| Look whos calling Utah and gold eccentric Posted: 27 Mar 2011 08:30 PM PDT |
| First signs of a parabolic spike for silver Posted: 27 Mar 2011 03:24 PM PDT Any investor in silver must have found the past six months pretty exciting. This precious metal has more than doubled in that time. The pessimists see a high flying price heading for a fall, and they did so last autumn before this take-off. |
| Economic Saboteurs and Dullards Posted: 27 Mar 2011 02:44 PM PDT --Here's a question you might be able to help out with as we start another week of reckoning: who made Ross Garnaut the Rasputin of Canberra? We've been in Australia for five years now and still can't figure out how an economist has managed to make himself a catch-all advisor on the mining industry and climate change. The common element to both issues: raising taxes in order to redistribute income. --Back to rent-seeking bureaucrats and economic interventionism in a moment. What about financial markets? Well, despite the best efforts of Mother Nature and Geopolitics, stocks are holding their own. And judging by the volatility index published by the ASX, there is not a lot of "fear" in the market at the moment. --The trouble with the VIX is that it's a lagging indicator. It always spikes after a crisis to reflect the increased premiums on put options as hedges/insurance against more losses. Though we're not a heart surgeon, we imagine using the VIX to predict volatility is like using an EKG during a heart attack to tell a man he's having a heart attack: by the time it tells you what you need to be worried about, it's too late. --Of course the VIX isn't designed to predict things like tsunamis or revolutions. It tells you how investors react to those events (usually defensively). But investors don't appear to be defensive at all at the moment. Not only has the VIX receded, but the Aussie dollar—the quintessential "risk" currency—is at a post-float high against the U.S. dollar. "There's low volatility, a stable VIX index and equities are doing well, so you have to be long on the highest-yielding currency you can find," ANZ's Tony Allen tells Bloomberg. --The low volatility may change, at least for a day. Newswires report another earthquake off Japan's north-east coast this morning. It was smaller than the 9.0 quake on March 18th. But a tsunami warning was issued. --The bigger question here is whether you can afford to be reactive to events. The market—backed by bullish fund managers and a steady tide of compulsory money—is not sending any distress signals. Mind you, it doesn't send out engraved invitations to buy when stocks are cheap either. --Central bankers are like Terminators (cybernetic organisms). Except, instead of destroying their programmed human targets, they destroy normal prices and undermine values (investment and otherwise). This is why Sarah Connor would have made a good investment advisor with her motto, "No one is ever safe." Or more to the point, no investment is ever safe. --Our view this Monday is Jeremy Cooper's view: avoid complacency. Cooper warned about Aussie banks that still rely on wholesale funding in an article in last week's Financial Review. "Its been fashionable for awhile in this country to say the Yanks have blown themselves up and China's now going to be in the ascendancy. We've been patting ourselves on the back about our regulatory system," he said. --"Something we did learn out of the [Global Financial] crisis is there is a systemic issue here that hasn't been fixed. It's how the banks fund themselves and their reliance on wholesale funding that hasn't been addressed," he added. Cooper pointed that Aussie banks have borrowed abroad to fund Australia's domestic spending and investing (mostly on housing). This borrowing is what permits Australia to run a pretty regular current account deficit. --Or, if we may put it this way, Australia's housing bubble is built with borrowed money and if the banks don't find another source of funds (cheap, preferably) already unaffordable house prices will now become even more unaffordable. They may even fall. --Enter stage right our hero Covered Bonds. If you recall, covered bonds are a type of security sold by a bank to an investor and collateralised by the depositor's money. Instead of promising some other security as collateral for investor capital, the bank promises your money. --Treasurer Wayne Swan's banking overhaul proposes to let banks sell covered bonds up to a limit of 8% of their total assets. According to APRA, the banking system has just over $1.8 trillion in assets. That means Aussie banks could sell about $145 billion in covered bonds, in aggregate. More money for the housing market, anyone? --So the bank pays less. And this, the bankers assure us, means the banks can continue extending credit to Australian businesses and home buyers. It's win-win, which means no one loses. --It IS a bit problematic that the covered bond limit is a percentage of assets and not deposits. In the unlikely event of the total collapse of the Australian housing market and the wipe-out of banks, the value of bank assets would fall, mostly because residential and commercial mortgages make up such a large percentage of bank assets. That means the covered bonds issued would be a larger percentage of liquid bank assets (deposits) than the 8% suggests. --But don't worry. Even if the banks' creditors had access to your deposits ahead of you, the government is the ultimate guarantor of bank deposits via the new Financial Claims Scheme. And even though that scheme isn't funded yet, we imagine the government can always sell its own bonds to the Reserve Bank in order to raise the cash to pay the depositors of the failed Aussie bank. --What's that? What happens if the Reserve Bank doesn't have the cash? Not a problem! It will just print more. And yes, that will reduce the value of everyone else's savings. But at least the banks will have been able to keep the housing boom going just a little bit longer, even if has the potential to wipe out risk-averse savers. --Someone has to pay for a credit boom, you know. And it's not going to be the bankers or the regulators who make them possible. Speaking of regulators, will someone please explain to us the exalted status Ross Garnaut seems to have in Australian public life? --Mind you, we have nothing against the guy. He's probably amiable and well-intentioned enough. But it's the well-intentioned do-gooding so-called "public servants" you have to worry about the most. In the name of the "public good," they tend to be the most willing to trash economic and personal liberty. --In Garnaut's case, he keeps popping up with "expert" papers on climate change. He's an economist by training and a climate scientist by self-belief. Of course you don't have to have a Ph.D to know what you're talking about. Our modern society is too respectful of credentials and not respectful enough of common sense. We won't hold it against Dr. Garnaut that he's an economist holding forth on the climate. --After all, we're a financial scribe with a degree in liberal arts holding forth on the nonsense of Dr. Garnaut's views. But as a literature major, we also object to his torturous use of the English language. Take this example where he explains why power companies are not entitled to compensation as a result of the carbon tax that he hopes will come into effect next July:
--That is prose only an economist could love. And it's thinking only a dullard or an economic saboteur could embrace. It is revealing, though. Garnaut is saying that when the government decides to intervene and arbitrarily raise prices in a market, it gets to decide who is eligible for compensation. --This is not sound thinking. But it is, in its own way, logical. When the leader of a gang robs a bank, he gets to decide how the loot is distributed amongst the gang. Garnaut is predicting dire climate consequences without a carbon tax. He recently said, "I would now be tempted to say that views that temperatures and damage from a specified level of emissions over time will be larger than is suggested by the mainstream science are much more likely to be proven correct than those that embody the opposite expectations." --What he really means, we think, is this, "Me and the gang that has hired me to make this tax look urgent and respectable to you (mostly by snowing you under with how accomplished and important I am) are now certain that if we don't tax carbon now the seas will rise and you'll all drown. So shut up and pay up." --You do have to give the climate con gang credit where it's due. They've correctly understood that the demographic challenge facing the Western world probably means a declining tax base from which to finance their Welfare Statist dreams. With that honey-pot tapped out, they need to find a new one, and right quick. Similar Posts: |
| Posted: 27 Mar 2011 11:47 AM PDT
Mercenary Links Roundup for Sunday, March 27th (below the jump).
03-27 Sunday
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| Posted: 27 Mar 2011 11:00 AM PDT New York's Monday trading session saw gold prices opening on a defensive footing due to a shift in investor sentiment across the globe. Spot trading in the gold started off with a loss of $19 per troy ounce and Silver spot prices fell by 80 cents. |
| Gold Investing Hits the Horoscopes Posted: 27 Mar 2011 11:00 AM PDT Gold investing used to be seen as contrarian – a rejection of the happy-clappy bullishness that fueled the late-20th century's last and greatest bubble, the Tech Stock Bubble. So price movements aside, what about mass participation in gold. |
| The Safest Way to Play Commodities Posted: 27 Mar 2011 11:00 AM PDT Would you rather buy 30 shares of a gold mining company like Barrick Gold Corp., and risk losing money? Or would you rather park $1,500 in a safe CD with zero downside risk? A lot of people would be more interested in 100% safety. |
| Demand from Asia Spurring Precious Metal Highs Posted: 27 Mar 2011 11:00 AM PDT Gold and silver have fallen in Asian and early European trading, despite global uncertainty leading to weakness in equity and bond markets. But support is likely from eurozone debt concerns, geopolitical risk and deepening nuclear crisis in Japan. |
| Got Gold Report - Gold, Silver Test New Highs Posted: 27 Mar 2011 10:27 AM PDT Liquidity is again flowing into oil, gold, silver and other commodities as the Big Markets bounce back. This, despite or perhaps due to unsettling geopolitical uncertainty in Northern Africa and renewed focus on European budgetary and fiscal misery. Now we see rioting in the U.K., of all places. We don't want to sound incendiary, but isn't that where much of the world's precious metals are stored? You know, because it is "stable" there? Just a question. |
| Posted: 27 Mar 2011 10:01 AM PDT Gold is hitting new records. It's telling us that there is something very wrong with the world's dollar-based money system. But most investors don't notice. Gold is still a "kooky" thing to buy. And the feds have no idea what is going on. You gotta hand it to the feds. They're cool. They're incompetent. They could pass a lie detector test no matter what they did. Over at the US Treasury, they've been crowing about how much profit they've made. They rushed to save AIG and Citi by buying their toxic bonds. Then, they flew to the side of Fannie and Freddie when they were in trouble. As a result of these selfless rescue efforts, they came to hold a huge portfolio of securities; the Fannie and Freddie portion alone is worth $142 billion, say the papers. The Treasury has already sold its AIG and Citi paper - at a profit. And now, it is getting set to unload its hoard of Freddie and Fannie paper. Can you believe it; its eggs haven't been sold yet, but it's already counting on profits between $15 and $20 billion. Are they investment geniuses at the Treasury, or what? Well, in a way, they're a lot smarter than we are. We could have bought those notes and bonds too. We should have had more faith in the feds. We could have looked ahead and seen that they would get away - for a while, at least - with one of the biggest financial scams in history. We could have made a profit on it too! Let's look at how it works. The borrowers - AIG, Citi, Freddie, Fannie - make bad bets. By all rights, they should go broke and their bondholders should lose money. But as Mr. Market is doing his work - marking down junk debt of all kind in anticipation of a clean up - in come the feds. No need to sell that stuff, they say. We're behind it 100%. Thus did they pledge the full faith and credit of the United States of America to guarantee that bondholders wouldn't pay for their own dumb mistakes. We should have bought then; the fix was in. But we had doubts about the credit of the US. Still do. We worried that the fix may not stay fixed long enough to make money. We were wrong. As to their ability to refloat the financial sector, we should never have doubted the feds. The Fed went out and bought every stray dog and cat of a mortgaged-backed security it could find - $1.4 trillion worth of them. It also lent money to the financial industry at 0.5%. That's about 8.5% below the real rate of consumer price inflation - according to John William's "Shadow Stats" estimate. And if that weren't enough, the banks were guaranteed profits - by allowing them to borrow from the Fed at 0.5%, use the money to buy US Treasury bonds, yielding between 3% and 4%...and sell them back the Fed. Not taking any chances, the Fed is also printing up an extra $4 billion per day, money coming out of nowhere, to buy Treasury bonds. Not only is it financing more than America's entire monthly deficit...it leaves the financial industry free to use its own (borrowed) money to speculate on other things. Naturally, when you have this kind of racket going, you're not going to bother making risky loans to the private sector. Instead, you're going to go where the fix is in...you're going to gamble on debt - buying more "junk" bonds...and pushing up bond prices! Oh, Dear Reader, we hate a scam, but we admire an elegant scamster. In other words, the feds gave the financial sector the money to bid up its own paper...the very paper that the feds themselves held in great quantity. And now they claim to have made a profit from this operation. How about this? We'll start a phony baloney business. We'll sell shares all over town. When people realize that the business is a loser, the shares will fall and our business will be in danger of collapse. Then, the feds can come to our aid too. They can buy up our shares, guarantee that we'll never go bust, and give us money so we can buy shares too. The price of the shares will go back up...and the feds can sell their shares, quietly. Hey, this will be profitable for the feds too - if they ignore all that money they gave us to make the flimflam work. But here's a question: why couldn't they make this sort of razzmatazz work in Europe? Didn't the Irish have a boatload of bad mortgage debt? Didn't the government step in to guarantee the lot of it? And now look. Not only is the original mortgage debt getting marked down...so is the Irish government's debt. Why can't the Irish get the hang of this? Well, a couple of reasons. First, the Irish have much more debt to deal with; they've already given their banks an amount equal to 1/4 of the nation's entire GDP. That would be like reflating the US financial sector with $3.5 trillion. Wait a minute. You say the US financial sector has gotten nearly that much? Hold on...maybe you're right... The money printing from the Fed is the aforementioned $1.4 billion, right? Okay... Another $200 billion or so in asset purchases from the Treasury. And surely handling all those US Treasury bonds didn't hurt - what's that, about $3 trillion there, but you can't really count that as a bank bailout. But the big difference is that the US can print money; Ireland can't. Ireland has to borrow the money with which to bail out its banks. And the more it borrows, the more investors worry that it won't be able to pay it back. And they're right. At current yields, the Irish can't borrow at all - not on the open market. Two-year bonds issued by Ireland now yield more than 10%. So, the Irish have to beg loans from the euro-feds. And even they are charging them 6%. Even at that subsidized rate, Ireland can't go on much longer. Ireland is more like California or Illinois. It doesn't print its own money. And it doesn't have a central bank that will lend at zero percent... In the long run, this is a good thing. They can't destroy their entire economies with make-believe money, while claiming to make taxpayers' a profit. And more thoughts... What's the matter with the Chinese, we asked? We weren't talking about the Chinese in China. It was the Chinese in Paris that had our friends upset. "They ruin whatever neighborhood they move into," began the explanation. "They are really amazing. They take over all the shops. Even the local bars...where people from the neighborhood have been gathering for generations. All of a sudden, there's someone at the counter who doesn't speak a word of French and doesn't know how to make a cafe creme. "But that's only part of it. They are secretive. They keep to themselves. Reporters have tried to do stories. They go into these neighborhoods and try to get people to talk. But they won't say a word. When they can speak French, they will pretend they don't. No one knows what is really going on. But the shops all change. One will sell very cheap clothes. Another will sell Chinese food. Then, they'll have a bar and a couple restaurants. Over in Belleville, [near our office]...it's a horror. I went to a sushi shop...expecting to get some real Japanese sushi. Instead, it was run by a Chinese guy. God knows what was in that sushi. And if the sushi shop doesn't work, he'll turn it into an Italian restaurant or a shoe repair store - the same guy. "And now, in Belleville, you can barely walk down the streets at noon. They're full of Chinese prostitutes. These aren't like the French and North African prostitutes. They don't wear those revealing clothes. They don't have such big breasts. They just stand around in groups...dressed like normal people...almost like a group of housewives or office workers. "Where do they come from? Nobody seems to know...but between them, the fellows who sell out-of-date yoghurt...and the men who make their wives walk around in those head-to-toe black bags...the neighborhood is going downhill fast." We can imagine why the Chinese are having such success; they probably ignore French employment law. Labor rules in France make it extremely costly to hire people. Not that workers are overpaid. It's just that there are so many rules on how you hire, how you fire and who has to do what, you'll spend a lot of time and money just trying to keep up with them all. And don't even think about asking anyone to work overtime. These rules make it hard for small shops to stay in business. They need cheap clerks and stock movers. And there is little room in France's high-cost market for this kind of low-cost labor. The Chinese probably put their families to work...or other members of the Chinese immigrant community. And French labor inspectors probably get little cooperation from any of them. Like America's legal and illegal immigrants from Latin America, the Chinese are building a new economy in Paris. They're undercutting native French shopkeepers and helping to make the city a livelier place. It just won't be Paris any more. Regards, Bill Bonner |
| Surf Warning: Tsunami to Lift Gold by: Jim Willie CB Posted: 27 Mar 2011 06:39 AM PDT The entire world struggles to determine the fallout effects of the Japanese earthquake and tsunami, along with the ensuing problems. The effects are so pervasive, so profound, so critical, that it is no wonder the news networks focus on two things only. They have switched emphasis to the Libyan civil war, a pitched battle to retain a tyrant and his larcenous rule. But the news stories out of |
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