Gold World News Flash

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• High-Level Officials Eager to Spill the Beans About What REALLY Happened on 9/11 … But No One In Washington or the Media Wants t
• Gold Consolidates Gains while Gold Equities Outperform
• How are Silver Coins Minted? [Video]
• Euro Debt Crisis, U.S. Double Dip and JP Morgan's Lego Toy Soldiers
• More Beijing embassy cables show China sees gold as central in currency war
• Stephen Leeb - Expect Enormous Gains in Gold & Silver
• Dan Norcini: Central banks waging war on gold
• Gold Seeker Closing Report: Gold and Silver Gain Over 2%
• Join GATA at the Toronto Resource Investment Conference next week
• GoldMoney interviews GATA's Ed Steer at London conference
• Millrock Resources Inc. [TSX-V: MRO] – Gold-Copper Exploration in Alaska and Arizona
• Gold and Silver Soar / Euro Tanks / Libor and Solyndra Probe
• Silver Summit has Eric Sprott as keynote speaker and Murphy-Christian debate
• Guest Post: David Galland: The System Is Coming Unglued
• Schiff sees shares catching up to gold; Hathaway audio posted
• China Confirms Gold Price Suppression – Part 1
• Jobs, Puppy Dog Eyes, Buffett, China And Operation Twist
• If Gaddafi had sold all the gold, maybe NATO would have let him stay
• Low U.S. Mortgage Rates a Sucker-Trap
• Obama's Speech: Ali G Style
• How are Silver Coins Minted?
• America 50 - China 2: Tonight's Other Game Score
• Full Text Of Obama's Speech
• The Coming Currency Crisis
• Why Invest in Gold, Silver and Platinum Bullion?
• China Confirms Gold Price Suppression
• “The Euro Is Finished”
• Some Thoughts on Gold
• What to Make of Obama’s Jobs Speech…Before it Even Happens
• ‘Governmental' selling of gold, looks for support to hold

High-Level Officials Eager to Spill the Beans About What REALLY Happened on 9/11 … But No One In Washington or the Media Wants t Posted: 08 Sep 2011 06:12 PM PDT 9/11 Commission Admits It Never Got The Facts ... But No One Wants to Hear From the People Who Know What Happened 9/11 Commission: We Never Got All of the Facts 9/11 Commissioners admit that they never got to the bottom of 9/11. For example: 9/11 Commission co-chair Lee Hamilton says "I don't believe for a minute we got everything right", that the Commission was set up to fail, that people should keep asking questions about 9/11, and that the 9/11 debate should continue 9/11 Commissioner Bob Kerrey said that "There are ample reasons to suspect that there may be some alternative to what we outlined in our version . . . We didn't have access . . . ." He also says that it might take "a permanent 9/11 commission" to end the remaining mysteries of September 11 Indeed, 9/11 Commissioners and other officials say that the true facts were hidden from them, or covered up (you don't have to get bogged down in reading this section - you can skip ahead to the next, if you like; this is just documenting that the 9/11 Commission report is in no way the last word on 9/11): The 9/11 Commission's co-chairs said that the 9/11 Commissioners knew that military officials misrepresented the facts to the Commission, and the Commission considered recommending criminal charges for such false statements (free subscription required) 9/11 Commissioner Timothy Roemer said "We were extremely frustrated with the false statements we were getting" 9/11 Commissioner Max Cleland resigned from the Commission, stating: "It is a national scandal"; "This investigation is now compromised"; and "One of these days we will have to get the full story because the 9-11 issue is so important to America. But this White House wants to cover it up" The Senior Counsel to the 9/11 Commission (John Farmer) – who led the 9/11 staff's inquiry – recently said "At some level of the government, at some point in time…there was an agreement not to tell the truth about what happened". He also said "I was shocked at how different the truth was from the way it was described …. The tapes told a radically different story from what had been told to us and the public for two years…. This is not spin. This is not true." And he said: "It's almost a culture of concealment, for lack of a better word. There were interviews made at the FAA's New York center the night of 9/11 and those tapes were destroyed. The CIA tapes of the interrogations were destroyed. The story of 9/11 itself, to put it mildly, was distorted and was completely different from the way things happened" A 27-year CIA veteran, who chaired National Intelligence Estimates and personally delivered intelligence briefings to Presidents Ronald Reagan and George H.W. Bush, their Vice Presidents, Secretaries of State, the Joint Chiefs of Staff, and many other senior government officials, and who has for years been a tireless anti-war advocate and critic of imperial foreign policy (Raymond McGovern) said "I think at simplest terms, there's a cover-up. The 9/11 Report is a joke" A 29-year CIA veteran, former National Intelligence Officer (NIO) and former Director of the CIA's Office of Regional and Political Analysis (William Bill Christison) said "I now think there is persuasive evidence that the events of September did not unfold as the Bush administration and the 9/11 Commission would have us believe (and see this) A number of intelligence officials, including a CIA Operations Officer who co-chaired a CIA multi-agency task force coordinating intelligence efforts among many intelligence and law enforcement agencies (Lynne Larkin) sent a joint letter to Congress expressing their concerns about "serious shortcomings," "omissions," and "major flaws" in the 9/11 Commission Report and offering their services for a new investigation (they were ignored) A decorated 20-year CIA veteran, who Pulitzer-Prize winning investigative reporter Seymour Hersh called "perhaps the best on-the-ground field officer in the Middle East", and whose astounding career formed the script for the Academy Award winning motion picture Syriana (Robert Baer) said that "the evidence points at" 9/11 having had aspects of being an inside job The Division Chief of the CIA's Office of Soviet Affairs, who served as Senior Analyst from 1966 – 1990. He also served as Professor of International Security at the National War College from 1986 – 2004 (Melvin Goodman) said "The final [9/11 Commission] report is ultimately a coverup" According to the Co-Chair of the Congressional Inquiry into 9/11 and former Head of the Senate Intelligence Committee, Bob Graham, an FBI informant had hosted and rented a room to two hijackers in 2000 and that, when the Inquiry sought to interview the informant, the FBI refused outright, and then hid him in an unknown location, and that a high-level FBI official stated these blocking maneuvers were undertaken under orders from the White House (confirmed here) Congressman Ron Paul calls for a new 9/11 investigation and states that "we see the [9/11] investigations that have been done so far as more or less cover-up and no real explanation of what went on" Congressman Dennis Kucinich hints that we aren't being told the truth about 9/11 Congressman Jason Chafetz says that we need to be vigilant and continue to investigate 9/11 Senator Lincoln Chaffee endorses a new 9/11 investigation Congressman Dan Hamburg doesn't believe the official version of events Congressman and senior member of the House Armed Services Committee, and who served six years as the Chairman of the Military Research and Development Subcommittee Curt Weldon has shown that the U.S. tracked hijackers before 9/11, is open to hearing information about explosives in the Twin Towers, and is open to the possibility that 9something very different from the Bush-Cheney version of events occurred on 9/11 U.S. General, Commanding General of U.S. European Command and Supreme Allied Commander Europe, decorated with the Bronze Star, Silver Star, and Purple Heart (General Wesley Clark) said "We've never finished the investigation of 9/11 and whether the administration actually misused the intelligence information it had. The evidence seems pretty clear to me. I've seen that for a long time" Former Deputy Secretary for Intelligence and Warning under Nixon, Ford, and Carter (Morton Goulder), former Deputy Director to the White House Task Force on Terrorism (Edward L. Peck), and former US Department of State Foreign Service Officer (J. Michael Springmann), as well as a who's who of liberals and independents) jointly call for a new investigation into 9/11 Former Federal Prosecutor, Office of Special Investigations, U.S. Department of Justice under Presidents Jimmy Carter and Ronald Reagan; former U.S. Army Intelligence officer, and currently a widely-sought media commentator on terrorism and intelligence services (John Loftus) says "The information provided by European intelligence services prior to 9/11 was so extensive that it is no longer possible for either the CIA or FBI to assert a defense of incompetence" The Group Director on matters of national security in the U.S. Government Accountability Office said that President Bush did not respond to unprecedented warnings of the 9/11 disaster and conducted a massive cover-up instead of accepting responsibility Deputy Assistant Secretary of Defense under President Ronald Reagan (Col. Ronald D. Ray) said that the official story of 9/11 is "the dog that doesn't hunt" Several key employees for the defense department say that the government covered up their testimony about tracking Mohammed Atta before 9/11 The former director of the FBI (Louis Freeh) says there was a cover up by the 9/11 Commission High-Level Officials Want to Explain 9/11 ... But Are Being Gagged There are high-level officials who can tell us why 9/11 happened ... but they are being ignored or gagged. As Senator Patrick Leahy said that Congress doesn't want to know what happened: The two questions that the congress will not ask . . . is why did 9/11 happen on George Bush's watch when he had clear warnings that it was going to happen? Why did they allow it to happen? And the people who can explain what happened are being gagged. FBI Translator - "The Most Gagged Person" In History For example, former FBI translator Sibel Edmonds - President of the National Security Whistleblower Coalition - who has been deemed credible by the Department of Justice's Inspector General, several senators (free subscription required), and a coalition of prominent conservative and liberal groups - has fought for years to testify about what she knows about 9/11, and has repeatedly asked to be subpoenaed (so as to avoid violation of her oath of secrecy as a government employee). The ACLU described Edmonds as: The most gagged person in the history of the United States of America. And famed Pentagon Papers whistleblower Daniel Ellsberg says that Edmonds possesses information "far more explosive than the Pentagon Papers". Not a single politicians or prosecutor has been willing to issue a subpoena. Edmonds also made the following offer: If anyone of the major networks --- ABC, NBC, CBS, CNN, MSNBC, FOX --- promise to air the entire segment, without editing, I promise to tell them everything that I know," about everything mentioned above, she told us. "I can tell the American public exactly what it is, and what it is that they are covering up," she continued. "I'm not compromising ongoing investigations," Edmonds explained, because "they've all been shut down since." Not a single major network has let Edmonds say what she knows. Indeed, Ellsberg says that the government has ordered the media not to touch Edmonds: Ellsberg seemed hardly surprised that today's American mainstream broadcast media has so far failed to take [former FBI translator and 9/11 whistleblower Sibel] Edmonds up on her offer, despite the blockbuster nature of her allegations. As Edmonds has also alluded, Ellsberg pointed to the New York Times, who "sat on the NSA spying story for over a year" when they "could have put it out before the 2004 election, which might have changed the outcome." "There will be phone calls going out to the media saying 'don't even think of touching it, you will be prosecuted for violating national security,'" he told us. * * * "I am confident that there is conversation inside the Government as to 'How do we deal with Sibel?'" contends Ellsberg. "The first line of defense is to ensure that she doesn't get into the media. I think any outlet that thought of using her materials would go to to the government and they would be told 'don't touch this . . . .'" Other Whistleblowers Being Silenced Edmonds also says that she has been contacted by two high-ranking military officers who would like to shed light on 9/11, but - due to their oaths of secrecy - can only do so if subpoenaed. No one in Washington wants to issue a subpoena. High-Level Military Intelligence Officer: No One In Washington Wants To Know Similarly, a high-level military intelligence officer says that his unit - tasked with tracking Bin Laden prior to 9/11 - was pulled off the task, and there warnings that the World Trade Center and Pentagon were being targeted were ignored. Moreover, he says that he has information that can shed light on 9/11, and that he has repeatedly tried to get this information to the Obama administration and Congress, but that no one in the administration or Congress wants to hear about it. As just one example, Nancy Pelosi's office demanded that he not even email any information which he has about 9/11. He is still working in military intelligence, and so he can only publicly speak about 9/11 if he is subpoenaed. He is therefore asking that he be subpoenaed ... but no one wants to look into it: There are numerous other whistleblowers with key information about 9/11. But no one in the government or media wants to hear what they know. 9/11 was one of the most important events in American history, as 10 years of war in numerous countries - costing trillions of dollars - and the crackdown on liberties like freedom of speech have all been justified by that one event. And yet the politicians in D.C. and the corporate media don't want to hear from the people who can explain the gross incompetence (or worse) which occurred on that day

Gold Consolidates Gains while Gold Equities Outperform Posted: 08 Sep 2011 06:10 PM PDT In only two months Gold surged from $1500 to $1900/oz. Over the past few weeks Gold has remained range bound from $1750-$1900. The longer Gold holds this range then the more optimistic we can be. That $400 move was not a parabolic blowoff top but the initiation of an acceleration.

How are Silver Coins Minted? [Video] Posted: 08 Sep 2011 06:08 PM PDT If you are interested in currency or precious metals, please enjoy this short educational video about how silver coins are minted. It tours an actual operating mint near Reno, NV and covers the whole process from raw silver to final strike.

Euro Debt Crisis, U.S. Double Dip and JP Morgan's Lego Toy Soldiers Posted: 08 Sep 2011 06:00 PM PDT By EconMatters Despite our recent Wall Street banks coverage, our hats off to JP Morgan (JPM) for this creative depiction of the current European debt crisis (via Reuters) :   Legend: Red lines indicate who each entity believes should be stuck with the cost [1] Spain, Italy and the rest of the Euro Periphery [2] The CDU, CSU and FDP [3] Finland [4] The Social Democrats and Greens [5] The Bundesbank [6] The IMF [7] The European Central Bank [8] Poland [9] France [10] EU taxpayers in Core countries [11] EU Commission and Finance Ministers [12] EU bondholders Further elaboration about the graphic From JP Morgan: "This [European sovereign debt crisis] saga has been going on now for 24 months, making it the Berlin Alexanderplatz of Sovereign Debt Crises. However, I think we're moving closer to the end-game, which begins and ends in Germany... The end-game is mostly about who pays for the accumulated, unrealized losses of the last decade, and who finances the transition to whatever comes next.  [The graphic] 12 players in the EMU Debt Crisis most likely to affect policy from here...[although] There wasn't room for every entity that impacts European decision-making In the report, JP Morgan also takes a dark view similar to that of Goldman's at least for the Euro Zone: "European banking sector liabilities are 3 to 4 times the size of European GDP, which dwarfs the roughly 1:1 ratio in the US. To be clear, there ....most European banks are well funded for the next couple of months.  But if sovereign risk continues to rise, this would be the next flashpoint in the crisis. Bottom line: we remain underinvested in Europe in a big way." JPM is a bit more optimistic about the U.S. than Dr. Doom Roubini and Goldman Sachs: ".....our view right now: 1% [growth] and not a recession However, the best argument against a recession is unfortunately also an indictment for how weak the recovery is. The chart below shows the combined level of durable goods spending (by consumers) and fixed investment (by businesses, in property and equipment). At 20% of GDP, it's close to its lowest level in more than 50 years. Since a decline causes recessions, our view is that there's barely enough of this kind of spending to fall in the first place." A cautionary note on Fed's QE3: "Equity markets are priced cheaply relative to expectations of future earnings, but without more evidence that QE is having more of a positive impact on the US economy, we believe QE-driven equity market gains will be temporary. Our sense is that US equity markets are pricing in around a 15%-20% decline in earnings, which is consistent with recessions the tech collapse and credit crisis, which were much worse." The investment opportunities identified by JPM include the following: Leveraged loans  Merger arbitrage Equity notes Preferred Stocks in the U.S. banking sector (i.e. the Buffett way with the BofA deal)  Last but not least: "Inflation is an easier problem to deal with than deleveraging, deflation and austerity budgets. As a result, we are looking at opportunities in Asian equities and credit [and currency], which we expect to improve once the monetary tightening cycle is complete." EconMatters Commentary We typically take a dim view of any investment vehicle that's associated with the word "leveraged", and would be very careful with banking stocks right now, preferred or common, unless you can get a sweet heart deal like Warren Buffett's. As to the Asian market, although equities may appear attractive right now as the Shanghai Composite has under-performed the S&P500 for the past two years, bear in mind that Asian economy is still mostly manufacturing-based and heavily dependent upon exporting to the Western developed countries.  Since based on most forecast, the U.S. and Europe will be experiencing a pronounced slowdown if not a flat-out double dip recession, China and Asia are bound to be negatively impacted. Furthermore, Asia, and China in particular, have their own problems of accounting/loan transparency, over and under capacity depending on which sectors you are talking about, and socioeconomic imbalance all could mean headwinds ahead. Regarding the U.S., as noted before, we see anemic growth is a more likely scenario than a double dip recession. However, as far as equity markets are concerned, until there are some policy / tax change (No, QE3 or Operation Twist 2.0 does not count), to really impact the fundamentals of the U.S. economy in terms of, for instance, new jobs creation and business investment, it would be a trader's market, stuck in between profit taking and bargain hunting.     Further Reading: Staring Down China's Inflation Dragon Socio-Economics Put China and India at Higher Investment Risk Than The U.S. College Graduates: Too Many in China, Not Enough in America? Sept. 7, 2011 © EconMatters All Rights Reserved | Facebook | Twitter | Post Alert | Kindle

More Beijing embassy cables show China sees gold as central in currency war Posted: 08 Sep 2011 05:31 PM PDT 9:17p ET Monday, September 5, 2011 Dear Friend of GATA and Gold: More news media-monitoring cables from the U.S. Embassy in Beijing to the State Department in Washington show that both China's government and the nation's financial press, tightly controlled by the government, consider gold to be the main weapon in a world currency war that is under way. The additional cables, published a few days ago by Wikileaks and located by GATA's Irish friend R.M., disclose that China thinks that the United States is trying to prevent China's foreign exchange surplus from being converted into gold because the U.S. and its European allies plan a return to a gold standard that will favor them because they hold most of the world's gold reserves. China itself has acknowledged that it is rapidly building its own gold reserves to facilitate international use of its currency, the renminbi. The citation of the gold-related commentaries by the U.S. embassy cables suggests that China's acquisition of gold is of great concern to the U.S. government as well. ... Dispatch continues below ... ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf One of the cables from the embassy in Beijing, dated February 8, 2010, quotes commentary published that day in the China Business News newspaper in Shanghai, as follows: "This time the quick change of the U.S. policy (toward China) has surprised quite a few people. The U.S. has almost used all deterring means, besides military means, against China. China must be clear on discovering what the U.S. goals are behind its tough stances against China. In fact, a fierce competition between the currencies of big countries has just started. A crucial move for the U.S. is to shift its crisis to other countries -- by coercing China to buy U.S. treasury bonds with foreign exchange reserves and doing everything possible to prevent China's foreign reserve from buying gold. The nature of such behavior is a rogue lawyer's behavior of 'ripping off both sides': taking advantage of cross-strait divergences, blackmailing the Taiwan people's wealth by selling arms to Taiwan, and meanwhile coercing China to buy U.S. treasury bonds with foreign exchange reserves and extorting wealth from the mainland's people. If we [China] use all of our foreign exchange reserves to buy U.S. Treasury bonds, then when someday the U.S. Federal Reserve suddenly announces that the original 10 old U.S. dollars are now worth only one new U.S. dollar and the new U.S. dollar is pegged to the gold, we will be dumbfounded. Today when the United States is determined to beggar thy neighbor, shifting its crisis to China, the Chinese must be very clear what the key to victory is. It is by no means to use new foreign exchange reserves to buy U.S. Treasury bonds. The issues of Taiwan, Tibet, Xinjiang, trade, and so on are all false tricks, while forcing China to buy U.S. bonds is the U.S.'s real intention." The cable quoting the China Business News commentary can be found here: http://cables.mrkva.eu/cable.php?id=247683 And at GATA's Internet site here: http://www.gata.org/files/USEmbassyBeijingCable-02-08-2010.txt The second gold-related cable, dated December 4, 2008, quotes commentary published the previous day in the official Chinese Communist Party newspaper, People's Daily, as follows: "Be vigilant when considering restoring the gold standard system. "Recent Western opinion has advocated a new Bretton Woods system with the U.S. dollar as the core and restoration of the 'gold standard' to solve the financial crisis. The appearance of such thought is not accidental. There is a great deal of background. The American financial crisis has caused the loss of the U.S. dollar's credit. Therefore, American financial strategists seek to use the gold standard system to maintain the global financial system led by the U.S. The reason that the U.S. and Europe choose to use gold standard is the fact that the most of gold reservation in the world is in their control. The restored gold standard system will not be the original gold standard system, but instead a 'partial reserve system' partially based on gold. Therefore, rapid economic growth will be relatively limited in the area of currency supply. The possible consequences would be: first, due to the economic growth of the U.S. and Europe is low, the partial reserve system can satisfy their currency supply and will not form serious restriction on their economy, but will greatly restrict China, India, and other developing countries. Second, developing countries have to spend lots of foreign reserve to purchase gold. This decision betrays the common wish of the international society to substantially reform the international financial system." The December 4, 2008, cable can be found here: http://cables.mrkva.eu/cable.php?id=181326 And at GATA's Internet site here: http://www.gata.org/files/USEmbassyBeijingCable-12-04-2008.txt On Saturday the Internet site Zero Hedge was first to call attention to a U.S. Beijing embassy cable from 2009, published by Wikileaks, showing that China's government has been aware of U.S. and European government efforts to suppress the price of gold to support their own currencies, and that the U.S. government knew that China knew: http://www.gata.org/node/10381 CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. * * * Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: "Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata

Stephen Leeb - Expect Enormous Gains in Gold & Silver Posted: 08 Sep 2011 04:31 PM PDT With continued volatility in gold & silver, today King World News interviewed acclaimed money manager Stephen Leeb to get his thoughts on gold, silver and what is happening with the Fed. When asked about the comments by Chicago Fed Governor Charles Evens, Leeb responded, "It's the first time, at least in my lifetime and I think in the history of the Fed, where they have said explicitly that fighting unemployment is much more important than worrying about inflation.  That's a very big deal.  When people think of central banks they think of one thing, controlling inflation." This posting includes an audio/video/photo media file: Download Now

Dan Norcini: Central banks waging war on gold Posted: 08 Sep 2011 04:13 PM PDT 12:10a ET Friday, September 9, 2011 Dear Friend of GATA and Gold: Futures market analyst Dan Norcini this week marveled at the obviousness of Western central bank intervention against the rising gold price. His commentary Tuesday was headlined "Central Banks Waging War on Gold" and you can find it at his blog here: http://traderdannorcini.blogspot.com/2011/09/central-banks-waging-war-on... CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf

Gold Seeker Closing Report: Gold and Silver Gain Over 2% Posted: 08 Sep 2011 04:00 PM PDT Gold climbed to as high as $1865.00 by about 9:25AM EST before it pared its gains a bit in late morning trade, but it still ended with a gain of 2.19%. Silver soared to as high as $42.632 and ended with a gain of 2.07%.

Join GATA at the Toronto Resource Investment Conference next week Posted: 08 Sep 2011 02:51 PM PDT 10:48p ET Thursday, September 8, 2011 Dear Friend of GATA and Gold: GATA Chairman Bill Murphy and your secretary/treasurer will participate again in the Toronto Resource Investment Conference, to be held next Thursday and Friday, September 15 and 16, at the beautiful Sheraton Centre Downtown Hotel, and we'll be joined by two dozen other speakers, including GATA favorites Al Korelin of the Korelin Economics Report, David Franklin of Sprott Asset Management, newsletter writers Jay Taylor, Peter Grandich, and Thom Calandra, and GoldSeek.com proprietor Peter Spina. More than 150 public resource companies will be exhibiting and making top executives available for discussions with potential investors. Admission is free for those who register in advance. Otherwise it will be $20 at the door. To register and find out more about the Toronto conference, please visit: http://cambridgehouse.com/conference-details/toronto-resource-investment... CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Golden Phoenix to Present at Investment Conference at Waldorf Company Press Release Thursday, September 1, 2011 The chief executive officer and the communications director of Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) will speak at the Rodman & Renshaw Global Investment Conference at the Waldorf Astoria Hotel in New York City on Tuesday, September 13. The CEO, Thomas Klein, and the communications director, Robert Ian, will address the conference from 2:50 to 3:15 p.m. at the hotel. The conference's keynote speakers include former Vice Presidents Dick Cheney and Al Gore and former Secretary of State Henry Kissinger. "At this conference Golden Phoenix will introduce its royalty mining growth strategy to a global investment audience," Klein says. "With rising gold prices, industry consolidation, and central banks becoming net buyers of gold, we believe that the investment demand for emerging and diversified gold producers like Golden Phoenix offers the potential for significant growth." Golden Phoenix is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offer the potential for exploration upside with the backing of production and future royalty streams. For information about the conference, including last-minute room and schedule changes, please visit: http://www.rodmanandrenshaw.com/conferences?id=164 For the complete press release, please visit: http://goldenphoenix.us/press-release/golden-phoenix-to-speak-at-rodman-... Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release August 22, 2011 Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada. Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43% nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent). The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information: http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_...

GoldMoney interviews GATA's Ed Steer at London conference Posted: 08 Sep 2011 02:41 PM PDT 10:36p ET Thursday, September 8, 2011 Dear Friend of GATA and Gold: GATA Board of Directors member Ed Steer, editor of Ed Steer's Gold and Silver Daily letter, published by Casey Research, was interviewed in the GoldMoney series of interviews of speakers at GATA's Gold Rush 2011 conference in London last month. Steer explains how he developed an interest in the monetary metals, discusses ways of purchasing them, and tells what he expects for them. The interview is a bit more than five minutes long and you can find it at the GoldMoney Internet site here: http://www.goldmoney.com/video/steer-interview.html?gmrefcode=gata CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Golden Phoenix to Present at Investment Conference at Waldorf Company Press Release Thursday, September 1, 2011 The chief executive officer and the communications director of Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) will speak at the Rodman & Renshaw Global Investment Conference at the Waldorf Astoria Hotel in New York City on Tuesday, September 13. The CEO, Thomas Klein, and the communications director, Robert Ian, will address the conference from 2:50 to 3:15 p.m. at the hotel. The conference's keynote speakers include former Vice Presidents Dick Cheney and Al Gore and former Secretary of State Henry Kissinger. "At this conference Golden Phoenix will introduce its royalty mining growth strategy to a global investment audience," Klein says. "With rising gold prices, industry consolidation, and central banks becoming net buyers of gold, we believe that the investment demand for emerging and diversified gold producers like Golden Phoenix offers the potential for significant growth." Golden Phoenix is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offer the potential for exploration upside with the backing of production and future royalty streams. For information about the conference, including last-minute room and schedule changes, please visit: http://www.rodmanandrenshaw.com/conferences?id=164 For the complete press release, please visit: http://goldenphoenix.us/press-release/golden-phoenix-to-speak-at-rodman-... Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release August 22, 2011 Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada. Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43% nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent). The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information: http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_...

Millrock Resources Inc. [TSX-V: MRO] – Gold-Copper Exploration in Alaska and Arizona Posted: 08 Sep 2011 02:00 PM PDT Millrock Resources Inc. [TSX-V: MRO, USA-PK: MLRKF] is a mineral exploration company that is using the prospector and project generator business model to develop their portfolio of over a dozen highly prospective properties. Millrock specifically targets early stage exploration projects with geological potential to host large bulk tonnage gold-copper deposits in Alaska, and copper porphyry deposits in Arizona.

Gold and Silver Soar / Euro Tanks / Libor and Solyndra Probe Posted: 08 Sep 2011 01:48 PM PDT by Harvey Organ: Good evening Ladies and Gentlemen: Gold finished the comex session at $1854.60 for a gain of $40.20. Silver was the standout as it rose 90 cents to $42.47. In the access market right now here are the following prices: gold: $1866.10 silver: $42.35 Fasten your seat belt as tomorrow we will probably see another roller coaster ride for our precious metals. Let us head over to the comex and see what we can glean from trading today. The total gold comex OI fell by 6162 contracts from 523,294 to 517,132. With a huge volume day of over 300,000 officially recorded yesterday, the banking cartel could not shake too many gold leaves from our gold tree. Now pay attention to this next data point. The front options expiry month of September saw its OI rise from 517 to 549 for a gain of 32 notices despite 69 notices filed yesterday. This means that for the third straight day, some entity was in need of gold and the raided comex inventories for the rapidly depleting metal. Read More @ HarveyOrgan.Blogspot.com

Silver Summit has Eric Sprott as keynote speaker and Murphy-Christian debate Posted: 08 Sep 2011 01:10 PM PDT Silver Summit Press Release Thursday, September 8, 2011 Time is running out to register for Silver Summit 2011 in Spokane, Washington, and take advantage of the special conference rates at the Davenport Hotel. You must contact the hotel directly at 1-800-899-1482 to reserve your room and request the Silver Summit special rate. This year's Silver Summit, a Cambridge House event, will feature keynote presentations by Eric Sprott of Sprott Asset Management and The Gold Report's Gordon Holmes, along with a debate between Gold Anti-Trust Action Committee Chairman Bill Murphy and CPM Group founder Jeff Christian about the extent of price-rigging in the precious metals markets. Other presenters scheduled are Jeff Berwick of the Dollar Vigilante and founder of Stockhouse.com; David Morgan of the Morgan Report; Greg McCoach of the Mining Speculator; Peter Spina of Goldseek.com and Silverseek.com; Roger Wiegand of Trader Tracks; Louis James of Casey Research; James West of The Midas Letter; John Kaiser of The Bottom Fishing Report; Jon Nadler of Kitco Metals; Bix Weir of the Road to Roota letter; and Dr. Earl Bennett, dean emeritus of the Idaho School of Mines, former Idaho state geologist. We'll also be hearing from experts on the end-uses of silver, from investing to medicine to wellness to high-tech and super-conductivity, and from 80 silver explorers and producers. Their CEOs and exploration staff will be available for you to meet and talk with. We also have returned to our old format of sequential presentations. You won't need to miss one panel or presentation because you wanted to attend another. Once again, the Silver Summit is offering a select few people the opportunity to tour deep-shaft, underground silver mines at work in the Silver Valley. These are producing operations and will be conducted by Hecla, U.S. Silver, and New Jersey. To sign up for a mine tour, please contact Silver Summit Director Shauna Hillman at 208-556-1621 during Pacific Time business hours before October 1. Return transportation to the mines from the hotel, along with meals, is included in the $135 ticket price, and remaining proceeds from the tours will inure to the Women in Mining Educational Foundation. To learn more about the Silver Summit and to register for it, please visit: http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf

Guest Post: David Galland: The System Is Coming Unglued Posted: 08 Sep 2011 01:08 PM PDT Submitted by David Galland from Casey Research David Galland: The System Is Coming Unglued Our video host Stefan Molyneux speaks with Casey Research Managing Director David Galland about the debt situation in the US and whether the federal government can do anything about it… assuming they'd even want to.     TRANSCRIPT David Galland - We're Living in a Degraded Democracy Stefan: Hi everybody, it's Stefan Molyneux, host of Conversations with Casey. I have on the line David Galland. Thank you so much, David, for taking the time to chat today. David: Nice to be here. Stefan: So, we are seven-tenths of the way towards fascism in the United States. I wonder if you could expand upon that. I sort of get a sense that that's probably true, but you have a little bit more than my gut instinct – you actually have some pretty professional opinions to work with on that. David: Well, all the elements for fascism are in place. We have a monetary system that is accountable to no one and that's a very good start. If you think about it, the way that the monetary system is structured, the government at this point can literally spend money on anything. They talk about capping the federal deficits and all that, but they'll get past that in no time at all. Probably by the time the viewers are watching this they will have announced a big deal, you know, that they have raised the debt cap. And you know, once you have – if you pin your money to nothing, if you have a monetary system that is based on nothing, then you can afford anything. You can afford all the wars you want, you can afford all the bureaucracy you want; and so they have. That's a first step. I mean, we've – just as an example, here in the little town in New England where Casey Research is located, they have a – they've just finished building a massive new Homeland Security center. This is a town of roughly 4,000 permanent residents; it's a tourist town. It's the kind of place where the worst crime you'll ever see is somebody stealing skis from a ski slope, and yet we have something like 36 policemen. We've got this huge, brand-new Homeland Security center. Why? Well, because after 9/11 and the overreaction of 9/11 the government made this money available because it could make the money available, because there is nothing stopping it from doing that. And there's all these local police departments, which should have an "Andy of Mayberry" type police force, took the money and they spent it, and now we've got a semi-militarized local operation. So this has gone on and this is multiplied right across the country… and the world. Stefan: And of course, the decisions that people make in expanding the public sector have immediate implications in payroll, but I think what America is really facing are the long term implications of unfunded pensions that just run into the hundreds of billions of dollars. It's a lot of the stuff that is not really counted in the public calculation of the debt, which is more immediate obligations, but the unfunded liabilities run $75 to $100 trillion according to many estimates. That's not something that you see, which makes the whole conversation about should we have two trillion here or there ridiculous to anybody in the know. David: Oh, absolutely. Again, on the point about whether we're sort of on the way to a fascist state – and I – this isn't just the US – it's important that, you know, people understand this is all over the world. At this point, none of these governments is operating on anything that remotely resembles sound principles. They're operating on a number of different priorities and a number of different interests – self-interests, because politicians after all are just people. So whatever it takes to kick the can down the road, they're going to do. You mentioned $75 trillion in unfunded liabilities, absolutely. Because at this point, this is essentially sort of a rising tide of bureaucracy over the last hundred years that is cresting at this point. And they have done this because there are no real operating principles other than buying the votes that they need to get re-elected and to stay in office for as long as they can, and then they pass the baton to the next bureaucrat and the system continues. But it's reaching the point where, I think, within a relatively short period of time it's got to come to an end. Stefan: Now you've written an article recently which I found very interesting – I just shared it through my Facebook as well – it's called The Greater Depression. So you have the Great Depression and now we're looking at the Greater Depression. I wonder if you could talk about the mechanics and the future as you see it as we go into this abyss. David: Ultimately, what we're faced with right now and this is, I think, just some fundamental principles – because there are so many aspects of what's going on in the economy today that it makes it for most people – for virtually all people – it makes it very hard to really understand what's going on. So sometimes you just have to sort of step back and ask a few questions to try to get some sort of a compass, if you will. And first and foremost the crisis we're in right now is caused by debt, too much debt. As you mentioned before $75 trillion in government obligations – everybody knows that money is never going to get paid. So we've been brought to this point of extreme government borrowing. Who would have thought we'd see $1.5-trillion deficits? I mean, nobody – five, six years ago if you would have asked anybody on this planet if the US government could run a $1.5-trillion deficit they would have said no way. Well, here we are. So all of the conditions of what this – you can call it a debt-induced depression, all of the conditions that sort of brought us to this place have not improved since the beginning of this crisis; they've only gotten worse. So what's the ultimate outcome of this? Well, what's the one thing that a heavily indebted person or an entity like the government can't handle? And it's rising interest rates. You can't afford for the bank to bump your payments up to, you know, 20% because you've missed a payment. Well, the same thing's true of the government and we are now – we are still – the US interest rates are still bouncing around, you know, all-time lows. It's completely – it's a complete aberration. And it can't last. So why things are going to get worse is because interest rates have to go up. Even if they return to sort of a more normal five to six percent range, from a historical standpoint it would be devastating to the US economy. So the government is doing everything it can to try to get out of this trouble but there really is no way. They have very limited impact on long-term interest rates and if it wasn't for the fact that Europe was such a basket case and that Japan was such a basket case right now, interest rates in the US would already be taking off but I don't think we're going to have to wait long for that and then things are going to get interesting. Stefan: Let's take a tour as you have done in a recent article around the world in eighty seconds, or so, because I think you have correctly identified that – I mean obviously North America is a basket case economically; South America has always had its problems economically; Europe is facing catastrophic debt situations; China is in pretty artificial command of the economy, Japan has had a twenty year recession/depression and now it is facing all of the problems that have come out of the nuclear power plant meltdowns. It really seems like it's a perfect storm in a way, that there are not a lot of safe havens to go to even for good news, let alone for investor security. What are your thoughts about how all of this stuff is coming together at the same time? David: Well, it's scary. I mean, I didn't coin the phrase "Greater Depression," that was Doug Casey, my partner; and I think Doug had it exactly right. I think, you know, there has been so much of a, as I've said, this sort of rising tide of bad policy and extreme spending and a takeover of the economy – and not just the US economy, but all of the economies by these governments, the nation-states – that things have reached the point, people tend to think that things are going to stay the same and continue as they are, but they don't. Sooner or later, history shows over and over again, things break, systems break, and I think we are very close to that. I think it is important for people to understand that in – they look for the politicians to solve the problems, but to solve the current problem in America would require draconian efforts that would immediately cost the politicians their jobs. It would be, for a politician to stand up there as everybody watching this knows, and advocate deep slashes to Social Security or Medicare – and I am not talking about the stuff that they are talking about now, where modest little rearranging of the deck chairs over the next ten or twenty years, but real fundamental changes in the amount of government services being provided because all of these government services have grown and grown and grown over years now – and so to start cutting them back, every one of these government services has a constituency, people that depend upon it. You know, you start looking for cuts, and you say, okay, we have got to cut school lunches. You know, government didn't used to give away school lunches. Well, now everybody is up in arms because you can't cut the lunches of people because then they will have malnutrition and so on and so forth. Every single government bureaucracy has got a constituency. But the reality is that you can't keep kicking the can down the road indefinitely. Or put it another way: There is never a good time to fix this kind of a problem. So politicians will always make the choice to not actually address the problem, but rather to leave it to the next person's watch. This isn't – this would be a horrible time, absolutely a horrible time to fix the problems that face the American economy. Slashing the deficit, slashing the debt, slashing the government spending at this point would have catastrophic consequences to the average person. There would be riots in the street; but if you don't fix it now, when do you fix it? Okay, well, do you fix it in the next year? No. Do you fix it the year after? The government will do whatever it can to keep pushing this down the road, but they can't push it down the road much further. Stefan: Well, it's because fundamentally – and there are lots of reasons why politicians will not tell the truth to the population as a whole and say, "Look, we are not slashing spending if we go back five years in our deficits. You know, America and the world was not a rubble-strewn anarchic wasteland in 1995, and if all we do is cut spending back to that we will have made massive progress," and people aren't willing to just tell the truth and say, "Look, you people have become lazy and entitled and you have lost track of reality, we have lost track of reality, we have encouraged you to lose track of reality, so we really need to make decisions before reality makes those decisions for us in a much more brutal way," but it seems hard to imagine anyone could get elected without sort of chanting, "USA Number One," and actually telling the truth to the population, so it is almost like the market of the delusional population is driving politics in a way. David: Oh, completely, because again – and this is nothing new, the people watching this know this – you know, you can point the finger at the politicians, but the people behind the politicians, the fact that, I think, Congress's approval rating now is something like six percent, I mean it's ridiculous, but come next election, most of those guys, most of the incumbents will be re-elected. And anybody who is elected to replace anybody who gets voted out will be just as bad as the people that they are replacing. So you know, you have got a system, you've got a situation here where we live in a degrading democracy, you have to just face that fact. It is degrading, people have been trained – just like they were in the Soviet Union leading up to that collapse – they were trained to look to the state for virtually everything, and once you have stopped relying on yourself, once you start relying on the nation-state to take care of all the things that you think it needs to take care of, or that you would like it to take care of, you know, the whole thing comes crumbling down and we have absolutely reached that point. If you look at it – and again, very few people, I would say it's sort of the fringe, if you will – people like yourself, Doug and the editors at Casey Research, and you know, the people that might be considered, you know, outside the mainstream, will talk about things like the $75 trillion of federal obligations, and – but it's there, it's a reality, it's a fact, yet the mainstream media pretends that it's not there and they do their calculations about the government covering its costs and debts and all that stuff based upon, you know, really falsified information. I mean, so if you can't even acknowledge the scale of the problem – you can't acknowledge the actual reality of the problem – how can you begin to come up with a solution? You can't. And fortunately for the US, we had a great economy, and it's still better than most. We've managed to get to this point although it goes far down the path of corruption, if you will, as we have, but the monetary system, at this point, is absolutely coming unglued, and I don't think we are going to have to wait much longer. I mean, I think we might have a year before this thing really starts to break down, but I don't think we have got much more than that. [Are you prepared to face the coming debt storm? Learn more about it, including how to protect yourself and your assets, by joining us for a free online event. The American Debt Crisis will be held September 14 at 2 p.m. EDT. Sign up today.]

Schiff sees shares catching up to gold; Hathaway audio posted Posted: 08 Sep 2011 01:01 PM PDT 9p ET Thursday, September 8, 2011 Dear Friend of GATA and Gold (and Silver): Fund manager Peter Schiff, interviewed today by King World News, joins those analysts who believe that mining shares soon will start to catch up with gold. An excerpt from his interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/8_Pet... Meanwhile full audio of the most recent King World News interview with Tocqueville Gold Fund manager John Hathaway has been posted here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/9/8_Jo... CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ADVERTISEMENT Lewis E. Lehrman on How to Solve the U.S. Debt Problem Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program. Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust. Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust." To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit: http://www.thegoldstandardnow.org/gata Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property Company Press Release, October 27, 2010 VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include: -- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres. -- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres. -- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre. Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface. "The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest." For the company's full press release, please visit: http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf

China Confirms Gold Price Suppression – Part 1 Posted: 08 Sep 2011 01:00 PM PDT In the five years from 2003 to 2008 china added 454 tonnes of gold to their reserves. They amassed these reserves in a government agency which handed over the extra tonnage to the People's Bank of China in 2008. We believe that they continue this policy of using a non-central bank agency to gather gold for their reserves. If they do stick to this policy they should make their next announcement in 2013. The volumes of gold added up to 2008 could be seen as adding 91 tonnes a year since 2003 or, more likely, adding the growing domestic gold production directly to their stockpile. If that is the case then we expect an additional amount of at least 2,000 tonnes to be passed from the gold buying agency to the People's bank of China.

Jobs, Puppy Dog Eyes, Buffett, China And Operation Twist Posted: 08 Sep 2011 12:36 PM PDT From Peter Tchir of TF Market Advisors Jobs, Puppy Dog Eyes, Buffett, China and Operation Twist Well, if you were wondering how the President planned to get the Republicans on board, it was by making the speech as much of a tear-jerker as possible. With a focus on veterans and teachers and children it is clear that how he is going to paint the opposition.  It will be difficult to avoid being painted into a corner as a vote against the job plan will be portrayed as a vote against veterans and children.  Probably smart politics. I cannot imagine China enjoyed the speech much.  If they are even a tiny bit paranoid, they have to feel a bit picked on.  It started with asking why we can't build new airports, etc., like they can and ended on why they aren't buying our cars.  Maybe it is safe to antagonize China, but I'm not sure we should be irritating our biggest lender. Am I the only one who is getting uncomfortable with the role Warren Buffett plays?  Will his memoirs be added as an amendment to the constitution?  It is great that he wants to pay more taxes than his secretary, but his unique status does concern me.  It seemed a bit strange that he had a conversation with the President before he made an "investment" in BAC.  It does seem a bit strange, that 17 banks got sued, but Warren's WFC, which owns Wachovia, wasn't sued twice (once for each), because it was already "in settlement negotiations".  So, will this jobs bill do much?  I don't see how.  Employers get a tax break, but that will likely be used to increase profits, because they remain uncertain of what happens when the breaks end.  No new jobs, and limited new spending.  For the employees - he said an average of $1,500 next year extra in their pocket.  Interesting but when he talks about cutting medicare and social security in the same speech, how much of that will be spent?  I think a lot of that will go into savings to offset future needs.  People making 50k a year aren't so dumb to just take this money and spend it, when they see future benefits getting stripped away.  The $4,000 tax credit for hiring new employees covers about 14 weeks at minimum wage (the sort of job this economy has been able to generate).  Maybe we will see a spike in layoffs ahead of that since it might be a good time to get rid of employees on the fringe, when you can get a free look at his replacement, courtesy of the government. Another year of unemployment benefits?  Hmmmm.  Some talk about summer jobs for disadvantaged kids next year.  Ummm, that just sounded like a plea for some votes and to spin Republicans against disadvantaged kids.  He is going to ensure that projects are ready to go and no waste.  Wasn't he going to go through the budget line item by line item?  If anything this seemed like a good way to introduce another czar.  He is fond of czar's and who better to monitor the infrastructure bank than an infrastructure bank czar?  I think this process will get bogged down quickly. Futures are leaking and I expect after the trio of underwhelming speeches - Trichet's, Bernanke's, and Obama's, that will continue into the morning.  I would like to be long restaurants in DC as the safest bet is that lobbyists will be out in full force to protect loopholes, and to get in line for the food fight of handouts. The one thing I think that is most interesting is that I believe Obama, Geithner, and Bernanke are working on a plan to show a big budget deficit reduction.  I am beginning to believe that Operation Twist is a stealthy way to reduce the CBO deficit projections and make the country safer.  Many believed QE2 was a stealth way to deflate the dollar and inflate assets and exports.  Since operation twist doesn't increase money supply, and is likely to have much of an impact on the interest rates mere mortals can get, I have been wondering why the focus on shifting to the 10 year point in the curve. More and more I believe that it is both a way to protect ourselves from a run, but also a way to dramatically reduce the CBO deficit projections. From 2017 until 2021, the CBO assumes the 3 month t-bill rate is 4.0%   The ten year rate is assumed to be 5.3%.  If we can lock a lot of money into 10 year rates at around 2%, this could be a huge savings on the projections. Instead of using an average rate over 4%, maybe they will change the average rate to 3%, or lower.  On 12 trillion in net debt, even a 1% savings is $120 billion per annum.  I just started looking at the numbers, so have to figure out in more detail what the net debt is in the future and the interest rate used, but  I think these guys actually have a plan.  A plan that makes sense.  One of the few areas the CBO seems to be honest on in their projections was the future cost of debt.  The Fed could always control the short end, but it is hard to assume zero for that, but if the treasury and fed work together to lock in a lot of longer duration financing, it could change the future deficit picture materially.  I will have to play with the numbers from the CBO more closely, but this couldactually be a positive surprise to the budget picture.  In the meantime, GO PACKERS!

If Gaddafi had sold all the gold, maybe NATO would have let him stay Posted: 08 Sep 2011 12:23 PM PDT Regime's sales don't seem to have knocked the price down any. * * * Gaddafi Regime Sold $1 Billion of Gold, Central Bank Says By Michael Peel, Jack Farchy, and Roula Khalaf Financial Times, London Thursday, September 8, 2011 http://www.ft.com/intl/cms/s/0/85c0912a-da1e-11e0-b199-00144feabdc0.html Colonel Muammer Gaddafi's embattled Libyan regime resorted to an escalating selloff of the country's gold reserves during its final months, according to the central bank and local gold traders, as it scrambled to survive a rebel uprising, NATO bombing, and international financial sanctions. Qassim Azzuz, the new central bank governor, said the Gaddafi regime raised more than $1 billion to pay salaries from trading 29 tonnes of gold with local traders in April, with the metal then possibly being taken out of the country for resale. The selloff -- which the victorious anti-Gaddafi opposition says consumed a fifth of the nation's gold reserves -- highlights the squeeze facing Col Gaddafi as the uprising grew and international sanctions took hold while raising the question of whether he used the money to directly fund his war effort. ... Dispatch continues below ... ADVERTISEMENT Golden Phoenix to Present at Investment Conference at Waldorf Company Press Release Thursday, September 1, 2011 The chief executive officer and the communications director of Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) will speak at the Rodman & Renshaw Global Investment Conference at the Waldorf Astoria Hotel in New York City on Tuesday, September 13. The CEO, Thomas Klein, and the communications director, Robert Ian, will address the conference from 2:50 to 3:15 p.m. at the hotel. The conference's keynote speakers include former Vice Presidents Dick Cheney and Al Gore and former Secretary of State Henry Kissinger. "At this conference Golden Phoenix will introduce its royalty mining growth strategy to a global investment audience," Klein says. "With rising gold prices, industry consolidation, and central banks becoming net buyers of gold, we believe that the investment demand for emerging and diversified gold producers like Golden Phoenix offers the potential for significant growth." Golden Phoenix is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offer the potential for exploration upside with the backing of production and future royalty streams. For information about the conference, including last-minute room and schedule changes, please visit: http://www.rodmanandrenshaw.com/conferences?id=164 For the complete press release, please visit: http://goldenphoenix.us/press-release/golden-phoenix-to-speak-at-rodman-... In the narrow Old City alleyways across the street from the central bank, jewellery shop owners said on Thursday that while the regime's sales of the precious metal had indeed begun in about April it continued until the successful rebel uprising in Tripoli last month. Jewellers in Tripoli said the central bank began by offering small 22-carat coins but later marketed 12-kilgram bars costing almost more than half a million dollars each, as its need for cash became more desperate. Abdulghani Kara, owner of a jewellry shop whose back wall was dominated by a giant rebel flag, said: "A lot of the gold dealers who bought this from the bank are not working now. They know they did something wrong and they are trying to lie low." Traders said the coins retailing at well under $1,000 and chocolate bar-sized 1-kg slabs had sold well enough, but few people other than Gaddafi ultra-loyalists who had done well financially by the regime had the resources to buy the 12-kg offerings. The sale became increasingly contentious, with warnings from pro-rebel television stations and from one of Tripoli's main Islamic leaders not to buy the metal. Unusually for a central bank, Libya held its gold reserves of 144 tonnes inside the country. Hugo Chavez, Venezuela's president, recently ordered his country's gold reserves to be repatriated because of concerns it could be seized. The Libyan selloff was equivalent to about two weeks of peace-time government spending, according to Central Intelligence Agency estimates, but would have been enough to pay the salaries of the army for much longer. Farhat Bengdara, the former central bank governor who defected from the regime, said: "Gaddafi sold the gold to finance the troops and I've been told that every week the regime was taking money out of the central bank." He suggested that the gold sold in April could have been taken to Tunisia by relatives of Col Gaddafi or senior members of the army as a means of getting it out of the country before being sold elsewhere. "They travel to Tunisia, and from Tunisia they would start looking where to sell," he told the Financial Times. Few Western traders would have been prepared to buy the gold, however. "Right now people are very cautious on their trading partners and wouldn't just go in and buy cheap gold if they didn't know the source of it," said an executive at one large gold refiner. Tripoli jewellers and their associates -- none of whom admitted to buying any of the gold themselves -- were more ambivalent about the sales, with some saying they believed the regime had genuinely used the money for salaries. With scores of billions of assets frozen and the oil industry on which Libya depends all but mothballed, the Gaddafi regime had few financial options apart from spending its domestic reserves of foreign exchange and easily tradeable assets such as gold. Poised over a tub of gold bracelets, necklaces, and lockets ready for melting down, Ali Ghadour, a precious metals craftsman, said the income had helped some Libyans at a time of crisis when official salaries weren't being paid and bank withdrawals were severely limited. "Buying the gold [provided] support for the government. But on the other hand, the money was used to bring food for the public," he said. * * * Join GATA here: Toronto Resource Investment Conference Thursday-Friday, September 15-16, 2011 Sheraton Toronto Centre http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit Thursday-Friday, October 20-21, 2011 Davenport Hotel, Spokane, Washington http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference Wednesday-Saturday, October 26-29, 2011 Hilton New Orelans Riverside Hotel http://www.neworleansconference.com/ Support GATA by purchasing gold and silver commemorative coins: https://www.amsterdamgold.eu/gata/index.asp?BiD=12 Or by purchasing a colorful GATA T-shirt: http://gata.org/tshirts 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: http://www.goldrush21.com/ 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release August 22, 2011 Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada. Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43% nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent). The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information: http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_...

Low U.S. Mortgage Rates a Sucker-Trap Posted: 08 Sep 2011 12:13 PM PDT by Jeff Nielson, Bullion Bulls Canada: The U.S. media couldn't wait to trumpet the news: "U.S. Mortgage Rates Fall To Lowest On Record". Just don't read the fine print. What "fine print", you ask? Let's start with the fact that there tens of millions of U.S. residential properties which have been contaminated with various forms of fraud, courtesy of the "MERS" registry-of-shame and the complete (and willful) abandonment of established legal procedure, courtesy of the Wall Street fraud factories. Thus just because someone buys a property in the U.S. doesn't mean they "own" that property. In the current negotiations taking place on this massive mortgage fraud, we have (on the one hand) the Wall Street bankers on their knees begging to have this systemic fraud simply swept under the carpet, and (on the other hand) the vast majority of U.S. politicians at both the state and federal level only too happy to hand these bankers brooms. If not for a few "hold-out states" the spineless politicians would have already completely caved-in to banker pressure. Read More @ BullionBullsCanada.com

Obama's Speech: Ali G Style Posted: 08 Sep 2011 11:59 AM PDT What the hell: this is no longer even a Banana republic. We are now officially an Onion republic. So let's party like it's an Onion republic. Courtesy of the Ali G translator (obviously) Mr. speaka, mr. vice president, members hof congress, an' fellow americans: tonight we meet hat an urgent bells fe our turf. we continue to face an economic crisis dat has westside side millions hof our neighbors jobless, an' da political crisis dat has made tings worse. this past week, reporters as bin askin "what iz gonna dis speech mean fe da president? wot iz gonna hit mean fe congress? how iz gonna hit affect dare polls, an' da next elecshun?" but da millions hof americans who iz watchin east side now: dey don't care about politics. dey as real life concerns. many as spent momphs lookin fe wurk. others iz doin dare fittest just to scrape by – givin up nights hout wiv da posse to save on gas or make da mortgage; postponin retirement to send da kid to scool. these bruvers an' bitches grew up wiv faith in an america where ard wurk an' responsibility paid off. dey believed in da turf where everyone gets da fair shake an' does dare fair share – where if yous stepped up, did ya job, an' wuz loyal to ya possie, dat loyalty iz gona be rewarded wiv da decent salary an' heavy benefits; maybe da raise once in awhile. if yous did da east side tin, yous could make hit in america. but fe decades now, americans as watched dat compact erode. dey as seun da dek too oftun stacked against dem. an' dey nah dat washington hasn't always put dare interests first. the peeps hof dis turf wurk ard to meet dare responsibilities. da quesshun tonight iz whetha we'll meet ours. da quesshun iz whetha, in da face hof an ongoin national crisis, we can stop da political circus an' hactually do sumfink to help da economy; whetha we can restore some hof da fairness an' security dat has defined dis nashun since our beginnin. those hof us in da house tonight can't solve all hof our nation's woes. ultimately, our recovery iz gonna be drivun not by washington, but by our businesses an' our boys. but we can help. we can make da difference. dere iz steps we can take east side now to improve people's lives. i iz sendin dis congress da plan dat yous should pass east side away. it's called da american jobs act. dere should be naffink controversial about dis piece hof legislashun. everythin in in da house iz da kind hof proposal that's bin supported by both democrats an' republicans – includin many who sit in da house tonight. an' everythin in dis bill iz gonna be paid fe. everythin. the purpose hof da american jobs act iz simple: to put more peeps bak to wurk an' more moolar in da pockets hof those who iz workin'. hit iz gonna create more jobs fe construcshun boys, more jobs fe well batty homos wit massiv heads, more jobs fe veterans, an' more jobs fe da long-term unemployed. hit iz gonna provide da tax bus' fe companies who hire fresh boys, an' hit iz gonna cut payroll taxes in half fe every workin' american an' every small bizzle. hit iz gonna provide da jolt to an economy dat has stalled, an' borrow companies confidence dat if dey invest an' hire, dere iz gonna be customers fe dare products an' services. yous should pass dis jobs plan east side away. everyone in da house knows dat small businesses iz where most fresh jobs begin. an' yous nah dat while corporate profits as spitz roarin bak, smalla companies haven't. so fe everyone who speaks so passionately about makin life easia fe "job creators," dis plan iz fe yous. pass dis jobs bill, an' startin tomorrow, small businesses iz gonna get da tax cut if dey hire fresh boys or raise workers' wages. pass dis jobs bill, an' all small bizzle owners iz gonna also chek dare payroll taxes cut in half next year. if yous as 50 employees makin an average salary, that's an $80,000 tax cut. an' all businesses iz gonna be able to continue writin off da investments dey make in 2012. it's not just democrats who as supported dis kind hof proposal. fifty yard republicans as proposed da same payroll tax cut that's in dis plan. yous should pass hit east side away. pass dis jobs bill, an' we can put peeps to wurk rebuildin america. everyone in da house knows dat we as badly decayin roads an' bridges all ova dis turf. our highways iz clogged wiv traffic. our skies iz da most congested in da world. this iz inexcusable. buildin da world-class transportashun system iz part hof wot made us an economic superpowa. an' now we're gonna sit bak an' watch china build newa airports an' fasta railroads? hat da bells whun millions hof unemployed construcshun boys could build dem east side in da house in america? there iz private construcshun companies all across america just waitin to get to wurk. there's da bridge dat needs repair betweun ohio an' kentucky that's on one hof da busiest truckin routes in north america. da public transit project in houston dat iz gonna help clear up one hof da cackest areas hof traffic in da turf. an' dere iz schools throughout dis turf dat desperately need renovatin. how can we expect our kids to do dare fittest in places dat iz literally fallin apart? dis iz america. every child deserves da yorkie scool – an' we can borrow hit to dem, if we act now. the american jobs act iz gonna repair an' modernize hat least 35,000 schools. hit iz gonna put peeps to wurk east side now fixin roofs an' windows; installin science labs an' high-speed intaweb in classrooms all across dis turf. hit iz gonna rehabilitate homes an' businesses in communities spark hardest by foreclosures. hit iz gonna jumpstart thousands hof transportashun projects across da turf. an' to make shizzle da moolar iz properly spent an' fe heavy purposes, we're buildin on reforms we've already put in place. narr more earmarks. narr more boondoggles. narr more bridges to nowhere. we're cuttin da red tape dat prevents some hof dees projects from gettin' started as quickly as possible. an' we'll set up an independent fund to attract private squid an' issue loans based on two criteria: how badly da construcshun project iz needed an' how much heavy hit iz gona do fe da economy. this idea came from da bill writtun by da texas republican an' da massachusetts democrat. da idea fe da massiv boost in construcshun iz supported by america's largest bizzle organizashun an' america's largest labor organizashun. it's da kind hof proposal that's bin supported in da past by democrats an' republicans alike. yous should pass hit east side away. pass dis jobs bill, an' thousands hof well batty homos wit massiv heads in every state iz gonna go bak to wurk. dees iz da bruvers an' bitches charged wiv preparin our childrun fe da world where da competishun has neva bin tougha. but while they're addin well batty homos wit massiv heads in places dig south korea, we're layin dem off in droves. it's unfair to our kids. hit undermines dare future an' ours. an' hit has to stop. pass dis jobs bill, an' put our well batty homos wit massiv heads bak in da classroom where dey belong. pass dis jobs bill, an' companies iz gonna get extra tax credits if dey hire america's veterans. we ask dees bruvers an' bitches to leave dare careers, leave dare families, an' risk dare lives to ruk fe our turf. da last tin dey should af do iz ruk fe da job whun dey spitz turf. pass dis bill, an' hundreds hof thousands hof disadvantaged young peeps iz gonna as da hope an' dignity hof da summa job next year. an' dare parents, low-income americans who desperately iz gona dig to wurk, iz gonna as more ladders hout hof poverty. pass dis jobs bill, an' companies iz gonna get da $4,000 tax credit if dey hire anyone who has spent more dan six momphs lookin fe da job. we af do more to help da long-term unemployed in dare chek fe wurk. dis jobs plan builds on da program in georgia dat several republican leaders as highlighted, where peeps who collect unemployment insurance participate in temporary wurk as da way to build dare skills while dey chek fe da permanent job. da plan also extends unemployment insurance fe anotha year. if da millions hof unemployed americans stopped gettin' dis insurance, an' stopped usin' dat moolar fe basic necessities, hit iz gona be da devastatin blow to dis economy. democrats an' republicans in dis chamba as supported unemployment insurance plenty hof times in da past. hat dis bells hof prolonged hardship, yous should pass hit again – east side away. pass dis jobs bill, an' da typical workin' posse iz gonna get da fifteun quillion dollar tax cut next year. fifteun quillion squid dat iz gona as bin takun hout hof ya paychek iz gonna go east side into ya pocket. dis expands on da tax cut dat democrats an' republicans already passed fe dis year. if we h'llow dat tax cut to expire – if we refuse to act – middle-class families iz gonna get spark wiv da tax increase hat da cackest possible bells. we cannot let dat happun. I nah some hof yous as sworn oaths to neva raise any taxes on anyone fe as long as yous live. now iz not da bells to carve hout an excepshun an' raise middle-class taxes, which iz why yous should pass dis bill east side away. this iz da american jobs act. hit iz gonna lead to fresh jobs fe construcshun boys, well batty homos wit massiv heads, veterans, first responders, young peeps an' da long-term unemployed. hit iz gonna provide tax credits to companies dat hire fresh boys, tax relief fe small bizzle owners, an' tax cuts fe da middle-class. an' here's da uva tin I dig da american peeps to know: da american jobs act iz gonna not add to da deficit. hit iz gonna be paid fe. an' here's how: the agreement we passed in july iz gonna cut government spendin by about $1 quillion ova da next tun years. hit also charges dis congress to spitz up wiv an additional $1.5 quillion in savings by christmas. tonight, i'm askin yous to increase dat amount so dat hit covers da maximum cost hof da american jobs act. an' da week from monday, i'll be releasin da more ambitious deficit plan – da plan dat iz gonna not only cova da cost hof dis jobs bill, but stabilize our debt in da long run. this approach iz basically da one i've bin advocatin fe momphs. in addishun to da quillion squid hof spendin cuts i've already signed into flange, it's da balanced plan dat iz gona reduce da deficit by makin additional spendin cuts; by makin modest adjustments to health care programs dig medicare an' medicaid; an' by reformin our tax code in da way dat aks da wealthiest americans an' biggest corporations to pay dare fair share. what's more, da spendin cuts wouldn't happun so abruptly dat they'd be da drag on our economy, or prevent us from helpin small bizzle an' middle-class families get bak on dare feet east side away. now, I realize dere iz some in me masseave gavrin' who don't fink we should make any changes hat all to medicare an' medicaid, an' I feel dare concerns. but here's da truth. millions hof americans rely on medicare in dare retirement. an' millions more iz gonna do so in da future. dey pay fe dis benefit durin dare workin' years. dey earn hit. but wiv an agin populashun an' risin health care costs, we iz spendin too fast to sustain da program. an' if we don't gradually reform da system while protectin current beneficiaries, hit won't be dere whun future retirees need hit. we af reform medicare to strengthun hit. i'm also well aware dat dere iz many republicans who don't reckon we should raise taxes on those who iz most fortunate an' can fittest afford hit. but in da house iz wot every american knows. while most peeps in dis turf struggle to make ends meet, da few hof da most affluent citizens an' corporations dig tax breaks an' loopholes dat nobody else gets. east side now, warrun buffet pays da lowa tax rate dan iz secretary – an outrage e has asked us to fix. we need da tax code where everyone gets da fair shake, an' bruvers pays dare fair share. an' I reckon da vast majority hof wealthy americans an' ceos iz willin to do just dat, if hit helps da economy grow an' gets our fiscal yard in orda. i'll also offa ideas to reform da corporate tax code dat stands as da monument to special interest influence in washington. by eliminatin pages hof loopholes an' deductions, we can lowa one hof da highest corporate tax rates in da world. our tax code shouldn't borrow an advantage to companies dat can afford da best-connected lobbyists. hit should borrow an advantage to companies dat invest an' create jobs in da house in america. so we can reduce dis deficit, pay down our debt, an' pay fe dis jobs plan in da process. but in orda to do dis, we af decide wot our priorities iz. we af ask ourselves, "what's da fittest way to grow da economy an' create jobs?" should we keep tax loopholes fe oil companies? or should we use dat moolar to borrow small bizzle owners da tax credit whun dey hire fresh boys? coz we can't afford to do both. should we keep tax breaks fe millionaires an' billionaires? or should we put well batty homos wit massiv heads bak to wurk so our kids can graduate ready fe scool an' heavy jobs? east side now, we can't afford to do both. this isn't political grandstandin. dis isn't class warfare. dis iz simple maff. dees iz real choices dat we af make. an' i'm fit shizzle I nah wot most americans iz gona choose. it's not evun close. an' it's bells fe us to do what's east side fe our future. the american jobs act answers da urgent need to create jobs east side away. but we can't stop dere. as i've argued since I ran fe dis office, we af chek beyond da immediate crisis an' start buildin an economy dat lasts into da future – an economy dat creates heavy, middle-class jobs dat pay well an' offa security. we now live in da world where bits has made hit possible fe companies to take dare bizzle anywhere. if we dig dem to start in da house an' stay in da house an' hire in da house, we af be able to out-build, out-educate, an' out-innovate every uva turf on earth. this task, hof makin america more competitive fe da long haul, iz da job fe all hof us. fe government an' fe private companies. fe states an' fe local communities – an' fe every american citizun. all hof us iz gonna af up our game. all hof us iz gonna af change da way we do bizzle. my administrashun can an' iz gonna take some steps to improve our competitiveness on our own. fe example, if you're da small bizzle owna who has da contract wiv da federal government, we're gonna make shizzle yous get paid nuff fasta dan yous do now. we're also plannin to cut away da red tape dat prevents too many rapidly-growin start-up companies from raisin capital an' gwaan public. an' to help responsible homeowners, we're gonna wurk wiv federal housin agencies to help more peeps refinance dare mortgages hat interest rates dat iz now near 4% -- da step dat can put more dan $2,000 da year in da family's pocket, an' borrow da lift to an economy still burdened by da drop in housin prices. otha steps iz gonna require congressional acshun. today yous passed reform dat iz gonna speedun up da outdated patent process, so dat entrepreneurs can turn da fresh idea into da fresh bizzle as quickly as possible. that's da kind hof acshun we need. now it's bells to clear da way fe da series hof trade agreements dat iz gona make hit easia fe american companies to borrow dare products in panama, colombia, an' south korea – while also helpin da boys whose jobs as bin affected by global competishun. if americans can purchase kias an' hyundais, me iz gona dig to chek folks in south korea drivin' fords an' chevys an' chryslers. me iz gona dig to chek more products sold around da world stamped wiv three proud words: "made in america." and on all hof our efforts to strengthun competitiveness, we need to chek fe ways to wurk side-by-side wiv america's businesses. that's why i've brought togetha da jobs council hof leaders from different industries who iz developin da wide range hof fresh ideas to help companies grow an' create jobs. already, we've mobilized bizzle leaders to train 10,000 american engineers da year, by providin possie internships an' trainin. uva businesses iz coverin tuishun fe boys who learn fresh skills hat community colleges. an' we're gonna make shizzle da next generashun hof manufacturin takes root not in china or europe, but east side in da house, in da united states hof america. if we provide da east side incentives an' help – an' if we make shizzle our tradin partners play by da rulz – we can be da ones to build everythin from fuel-efficient cars to advanced biofuels to semiconductors dat iz sold all ova da world. that's how america can be dijits one again. that's how america iz gonna be dijits one again. now, I realize dat some hof yous as da different theory on how to grow da economy. some hof yous sincerely reckon dat da only solushun to our economic challenges iz to simply cut most government spendin an' eliminate most government regulations. well, I agree dat we can't afford wasteful spendin, an' I iz gonna continue to wurk wiv congress to get rid hof hit. an' I agree dat dere iz some rulz an' regulations dat put an unnecessary burdun on businesses hat da bells whun dey can least afford hit. that's why I ordered da review hof all government regulations. so far, we've identified ova 500 reforms, which iz gonna save billions hof squid ova da next few years. we should as narr more regulashun dan da health, safety, an' security hof da american peeps require. every rule should meet dat common sense test. but wot we can't do – wot I won't do – iz let dis economic crisis be used as an ekscuse to wipe hout da basic protections dat americans as counted on fe decades. I reject da idea dat we need to ask peeps to choose betweun dare jobs an' dare safety. I reject da ruk dat says fe da economy to grow, we af roll bak protections dat ban hiddun fees by credit card companies, or rulz dat keep our kids from bein exposed to mercury, or laws dat prevent da health insurance industry from shortchangin patients. I reject da idea dat we af strip away collective bargainin rights to compete in da global economy. we shouldn't be in da race to da batty, where we try to offa da cheapest labor an' da cackest pollushun standards. america should be in da race to da top. an' I reckon that's da race we can win. in fact, dis larga noshun dat da only tin we can do to restore prosperity iz just dismantle government, refund everyone's moolar, let everyone write dare own rulz, an' tell everyone they're on dare own – that's not who we iz. that's not da story hof america. yes, we iz rugged individualists. aiii, we iz strong an' self-reliant. an' hit has bin da drive an' initiative hof our boys an' entrepreneurs dat has made dis economy da engine an' envy hof da world. but dere has always bin anotha thread runnin throughout our history – da belief dat we iz all connected; an' dat dere iz some tings we can only do togetha, as da nashun. we all rememba abraham lincoln as da leada who saved our union. but in da middle hof da civil war, e wuz also da leada who looked to da future – da republican president who mobilized government to build da transcontinental railroad; launch da national academy hof sciences; an' set up da first turf grant colleges. an' leaders hof both parties as followed da example e set. ask yourselves – where iz gona we be east side now if da peeps who sat in da house before us decided not to build our highways an' our bridges; our dams an' our airports? wot iz gona dis turf be dig if we had chosun not to spend moolar on public maximum schools, or research universities, or community colleges? millions hof returnin heroes, includin me ganjadadie, had da opportunity to go to scool coz hof da gi bill. where iz gona we be if dey hadn't had dat chance? how many jobs iz gona hit as cost us if past congresses decided not to help da basic research dat led to da intaweb an' da poota chip? wot kind hof turf iz gona dis be if dis chamba had voted down social security or medicare just coz hit violated some rigid idea about wot government could or could not do? how many americans iz gona as suffered as da result? no single individual built america on dare own. we built hit togetha. we as bin, an' always iz gonna be, one nashun, unda god, indivisible, wiv liberty an' justice fe all; da nashun wiv responsibilities to ourselves an' wiv responsibilities to one anotha. members hof congress, hit iz bells fe us to meet our responsibilities. every proposal i've laid hout tonight iz da kind that's bin supported by democrats an' republicans in da past. every proposal i've laid hout tonight iz gonna be paid fe. an' every proposal iz designed to meet da urgent needs hof our peeps an' our communities. i nah there's bin nuff hof skepticism about whetha da politics hof da moment iz gonna h'llow us to pass dis jobs plan – or any jobs plan. already, we're seein da same batty press releases an' tweets flyin bak an' forth. already, da media has proclaimed dat it's impossible to bridge our differences. an' maybe some hof yous as decided dat those differences iz so yorkie dat we can only resolve dem hat da ballot box. but nah this: da next elecshun iz fourteun momphs away. an' da peeps who sent us in da house – da peeps who hired us to wurk fe dem – dey don't as da luxury hof waitin fourteun momphs. some hof dem iz livin week to week; paychek to paycheck; evun day to day. dey need help, an' dey need hit now. i don't pretend dat dis plan iz gonna solve all our problems. hit shouldn't be, nor iz gonna hit be, da last plan hof acshun we propose. what's guided us from da start hof dis crisis hasn't bin da chek fe da silva bullet. it's bin da commitment to stay hat hit – to be persistent – to keep tryin every fresh idea dat works, an' listun to every heavy proposal, narr matta which masseave gavrin' comes up wiv hit. regardless hof da ruks we've had in da past, regardless hof da ruks we'll as in da future, dis plan iz da east side tin to do east side now. yous should pass hit. an' I intend to take dat message to every corna hof dis turf. I also ask every american who agrees to lift ya voice an' tell da peeps who iz gathered in da house tonight dat yous dig acshun now. tell washington dat doin naffink iz not an opshun. remind us dat if we act as one nashun, an' one peeps, we as hit wivvin our powa to meet dis challenge. president kennedy once said, "our problems iz man-made – therefore dey can be solved by geeza. an' geeza can be as massiv as e wants." these iz difficult years fe our turf. but we iz americans. we iz tougha dan da times dat we live in, an' we iz bigga dan our politics as bin. so let's meet da moment. let's get to wurk, an' show da world once again why da united states hof america remains da greatest nashun on earth. fank yous, god bless yous, an' may god bless da united states hof america. Is it coz I is black?

How are Silver Coins Minted? Posted: 08 Sep 2011 11:50 AM PDT

America 50 - China 2: Tonight's Other Game Score Posted: 08 Sep 2011 11:26 AM PDT   37 jobs, 0 banks, 2 housing, 6 construction, 28 tax... 10 Republican, 7 Democrat CEO 1 - Union 1 & Labor 2 Government 9 - Business 19 Worker 12 - Lobbyist 1 Deficit 4 - Debt 2 - Grow 6 0 Unicorns and 0 Ponies   ES leaking lower, gold up a little, USD up, EUR back under 1.39 UPDATE: all of these accelerating

Full Text Of Obama's Speech Posted: 08 Sep 2011 11:13 AM PDT Cliff notes summary from Bloomberg: OBAMA SEEKS TO CUT IN HALF PAYROLL TAX FOR WORKERS, SMALL FIRMS OBAMA PROPOSES $447 BILLION PACKAGE TO SPUR JOB GROWTH OBAMA PROPOSES $105 BILLION IN INFRASTRUCTURE SPENDING OBAMA BACKS USING JOBLESS AID FOR ON JOB TRAINING PROGRAMS EXTENDED UNEMPLOYMENT AID OF $62 BILLION IN OBAMA PLAN NO PLAN FOR REPATRIATING OVERSEAS PROFITS IN OBAMA PROPOSAL STATE AID IN OBAMA PLAN $35 BILLION FOR TEACHERS, POLICE FIRE OBAMA CALLS FOR MODEST ADJUSTMENTS TO MEDICARE, MEDICAID OBAMA SAYS `VAST MAJORITY' OF CEOS WILLING TO PAY MORE TAXES OBAMA CALLS FOR `REFORMING' U.S. TAX CODE 7:10 INFRASTRUCTURE PLAN WOULD MODERNIZE 35,000 SCHOOLS, OBAMA SAYS And the full thing: Mr. Speaker, Mr. Vice President, Members of Congress, and fellow Americans:   Tonight we meet at an urgent time for our country.  We continue to face an economic crisis that has left millions of our neighbors jobless, and a political crisis that has made things worse.     This past week, reporters have been asking "What will this speech mean for the President?  What will it mean for Congress?  How will it affect their polls, and the next election?"   But the millions of Americans who are watching right now:  they don't care about politics.  They have real life concerns.  Many have spent months looking for work.  Others are doing their best just to scrape by – giving up nights out with the family to save on gas or make the mortgage; postponing retirement to send a kid to college.     These men and women grew up with faith in an America where hard work and responsibility paid off.   They believed in a country where everyone gets a fair shake and does their fair share – where if you stepped up, did your job, and were loyal to your company, that loyalty would be rewarded with a decent salary and good benefits; maybe a raise once in awhile.  If you did the right thing, you could make it in America.     But for decades now, Americans have watched that compact erode.  They have seen the deck too often stacked against them.  And they know that Washington hasn't always put their interests first.     The people of this country work hard to meet their responsibilities.  The question tonight is whether we'll meet ours.  The question is whether, in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy; whether we can restore some of the fairness and security that has defined this nation since our beginning.        Those of us here tonight can't solve all of our nation's woes.  Ultimately, our recovery will be driven not by Washington, but by our businesses and our workers.  But we can help.  We can make a difference.   There are steps we can take right now to improve people's lives.     I am sending this Congress a plan that you should pass right away.  It's called the American Jobs Act.  There should be nothing controversial about this piece of legislation.  Everything in here is the kind of proposal that's been supported by both Democrats and Republicans – including many who sit here tonight.  And everything in this bill will be paid for.  Everything.     The purpose of the American Jobs Act is simple:  to put more people back to work and more money in the pockets of those who are working.  It will create more jobs for construction workers, more jobs for teachers, more jobs for veterans, and more jobs for the long-term unemployed.  It will provide a tax break for companies who hire new workers, and it will cut payroll taxes in half for every working American and every small business.  It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services.  You should pass this jobs plan right away.     Everyone here knows that small businesses are where most new jobs begin.  And you know that while corporate profits have come roaring back, smaller companies haven't.  So for everyone who speaks so passionately about making life easier for "job creators," this plan is for you.     Pass this jobs bill, and starting tomorrow, small businesses will get a tax cut if they hire new workers or raise workers' wages.  Pass this jobs bill, and all small business owners will also see their payroll taxes cut in half next year.  If you have 50 employees making an average salary, that's an $80,000 tax cut.  And all businesses will be able to continue writing off the investments they make in 2012.     It's not just Democrats who have supported this kind of proposal.  Fifty House Republicans have proposed the same payroll tax cut that's in this plan.  You should pass it right away.     Pass this jobs bill, and we can put people to work rebuilding America.  Everyone here knows that we have badly decaying roads and bridges all over this country.  Our highways are clogged with traffic.  Our skies are the most congested in the world.     This is inexcusable.  Building a world-class transportation system is part of what made us an economic superpower.  And now we're going to sit back and watch China build newer airports and faster railroads?  At a time when millions of unemployed construction workers could build them right here in America?     There are private construction companies all across America just waiting to get to work.  There's a bridge that needs repair between Ohio and Kentucky that's on one of the busiest trucking routes in North America.  A public transit project in Houston that will help clear up one of the worst areas of traffic in the country.  And there are schools throughout this country that desperately need renovating.  How can we expect our kids to do their best in places that are literally falling apart?  This is America.  Every child deserves a great school – and we can give it to them, if we act now.     The American Jobs Act will repair and modernize at least 35,000 schools.  It will put people to work right now fixing roofs and windows; installing science labs and high-speed internet in classrooms all across this country.  It will rehabilitate homes and businesses in communities hit hardest by foreclosures.  It will jumpstart thousands of transportation projects across the country.  And to make sure the money is properly spent and for good purposes, we're building on reforms we've already put in place.  No more earmarks.  No more boondoggles.  No more bridges to nowhere.  We're cutting the red tape that prevents some of these projects from getting started as quickly as possible.  And we'll set up an independent fund to attract private dollars and issue loans based on two criteria:  how badly a construction project is needed and how much good it would do for the economy.     This idea came from a bill written by a Texas Republican and a Massachusetts Democrat.  The idea for a big boost in construction is supported by America's largest business organization and America's largest labor organization.  It's the kind of proposal that's been supported in the past by Democrats and Republicans alike.  You should pass it right away.     Pass this jobs bill, and thousands of teachers in every state will go back to work.  These are the men and women charged with preparing our children for a world where the competition has never been tougher.  But while they're adding teachers in places like South Korea, we're laying them off in droves.  It's unfair to our kids.  It undermines their future and ours.  And it has to stop.  Pass this jobs bill, and put our teachers back in the classroom where they belong.     Pass this jobs bill, and companies will get extra tax credits if they hire America's veterans.  We ask these men and women to leave their careers, leave their families, and risk their lives to fight for our country.  The last thing they should have to do is fight for a job when they come home.     Pass this bill, and hundreds of thousands of disadvantaged young people will have the hope and dignity of a summer job next year.  And their parents, low-income Americans who desperately want to work, will have more ladders out of poverty.       Pass this jobs bill, and companies will get a $4,000 tax credit if they hire anyone who has spent more than six months looking for a job.  We have to do more to help the long-term unemployed in their search for work.  This jobs plan builds on a program in Georgia that several Republican leaders have highlighted, where people who collect unemployment insurance participate in temporary work as a way to build their skills while they look for a permanent job.  The plan also extends unemployment insurance for another year.  If the millions of unemployed Americans stopped getting this insurance, and stopped using that money for basic necessities, it would be a devastating blow to this economy.  Democrats and Republicans in this Chamber have supported unemployment insurance plenty of times in the past.  At this time of prolonged hardship, you should pass it again – right away.     Pass this jobs bill, and the typical working family will get a fifteen hundred dollar tax cut next year.  Fifteen hundred dollars that would have been taken out of your paycheck will go right into your pocket.  This expands on the tax cut that Democrats and Republicans already passed for this year.  If we allow that tax cut to expire – if we refuse to act – middle-class families will get hit with a tax increase at the worst possible time.  We cannot let that happen.  I know some of you have sworn oaths to never raise any taxes on anyone for as long as you live.  Now is not the time to carve out an exception and raise middle-class taxes, which is why you should pass this bill right away.         This is the American Jobs Act.  It will lead to new jobs for construction workers, teachers, veterans, first responders, young people and the long-term unemployed.  It will provide tax credits to companies that hire new workers, tax relief for small business owners, and tax cuts for the middle-class. And here's the other thing I want the American people to know:  the American Jobs Act will not add to the deficit.  It will be paid for.  And here's how:   The agreement we passed in July will cut government spending by about $1 trillion over the next ten years.  It also charges this Congress to come up with an additional $1.5 trillion in savings by Christmas.  Tonight, I'm asking you to increase that amount so that it covers the full cost of the American Jobs Act.  And a week from Monday, I'll be releasing a more ambitious deficit plan – a plan that will not only cover the cost of this jobs bill, but stabilize our debt in the long run.     This approach is basically the one I've been advocating for months.  In addition to the trillion dollars of spending cuts I've already signed into law, it's a balanced plan that would reduce the deficit by making additional spending cuts; by making modest adjustments to health care programs like Medicare and Medicaid; and by reforming our tax code in a way that asks the wealthiest Americans and biggest corporations to pay their fair share.  What's more, the spending cuts wouldn't happen so abruptly that they'd be a drag on our economy, or prevent us from helping small business and middle-class families get back on their feet right away.      Now, I realize there are some in my party who don't think we should make any changes at all to Medicare and Medicaid, and I understand their concerns.  But here's the truth.  Millions of Americans rely on Medicare in their retirement.  And millions more will do so in the future.  They pay for this benefit during their working years.  They earn it.  But with an aging population and rising health care costs, we are spending too fast to sustain the program.  And if we don't gradually reform the system while protecting current beneficiaries, it won't be there when future retirees need it.  We have to reform Medicare to strengthen it.     I'm also well aware that there are many Republicans who don't believe we should raise taxes on those who are most fortunate and can best afford it.  But here is what every American knows.  While most people in this country struggle to make ends meet, a few of the most affluent citizens and corporations enjoy tax breaks and loopholes that nobody else gets.  Right now, Warren Buffet pays a lower tax rate than his secretary – an outrage he has asked us to fix.  We need a tax code where everyone gets a fair shake, and everybody pays their fair share.  And I believe the vast majority of wealthy Americans and CEOs are willing to do just that, if it helps the economy grow and gets our fiscal house in order.       I'll also offer ideas to reform a corporate tax code that stands as a monument to special interest influence in Washington.  By eliminating pages of loopholes and deductions, we can lower one of the highest corporate tax rates in the world.  Our tax code shouldn't give an advantage to companies that can afford the best-connected lobbyists.  It should give an advantage to companies that invest and create jobs here in America.      So we can reduce this deficit, pay down our debt, and pay for this jobs plan in the process.  But in order to do this, we have to decide what our priorities are.  We have to ask ourselves, "What's the best way to grow the economy and create jobs?"   Should we keep tax loopholes for oil companies?  Or should we use that money to give small business owners a tax credit when they hire new workers?  Because we can't afford to do both.  Should we keep tax breaks for millionaires and billionaires?  Or should we put teachers back to work so our kids can graduate ready for college and good jobs?  Right now, we can't afford to do both.      This isn't political grandstanding.  This isn't class warfare.  This is simple math.  These are real choices that we have to make.  And I'm pretty sure I know what most Americans would choose.  It's not even close.  And it's time for us to do what's right for our future.         The American Jobs Act answers the urgent need to create jobs right away.  But we can't stop there.  As I've argued since I ran for this office, we have to look beyond the immediate crisis and start building an economy that lasts into the future – an economy that creates good, middle-class jobs that pay well and offer security.  We now live in a world where technology has made it possible for companies to take their business anywhere.  If we want them to start here and stay here and hire here, we have to be able to out-build, out-educate, and out-innovate every other country on Earth.      This task, of making America more competitive for the long haul, is a job for all of us.  For government and for private companies.  For states and for local communities – and for every American citizen.  All of us will have to up our game.  All of us will have to change the way we do business.     My administration can and will take some steps to improve our competitiveness on our own.  For example, if you're a small business owner who has a contract with the federal government, we're going to make sure you get paid a lot faster than you do now.  We're also planning to cut away the red tape that prevents too many rapidly-growing start-up companies from raising capital and going public.  And to help responsible homeowners, we're going to work with Federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4% -- a step that can put more than $2,000 a year in a family's pocket, and give a lift to an economy still burdened by the drop in housing prices.     Other steps will require Congressional action.  Today you passed reform that will speed up the outdated patent process, so that entrepreneurs can turn a new idea into a new business as quickly as possible. That's the kind of action we need.  Now it's time to clear the way for a series of trade agreements that would make it easier for American companies to sell their products in Panama, Colombia, and South Korea – while also helping the workers whose jobs have been affected by global competition.  If Americans can buy Kias and Hyundais, I want to see folks in South Korea driving Fords and Chevys and Chryslers.  I want to see more products sold around the world stamped with three proud words: "Made in America."     And on all of our efforts to strengthen competitiveness, we need to look for ways to work side-by-side with America's businesses.  That's why I've brought together a Jobs Council of leaders from different industries who are developing a wide range of new ideas to help companies grow and create jobs.     Already, we've mobilized business leaders to train 10,000 American engineers a year, by providing company internships and training.  Other businesses are covering tuition for workers who learn new skills at community colleges.  And we're going to make sure the next generation of manufacturing takes root not in China or Europe, but right here, in the United States of America.  If we provide the right incentives and support – and if we make sure our trading partners play by the rules – we can be the ones to build everything from fuel-efficient cars to advanced biofuels to semiconductors that are sold all over the world.  That's how America can be number one again.  That's how America will be number one again.         Now, I realize that some of you have a different theory on how to grow the economy.  Some of you sincerely believe that the only solution to our economic challenges is to simply cut most government spending and eliminate most government regulations.     Well, I agree that we can't afford wasteful spending, and I will continue to work with Congress to get rid of it.  And I agree that there are some rules and regulations that put an unnecessary burden on businesses at a time when they can least afford it.  That's why I ordered a review of all government regulations.  So far, we've identified over 500 reforms, which will save billions of dollars over the next few years.  We should have no more regulation than the health, safety, and security of the American people require.  Every rule should meet that common sense test.     But what we can't do – what I won't do – is let this economic crisis be used as an excuse to wipe out the basic protections that Americans have counted on for decades.  I reject the idea that we need to ask people to choose between their jobs and their safety.  I reject the argument that says for the economy to grow, we have to roll back protections that ban hidden fees by credit card companies, or rules that keep our kids from being exposed to mercury, or laws that prevent the health insurance industry from shortchanging patients.  I reject the idea that we have to strip away collective bargaining rights to compete in a global economy.  We shouldn't be in a race to the bottom, where we try to offer the cheapest labor and the worst pollution standards.  America should be in a race to the top.  And I believe that's a race we can win.      In fact, this larger notion that the only thing we can do to restore prosperity is just dismantle government, refund everyone's money, let everyone write their own rules, and tell everyone they're on their own – that's not who we are.  That's not the story of America.       Yes, we are rugged individualists.  Yes, we are strong and self-reliant.  And it has been the drive and initiative of our workers and entrepreneurs that has made this economy the engine and envy of the world.   But there has always been another thread running throughout our history – a belief that we are all connected; and that there are some things we can only do together, as a nation.   We all remember Abraham Lincoln as the leader who saved our Union.  But in the middle of a Civil War, he was also a leader who looked to the future – a Republican president who mobilized government to build the transcontinental railroad; launch the National Academy of Sciences; and set up the first land grant colleges.  And leaders of both parties have followed the example he set.

The Coming Currency Crisis Posted: 08 Sep 2011 10:52 AM PDT Author: Doug Casey Synopsis: This essay from the July 2006 International Speculator captures the essence of Doug Casey's forward-looking, contrarian analysis… almost eerily so as we appear to be on the brink of the economic precipice described herein. [Ed. note: With traveling schedules and technological difficulties conspiring against us on this week's conversation, we decided to delve into the past for something appropriate… and look at what we found! This article from the June 2006 International Speculator pegs much of the debt and dollar woes we're experiencing today. We hope you enjoy this blast from the past, which has been very lightly cleaned up. We'll be back with a fresh conversation with Doug soon.] Poor Ben Bernanke. The greatest financial train wreck in history is going to happen on his watch, and it will be mostly his predecessor's doing....

Why Invest in Gold, Silver and Platinum Bullion? Posted: 08 Sep 2011 10:47 AM PDT There are many reasons why pension fund managers, private investors and even governments are beginning to add bullion to their portfolios. Perhaps the most important reason for this shift is that bullion provides superior insurance in times of financial uncertainty such as we are facing today. Until governments solve their debt problems and no longer need to debase their currencies through unbridled money creation, a fully diversified portfolio should include gold, silver and platinum both for wealth protection and growth.

China Confirms Gold Price Suppression Posted: 08 Sep 2011 10:34 AM PDT In a piece of news that certainly delights GATA, Wikileaks published a cable going back to 2009 in the year that European central banks halted their sales of gold. It said the following:

“The Euro Is Finished” Posted: 08 Sep 2011 10:14 AM PDT from ZeroHedge.com: "There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt." –John Adams "What lies behind us and what lies before us are tiny matters compared to what lies within us." –Ralph Waldo Emerson The Euro is Finished To regular readers of my pieces over the last several years this may not seem like a particularly poignant statement. After all, I have referred to the Euro and the U.S. dollar both as worthless political toilet paper for years. The reason I bring it up right now is not to state the obvious long-term macro conclusion that the Euro is a foolish, unnatural creation that only political types twiddling their thumbs in a room could come up with. No, rather the reason I say it now is because I believe the Sword of Damocles is now hovering right over it. The only question in my mind at the moment regards the specifics of how it will end. Read More @ ZeroHedge.com

Some Thoughts on Gold Posted: 08 Sep 2011 10:12 AM PDT John Mauldin is a renowned financial expert and a New York Times best selling author. His latest book "Endgame" details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The following are his thoughts on gold, from this week's Thoughts from the Frontline e-newsletter: The question I am asked the most is some variant on "What do you think about gold?" So, let me deal with that question here, as it has been a while. First, I do not think of gold as an investment. It is insurance for me. I buy a rather fixed amount of gold nearly every month, no matter the price. I hope the price of gold goes down, because that means I get more coins in the mail to go into the vault. Yes, I take delivery of my gold, and it is near me if I need it. My fondest dream is that I will give my gold coins to my great-great grandkids some 70-80 years from now, and they will be rather embarrassed that their "Papa John" bought all that much of that barbarous yellow metal instead of more biotech stocks. But as I live in the real world, I buy gold, even though I am optimistic we'll get through this rough patch; because I simply don't trust the bas*%*ds who are driving this ship with 100% of my money in dollars, or any fiat currency, for that matter. [source] PG View: I post this excerpt because Mr. Mauldin's take on gold very closely reflects my own personal view, as well as the philosophy of gold ownership espoused by our firm.

What to Make of Obama’s Jobs Speech…Before it Even Happens Posted: 08 Sep 2011 10:07 AM PDT Attention comrades, workers and tax slaves! Tonight is the night! Get your tickets! Turn your televisions up and sit your buts down! From the people who harass your small business…from the folks who regulate your entrepreneurial spirit into submission…from the clerks who mandate outsourcing, expropriate your profits and who cannot "create" one job without first destroying two, comes… The Presidential Speech on Job Creation! The papers were abuzz with excitement this morning. Journalists rushed to put ink to paper, careful to do so before they had time to think. "Wall Street Mixed Ahead of Obama Speech," announced one headline. "Wall Street Falls Ahead of Obama Speech," countered another. "DJIA Wobbles Ahead of Obama's Jobs Speech," opined a third. What are we to make of all this, Fellow Reckoner? Is it a wobbly, mixed fall we have on our hands…or a falling, mixed wobbly? And how are we to respond to these vacuous oddities, equal parts curious and meaningless? No matter. President Zero — so dubbed because of the precise number of jobs "created" last month — will surely fill us all in this evening. He'll tell us how the world works, how the foreigner's loans should be spent and how the savings of future generations should be allocated today, before they are even earned. Commenting under a wire story on rising jobless claims ahead of Obama's speech, one perceptive gentleman gives us a taste of what's to come: "Tonight's focus group buzzwords for the 'jobs speech': Bi-partisan, Compromise, Sacrifice, Rich folks, Those of us, I, Me, My…" The list goes on. You can probably think of a few more heartstring, bumper-sticker catchphrases too. Hey, maybe we can make a game out of this. One shot of tequila for every mention of the word "compromise." A swig of whiskey for every "sacrifice." A chug of beer for every "ordinary Americans," "party politics" and "in the nation's best interests." Of course, you'd be on the floor within the first two minutes…but at least you wouldn't have to listen to the rest of the speech. Unfortunately, however, that won't be the end of it. Not by a long shot. When the applause is over and the citizenry is back to the grindstone (provided they can find a stone on which to grind), the opposition will give us their version of the way the world works. "Too much money spent here…not enough funding over there," one will contend. "Less on infrastructure, more on schools," another will counter. "What about my [insert special interest of choice here] group?" begs another. The politicos will fight over that which isn't theirs like a feral mob looting a sacked city. Lone will be the voice who calls for no spending, no demonstrably impotent "job programs," no meddlesome intervention. The opposition's rebuttal will be, in other words, many different versions of the same wretched thing. What all world improvers fail to recognize is that the state, by its very nature, cannot simply "create" jobs. One needn't look past the government's own statistics to see that. We noted the zero jobs added last month above. Applications for unemployment benefits rose to 414,000 last week — outpacing experts' expectations (again) — from an upwardly revised 412,000 the previous week. But for one week in early August, claims have remained above 400,000 since early April. And it's not just a "rough spot," a problem that spans a few weeks or even months. It's the story of the decade, as Bill Bonner noted in yesterday's issue "Counting the Zeros in the US Economy": How many new jobs have been created in the last 10 years? Zero. There were about 130 million jobs in America in the year 2000. There are about 130 million today. But even if the government could create jobs, how would it know what jobs to create? At what price? In which sector of the economy…and at the expense of which other? In a free market, it is consumers who ultimately decide what jobs, what goods and what services are needed when and where. Demand provides price signals, helping businesses to direct their resources and capital for maximum impact. As a "para-market" entity, the government is privy to no such signals, save for a dog and pony popularity contest held once an Olympiad, designed to fool voters into thinking they have the "power of choice." That not all jobs are created equal is obvious. President George W. Bush, for example, was very good at putting people to work dropping bombs on people's heads in faraway lands. But bombs are expensive…to say nothing of other people's heads. One number we saw recently put the costs associated with the wars in Afghanistan, Iraq and Pakistan at nearly $4 trillion dollars, an amount equal to between one-quarter and one-third of the entire national debt. Seeing how costly, how unsuccessful these foreign misadventures were, President Obama, a Nobel Peace Prize recipient, couldn't help but to expand the bombing to Libya too. The feds have spent trillions of dollars at home too — through various bailouts, shovel-ready programs and other stimulus gimmickry — trying to get people back to work. Unsurprisingly, their programs are not working. Folks are not going back. And in many cases, they never will. Of course that won't stop the feds, with their committed aversion to learning from mistakes, from spending trillions more dollars retesting their failed theories. In the end, job creation is not a "rabbit out of a hat" equation. The rabbit must first come from somewhere, just like the money for so-called "jobs programs." "The role of a good economist," wrote Chris Mayer recently, referring to a key insight championed by the likes of Frederic Bastiat and Henry Hazlitt, "is not merely to show that which is seen, but to reveal that which is unseen." Readers can judge for themselves the "seen" consequences of state intervention in the job market. The unseen will be the burden carried by future generations, born into a nation that has already squandered everything they are yet to earn, abused its currency to death and sunk the economy beneath unserviceable debt. "These Keynesian 'cures' of endless inflation and debt to fix our economic malaise are offered," wrote Michael Pento, newest addition to the Agora Financial team, in today's edition of The 5-Minute Forecast, "because there is a profound lack of understanding of what causes a depression in the first place." And, as the saying goes, those who don't learn from history are doomed to repeat it. Joel Bowman for The Daily Reckoning What to Make of Obama's Jobs Speech…Before it Even Happens originally appeared in the Daily Reckoning. The Daily Reckoning provides 400,000+ readers economic news, market analysis, and contrarian investment ideas. The 5 Best Ways to Invest in Gold was previously featured in the Daily Reckoning.

‘Governmental' selling of gold, looks for support to hold Posted: 08 Sep 2011 10:02 AM PDT By Allen Sykora September 07 (CommodityOnline) — Newsletter writer Dennis Gartman says he suspects the heavy selling in Gold overnight may have been "governmental in nature," but he is still viewing retreats as a buying opportunity. He cited "massive, relentless offerings of gold" during Asian hours. "It is far too early to know who the seller was and continues to be, but if our intuition serves us…it shall almost certainly be a government of some sort. Time only shall tell," he says in The Gartman Letter. [source] PG View: This is a story that we picked up on early yesterday as well, when gold was under heavy selling pressure.

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