Gold World News Flash |
- International Forecaster September 2011 (#5) - Gold, Silver, Economy + More
- Solyndra Solar Failed By Poor Cost Structure, Not China
- Poverty In America: A Special Report
- 25 Videos Warning of Impending Economic & Financial Collapse & Chaos
- Guest Post: Where We Are Is Where Japan Has Been
- GOLD = 1/TRUST
- Perfect Storm Creates Tidal Wave of Gold Demand
- This Past Week in Gold
- Tick Tock, Tick Tock
- ” In other words, the gold shares are currently the cheapest that they have ever been, excluding a one-month period in the fall of 2008.”
- Dumpster Diving?
- Tent Cities and Slums: Their Organic Evolution As Times Get Worse
- Fall 2011: Gold Breakout Season?
- Greece’s Economic Crisis Should be a Warning to Others
- Gold Companies to Watch from the Yukon to Colombia
- Jim Rickards: Monetary System Will Go Gold Soon
- Will Gold and Silver Move Lower Together?
- Bernanke and the Banks Say 'Trust Me' and for Many Gold Is the Answer
- GATA Dispatches will be interrupted this weekend
- Join GATA at the New Orleans Investment Conference Oct. 26-29
- Top U.S. Cities Where Buying Beats Renting
- Decade of Deception 2
- Paul holds hearing on legalizing competition in currencies
- Total Financial Collapse by Fall 2012? Chris Duane Says Yes.
- Things
- Paradise Lost
- 25 Signs That A Horrific Global Water Crisis Is Coming
- Gold and Silver Rebound as Expected / Huge News on the Silver Fraud Case Against JPMorgan
- At KWN, Rickards talks devaluation, Haynes and Norcini review metals week
- Gold and Silver Stocks
| International Forecaster September 2011 (#5) - Gold, Silver, Economy + More Posted: 18 Sep 2011 04:00 AM PDT This past week in a grand deficit cutting bargain the Senate Finance Committee explored "Tax Reform Options Promoting Retirement Security." The excuse is to make 401K plans more efficient; to keep Social Security afloat and to switch funds from these retirement plans to be used elsewhere by government. It is called a looting procedure. The idea is to replace the 401K with a tax break that would allow government to offer bigger benefits to low earners and changes in withdrawal choices at retirement.
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| Solyndra Solar Failed By Poor Cost Structure, Not China Posted: 17 Sep 2011 07:26 PM PDT By EconMatters The ongoing news coverage of Solyndra, the ill-fated solar panel manufacturer which filed for bankruptcy on Sept. 6, and the circumstances surrounding its loan from the U.S. government make it seem like a "Solyndra-gate" in the making for the White House. Somehow, China got dragged into this pure U.S. domestic event as this blog post by the U.S. Dept. of Energy basically blamed China for Solyndra's failure:
In not so many word, Solyndra also hinted that much in its official statement:
I guess both DOE and Solyndra have totally forgotten about the 'resources' and 'interest free financing' provided to Solyndra by the U.S. government. From Bloomberg,
But the buck did not stop there. Washington Post noted that
From ABC News,
If Fitch considers Solyndra 'speculative', how Solyndra could have passed the government's loan approval criteria would be something interesting to see. The DOE and Solyndra also conveniently neglected to mention Solyndra's demise has everything to do with its unsustainable cost structure using an 'innovative technology' to produce solar panels. (Hint: innovative = costly) An article from ElectroIQ dated Nov. 8, 2010 already questioned if Solyndra can reconcile cost-per-watt and sale price:
And what is the general industry price curve projection? Below $1 by Q1 2012 (See Chart Below)
With rapid growth, solar is probably one of the most competitive sectors with market players continuing finding new ways to manufacture, finance, package, sell and install solar driving down prices (See Chart Below). This cost-reducing effort spreads across regions and is not just limited to Chinese companies. From RenewableEnergyWorld.com dated July 13, 2011
The bankruptcy came barely a year after President Obama visited Solyndra as a model for government investment in green technology. The company was the first company to receive a loan guarantee under the 2009 stimulus law. Initially, there was this back and forth argument about if the loan approval was under Bush or after Obama took office. Next thing you know, the FBI raided Solyndra's headquarters in California, while the U.S. Treasury Dept. and the Energy Dept. also launched separate investigations of the government loan to Solyndra. Last but not least, Solyndra's biggest shareholder -- Argonaut Ventures -- is backed by Obama fundraiser George Kaiser. Argonaut, along with some other private investors, would stand to get every penny Solyndra has to offer even ahead of the U.S. government due to some loan restructure deal done right before the bankruptcy. And there were indications that White House might have rushed the loan approval to meet certain political PR deadline. With American taxpayers potentially getting stiffed with about 600 million bad loans from Solyndra, it is easier to point the finger at China, the biggest market competitor of the U.S. (and every other country in the world) so not to take a deeper look at the problems closer at home. Once a dominant manufacturing force in the world, over the past 70 years, the U.S. has gradually shifted its economic structure into one that's technology, financial and services oriented, and outsourced most of the manufacturing needs to other countries including China. That has resulted in the U.S. losing its competitiveness in the goods producing sectors, including solar panels. Nonetheless, quality, efficient innovation, and technology has enabled some Western companies such as First Solar and Solar Frontier to still effectively compete with China. Solyndra's downfall is due to the company's outdated business model and its failure to get ahead of the curve in a fast changing market place. Moreover, regardless when or where the Solyndra loan origination/approval might have taken place, the fact is that the "loan execution phase" of this debacle occurred under the current Administration, which could have either revoked the loan or put Solydra under some kind of receivership on first signs of trouble (e.g., when solar panel prices started to drop like a rock) to safeguard taxpayers' money. Instead, the U.S. government simply made a bad 'speculative' investment decision on behalf of the American public, based on questionable due diligence process and circumstances, but China has nothing to do with that. Further Reading: EconMatters.com Solydra Coverage © EconMatters All Rights Reserved | Facebook | Twitter | Post Alert | Kindle
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| Poverty In America: A Special Report Posted: 17 Sep 2011 06:32 PM PDT Solutions, anyone? Courtesy of Michael Snyder of Economic Collapse
Not only that, median household income has also fallen once again. In case you are keeping track, that makes three years in a row. According to the U.S. Census Bureau, median household income in the United States dropped 2.3% in 2010 after accounting for inflation. Overall, median household income in the United States has declined by a total of 6.8% once you account for inflation since December 2007. So should we be excited that our incomes are going down and that a record number of Americans slipped into poverty last year? Should we be thrilled that the economic pie is shrinking and that our debt levels are exploding? All of those that claimed that the U.S. economy was recovering and that everything was going to be just fine have some explaining to do. Back in the year 2000, 11.3% of all Americans were living in poverty. Today, 15.1% of all Americans are living in poverty. The last time the poverty level was this high was back in 1993. However, it is important to keep in mind that the government definition of poverty rises based on the rate of inflation. If inflation was still calculated the way that it was 30 or 40 years ago, the poverty line would be much, much higher and millions more Americans would be considered to be living in poverty. So why is poverty in America exploding? Who is getting hurt the most? How is America being changed by this? What is the future going to look like if we remain on the current path? Let's take a closer look at poverty in America.... The Shrinking Number Of Jobs Unemployment is rampant and the number of good jobs continues to shrink. Once upon a time in America, if you really wanted a job you could go out and get one. Today, competition for even the lowest paying jobs has become absolutely brutal. There simply are not enough chairs at the "economic table", and not being able to get a good job is pushing large numbers of Americans into poverty..... *There are fewer payroll jobs in the United States today than there were back in 2000 even though we have added 30 million people to the population since then. *Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. In July, only 81.2 percent of men in that age group had a job. *If you gathered together all of the unemployed people in the United States, they would constitute the 68th largest country in the world. *According to John Williams of shadowstats.com, if you factored in all of the short-term discouraged workers, all of the long-term discouraged workers and all of those working part-time because they cannot find full-time employment, the real unemployment rate right now would be approximately 23 percent. *If you have been unemployed for at least one year, there is a 91 percent chance that you will not find a new job within the next month. The Working Poor The number of low income jobs is rising while the number of high income jobs is falling. This has created a situation where the number of "the working poor" in America is absolutely skyrocketing. Millions of Americans are working as hard as they can and yet they still cannot afford to lead a middle class lifestyle. *Since the year 2000, we have lost approximately 10% of our middle class jobs. In the year 2000 there were about 72 million middle class jobs in the United States but today there are only about 65 million middle class jobs. *Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs. *Between 1969 and 2009, the median wages earned by American men between the ages of 30 and 50 dropped by 27 percent after you account for inflation. *According to a report released in February from the National Employment Law Project, higher wage industries are accounting for 40 percent of the job losses in America but only 14 percent of the job growth. Lower wage industries are accounting for just 23 percent of the job losses but 49 percent of the job growth. *Half of all American workers now earn $505 or less per week. *Last year, 19.7% of all U.S. working adults had jobs that would not have been enough to push a family of four over the poverty line even if they had worked full-time hours for the entire year. *The number of Americans that are going to food pantries and soup kitchens has increased by 46% since 2006. Unprecedented Dependence On The Government Because they cannot get good jobs that will enable them to support themselves and their families, millions of Americans that used to be hard working contributors to society are now dependent on government handouts. Nearly every single measure of government dependence is at a record high, and there are no signs that things are going to turn around any time soon. *One out of every six Americans is now enrolled in at least one government anti-poverty program. *Nearly 10 million Americans now receive unemployment benefits. That number is almost four times larger than it was back in 2007. *More than 45 million Americans are now on food stamps. The number of Americans on food stamps has increased 74% since 2007. *Approximately one-third of the entire population of Alabama is now on food stamps. *More than 50 million Americans are now on Medicaid. *Back in 1965, only one out of every 50 Americans was on Medicaid. Today, approximately one out of every 6 Americans is on Medicaid. *In 1980, just 11.7% of all personal income came from government transfer payments. Today, 18.4% of all personal income comes from government transfer payments. The Suffocating Cost Of Health Care Millions of American families are being financially crippled by health care costs. The U.S. health care system is deeply, deeply broken and Obamacare is going to make things even worse. Health care is one of the top reasons why American families get pushed into poverty. Most of us are just one major illness or disease from becoming financially wrecked. Just ask anyone that has gone through it. The health insurance companies do not care about you and they will try to wiggle out of their obligations at the time when you need them the most. If you talk to people that have been through bankruptcy, most of them will tell you that medical bills were at least partially responsible. *In America today, there are 49.9 million Americans that do not have any health insurance. One single medical bill could easily wipe out the finances of most of those people. *Only 56 percent of Americans are currently covered by employer-provided health insurance. *According to a report published in The American Journal of Medicine, medical bills are a major factor in more than 60 percent of the personal bankruptcies in the United States. Of those bankruptcies that were caused by medical bills, approximately 75 percent of them involved individuals that actually did have health insurance. *According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980. Today they account for approximately 16.3%. More Children Living In Poverty The United States has a child poverty rate that is more than twice as high as many European nations. We like to think that we have "the greatest economy on earth", but the reality is that we have one of the highest child poverty rates and it increased once again last year. *The poverty rate for children living in the United States increased to 22% in 2010. That means that tonight more than one out of every five U.S. children is living in poverty. *The poverty rate for U.S. adults is only 13.7%. *Households that are led by a single mother have a 31.6% poverty rate. *Today, one out of every four American children is on food stamps. *It is being projected that approximately 50 percent of all U.S. children will be on food stamps at some point in their lives before they reach the age of 18. *There are 314 counties in the United States where at least 30% of the children are facing food insecurity. *More than 20 million U.S. children rely on school meal programs to keep from going hungry. *It is estimated that up to half a million children may currently be homeless in the United States. The Plight Of The Elderly The elderly are also falling into poverty in staggering numbers. They may not be out protesting in the streets, but that does not mean that they are not deeply, deeply suffering. *One out of every six elderly Americans now lives below the federal poverty line. *Between 1991 and 2007 the number of Americans between the ages of 65 and 74 that filed for bankruptcy rose by a staggering 178 percent. *The Baby Boomers have only just begun to retire, and already our social programs for seniors are starting to fall apart. In 1950, each retiree's Social Security benefit was paid for by 16 U.S. workers. According to new data from the U.S. Bureau of Labor Statistics, there are now only 1.75 full-time private sector workers for each person that is receiving Social Security benefits in the United States. Squeezed By Inflation Rising inflation is squeezing the budgets of average American families like never before. Federal Reserve Chairman Ben Bernanke claims that inflation is still low, but either he is delusional or he has not been to a supermarket lately. Personally, I do a lot of grocery shopping at a number of different stores, and without a doubt prices are absolutely soaring. Many of the new "sale prices" are exactly what the old "regular prices" were just a few weeks ago. Some companies have tried to hide these price increases by shrinking package sizes. But there is no hiding the pain on the old wallet once you fill up your cart with what you need to feed your family. *Over the past year, the global price of food has risen by 37 percent and this has pushed approximately 44 million more people around the world into poverty. *U.S. consumers will spend approximately $491 billion on gas this year. That is going to be a brand new all-time record. *Right now, the average price of a gallon of gasoline in the United States is$3.649. That is 94 cents higher than 12 months earlier and it is a brand new record for this time of the year. A Smaller Share Of The Pie The size of the "economic pie" in America is shrinking, and the share of the pie for those that are poor is shrinking a lot faster than the share of the pie for those that are wealthy. *According to the Washington Post, the average yearly income of the bottom 90 percent of all U.S. income earners is now just $31,244. *When you look at the ratio of employee compensation to GDP, it is now the lowest that is has been in about 50 years. *At this point, the poorest 50% of all Americans now control just 2.5% of all of the wealth in this country. *Big corporations are even recognizing the change that is happening to America. Just consider the following example from a recent article in the Huffington Post....
Conclusion America is fundamentally changing. We were a nation that had the largest middle class in the history of the globe, but now we are becoming a nation that is deeply divided between the haves and the have nots. Perhaps you are still doing fine. But don't think that economic disaster cannot strike you. Every single day, thousands more Americans will lose their jobs or will discover a major health problem. Every single day, t
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| 25 Videos Warning of Impending Economic & Financial Collapse & Chaos Posted: 17 Sep 2011 02:19 PM PDT The internet is awash (drowning?) in hundreds of doom and gloom videos providing dire warnings of coming world depression, food shortages, *rioting in the streets, rampant (hyper) inflation, deepening banking crisis, economic apocalypse, f[B]inancial Armageddon, the*demise of America – well, you get the idea. Below is a*small sample of such videos with a hyperlink to each. Sit back with your favorite beverage (or two/three!), turn up the volume (some of the music is foreboding) and look over the abyss into the pit of financial and economic despair that some see as about to*erupt*and engulf us in the months/years ahead. Take heed – you*are being forewarned! [/B] So says Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and*www.munKNEE.com (Your Key to Making Money!).*Please note that this paragraph must be included in any article re-posting to avoid copyright infringement. [*]The Next Great Depression [*]The Beg...
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| Guest Post: Where We Are Is Where Japan Has Been Posted: 17 Sep 2011 12:24 PM PDT Submitted by JM Where We Are Is Where Japan Has Been Once upon a time, there were a bunch of banks that said "Hey, forget balance sheets. If they have collateral give them a loan." For a while it was good money. As long as they got payments, it was OK. So there were more loans, which in turn bid up the value of the collateral. Then the worm turned, because what goes up must come down. When collateral values collapsed, so did lending. It got real hard to keep up with the loan payments. Banks started looking like they came straight out of Goodfellas. This isn't an American story at all. All of these types of issues are about debt resolution. It has happened for centuries, probably further back in history. You know the story, but perhaps there are some details here that may open eyes. Like why you heard about Japanese CEOs committing suicide. Often it was because to keep their businesses running, they had to pledge all their personal possessions for a loan. The insurance benefit was all that was left for their families when their businesses went bankrupt. This collateral value collapse implies banking crisis implies real problems for a lot of voters. Anywhere this happens, it is a political crisis, and governments have to step in. This is where the story goes from bad to worse. The chapter we are in is technically called "central bank balance sheet expansion". The subtitle is "Bank Bailouts". It doesn't make any sense for a politician to let a bunch of voters lose everything. Central bank balance sheet expansion keeps this from happening: it works only if it is done in enough size to repair bank balance sheets. Thus they will expand their balance sheets and offer loans. And hopefully collateral values will reinflate. This chapter is nowhere near being written, but I can see how it is going to play out. This summer, the Fed started to unwind its balance sheet via unwinding the Maiden Lane assets, and this is a really small piece of the Fed balance sheet. They backed off when the results of their actions were clear. Risk in the credit space (ABS, RMBS, CMBS) has yet to recover, which is profound in a way. Markets are information processors, and they are learning how to price this stuff without a floor. And of course, the Fed is going to have to take a major hit on this crap if they sell back to banks. Taxpayers will pick up the tab. Alright. It is good to get it off one's chest. And now you have to figure out how to protect yourself. Money Stock Doesn't Mean Anything Japanese Monetary Aggregates, early naughties. Inflation is a Mixed Bag, Year-on-Year % Changes by Component Real estate in a long downtrend: bottomed but no rebound for years Education doesn't deflate because parents sacrifice for their children.
Source: IMF The Big Picture Story on Rates and Inflation
This translates into liquidity risk. Financial markets are highly illiquid at times, thus subject to sudden spikes in volatility. Liquidity can dry up due to contagion (correlation) effects, there is a basic rule that serves one well: the more liquid assets you have, the better. This reduces exposure to liquidity shocks that go along with volatility. There will be balance sheet repair. Some slow and steady, some sudden through default. Weak balance sheets are susceptible to financial strains caused by insufficient reserves of liquidity and thus try to hold more cash and cash equivalents. This will put surviving businesses in pretty good shape. You can tell this is happening by a:
Also, firms with more short-term debt are more exposed to the shocks, so they issue more long-term debt. This is the slow and steady. The rougher part of the story is that there will be defaults in the process of debt resolution. A big part of debt resolution is about recovery value. Recovery value is pretty pro-cyclical, which isn't good given the current situation. There are institutional factors of debt resolution that matter too. The Central Problem is Debt Resolution: Japan Compared to the United States
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| Posted: 17 Sep 2011 12:22 PM PDT Jesse and Jim Grant are two of the good guys. I value their opinions more than 99.99999% of the Wall Street shills. In this succinct post, you can easily understand why you should own physical gold and silver. Do you trust Ben Bernanke and his Federal Reserve cronies? Do you trust Timmy Geithner? Do you [...]
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| Perfect Storm Creates Tidal Wave of Gold Demand Posted: 17 Sep 2011 12:10 PM PDT By Frank Holmes CEO and Chief Investment Officer U.S. Global Investors A few weeks ago we held our Case for Investing in Gold webcast with the World Gold Council’s (WGC) Jason Toussaint, who gave some remarkable insight into gold demand in the East. In these countries, gold is not only celebrated, acquired, worn or displayed during holidays or special occasions; it is seen as an everyday symbol of wealth. Increases in demand from China and India have driven a 7.5 percent increase in demand for gold jewelry during the first half of the year despite a 25 percent increase in the price, according to a report released this week from GFMS. However, much of India’s potential gold demand remains untapped. Toussaint highlighted an interesting fact: Of the roughly 800 tons of gold imported to India each year, only the top 40 percent of Indian households purchase all of the country’s gold, says Toussaint. The other 60 percent of Indians, who may have the same a...
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| Posted: 17 Sep 2011 10:59 AM PDT Summary: Long term - on major buy signal. Short term - on mixed signals. Risk management has prevented us from taking on new positions until we have lower risks set ups, or after a correction. Read More...
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| Posted: 17 Sep 2011 10:58 AM PDT Greece continues its deflationary collapse as predicted. The Greek stock market ($ATG) is now down 84% from its late 2007 highs, versus 89% for the Dow Jones in the 1929-1932 bear market. Read More...
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| Posted: 17 Sep 2011 10:37 AM PDT Gold & silver stocks Osiris Investment Partners went on to write: "[S]ince the early 1980s, when the XAU Index was first constructed, until the fall of 2008, this ratio remained in a range of .16 to .38, even during the … Continue reading
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| Posted: 17 Sep 2011 08:13 AM PDT The Economic Collapse Have you ever thought about getting your food out of a trash can? Don't laugh. Dumpster diving has become a hot new trend in America. In fact, dumpster divers even have a trendy new name. They call themselves "freegans", and as the economy crumbles their numbers are multiplying. Many freegans consider dumpster diving to be a great way to save money on groceries. Others do it because they want to live more simply. Freegans that are concerned about the environment view dumpster diving as a great way to "recycle" and other politically-minded freegans consider dumpster diving to be a form of political protest. But whatever you want to call it, the reality is that thousands upon thousands of Americans will break out their boots, rubber gloves and flashlights and will be jumping into dumpsters looking for food once again tonight. During the recent economic downturn, the popularity of dumpster diving has exploded. Today, there are dumpster diving meet-up groups, dumpster diving Facebook groups, and even entire organizations such as Food Not Bombs that openly encourage their members to go dumpster diving. If your family was going hungry, would you go dumpster diving? You might be surprised at who is doing it. Dumpster diving is not just for the homeless and the unemployed anymore. A lot of people that have decent jobs have picked up on the trend. Unfortunately, even though our economy is rapidly falling apart and most of our leaders are either deeply corrupt or completely incompetent, most Americans are still way too apathetic. If you can believe it, the American people spend a whopping 53 million minutes a month on Facebook. Hopefully we can get more Americans to wake up. Hopefully we can get them to understand that they need to get active, that they need to prepare and that they need to get their priorities in order. Right now, dumpster diving is cute and fun and an interesting way to save money, but in the future there will be millions of Americans digging around in trash cans if we don't get this economy turned around. This country is rapidly changing, and not for the better. 
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| Tent Cities and Slums: Their Organic Evolution As Times Get Worse Posted: 17 Sep 2011 06:03 AM PDT FerFAL With USA hitting a 50 year poverty record, scenes that used to be common only in Latin countries may eventually become part of the American skyline. As of today there's 46 million Americans that classify as "poor", that's 15% of the population. Of them tens of thousands have no home and live either in their car or tent towns. Tent cities are growing across America from California to Florida. Places like "Dignity Village" in Oregon are becoming more common each day. When the creature that is a shanty town runs out of space to grow, it starts growing vertically, one structure over another up to five floors in some cases. Given that this is all unregulated construction, collapse of buildings are a constant risk and do occur often. They are dirty, crime infested parts of the city where criminals find shelter and the police don't dare enter without considerable amount of backup. The labyrinth-like corridors are ideal for criminals to run into and disappear, while for cops the narrow spaces turn it into a potential risk to their lives at every turn. In urbanization terms they are practically impossible to find a solution to, requiring to first remove the buildings so as to set up a water and sewer distribution grid and find some logic organization to it. Today, thousands are living in these conditions across the United States. If the economic crisis isn't overcome in the next couple of years and the hosing problem tackled early, you will be seeing this sort of shanty towns and slums spreading and growing like a parasite in no time. Today, thousands are living in these conditions across the United States. If the economic crisis isn't overcome in the next couple of years and the hosing problem tackled early, you will be seeing this sort of shanty towns and slums spreading and growing like a parasite in no time. 
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| Fall 2011: Gold Breakout Season? Posted: 17 Sep 2011 05:28 AM PDT by Morris Hubbartt:
Dollar Commentary A close look at this chart shows that every rally in the dollar against gold has been showcased with a weaker move up, and a shorter amount of time in the uptrend, and the rally has been followed by a steep decline. This chart shows nothing more than an extremely oversold technical condition for the US dollar being worked off. This technically oversold condition for the dollar is not a buy signal. Many considered the Swiss franc as good as gold. That idea went up in flames with the recent attack of the Swiss government on its own currency, one accompanied by a verbal threat of money printing to hold it down. Will America's government do something similar, or even worse? Read More @ SilverBearCafe.com
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| Greece’s Economic Crisis Should be a Warning to Others Posted: 17 Sep 2011 05:21 AM PDT by Alasdair Macleod, GoldMoney.com:
We need to move on from Greece, in order to understand how to deal with the wider crisis. There are three separate problems that must be resolved: the poor state of eurozone nations' finances, the eurozone banking system, and the euro itself. The collective borrowing requirements of Greece, Portugal, Spain, Ireland and Italy – to which must be added Belgium and almost certainly France – are simply too big to fund. It is possible that the International Monetary Fund working with the G20 might come up with a package, perhaps funded by the creation of more Special Drawing Rights (SDRs), but that is not being discussed at the moment. So in the absence of such a package and if Greece is somehow bought more time, the markets will almost certainly focus on any of the remaining "PIIGS" (Portugal, Ireland, Italy and Spain). So the rescue of one debtor will encourage a run on the others.
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| Gold Companies to Watch from the Yukon to Colombia Posted: 17 Sep 2011 05:09 AM PDT From the Yukon to Colombia, with stops in Nevada and Mexico, Dale Mah, an equity research analyst with Mackie Research, covers the map looking for exciting exploration plays. Mah, a trained geologist with 14 years of experience, shares his calculations and insights into how early-stage exploration plays can be safe and satisfying in this exclusive Gold Report interview.
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| Jim Rickards: Monetary System Will Go Gold Soon Posted: 17 Sep 2011 04:47 AM PDT "What we are seeing is the raging and the further outbreaks of the currency wars which began in 2010." King World News has just released an interview with Jim Rickards: Sr. Managing Director for Tangent Capital & Author of "Currency Wars: The Making of the Next Global Crisis"
You can listen to the interview HERE. (On the left side of the page, half way down, click on the small purple logo that reads, "Listen to MP3 – CLICK HERE")
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| Will Gold and Silver Move Lower Together? Posted: 17 Sep 2011 04:44 AM PDT Ever wonder what it would take for Greece or the other debt ridden nations to leave the euro? According to a UBS report there are no such provisions. It appears that the only way that a country could leave in a legal way is to negotiate an amendment to create an opt-out clause. That would likely take a long time and would require a negotiation with the entire European Union with possible referenda to be held in some of the countries.
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| Bernanke and the Banks Say 'Trust Me' and for Many Gold Is the Answer Posted: 17 Sep 2011 03:53 AM PDT
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| GATA Dispatches will be interrupted this weekend Posted: 17 Sep 2011 03:47 AM PDT 11:48a ET Saturday, September 17, 2011 Dear Friend of GATA and Gold: If you're not actually grateful for it, please forgive what may be a day-long or longer interruption in GATA Dispatches as your secretary/treasurer embarks upon what the Great Oz called "a hazardous and technically unexplainable journey into the outer stratosphere." The last time your secretary/treasurer undertook a journey this long it was in the cargo hold of a military transport plane. At least this time he has been upgraded to the passenger compartment. CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Be Part of a Chance to Discover Multi-Million-Ounce Gold and Silver Deposits in Canada Northaven Resources Corp. (TSX-V:NTV) is advancing five gold and silver projects in highly prospective and politically stable British Columbia, Canada. Check out the exploration program on our Allco gold/silver project : -- A large (13,000 hectare) property, covering more than 15 square kilometers of a regional mineralized trend just 3km from a recently announced 1.2-million-ounce gold and 15-million-ounce silver deposit. -- The property hosts historic high-grade silver workings and many mineral -- A deep-penetrating airborne geophysics survey has just been completed on the entire property and neighboring deposits and its results are eagerly awaited. To learn more about the Allco property or Northaven's other gold and silver projects, please visit: http://www.northavenresources.com Or call Northaven CEO Allen Leschert at 604-696-3600. Join GATA here: The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference 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: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release 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_...
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| Join GATA at the New Orleans Investment Conference Oct. 26-29 Posted: 17 Sep 2011 03:34 AM PDT 11:30a ET Saturday, September 17, 2011 Dear Friend of GATA and Gold (and Silver): The granddaddy of hard-money investment conferences, the New Orleans Investment Conference, entering its 37th year, to be held Wednesday through Saturday, October 26-29, will feature many GATA favorites as speakers -- the Got Gold Report's Gene Arensberg, financial writer Thom Calandra, market letter writer Marc Faber, U.S. Global Investors CEO Frank Holmes, Gold Newsletter editor Brien Lundin, and GATA Chairman Bill Murphy -- as well as the renowned journalist Charles Krauthammer and talk show host Glenn Beck. Of course dozens of resource companies will be exhibiting. And New Orleans is unmatched for fine and fun restaurants and things to see and do. The conference hotel, the Hilton New Orleans Riverside, right on the Mississippi River, adjacent to the famous New Orleans Riverwalk, the French Quarter, and Jackson Square, is a beautiful setting. It's also just across the street from Harrah's casino, for those who are tired of gambling in the financial markets. The conference carries a substantial registration cost but it's four days long and those who have attended it before may agree that it gives great value. Your secretary/treasurer will be speaking at the conference too and would love to see many GATA supporters there. To learn more about the New Orleans conference and register for it, please click on the banner ad at GATA's Internet site here: CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, 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 Join GATA here: The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference 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: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT 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
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| Top U.S. Cities Where Buying Beats Renting Posted: 17 Sep 2011 03:04 AM PDT
By EconMatters Bloomberg reported that Morgan Stanley (MS) published a research analysis in July 2011 predicting America is well on its way to becoming a renter society amid high rate of mortgage delinquency, foreclosures and liquidations slashing home ownership, while driving up rental demand. Morgan Stanley noted that during the housing bubble, home ownership rates increased from 66% to 69%, an all-time high. Today, that number is just below 65% and that ratio is expected to decline further to 59.7%, driving multifamily vacancies down and rents up:
Indeed, the mortgage rate might be at multi-decade low, but amid high unemployment rate and the growing number of the long-term jobless, not everyone can qualify or afford a home loan. Falling home prices, of course, has not been a positive influence on owning a home. While declining home ownership could be an incoming trend thanks to the Great Recession, I think people who lost their homes for whatever reasons would first crash at their parents' or relative's place first. Home ownership could be well on a declining curve based on current economic outlook, but that does not necessarily translate into a corresponding increase in rentals either Moreover, renting does not make that much economic sense, as the infogragphic below by Mortgagesum.com shows buying still beats renting and the top U.S. cities to do just that. So it is hard to see how after losing a home due to financial stress, renting could be a viable option. On a side note, in light of the world's faith in the U.S. dollar whenever there's a crisis situation, we should also see increasing foreign ownership of the domestic real estate, particularly in the commercial office and multi-family unit sectors. That would be the subject of another research or infographic endeavor.
 Infographic Source: Mortgagesum.com © EconMatters All Rights Reserved | Facebook | Twitter | Post Alert | Kindle
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| Posted: 17 Sep 2011 02:51 AM PDT YouTuber 'BigDad06' interviews Silver Shield (aka. Chris Duane), founder of the Sons of Liberty Academy, and operator of the popular blog, Dont-Tread-On.Me. They speak about Chris' "A Decade of Denial and Deception" 4 part article.
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| Paul holds hearing on legalizing competition in currencies Posted: 17 Sep 2011 02:50 AM PDT 10:48a ET Saturday, September 17, 2011 Dear Friend of GATA and Gold (and Silver): Last week U.S. Rep. Ron Paul, R-Texas, chairman of the House Subcommittee on Domestic Monetary Policy and Technology, held a hearing on his proposed Free Competition in Currency Act of 2011 (H.R. 1098), which would repeal legal tender laws, restrictions on private mints, and taxes on gold and silver, since such taxes interfere with the metals' circulation as money. Testifying were the executive director of the Foundation for the Advancement of Monetary Education, Lawrence M. Parks, and George Mason University Economics Professor Lawrence H. White. Video of the hearing is not quite an hour long and you can watch it at the Paul campaign Internet site here: http://runronpaul.com/economy/hearing-on-sound-money-sept-13-2011/ The full text of the legislation is simple and concise and can be found here: http://www.govtrack.us/congress/billtext.xpd?bill=h112-1098 The legislation would seem to legalize the Liberty Dollar coins whose issuer recently was convicted on vague charges in federal court in North Carolina. Professor White quotes New York Sun editor and Wall Street Journal contributor Seth Lipsky to the effect that it doesn't make much sense to suppress private money that is sound to protect money that is unsound. Unfortunately the Free Competition in Currency Act has no co-sponsors and its introduction and this week's hearing seem to be mainly an educational exercise. But that's where everything starts. CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Zacks Starts Coverage of Golden Phoenix with 'Outperform' Rating Friday, September 9, 2011 SPARKS, Nevada -- Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) announced today that Zacks Investment Research has initiated coverage of the company with a comprehensive report giving a rating of "outperform." The Zacks report provides information about the company's business model, its royalty mining growth strategy, recent acquisitions, drilling plans, and gold production. The report is available at the Golden Phoenix Internet site here: http://goldenphoenix.us/pdf/GPXM_InitiationReport.pdf Golden Phoenix Minerals Inc. is a Nevada-based mining company whose focus is royalty mining in the Americas. Golden Phoenix is committed to delivering shareholder value by identifying, acquiring, developing, and joint-venturing gold, silver, and strategic metal deposits. Golden Phoenix owns, has an interest in, or has entered agreements with respect to mineral properties in the United States, Canada, Panama, and Peru, including the company's 30 percent interest in the Mineral Ridge gold project near Silver Peak, Nevada. Please visit the Golden Phoenix Internet site here: For the company's full announcement of the coverage by Zacks, please visit: http://goldenphoenix.us/press-release/zacks-investment-research-initiate... 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 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: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project Company Press Release 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_...
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| Total Financial Collapse by Fall 2012? Chris Duane Says Yes. Posted: 17 Sep 2011 02:45 AM PDT from TheJoshTolleyChannel: Part 1: Founder of Sons of Liberty Academy, Chris Duane, sits down with Josh Tolley to discuss Chris' view that we will have a world wide financial collapse by fall of 2012. This is based on Chris' most important article to date!
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| Posted: 17 Sep 2011 02:40 AM PDT The following is automatically syndicated from Grandich's blog. You can view the original post here. Stay up to date on his model portfolio! September 17, 2011 05:27 AM [LIST] [*]What’s wrong with America? Start with the tax system. [*]I concur [*]Gold perma bears, haters and weak-knee believers come in all shapes and sizes and have littered the field for almost a decade with reasons why this time gold has peaked. The media is no different and this column is just an example. It’s not who decide to do this (Trump) that’s important but the fact that they did so in the first place. Sorry Bernanke and all who follow him - gold is money! [*]The more things change, the more they stay the same. [*]The only real difference between what has already taken place in Europe and is still to come here is the fact Europe is much closer to its day of reckoning. [/LIST] [url]http://www.grandich.com/[/url] grandich.com...
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| Posted: 17 Sep 2011 02:30 AM PDT by Johnny Silver Bear, SilverBearCafe.com:
I continue to receive ever increasing numbers of email from readers who request a clarification of my views about our current economic condition, how it got this way, and what, if anything, we can do about it. I often feel faced with a dilemma akin to telling someone it's raining, and have them not only refuse to believe me, but to also refuse to walk outside. My views are simply an amalgamation of insights provided by the wisdom of the Constitutional pundits, economic sages, financial gurus, and free market thinkers that I have come to read every day. The Libertarian / Contrarian editorial slant I provide is as much a result of their thoughts and experiences as my own personal feelings. I depend on their insights to temper my own. Read More @ SilverBearCafe.com
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| 25 Signs That A Horrific Global Water Crisis Is Coming Posted: 17 Sep 2011 02:25 AM PDT from The Economic Collapse Blog:
Every single day, we are getting closer to a horrific global water crisis. This world was blessed with an awesome amount of fresh water, but because of our foolishness it is rapidly disappearing. Rivers, lakes and major underground aquifers all over the globe are drying up, and many of the fresh water sources that we still have available are so incredibly polluted that we simply cannot use them anymore. Without fresh water, we simply cannot function. Just imagine what would happen if the water got cut off in your house and you were not able to go out and buy any. Just think about it. How long would you be able to last? Well, as sources of fresh water all over the globe dry up, we are seeing drought conditions spread. We are starting to see massive "dust storms" in areas where we have never seem them before. Every single year, most of the major deserts around the world are getting bigger and the amount of usable agricultural land in most areas is becoming smaller. Whether you are aware of this or not, the truth is that we are rapidly approaching a breaking point. Read More @ TheEconomicCollapseBlog.com
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| Gold and Silver Rebound as Expected / Huge News on the Silver Fraud Case Against JPMorgan Posted: 17 Sep 2011 02:19 AM PDT by Harvey Organ: Good morning to you all from downtown San Francisco I do not have all of my tools here but I will do the best I can and get the data to you. Gold closed Friday at $1812.10 up a huge $33.60. Silver responded also in splendid fashion by rising $1.33 to $40.78. It certainly looks like Greece will not be bailed out even though the USA is trying desperately to encourage the ECB to leverage its EFSF funds. However before we travel that route and before I bring you the new details on the fraud perpetrated by JPMorgan, let us head over to the comex and assess the trading data. Friday's open interest fell by 8,000 contracts from Thursday's reading. The Friday OI registers 501,148 and the Thursday reading was 509,815. Thursday was a big raid day so we definitely lost some spec longs. However we must pay special attention to the front options delivery month of September. Again for the 8th straight day, the OI rose from 160 to 191 despite 6 deliveries. As I pointed out to you on Thursday, London is in desperate need of physical gold due to the shortage of dollars and this gold is used as collateral. Read More @ HarveyOrgan.Blogspot.com
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| At KWN, Rickards talks devaluation, Haynes and Norcini review metals week Posted: 17 Sep 2011 02:18 AM PDT 10:20a ET Saturday, September 17, 2011 Dear Friend of GATA and Gold: Interviewed today by Eric King of King World News, geopolitical analyst Jim Rickards, who spoke at GATA's Gold Rush 2011 conference in London last month, remarks that in the intensifying currency wars, everyone can't devalue his currency against everyone else, only against gold. Rickards does not expect any solution to Greece's debt problem. You can listen to the interview here: http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/9/17_Jim_R... Also at King World News, the weekly precious metals market review finds Bill Haynes of CMI Gold & Silver expecting that the revised complaint in the silver price rigging lawsuit against JPMorganChase (http://www.gata.org/node/10448) will spur demand for the metal, especially as there's a shortage of silver. And market analyst Dan Norcini sees a floor in gold at $1,800 and in silver at $39 and substantial short-covering at those levels on account of Asian physical demand. You can listen to the interviews at King World News here: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/9/17_K... And full audio of the recent interview with Cazenove's Robin Griffiths about gold has been posted here: http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/9/17_Robin... CHRIS POWELL, Secretary/Treasurer 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 http://cambridgehouse.com/conference-details/toronto-resource-investment... The Silver Summit http://cambridgehouse.com/conference-details/the-silver-summit-2011/48 New Orleans Investment Conference 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: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, 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
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| Posted: 17 Sep 2011 01:41 AM PDT The prices of gold and silver shares are derived from the price of their reference metals. The referral method has gone astray, akin to a renegade ETF. Read More...
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Greece is probably going to default soon, which is hardly a surprise. That was the message we got from Wednesday's telephone call between Angela Merkel, Nicolas Sarkozy and George Papandreou, who after 25 minutes merely issued a statement saying that Greece is determined to meet its commitments to its partners and will stay in the eurozone. In other words, there is nothing more anyone can do, so Greece will default, most likely within days.
Jim's been a direct participant in many of the most significant financial events over the past 30 years including the 1981 release of hostages from Iran and was also principal negotiator for the gov. sponsored bailout of LTCM. His clients include private investment funds and banks, gov. directorates in nat'l security and defense. He's an advisor to the Committee on Foreign Investment in the United States and Support Group of the Director of National Intelligence and testified before Congress on the causes of the financial crisis.
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