Gold World News Flash |
- THERE’S Your Hyperinflation!
- Gold Up & S&P Down?
- The U.S. Financial Markets Are The BIGGEST JOKE In History
- GREECE COLLAPSE: 61% Vote No to Eurozone Austerity
- Chinese Stocks Plunge Again, "VIX" Hits Record, "Nasdaq" Down 40% From Highs
- GUEST POST: The Silver Users Association is SHRINKING!
- Jade Helm, Terrorist Attacks, Surveillance & Other Fairy Tales For A Gullible Nation
- Bloomberg ignores request to examine central bank intervention against gold
- The Biggest Winner From The Greek Tragedy
- Can China Keep Miami's Condo Bubble From Bursting?
- The Great Deception By A Criminal Syndicate Of Banks, Global Shock And A Wild Scene That is Now Unfolding
- Russia Is Taking Full Advantage Of Greek Crisis
- Price of Gold Jumped $9.90 or 0.85 Percent to $1,172.90
- Gold Daily and Silver Weekly Charts - Rally 'Round the Swag
- A Tale of Two Crises
- New Zealand Dollar Could Rally Double Digits in the Coming Months
- The BIS Nightmare That Will Send the World Into Panic
- MICROCHIP BIRTHCONTROL: Bio-Hacking in the Neo-Eugenics Era
- David Morgan - US Could See Greek Style Bank Closures
- What's next for Greece ?
- Koos Jansen: How much are Chinese gold reserves?
- Greece’s New Money Could Be Many, Not One…
- AMERICAN REVOLUTION - Webster Tarpley (World Crisis Radio 7-3-2015)
- Greece to Print Counterfeit Euros or IOUs, Hyper-Inflation Beckons
- The Greeks Vote “No”
- Summarized picture of the End times - Jim Wilhelmsen at The Prophecy Club Radio
- GREECE VOTES NO! Grexit Is Finally Inevitable. Collapse of Euro Zone Coming?
- Jim Rogers: Greece should declare Bankruptcy, stay in Euro
- Stock Market, Investing Big Picture
- “Oxi!†- Greeks Defy Eu As Varoufakis Resigns To Ease Tensions With “Partnersâ€
- Will the EU mess trigger a Gold & Silver Derivatives Default?
- Silver Price Consolidating Ahead of Another Sharp Drop
- Gold Price Gravitating Lower Towards $1000
- Stansberry's Matt Badiali Shares His Guide to Avoiding Pitfalls in the Climb to Resource Investing Heights
- Greece’s New Money: Many, Not One?
| Posted: 06 Jul 2015 11:32 PM PDT by Keith Weiner
Hyperinflation is commonly defined as rapidly rising prices which get out of control. For example, the Wikipedia entry begins, "In economics, hyperinflation occurs when a country experiences very high and usually accelerating rates of inflation, rapidly eroding the real value of the local currency…" Let's restate this in terms of purchasing power. In hyperinflation, the purchasing power of the currency collapses. Before the
For example, the price of crude oil was cut almost in half (so far). There's little to see if one looks at the purchasing power of the dollar, euro, Swiss franc, etc. Purchasing power, as conventionally understood, is doing just fine. Fed apologists are happily cooing about this. Last month, Nobel Prize winning economist Paul Krugman said, "This is actually wonderful." Last year, he was gloating, comparing people who predict runaway inflation to "true believers whose faith in a predicted apocalypse persists even after it fails to materialize." And yet, all is not well in the realm of the central banks. Krugman may be right about prices, but nothing is wonderful. The economic downturn, which began in 2008, has been so bad that central banks persist in their unprecedented monetary policies. So if purchasing power isn't collapsing, where can one find evidence of the problem? Yield Purchasing Power (YPP) shows how much you can buy, not with a dollar of cash, but with the earnings on a dollar of productive capital. No one wants to spend their life savings or inheritance. People are happy to spend their income, but not their savings. To come back to the analogy of the family farm, people should think in terms of how much food it can grow, not how much food they can buy by selling the farm. The tractor If they want to live long and prosper, they should think of their yield purchasing power. Their hard-earned assets should provide income. And it is here, that hyperinflation has set in. Previously, I compared two archetypal retirees. Clarence retired with $100,000 in 1979, and Larry retired with $1,000,000 in 2014. Clarence was able to earn 2/3 of the median income in interest on his savings. Larry was nowhere near that. He would need over $100 million to do the same. In 35 years, the YPP of a 3-month CD fell more than 1,000-fold. The collapse in YPP suggests an analogy to hyperinflation. Look at how much capital you need to support a middle class lifestyle. Measured in dollars, the dollar price of this capital is skyrocketing. This skyrocketing price of capital has the same effect as hyperinflation: it undermines savings and causes people to eat themselves out of house and home. What does this mean for anyone with less than what they need to support themselves—$100M and rising? They must liquidate their capital, and live by consuming their savings. It's terrifying to anyone in that position—which means anyone in the middle class. This problem is not well understood, because it masquerades as rising asset prices. The first tractor to go to the block fetched $1,000. The second went for $2,000. The farmland may fetch a few million. Everyone loves rising asset prices, and so in their greed and euphoria they miss the point.
This article is from Keith Weiner's weekly column, called The Gold Standard, at the Swiss National Bank and Swiss Franc Blog SNBCHF.com. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2015 11:01 PM PDT Consider this 25 year graph of the ratio of gold to S&P 500 Index. Unless you believe, AS I DON'T, that the Fed can levitate the S&P for many more years while squashing gold even further,... {This is a content summary only. Click on the blog title to continue reading this post, share your comments, browse the website, and more!} | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The U.S. Financial Markets Are The BIGGEST JOKE In History Posted: 06 Jul 2015 10:30 PM PDT by Dave Kranzler, IVR:
The Shanghai Stock Exchange is down nearly 30% since mid-June. A veritable crash resulting from a crumbling Chinese economy which could no longer support Chinese stock market bubble valuations. The Chinese economy is tanking because exports to it China's two biggest import countries are tanking. For evidence of this look no further than the Shanghai Containerize Freight Index – LINK – which is down 32% since late 2014. If exports are not leaving Shanghai, it's because of weak demand from Europe and the U.S. I have written several articles demonstrating that the U.S. economy is continuously growing weaker. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GREECE COLLAPSE: 61% Vote No to Eurozone Austerity Posted: 06 Jul 2015 08:55 PM PDT from AMTV: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chinese Stocks Plunge Again, "VIX" Hits Record, "Nasdaq" Down 40% From Highs Posted: 06 Jul 2015 08:41 PM PDT Despite all the hopes and prayers of illiterate farmers everywhere, Chinese stocks refuse to hold a bid and down 3-4% at the open amid suspension of around 160 individual securities. In the pre-open to open, Shanghai Composite is down 3.2%, Shenzhen is off 3.5%, and China's Nasdaq - ChiNext is down 3.8%. This leaves ChiNext down over 40% from its highs as the cost of insuring downside in Chinese stocks explodes to record highs. As China goes through the 1929 playbook to save its 'market', it appears "momentum" has shifted.
Not a good start to the day...
And the morning session ends NOT OFF THE LOWS...
Some context for the moves...
As we noted prerviously - psychology has shifted... every government-driven ramp is sold into by as many retail locals and foreign professionals as possible... and remember the local professionals are now stuck with losses as they are not allowed to sell. Which explains why downside vol costs explode... (if you're not allowed to sell stocks... what's your next move?)
1929 Deja vu all over again...
And with 888 stocks down and only 29 up - PBOC is gonna need a bigger boat fund * * * On the bright side - though we are not sure of that - it seems the twice burned Chinese are greatly rotating their newly lost equity wealth back into real estate...Via ForexLive: Preliminary results from the China Household Finance Survey
The China Household Finance Survey is a quarterly survey carried out by researchers at Southwestern University of Finance and Economics in Chengdu. * * * Will they never learn? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GUEST POST: The Silver Users Association is SHRINKING! Posted: 06 Jul 2015 08:39 PM PDT Is the deadened aura of hopelessness in the silver market about to be removed? by Charles Savoie, SGT Report:
signify they found a better catalytic substance than silver? We all know better than that. Does their departure suggest a wish to distance themselves from an approaching scandal? Between Dow & Du Pont they have 117,000 employees. If large layoffs transpire due to a protracted silver shortage, will "hoarders" and "speculators" be blamed? Consider the advertising patronage many media sources have received from these giants for decades! The media is always on the side of infamy! Please, READ THE REST, CLICK HERE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jade Helm, Terrorist Attacks, Surveillance & Other Fairy Tales For A Gullible Nation Posted: 06 Jul 2015 08:30 PM PDT Submitted by John Whitehead via The Rutherford Institute,
Once upon a time, there was a nation of people who believed everything they were told by their government. When terrorists attacked the country, and government officials claimed to have been caught by surprise, the people believed them. And when the government passed massive laws aimed at locking down the nation and opening the door to total government surveillance, the people believed it was done merely to keep them safe. The few who disagreed were labeled traitors. When the government waged costly preemptive wars on foreign countries, insisting it was necessary to protect the nation, the citizens believed it. And when the government brought the weapons and tactics of war home to use against the populace, claiming it was just a way to recycle old equipment, the people believed that too. The few who disagreed were labeled unpatriotic. When the government spied on its own citizens, claiming they were looking for terrorists hiding among them, the people believed it. And when the government began tracking the citizenry’s movements, monitoring their spending, snooping on their social media, and surveying their habits—supposedly in an effort to make their lives more efficient—the people believed that, too. The few who disagreed were labeled paranoid. When the government let private companies take over the prison industry and agreed to keep the jails full, justifying it as a cost-saving measure, the people believed them. And when the government started arresting and jailing people for minor infractions, claiming the only way to keep communities safe was to be tough on crime, the people believed that too. The few who disagreed were labeled soft on crime. When the government hired crisis actors to take part in disaster drills, never alerting the public to which “disasters” were staged, the people genuinely believed they were under attack. And when the government insisted it needed greater powers to prevent such attacks from happening again, the people believed that too. The few who disagreed were told to shut up or leave the country. Finally, the government started carrying out covert military drills around the country, insisting they were necessary to train the troops for foreign combat, and most of the people believed them. The few who disagreed, warning that perhaps all was not what it seemed, were dismissed as conspiracy theorists and quacks. By the time the government locked down the nation, using local police and the military to impose martial law, there was no one left in doubt of the government’s true motives—total control and domination—but there was also no one left to fight back. Now every fable has a moral, and the moral of this story is to beware of anyone who urges you to ignore your better instincts and trust the government. In other words, if it looks like trouble and it smells like trouble, you can bet there’s trouble afoot. For instance, while there is certainly no shortage of foul-smelling government activities taking place right now, the one giving off the greatest stench is Jade Helm 15. This covert, multi-agency, multi-state, eight-week military training exercise is set to take place from July 15 through Sept. 15 in states across the American Southwest. According to official government sources, “Jade Helm: Mastering the Human Domain” is a planned military exercise that will test and practice unconventional warfare including, but not limited to, guerrilla warfare, subversion, sabotage, intelligence activities, and unconventional assisted recovery. The training exercise will take place in seven different southwestern states: California, New Mexico, Colorado, Arizona, Texas, Utah and Nevada. U.S. Army Special Operations Command will primarily lead this interagency training program but the Navy Seals, Air Force Special Operations, Marine Special Operations Command, Marine Expeditionary Units, 82nd Airborne Division, and other interagency partners will also be involved. Approximately 1,200 troops are expected to participate in these exercises. The training is known as Realistic Military Training because it will be conducted outside of federal property. The exercises are going to be carried out on both public and private land, with the military reportedly asking permission of local authorities and landowners prior to land usage. The military map listing the locations that will host the exercise shows Texas, Utah, and the southern part of California as “hostile territory.” According to U.S. officials, these three areas are marked as hostile to simulate environments where American troops are viewed as the enemy. The other areas on the map are marked as permissive, uncertain (leaning friendly), or uncertain (leaning hostile). Military officials claim that the southwestern states were chosen because this exercise requires large areas of undeveloped land as well as access to towns and population hubs. These states purportedly also provide a climate and terrain that is similar to that of potential areas of combat for the United States, particularly Iraq, Iran and Syria. Now the mainstream media has happily regurgitated the government’s official explanation about Jade Helm. However, there is a growing concern among those who are not overly worried about being labeled conspiratorialists or paranoid that the government is using Jade Helm as a cover to institute martial law, bring about total population control, or carry out greater surveillance on the citizenry. In the first camp are those who fear that Jade Helm will usher in martial law. These individuals believe that by designating the two traditionally conservative and Republican-dominated states, Utah and Texas, as hostile territory, while more Democratic states like Colorado and California are marked as friendly, the military plans to infiltrate the states with large numbers of gun owners and attempt to disarm them. Adding fuel to the fire is the mysterious and sudden temporary closures of five Walmart stores in Texas, California, Oklahoma and Florida, two of which are located near Jade Helm training sites. Those in this camp contend that the military is planning to use the Walmart stores as processing facilities for Americans once martial law is enacted. Pointing to the mission’s official title, “Jade Helm: Mastering the Human Domain,” there is a second camp that fears that the military exercises are merely a means to an end—namely total population control—by allowing the military to discern between friendly civilians and hostiles. This concern is reinforced by military documents stating that a major portion of Jade Helm training will be about blending in with civilians, understanding how to work with civilians, using these civilians to find enemy combatants, and then neutralizing the target. In this way, the United States military is effectively using psychological warfare to learn how people function and how to control them. As a study written by military personnel states, mastering the human domain, also known as identity processes, means “use of enhanced capabilities to identify and classify the human domain; to determine whether they are adversarial, friendly, neutral, or unknown.” The study later states that identity processes can be used to “manage local populations during major combat, stability, and humanitarian assistance and/or disaster relief operations.” While the military has promised that the work they are doing is aimed for use overseas, we have seen first-hand how quickly the military’s weapons and tactics used overseas are brought home to be used against the populace. In fact, some of the nation’s evolutionary psychologists, demographers, sociologists, historians and anthropologists have been working with the Department of Defense’s Minerva Initiative to master the human domain. This security research includes “Understanding the Origin, Characteristics, and Implications of Mass Political Movements” at the University of Washington and “Who Does Not Become a Terrorist and Why?” at the Naval Academy Post Graduate School. Both studies focus on Americans and the different movements and patterns that the government can track to ensure “safety and security.” The Department of Homeland Security (DHS) is also working to infiltrate churches across the country to establish a Christian Emergency Network, carry out emergency training exercises to prevent and prepare for disasters (active shooter drills and natural disaster preparedness), and foster two-way information sharing, while at the same time instituting a media blackout of their activities. As the DHS continues to establish itself within churches, a growing number of churches are adopting facial recognition systems to survey their congregations, identify and track who attends their events, and target individuals for financial contributions or further monitoring. As the partnership between churches and the DHS grows, their facial recognition databases may be shared with the federal government, if that is not already happening. Finally, there is the third camp which fears that Jade Helm is merely the first of many exercises to be incorporated into regular American life so that the government can watch, study, and better understand how to control the masses. Certainly, psychological control techniques could be used in the future to halt protests and ensure that the nation runs “smoothly.” It remains to be seen whether Jade Helm 15 proves to be a thinly veiled military plot to take over the country (one lifted straight out of director John Frankenheimer’s 1964 political thriller Seven Days in May), turn the population into automatons and psychological experiments, or is merely a “routine” exercise for troops, albeit a blatantly intimidating flexing of the military’s muscles. However, as I point out in my book Battlefield America: The War on the American People, the problem arises when you add Jade Helm to the list of other troubling developments that have taken place over the past 30 years or more: the expansion of the military industrial complex and its influence in Washington DC, the rampant surveillance, the corporate-funded elections and revolving door between lobbyists and elected officials, the militarized police, the loss of our freedoms, the injustice of the courts, the privatized prisons, the school lockdowns, the roadside strip searches, the military drills on domestic soil, the fusion centers and the simultaneous fusing of every branch of law enforcement (federal, state and local), the stockpiling of ammunition by various government agencies, the active shooter drills that are indistinguishable from actual crises, the economy flirting with near collapse, the growing social unrest, the socio-psychological experiments being carried out by government agencies, etc. Suddenly, the overall picture seems that much more sinister. Clearly, there’s a larger agenda at work here, and it’s one the American people had better clue into before it’s too late to do anything about it. Call me paranoid, but I think we’d better take James Madison’s advice and “take alarm at the first experiment on our liberties." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bloomberg ignores request to examine central bank intervention against gold Posted: 06 Jul 2015 07:56 PM PDT 10:53p ET Monday, July 6, 2015 Dear Friend of GATA and Gold: Neither Bloomberg News columnist Barry Ritholtz nor his editor, Mark Berley, has responded to your secretary/treasurer's e-mail to them of last Wednesday, in response to Ritholtz's latest commentary disparaging gold's price performance, asking them to examine the documentation of surreptitious intervention in the gold market by central banks: http://www.gata.org/node/15506 Indeed, tonight Bloomberg has followed with another report purporting to analyze the gold market without inquiring into the activity of the market's biggest participants, central banks: http://www.bloomberg.com/news/articles/2015-07-06/gold-gets-ignored-in-g... These are simply not honest and honorable journalists but rather -- and knowingly -- regime propagandists and disinformation specialists. Put specific questions to them about specific documents and evidence and, like the government officials they serve, they clam up. We just have to keep confronting these impersonators. Eventually we'll find one capable of shame. CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Silver Coins and Rounds with Employee Pricing and Free Shipping Grab your Silver Starter Kit at cost from Money Metals Exchange, the company named "Precious Metals Dealer of the Year" by industry ratings group Bullion Directory. Simply go to MoneyMetals.com and type "GATA" in the radio box at the top of the page. This special silver offer contains 4 ounces of silver coins and rounds in the most popular 1-ounce, half-ounce, and 10th-ounce forms. Claim yours now, because GATA readers get employee pricing and free shipping. So go to -- -- and type "GATA" in the radio box at the top of the page. Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata The Silver Summit and Resource Expo 2015 http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2... Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006: http://www.goldrush21.com/order.html 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 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Biggest Winner From The Greek Tragedy Posted: 06 Jul 2015 07:42 PM PDT Long after Greece has left the Eurozone and Germany is using the Deutsche Mark as its currency, the people of the two nations, antagonized to a level unseen since World War II, will be accusing each other of benefiting more from the brief but tumultuous period of the common currency. In reality, nobody had put a gun to Greece's head and told it to lever up, enriching local oligarchs and corrupt politicians, taking advantage of credit that was artificially cheap only due to the common currency and an implicit monetary, if not fiscal, union. Germany, whose exports account for nearly 50% of GDP, on the other hand experienced an unprecedented exporting golden age, made possible only due to an artificial currency, the Euro, that was by definition created to be weaker than the Deutsche Mark and benefitted from any bout of weakness in Europe's periphery, such as the past 5 years. The truth is, when things were good nobody second-guessed any decisions for a second, and since the rising economic tide lifted all boats, nobody cared. And then the tide rolled out, displaced by trillions in bad loans and gargantuan mountains of sovereign and financial debt, which ultimately would lead to the first, then second, then third and then an all-out cascade of sovereign defaults. Sadly, the losers - regardless of the propaganda and jingoist rhetoric - are the ordinary, common, taxpaying people of Germany and Greece (and every other European nation), who enjoyed a few brief years of artificial prosperity, which in retrospect was entirely due to debt, masked well by the "currency swaps" and other financial engineering concocted by banks such as Goldman Sachs, in clear violation of the Maastricht treaty which is now a long-forgotten memory of the founding ideals behind the Eurozone. For every loser there is a winner, and in the case of Greece and its tragedy, just as millions are about to lose everything, a few not only made billions but quietly, under the guise of "sovereign bailouts" transferred their entire risk onto the taxpaying public. They are shown in the chart below.
It is that transfer of private-to-public risk, which is also the main reason why the public debt of so many European countries, not only Greece, whose debt is record high despite a default to its private creditors in 2012 and where only 10% of bailout proceeds ever made it to the actual economy...
... but the entire periphery has soared in the last few years.
Inevitably, there will be many angry people, because what is about to come to Europe will be hardship unlike anything seen in generations. Our suggestion: before neighbor takes it out on neighbor, study the following map closely because just like Libor was an impossible conspiracy theory until it was a proven fact, what is happening in Europe was propagated and effectuated by one bank more than any other. This one:
Or, one can ignore this as merely yet another conspiracy theory. And that's fine. But there is one critical, factual loose end that has to be investigated. Back in June 2012, the ECB, whose head was the recently crowned Mario Draghi who had less than a decade ago worked at none other than Goldman Sachs, was sued by Bloomberg's legendary Mark Pittman under Freedom of Information rules demanding access to two internal papers drafted for the central bank's six-member Executive Board. They show how Greece used swaps to hide its borrowings, according to a March 3, 2010, note attached to the papers and obtained by Bloomberg News. The first document is entitled "The impact on government deficit and debt from off-market swaps: the Greek case." The second reviews Titlos Plc, a securitization that allowed National Bank of Greece SA, the country's biggest lender, to exchange swaps on Greek government debt for funding from the ECB, the Executive Board said in the cover note. From Bloomberg:
The ECB's response: "the European Central Bank said it can't release files showing how Greece may have used derivatives to hide its borrowings because disclosure could still inflame the crisis threatening the future of the single currency." Considering the crisis of the (not so) single currency is very much "inflamed" right now as it is about to be proven it was never "irreversible", perhaps it is time for at least one aspiring, true journalist, unafraid of disturbing the status quo of wealthy oligarchs and central planners, to at least bring some closure to the Greek people as they are swept out of the Eurozone which has so greatly benefited the very same Goldman Sachs whose former lackey is currently deciding the immediate fate of over €100 billion in Greek savings. Because something tells us the reason why Mario Draghi personally blocked Bloomberg's FOIA into the circumstances surrounding Goldman's structuring, and hiding, of Greek debt that allowed not only Goldman to receive a substantial fee on the transaction, but permitted Greece to enter the Eurozone when it should never have been allowed there in the first place, is that the person who oversaw and personally endorsed the perpetuation of the Greek lie is none other than Goldman's Vice Chairman and Managing Director at Goldman Sachs International from 2002 to 2005. The man who is also now in charge of the ECB. Mario Draghi.
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| Can China Keep Miami's Condo Bubble From Bursting? Posted: 06 Jul 2015 06:30 PM PDT After Xi Jinping's anti-corruption campaign emptied the VIP baccarat tables in Macau causing gaming revenue to plunge 40% month after painful month, China's stock market miracle might well have functioned as a convenient outlet for the gambling propensities of the country's ultra rich. That all came to a rather unceremonious end three weeks ago when the unwind of as much as CNY1 trillion in backdoor margin lending triggered a terrifying 30% collapse in Chinese equities. Fortunately for China's ultra rich, dollar strength has served to completely eliminate the South American bid from Miami's once-booming condo market. As a reminder, here is the situation in South Florida:
As you can see, price increases leveled off in H1. The reason (according to Kevin Maloney, founder and principal of Property Markets Group who spoke to Bloomberg last month): "A very strong shift in the last year in the dollar ... has literally pushed whole countries out of the marketplace." Yes, whole Latin American countries (and maybe a few Russian oligarchs), but certainly not China, and what better way to shore up a market in which price appreciation has recently flatlined after three consecutive years of 15%+ gains than to lure in Chinese buyers who, having helped send Manhattan condo prices to nosebleed levels and who are perhaps now looking for less volatile places to park their fortunes having watched their domestic stock market take a nosedive, may now be looking for a fourth, fifth, or sixth home away from home. WSJ has more:
There it is. The reason why Carlos Rosso, president of Related Group of Florida so confidently told Bloomberg last month that this time is "different" and that the current deceleration in condo price appreciation will not soon turn into a rout. In short, Miami condo developers are depending on the China bid to rescue the market from overbuilding much as the entire world depended on China to absorb oversupply in the lead up to the financial crisis. We'll check back next quarter to see if an influx of Chinese buyers was enough to stop prices from posting their first Y/Y decline in seven years. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2015 06:20 PM PDT from Kingworldnews:
Stock Market Crash, Desperate Western Central Banks & Financial Collapse Then the stock markets, after being sharply lower, rallied back as the powers that be know that an extended decline could lead to a crash. Ironically, if this continues long enough the cost will be a collapse of the present fiat currency system and a horrific hyperinflation. But in the eyes of the elite, that's a problem for another day. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Russia Is Taking Full Advantage Of Greek Crisis Posted: 06 Jul 2015 06:00 PM PDT Submitted by Nick Cunningham via OilPrice.com, With Greece’s debt situation spiraling downwards, the European project is showing some cracks. The July 5 referendum could amount to a vote on whether or not Greece stays in the euro. In the meantime, the turmoil offers an opportunity for Russia to advance its interests. Of course, the EU is an absolutely critical trading partner for Russia, so if the bloc starts to fray at the seams, that presents financial risks to an already struggling Russian economy. Russia’s central bank governor Elvira Nabiulllina warned in June of the brewing threat that a Greek default would have on Russia. “We do consider that scenario as one of possible risks which would increase turbulence in the financial markets in the European market, bearing in mind the fact the European Union is one of major trading partners, and we are definitely worried by it,” she said in an interview with CNBC. With the economic fallout in mind, Russia does see strategic opportunities in growing discord within Europe. First, Russia is pushing its Turkish Stream Pipeline, a natural gas pipeline that it has proposed that would run from Russia through Turkey and link up in Greece. From there, Russian gas would travel on to the rest of Europe. Russia is vying against a separate pipeline project that would send natural gas from the Caspian Sea through Turkey and on to Europe. In mid-June, Alexis Tsipras met with Russian President Vladimir Putin at the St. Petersburg International Economic Forum. Russia and Greece signed a memorandum following the meeting to push the project forward. Russia’s energy minister Alexander Novak emphasized that Gazprom would not own the section of the pipeline on Greek territory, a crucial fact that avoids heavy antitrust scrutiny from EU regulators. With an eye on the looming default, Russia agreed to finance the project, and Greek officials portrayed the project as economic assistance amidst its ongoing debt crisis. The pipeline remains in limbo. Despite Russian insistence that construction could begin in 2016 and be completed by 2019, the 2 billion euro project does not have firm commitments from Turkey, and it also still faces opposition within Europe, which is trying to wean itself off of Russian gas. But with Greece’s debt crisis hitting new lows, there remains the possibility that Russia could come to Greece’s aid if the latter starts to pull away from Europe. And Greece has tried to use a potential turn towards Russia as leverage in talks with Europe. To be sure, a Russian bailout for Greece is probably not in the cards, given Russia’s own financial troubles. And both Russian and Greek officials stressed that they did not discuss direct financial assistance when they met in June. Still, there are mutual benefits for both Russia and Greece in highlighting their relationship. Another way that Russia may be benefitting from the unravelling of Greece is the fact that the attention of European officials and the media have been diverted away from Gazprom’s latest maneuver in Ukraine. The Russian company cut off gas supplies to Ukraine, citing a pricing dispute. Gazprom slashed the discount that it provided to Ukraine for importing its gas, and without prepayment upfront from Ukraine, the Russian company has stated it will not supply gas. That is not the first instance in which Russia has turned off the taps, having done so in 2006 and 2008 as well. Russia cited pricing disputes in those cases as well. But those prior events also took place during a brutally cold winter, leaving parts of Eastern Europe to freeze. The message was clear: fall in line, or we will cut off your energy supplies. Of course, that sparked outrage in European capitals, leading to calls for greater European energy security. But after years of little progress, the conflict in Ukraine in 2014 kicked of a new era of icy relations between Russia and Europe, and renewed calls for energy independence from Russia. One would think that Russia once again cutting of gas flows to Ukraine would certainly raise howls across Europe, but the Greek crisis is sucking all of the air out of the room and crowding out media attention. The fact that the latest incident took place during summer and not winter helped damp down a European reaction, and Russia was careful to insist that Europe would not be affected. But the incident has passed with much less of a reaction than one might have thought. There are huge financial risks to Russia from chaos in the Eurozone, and the longer the crisis drags out the more likely there could be economic fallout for Russia. But Putin no doubt sees a silver lining in collapsing European unity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Price of Gold Jumped $9.90 or 0.85 Percent to $1,172.90 Posted: 06 Jul 2015 04:50 PM PDT
Here's the range that doesn't tell us anything new: for the GOLD PRICE, $1,155 to $1,190; for silver, $15.44 to $16.40. I remind y'all that we are now in the window for silver and gold prices to make their seasonal lows, and we will probably see those by this week's end. I have a foreboding -- can you say, "I forebode"? -- that this eerie peace in markets is the calm BEFORE a storm. I hope I'm wrong. The Greeks voted NO! on something, be exactly what isn't clear. Certainly in their minds 61% were voting against "austerity" imposed by the Troika. Yet the hopelessly unpayable debt remains, mostly transferred by now from the banks who helped spawn it to the ECB and national central banks, which means, "to the European taxpayers." It remains in the interests of the Eurocrats not to suffer a breach with Greece, lest others get the idea they might wriggle out of their impossible debts. Therefore they will continue to keep talking the problem to death until the public experiences utter "crisis-exhaustion" and will accept any solution at the price of not having to listen to any more about it. Big sticker in Greece is that the Greek banks run out of cash in 48 hours -- whoops, make that about 36 now. What's interesting is that the Greek people have seen this coming for months, and have taken as much of their money as they could get out of the banking system. Now we have the interesting question, What if somebody gave an economy, and no banks came? Could the economy run with people paying each other in cash? Inconvenient for a while, but possible. Shucks, to be rid of the banks is worth a three or four year financial crisis. US Dollar Index's reaction to the aftermath of Greece's referendum was muted. It rose 19 basis points (0.2%) to 96.49, technically not a breakout over 96.50 support, but not far and pushing. Since mid-June the Dollar index has been in an uptrend, and remains in that uptrend. Greece will eventually drive it higher. Hot money looking for a safe perch sent investors into US treasury securities. That showed in the dropping yields (as bond prices rise, yields fall) in the 10 year treasury note down 4.81% to 2.278%) and the 30 year Treasury bond (down 3.79% to 3.071%). Not a stampede, but enough for yields to gap down. Euro fell 0.26% to $1.1056, not as far as reason expects, but given that ALL central banks manipulate exchange rates, especially during crises, that's about right. As the dollar index is about to break out upside from an even-sided triangle, so the euro is fixing to break out downside. Once dams burst, it's tough to rebuild them during the following flood. Japanese yen caught some safe have bid from Europe, rising 0.44% to 81.62. Still needs to cross 82.25 before it proves much.
West Texas Intermediate Crude today fell badly out of the range that has contained it since May began. That's only the beginning.See chart on the left. Copper also fell hard, 3.75% to $2.54. Chart argues it will fall as far as $2.42, on the right. Aurum et argentum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2015, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold Daily and Silver Weekly Charts - Rally 'Round the Swag Posted: 06 Jul 2015 01:41 PM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2015 01:25 PM PDT This post A Tale of Two Crises appeared first on Daily Reckoning. Editor's Note: Jim Rickards has published a third book entitled "The Big Drop: How to Grow Your Wealth During the Coming Collapse." It's available exclusively for readers of his monthly investment letter called Strategic Intelligence. Before you read today's essay, please click here to see why it's the resource every investor should have if they're concerned about the future of the dollar.] Two stories dominate global financial headlines. The first is the meltdown of the Chinese stock market and efforts to organize a bailout fund to prop up the Shanghai Composite stock index. The other is the Greek referendum in which 60% of voters rejected the financial rescue terms offered by the "institutions" — the IMF, ECB and European Union. Global capital markets are a tale of two crises. The two crises are different in their particulars, yet dangerously alike in their systemic implications. China is the second largest economy in the world; Greece does not rank in the top forty. Chinese financial assets are spread among hundreds of millions of investors, while Greek sovereign debt is concentrated in a few hands. China is an emerging market, while Greece is a developed economy. China is a top-down dictatorship, and Greece has just given the world a demonstration in bottom-up democracy. Yet what sets these crises apart is trivial compared to what unites them. Both have the potential to ignite a global systemic meltdown. The world is even more fragile than it was in 2007. The big banks are bigger. Aggregate bank assets are concentrated in fewer hands. The bank derivatives books are much larger. Market liquidity is worse. None of this is secret. Global financial elites have been shouting it from the rooftops. Warnings have poured in from the IMF, G20, World Bank, BIS and private think thanks. The warnings have mostly been ignored. The inmates (bankers) have continued to run the asylum (the financial system). Investors have continued to pile into stock and real estate bubbles from Wall Street to Wuhan in search of the elusive "yield." A crack-up was always just a matter of time. Is this the time? Are China and Greece the snowflakes that start the avalanche? Probably not. The system is fragile and these crises are urgent. But they are also amenable to government responses ranging from plain vanilla bailouts to more extreme bail-ins, and the use of force majeure. Banks have already been closed in Greece. Exchanges may yet be closed in China. Individual bank and broker failures may proliferate. But the center should hold — for now. Simply put, China may have a multibillion-dollar meltdown but it has a multitrillion-dollar fire hose in the form of its official reserves. China can adopt the "whatever it takes" mantra of Mario Draghi and they don't even have to print money; they can just use their reserves. The Greek situation is more difficult. There is less than meets the eye in the referendum. The "no" vote won overwhelmingly, but turnout was low. The deal that Greeks were voting on was never officially offered, and a new deal is certainly in the works. The referendum has no legally binding impact; it's legally no more meaningful than a telephone poll. But, it is politically significant and will force the two sides to get back to the bargaining table, probably on terms more favorable to Greece. The referendum did nothing to provide cash to Greece or to reopen the banks. Greece is still in crisis on the morning after. Both sides still have the same interest in a negotiated solution because both sides have far more to fear from failure than from a few more concessions. The surprise resignation of the Greek Finance Minister, Yanis Varoufakis, will relieve some of the personal animosity and make resumed negotiations easier. So these crises will pass with the usual lists of winners and losers. Some investors in Chinese stocks were wiped out, but the market is already rebounding thanks to government intervention. Some investors in Greek bonds may be pleasantly surprised as well. The headlines will continue for the remainder of the summer, but markets will eventually digest the news and move on. This is not to say that it's "all good." It's not. The makings of a massive global meltdown are still in place. The official warnings are correct. The crack-up will not come from the things we can see – like Chinese stock bubbles, and Greek debt defaults — but from something none of us has factored in. That's the essence of complex systems. They are characterized by "emergent properties." That means system behavior that cannot be inferred from perfect knowledge of all the parts of the system. The event that causes the crack-up will come like a thief in the night. Yet it will come. A healthy allocation to hard assets such as gold, silver, land, and fine art is still recommended. Cash should have a place in every portfolio in such uncertain times. The lines at Chinese brokerage firms, and Greek ATMs should remind us that the time to protect your portfolio is not when the panic begins, but while there is still time to act. What are you waiting for? Regards, Jim Rickards P.S. If you haven't heard, I've just released a new book called The Big Drop. It wasn't a book I was intending to write. But it warns of a few critical dangers that every American should begin preparing for right now. Here's the catch — this book is not available for sale. Not anywhere in the world. Not online through Amazon. And not in any brick-and-mortar bookstore. Instead, I'm on a nationwide campaign to spread the book far and wide… for FREE. Because every American deserves to know the truth about the imminent dangers facing their wealth. That's why I've gone ahead and reserved a free copy of my new book in your name. It's on hold, waiting for your response. I just need your permission (and a valid U.S. postal address) to drop it in the mail. Click here to fill out your address and contact info. If you accept the terms, the book will arrive at your doorstep in the next few weeks. The post A Tale of Two Crises appeared first on Daily Reckoning. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Zealand Dollar Could Rally Double Digits in the Coming Months Posted: 06 Jul 2015 12:58 PM PDT Brett Eversole writes: Major currencies are rising in value... Since the U.S. dollar peaked on March 13, the Brazilian real is up around 8.5%. And the euro is up around 5.7%. But two major currencies have lost value versus the dollar – the Japanese yen and the New Zealand dollar. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The BIS Nightmare That Will Send the World Into Panic Posted: 06 Jul 2015 12:34 PM PDT This post The BIS Nightmare That Will Send the World Into Panic appeared first on Daily Reckoning. Editor’s Note: On the heels of the historic Greek vote rejecting more European austerity, Egon Von Greyerz spoke with King World News about how the BIS is trying to hide a terrifying nightmare that is going to send the world into a full-blown panic. Read the interview below.
BIS Hiding A Nightmare That Will Send The World The World Into Full-Blown Panic"The derivative position of US banks for Q1 2015 has just been published and the reading is more frightening than ever… The top 5 US banks have total a derivative exposure of $247 trillion. This is 3.5 times world GDP. Total derivatives for all banks in the world are just over $600 trillion. But these figures are less than half of the real exposure. A few years ago the BIS in Basel changed the basis of valuation of derivatives to "Value to Maturity." This $1.5 Quadrillion Nightmare That Will Collapse The Global Financial SystemThis basically halved the value of outstanding derivatives overnight. Based on the old and proper valuation, the total outstanding today would probably be at least $1.5 quadrillion. And remember, when a counterparty fails, notional value is the real value that will be lost. It is absolutely guaranteed that this $1.5 quadrillion will implode in the next few years and drag the whole financial system with it. But before that process has finished, central banks worldwide will print a few quadrillion dollars, euros and yen in their desperate attempt to prevent an unsalvageable tragedy.
What About The Massive Derivatives Exposure In Gold & Silver? Within the derivative numbers of the top US banks we are now seeing some surprising changes in the precious metals. The notional amount of precious metals has gone from $22 billion in Q4 2014 to $75 billion in Q1 2015 and Citigroup accounts for most of that increase. The OCC report (Office of the Comptroller of the Currency) also states that a massive increase has taken place in commodity derivatives from $257 billion in Q4 2014 to $4 trillion in Q1 2015, with JP Morgan accounting for 96% of this figure. There is no explanation as to what "Commodities" contains. It could include silver but that would be inconsistent with the precious metals total figure. But it would not be surprising if banks did attempt to conceal the size of strategically important positions. Whatever is hidden in the figures, it is clear that the banks are sitting on positions in metals that will cause a disruption in gold and silver which will move the market higher by multiples of today's price in the next year or two. This move could start in the coming week with Greece being the catalyst, or the banks may be able to delay the move until the autumn. But the combination of the world’s economic problems and the massive derivative exposure makes the situation in the metals explosive." Regards, Egon Von Greyerz Ed. Note: Sign up for your FREE subscription to The Daily Reckoning, and you'll start receiving regular offers for specific profit opportunities. By taking advantage now, your ensuring that you'll be financially secure later. Best to start right away. This interview originally appeared on King World News. The post The BIS Nightmare That Will Send the World Into Panic appeared first on Daily Reckoning. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MICROCHIP BIRTHCONTROL: Bio-Hacking in the Neo-Eugenics Era Posted: 06 Jul 2015 12:00 PM PDT The Gates Foundation announced the testing of a microchip birth control pill where one can control their pregnancy via wifi. This is nothing more than the next level of eugenics in this brave new world. The next phase of biohacking. The Financial Armageddon Economic Collapse Blog... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| David Morgan - US Could See Greek Style Bank Closures Posted: 06 Jul 2015 10:57 AM PDT David Morgan of Silver-Investor.com joins me to talk about the possibilities of capitol controls, bank runs and hoarding of resources happening in the US to the same degree that we are seeing it in Greece. We discuss why Greece is collapsing and what you can do to prepare for the coming chaos,... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2015 09:52 AM PDT What Happens Next After The Greek No Vote #OXI In this video Luke Rudkowski covers the entire election process in Athens Greece and talks about the many variables with this situation. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries ,... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Koos Jansen: How much are Chinese gold reserves? Posted: 06 Jul 2015 09:45 AM PDT 12:45p ET Monday, July 6, 2015 Dear Friend of GATA and Gold: China's government gold reserves are not to be confused with the country's reserves of unmined metal, gold researcher and GATA consultant Koos Jansen notes today, correcting widespread misunderstanding of a recent presentation by the head of the China Gold Association. Jansen's commentary is headlined "How Much Are Chinese Gold Reserves?" and it's posted at Bullion Star here: https://www.bullionstar.com/blogs/koos-jansen/how-much-are-chinese-gold-... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Free Storage with BullionStar in Singapore Until 2016 Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore. Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore. Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter. For more information, please visit Bullion Star here: Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata The Silver Summit and Resource Expo 2015 http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2... Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006: http://www.goldrush21.com/order.html 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 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Greece’s New Money Could Be Many, Not One… Posted: 06 Jul 2015 09:06 AM PDT This post Greece’s New Money Could Be Many, Not One… appeared first on Daily Reckoning. It was easy to predict the eventual collapse of the one-currency-fits-all euro: indeed, many analysts explained why it was doomed before it was adopted as an integral part of the European Project, which broadly speaking calls for complete integration of the European economies. I covered the many structural deficiencies in the euro five years ago: When Debt-Junkies Go Broke, So Do Mercantilist Pushers (March 1, 2010) Why the Eurozone and the Euro Are Both Doomed (June 23, 2011) Three More Reasons the Eurozone Is Doomed (September 22, 2011) Yet Another Reason Why the Euro Is Doomed (October 17, 2011) The hard part is guessing what’s next. It seems one dynamic of “what’s next” is multiple currencies being used in Greece rather than one single currency: many, not one. As the U.K.’s Telegraph reports, companies are issuing private currencies to fill the void. Despite assurances, the crisis is likely to escalate fast if there is no resolution early next week. Businesses in Thessaloniki and other parts of the country are already creating parallel private currencies to keep trade alive and alleviate an acute shortage of liquidity. Vasilis Papadopoulos, owner of the Maxi paper mill in Katerini, said the situation was becoming desperate for his industry. “I have enough raw materials to last until July 14. If I don’t get any more pulp, I will have to close the factory. It is a simple as that. I have 183 employees and I will have to start laying them off,” he said. His firm has reached an accord with regional supermarkets to accept coupons or private scrip money in lieu of payment as soon as next week. His workers will then be able to use this paper as a parallel currency at the supermarket to buy goods. The idea that scrips, IOUs, letters of credit or indeed, notched sticks, can act as perfectly legitimate money is not surprising to anyone who has read David Graber’s marvelous history of credit and money, Debt: The First 5,000 Years or Fernand Braudel’s three-volume history of modern Capitalism: The Structures of Everyday Life (Volume 1) The Wheels of Commerce (Volume 2) The Perspective of the World (Volume 3) When exchange-money is in short supply, i.e. a liquidity crisis, various forms of currency arise to fill the need to grease commerce. Money has two basic purposes: to grease trade/commerce, and as a store of value. The two functions appear to be seamless when one form of money fills both needs, but quite often there is no one form of money available in sufficient quantity to fill both needs. Accounts of people in Greece buying crypto-currencies such as bitcoin strongly suggest that multiple currencies will serve as exchange-money. In its cash form, the euro will of course still be money, but there may not be enough of it in physical form to enable trade. As I have often pointed out, the U.S. dollar acts as money virtually everywhere–especially when the local currency is depreciating or there is a liquidity crunch. Gold and silver, traditional stores of value, can also act as exchange-money, though the principle that bad money drives out good money (Gresham’s law) holds that people will hoard gold and silver and use scrip, paper currencies etc. for exchange purposes. What we may be witnessing is the first phase of a new era of widespread non-state currencies, that is, currencies issued by private parties rather than nation-states or central banks. These could be crytpo-digital currencies, gold-backed currencies or any number of other variations. Nation-states and central banks are anxious to maintain their monopoly on money issuance, of course, because the power to issue money is (along with forced conscription and making war) the ultimate foundation of state power. As correspondent Mark G. observes, the evolution of multiple forms of money speeds up in times of rapid transition: Companies issuing private label currencies is probably not as one-off exceptional as people will tend to assume. I personally have been anticipating that further evolution towards a more “Hanseatic” style economy will include the emergence of multiple exchange systems operating concurrently in parallel. These exchange systems will naturally develop faster during times of turmoil than when everything is quiet. We can look to evolutionary biology’s theory of punctuated equilibrium for a potential model of this process of experimentation and rapid evolution: the stasis of central-bank issued currencies gives way to a period of experimentation driven by pressing need that leads to a new equilibrium. Breaking the grip of central-state/bank issued money will be a major evolutionary step forward for the global economy. Breaking free of the state’s power to depreciate our money at will is a major advance in human liberty and economic security. Regards, Charles Hugh Smith P.S. Ever since my first summer job decades ago, I've been chasing financial security. Not win-the-lottery, Bill Gates riches (although it would be nice!), but simply a feeling of financial control. I want my financial worries to if not disappear at least be manageable and comprehensible. And like most of you, the way I've moved toward my goal has always hinged not just on having a job but a career. You don't have to be a financial blogger to know that "having a job" and "having a career" do not mean the same thing today as they did when I first started swinging a hammer for a paycheck. Even the basic concept "getting a job" has changed so radically that jobs–getting and keeping them, and the perceived lack of them–is the number one financial topic among friends, family and for that matter, complete strangers. So I sat down and wrote this book: Get a Job, Build a Real Career and Defy a Bewildering Economy. It details everything I've verified about employment and the economy, and lays out an action plan to get you employed. I am proud of this book. It is the culmination of both my practical work experiences and my financial analysis, and it is a useful, practical, and clarifying read. The post Greece’s New Money Could Be Many, Not One… appeared first on Daily Reckoning. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AMERICAN REVOLUTION - Webster Tarpley (World Crisis Radio 7-3-2015) Posted: 06 Jul 2015 08:49 AM PDT World Crisis Radio - July 3, 2015 The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Greece to Print Counterfeit Euros or IOUs, Hyper-Inflation Beckons Posted: 06 Jul 2015 07:27 AM PDT The shock decisive NO referendum vote as the Greek electorate fell for Syriza propaganda that painted a picture of Greeks being the victims of the evil Troika has seen mainstream press focus turm (perhaps after googling) turn to Greece's banking system collapse that remains closed with as little as Euro 50 per day being allowed for withdrawals, as the banks are fast running out of Euro bank notes with cash points expected to completely run dry by Wednesday. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2015 07:20 AM PDT This post The Greeks Vote “No” appeared first on Daily Reckoning. Today's Pfennig for your thoughts… Good day, and a marvelous Monday to you! Well, in case you haven’t heard the news, the Greeks voted overwhelmingly “no” on their referendum yesterday. So, now the ugly starts. Remember last week I told you about the European Central Bank (ECB) and their ELA (emergency loan assistance) and their decision as to whether or not they would continue funding Greek banks, or not. I would have to think that this “no” vote is a nail in the coffin for ELA continuance. So, what’s Greece going to do now? Well, their Finance Minister, Varoufakis, resigned, I guess he had seen enough. I would have to think that the next few days will be key here folks, so stay tuned. The Eurozone leaders are scrambling around to meet and discuss this latest development, and Greece. Well, Greece has to now come up with something that will please their creditors and constituents, for the constituents have spoken. The “no” vote was 61% vs. 39% “yes”. I’d say that was “overwhelming”! I always like the saying. Not just “no”, but Hell NO! So, the euro has gotten whacked in the overnight trading, with those markets knowing the result, and having a knee-jerk reaction to the vote. But I would think they would have waited to see what the ECB does with the ELA’s. The Greeks told the ECB on Friday, that the Greek banks would have enough liquidity through Monday morning. So, I would think the ECB would be meeting early to decide. The next day that will loom large for Greece is July 20, when their first bond maturity that’s held by the ECB will come due. At this point, one might think that Greece didn’t have any problem defaulting to the IMF, they’ll not have any problem defaulting to the ECB.. But. I still think there will be an olive branch here, and a negotiation with an agreement in the next couple of days. There are other things going on in the world with the currencies and metals folks, it just seems like it’s all about this Greek stuff. UGH! But Greece is tied to just about everything these days. For instance, look at the stories written about the drop in the price of oil today, and they’ll be talking about how the demand for oil drops because of Greece. I have to think that’s a bunch of bunk. China? Yes. Greece demand? No! But, it’s what’s getting written. Don’t look now but oil’s price dropped to a $54 handle overnight. That’s $4 cheaper than it was last Monday morning! And the rot on the petrol currencies’ vines is really getting exposed with this drop in the price of oil, the news that China is going to inject stimulus into their economy, and of course Greece. It’s like a perfect storm for the petrol currencies. Norwegian krone has gotten whacked and is trading above an 8 handle this morning, the Russian ruble is still in the dumps, the Brazilian real after seeing some gains last week is back to being weaker again, and the Canadian dollar/loonie, who just two weeks ago had reached 81-cents is about to lose the 79-cent handle. The Aussie dollar (A$) continues to slide, and tonight the Reserve Bank of Australia (RBA) will meet tonight. I would think that the drop in the A$ has been about at the speed and force that the RBA has been looking for all this time. So, given that the A$ is now below the RBA’s preferred level of 75-cents I would think that the RBA would keep rates unchanged tonight. But then all my thoughts on Central Banks and their rate moves lately have been wrong. Take Sweden’s Riksbank last week. They had told everyone that inflation was their biggest concern, and inflation had ticked higher, which is what the Riksbank wanted, so I thought it was a safe thought that the Riksbank would keep rates unchanged. Don’t tell me something and then go in a different direction! But that’s what they did, and that left me on the wrong side of the tracks. China announced last night that: 1. They were suspending any IPO’s 2. That their brokerages would be buying shares to support and stabilize the stock market 3. That the Chinese Central Bank would inject liquidity into China Securities Finance Corp, which the Corp. will use to expand brokerages’ business of financing investor’ stock purchases. The China Securities Finance Corp. is owned by the China Securities Regulatory Commission (CSRC), and the CSRC said that they would increase the company’s capital to 100 billion renminbi from 24 billion renminbi… So, that’s a sizable injection of liquidity, eh? Leave it to the Chinese to do things on a large scale, eh? But with all this slowdown in China, the renminbi/yuan is not being allowed to appreciate, and I guess rightly so, as inflation is not a problem in a country where the economy is slowing down. But, as usual, longtime readers will recognize this talk from me, I really don’t see China’s economy going any deeper. They take some of their treasure chest of reserves, inject it where they see things being slow, and then things become normal again. That’s the reward for all the difficult work to build those reserves. The U.S. data cupboard isn’t really too active today, given that the Markit PMI’s will print, but the national ISM printed last week, so who would care about the Markit PMI’s? Not me! On Wednesday, we’ll get to see the minutes of the last FOMC meeting, you know the one where the Fed decided to not hike rates. I don’t expect much new from these minutes, but the markets will be waiting anxiously to see them, for any tidbit they can grab from the minutes. It’s almost embarrassing for them the way they act, when there’s nothing there. But, I guess you never really know. And gold. Well, again with all this gloom and despair around the world this morning, one would think that gold would be well bid. But it’s not. In fact it’s getting offered and is down $3, no big shakes, but that’s before the NY traders arrive at their desks. And we all know what can happen when that time comes around, right? Last week I was commenting on how gold couldn’t find a bid with Greece defaulting, and I told you about a couple of other analysts that has commented on that. Well, gold researcher, extraordinaire, Koos Jansen, had this to say about this whole scenario. “This smells like market rigging,” Jansen writes. “Surely the last thing the authorities need at this moment is gold on the move. Various media and bullion dealers report demand for physical gold in Europe is strong. Walter Hell-Hoflinger, owner of a gold shop in Austria, stated: ‘The critical thinkers have lost faith in politicians, their currencies, and the media. The price of gold is actually artificial.” I had a long discussion with the Big Boss, Frank Trotter, last Thursday, after I wrote about this gold scenario. Frank is not on the same bandwagon as me, regarding gold price suppression, and that always makes me think really long about it, for Frank is the most intelligent person I’ve ever met, and if he doesn’t see it like me, then I must be wrong! But, I’m not changing horses in the middle of the stream here folks, and we’ve just decided to agree to disagree on this. It’s tough this morning to find something to talk about that doesn’t involve the goings on in Greece and the Eurozone. That’s it for today. Things are pretty ugly over in Greece right now, I sure hope they can get things worked out… Regards, Chuck Butler P.S. The Daily Pfennig is first published everyday, right here. Editor's Note: Be sure to sign up for The Daily Reckoning — a free and entertaining look at the world of finance and politics. The articles you find here on our website are only a snippet of what you receive in The Daily Reckoning email edition. Click here now to sign up for FREE to see what you're missing. The post The Greeks Vote “No” appeared first on Daily Reckoning. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summarized picture of the End times - Jim Wilhelmsen at The Prophecy Club Radio Posted: 06 Jul 2015 06:55 AM PDT Stan interviews Jim Wilhelmsen to get a summarized picture of the end times, and how this relates to Bible prophecy. Air date: 2015-06-04 The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers ,... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GREECE VOTES NO! Grexit Is Finally Inevitable. Collapse of Euro Zone Coming? Posted: 06 Jul 2015 06:46 AM PDT the Asian market reaction to the Greek referendum - which largely saw falls across the board but with limited losses.China is the exception - it saw a boost on open this morning - but that is attributed to the enormous and unprecedented government measures implemented over the weekend to try and... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jim Rogers: Greece should declare Bankruptcy, stay in Euro Posted: 06 Jul 2015 06:42 AM PDT Rogers Holdings Chairman Jim Rogers on the Greek's rejection of a bailout deal.Watch Sandra Smith talk about Europe on Mornings With Maria. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Market, Investing Big Picture Posted: 06 Jul 2015 06:38 AM PDT The past four years or so have been extremely frustrating for investors like me who have structured their portfolios around the belief that the current experiments in central bank stimulus, the anti-business drift in Washington, and America's mediocre economy and unresolved debt issues would push down the value of the dollar, push up commodity prices, and favor assets in economies with relatively low debt levels and higher GDP growth. But since the beginning of 2011, the Dow Jones Industrial Average has rallied 67% while the rest of the world has been largely stuck in the mud. This dominance is reminiscent of the four years from the end of 1996 to the end of 2000, when the Dow rallied 54% while overseas markets languished. Although past performance is no guarantee of future results, a casual look back at how the U.S. out-performance trend played out the last time it had occurred should give investors much to think about. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| “Oxi!†- Greeks Defy Eu As Varoufakis Resigns To Ease Tensions With “Partners†Posted: 06 Jul 2015 06:29 AM PDT - Brave Greeks vote overwhelmingly against austerity - Varoufakis resigns to clear air for next phase of negotiations - We think a Greek debt deal is highly likely over the next few days - EU elites had hoped “yes” vote would force the replacement of Syriza with unelected technocratic experts - Syriza may nationalize banks to protect depositors from “bail-ins” - UK slashes Deposit Insurance from £85,000 to £75,000 - Europe and the world now in uncharted waters, gold will protect | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Will the EU mess trigger a Gold & Silver Derivatives Default? Posted: 06 Jul 2015 02:54 AM PDT King World News weekly – July 6, 2015Egon von Greyerz: “The derivative position of US banks for Q1 2015 has just been published and the reading is more frightening than ever. The top 5 US banks have total a derivative exposure of $247 trillion. This is 3.5 times world GDP. Total derivatives for all banks in the world are … Read the rest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver Price Consolidating Ahead of Another Sharp Drop Posted: 06 Jul 2015 02:39 AM PDT Silver's cheerleaders are trying to keep their flocks happy by talking it up as usual, but the hard reality is that silver's charts continue to look awful, and like it is readying for another sharp drop, which fits with our view that the dollar is getting ready for another big upleg. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold Price Gravitating Lower Towards $1000 Posted: 06 Jul 2015 02:36 AM PDT Gold has not even been able to muster a rally on the Greek crisis, which is a bad sign, especially as the dollar looks like it is preparing to break out upside from a large consolidation pattern. On its 8-year chart we can see that gold is still in the large downsloping consolidation pattern that has been going on for 2 years now. Goldbugs like to think that this trading range is a pattern is a base pattern, and while it may be, this is viewed as wishful thinking. Instead it looks like the B-wave of a large A-B-C correction from gold's highs in 2011. If it is, then the C-wave, which is suspected to be imminent, will take gold down at least to the strong support in the $1000 area, and probably lower towards the lower boundary of its large downtrend channel shown - if it gets there we are looking at $850 - $870. The good news is that this should mark the end of gold's bearmarket, especially as a rising rate cycle is just over the horizon, and contrary to popular belief, gold thrives in a rising rate environment - anyone remember the late 70's?? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 06 Jul 2015 01:00 AM PDT Successful resource investors have to make their way past a lot of money pits before they find a stock that will make it to the top. In this interview with The Gold Report, S&A Resource Report Editor Matt Badiali shares the red flags wedged in PEAs and points to a handful of companies that are building shareholder value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Greece’s New Money: Many, Not One? Posted: 05 Jul 2015 05:00 PM PDT What we may be witnessing is the first phase of a new era of widespread non-state currencies. It was easy to predict the eventual collapse of the one-currency-fits-all euro: indeed, many analysts explained why it was doomed... |
As would be expected after the Greek public voted down down the terms of the Troika bailout offer, the S&P 500 futures gapped down 30 points yesterday evening when global electronic trading of the markets commenced after the Greek "NO" vote. Gold popped up $8. The rest of the evening and overnight session was spent pushing the S&P 500 back up (see chart). And gold back down.
I noticed this on July 4, 2015! The Silver Users Association 
I am wanting to interpret the absence of our two biggest chemical industry giants from the SUA roster as a sign that a blow-up is on the near horizon. Besides reviewing their alphabetized roster, I used their search function and again found no mention of Dow or Du Pont. Does their absence
I'm focused on the fact that there is a consistent pattern in the markets with regards to bad news, and I would consider the Greek referendum outcome to definitely be bad news for the markets and a shock to the world. Even the elites, who are busy implementing their New World Order, expected a yes outcome. Markets initially acted as they should, with gold rising and stocks falling. Last night gold shot up, but then the usual suspects employed their algorithms and high-frequency techniques and then slammed it back down again.
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