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Monday, July 13, 2015

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THE GREAT TRAIN WRECK OF 2015 – 2016 IS BEGINNING

Posted: 13 Jul 2015 01:00 PM PDT

Few people see the train coming that wrecks their financial lives…     Submitted by Deviant Investor: Ninety seven years ago in Tennessee a train wreck killed 101 people.  It was shocking, unexpected, and devastating.   In the year 2000 the Tech-Wreck was unexpected, the NASDAQ market crashed, and $Trillions of paper wealth disappeared.   Most […]

The post THE GREAT TRAIN WRECK OF 2015 – 2016 IS BEGINNING appeared first on Silver Doctors.

STUDY: Doing this helps prevent dementia

Posted: 13 Jul 2015 12:30 PM PDT

From Dr. David Eifrig, MD, MBA, Editor, Retirement Millionaire:

Keep your brain healthy by going back to school. Many studies have shown that keeping your brain active helps prevent dementia.

One study out of the University of California Irvine demonstrated that structured learning in adults activated a substance called the brain-derived neurotrophic factor (BDNF). This molecule helps the signaling cells in your brain to grow. According to the study’s lead scientist Lulu Chen, “The findings confirm a critical relationship between learning and brain growth.” What’s more impressive is that BDNF plays a critical role in forming memories and can even help preserve your brain later in life.

Another study in 2013 demonstrated that reading and writing preserve memory. The participants who actively engaged in reading and writing tasks scored significantly higher on memory tests every year over the course of six years. People who didn’t participate in mental activities like reading and writing had a 48% faster rate of mental decline.

Here’s a neat and dirt-cheap way to strengthen your brain and protect against dementia…

Many of the top universities in the world are now offering completely free classes on the Internet. You can learn from professors at Harvard, Johns Hopkins, and even overseas universities like the University of Edinburgh.

If you’re interested in a particular topic, you can probably find a class about it. You can use these classes to learn a new language too – engaging in a second language helps fight off dementia.

We recommend checking for classes on websites like Coursera.org, edX.org, and Canvas Network (Canvas.net). Learn more about what interests you to keep your mind young and healthy.

Here's to our health, wealth, and a great retirement,

Dr. David Eifrig Jr., MD, MBA

P.S. You can find hundreds more of my favorite "life hacks" like the ones I've mentioned above in my new Big Book of Retirement Secrets… Things like how to get paid to watch TV and eat potato chips… how to get free silver from the U.S. banking system… and even how to get free health care and prescriptions. You can get all the details right here.

Recommended Links
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Pay CLOSE ATTENTION to the Greek Outcome- What is Unfolding in Greece is COMING HERE

Posted: 13 Jul 2015 12:00 PM PDT

All the world is indeed a stage, and what is unfolding is a worsening tragicomedy, and it is under the direction of the elites through their debt enslavement [un]known by the world as fiat currency.  The unelected "officials" in the EU are the equivalent of Keystone Kops.  In fact, that is also true even of […]

The post Pay CLOSE ATTENTION to the Greek Outcome- What is Unfolding in Greece is COMING HERE appeared first on Silver Doctors.

Hackers complete largest theft of U.S. gov't records in history... Here's what you need to know

Posted: 13 Jul 2015 11:40 AM PDT

From Bloomberg:

The vast cyber-attack in Washington began with, of all things, travel reservations.

More than two years ago, troves of personal data were stolen from U.S. travel companies. Hackers subsequently made off with health records at big insurance companies and infiltrated federal computers where they stole personnel records on 21.5 million people — in what apparently is the largest such theft of U.S. government records in history.

RELATED: Is this China’s plan to destroy the U.S. Dollar?

Those individual attacks, once believed to be unconnected, now appear to be part of a coordinated campaign by Chinese hackers to collect sensitive details on key people that went on far longer — and burrowed far deeper — than initially thought. But time and again, U.S. authorities missed clues connecting one incident to the next.

Interviews with federal investigators and cybersecurity experts paint a troubling portrait of what many are calling a serious failure of U.S. intelligence agencies to spot the pattern or warn potential victims. Moreover, the problems in Washington add new urgency to calls for vigilance in the private sector.

In revealing the scope of stolen government data on Thursday, Obama administration officials declined to identify a perpetrator. Investigators say the Chinese government was almost certainly behind the effort, an allegation China has vehemently denied.

‘Facebook of Intelligence’

Some investigators suspect the attacks were part of a sweeping campaign to create a database on Americans that could be used to obtain commercial and government secrets. “China is building the Facebook of human intelligence capabilities,” said Adam Meyers, vice president of intelligence for cybersecurity company CrowdStrike Inc. “This appears to be a real maturity in the way they are using cyber to enable broader intelligence goals.”

SEE ALSO: Dr. Ron Paul Describes Exactly What America’s Next Crisis Will Look Like

The most serious breach of records occurred at the U.S. Office of Personnel Management, where records for every person given a government background check for the past 15 years may have been compromised. The head of the government personnel office, Katherine Archuleta, resigned Friday as lawmakers demanded to know what went wrong.

The campaign began in early 2013 with the travel records, said Laura Galante, manager of threat intelligence for FireEye Inc., a private security company that has been investigating the cyber-attacks.

Stockpiling Records

By mid-2014, it became clear that the hackers were stockpiling health records, Social Security numbers and other personal information on Americans -– a departure from the country’s traditional espionage operations focusing on the theft of military and civilian technology.

“There was a clear and apparent shift,” said Jordan Berry, an analyst at FireEye. Recognition came too late for many of the victims. Vendors of security devices say health-care companies are spending tens of millions of dollars this year to upgrade their computer systems but much of the data is already gone.

U.S. intelligence agencies were collecting information on the theft of personal data but failed to understand the scope and potential damage from the aggressive Chinese operation, according to one person familiar with the government assessment of what went wrong. In the last two years, much of the attention of U.S. national security agencies was focused on defending against cyber-attacks aimed at disrupting critical infrastructure like power grids.

‘Leading Suspect’

But health-care, financial and work-related data has its own espionage value. It can be used in targeted intelligence operations to further penetrate vital U.S. networks or blackmail officials, said Representative Michael McCaul, a Texas Republican and chairman of the House Homeland Security Committee.

Security companies including FireEye and ThreatConnect Inc. say the tactics and technology used in the attacks point to hackers in China, which are consistent with Chinese government espionage. Director of National Intelligence James Clapper said last month that China was “the leading suspect.”

Zhu Haiquan, a spokesman for the Chinese embassy in Washington, denied the allegation and said in an e-mail the Chinese government doesn’t engage in cyber-attacks.

Server Manuals

As far back as November 2013, hackers began rummaging through documents for configuring computer servers at the Office of Personnel Management. That breach wasn’t discovered until March 2014, Donna Seymour, the agency’s chief information officer, told a Congressional committee last month. The hackers then returned in June 2014 and went undetected until this past April, she said.

That initial breach gave hackers access to manuals about the agency’s servers and information technology. That, in turn, propelled the second wave of attacks. “When this plays out, we’re going to find that this was the step that allowed them to come back and why we’re in this mess today,” said Representative Jason Chaffetz, a Utah Republican.

U.S. Investigative Services disclosed last August that it had been breached, and in December a breach at KeyPoint Government Solutions Inc. was revealed. It’s unclear how long hackers were inside the two companies.

Not Notified?

Eric Hess, KeyPoint’s chief executive officer, and Rob Giannetta, USIS’ chief information officer, have said their companies weren’t notified about the problems at the Office of Personnel Management, even though they should have been under contractual obligations. The agency disputes those assertions and says it shared information with the two companies, as well as CACI International Inc., another contractor.

The hackers eventually obtained log-in credentials of a KeyPoint employee in late 2014 which they used to further penetrate the agency’s network. The cyber-attacks were mostly discovered by accident — or only once the attackers had time to burrow deeply into computer systems and steal volumes of data. Some of the targets were attacked multiple times.

Attackers were inside health-insurer Anthem Inc.’s Indianapolis, Indiana-based network for 10 months before being discovered, according to a person familiar with the matter, who asked to remain anonymous given the sensitivity of the breach. The company disclosed in February that hackers may have compromised personal data for as many as 80 million people. Anthem spokeswoman Kristin Binns said the company’s information security procedures worked and enabled the company to detect the cyber-attack.

READ MORE: Why America is NOT Normal – Dr. Ron Paul's 8 facts prove how bad things really are

DNI Warnings

The Office of the Director of National Intelligence declined to comment on whether it issued specific warnings related to the attacks, but it does routinely provide such alerts, spokeswoman Kathleen Butler said.

Around the same time as the Anthem attack, the FBI warned companies of cyber-attacks from infrastructure within China aimed at stealing sensitive business and personal data. But the alert came more than a year after the attacks first began, private investigators now conclude.

Health insurers Premera Blue Cross, serving Washington state, and Carefirst Inc., based in Maryland, disclosed their networks had been breached in May, becoming the latest known campaign victims. The FBI declined to comment on whether warning signs were missed, but FBI Director James Comey told members of Congress Wednesday that he was also a victim of the Office of Personnel Management attack.

The hackers likely now have his SF-86 form, a detailed questionnaire for applying for national security positions in the U.S. government. “So it’s not just my identity that’s affected, it’s you know — I got siblings, I got five kids,” Comey told members of the Senate intelligence committee. “All of that is in there, and so the numbers quickly grow far beyond the number of federal employees, which is millions over the last 20 years.”

Spain Officially Becomes a Police State

Posted: 13 Jul 2015 11:30 AM PDT

On July 1st, 2015, Spain officially became a police state.   Submitted by Michael Krieger, Liberty Blitzkrieg: There's simply no other way to put it. The "gag law" passed late last year went into effect on that date, and if you still have any doubt about how extreme and oppressive these laws are, let's take […]

The post Spain Officially Becomes a Police State appeared first on Silver Doctors.

This is the BIGGEST Bubble in HISTORY

Posted: 13 Jul 2015 11:15 AM PDT

The Chinese stock market bubble is bursting. And the government is hitting the panic button.   Submitted by Staermose, Sovereign Man: Having actively encouraged the bubble with cheap money, lax margin loan regulations, and constant cheerleading and propaganda, Chinese authorties apparently also think they can mop up the mess. Wrong. Time and time again, governments […]

The post This is the BIGGEST Bubble in HISTORY appeared first on Silver Doctors.

Facts That Gun Grabbers Can’t Wrap Their Minds Around

Posted: 13 Jul 2015 11:00 AM PDT

There are irreconcilable differences between those who are pro-Second Amendment, and those who advocate gun control.     By Joshua Krause, SHTFPlan: It seems like there are irreconcilable differences between those who are pro-Second Amendment, and those who advocate gun control, and I think it goes beyond their personal beliefs. They think about the world […]

The post Facts That Gun Grabbers Can't Wrap Their Minds Around appeared first on Silver Doctors.

2:00PM Water Cooler 7/13/15

Posted: 13 Jul 2015 11:00 AM PDT

Today's Water Cooler: TPP, Greek deal, Varoufakis exit interview, 24-Carat gold vacuum cleaners, charters and corruption, Larry Summers

JP Morgan And Citi Are Using OTC Derivatives To Manipulate Gold And Silver

Posted: 13 Jul 2015 10:30 AM PDT

This scheme too will blow up in their face just like Long Term Capital, Enron, Bear Stearns, Lehman, AIG/Goldman. The taxpayers will be bailing out the banks – and now we know why Citigroup wrote the legislation that enabled banks to move their OTC derivatives positions to their FDIC insured units – but gold and […]

The post JP Morgan And Citi Are Using OTC Derivatives To Manipulate Gold And Silver appeared first on Silver Doctors.

Ron Paul: Greece today, America tomorrow?

Posted: 13 Jul 2015 10:23 AM PDT

From Ron Paul at The Ron Paul Institute for Peace and Prosperity:

The drama over Greece’s financial crisis continues to dominate the headlines. As this column is being written, a deal may have been reached providing Greece with yet another bailout if the Greek government adopts new “austerity” measures.

The deal will allow all sides to brag about how they came together to save the Greek economy and the European Monetary Union. However, this deal is merely a Band-Aid, not a permanent fix to Greece’s problems. So another crisis is inevitable.

The Greek crisis provides a look into what awaits us unless we stop overspending on warfare and welfare and restore a sound monetary system. While most commentators have focused on Greece’s welfare state, much of Greece’s deficit was caused by excessive military spending. Even as its economy collapses and the government makes (minor) cuts in welfare spending, Greece’s military budget remains among the largest in the European Union.

SEE ALSO: Dr. Ron Paul Describes Exactly What America’s Next Crisis Will Look Like

Despite all the handwringing over how the phony sequestration cuts have weakened America’s defenses, the United States military budget remains larger than the combined budgets of the world’s next 15 highest-spending militaries. Little, if any, of the military budget is spent defending the American people from foreign threats. Instead, the American government wastes billions of dollars on an imperial foreign policy that makes Americans less safe. America will never get its fiscal house in order until we change our foreign policy and stop wasting trillions on unnecessary and unconstitutional wars.

Excessive military spending is not the sole cause of America’s problems…

Like Greece, America suffers from excessive welfare and entitlement spending. Reducing military spending and corporate welfare will allow the government to transition away from the welfare state without hurting those dependent on government programs. Supporting an orderly transition away from the welfare state should not be confused with denying the need to reduce welfare and entitlement spending.

One reason Greece has been forced to seek bailouts from its EU partners is that Greece ceded control over its currency when it joined the European Union.

In contrast, the dollar’s status as the world’s reserve currency is the main reason the U.S. has been able to run up huge deficits without suffering a major economic crisis. The need for the Federal Reserve to monetize ever-increasing levels of government spending will eventually create hyperinflation, which will lead to increasing threats to the dollar’s status.

China and Russia are already moving away from using the dollar in international transactions. It is only a matter of time before more countries challenge the dollar’s reserve currency status, and, when this happens, a Greece-style catastrophe may be unavoidable.

RELATED: Is this China’s plan to destroy the U.S. Dollar?

Despite the clear dangers of staying on our recent course, Congress continues to increase spending. The only real debate between the two parties is over whether we should spend more on welfare or warfare.

It is easy to blame the politicians for our current dilemma. But the politicians are responding to demands from the people for greater spending. Too many Americans believe they have a moral right to government support. This entitlement mentally is just as common, if not more so, among the corporate welfare queens of the militarily industrial complex, the big banks, and the crony capitalists as it is among lower-income Americans.

Congress will only reverse course when a critical mass of people reject the entitlement mentality and understand that the government is incapable of running the world, running our lives, and running the economy. Therefore, those of us who know the truth must spread the ideas of, and grow the movement for, limited government, free markets, sound money, and peace.

Gold Prices Hit Knee-Jerk Drop After Greek Debt Deal, But Irans Nuclear Talks Could Delay US Fed Rate Hike

Posted: 13 Jul 2015 10:01 AM PDT

Bullion Vault

In A World Of Artificial Liquidity – Cash Is King

Posted: 13 Jul 2015 10:00 AM PDT

And you’d better have some stashed out of the system…   Submitted by Nomi Prins, Peak Prosperity: Global central banks are afraid. Before Greece tried to stand up to the Troika, they were merely worried. Now it's clear that no matter what they tell themselves and the world about the necessity or even righteousness of […]

The post In A World Of Artificial Liquidity – Cash Is King appeared first on Silver Doctors.

Silver slumps to 5-year low... Buying opportunity?

Posted: 13 Jul 2015 09:54 AM PDT

From Brian Hunt and Ben Morris, DailyWealth Trader:

Some weeks, excitement and rising prices dominate the financial headlines.

But for the past couple weeks, it has been fear and falling prices…

Chinese stocks are crashing. Greece is in the midst of a financial crisis… creating huge volatility in Europe. Crude oil recently saw one of its largest single-day declines in six years. And last week, one of our favorite assets, silver, dropped to a major new low…

As we’ll explain, there are a lot of different ways you can buy silver… But today, we only like one.

On Tuesday, the price of silver fell more than 4%… It broke down to a five-year low.

This breakdown is a continuation of a four-year downtrend… And lower prices are likely to follow.

In April 2013, when silver fell below its 2012 low of $26.34, it went on to slide another 30%. The breakdown below $18.75 last September was followed by an 18% drop. We wouldn’t be surprised to see another big drop in the near future.

So if we expect lower prices ahead, why do we suggest buying?

As we said, there are different ways to buy silver… And different reasons to own it.

One reason is for speculations with 100%-plus upsides. Silver is one of the most volatile hard assets in the world… And silver mining stocks are even more volatile. When we find low-downside, high-upside opportunities, we like to use these stocks as speculations.

But we only suggest small position sizes for these types of trades… And now is not the time to open new bullish trades in silver stocks.

The other reason we like to buy silver is for financial-disaster insurance. For this purpose, we recommend physical silver (coins or bars). This is the only way we suggest buying silver today.

Regular readers know we like to be prepared for anything the market throws at us. We encourage folks to implement a “catastrophe-prevention plan,” which consists of three powerful wealth-protection ideas: position sizing, stop losses, and the most important of all… asset allocation.

By holding some of your wealth in cash, stocks, bonds, real estate, and precious metals, some of your assets will “zig” while others “zag.” And in the case of an all-out financial storm, you’ll prevent catastrophe.

Silver and gold (which is also near a five-year low) should make up some percentage of your holdings (we suggest at least 5%-10%). These metals have been used as currency throughout history… And folks turn to them as stores of wealth when they’re worried about paper currencies.

Right now, central banks around the world are printing money in an attempt to prop up their struggling economies. They’re devaluing their currencies. Over the last 12 months, Europe’s common currency, the euro, and Japan’s currency, the yen, have dropped 18%.

Savers in these countries have turned to the U.S. dollar as a safe haven. The dollar has climbed 21% in the last year… And a rising dollar puts downward pressure on hard assets (like precious metals).

But there’s no guarantee the U.S. dollar won’t collapse, too. And the safe havens next in line are gold and silver. The metals are likely to soar in a global financial crisis that takes the dollar down.

To be clear, we’re NOT predicting a collapse of the dollar… The world has a tendency not to end. But just like we have car and home insurance, we own precious metals as financial-disaster insurance… And we hope we never have to use it.

The recent breakdown in silver isn’t a good sign in the short term. It’s not a good time to speculate in mining stocks. But it is the best time to buy physical silver in the last five years. We suggest buying some over the next few months to hold for the long term. You can start today.

Regards,

Brian Hunt and Ben Morris

The Texas bullion depository is not a joke

Posted: 13 Jul 2015 08:01 AM PDT

Perth Mint

Eric Holder Refused To Jail Bankers; Rolling Stone’s Matt Taibbi Spotlights Holder’s Return to Wall Street-Tied Law Firm

Posted: 13 Jul 2015 08:00 AM PDT

Matt Taibbi is best known for his articles taking on the “Vampire Squid,” Goldman Sachs.  In his latest Rolling Stone missive, he takes on former Attorney General Eric Holder.  "I think this is probably the single biggest example of the revolving door that we've ever had" Access Taibbi’s latest article and must watch interview at The News […]

The post Eric Holder Refused To Jail Bankers; Rolling Stone’s Matt Taibbi Spotlights Holder’s Return to Wall Street-Tied Law Firm appeared first on Silver Doctors.

China cheers up small investors: “Beautiful sunlight always comes after the rain…”

Posted: 13 Jul 2015 07:00 AM PDT

The definitive new millennium bubble, namely the NASDAQ Composite Index, peaked on the 10th of March 2000, at a level of 5,132. Within two years that same index would be trading at just above 1,000. $5 trillion in market value ended up going to money heaven. History's big stick is flying again…   Submitted by […]

The post China cheers up small investors: "Beautiful sunlight always comes after the rain…" appeared first on Silver Doctors.

The Texas bullion depository is not a joke

Posted: 13 Jul 2015 06:34 AM PDT

Some thoughts on Texas' bullion depository http://research.perthmint.com.au/2015/07/13/the-texas-bullion-depository-is-not-a-joke/ Have to say I was surprised at the way the media made fun of it, show their hate of gold.

Silver Bullion Demand High – Price Falls and Premiums Surge

Posted: 13 Jul 2015 06:26 AM PDT

– Silver imports into U.S. surge 33% – Silver Eagle demand very robust – Silver Eagles and Maples see 25% surge in premiums and shortages – Silver price falls over 3.8% on same day as U.S. Mint runs out of silver eagles!   Submitted by Mark O’Byrne, Goldcore: – Total ETF Silver holdings remain robust […]

The post Silver Bullion Demand High – Price Falls and Premiums Surge appeared first on Silver Doctors.

Silver Bullion Demand High – Price Falls and Premiums Surge

Posted: 13 Jul 2015 06:01 AM PDT

gold.ie

European stocks and euro higher after Greek deal

Posted: 13 Jul 2015 02:40 AM PDT

European stock opened higher after marathon 17-hour discussions produced a deal on the Greek debt crisis just moments before trading opened.

It seems markets were correct to take this crisis cooly and assume a successful outcome. Only Greece is a massive loser today but wins immediate crisis support rather than complete collapse…


Video link click here!

CHARTS : Gold’s Peculiar 6-Month Cycles

Posted: 13 Jul 2015 01:10 AM PDT

investing

Nine Companies Brent Cook Expects to See on the Other Side of the Gold Market Wasteland

Posted: 13 Jul 2015 01:00 AM PDT

Markets are cyclical and even though it feels like the end of the world after years of junior resource stock market declines, history indicates that bear markets are actually an opportunity to own...

Visit the aureport.com for more information and for a free newsletter

Gold – Steadies Above $1160 Thanks to Support from $1150

Posted: 12 Jul 2015 10:25 PM PDT

marketpulse

Germany Never Intended For Greece To Stay In The Euro

Posted: 12 Jul 2015 05:27 PM PDT

No Deal - Public DomainThere never was going to be any deal.  All along, Germany has been seeking to establish conditions that would never be met so that they could force Greece out of the eurozone.  But the Germans had to do this subtly so that they would end up looking “reasonable” and would not turn the rest of the eurozone against them.  So why does Germany want to get rid of Greece?  Well, to be honest, it is because the Germans are sick and tired of paying for Greek mistakes.  In Germany, there is an obsession with having a balanced budget.  They even have a term for it – “the black zero“.  So it absolutely infuriates the Germans that the Greeks can never seem to get their act together and that German citizens have to keep paying for it.  At this point, the amount of money that Germany has already poured into Greece breaks down to more than 700 euros per citizen, and now Greece is going to need a new bailout of somewhere between 82 billion and 86 billion euros over the next three years.  Needless to say, the Germans are fed up with pouring money down a financial black hole, and they know that if they keep bailing Greece out that it is only a matter of time before they will have to bail out Italy, Spain, Portugal, France, etc.

So, no, it hasn’t been the Greeks holding up a deal all this time.

It has been the Germans.

And now that we have reached the endgame, the Germans are pushing for what they have always wanted from the very beginning…

The German government has begun preparations for Greece to be ejected from the eurozone, as the European Union faces 24 hours to rescue the single currency project from the brink of collapse.

Finance ministers failed to break the deadlock with Greece over a new bail-out package, after nine hours of acrimonious talks as creditors accused Athens of destroying their trust…

Should no deal be forthcoming, the German government has made preparations to negotiate a temporary five-year euro exit, providing Greece with humanitarian aid while it makes the transition….

The Germans are sick and tired of having the Greeks be so financially dependent on them.  So the Germans would really like to cut them off and have them go fend for themselves.

So that is why the EU laid out such draconian conditions for the Greeks over the weekend.  The following is how Zero Hedge summarized where things currently stand…

For those who missed today’s festivities in Brussels, here is the 30,000 foot summary: Europe has given Greece a “choice”: hand over sovereignty to Europe or undergo a 5 year Grexit “time out”, which is a polite euphemism for get the hell out.

As noted earlier, here are the 12 conditions laid out as a result of the latest Eurogroup meeting, which are far more draconian than anything presented to Greece yet and which effectively require that Greece cede sovereignty to Europe, this time even without the implementation of a technocratic government.

  1. Streamlining VAT
  2. Broadening the tax base
  3. Sustainability of pension system
  4. Adopt a code of civil procedure
  5. Safeguarding of legal independence for Greece ELSTAT – the statistics office
  6. Full implementation of autmatic spending cuts
  7. Meet bank recovery and resolution directive
  8. Privatize electricity transmission grid
  9. Take decisive action on non-performing loans
  10. Ensure independence of privatization body TAIPED
  11. De-Politicize the Greek administration
  12. Return of the Troika to Athens (the paper calls them the institutions… for now)

Greece has been given until Wednesday to pass all of the legislation necessary to implement all of those conditions.

And if Greece does somehow get all that done, it still won’t get them a deal.  All it will do is allow them to come back and restart negotiations.

Needless to say, the Greeks are steaming mad at this point.  This new “deal” is being called “very bad” and “insulting” by Greek politicians.

But what they may not understand is that Germany does not actually want any deal to happen.  Instead, they are working very, very hard to get the Greeks booted out of the euro.  The following comes from the Washington Post…

The simple story is that Germany and the other hardline countries don’t trust Greece’s anti-austerity Syriza party to actually implement, well, austerity. And so rather than coughing up another 60 or 70 or 80 billion euros, they seem to want to push to kick Greece out of the common currency instead. That, at least, was the plan that leaked on Saturday. And now it’s part of the actual plan on Sunday. Indeed, it’s tentatively been included in the European finance ministers’ latest joint statement. This isn’t just what Germany is considering. It’s what Germany is trying to get the rest of Europe to go along with.

If anyone still doubts what the Germans are trying to do, here it is in black and white…

And this is not an idea that is new.  In fact, some hardliners in Germany have been pushing for a “temporary Greek exit” since at least 2012…

This weekend’s events in Europe have clarified who is really running the show across the ‘union’. Hans-Werner Sinn, Chairman of the Ifo Institute for Economic Research, vehemnt euroskeptic, and head of the so-called ‘five wise men’ advising the German government and specifically Angela Merkel, confirmed his call from 2012 for a “temporary grexit from the euro.” The right wing economist previously explained “Greece and Portugal have to become 30-40% less expensive to be competitive again. This is being attempted through excessive austerity measures within the euro zone, but it won’t work. It will drive these countries to the brink of civil war before it succeeds. Temporary exits would very quickly stabilize these countries, create new jobs and free the population from the yoke of the euro.”

The Germans absolutely hate having to open up their wallets for someone else’s mess.  And they know that if they endlessly bail out Greece that it won’t end there.  Eventually, much of the rest of the continent will come to them for bailouts too.  I think that Nigel Farage nailed it when he summed up what Germany is thinking this way…

“The German thinking is: ‘Let’s get rid of this mess,'” Farage said. Expressing what he thought Germany was thinking about other troubled peripheral euro zone economies, he added: “‘let’s send a message to Italy, France, Spain and Portugal that actually, if you’re members of this club, you got to abide by our rules.'”

But I believe that Germany is greatly, greatly underestimating the damage that a “Grexit” is going to do to Greece and to the rest of the members of the EU.

In Greece, the banking system is already on the verge of total collapse.  We are being told that capital controls will remain in place “for at least six months”, and now Greek politicians are even talking about “a possible forced ‘bail-in’ of depositors”…

Capital controls will stay in place at Greek banks for at least six months, senior officials in Athens warned yesterday, as the government fights to keep lenders afloat.

Leaders of the four main banks and finance ministry officials will meet tomorrow to discuss how to save the banking system from collapse after a run on deposits.

Options under consideration include a consolidation of four main banks down to two, creation of a "bad bank" to house toxic loans, and a possible forced "bail-in" of depositors.

Hmmm – I seem to recall someone warning about this exact scenario nearly two months ago: “Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus?”

The economic depression in Greece is about to accelerate.  But things are also going to get hairy for the rest of the continent as well.  As I have warned about so many times, the euro is going to plunge like a rock, European stocks are going to crater, European bond yields are going to soar, and eventually we are actually going to see “too big to fail” banks all over Europe start to fail.

This is the big flaw in the German plan.  They truly believe that they can remove the “cancer” of Greece without causing any lasting damage to the rest of the eurozone.

Sadly, they are dead wrong.

The post Germany Never Intended For Greece To Stay In The Euro appeared first on The Economic Collapse.

Gold Flirts with Breakdown Support - Outlook Mired by Macro Concerns

Posted: 12 Jul 2015 01:35 PM PDT

dailyfx

Gold Sector Could Be Bottoming

Posted: 12 Jul 2015 01:25 PM PDT

investing

Armageddon warning as EU leaders axe summit with no deal on Greece

Posted: 12 Jul 2015 05:38 AM PDT

European Union leaders from the 28 member states cancelled a planned summit on Sunday because finance ministers were unable to reach an agreement on Greece in time. Prime Minister Alexis Tsipras was given three days to push new austerity measures through parliament and keep alive Greece's chances of staying in the euro, only then can negotiations restart.

Germany apparently earlier called for direct control of the Greek public authorities from Brussels and securing 50 billion euros of Greek assets in a special account as debt security. There seems to be little mood to compromise.

Black Monday

That means global financial markets will open without a solution to the five-year long Greek debt crisis and the very real probability that there will not be a solution.

Expect another round of sell-offs amid market nerves about the 330 billion euro Greek debt mountain, and what a disorderly exit from the euro by Greece would mean for the banking system. Nobody really knows were the losses will lie until this happens.

When Asian markets open Chinese shares may come under renewed downward pressure as the anticipated deal just has not been done.

Asian impact

The Chinese currency is effectively pegged to the US dollar and has become hopelessly uncompetitive as the euro has fallen. It will fall again on Monday morning, dragging the commodities complex down too.

Having the Chinese stock markets crashing at the same time as a Greek exit from the euro is almost a perfect storm. We are moving out of the eye of Bill Gross’s hurricane and into the vortex…

Greg Weldon’s Market Analysis (Video)

Posted: 10 Jul 2015 06:15 PM PDT

One of our favorite analysts Greg Weldon has published a video update covering the US stock market, certain sectors and some economic statistics. Greg takes you through various charts with his commentary.

 

 

The post Greg Weldon’s Market Analysis (Video) appeared first on The Daily Gold.
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