Sunday, October 23, 2016

Gold World News Flash

Gold World News Flash


Walls, Going Viral

Posted: 22 Oct 2016 10:28 PM PDT

By Chris at www.CapitalistExploits.at

Market dislocations occur when financial markets, operating under stressful conditions, experience large widespread asset mispricing.

Welcome to this week's edition of "World Out Of Whack" where every Wednesday we take time out of our day to laugh, poke fun at and present to you absurdity in global financial markets in all it's glorious insanity.

kramer

While we enjoy a good laugh, the truth is that the first step to protecting ourselves from losses is to protect ourselves from ignorance. Think of the "World Out Of Whack" as your double thick armour plated side impact protection system in a financial world littered with drunk drivers.

Selfishly we also know that the biggest (and often the fastest) returns come from asymmetric market moves. But, in order to identify these moves we must first identify where they live.

Occasionally we find opportunities where we can buy (or sell) assets for mere cents on the dollar - because, after all, we are capitalists.

In this week's edition of the WOW we're covering walls

Right now fully one third of the world's countries have built (or are building) walls.

Two months ago in an article entitled "7 Steps To The Easiest Short In Recent History" we looked at a combination of factors supporting the inevitable disintegration of the Euro currency experiment:

  1. Importing Hatred - mass immigration from countries the west is bombing.
  2. The Rise of The Right - Political correctness out the window.
  3. Borders Close - Threats become evident.
  4. The Victims Retaliate - Vigilante violence escalates. An increase in racism.
  5. Isolation - internal borders drawn within countries. Laws passed isolating classes of society.
  6. European Integration Disintegrates - Inward looking, rising popularism. Divisions along ethnic/tribal lines.
  7. Banking pressures add pressure to the Euro - The financial pressures accelerating all of the above.

If you look carefully at each of these steps you'll notice they all entail in some way either physical or psychological barriers being built. Often both.

Today we're taking a look at the incredible global shift taking place towards more physical barriers and then we ask some questions about what this means for us all and how we may protect ourselves and profit from what appears to be an unstoppable trend.

According to a recent article in the Washington post:

"In 2015, work started on more new barriers around the world than at any other point in modern history. There are now 63 borders where walls or fences separate neighboring countries."

Borders with barriers

Most of these walls are being erected within the European Union which is not surprising. As mentioned before, Brexit is as much about the refugee crisis, stopping mass immigration, and what is seen by many as the islamization of Britain as it is about the myriad insane regulations the Eurocrats in Brussels foisted on our scone eating and tea drinking friends.

But Europe is not alone. Walls are being constructed across the Middle east, Asia and Africa, making this a global trend.

The quite brilliant Dr. Pippa Malmgren the former US presidential advisor and author of Signals: The Breakdown of the Social Contract and the Rise of Geopolitics wrote an excellent articleon the topic of walls being built around the globe arguing that countries can put up walls but that capital will pull them down again.

"Walls don't usually work or last. Hadrian's Wall didn't stop the Scots. The Great Wall of China didn't stop the Mongols or the British. The Berlin Wall too was overwhelmed by the tide of history. In the end, capital finds a way to flow to wherever the profits are, on either side of walls. But, for now, it looks like money will flow, as it usually does, to the side of walls that permits the greatest freedom of movement, whether that be a movement of people or capital or goods."

While I don't disagree with Pippa, timeframes matter. Walls can remain, and hamper capital flows for long timeframes. The Berlin wall hampered trade and capital flows for 28 years. As an investor this matters to me - a lot.

Why These Walls?

These walls are quite simply a manifestation of the economic consequences of policy decisions taken over the course of multiple decades.

As mentioned the vast majority of the walls being built are in Europe. European politicians are erecting these walls while failing to understand that it is socialism and the welfare state in particular that attracts migrants. Walls do a poor job of keeping out uneducated angry people of a different language, different race, different religion, and different culture. Far better, change the system.

Imagine for a minute that there was zero welfare in Europe, which is going to happen for simple reasons of mathematics anyway. Imagine further that in order to gain entry to live in any European country immigrants needed to prove their worth, by way of education, capital, skills or even cultural beliefs, and be able to pay their own way, by way of savings, working, and contributing to the society which they wish to enter. With no handouts and serious repercussions for not pulling their weight (starving) the entire migrant crisis that engulfs Europe today would be a complete non-event.

Instead the misguided globalist elites continue with unsustainable welfare policies whereby free food, free housing, free medical care, and free schooling are provided to both citizens and immigrants alike.

When cultural differences rise up, instead of holding steady to their existing chosen culture, they resort to a political correctness justifying, explaining away and by default condoning behaviours which are anathema to the citizens. They then scratch their heads at the problem of millions of Africans and Arabs swarming in to get a slice of the good life. A 10 year old can piece this together.

Every one of us would do the same thing. The problem isn't that Europe is being flooded by immigrant's. The problem is that Europe isn't attracting the "best and brightest", but instead importing millions of people who've spent their lives picking up bad habits from political, economic, and social conditions which hark back to the dark ages.

sharia-law-in-europe

The Power of Numbers

When a single person or family with bad habits migrates to a new society, the social and economic forces prevalent in that society tend to force them to assimilate or be rejected. Bad behaviour gets them into trouble pretty quickly and they are generally ostracised. Many leave and return to their homelands as a result. The culture shock is too much for them.

On the other hand, when hundreds arrive they quite simply bring with them their own culture and begin enforcing it in their new homeland. There are now areas across Europe where it is no longer safe to go... even for the police.

This massive culture clash is what is fuelling the frantic wall building we now see.

The good news is that this will accelerate the end of the Euro and the end of the socialist welfare state which is now well and truly in motion.

Of course walls don't build themselves and so it's the rise of "strong men" that provides the narrative and populism for these barriers.

putin1-vi

One reason Putin is one of, if not THE most popular head of state in the world, is due to his stance of looking after Russia and Russians and not bending to the nauseating political correctness that has pervaded the developed world.

A political correctness I may add that is on a very short fuse as discussed in "Why A Politically Correct West Ensures A Trump Victory":

trump-wall

It's not just physical walls but trade barriers, such as tariffs, quotas and subsidies which are all rising at the same time too.

The movement of capital has become so onerous that opening a simple bank account in a foreign country has become more painful than a root canal treatment. Yet one more reason I think Bitcoin has asymmetric potential. The free market always finds a way.

A Compound Fracture

The socialist experiment of the nanny state is in it's death throes and unfortunately it is capitalism which is being blamed, rather than crony capitalism and the great Ponzi scheme that is the welfare state.

The building of walls will not solve these issues. What they will do is simply bring the very last tool out of the central bankers toolkit. That of fiscal stimulus.

This too will not work. Why?

Collateral has been falling in the global system, accelerating the collapse in the velocity of money, and the collapse in liquidity, even while central bankers have flooded the world with credit.

Couple this with the demographic headwinds to growth and debt and it's pretty clear to me that the socialist experiment that the developed world has enjoyed since WWII has peaked and instead of receding back into the shadows like a shy fox, is more likely to spontaneously combust in the public square.

This sad trend of wall building is likely to be part of our existence for some time yet and will do nothing to solve many of the political or financial problems but rather accelerate them.

Some Facts to Consider

When barriers to trade are reduced GDP rises and when barriers are increased GDP falls. I'll let you figure out which way GDP growth is going over the next few years.

Borders themselves are a relic of the nation state, which itself is a constipated ideological structure which grew out of the industrial revolution. It is absolutely coming to an end and is accelerating in its decline. These last ditch efforts to save it will simply accelerate that decline.

Think about it like this. If the math doesn't work with rising GDP then pray tell how it's going to work with falling GDP. No. What we'll get is simply another injection to the patient, this time from fiscal rather than monetary stimulus, which itself will simply increase the already unmanageable debt burden. What we don't know is when the market repudiates this insanity.

Looking at the bond market right now it's entirely possible (though we won't know for sure until after the fact) that the highs for the bond market were back in March of this year. Either way the end result will be chaotic and painful for those caught on the wrong side of it.

Areas to Watch

  • Defence spending: Every country will likely be spending more money on defence.
  • Contracting GDP will prove to increase security concerns as the bedfellows of poverty and violence manifest themselves in society. Europe in particular will likely enjoy rising security concerns. I discussed the topic in more detail here.
  • Consumer trends which favour staying at home will proliferate. Netflix over the cinema, home deliveries over mall shopping, and private dinner parties over restaurants.
  • The above wall building will hasten the bankruptcy of the welfare state. Watch the bond and currency markets. Huge opportunity there.

Looking around the world there are still places which are NOT erecting walls.

While we can all go long cement and barbed wire, really what I'm curious to know about your geographical preferences. And please comment below if you have somewhere specific as I'd love to know your reasoning. 

Wow - 19 October 2016Cast your vote here and also see what others think

Know anyone that might enjoy this? Please share this with them.

Investing and protecting our capital in a world which is enjoying the most severe distortions of any period in mans recorded history means that a different approach is required. And traditional portfolio management fails miserably to accomplish this.

And so our goal here is simple: protecting the majority of our wealth from the inevitable consequences of absurdity, while finding the most asymmetric investment opportunities for our capital. Ironically, such opportunities are a result of the actions which have landed the world in such trouble to begin with.

- Chris

"National borders aren't even speed bumps on the information superhighway." — Tim May

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Trump Is Leading Hillary In New Polls And New Wikileaks - The Kelly File (FULL SHOW 10/21/2016)

Posted: 22 Oct 2016 07:00 PM PDT

Megyn Kelly looks at the latest polls and even though she may not like it that much herself, the latest poll show Donald Trump leading Crooked Hillary Clinton by 1%! It has come to the point where even skewed polls fail to put him behind. The Financial Armageddon Economic Collapse...

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John Rubino Govt Panicked No Escape from Debt Collapse

Posted: 22 Oct 2016 06:30 PM PDT

John Rubino from DollarCollapse.com joins Silver Doctors to expose deficit spending recently sped up. The U.S. rate of debt accumulation is back over one trillion dollars per year. China and other countries are taking similar actions. But this is nothing compared to the debt expansion that lies...

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The Crook Versus The Monster

Posted: 22 Oct 2016 06:00 PM PDT

Thanks to timely assists from Wikileaks, Trump has successfully framed Hillary Clinton as a crooked politician. Meanwhile, Clinton has successfully framed Trump as a dangerous monster. If the mainstream polls are accurate, voters prefer the crook to the monster. That makes sense because a crook might steal your wallet but the monster could kill you.

As of today, Dilbert Creator Scott Adams writes, Clinton has the superior persuasion strategy. Crook beats monster.

Reality isn’t a factor in this election, as per usual. If the truth mattered, voters might care that the Democratic primaries were rigged against Sanders. They might care that the Clinton Foundation looks like a pay-to-play scheme. They might care that the FBI gave Clinton a free pass. They might care that we know Clinton cheated in at least one debate by getting a question in advance. They might care that Clinton’s dirty-tricks people incited the violence at Trump rallies. They might care that Clinton’s “speaking fees” were curiously high. They might care about all of that. But they don’t, because a crook is still a safer choice than a monster.

The biggest illusion this election is that we think the people on the other side can’t see the warts on their own candidate. But I think they do.

Clinton supporters know she is crooked, but I think they assume it is a normal degree of crookedness for an American politician. Americans assume that even the “good” politicians are trading favors and breaking every rule that is inconvenient to them. I’ve never heard a Clinton supporter defend Clinton as being pure and honest. Her supporters like her despite her crookedness.

 

Likewise, Trump supporters know what they are getting. They know he’s offensive. They know he’s under-informed on policies. They know he pays as little in taxes as possible. They know he uses bankruptcy laws when needed. They know he ignores facts that are inconvenient to his message. They just don’t care. They want to push the monster into Washington D.C., close the door, and let him break everything that needs to be broken. Demolition is usually the first step of building something new. And Trump also knows how to build things when he isn’t in monster mode.

Clinton’s team of persuaders have successfully crafted Trump’s offensive language and hyperbole into an illusion that he’s a sexist/racist in some special way that is different from the average citizen. The reality is that everyone is a little bit sexist and a little bit racist. We’re all wired that way. There’s no escape if you are human. Our brains are pattern-recognition machines, but not good ones. That’s what gets us in trouble. We see patterns where none exist. None of us are exempt from that. But we can use our limited sense of reason to see past it. 

Clinton’s persuaders have taken advantage of the public’s faulty pattern recognition to build an illusion about Trump that he is a horrible monster who hates people because of their genitalia, their skin pigmentation, and their sexual preferences. I don’t believe Trump holds any of those views in 2016. But there is plenty of confirmation bias to make us think he does, thanks to Team Clinton’s persuasion efforts. For example…

There was the time Trump said we need good border control with Mexico, and Clinton turned that into something racist because of the way he worded it.

 

There was the time Trump said we need to try harder to keep out terrorists who want to kill us, and Clinton turned that into something racist because of the way he worded it.

 

There was the time that Trump said a judge with Mexican heritage might be biased against him because 90% of American citizens with Mexican heritage are biased against him. Clinton turned that into something racist because of the way Trump worded it.

 

There was the time that Trump didn’t need much sleep one night and decided to fire off a few thoughts on Twitter about one of his accusers. But because it was late at night, Clinton framed that as some sort of “meltdown” to prove Trump is unstable. 

I realize I can’t change anyone’s mind if they see Trump as a monster who hates people with different genitalia and with skin pigmentation that is far superior to his own pasty-orange covering. To me, those illusions about Trump are ridiculous on face value. I can’t change anyone’s mind if they see Trump as a monster. So instead I will make you a promise.

My promise: If Trump gets elected, and he does anything that looks even slightly Hitler-ish in office, I will join the resistance movement and help kill him. That’s an easy promise to make, and I hope my fellow citizens would use their Second Amendment rights to rise up and help me kill any Hitler-type person who rose to the top job in this country, no matter who it is.

 

As I often say, Democrats generally use guns to commit crimes. Republican use guns for sport and for self-defense. If you are a Republican gun-owner, and you value the principles of the Constitution, I’m confident you would join me in the resistance movement and help kill any leader that exhibited genuine animosity toward people because of their genitalia, sexual preference, or skin pigmentation.

In other words, I’m willing to bet my life that the “monster” view of Trump is an illusion.

That said, I also don’t know which candidate has the best policies. I wouldn’t risk my life for any of their tax plans or ISIS-fighting strategies. I’m only interested in helping the public see past their hallucinations about the monster under the bed. You’re on your own to decide who has the best policies.

Read more here...

*  *  *

If you like books, Adams points out you might like his book because it is a book. Bigly.

Venezuela Braces For Revolution After Maduro Blocks Recall Referendum

Posted: 22 Oct 2016 05:30 PM PDT

Once a "flagship socialist nation," Venezuela has suffered over the past couple of years from a dramatic economic crisis that has resulted in severe shortages of food, clean water, electricity, medicines and hospital supplies all of which have resulted in a desperate population which has resorted to the black market and violence for survival.  That said, Venezuela likely inched one step closer to revolution on Friday when Maduro's leftist government took steps to block a recall referendum that could have resulted in his ouster.  According to the US News and World Report, Venezuelan opposition leaders are calling the efforts of Maduro "a coup" in light of the broad based public support of the recall effort.

Venezuela is bracing for turbulence after the socialist government blocked a presidential recall referendum in a move opposition leaders are calling a coup.

 

The opposition is urging supporters to take to the streets, beginning with a march on a major highway Saturday led by the wives of jailed activists, while a leading government figure is calling for the arrest of high-profile government critics.

 

Polls suggest socialist President Nicolas Maduro would lose a recall vote. But that became a moot issue on Thursday when elections officials issued an order suspending a recall signature drive a week before it was to start.

 

"What we saw yesterday was a coup," said former presidential candidate Henrique Capriles, who had been the leading champion of the recall effort. "We'll remain peaceful, but we will not be taken for fools. We must defend our country."

 

International condemnation was swift. Twelve western hemisphere nations, including the U.S. and even leftist-run governments such as Chile and Uruguay, said in a statement Friday that the suspension of the referendum and travel restrictions on the opposition leadership affects the prospect for dialogue and finding a peaceful solution to the nation's crisis.

 

The Maduro government has claimed that the recall was halted due to "irregularities in a first-round of signature gathering" though the public, 80% of whom polls suggest supported the recall efforts, aren't buying it.  Meanwhile, Maduro loyalists are calling for opposition leaders to be imprisoned for attempts to commit election fraud.

Critical television stations have been closed and several leading opposition activists have been imprisoned. The country's supreme court, packed with government supporters, has endorsed decree powers for Maduro and said he can ignore Congress following a landslide victory for the opposition in legislative elections.

 

The election commission, which has issued a string of pro-government rulings, halted the recall process on grounds of alleged irregularities in a first-round of signature gathering.

 

Polls suggest 80 percent of voters wanted Maduro gone this year, and the electoral council on Tuesday also ordered a delay of about six months in gubernatorial elections that were slated for year-end which the opposition was heavily favored to win. It gave no reason for the delay.

 

Meanwhile, one of his most powerful allies, Diosdado Cabello, said top opposition leaders should be jailed for attempting election fraud. And opposition leaders said a local court blocked eight of their leaders from leaving the country.

Of course, the integrity of "elections" in Venezuela have long been questioned particularly after WikiLeaks posted the following cable linking Hugo Chavez to a mysterious company that came out of nowhere in 2000 and suddenly snatched up major contracts to supply voting machines around the world.  The company, Smartmatic, included a Hugo Chavez campaign adviser on it's board.  Curiously, according to Gateway Pundit, the company's board also included Lord Mark Malloch-Brown, a man who served on the board of George Soros's Open Society Foundations and who was formerly the vice-chairman of Soros's Investment Funds. 

"Ironically," shortly after winning a "multi-million" dollar contract to supply these voting machines in Venezuela, Chavez won a landslide victory in the 2004 elections that all but destroyed his political opposition.

Venezuela

 

But, what is perhaps even more disturbing is that Smartmatic has also secured major contracts to supply voting machines for 16 states in the U.S., including key battleground states like Arizona, Colorado, Florida, Michigan, Nevada, Pennsylvania and Virginia. 

Which leaves us with only one thing left to say:

"Those who cast the votes decide nothing.

Those who count the votes decide everything."

 

-Joseph Stalin

Donald Trump "OUR SYSTEM IS RIGGED AND BROKEN" BEST TRUMP SPEECH EVER Gettysburg, Pennsylvania

Posted: 22 Oct 2016 05:00 PM PDT

 Donald Trump Gettysburg, Pennsylvania Rally The Eisenhower Complex 10/22/2016 The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Koos Jansen: Austrian central bank conceals gold audit and bar list

Posted: 22 Oct 2016 04:06 PM PDT

7:05p ET Saturday, October 22, 2016

Dear Friend of GATA and Gold:

Gold researcher Koos Jansen reports tonight that while Austria's central bank has been closing out its gold leases through the Bank of England and auditing its gold reserves, it will release neither the audit nor a list of its gold bars. Jansen's report is headlined "Central Bank of Austria Claims to Have Audited Gold at Bank of England, Refuses to Release Audit Reports and Gold Bar List" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/central-bank-austria-claim...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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WikiLeaks: Hillary Took $12 Mil for Clinton Foundation from Country She Declared...

Posted: 22 Oct 2016 04:00 PM PDT

WikiLeaks: Hillary Took $12 Mil for Clinton Foundation from Country She Declared Human Rights Violators The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and...

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Want To Boost Market Liquidity? Just Let It Rain... No Really

Posted: 22 Oct 2016 03:28 PM PDT

Last December, when we alerted readers to the shift in the "laser" tower at the "New York" Stock Exchange located in Mahwah, NJ...

 

... we wondered, rhetorically, "what would happen if one flies, say, a drone in front of one or all of those lasers during, say, peak market hours or, heaven forbid, just a few milliseconds before the Fed announces its next "most important ever" policy decision."

We now have an answer, and it confirms what we have said all along since 2009 when we warned that the confluence of HFT and central bankers nationalizing markets, would destroy not only capital markets, but price discovery (and lead to such amusing Bloomberg articles as "Hedge Fund Managers Struggle to Master Their Miserable New World").

In a fascinating study carried out by Andriy Shkilko and Konstantin Sokolov of Wilfrid Laurier University, the duo tried to answer one question:

"In modern markets, trading firms spend generously to gain a speed advantage over their rivals. The marketplace that results from this rivalry is characterized by speed differentials, whereby some traders are faster than others. Is such a marketplace optimal?"

Said otherwise, is an HFT-dominated market the best possible outcome, or - as the WSJ put it - "can a rainstorm in Cleveland make markets more liquid?" and if not, what are the alternatives?

The thesis is simple: since high frequency traders use ultrafast links to relay prices and other information between Chicago and New York, using either microwave or laser signals, one theory that can be empirically tested is what happens when the ultrafast signal is impaired due to weather.

To be sure, we live in an age when market tiering has never been as vast as it is now, with some HFT traders enjoying access to the fastest, laser-based, trading technologies; others - less fortunate ones - still use microwaves; and virtually everyone else (including the poorest HFTs) resorting to fiber optics, which while slowest, is also the most dependable and is not impacted by such "outlier" events as heavy rain, thunderstorms or snow.

So, since microwave transmissions are disrupted by water droplets and snowflakes, during heavy storms traders using the networks switch to fiber. This is what Shkilko and Sokolov used to test their hypothesis: using weather-station data from along the microwaves' paths, they determined when storms occurred and then looked at what happened to bid-ask spreads in a variety of securities during those periods.

In other words, the two academics set out to find: whether, or rather weather HFTs loss of trading superiority has an impact on the overall market, and if so, what is it. As they write "to answer this question, we study a series of exogenous weather-related episodes that temporarily remove speed advantages of the fastest traders by disrupting their microwave networks."

Their finding is stunning:

"During episodes [of heavy rain and snow], adverse selection declines accompanied by improved liquidity and reduced volatility. Liquidity improvement is larger than the decline in adverse selection consistent with the emergence of latent liquidity and enhanced competition among liquidity suppliers. The results are confirmed in an event-study setting, whereby a new business model adopted by one of the technology providers reduces speed differentials among traders, resulting in liquidity improvements."

As for the conclusion, it is a blow to HFT advocates everywhere: the slowing down of the fastest high-frequency traders improved market liquidity.

This is how they put it:

This study examines the effects of speed differentials on liquidity. During our sample period, microwave networks stretched from Chicago to New York allow for the fastest information transmission and are only available to select trading firms. When it rains or snows in the area between the two cities, the networks are disrupted because rain droplets and snowflakes block the microwave paths. With the networks temporarily down, information transmission falls back onto the fiber-optic cable – a more reliable, yet slower transmission medium – effectively eliminating the speed advantages of the fastest traders. We show that when this happens, adverse selection and trading costs decline. This result is consistent with predictions of theory models that show that speed differentials among traders may be associated with lower liquidity.

That, in itself, is an amazing observation: that the more tiered and fragmented the market, the less liquidity, as not only do HFTs not provide liquidity, but soak it up, but also that those who traditionally provide liquidity, such as a conventional market makers, refuse to do so in a time when microwave (and laser)-based HFT scalpers and parasites are present, resulting in a market with no depth. 

The conclusion continues:

The results shed light on latent liquidity. We show that when speed differentials among traders decline due to precipitation, the emergence of latent liquidity narrows spreads more than one would expect based only on the decline in adverse selection. We also find that in assets where spread reductions are not possible due to the binding tick size, latent liquidity improves quoted depths.

 

Our results are confirmed in an event-study setting. In winter of 2012-2013, one of the technology providers democratized microwave transmissions by introducing a new business model. Instead of selling bandwidth on its network, the firm began selling information on both sides of the Chicago-New York corridor. This one-time event had positive consequences for market quality similar to precipitation-related network disruptions. This result further supports the claim that the technological race that leads to a market with speed differentials may be suboptimal for market quality.

 

The technological race continues to drive spending in the trading industry. A recent example is a new data transmission tower proposed by the telecommunications company Vigilant Global to connect the U.K. and European markets. The tower will be among the tallest structures in the U.K. and will rival the height of the Eiffel Tower. It will provide trading firms with a completely unobstructed optical and radio line of sight, never previously offered in Europe, increasing signal transmission speed. In the meantime, traders in the U.S. have been switching from microwave transmissions to more reliable, yet costly, laser links. Our findings shed light on the possible consequences of these developments.

Another way of putting it: heavy rainfall literally adds to market liquidity, for one simple reason: it reduces the overall adverse influence of HFTs, predating market orders, and soaking up what little liquidity is left.

The implications are fascinating: if one were so inclined, the market could once again return to its more stable, "liquid" state if HFTs - which it has now been showned definitively do not provide or in any way add to market liquidity - were eliminated. Alternatively, if one were so inclined, tearing down the microwave towers linking Chicago to NJ and NYC, would achieve the same effect. Which, of course, should not be interpreted as call to arms against microwave - or laser - towers in order to restore normalcy to the market. After all, even if one eliminates HFTs, there are still central bankers whose impact on markets is just as dire and profound.

* * *

The source "Every cloud has a silver lining: Fast trading, microwave connectivity and trading costs" can be found here.

Putin vs Obama : Exposed !!

Posted: 22 Oct 2016 03:00 PM PDT

I am not blindly supporting Russia but I must definitely agree that Putin is doing a much better job when it comes to dealing with Muslims . The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists ,...

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China Moves Forward With Its De-Dollarization Strategy

Posted: 22 Oct 2016 03:00 PM PDT

Submitted by Stefan Gleason via The Mises Institute,

The world monetary order is changing. Slowly but steadily, global trade and currency markets are becoming less dollar-centric. Formerly marginal currencies such as the Chinese yuan now stand to become serious competitors to U.S. dollar dominance.

Could gold also begin to emerge as a leading currency in world trade? Over time, it certainly could. But the more immediate implications for gold’s monetary role center on its increasing accumulation by central banks such as China’s.

As of October 1st, the Chinese yuan has entered the International Monetary Fund’s Special Drawing Right (SDR) basket of top-tier currencies. It now shares SDR status with the U.S. dollar, euro, British pound, and Japanese yen.

Before the yuan officially becomes an SDR currency, the World Bank intends to sell $2.8 billion in SDR bonds in Chinese markets. The rollout of SDR bonds in China began August 31st. According to Reuters, China’s promotion of SDR bonds “is part of a wider push in China to… boost demand for Chinese yuan and diminish reliance on the U.S. dollar in global reserves.”

King Dollar won’t be dethroned overnight. But the place of prominence the U.S. dollar enjoys as the world's reserve currency will indeed diminish over time.

Source: The Burning Platform

 

Yuan’s Inclusion in the SDR Currency Basket: Merely a Part of China’s De-Dollarization Strategy

China and Russia have mutual geostrategic interests in helping to promote de-dollarization. Toward that end, the two powers are engaging in bilateral trade deals that bypass the dollar. Annual bilateral trade between China and Russia has surged from $16 billion in 2003 to nearly $100 billion today. When China hosted the G20 summit in September, it will make Russian President Vladimir Putin its premier guest of honor.

U.S. officials are none too pleased. They fear Putin aims to expand his global reach by forging stronger ties with China.

According to the South China Post, “Some Western analysts have viewed the recent, rapid enhancement of such collaboration as the beginning of a partnership set on destabilizing the U.S.-led world order and diminishing Washington’s capacity to influence strategic outcomes.”

Some in the Hillary Clinton campaign even fear that Russia will interfere in the upcoming U.S. election to try to block Hillary’s path to the White House. Russian hackers have been implicated in a number of recent “leaks” that damaged the reputations of U.S. banks and the Obama administration. Wikileaks founder Julian Assange has hinted at further releases. Hillary’s allies openly speculate that these Wikileaks hacks are being sourced from Russia.

But the Russians and the Chinese aren’t counting on cyber warfare to dethrone King Dollar. In addition to bilateral trade deals and strategic plays for regional economic dominance, the two powers are bulking up on gold. Over the past several years, Russia and China have each been adding massively to their gold holdings.

World’s Central Banks Becoming Net Gold Buyers

Since 2009, China’s officially reported gold holdings have jumped by 60%. The enlarged gold stockpiles held by the People’s Bank of China helped China win ascension into the IMF’s elite SDR currency basket.

It’s part of a larger trend of world central banks becoming net gold buyers. They were net sellers throughout much of the 1990s and early 2000s. That helped keep gold prices suppressed. But since 2010, central banks have been net buyers of gold — to the tune of 500 tons per year.

Russia alone added 172 tons of gold in 2014 and 208 tons in 2015. By swapping some of its U.S. Treasury securities for bullion bars, the Russian central bank has become the world’s seventh largest gold holder. Yet gold makes up just 16.2% of Russia’s monetary reserves, which is a lower proportion held by its Eurozone neighbors.

Russia likely isn’t done accumulating. As the world’s third largest gold producer, Russia can readily supply itself with more.

A similar scenario figures to play out in China, perhaps even more dramatically so. China’s “official” gold hoard of 1,823 tons as of August 2016 gives it the world’s sixth biggest gold reserve. Yet relative to the size of China’s economy and currency supply, its gold stash doesn’t amount to much — just 2.3% of total monetary reserves.

Unofficially, China likely has additional gold reserves that it doesn’t report. But even if China’s real gold stash is double or triple what it actually reports, as some analysts suggest, that still leaves the country of 1.3 billion people with far less gold backing than Russia, the United States, Europe, and some of its Asian rivals. China has a lot more gold accumulating to do in the years ahead.

Chinese leaders aim to be regionally dominant. In order to secure that position they are moving to own and control greater shares of the gold market. The recently opened Shanghai Gold Exchange gives China a direct mechanism for controlling the physical gold market in Asia.

It’s a way for China to take at least some control away from Western governments and banks that have traditionally dominated the gold trade out of London and New York.

Wikileaks Warns Americans Of Hillary Plotting Election Theft

Posted: 22 Oct 2016 02:30 PM PDT

 Wikileaks is once more stating the fact that the elections are rigged, taking to Twitter to tell the world that Hillary will steal the election and assume power in November. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free...

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Hillary's Hypocrisy - Talks Cybersecurity; Uses Private Server - Fox & Friends

Posted: 22 Oct 2016 01:00 PM PDT

We the People do not accept the Clinton Crime Family Syndicate's documented efforts at election 2016 fraud....WHY WOULD DONALD TRUMP? The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers ,...

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Will a Rising US Dollar Crush Gold’s Fledgling Bull?

Posted: 22 Oct 2016 11:55 AM PDT

Gold and gold stocks have stabilized after forming a short-term low and even held up well while the US$ index pushed to an 8-month high. Conventional wisdom would tell us with the US$ index nearing a major breakout, Gold and gold stocks would be vulnerable to further losses. However, many astute analysts and traders believe that Gold and the US$ index can rise together and we note that the trend in the US$ index while important, is not the primary driver of Gold. Ultimately, as long as Gold’s fundamental driver, declining or negative real rates remain in place, then the fledgling bull market will remain on track.

GLD Bleeds Out; Weekly Gold Update

Posted: 22 Oct 2016 11:40 AM PDT

The one factor that gold bulls have had going in their favor during the recent selloff that occurred in gold and the gold mining shares in this month of October, has been the stellar performance of the reported holdings in the gigantic gold ETF, GLD. It has held rock steady in spite of the carnage witnessed, especially in the mining shares, even as the US Dollar has turned strongly bullish on the technical price charts. It has been a point of solace among the bulls to be able to see the resolve of some of their large sponsors holding firm in GLD.

LIVE Stream: Donald Trump Rally in Virginia Beach, VA at Regent University 10/21/16

Posted: 22 Oct 2016 11:37 AM PDT

 Saturday, October 22, 2016: Live stream coverage of the Donald J. Trump for President rally in Virginia Beach, VA at Regent University's Library Plaza. LIVE Stream: Donald Trump Rally in Virginia Beach, VA at Regent University 10/21/16 The Financial Armageddon Economic Collapse...

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MIKE MALONEY - The Next Crash Is Going To Be Devastating And People Will Lose Their Pensions

Posted: 22 Oct 2016 11:30 AM PDT

Today's Guest: Mike Maloney  Economic collapse and financial crisis is rising any moment. Getting informed about collapse and crisis may earn you, or prevent to lose money. Do you want to be informed with Max Keiser, Alex Jones, Gerald Celente, Peter Schiff, Marc Faber, Ron Paul,Jim Willie,...

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Julian Assange Speech At The Ecuadorian Ebassy

Posted: 22 Oct 2016 10:30 AM PDT

The globalists are getting more brazen! Hold fast Julian, Stay the course, We the People are with you!!! The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many...

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ALERT -- The UK And Argentina Clash Over The Falkland Islands

Posted: 22 Oct 2016 10:00 AM PDT

The UK left the EU because they didn't want to be governed by other countries yet doesn't give the Falklands the same chance at getting independence. Hypocrisy at its finest. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free...

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LIVE Stream: Donald Trump Delivers Remarks in Gettysburg, PA 10/22/16

Posted: 22 Oct 2016 09:16 AM PDT

 Saturday, October 22, 2016: Donald J. Trump will speak at The Eisenhower Complex.LIVE Stream: Donald Trump Delivers Remarks in Gettysburg, PA 10/22/16 The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists...

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The Ruling Elite Has Lost the Consent of the Governed

Posted: 22 Oct 2016 07:00 AM PDT

This post The Ruling Elite Has Lost the Consent of the Governed appeared first on Daily Reckoning.

Brimming with hubris and self-importance, the ruling Elite and mainstream media cannot believe they have lost the consent of the governed.

Every ruling Elite needs the consent of the governed: even autocracies, dictatorships and corporatocracies ultimately rule with the consent, however grudging, of the governed.

The American ruling Elite has lost the consent of the governed. This reality is being masked by the mainstream media, mouthpiece of the ruling class, which is ceaselessly promoting two false narratives:

1. The “great divide” in American politics is between left and right, Democrat/Republican

2. The ruling Elite has delivered “prosperity” not just to the privileged few but to the unprivileged many they govern.

Both of these assertions are false. The Great Divide in America is between the ruling Elite and the governed that the Elite has stripmined. The ruling Elite is privileged and protected, the governed are unprivileged and unprotected. That’s the divide that counts and the divide that is finally becoming visible to the marginalized, unprivileged class of debt-serfs.

The “prosperity” of the 21st century has flowed solely to the ruling Elite and its army of technocrat toadies, factotums, flunkies, apparatchiks and apologists.The Elite’s army of technocrats and its media apologists have engineered and promoted an endless spew of ginned-up phony statistics (the super-low unemployment rate, etc.) to create the illusion of “growth” and “prosperity” that benefit everyone rather than just the top 5%.

The media is 100% committed to promoting these two false narratives because the jig is up once the bottom 95% wake up to the reality that the ruling Elite has been stripmining them for decades.

As I have tirelessly explained, the U.S. economy is not just neoliberal (the code word for maximizing private gain by any means available, including theft, fraud, embezzlement, political fixing, price-fixing, and so on). It is neofeudal, meaning that it is structurally an updated version of Medieval feudalism in which a top layer of financial-political nobility owns the engines of wealth and governs the marginalized debt-serfs who toil to pay student loans, auto loans, credit cards, mortgages and taxes — all of which benefit the financiers and political grifters.

The media is in a self-referential frenzy to convince us the decision of the century is between unrivaled political grifter Hillary Clinton and financier-cowboy Donald Trump.

Both belong to the privileged ruling Elite: both have access to cheap credit, insider information (information asymmetry) and political influence.

The cold truth is the ruling Elite has shredded the social contract by skimming the income/wealth of the unprivileged. The fake-“progressive” pandering apologists of the ruling Elite — Robert Reich, Paul Krugman and the rest of the Keynesian Cargo Cultists — turn a blind eye to the suppression of dissent and the looting the bottom 95% because they have cushy, protected positions as tenured faculty (or equivalent).

They cheerlead for more state-funded bread and circuses for the marginalized rather than demand an end to exploitive privileges of the sort they themselves enjoy.

Consider just three of the unsustainably costly broken systems that enrich the privileged Elite by stripmining the unprivileged: healthcare (a.k.a. Sickcare because sickness is profitable, prevention is unprofitable), higher education and Imperial over-reach (the National Security State and its partner the privately owned Military-Industrial Complex).

While the unprivileged and unprotected watch their healthcare premiums and co-pays soar year after year, the CEOs of various sickcare cartels skim off tens of millions of dollars annually in pay and stock options.

The system works great if you get a $20 million paycheck. If you get a 30% increase in monthly premiums for fewer actual healthcare services — the system is broken.

If you’re skimming $250,000 as under-assistant dean to the provost for student services (or equivalent) plus gold-plated benefits, higher education is working great.

If you’re a student burdened with tens of thousands of dollars in student loan debt who is receiving a low-quality, essentially worthless “education” from poorly paid graduate students (“adjuncts”) and a handful of online courses that you could get for free or for a low cost outside the university cartel — the system is broken.

If you exit the Pentagon, CIA, NSA, etc. at a cushy managerial rank with a fat pension and lifetime benefits and are hired at a fat salary the next day by a private “defense” contractor — the famous revolving door between a bloated state and a bloated defense industry — the system works great.

If you joined the Armed Forces to escape rural poverty and served at the point of the spear somewhere in the Imperial Project — your perspective may well be considerably different.

Unfortunately for the ruling Elite and their army of engorged enablers and apologists, they have already lost the consent of the governed. They have bamboozled, conned and misled the bottom 95% for decades, but their phony facade of political legitimacy and “the rising tide raises all boats” has cracked wide open, and the machinery of oppression, looting and propaganda is now visible to everyone who isn’t being paid to cover their eyes.

Brimming with hubris and self-importance, the ruling Elite and mainstream media cannot believe they have lost the consent of the governed. The disillusioned governed have not fully absorbed this epochal shift of the tides yet, either.

They are aware of their own disillusionment and their own declining financial security, but they have yet to grasp that they have, beneath the surface of everyday life, already withdrawn their consent from a self-serving, predatory, parasitic, greedy and ultimately self-destructive ruling Elite.

Regards,

Charles Hugh Smith
for The Daily Reckoning

Ed. note: "A charmingly mordant take on the stock news of the day, accentuated by philosophical maunderings…" That's how one leading financial magazine described the free daily email edition of The Daily Reckoning. You'll find cutting-edge analysis from the complex worlds of finance, politics and culture. Presented in an entertaining style few can match. Click here now to sign up for FREE.

The post The Ruling Elite Has Lost the Consent of the Governed appeared first on Daily Reckoning.

Torgny Persson: Report from LBMA conference in Singapore

Posted: 22 Oct 2016 06:59 AM PDT

10a ET Saturday, October 22, 2016

Dear Friend of GATA and Gold:

Reporting on the London Bullion Market Association conference just concluded in Singapore, Bullion Star's Torgny Persson writes, among other things:

-- There was no place in the official program for discussion of unallocated gold and gold lending in the London market. Given the importance of the subject, this struck Persson as odd. Of course the omission would not have surprised GATA. Why would the LBMA want the world to know that most of the gold sold by its members doesn't exist?

-- A representative of the commercial bank Bank of China said he thought the yuan eventually should have some gold backing.

-- The LBMA and Shanghai Gold Exchange are familiar with the gold market research of Bullion Star's Koos Jansen and Ronan Manly. GATA finds that research the best in the business but generally unmentionable in polite company because it is often so politically incorrect.

Persson's report is headlined "Bullion Star Attends LBMA Conference in Singapore, October 2016" and it's posted here:

https://www.bullionstar.com/blogs/bullionstar/bullionstar-attends-lbma-c...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



ADVERTISEMENT

K92 Mining Begins Gold Production at Kainantu Mine

Company Announcement
Wednesday, October 5, 2016

K92 Mining Inc. is pleased to announce that gold production has commenced from the Irumafimpa gold deposit.

Ian Stalker, K92 Chief Executive Officer, says: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget. The rehabilitation of the Irumafimpa gold mine, process plant, and associated infrastructure commenced in late March and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month. ..."

...For the remainder of the announcement:

http://www.k92mining.com/2016/10/6077/



Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

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Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

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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:

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To contribute to GATA, please visit:

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5 Financial Charts on the Move

Posted: 22 Oct 2016 06:43 AM PDT

This post 5 Financial Charts on the Move appeared first on Daily Reckoning.

Here are your 5 financial charts to cap off the week (plus some peculiar bonus charts at the end).

Let's get the chart lines rolling…

UK Inflation Expectations at Record Highs

uk-inflation-expectations

Sourced via Bloomberg.

The Brits seem to have joined the "low inflation expectations" club (recall last weeks discussion on dollar inflationary expectations). The UK's pound dropped considerably over the past month following major international concern that it would have a "hard exit" from the European Union. The chief fear is that the UK would place harder controls on immigration flows and its legal systems. This would cause business and production trade patterns to have considerable disruptions.  The pound has hit record lows against the U.S dollar – and has left UK inflation expectations at an all time high.

To read the full Bloomberg article click here.

Speaking of Inflation – The Fed Might Be Coming Around

wsj-inflation-labor-v-commerce

The Wall Street Journal's Justin Lahart noted, "Inflation has begun picking up, and it looks as if the Federal Reserve is going to let it keep climbing." The Fed has been attempting to do just about anything to simply understand inflation, and this time – it might just be able to get out of its own way.

Yellen noted in October while speaking to the Federal Reserve Bank of Boston on her efforts toward "temporarily running a “high-pressure economy,” with robust aggregate demand and a tight labor market."While these numbers and trends showing consumer prices rising while only mediocre jobs are important, there is a bigger picture at stake from the chart above.  These figures will not be enough to detract the Fed from altering interest rate hikes in December.  

To read the full WSJ click here.

The Manufacturing Sector Continues to Shed Jobs

Fed Employment Manufacturing

Sourced via Federal Reserve Bank of St. Louis.

The figures produced by the Fed above show employment changes in the manufacturing sector.  The U.S central bank releases these employment figures monthly but they are often lost in the weeds of short term media news.  

This graph is important and worth noting for trends because it shows year-to-date, that the region’s manufacturing employers are continuing to leak out jobs.  In a region that is rather emblematic of the country, and an important swing state for U.S elections – the conversation about jobs really does hit home.

Gold Futures Trading Down, but Holds on Gains for the Week

Gold Futures MarketWatch

Sourced via MarketWatch.

Despite the recent black cloud over gold in the face of a rising dollar, gold futures are still bright. All hope is, indeed, not lost.  The spike in the U.S dollar against its major competitors has left trade on gold a less trendy option.  Then again, gold traders don't flow with the trends anyways.  

As MarketWatch indicated clearly as to why gold was lackluster, "The U.S. dollar strengthened Thursday and Friday against the euro, in particular, in the wake of the European Central Bank's decision to leave its monetary policy unchanged and accommodative."

To read the full MarketWatch article click here.

Bubble Trouble is Around the Corner

S&P 500 Bill Bonner Bubble

Sourced via Bill Bonner.

The S&P 500 is climbing. But like all things that go up, they must come down.  Bill Bonner notes, "When the next crisis will come is anyone's guess; we're surprised it hasn't already come…" In the chart above, a very clear illustration of financial crisis can be seen from the 2008 crash. As you scan to the right, the expectations for what is to come should be pretty obvious.  Bonner finishes off his analysis by saying, " With the economy slowing, the velocity of money – the rate at which money is used to buy and sell stuff – tends to slow down, too."

And just for fun…

Living in Trump's America

Trump in America

Sourced via vox.com.

Breaking news: The Donald is not alone. It leaves one to wonder who the 4,788 are voting for on November 8th?

Check out the full article here.

Have A Seat

Traffic Infrastructure

As both Trump and Clinton have found mutual consensus on the nation's aging infrastructure, it turns out – the nation will continue to sit by and wait.  The graph above shows, clearly, that Americans have more time than ever before to sit around and ponder over the economy, elections and… Well, you get the point…

Check out the full NYT article here.

These financial charts are just the beginning to a much wider story taking place within the economy, markets and more. But they are a start.

Regards,

Craig Wilson, @craig_wilson7
for The Daily Reckoning

Ed. Note: Sign up for a FREE subscription to The Daily Reckoning, and you'll receive regular insights for specific profit opportunities. By taking advantage now, you're ensuring that you'll be set up for updates and issues in the future. It's FREE.

 

Credit to the Federal Reserve Bank of St. Louis for data and graphics provided via http://research.stlouisfed.org/fred2/

The post 5 Financial Charts on the Move appeared first on Daily Reckoning.

Top Ten Videos — October 22

Posted: 21 Oct 2016 05:01 PM PDT

Thermodynamic oil collapse, epic debt defaults, and central bankers crippling the global supply chain.                       

The post Top Ten Videos — October 22 appeared first on DollarCollapse.com.

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