Wednesday, June 19, 2013

FOMC

The statement from the Benmeister was expected with a market that is overheated and threatening to blow to bubble proportions. With the continued unabated QE promised Ben has to start jawboning the market down and pull some air out of the bubble. Unfortunately he encountered some leaks in the balloon that he may not have anticipated. The bond bubble started pooping er popping too. Gold and silver responded according to plan with weakness and anyone lucky enough to have fiat picked up some bargain priced physical precious metals. Ben's plan was to stall for time with QE and to let a badly wounded economy recover. 

Here is the problem with "Ben's plan". First of all its not Ben's plan. He just thought it was his plan. Ben takes orders from the owners of the private Federal Reserve, and herein lies the conflict for Ben. Whether he thought he could see his QE to infinity could be continued to its conclusion doesn't really matter now......his replacement will usher in the next stage of the Supercycle collapse when he leaves in January 2014.  The issue has ALWAYS been what his masters intended for him to do and now what they intend his replacement to do. Look at this from there perspective. These are the masters of the Universe. Owners of dozens of very large international banks and major corporations. A very small group of people worth individually TRILLIONS, working behind the scenes as puppetmasters moving the chess pieces through the decades and centuries. 

Do you believe they are going to push the money printing into a blow off hyperinflationary collapse? Would that benefit them? Would erasing massive amounts of debt through a hyperinflationary currency debasement benefit their enormous debt holdings? Why do you think "bail-ins" suddenly appeared this year in Cyprus? What does that tell you? Why would this even be entertained given the money printing to that point? Think about massive continued money printing indefinitely and the impact this would have on these holders of all the wealth in the world. 

Don't be deluded by the naysayers that claim gold only performs well in inflationary environments. It performs very well in hard down deflationary collapse. Its the fear trade. They may do this through many methods including using a diversionary event while true austerity is imposed on a clueless population. Nothing like fear to stimulate the senses AWAY from the bankers. Make no mistake, a wash, rinse, repeat is coming..... gl all









88 comments:

  1. Is the final act upon us? ;)

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  2. It sure does look like it for gold and silver......eeeeeeeeeeeeeeee....ya know what they say

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  3. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/20_Stunning_Volume_On_Gold_%26_Silver_Smash_In_Suspect_Trading.html

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  4. Sheeps, my thoughts and prayers go out to your wife and you. You are a good man. Will be picking up some of the shining stuff today. Hopefully will get some decent prices. GL all...

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  5. Hoping Nenner is right with his 1285 call but Norcini saying if 1300 breaks, we could see much lower (at least under 1200). Ouch! Jim Rogers has kept reiterating we have not yet seen capitulation. What would the 50% fib be? I'm thinking around 1050.

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  6. What are the next downward resistance levels for gold?

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    Replies
    1. 1200, 1050 sound snuggly......also lets see what premiums and physical buying does

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  7. Recovery??? recovery my azz

    http://www.zerohedge.com/news/2013-06-20/collapse-caterpillar-north-american-sales-not-helping-bernankes-recovery

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    Replies
    1. Bernanke said the recession was over in 2009. Sept. 15, 2009, 2:25 p.m. EDT
      Bernanke declares 'recession is very likely over'

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  8. Gold
    1,293.00
    -81.00
    -5.90%

    KLI: Why are we seeing such drastic moves when Bernanke didn't really say much yesterday? The cash machine is still running 24 hours a day, yet the markets are spooked. Please explain.

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  9. LOL, Tulving is not selling at these prices. Everything on his website is "Sold Out", in other words, good luck buying at these low "paper" prices.

    I think we may see $1,000 or below - just because they can, LMAO. jd.

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  10. Headline on Yahoo Finance:

    "Gold and Miners Slump as Fed Sends Dollar Upward"

    http://finance.yahoo.com/blogs/the-exchange/gold-slumps-fed-intervention-may-abate-145720798.html

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  11. Cheapest price I can find an oz. on Gainesville:

    $1,343.26 an ounce.

    Real time paper price:

    $1,287.30 an ounce.

    Are these kind of spreads normal?

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    Replies
    1. depends on the coin but not crazy yet....so they are still able to source gold....may by some silver today if my wife isn't watching....

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  12. 10-year at 2.40, that can't be good for the ponzi. This whole move seems contrived, but maybe the next time it won't be. Just feels like the system is spiraling out of control, being held together with bubble game and duct tape at this point. Bubble gum = lies; duct tape = manipulation

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  13. Jay,

    I place I have gone to charges 6% premium on 1 ounce Gold Eagles.
    So, $1287.3 + 6% = $1364.38

    The Maple Leaf premium is 5.5% would = $1358.10

    Thus, the price you wrote above looks reasonable.

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  14. Apmex has $60 over spot if you buy at least 20 gold eagles or $23 for silver. Or 1 silver coin for $24.52 cash, or 23% premium.

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  15. Miners getting trounced today.

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  16. Certainly wish I had puked up my shares in April. Dan Norcini saying they may not come back in our lifetime (certainly not in mine if not in his).

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  17. Dow Jones Industrial Average (^DJI)
    -DJI

    14,820.67 Down 291.52(1.93%) 2:32PM EDT

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  18. Added to my SVM @ 2.49. With a 3.4% yield, it is like buying a bond.

    Let's be brave. At some point, severely beaten down sectors become attractive.

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    Replies
    1. Sister called a bottom of 1050. I'll wait a bit longer.

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    2. You won't see the premiums at 6% if they do push it there....but you can be patient and nibble here if you arent in physical already.

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  19. all of you in paper trades ..... they are going to create some real dislocations in these markets...ESPECIALLY in the hedges with their leverage .......capitulation is obvious today as they begin blowing up

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  20. You couldn't find gold coins in 2008 at gold's bottom......it was indeed a joke......this is an attempt to create a forced liquidation on the paper gold holders... ie PAULSON! and if they do break him you will see 1000 gold (paper price) good luck sourcing physical at that level

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  21. also don't forget Ben wants you to know just HOW IMPORTANT his program of QE is to markets so you are being taught a lesson if you think QE is "bad"......and of course the pundits will be crying tonight all over amerika for QE QE QE QE

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  22. http://www.zerohedge.com/news/2013-06-20/stocks-plunge-imf-tells-greece-plug-holes-or-it-pulls-plug

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  23. Goodness Jay don't pay any attention to me...this is reaching panic proportions just as M. Armstrong's model predicted for 6/21. Also, GS analyst reversed from bear to bull yesterday on the miners. http://www.mining.com/one-of-the-great-gold-bears-reverses-course-41337/ dislocation is an understatement for me; getting my head blown off.

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  24. my paper miners may be slaughtered but got 18holes in today and bot some phys......all in all not too bad.....

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  25. BTW all......this notion that QE can be withdrawn next year is a fairy tale and if they have any serious intention of stopping it next year then turn out the lights on this supercycle. If you believe in the cycles then you have to believe they may. Either way the worm is out of the can and the gold volatility should be just beginning

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  26. Summer solstice tomorrow......perfect satanic day for the illuminati

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  27. KLI: If there was ever a time for the cabal to end the super cycle... this is it. Ben is retiring in 7 months. They can put all the blame on him if the market crashes. Meanwhile, I'm sure his Swiss bank account is padded with billions at this point. He'll be sipping martinis in Bora Bora regardless of how things turn out.

    His mission was to give the masters time to prepare for civil unrest and he did a great job for 5 years... One monopoly money band aid after the next. He gave them precious time to plan.

    You've said time and time again on this blog that the market is a Ponzi.... All good pyramid schemes collapse. ALL of them.

    Happy Summer.


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    1. I think you have it Jay.

      also Wells are running completely dry in New Mexico
      ONE MILLION or more on the streets in Rio right now......things are indeed "heating up"

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  28. You'd be surprised how long a good ponzi can last...they're not ready to pull the plug. As long as you can still buy physical PMs, there's time left on the clock. There seems to be too many holes left to fill, more work to do before they're ready for a real collapse. 10-year at 2.42, now that may be their biggest problem at the moment.

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    1. this is only a dry run for them and they're gaining metrics and playing the suckers on both sides of the paper trades.....You're right there's still time for feather plucking....you'll know when its over. It'll be after the market close on a Friday

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  29. http://financialsurvivalnetwork.com/2013/06/ranting-andy-hoffman-precious-metals-crash-report/

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  30. http://stockcharts.com/h-sc/ui?s=EXK&p=W&yr=6&mn=4&dy=0&id=p47835297753&a=243185930&listNum=1

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  31. The only country in the world that you'll never see any sorts of protests is the US, no matter how bad things seem to get. I'm so disappointed in the American sheeple. They are zombified and dumbed down beyond belief.

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  32. Bud - We have small groups of protesters here in N.C. every Mon. at the State Capital...this week, 400 were arrested so there's some hope.

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    1. Sister - sounded like sore loser Demo-Rats. They controlled the state for a lot of years and control shifted to the Repuke-Cons. They will get over it (guess people got fed up with all those gasoline tax increases?). LOL

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  33. I think the CME raising margin requirements on gold is very interesting. No one has mentioned the possibility that it may be intended to control the paper price as they take it UP now. If the commercials have gone net long and the speculators are net short then an explosive short squeeze is NOT necessarily what the Fed (commercials) really want to see in the price of gold. Instead they would like to "manage" a more subtle shift in direction. So raising the margin requirements forces more speculators OUT which in this case are the shorts.

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  34. Isn't is amazing how the clown networks bring out Tepper after a small fall. I don't think it will work this time. We are going down and yes there will be rallies but the move is down until QE infinity X 2 is brought out

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  35. ARNA having a better day.
    You have to wonder what might happen to these weight loss drugs now that the AMA wants obesity declared as a disease. Weight loss drugs have never been covered by insurance companies here is WNY. Perhaps insurance companies will be forced to cover them now. The AMA may have tossed a big bone to the Drug companies.

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  36. Hello all...Again thanks for the kind words..

    Kli I tend to agree. Maybe close to the bottom in the PM's. added to miners yesterday. A little bloody on Gold Street.

    Most of my miners are green today.

    What will the 5pm tape bomb be?

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    1. watch the whole weekend sheeps including asia sunday nite

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  37. I don't believe it... CNBC posted a pro-gold story on their website...

    "Peter Schiff: “Vicious” Gold Rally Coming"

    Peter Schiff of Euro Pacific Capital argues that the Fed won't be able to taper quantitative easing -- actually, they'll have to increase it. He expects that will cause a "vicious" rally in gold.

    http://www.cnbc.com/id/100834404?__source=yahoo|finance|headline|headline|story&par=yahoo&doc=100834404|Peter%20Schiff:%20%22Vicious%22%20G

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  38. Kli, that was my exact thought on the margin requirements...it usually happens in a rising market, never seen that in a falling market. Why else would they want to exclude the specs (shorts)? Long term Peter Schiff and Jim Rogers have been right and Rogers says he bought some gold yesterday although he didn't call the bottom. Said buy PMs and sugar.

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    1. Sugar? Who the heck wants sugar with a worthless dollar?

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    2. made some great money three years ago on SGG bot at the bottom and traded up...missed the last 60% move

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    3. SGG is ONLY a trade ......remember its paper and worse it is dependent on derivatives market

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  39. Problem is I cannot even imagine how you can deleverage all the derivatives and ETFs in an orderly fashion when the 10 year shoots up to 2.5 in a week while the stock market falls. The munis and corp bonds cannot be dumped overnight like physical to the Chinese.

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    1. It won't be orderly and he knows it...he just wants out before the SHTF...I don't think he makes it without a massive intervention

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  40. Anyone notice the selloffs in PZG, HL and GPL with large volume in the last five minutes. Also the huge spike in MUX. Does somebody know something?

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    1. Wow Rudy, I just looked at the charts. They really took a dive in the last 5 minutes. Perhaps KLI puked up his shares?

      Paramount Gold and Silver Corp.
      NYSEMKT: PZG - Jun 21 5:01pm ET
      1.22-0.10‎ (-7.58%‎)

      Hecla Mining Company
      NYSE: HL - Jun 21 5:09pm ET
      2.93-0.05‎ (-1.68%‎)

      and this one really got hammered:

      Great Panther Silver Ltd (GPL)
      0.65 Down 0.08(10.96%) 4:02PM EDT

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  41. Also AUMN (Golden Minerals) suspended operations at one of its mines. Could the other miners selloff because of this news?

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  42. SVM was up nicely all day, only to sell off heavily too near the close. Something must be up.

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  43. Is AUMN going bankrupt???

    Golden Minerals Announces Suspension Of ProductionCNW Group(Fri 4:07PM EDT)


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  44. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/22_Former_US_Treasury_Official_-_Fed_Orchestrated_Gold_Plunge.html

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  45. a couple of days ago, AUMN was up almost 20%, now its on the brink. there was no reason for it to have risen a few days ago, especially with the news that came out today. evidentally, that 20% move was a pump and dump manuever to sucker some people in.

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    1. It was to squeeze out some shorts that weren't on the invited guests list.......they've been squeezing shorts on these miners selectively so it didn't send any alarms off

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  46. It appears to me that being in the miner trade is like playing Russian Roulette with a full a chamber. I'm puzzled why anyone would continue to add or hold their shares, against all available evidence that doing so is a horrible move. With the price of physical at or below cost, how are these miners going to survive? Maybe the plan is to drive them all into bankruptcy and then getting their assets for pennies on the dollar, sort of like buying foreclosed properties. The shareholders get wiped out as a result. I just don't see the risk/reward here.

    I would also raise some serious questions about anyone promoting the miners or metals (Sprott, Fleckenstein, Sinclair, Schiff, et al) and whose payroll are they really on. There's a serious credibility gap here, and it needs to pointed out. The degree with which these "gurus" have been wrong recently cannot be ignored.

    I think paying off debt, holding cash, and buying other tangible assets seems to be a good move at this time. I'm simply not convinced that the PTB will allow the peasants who have accumulated gold and silver to somehow profit from that and derive any benefits from it. There could easily be an executive order, legislation, or things like taxes and fines for anyone dealing with gold. And at that point, one's only hope would be to deal with a black market, and who wants to do that?

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    1. peasants don't hold gold......unlike the confiscation of physical in 1933 (when the currency was gold backed) Today very few individuals own physical gold in the U.S. Silver is a little better but not much. The miners will arise again but you are correct about them Bud in the sense that Many will not make it through if they hold gold down another year. On the other hand the more that go belly up only gives a jet charge to physical price as supply diminishes. Also the surviving miners will eventually do quite well.....but which will survive makes it a big gamble. Also you have to be very selective in your choice of "assets" and you are welcome to be more specific on what YOU believe are more "safe" assets going forward than hard gold or silver. Diversification is always good Bud. Again I encourage you to look at the prices of these miners in 2002 then oct of 2008...DEVASTATED. then look at them just 18 months later or less........THAT my friend is the game you are in.....

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    2. Did you buy the miners in Oct 2008.....if not WOULD you have bought them in October of 2008........Did you buy physical gold in October 08 or in 2002??? If not why did you not buy it? It seems that Jim Rogers and many others have a longer term perspective than you Bud and do see the same ponzi you see. I think I will take their perspective any day over mine or yours....that doesn't mean short term they are right but one should not make assumptions based on short term recent performance. Rogers chuckled when interviewed in late 08 and was being castigated by CNBS for his commodity call ....he just laughed and said he hadn't sold and was actually buying there......I'm sure he is still laughing. Also Rogers was very negative on gold and miners short term last year......he's buying MORE gold now and just laughs when they ask him if this is the bottom

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    3. from Jesse today
      What Kind of Fools Are Buying Gold?







      On the whole, the world's central banks are now net buyers of gold, and have been for some time, after being net sellers for over twenty years.

      Russia is one example.

      Why do you think they are buying it? They don't understand money?

      They don't know what they, and some of their associated central banks, are planning to do to recapitalize the deteriorating global financial system and dollar reserve trade regime?

      Did they forget to watch CNBC to find out what they really ought to be doing?

      I hear that J P Morgan has stealthily gone net long gold now after beating down the price. Would having the biggest banks go long gold and then letting it be revalued higher be one way to recapitalize them? It seems as though recapitalizing them through insider information is the mode du jour.

      Silly idea huh? Well that is what the did in 1933. They took the gold out of official circulation, and out of the hands of the people, and then revalued it significantly higher, and used it to recapitalize the remaining banks after purging the insolvent banks during a bank holiday.

      The only ones who seem to be saying that gold is not a good investment are the Anglo-American banking cartel and their enablers and supporters. But who knows what they are doing for themselves in private.

      Such strange times. One can only wonder.

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  47. I also think your criticism of the "gurus" promoting these metals and miners is a very natural reaction to this slaughter. Of all the gurus you mentioned, I cannot say that I have a problem with any of their Macro views. In fact my macro views are very similar to theirs and my conclusion to their impact on the gold trade just as wrong. I have said repeatedly they DONT want you in this trade.....and even I am amazed at how they destroyed it. You can play the equity game they WANT you to play with "good solid" blue chips but I think that game will get crushed too......gl bud

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  48. http://blogdogcicle.blogspot.com/2013/06/us-shipment-of-weapons-bound-for-jordan.html

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  49. Just as you predicted too--Bullard steps forward to walk BB's announcement back, just in time for the qtr. end Window Dressing. Guess we'll see. The Blaze reporter in the ME writing that we have no idea how bad things are in Syria. Kyle Bass vid I watched a coupla wks. ago says "war comes next"...I guess he meant after global depression. Rioting in Brazil reaching epic proportions. And we know the PTB thinks there are too many peeps in the world. But have a nice week-end anyway. Read Jim Rogers' new book. His wife went to college right here in Charlotte!

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    1. I carry on a dual personality sista......half of me plays golf with my buds 4 times/ week and takes my kids around to activities and pretends it will go on......the other half knows there is a high probablility that the SHTF and quietly makes preps. Its really hard to get too upset with the shenanigans on the PMs knowing that if they make it through this they will do fine and if the SHTF meaningfully then it really doesn't matter what my miners do....and I have enough phyzz now thanks to the game

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  50. Also, Mike Swanson (wallstreetwindow.com) has pointed out that once an equity falls below 80% fib it almost always retraces all the way back to the original price...he watches FNV....I noticed this mean $1 and change for HL. So we're not quite there...figured the 50% fib on FNV would be 31.10...GL everyone.

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  51. Exactly describes my approach Kli...I used to discuss but no one else is really paying attention in my private life (with a couple of exceptions) so we go merrily along. I do NOT discuss PMs with my friends. Back when I did, there were lots of raised eyebrows so now they would think I'm flatout nuts if they listen to the media. And I may very well be...LOL. All I know is everything and exactly what you and Joe have said about the macroeconomics have come true, albeit maybe a little more slowly than I would have thought.

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    1. I think it is important to have a serious part of your subconscious aware for the very reason that preparation MAY save you and your family's life......not sure about how many other peeps you can really help which is why I hoped my miners might come through....I laugh at the daily comedy show on CNBS etc. and compare it to 5 years ago. They seem frenetic now with an almost comical promotional air on every piece that is reaching an increasingly desperate tone.......so you know things are bad......looking behind the camera shots at the CME and the NYSE shows only a deserted floor with what few humans exist looking bored out of their goards....I receive antedotal reports of spotty recovery but it all seems to be from liquidity driven sectors like real estate/ defense/ auto.........not sustainable and showing the sad results of MALINVESTMENT that alway occurs from government/Fed money printing.

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  52. That action on AUMN was bizarre at best. It was skyrocketing On high-volume Wednesday and Thursday. Then got whipsawed on Friday. Sometimes I wonder if I should get out of this rigged market once and for all.

    It seems like they just have a few buttons on their computer keyboards and can make these things any price they please.

    Bah humbug!

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    1. they can in the current market......all algo driven now

      Delete
  53. from Jesse today

    What Kind of Fools Are Buying Gold?







    On the whole, the world's central banks are now net buyers of gold, and have been for some time, after being net sellers for over twenty years.

    Russia is one example.

    Why do you think they are buying it? They don't understand money?

    They don't know what they, and some of their associated central banks, are planning to do to recapitalize the deteriorating global financial system and dollar reserve trade regime?

    Did they forget to watch CNBC to find out what they really ought to be doing?

    I hear that J P Morgan has stealthily gone net long gold now after beating down the price. Would having the biggest banks go long gold and then letting it be revalued higher be one way to recapitalize them? It seems as though recapitalizing them through insider information is the mode du jour.

    Silly idea huh? Well that is what the did in 1933. They took the gold out of official circulation, and out of the hands of the people, and then revalued it significantly higher, and used it to recapitalize the remaining banks after purging the insolvent banks during a bank holiday.

    The only ones who seem to be saying that gold is not a good investment are the Anglo-American banking cartel and their enablers and supporters. But who knows what they are doing for themselves in private.

    Such strange times. One can only wonder.

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  54. You make your own decision on what to do.......I'll just put up the link

    http://www.stuff.co.nz/world/europe/8829748/Banking-collapse-bail-in-dispute

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  55. from Joe today

    The main tactic and intelligence of the dark side of our nature used on us within us is the fact that ," We do not see it coming and become blind and unaware to it", that's what it means when we keep bashing and bitiching about powerful's manipulation especially in the market and in this particular case the Gold market not realizing that by participating in the pool of corruption and dark manipulation of Gold market including mining ( trading & investing) that we are no better than the ones who manipulate it since our goal is the same as powerful manipulators which is make money from what we everyday confirm is corrupt casino, awareness is the key and again goes back to we are what we do. The one that participates in corruption is as guilty as the one who manipulates it since their ultimate goal which is not kosher is to make money from dark pool. You do not need to be religious to understand it, concept of ethics and morality and lack of it is universal. Here is Al Pacino's line playing the role of Devil, " They never see me coming" :

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  56. Good discussion. Lots of chatter about bond bull breakdown. If so, A lot of money will need to find a home. Realestate? bond-bull breakdown and realestate cannot be used in the same sentence. Bye bye housing recovery if this IS the case. So you gonna buy the SPY? again why? We have no recovery and chart after chart shows horrible corelation between the SPY and GDP for example, or median income, u6. The SPY is and has been a bubble. Companies using nearly free money to buy back stock and banks using free money to bid up equities...if this ain't over it should be. The whole banking-FED-coporation is a Ponzi fraud based on counterfit money end of story. We the people are on our own already.

    The money leaving bonds will end up in what has been beaten down. PM, corn, sugar, maybe oil as it is a go to. Oil maybe not so much as fuel is already at $4.00 per gallon and usage is back to levels of 2000. Any spike in fuel kill demand.

    I suggest the burst of bonds will be highly inflationary. Just not good inflation. I doubt bond investor become house flippers.

    Hence, I like some miners. Unless we have the EOW as we know come Monday as we have a reverse China Syndrome.

    Good weather all is calm. Going to smoke some meat and enjoy the day.

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  57. Listening to Snowden interview excerpts again..........I have NO doubt this guy is totally legit.......good luck to him and watching the MSM go after him today to vilify him.....and oh how they are going after him....watta bunch of scum

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  58. Yes, watching MSM in the garage and changing oil...smoking meat, cleaning guns. Pretty distracting that MSM is all Snowden...make me go Hmmmm. Legit or not did we have any doubt what the GUBMENT does? You always talk of the atrocities the USA commits around the world all the time. Like Dorner, Snowden is making a statment that needs to be stated..the hard way. Still the sheep do not stir. They never will.

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    1. They won't stir until the shelves at Walmart are empty. The problems with the drastic bond movement if it does not reverse is leverage. Also hearing rumors of the opposite settlement of physical gold. Bagholders who cash out are getting the underlying asset at the make believe NAV. Imagine finding out 3 days after settlement instead of $1 million in cash you have $1 million in Detroit Muni Bonds and all the tax consequences plus try and unload those at market in a timely and orderly market.

      As for Snowden, Run Ed, Run. Curious how he will be able to Ecuador with a military intercept in the air or kidnapping on the ground. Plus the data pipes to Ecuador can be shut down much faster than in Russia or China.

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  59. Gotta love Glenn Grenwald's answer to David Gregory this morning which I saw live: The assumption in your question, David, is completely without evidence, the idea that I have aided and abetted him in anyway,” Greenwald said. “The scandal that arose in Washington before our stories began was about the fact that the Obama administration is trying to criminalize investigative journalism by going through the emails and phone records of AP reporters, accusing a Fox News journalist of the theory you just embraced, being a co-conspirator in felonies for working with sources.”

    He continued, “if you want to embrace that theory it means that every investigative journalist in the United States who works with their sources who receives classified information is a criminal, and it’s precisely those theories and precisely that climate that has become so menacing in the United States.”

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