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    Carol
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    Post  Carol Thu Aug 25, 2011 8:24 am


    Bob Chapman - The Financial Survival 22 Aug 2011

    Action Alert! Either lobby against foreclosure fraud or banks get green light

    Hello all,

    Todays news is alarming. The Obama administration is pressuring the state AGs to give the banks amnesty for foreclosure fraud. NY's AG, Eric Schneiderman was removed for wanting to fully investigate the banks and wanting to protect homeowners. See the article at http://www.bloomberg.com/news/2011-08-23/new-york-is-removed-from-state-foreclosure-group-after-voicing-concerns.html.

    This is like giving Goliath a sledgehammer. If the gov't and banks have their way, they will be able to steal people's property with total impunity. This is a call to action. First, we must mobilize thousands of people to call the White House in opposition. Here's the message: I urge the Obama administration to reverse its position and stop facilitating theft of homeowner's property by the banks. They have committed fraud, have made trillions, are largely responsible for the disastrous economy, yet got bailed out by taxpayers. They've induced millions into fraudulent contracts, they've gotten our money, they can't also be allowed to illegally take our property.

    You can also call or write to the President:

    The White House
    1600 Pennsylvania Avenue NW
    Washington, DC 20500
    Please include your e-mail address
    Phone Numbers

    Comments: 202-456-1111
    Switchboard: 202-456-1414
    FAX: 202-456-2461

    People can send messages online at http://www.whitehouse.gov/contact.

    Next, mobilize thousands of people to call your own state AG to urge him/her to oppose bank amnesty, and demand investigation of bank fraud including securitization.
    Next, contact Eric Schneiderman's office to voice our support for his courage and commitment. There's an email form at http://www.ag.ny.gov/online_forms/email_ag.jsp. Toll free number is 1-800-771-7755.
    In solidarity,

    Les Jamieson


    Last edited by Carol on Thu Aug 25, 2011 10:18 am; edited 1 time in total


    _________________
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    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    Carol
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    Post  Carol Thu Aug 25, 2011 9:37 am



    THE INTERNATIONAL FORECASTER
    WEDNESDAY, AUGUST 24, 2011
    08/24/11

    E-MAIL ADDRESSES
    For correspondence to Bob:
    bob@intforecaster.com
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    CHECK OUT OUR WEBSITE
    http://theinternationalforecaster.com/

    RADIO APPEARANCES:
    To check out all of our radio appearances click on this link below:
    http://theinternationalforecaster.com/Radio_Interviews

    NEXT ISSUES
    Every Saturday and Wednesday during the month of August.


    Bob Chapman - The Financial Survival 19 Aug 2011
    https://www.youtube.com/watch?v=TiTyT-otuyk

    Bob Chapman - ERSKINE OVER NIGHT - August 20, 2011
    https://www.youtube.com/watch?v=6jkVkGQAtDQ&feature=email

    $8,000 Gold & $500 Silver, MINUMUM: Chapman Part 1 of 2
 https://www.youtube.com/watch?v=Gr5dzx5kxCo

SEC
    Criminality, 2nd Amendment & Libyan Gold : Chapman Part 2 of 2
 https://www.youtube.com/watch?v=yZcxqXTV8PM

    Bob Chapman - The Financial Survival 22 Aug 2011
    https://www.youtube.com/watch?v=oGb2Ek3XpUM&feature=email

    $8,000 Gold & $500 Silver, MINUMUM :Chapman Part 1 of 2
    https://www.youtube.com/watch?v=Gr5dzx5kxCo&feature=email

    Bob Chapman - WideAwakeNews RADIO - August 22, 2011
    https://www.youtube.com/watch?v=yxDyDKde7Fc&feature=email

    Bob Chapman - RADIO LIBERTY - August 22, 2011 – Dr. Stan
    https://www.youtube.com/watch?v=DXAoj-w2vWY&feature=email

    SEC Criminality, 2nd Amendment & Libyan Gold: Chapman Part 2 of 2
    https://www.youtube.com/watch?v=yZcxqXTV8PM&feature=email



    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    Carol
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    Post  Carol Thu Aug 25, 2011 9:37 am

    Bob Chapman - USAprepares - August 23, 2011 - Vincent Finelli

    US MARKETS

    We do not believe that Americans, particularly elderly Americans, understand what the elitists are up to in regard to Social Security and Medicare. The Council on Foreign Relations and the Peterson Foundation has for years been working on plans to terminate Social Security and Medicare. Cuts in these paid for programs were impossible to get through Congress. Thus, the ruse was born of getting around Congress. A flash issue was raised regarding a short-term debt extension that could have been passed in 15 minutes that demanded budget cuts for passage. In that process the Obama Enabling Act was formulated, patterned on the German Enabling Act passed in 1933 by Adolph Hitler. It allows a 12-person panel to bypass Congress regarding legislation. The changes are made in this committee and cannot be debated or amended and must be voted on via a straight up and down majority vote. While this was transpiring, as part of the plot, Standard and Poor’s downgraded the US debt rating based upon there not being large enough cuts in what Congress likes to call entitlements, which are not entitlements, but paid for benefits. The reason for the cuts is that both benefits trusts are broke, all the funds having been spent on other things over the years. S&P said that if major cuts are not made that they would cut the US debt rating again in November. Thus, you can understand the framework and what the elitists have paid the committee and Congress to do. The committee takes all the heat upon passage and Congress generally gets off the hook.

    Needless to say, the controlled mainstream media reports on none of this. That a chained CPI is to be employed - is little discussed. The cost of living adjustment, or COLA, changes as CPI changes. The problem is the CPI, currently up 3.6%, is a bogus statistic. Real inflation based on the 1980 model is up 11.2%. As you probably remember there has been no COLA upward adjustments for two years and another is being considered this month for next year. It will be interesting to see what they come up with – probably no change. The COLA based on CPI isn’t bad enough now they want to chain-weight it. These changes won’t take place for a few months so there is time for Americans to complain to all of the members of the House and Senate regarding this rape of both benefits that they have paid for. If Congress wants to cut they can cut the military budget. What the powers behind government want to do is make the nations elderly; they call them useless eaters, carry the burden, and force them to live like animals.

    This chained CPI will increase even less than the bogus CPI, or some 0.3% less on average than the CPI-W, or the Consumer Price Index for urban wageworkers, and clerical workers, which is what COLA really is. As you can see retired Americans have been cheated by government for years and now they want to cheat them even more leaving many of the elderly destitute in order to finance more wars. Looting Social Security provides revenue to be wasted elsewhere.

    Politicians believe their constituents won’t know what they are up too, but they are mistaken. Many of them will be kicked out of Congress for betraying the elderly of benefits that they paid for over a lifetime of work. The cuts would cost retirees $100 billion and S&P wants even further cuts. This is going to put seniors into poverty, especially the disabled. The proposal would cut more at 9.5%, almost 10%, versus 4% at 75. These politicians are calculated to bring early death to the aging. As this travesty takes place, Medicare benefits would be reduced by another $100 billion. In 2014, we will have the Obama death panels, where a panel will decide who will be treated and who will be allowed to die. Soylent Green comes to mind, this travesty, planned by elitists to transfer funds and get rid of useless eaters, was fully aided by America’s controlled media, which misled all readers and listeners. The program was formulated the by ex-president of the Council on Foreign Relation’s billionaire Pete Peterson who lied about the entire program. The chained CPI is a scam just as the CPI is. All of you men and women in your 40s and 50s will have to make up the loss unless you want to see granny and grandpa starve to death. AARP, which is in part funded by the federal government, naturally came out in favor of cuts for its paying members. That proves once and for all what a useless organization AARP really is. They tried to play both sides of the issue. What this really amounts to is a tax increase on those who can least afford it. What really concerns the aged is that the new tax increase is already in place. The question is will the unconstitutional illegal, “Obama Enabling Group,” increase the burden on the aged even more?

    It should be noted that the elite members of the “Obama Enabling Group” are all part of the Council on Foreign Relations, Trilateral Commission and Bilderberg Groups. They will do as the illuminists tell them to do. Their control companies won’t share in the tax increases because they are immune and exempt. We have yet to see anyone file a lawsuit challenging the unconstitutional law that created this group of enablers. As we pointed out before this group has been bought and paid for via $64.5 million in campaign payoffs. The biggest contributors were legal firms for more than $31 million and Wall Street threw in more than $11 million. These are the people who in part, control our government - JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America. Your commentaries and votes mean very little to these people.

    This is August and Europe is on vacation as the European Union and the euro zone fall apart. Mrs. Merkel and Mr. Sarkozy had a meeting that accomplished nothing. It was supposed to be a cover for all of Europe’s bureaucrats who were enjoying themselves while their union burned.

    The European Central Bank, the ECB, continues to finance the insolvent euro zone participants by purchasing their bonds. The most recent recipients have been Italy and Spain. The total is now approaching some $900 billion. The bonds are virtually worthless and other members have to pay for these interventions. In addition another $500 billion has been lent to these problem countries. The EFSF, the European Financial Stability Fund, the method for loans is supposed to terminate in 15 months, so the permanent solution is supposed to be the ESM, the European Stability Mechanism, which can lend $700 billion. All these loan packages are guaranteed by euro zone members and the citizens of the remaining 11 countries. This commitment guarantees a AAA rating, which we see as dubious at best. All these commitments have forced the lenders in the case of Greece to now demand collateral on just about everything the Greek government owns. We have said from the beginning Greece should just default but that is not what the bankers and other solvent nations want. They want to own the country and enslave its inhabitants. At the same time many of the lenders are only in slightly better shape then the sovereigns they are lending too. That means the stronger members are under increased pressure, as their credit ratings and finances are pushed to the limit. In addition a number of nations not within the euro zone, such as England and Norway have no intention of getting involved in the ESM. There is absolutely no question that the euro zone cannot survive under these circumstances.

    We still believe the euro zone doesn’t fully understand their problem. It was 1-1/2 years ago we predicted that the bill would total $4 trillion. A few months ago we raised that to $4 to $6 trillion, as Germany raided their estimate from $1 to $3.5 trillion and the EU support mechanism raided their estimate to $2.8 trillion. The bottom line is none of the estimates are payable, but the desire for world government is so great that the Illuminists are wiling to destroy the system to accomplish that. Finance ministers call for greater commitments, but where will the funds come from? Sooner or later these one-worlders are going to discover that if they keep pushing, the system it will crash and burn.

    In addition to the sovereign problems European banks are exposed for $700 billion in just the debt of Greece, Ireland and Portugal. If Spain, Italy and Belgium are included the exposure grows to $2.8 trillion and that is just the bank exposure. Thus sovereign and bank exposure is $7 to $8 trillion. These kinds of numbers make you realize that all of Europe is broke and all the banks are going to go bankrupt as well as the countries, including Germany. We often wonder whether the European condition wasn’t a Anglo-American trap. We will see in time. Perhaps the one interest rate fits all was the trap, as we believed it was from the beginning. This one interest rate supposedly eliminated risk, when in fact as you can see it heightened risk. The euro could not eliminate that risk, because the six nations over lent and over expanded. No one cared about debt repayment because supposedly the euro protected everyone from that, and as we have found out the euro and sovereign commitment was not adequate protection. Quite frankly Germany was with its AAA rating, and financial success was supposed to carry everyone. It has now been proven they cannot and the German people are shouting we have had enough of this. It has to be stopped now. We will take our losses, dump the euro and return to our beloved Deutsche Mark.

    If debt is restructured at today’s recognized level for the problem countries, even a 50% default would wipe all 17 countries except Germany. 1-1/2 years ago Greece made a 50% default offer to Germany, which rejected it. If they had accepted it these nations could have been dealt with over a long period of time avoiding a euro collapse, but they were not smart enough to envision such a solution, because they really didn’t grasp the enormity of the problem and where it would take them. They understand now but it is too late. If you think the foregoing is overwhelming all those structured securities called CDS and MBS, bonds containing mortgages. They were holding $2 trillion worth and they are probably still holding them. They are carried at par and are worth at best $0.30 on the dollar. Banks do not have sufficient capital to cover these losses and we do not believe the public in Europe will cover these bank losses. Even the IMF says the banks have not recognized these losses. Bank stress tests are a joke, pabulum for the masses. Italy has 30 problem banks, but they lent conservatively, have high levels of deposits and very small leverage. If they are in trouble you can imagine what the banks in the other countries look like. How can governments recapitalize banks when the governments are broke? In the case of Greece a 50% write off would cost the ECB, the 17-euro zone country citizens, $70 billion, plus what banks and others are holding. The sovereigns are buried just as the banks are. The ECB has paid in capital of $7.4 billion. Euro zone central banks have $1.4 trillion in capital. How can anyone believe they can fund losses of $7 trillion? Talk about contagion. The word should be catastrophe.

    As we have often said, the problem and debt has only been extended. All the debt is unpayable. Interest rates and bond yields of troubled nations are such that debt cannot be repaid. How can anyone have confidence in a broken system? Unsustainable is the operative word. There is no political courage to end all this because all of the key figures and many others are controlled by the Illuminists, who want world government. They will hold out until the system has collapsed, and hope they can save themselves. That is why people worldwide have to prepare for what is coming. Europe’s financial collapse will be the catalyst that will cause all other nations to fall. That is why it is so very important that all of your investable assets be invested in gold and silver, coins, bullion and shares.

    Last week the Dow fell 4%, S&P 4.7%, the Russell 2000 fell 6.6% and the Nasdaq 100 fell 6.6%. Cyclicals fell 10.1%; transports 8.7%; consumers 2.1%; as utilities rose 1.8%. Banks fell 5.9%; broker/dealers fell 6.3%; high tech fell 8.1%; semis fell 8.2%; Internets fell 9.5% and biotech’s fell 2.4%. Gold bullion rose $103.00, the HUI gained 3% and the USDX fell 0.8% to 74.00.

    The 2-year T-note was unchanged at 0.19% the 10-year note fell 19 bps to 2.07%, as the 10-year German bund sank 23 bps to 2.10%.

    The Freddie Mac fixed rate mortgage rate fell 17 bps to 4.15%; the 15’s fell 14 bps to 3.36%; one-year ARMs fell 3 bps to 2.86% and the 30-year fixed rate jumbos fell 4 bps to 4.91%.

    Fed credit fell $6.5 billion to $2.848 trillion, up 23.7% yoy. Fed foreign holdings of Treasury and Agency debt increased $8.6 billion to a new record of $3.479 trillion.

    Custody holdings for foreign central banks rose $128 billion ytd and $303 billion yoy, or 9.5%.

    M2, narrow, money supply jumped another $43 billion to a record $9.517 trillion, or 12.6% ytd, and 10.2% you.

    Total money market assets rose $10.2 billion to $2.631 trillion.

    Total commercial paper fell $22.6 billion to a 15-week low of $1.147 trillion.

    Wait.  What? Blackwater? That private, for-profit, trigger-happy army that killed 17 civilians in Nisour Square in Baghdad in 2007? Yeah. THAT BLACKWATER.

    I have just confirmed with Communications Workers of America (CWA) Local 1104 that Blackwater is indeed being contracted by Verizon for security purposes.  At this moment, CWA Local 1104 was not able to say how many security contractors have been hired or where they will be working.  I’m sure more information will follow.
    Blackwater, now called Xe, is considered to be the world’s largest and most powerful mercenary army.  In 2004, they had 2,300 men actively deployed around the world and another 20,000 contractors ready to go.  They claim that they have trained tens of thousands of security personnel since 1998.

    In the aftermath of hurricane Katrina in New Orleans, The Nation’s Jeremy Scahill reported that, “I saw Blackwater mercenaries speeding up and down the streets in unmarked cars, heavily armed with M4 machine guns, flak jackets, other weapons strapped to their legs.”

    The New York Times reports:

    The company and its executives and personnel have faced civil lawsuits, criminal charges and Congressional investigations surrounding accusations of murder and bribery. In April 2010, federal prosecutors announced weapons charges against five former senior Blackwater executives, including its former president, Erik D. Prince.
Nearly four years after the federal government began a string of investigations and criminal prosecutions against company personnel, some of the cases have fallen apart, burdened by legal obstacles including the difficulties of obtaining evidence in war zones, of gaining proper jurisdiction for prosecutions in American civilian courts, and of overcoming immunity deals given to defendants by American officials on the scene. 

    But in April 25, 2011, a federal appeals court reopened the criminal case against four former American military contractors accused of manslaughter in connection with the Nisour Square shooting in 2007.

    At the onset of the strike, Verizon employed the services of the NJ State Police to escort trucks and non-union workers through picket lines.  Now, Verizon’s hiring of a for-profit army during the strike proves two things. First that this is indeed a war on the middle class, and second, that Verizon will bear any expense to win this war.
    Can you imagine a country where the billion dollar corporations have the world’s largest and deadliest private, for-profit army at their disposal?  What would Blackwater guards actually do on a picket line?  I guess we will find out soon enough.

    I already wrote about how the un-trained, non-union replacement workers are violating Verizon safety rules and costing the company thousands by making mistakes on the job, most notably by destroying a Verizon bucket truck.  In addition to that, Verizon spent $20,000 in postage to mail letters to striking union workers stating that they are terminating their health care on August 31.  A union delegate for the IBEW also said that Verizon is offering contractors in Florida $75 an hour, plus hotel rooms, to come up north to work as non-union replacements, but they refuse to keep the terms of the previous union contract.

    Verizon said that the concessions they are seeking on the striking union workers from the IBEW and CWA will save their company $1 billion a year.  So far, Verizon has refused to budge on these demands.  I wonder how much longer Verizon can refuse to sit down at the bargaining table before their union busting activities exceeds that $1 billion mark.  For a company sitting on $100 billion in revenue with net profits of $6 billion last year, $1 billion seems like chump change.

    A senior Iranian commander said that the US plans massive deployments of police forces in major cities fearing the eruption of popular protests similar to the recent developments in the Middle East, the Arab world and the European countries.

    The Deputy Head of Iran’s Armed Forces Joint Chiefs of Staff Brigadier General Massoud Jazayeri described the deployment of US police forces in cities as “military rule,” which basically aims at a quick crackdown on political unrest in the country under a “threadbare” pretext of preventing terror attacks in the US.

    He noted how incumbent US President Barack Obama has followed in the path of his predecessor, George W. Bush, in inflicting huge costs on US taxpayers through the continuation of the Bush-era war policies.

    Difficult living conditions, unemployment, an increasing suicide rate among US troops and the Americans’ inability to pay off their mortgages are among other hardships the Obama administration has brought about for the people in the United States, Jazayeri added.

    Moreover, he indicated, the United States is facing the formation of opposition hubs in Europe that are against the expansionist policies of Washington.

    “The creation of these hubs indicates that the intellectuals and the people in Europe no more want to bear the costs of the US’s colonial and arrogant policies, which are the main reasons behind the Europeans’ current troubles,” Jazayeri said on Tuesday, IRNA reported.

    “The American society is currently paying, more than any other time, the price of the strategic mistakes of the unwise and egotistical rulers of their country made in such issues as extra-regional warmongering [policies] in Afghanistan and Iraq…”, he added. 

    Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.

    Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.

    In the second quarter this year, it reported, nonfarm business labor productivity fell by 0.3 percent, the second quarterly drop in a row. And it turns out that it rose only 0.8 percent from the second quarter of 2010.

    Over the last year, hourly wages have risen more quickly than productivity.

    These factors have helped to keep the labor market sluggish and have thwarted a potential recovery.

    Yet these numbers don’t capture the entire issue, and are themselves plagued by an array of problems.

    Laid off workers, aging baby boomers push Social Security disability to verge of insolvency.

    Applications are up nearly 50 percent over a decade ago as people with disabilities lose their jobs and can’t find new ones in an economy that has shed nearly 7 million jobs...

    New congressional estimates say the trust fund that supports Social Security disability will run out of money by 2017. About two decades later, Social Security’s much larger retirement fund is projected to run dry as well.

    At a time when U.S. equities have lost $2.9 trillion in market value, stock analysts are twice as bullish as they’ve been over the past 56 years when compared with economists.

    Wall Street firms pushed up estimates for Standard & Poor’s 500 Index earnings for a 10th straight quarter, forecasting a 17 percent gain in 2011, data compiled by Bloomberg show. That’s 9.9 times more than economists say gross domestic product will grow. The average ratio since 1954 is 5.4 times.

    The Obama Administration today announced a virtual amnesty-by-decree for hundreds of thousands of illegal aliens, whose deportations will be “indefinitely delayed”. In addition, Obama finally announced a jobs program – but for ILLEGAL ALIENS, not citizens – as those 300,000 illegals will also become eligible for “work permits“.

    This action represents an administrative end-run around Congress, which twice rejected the ‘DREAM Act’ in 2010. As disgraceful as is this usurpation of Congressional authority, this announcement is even worse than is being reported.

    Our analysis reveals that – despite media focus of this action limited to so-called “Dreamer” illegal students, this new policy, coupled with the criteria established by the June 2011 “Morton Memos” which set up a joint “DHS and DOJ working group” could expand this “indefinite delay” of deportation to potentially MILLIONS of illegals – creating a new, massive amnesty entirely by fiat, bypassing Congress.

    The Obama administration said Thursday it will indefinitely delay deporting many illegal immigrants who don’t have criminal records and will offer them a chance to apply for a work permit. The government will focus on sending back convicted criminals and those who might be a national security or public safety threat.

    The policy change will mean a case-by-case review of approximately 300,000 illegal immigrants facing possible deportation in federal immigration courts, Homeland Security Secretary Janet Napolitano said.

    This is clearly what Sen. Dick Durbin was hinting at with his recent statement that there would be “good news” coming soon regarding deportations of “undocumented students”.

    This announcement puts into writing what the Administration had already begun to put into practice, after the infamous “ICE Memos” issued by ICE head John Morton in June, in which Morton spells out which illegals would now receive “particular care and consideration” — e.g., amnesty – essentially “Dreamers”, but potentially millions more.

    Under the new process, a Department of Homeland Security (DHS) and Department of Justice (DOJ) “working group” will develop specific criteria to identify “low-priority removal cases” that should be considered for prosecutorial discretion.  These criteria will be based on “positive factors” from the Morton Memo (PDF), which include… individuals present in the U.S. since childhood (like ‘DREAM Act’ students) minors, the elderly, pregnant and nursing women, victims of serious crimes, veterans and members of the armed services and individuals with serious disabilities or health problems.

    The breadth of the above list makes it less a matter of which illegal aliens are excluded than which ones are NOT. Minors, elderly, pregnant and nursing (could cover more than half of all childbearing-age illegal alien women!), victims of “serious” crimes (what defines “serious”?), disabilities/health problems (does diabetes count? depression?).

    The Morton Guidelines above, coupled with today’s announcement suspending deportations equals a potential amnesty for MILLIONS of illegal aliens – all without ANY Congressional action or authorization.

    This disgraceful end-run of the rule of law and constitutional principles must NOT stand!

    Large employers expect big increases in healthcare costs in 2012, and say they'll pass more and more of those costs on to their workers. That's the result of a new survey by the National Business Group on Health, a trade group for these large companies. Members say they expect their 2012 costs to be 7.2 percent above their 2011 costs, which are trending 7.4 percent above 2010 costs.


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    Carol
    Carol
    Admin
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    Posts : 31527
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    Location : Hawaii

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    Post  Carol Thu Aug 25, 2011 9:49 am

    SHORT NOTES

    Goldman Sachs Group Inc. (GS) lowered its forecast for U.S. economic growth in 2011 on signs the recovery in the world’s largest economy lost momentum.

    The U.S. will expand 1.5 percent this year, down from a previous forecast of 1.7 percent, Goldman economists in New York including Jan Hatzius said in a note published on Aug. 19. Credit Suisse was also among banks lowering growth forecasts last week.

    Sales of new U.S. homes declined more than projected in July to the lowest level in five months, indicating the industry is struggling to stabilize two years into the economic recovery.
    Purchases fell 0.7 percent to a 298,000 annual pace after a 300,000 rate in June that was slower than previously estimated, figures from the Commerce Department showed today in Washington. The median projection in a Bloomberg News survey of economists called for a 310,000 rate in July.

    Wholesale costs in the U.S. rose more than forecast in July, led by higher prices for tobacco, trucks and pharmaceuticals, showing declines in commodity expenses have yet to filter to other goods. Compared with July 2010, companies paid 7.2% more for goods last month.

    U.S. meat consumers are swapping premium steaks for cheaper ground beef as concern for high unemployment and slower economic growth forces families to trim their food budgets, according to industry researcher CattleFax.  retail ground-beef prices… climbed 17% this year and averaged $2.774 a pound in June, the highest since at least 1984. 

    The Houston area lost a net 9,200 jobs last month… the creation of 5,100 private sector jobs couldn't make up for the loss of 14,300 government positions. Job losses included 14,900 in local education and 700 in state education.

    Retailers are raising prices on merchandise an average of 10 percent across-the-board this fall to offset their rising costs for materials and labor.


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    Carol
    Carol
    Admin
    Admin


    Posts : 31527
    Join date : 2010-04-07
    Location : Hawaii

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    Post  Carol Thu Aug 25, 2011 9:59 am

    GOLD, SILVER, PLATINUM AND PALADIUM

    On Monday spot gold closed up $39.80 to $1,888.70, as December rose $47.70 to $1,899.90. Spot silver rose $1.16 to $43.59 and September rose $1.34 to $43.77. At 6:55 am the government attacked sending gold from plus $30.80 to $10.90 by 9:20 am EDT. Silver was up $1.43 and got knocked down to plus $0.38. During the course of the day gold and silver then reversed under an avalanche of buying. The gold and silver suppression cartel were defeated again, but they will be back tonight in the access market and again in the morning. We see nothing stopping gold and silver until gold reaches $2,200 and then corrects to $2,000. Silver will break out to $60 to $70 as well. Commercial shorts in both metals are getting their heads handed to them and it is going to continue. It is called commercial signal failure. It is underway and it will continue. An increase in gold margin requirements would hurt the shorts as much as the longs.

    Venezuela’s withdrawal of 99 tons of gold from Bank of England may be a catalyst. We think they may not have the gold and may be forced to borrow it or default, which would make gold go crazy. In that process confidence would be lost in all central banks. Mr. Chavez wants $11 billion in gold from the US and Europe and that will cause higher prices. If no gold is forthcoming gold will rocket and silver with it.

    Our government has for a long time been trying to limit gains in gold and silver to 1% or at worst 2%. These formulas are now being exceeded; so new guidelines are being established. We will soon find out what they are. We also wonder what the cartel will do to offset the waning success of their derivative attacks due to the power of the physical gold market. Increases in margin requirements are not working.

    Gold open interest rose 64 contracts to 521,310, which is small considering the upward move. That means short covering is really fueling this gold move. Silver OI rose 5,797 to 121,950 a giant move. JPM and HSBC have their hands full. The HUI rose 23.75 to 605.04 and the XAU rose 6.68 to 217.12.

    Consumer Edge Research says their Consumer Economic Index was 45.4 in July down 1.5 points from 46.9.

    The Fed of Chicago National Activity Index improved to minus 6 in July from minus 38 in June. The 3-month moving average rose to minus 29 from minus 54.

    Second quarter MBA delinquency rate rose to 8.44%. 12.54% of all mortgages are late or in foreclosure.

    Gold imports by India may be 950 to 1,000 tons this year versus 963.1 tons last year.

    Small bars and coins in Germany and Finland are almost impossible to find.

    Sales of scrap gold in India were about 90 tons last year and flows this year are off 5%. Sellers are holding back expecting higher gold prices.

    Over the last week the net of total volume of shares traded in seven major gold and silver producer companies, on the short side was an average of 39%. 3% to 5% is normal. In spite of nice upward moves in these shares your government and hedge funds continued shorting. The most heavily shorted was RGLD at 61%, followed closely by NEW and PAAS, which were above 50%.

    We believe that over the past two weeks a turn has occurred and that the wanton shorting could be coming to an end. You can call it the change in the rhythm of the market. Don’t forget these shorts have to eventually cover and that puts a prop under the share market.

    Since 2008 the British have been cleaning out safety deposit boxes, some 7,000 so far, based on the premise that the contents are the result of criminal activity. Those who have complained regarding these seizures are charged with various crimes, such as money laundering, drug dealing, firearms position and pedophilia. Let this be a lesson to Americans. You may be next.

    The Dow rose 37 to 10,854, S&P rose 3 and Nasdaq 19 Dow points.

    The 10-year T-note yielded 2.09%.

    The yen fell .0042 to $.7672;

    the euro fell .0015 to $1.4367;

    the pound rose .0003 to $1.6480;

    the Swiss franc fell .0040 to $.7890

    and the Canadian dollar rose .0004 to $1.0102.

    The USDX rose .15 to 74.16.

    Oil rose $2.15 to $4.55,

    gas fell $0.01 to $2.83

    and natural gas fell $0.06 to $3.88.

    Copper fell $0.04 to $3.96,

    platinum rose $34.70 to $1,90660 and

    palladium rose $16.30 to $765.10.

    The CRB rose 2.30 to 331.77.

    For late breaking news we believe Bank of America is finally going to fail, probably prior to the end of the year and perhaps as early as in September. If you bank with them you might want to move your accounts to another bank.

    On Tuesday spot gold fell $30.40 to $1,858.30, the December contracts fell $62.70 to $1,829.20.

    Spot silver fell $1.30 to $42.28, as September fell $1.55 to $41.77.

    Over night gold went as high as $1,917 at 7:00 am EDT gold was off $6.90 and silver $0.42.

    The pm London gold fix was $1,876, so we knew early an attack was underway.

    Gold open interest rose 10,414 contracts to 531,724, as silver OI fell 861 to 121,089. Shares fared very well under the circumstances. The XAU fell 5.46 to 211.68 and the HUI fell 21.12 to 583.92. AEM fell 2.74%, or $1.87 to $66.43; GG fell 5.28%, or $2.86 to $51.28; SSRI fell 2.85%, or $0.79 to $26.95; MFN fell 2.95%, or $0.50 to $16.45 and PVG fell 1.20%, or $0.12 to $10.05. One thing this most recent rally has done is attract buyers. Pro gold and silver sentiment is climbing. Many buyers are returning and many new participants are joining in as well.

    UBS joins many other banks in the layoff hit parade, as they prepare to fire 3,500 employees.

    German Labor Minister and CDU Deputy President Ursula von der Leyen said future bailouts in euro zone countries should be covered by gold as collateral.

    Kazakhstan’s National Bank will buy all locally produced gold.

    The Dow rose 315 to 11,170,

    S&P rose 359 and Nasdaq rose 600 Dow points.

    The yen rose .0009 to $.7666; the euro rose .0071 to $1.4438;

    the pound rose .0001 to $1.6498;

    the Swiss franc fell .0022 to $.7904

    and the Canadian dollar rose .0017 to $1.0119.

    The CRB rose 2.66 to 334.43.

    Oil rose $1.67 to $86.10,

    gas rose $0.01 to $2.90

    and natural gas rose $0.10 to $3.99.

    Copper fell $0.02 to $4.01,

    platinum fell $40.30 to $1,865.40 and

    palladium fell $2.15 to $762.95.

    The CRB Index rose 2.66 to 334.43.

    COMMODITIES

    Agricultural losses from a drought in Texas have reached a record $5.2 billion and may worsen without more rain, Texas AgriLife Extension Service, a unit of Texas A&M University, said…  Losses exceed the previous record of $4.1 billion during a drought in 2006



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    Post  Carol Thu Aug 25, 2011 10:04 am

    CANADA

    A man from Surrey decided to quit his corporate job and return to the land to grow food for the food bank.

    Jas Singh decided to plant potatoes, acres of acres of them, enough for the Surrey Food Bank to feed all its customers for most of the year. And today those potatoes will be harvested and picked up.

    So far, it's been a labour of love for Singh. The Surrey farm he is using to grow the nutritious vegetable was just sitting idle for years, but he had a vision to turn the land into a charity farm funded by the community.

    “My heart goes out to people who are struggling, and it is more about those people and the people who help, like the food bank. You know, you look at the faces of the people at the food bank and see how hard they work,” says Singh.

    This charity farm would not have been possible if not for the generosity of volunteers, businesses and other farmers like Ken Nootebos, who donated time and equipment to this project.

    “It was all on faith basically, farming is all on faith. That's basically why I'm in it,” says Nootebos. With a project based on faith, it was fitting that they called this land “God’s Little Acre.”

    This is the first year the potatoes will be harvested. The crop could yield as much as 50,000 pounds. That is up to $25,000 in value. Next year, they hope to expand the project to 30 acres with additional vegetable crops.

    But they need sponsors that would lease their land for cheap.

    “A lot of land in the Lower Mainland here is just sitting. It used to be productive land, and now it is just hayfields,” says organizer John Edmondson. “So [Jas’s] vision was -- why could not we take some of that land and start growing food for people who needed it?” 
 Singh has already spent $6,000 of his own money on this project, and he is committed. He left the corporate world, worked on a friend’s farm and this one on the side. He did not even tell his father about the project at first, worried about what he might think. “He looked at the farm and my dad, basically he said, ‘You're an idiot. If you had told me you had been doing this work, I would have helped you.’ So I have a secret weapon next year, my dad is coming on board as a partner.”

    To help Jas, you can email him at Jassingh65@hotmail.comm

    If you want to be able to afford a house, look anywhere but Vancouver. A new report released by RBC shows that while most housing markets across Canada continue to be reasonably affordable, Vancouver skews the overall picture.

    The RBC housing affordability measure looks at the percentage of monthly pre-tax household income that would be spent on owning a home. That would include homeownership costs like mortgage payments, utilities and property taxes.

    Across the country, it takes nearly half of a household income to own a two-storey home. That went up by almost two per cent in the second quarter of 2011, and the housing affordability in Vancouver is largely to blame for the eroding national average.

    RBC says up to one-third in the national housing affordability drop can be attributed to the Greater Vancouver Area since the beginning of this year. The report suggests Vancouver's sky-high market valuations drove B.C.'s affordability measures to their worst levels on record. Price gains for bungalows, in particular, added to a significant loss of affordability in the province.

    To own a benchmark detached bungalow in Vancouver would take 92.5 per cent of a household income. That compared to Toronto at 51.9 per cent and Calgary at 37.1 per cent.

    The report is quoting “anecdotal evidence,” suggesting extreme unaffordabiltiy of owning a home in Vancouver is driving local buyers away, while foreign buyers continue to propel higher-end property values, making owning a home all but a dream for an average consumer.

    Canadian factory sales declined for a third month in June, the longest drop since the last recession, led by petroleum and jewelry.  Sales fell 1.5% on a seasonally adjusted basis.


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    Post  Carol Thu Aug 25, 2011 10:09 am

    EUROPE

    The euro region would become an “inflation community” if member countries decide to sell bonds jointly without unifying their fiscal policies, German Finance Minister Wolfgang Schaeuble said today.

    “Unless there is a single financial policy in the euro area, there won’t be a single rate of interest” on debt sold, Schaeuble said at the finance ministry in Berlin.

    Selling common bonds with a single interest rate would spark inflation and destabilize the currency as long as the euro area doesn’t have a single budget policy, Schaeuble said in his first public engagement since returning from a summer break.

    The European Commission said yesterday it may present draft legislation on joint euro-area bonds after completing a feasibility report. The commission, the EU’s regulatory arm in Brussels, earlier this year opposed such a step because of German-led objections.

    Hyperinflation in Germany between 1921 and 1923 has influenced policies at the Bundesbank since it was created in 1949 to safeguard the stability of the deutsche mark. Inflation in Germany, Europe’s largest economy, rose to 2.6 percent in July, outstripping the ECB’s reference rate of 2 percent.

    Chancellor Angela Merkel yesterday told members of her Christian Democratic Union party that she opposed a “collectivization” of debt that would leave the bloc’s members worse off. Merkel’s party faces two state elections in September, the same month in which her coalition aims to win a parliament vote for a second round of financial aid to Greece.

    A majority of German voters oppose joint euro-area borrowing to quell the debt crisis, a poll published Aug. 18 showed. Seventy-six percent of respondents said they were against euro bonds and 15 percent in favor, according to the Emnid poll for broadcaster N24.

    Germany would face extra costs of 47 billion euros ($67.6 billion) annually if it aligns interest rates with nations that pay more to borrow, the country’s Ifo institute said on Aug. 17.

    European consumer confidence weakened more than economists forecast in August as growth in the euro-region slowed amid the sovereign debt crisis.

    An index of household sentiment in the 17-nation euro area fell to minus 16.6 from minus 11.2 in July, the Brussels-based European Commission said in an initial estimate today. That’s the lowest since June 2010. Economists forecast a drop to minus 12.4, the median of 26 estimates in a Bloomberg News survey showed.

    Europe’s economy is struggling to gather strength as governments from Italy to Spain step up budget cuts to fight the debt crisis. Pledges of 365 billion euros ($525 billion) in official loans to Greece, Portugal and Ireland, and 110.5 billion euros of bond purchases by the European Central Bank failed to fix the finances of those countries or prevent speculative attacks on Spain and Italy.

    The crisis threatening the global financial system exceeds the capabilities of developed nations and requires a new International Monetary Fund “debt facility,” former IMF head H. Johannes Witteveen said.

    “Unusual problems require unconventional solutions,” Witteveen wrote in an opinion piece in the Financial Times today. “The world’s financial system is threatened by a new crisis that could be even worse than that of 2008.” He was IMF managing director from 1973 to 1978.

    Renewed signs of economic weakness globally and the downgrading of U.S. debt by Standard & Poor’s have rekindled concern about the quality of government borrowing, especially in Europe. Slumping confidence has wiped $8 trillion from the value of equities in four weeks.

    The leaders of euro zone nations have done everything politically feasible to counter the crisis, while the European Central Bank and the U.S. Federal Reserve are close to the limit of their capabilities, Witteveen said. A new fund could tap the currency reserves of China, Japan, the Middle East and European nations such as Germany, he said.

    It “would allow the fund to borrow large amounts from all surplus countries and so provide temporary financing even for a big country such as Italy,” the former official said.

    Spain plans to put a constitutional cap on public debt before elections in November, part of a latest raft of measures aimed at proving it has its finances under control.

    The move follows calls by Germany and France last week for the countries struggling in the euro zone's debt crisis to put in place obligatory limits on deficits as part of moves to regain the confidence of financial markets.

    The general secretary of Chancellor Angela Merkel’s Christian Democratic Union, Hermann Groehe, rejected the opposition Social Democrats’ call for joint European bonds, saying the plan would cause interest rates to soar and could endanger the single currency.

    Italian retail investors are spoiled for choice as the country’s banks prepare to refinance a third of their debt at a time when the government is offering yields at euro-era records on its securities.  The country’s lenders, including UniCredit SpA and Intesa Sanpaolo SpA, have more than 100 billion euros ($145 billion) of bonds to repay by the end of 2012. The government, which has paid more for its money than financial firms for the past four months, will sell quadruple that amount in the same period.  ‘The maturities of the Italian public debt create a sort of competition with the issues of the banking sector, Paola Sabbione, an analyst at Deutsche Bank AG, wrote.

    Citigroup Inc. and Goldman Sachs Group Inc. increased gross exposures to French banks in the year’s first half before the European nation’s financial stocks plunged amid perceived dependence on short-term funding.  Citigroup boosted gross ‘cross-border outstandings’ with French banks 40% to $15.7 billion from Jan. 1 through June 30 Goldman Sachs increased claims by 31% to $38.5 billion in the first half.

    Denmark’s regional banks are cutting lending and selling off assets to generate cash needed to escape an international funding wall as policy makers grope for measures to boost liquidity.  ‘It still looks difficult for banks of our size to get money in the international markets,’ Lasse Nyby, chief executive officer at Spar Nord Bank A/S, Denmark’s fourth-largest listed lender, said… ‘We think it will remain that way for some time’.

    Russia failed to borrow as much as it intended to at a sale of ruble-denominated bonds, the third straight auction to fall short this month, as investors concerned by the economic slowdown and world market turmoil demand higher yields.

    The European Central Bank spent a record amount on government bonds last week as it began buying Italian and Spanish securities to contain the debt crisis.  The Frankfurt-based ECB said… it settled purchases worth 22 billion euros ($31.7 billion) in the week

    European economic growth slowed more than economists forecast in the second quarter as Germany’s recovery almost ground to a halt amid the worsening sovereign- debt crisis.  Gross domestic product in the 17-nation euro area rose 0.2% from the first quarter, when it increased 0.8%.


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    Post  Carol Thu Aug 25, 2011 10:11 am


    The head of Germany's Commerzbank Martin Blessing has called for a unified European economic policy organized by a finance minister to stabilize the single currency. The only alternative is to abandon the euro, he said.

    Investor confidence slumps to 2008 lows (23 Aug 11)

    Merkel emphasizes 'no' to eurobonds, for now (22 Aug 11)

    Rösler says financial transaction tax must apply to all EU members (19 Aug 11)


    "We need a real European finance minister with the appropriate powers," Blessing wrote in a guest column in Sunday's Welt am Sonntag newspaper.
 He said the recent summits between Chancellor Angela Merkel and French President Nicolas Sarkozy had produced unsatisfactory results, opening the door to a continued lack of confidence in the markets.

    The top bank manager said there were only two ways out of the current debt crisis: a return to national currencies, or fiscal unity for the European Union.
    Blessing said the idea of a common economic government was the first step in the right direction, but that it was currently not being implemented forcefully enough.
    "The instruments in place up till now have just bought time, but have not addressed the fundamental problems of the currency union," he wrote.
    "But if we come to the conclusion that all our efforts cannot create a stable legal and political framework for our common currency, we should not shy away from abandoning the euro," he wrote.

    He said that only strong institutions with the power to intervene in the budget sovereignty of individual euro-states would help. He said only this would force national governments to stick to financial conditions.

    Blessing also suggested the EU should be allowed to impose taxes, and to construct a common debt agency to issue government bonds.


    LATIN AMERICA
    Brazil’s economy shrank in June for the first time since the global financial crisis of 2008, causing traders to increase bets that the central bank will cut interest rates this year.



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    Post  Carol Thu Aug 25, 2011 10:15 am


    AUSTRALIA

    FEATHERS RUFFLED AT THE AUSSIE CENTRAL BANK AS MCKIBBON GETS HIS SHIRT OFF, BUT IS THERE ANY MUSCLE: Outgoing Reserve Bank board member Warwick McKibbin has called for an end to the majority of business leaders on the central bank board because they might not be tough enough on inflation. (Warwick, we've got a solution to your problem: stop printing Aussie dollars at the RBA and stop importing cheap currencies such as the Yen and US Dollars and lending them out as usury to every day Aussie battlers who shouldn't be borrowing more, let alone can afford what they owe). The call from the Australian National University economics professor comes amid widespread business complaints that the non-mining economy is being crunched by the Reserve Bank's 4.75 per cent cash rate and the strong dollar. (Yes, it is). There is no evidence that the business majority on the Reserve Bank board has ever rebuffed Reserve Bank governor Glenn Stevens, but the politically independent central bank (no, its not independent, it's privately owned) faces a growing conflict between the softening non-mining economy and its official forecast that inflation will bubble up above its 2-3 per cent target. (You're kidding aren't you? Inflation is 12-13%, you're Aussie Dollar money supply has been increasing 10% year on year for the past 10 years, yet your Aussie population, births, deaths and immigration have grown on average at 2%? You're papering over a fiat paper problem and like paper mâché, your mechanics are hollow inside. Let's face it, you're buggered!) And its board may have become more "dovish" following this month's exit of inflation "hawk" Professor McKibbin and former Telstra chairman Donald McGauchie.

    The nine-member board includes two professional central bankers - Mr. Stevens and his deputy, Ric Battellino - along with Treasury secretary Martin Parkinson. Unique among the world's central banks, the majority is held by five business members: former finance executive Jillian Broadbent; Fairfax Media chairman and former Woolworth’s boss Roger Corbett; BlueScope Steel chairman Graham Kraehe; former Woodside Petroleum chief executive John Akehurst; and BG Group's Australian head Catherine Tanna. (Wow, what a line up!) Wayne Swan last month broke the board's 50-year tradition of also including a prominent academic economist. He replaced Professor McKibbin, whose second term expired on July 30, with one of his and Paul Keating's former advisers, John Edwards, who also has been Australian chief economist for HSBC Bank. (No surprises there about that appointment). Professor McKibbin suggested he was not reappointed because of his criticism of Labor's economic policies, particularly its budget stimulus spending. He said the business members had provided valuable intelligence on the economy during his decade on the Reserve Bank board. They had "made their position clear" amid the board's "robust discussion". "I think in a sense it has been good luck that the people who have been on this board during this period all have been outstanding," he said. "But can you always guarantee you will always have quality people? "What if you need to raise rates at some point and it is going to cause a few problems for certain sectors of the economy and the business community thinks it is going to be a problem?" (Mate, you need to get out more. The shops are full of stock but no one's buying. They're maxed out. They don’t want to buy any more, they don’t want to spend. What's not leased is being offered 6 months free rent. Your inflation policy has consumed the consumer.

    You're screwed! Drop the cash rate and they'll keep paying down debt. Even the un/misinformed are doing it, makes them a lot smarter than what you give them credit for. A degree or professorship is not a pre-requisite for commonsense). Professor McKibbin says the board's structure should be rebalanced to three Reserve Bank staff (no that would be handy and more easily influenced), three academic economists or external experts (expert: by definition, 'x' marks the spot and a spurt is a 'drip' under pressure. Stop gloating; you're not that clever. Even a child knows that if leave a tap running that the sink will overflow if you don't pull the plug). And three business people. "We should be worried about inflation," he told The Australian.

    (Mate, if Auusies are paying down debt at rates not seen in forty years, where's the inflation coming from? They’re not spending and they're not demanding higher prices. That means prices should be falling. But no, you clowns keep importing the inflation from your colleague central bank agencies, that like junkies, keep distributing the 'zeros' like there's no tomorrow). "The central bank has been able to put a lid on inflation breaking out (no you haven't, its 12-13% at minimum and that’s being kind) because it has been permitted to stand up (its not standing up and you know it. If it were, why would you be commenting such remarks in this column) and say this is how the world works and this is how we are going to respond." The current crisis over the European single currency highlighted the dangers of letting politics intrude into a good policy framework, he said. (Politics, your cronies lent more money on top of lent money to governments of countries who could only not pay their current loans let alone repay the new default loans, now you and your mates are going to fleece their national assets on fiat money that was created out of thon air). Professor McKibbin favours excluding the Treasury secretary, whose board membership is often justified as helping co-ordinate budget policy and monetary policy.

    "What if you have got a very political Treasury secretary who is concerned about the government of the day, which could be against good policy?" (Flip-side, what if you've got the Nutty Professor on the other side with his finger on the Keynesian printing press button?) Professor McKibbin asked. Signs of increased popular interest in Reserve Bank politics surfaced last week when the Nine Network's finance editor Ross Greenwood reported "incredibly well-placed information" that Mr. Stevens had pushed to lift the Reserve Bank's 4.75 per cent cash rate at the August 2 board meeting only to be overruled. But Greenwood quickly added he had discovered this information to be false. (No he wasn't, his Intel wad spot on. Ross Greenwood is down the line. He was told to withdraw the comment and announce the Intel was false). The real story, he told Nine's national evening news, was Reserve Bank disquiet about a "deliberate attempt to undermine the board and the governor". More obvious central bank divisions have emerged in the US Federal Reserve and the Bank of England. Amid last week's market turmoil, Ben Bernanke's Fed voted 7:3 - its biggest split in two decades - to keep its funds rate close to zero "at least through mid-2013".

    Although the Reserve Bank has not been forced into such "unconventional" monetary policy, it is being tested by the mining boom's two-speed economy. A paper to the bank's annual policy conference this week by head of research Jonathan Kearns and assistant governor Philip Lowe said the board was "unusual by international standards" in having a "majority of part-time external members drawn primarily from the business community". "Its critics raise the issues of conflicts of interest and the capability of part-time members to question the views being put by the RBA executive," Mr. Lowe and Mr. Kearns said. "In contrast, supporters of the current structure point to the importance of bringing timely, real-world experience to the RBA's deliberations and the generally successful outcomes delivered by the current arrangements." (Some people really like talking themselves up, don't they) The board also is unusual in not revealing its members' votes. The argument against transparency is that business members would find it awkward to resist special interests if their votes were public. The Reserve Bank's May board meeting agreed that "higher interest rates were likely to be required at some point" in order to keep inflation within its target.

    Shortly after, Mr. Corbett played down the issue. "We have got very moderate inflation," he said in an interview. The Fairfax Media chairman said Australia's main problem was its "bipolar" economy. (No its not, its polar. Aussies have woken up to your monetary expansion doctrine and hate paying down what they owe, stocking up on food supplies and re-establishing community values and barter systems). The August 2 board meeting discussed whether to lift interest rates despite the slowdown in the non-mining economy. Money markets are now betting that the latest financial turmoil instead will force the Reserve Bank to cut. (You can't force people to spend, they know what your up too, its too late). The steelmaking competitor to Mr. Kraehe's BlueScope this week criticized the Reserve Bank for keep interest rates too high. With the Reserve Bank staff naturally concerned about rising inflation (how about a gold standard and limits to Aussie dollars printed and foreign dollars imported?) some of its business board members understandably worried about a softer economy, interest rates will likely remain on hold until the outlook clears. (Oh dear!)


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    Post  Carol Thu Aug 25, 2011 10:20 am

    INDIA

    Investors in India are dumping bonds and pumping record amounts of money into gold as they seek refuge from inflation and the financial-market turmoil that was spurred by developed nations’ debt crises.


    CHINA

    Chinese corporate borrowing costs are rising at the fastest pace this year, reaching a record compared with interest rates on government debt, as bank lending curbs drive companies to the bond market and the economy cools.

    China cracked down on illegal ‘hot money’ cases worth a combined value of more than $16 billion, a 27% rise from a year ago, the State Administration of Foreign Exchange said.


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    Post  Carol Thu Aug 25, 2011 10:21 am

    THIS SENIOR CITIZEN NAILED IT!!!!!!!!!!!!!!

    Alan Simpson, Senator from Wyoming, Co-Chair of Obama's deficit commission, calls senior citizens the Greediest Generation as he compared "Social Security" to a Milk Cow with 310 million teats. August, 2010.

    Here's a response in a letter from PATTY MYERS in Montana... I think she is a little ticked off! She also tells it like it is! Listen up. Direct from Ms. Myers:


    "Hey Alan, let's get a few things straight.

    1. As a career politician, you have been on the public dole for FIFTY YEARS.

    2. I have been paying Social Security taxes for 48 YEARS (since I was 15 years old. I am now 63).

    3. My Social Security payments, and those of millions of other Americans, were safely tucked away in an interest bearing account for decades until you political pukes decided to raid the account and give OUR money to a bunch of zero ambition losers in return for votes, thus bankrupting the system and turning Social Security into a Ponzi scheme that would have made Bernie Madoff proud..

    4. Recently, just like Lucy & Charlie Brown, you and your ilk pulled the proverbial football away from millions of American seniors nearing retirement and moved the goalposts for full retirement from age 65 to age 67. NOW, you and your shill commission is proposing to move the goalposts YET AGAIN.

    5. I, and millions of other Americans, have been paying into Medicare from Day One, and now you morons propose to change the rules of the game. Why? Because you idiots mismanaged other parts of the economy to such an extent that you need to steal money from Medicare to pay the bills.

    6. I, and millions of other Americans, have been paying income taxes our entire lives, and now you propose to increase our taxes yet again. Why? Because you incompetent bastards spent our money so profligately that you just kept on spending even after you ran out of money. Now, you come to the American taxpayers and say you need more to pay off YOUR debt. To add insult to injury, you label us "greedy" for calling "bullshit" on your incompetence.

    Well, Captain Bullshit I have a few questions for YOU.

    1. How much money have you earned from the American taxpayers during your pathetic 50-year political career?

    2. At what age did you retire from your pathetic political career, and how much are you receiving in annual retirement benefits from the American taxpayers?

    3. How much do you pay for YOUR government provided health insurance?

    4. What cuts in YOUR retirement and healthcare benefits are you proposing in your disgusting deficit reduction proposal, or, as usual, have you exempted yourself and your political cronies?

    It is you, Captain Bullshit, and your political co-conspirators called Congress who are the "greedy" ones. It is you and your fellow nutcases who have bankrupted America and stolen the American dream from millions of loyal, patriotic taxpayers. And for what? Votes. That's right, sir. You and yours have bankrupted America for the sole purpose of advancing your pathetic political careers. You know it, we know it, and you know that we know it. And you can take that to the bank, you miserable son of a bitch.



    If you agree with what a fellow Montana Citizen - Patty Myers says, PASS IT ON!!!!


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    Post  LeeEllisMusic Thu Aug 25, 2011 3:29 pm

    GREAT response by Patty Myers! LOL
    That was classic!

    And thanks for the thread, Carol! I love you

      Current date/time is Tue Mar 19, 2024 4:08 am