Archive - Jul 18, 2011

As if a global solvency crisis and a possible rekindling of the only middle-east conflict that matters were not enough, here is China to remind everyone that keeping 1.3 billion people happy is not very easy. According to AP, "Several attackers, a policeman and three others were killed Monday during an attack on a police station in China's far western Xinjiang region, state media reported. It said other police rushed to the scene and shot dead "a number of thugs." One policeman, two hostages and a civilian were also killed, Xinhua said. A woman from the information office of Xinjiang Public Security Department in Urumqi confirmed the attack, but would not give any details. As is common with Chinese officials, she refused to give her name." To be sure the official explanation is one that breaks down the conflict along ethnic lines: the last thing the Chinese need is a spark to realize that the unhappiness they may feel (especially those without access to off balance sheet bank loans to fuel their gambling habits), is all too real.

Homebuilder sentiment and capital inflows data. And lots and lots of European and other headlines.

Absolute bloodbath in Europe:

• Italian 10-Year Bonds Extend Drop; Yield Climbs to 6 Percent
• Spain 10-Year Bond Yield Surges to Euro-Era Record 6.31 Percent

And more from Bloomberg...

As expected, gold is now over $1,600, after fears about Italy are back, the EUR is tumbling, and questions over the sustainability of fiat and Keynesianism are once again front and center. Elsewhere, silver is over $40. Unless a miracle appears out of nowhere to save the Eurozone and its fake paper currency, we expect $2,000 by the end of the year in gold, while silver should promptly regain its all time nominal highs of just over $50.

First of all, Money McBags has to apologize for this column’s lack of timeliness but ever since he has gone to....

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Wow.