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Frontrunning: December 8
- A lonely voice against the Fed now leads a chorus (WaPo)
- Fitch takes the first step: downgrades Greece to BBB+, outlook negative (Bloomberg)
- More legal troubles for BofA: this time for CEO-in-waiting Greg Curl (Reuters)
- A view of things to come: Japan announces brand new $81 billion stimulus packake as recovery, ratings collapses (Bloomberg)
- Greek debt poses a danger to common currency (Spiegel, h/t Alexis)
- Hedge funds win profit on Chicago sewer debt at public expense (Bloomberg)
- The big shake up at Morgan Stanley (Bloomberg)
- Rusal IPO postponed by Hong Kong stock exchange (Bloomberg)
- United orders 50 widebody planes from Boeing, Airbus (WSJ)
- Lynn: Gold isn't the best protection against inflation (Bloomberg)
- Bernanke sayd Fed "Should have done more" (Bloomberg)
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United orders 50 widebody planes from Boeing, Airbus - stimulus in drag who is providing the financing? let's guess - US gov't
http://www.nypost.com/p/news/business/cuban_is_fumin_U7LySUPwarfuPL93RWrddO
Go Mark Cuban...get those wankers.
He is on a mission and he has the money to carry it out. The SEC messed with the wrong high-profile person.
If I were the SEC, i'd be scared stiff...who you gonna call??? Geithner to save you??? Im so glad Mark is gonna finally throw them under the bus...lol
Ahahaha I feel so prescient I wrote about Greek default yesterday morning!
"With the more or less sovereign default of Dubai, the possible bankruptcy of nation-states should be on everyone's radar again. Especially in the context of the New World financial system currently being constructed under the auspices of the IMF and BIS with the Copenhagen summit, which begins today. Regardless whether the future system is based on SDRs, regional currencies, hallucinated carbon-debt units, or some combination thereof, it will be vital to watch for further sovereign defaults. Greece is an excellent candidate. So is Ukraine. Another candidate are the Baltic states. Others include all the Club Med states for that matter, such as Italy and Spain. What does this portend for the Euro? Hard to say. Germany is carrying the Eurozone, as usual, so it will be up to the policy wonks at ECB, and by that we mean Germany.
'What would happen anyhow if Greece did not repay its debt?" the unidentified Bundesbank board member was quoted in the article as saying. "The euro is strong enough to support that."
Is it , anonymous Bundesbank member? In the words of James Bond, 'Can you afford to take that chance?'
http://www.zerohedge.com/article/good-morning-worker-drones-week-mayhem-13
Just wanted to say I'm grateful for you're weekly Project Mayham articles. Everyone on Zero Hedge does a great job of focusing on core issues and what is really important. Keep up the good work.
Lynn doesn't tell us what Gold is a protection against, and does no probing whatsoever. Fine, I excuse Lynn, since that is not the stated point of the article.
However, one of the his alternative proposals to Gold is to invest in Oil instead. He states Gold is not protection against inflation b/c it went down in price from 1980 - 2000 (during which we had inflation). How can Lynn state that Oil offers inflation protection when it ALSO went down in price during the same period??
Oil and gold function as money -- in my opinion this is the only thing keeping the USD dollar afloat. The fact that we buy oil from UAE / Saudis in dollars, then they can go exchange the dollars for gold in the futures / spot gold markets.
check out
http://fofoa.blogspot.com
All paper is still a short position on gold
http://fofoa.blogspot.com/2009/03/all-paper-is-still-short-position-on.html
Anyway gold is far superior in terms of purchasing power because of its properies. You can't store barrels of oil in your basement! Or at least one would hope not...
Oh also gold is not so much protection against 'inflation' as it is against systemic crisis.
http://www.zerohedge.com/article/gold-and-systemic-crisis
Precisely.
I didn't know Jon Nadler was president of North Korea.
"The Bank of Korea, diversifying foreign-exchange reserves away from a falling dollar, said that additional gold holdings aren't attractive as most other central banks aren't buying and the metal offers no cash returns.
'There's an illusion in gold,' Lee Eung-baek, head of the bank's reserve-management department, said in an interview. 'We follow the big trend. Gold isn't the trend. Out of more than 200 nations, how many countries have bought bullion?'"
http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2009/12/09/20091209...
"Out of more than 200 nations, how many countries have bought bullion?"
I'd say that it's not so much HOW many countries are buying gold, but WHICH ones that matter in this case. It seems that Russia, China, and India are in a much greater position to influence broader global economic trends and the fact they are stockpiling further gold reserves shows--to me, at least--that they don't have the same confidence in the long-term stability of fiat currences that other countries do.
Maybe going long on gold for these countries won't be necessary in the end, but the fact that they even feel such actions are necessary shows they aren't taking any chances.
I see the IBD/TIPP Economic Optimism (DEC) fell to 46.8 from 47.9 and they were 'expecting' 49.0