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Frontrunning: July 1
- Must watch: "A gigantic ponzi scheme, lies and fraud" - Howard
Davidowitz on Wall Street (TechTicker) - The fanatics turn on their guru: Apple sued over new iPhone reception problems by consumers (Bloomberg)
- Shocker - Fed acquired shit assets from failing banks and completely misrepresented these under oath. (Bloomberg)... Um, we kinda warned about this in October of last year.
- BP oil spill cleanup work hampered by hurricane (Reuters)
- More theatrics from AIG's Benmosche who threatens to quit unless Harvey Golub quits (Bloomberg)
- Jim Willie - Path to gold backed currency (Market Oracle, h/t John)
- The stimulus is now over - global manufacturing slowdown shows weakening from China to Europe (Bloomberg)
- Accused spy: from Russia with gripes (WSJ)
- Cold War support for Russian "spies" on networking site (Reuters)
- Even Elian is happy not to be in the US any more (Reuters)
- IPO filings hit post 2007 high amid losses as everyone scrambles to cash out (Bloomberg)
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Looking at the EUR/USD daily chart there's like an inversed head & shoulder forming. If true, USD might be headed down further. Anyone sharing in this?
Bloomberg posts video that details money laundering by Wachovia and BofA:
http://www.bloomberg.com/video/61169668/
Anybody seen 'The Internationalist?'
no... but I did watch "The Boner" last night. It was about 4 chicks: 2 blondes, 1 redhead and 1 asian chick getting fucked over about 50 times in a row. The internationalist dvd was just next to that one in the video store. So it must be in the same category.
The movie has been discussed here a few times; excellent representation of you-know-which acronym. Film only reveals its true meaning once viewers understand what it's portraying.
In other words, complete tinfoil stuff.
I look at it as economic sci-fi.
Getting around the 'save-the-baby' routine without dismissing the film(they could have pushed a stroller down a stair) is a major challenge. But with the onset of a decline, you'll see a whole society of refuseniks, anarchist crazies, military intervention - man, its all there.
Timmy G. PHD and Benny B. PHD will answer that question pretty soon.
I have oneone answer to all this weirdness: vacation/walk-about.
Load up your packs, shake it down, and use up some mole skin.
For the third day in a row,
the only "green" on my screen
is coming from BP.
Meanwhile, it looks as though a crisis is looming ...
does the SEC have a rule in place whereby
a certain percentage point move on stocks denotes cloture in the Senate?
They have no choice now ... they MUST openly court inflation ...
I'm shorting BP, do you really thing they will be able to finish the relief well in juli? THEY EVACUATED THE RIGS BECAUSE OF THE STORM!
Been reading Jim Willie for about ten years. He has a PhD in Statistics, really knows his chit. Well worth a look. Just sayin.
Jim Willie looks up to Jim Cramer and wishes he had Jim Cramer's audience.
Mactheknife, I hope your comment was made in jest. If you were serious, explain how the world will grow M2 when gold is currency? How much new gold will be needed every year? Do you nationalize the mines to ensure gold is produced; and no neo-Anglo-Russki-Cookie Monster group gets their hands on this new lever of economic power?
No, the government will do exactly what the Romans did, basically debase their gold and silver coins over an extended period of time until the money becomes void of any gold or silver and is essentially worthless.
If I remember my US history, the Feds did exactly the same thing with silver coins in this country until they finally eliminated any silver in circulated coins in 1964.
Of course, FeDReserve made it illegal to use gold coins as currency in 1933, so the Feds only had silver to work out of the system through debasement.
Anyone remember the good ole days of silver morgan dollars, then they stopped minting those and replaced them with paper fiat dollars along with silver dimes, quaters, and half-dollars, all the while minting coins with less and less silver, until eventually in 1964 no circulated coins were minted with silver by the government and replaced with base metals.
Even if the Feds went back to using gold and silver as currency, with a public as uneducated about the value of money as the American people, how long before the Feds start the debasement scheme all over again.
I believe the Feds could go back to a fiat backed by gold/silver and still print paper dollars to the moon. The apperance that the money is backed by gold/silver would only be a ruse to fool the plebians into thinking their currency still had value. Sure you could cash in your dollars for gold/silver (US citizens only, and no gold/silver allowed to be shipped out of country, if caught, lengthy federal prison sentences), but the vast majority of people are so wedded to credit cards and carrying paper dollars I doubt we'd see a rush to load up on safes to store all your gold/silver bars, except by the goldbugs of course. And, of course gold and silver would have to be valued appropriately to make if virtually impossible for the average schmuck to cash in his paper fiat. Maybe the Dow won't hit 36,000 but gold/oz sure would.
With the current set of criminals running American Criminal Enterprises, LLC anything is possible, and knowing the American public they'll buy it hook, line, and sinker.
WTH happened with the Euro rising overnight? Does someone out there think their austerity music plays well? That they'll fare better in this collapse? Sure, if they get back to authoritarianism quick enough.
Exactly - WTF EUR?
Bernanke must really be worried about jobs number and S&P under 1000 tomorrow morning cuz it looks like a completely normal 220 pips move in under 12 hours.
More interesting is equities and crude seem to be completley ignoring the move.
I think that it will be a short-lived rally, but could be dead wrong. Got long EUO, with tight stops by my standards. If it works out, great. If not, I haven't left much skin on the road.
Howard is a classic!
Glad to see that the control fraud message eloquenty voiced in testimony by William Black is getting more play. I hope that it gets a lot more play.
When having a conversation with folks about TCTHNN (when they bring it up), I start off explaining the fraud during the S&L days, and it's prosecution. Once that ground work is laid, it usually doen't take much to get them to understand AIG et al in the fraud context.
Knows his stuff cold, plus great delivery. I keep expecting him to say "I don't get no respect!"
His calls on retail over the course have quelled some of that Dangerfield action.... but ya, the "markets" haven't looked this good since before electricity, baby. The dance of the living dead..
http://www.youtube.com/watch?v=cMVvTl83gWg
Pending home sales -30%...ISM June decline to 56.2 from 59. Construction spending -0.2%
Wow.
9757.55 taken out. Almost touched/breached 9678.95. Looks like it won't hold for very long.
Maybe Apple worshipers will finally realize their stuff isn't "magical" it's just engineering and not the best engineering at that. This antenna thing is an unforgivable bonehead mistake that a junior apprentice should have caught, a widely known problem area that all cell companies have to deal with.
EURUSD buying support detected for some time now, has returned again and the daily chart is now neutral to bullish.
http://stockmarket618.wordpress.com/about
Trashing PM's today, why no mention?
9000?......LOL.........look for 6000.
Certainly a lot of details like that to take into consideration. Thanks windows vps | cheap vps | cheap hosting | forex vps