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Frontrunning: November 19
- Ron Paul and Jim DeMint: Americans deserve a transparent Fed (WSJ)
- Goldman's lost glister (FT)
- Hoyer says financial transaction tax "on the table" in Congress (Bloomberg)
- South Korea banks told to hold liquid foreign assets to prevent repeat of last year funding crunch (Bloomberg, h/t Adam)
- Weil: Wells Fargo needs TARP more than it admits (Bloomberg)
- Evans-Pritchard: Is $6,300 fair value for gold (Telegraph)
- New jobless claims benefits same as last month at 505,000 (AP)
- Fear of China property bubble (FT)
- Argentine bond restructuring "not a driving factor" S&P says (Bloomberg)
- BofA Merrill cuts 2010 global semiconductor growth view (Reuters)
- Elizabeth Warren winning would mean you can't sell it if you can't explain it (Bloomberg)
- An unemployed banker on the Appalachian trail (Reuters)
- UK outlines laws to prevent abusive short selling (Bloomberg)
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Good article on Ms. Warren, It is odd that corporations are required to provide directions and safty informations on products and machinery in very simple terms, especially if the corp. would be liable or if they have been sued before.
Explanation: When we need you to understand the information
for "our" best interest we will. When it is for "your" best interest we will not.
Evans-Pritchard piece is a cut and paste of a bunch of stuff we have read courtesy of TD and ZH.
Evans-Pritchard is MI6, so it's always interesting to see what he's looking at.
"House Democratic Leader Steny Hoyer said a tax on large financial transactions is among the ideas being considered to help pay for jobs-creation legislation."
"jobs creation legislation" means Stimulus n, right?
That aside:
Pro: A tax on large financial transactions will help to stymie the finance industry's game of generating large and increasing numbers of financial transactions on fixed amounts of real wealth - because, of course, it's paid by the transaction.
Con: A tax on large financial transactions will just cut the government (further) in on the game, giving it an (increased) short term incentive to keep the game going.
Discuss.
I love any attacks on short selling. You get the feeling that someday, if you make too much money on a short sale, or God forbid you close out a long position at the top, your name will automatically go to the IRS for examination (I know the story above is about GB).
James Turk on CNBC:
http://www.cnbc.com/id/15840232?video=1334831876&play=1
"Gold demand falls 34 percent in Q3: World Gold Council
LONDON (Reuters) - Gold demand fell 34 percent in the third quarter as high prices weighed on investment flows and led to a slump in jewelry buying in key markets like India and the Middle East, a World Gold Council report showed on Thursday.
But speculation in gold futures and expectations for more official sector bullion buying are keeping prices elevated despite a dearth of physical demand, according to the WGC's investment research manager Rozanna Wozniak...."
http://www.reuters.com/article/ousivMolt/idUSTRE5AI15L20091119
"Dearth of physical demand"?
"The U.K.’s Royal Mint, established in the 13th century, more than quadrupled production of gold coins in the third quarter after demand for the metal increased as investors sought to hedge against a weakening dollar."
http://www.bloomberg.com/apps/news?pid=20601085&sid=a0WZSz84UHjs
that would be termed "investment" demand. "physical" is jewellery in this context, of which there is very little.
You couldn't find a worse source of information on gold than World Gold Council if you tried.
Thank you.
Ah! Mr. Evans-Pritchard trying to be all contrarian - always a welcome sight. Little does he know he's himself an excellent contrarian indicator. Not a single one of my trades has failed using him in that fashion (i.e. doing the opposite of whatever he thinks is right).
a day too late but happy 10th anniversary fight club:
http://chuckpalahniuk.net/
The story Guts was mind bending. Thanks tip e.
http://chuckpalahniuk.net/features/shorts/guts