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Market Snapshot as Europe Implodes
Despite some better-than-expected macro data overnight (admittedly marginal), investors continue to retreat from any European exposure as sovereign stress leads to financial stress and drags non-financials into an austerity-driven slowdown. The snaps wider in credit markets are very reminiscent of crises past when being hedged at any cost was more important than any short-term trade opportunity.
It appears we are entering an endgame of sorts and with the vitriol from Merkel (isn't considering possibility of Euro Breakup), Draghi (don't 'expect' bond purchases forever), Schaeuble (Tobin Tax is warranted, aid is conditional, and Euro 'joint liability' won't fix crisis) growing louder and more strained and where decisions are being forced on a broad swathe of desperate politicians and bankers by a market-driven maelstrom.
Both equity and credit markets are bearing the brunt but credit seems the most aggressively beaten down (beta adjusted):
Main +12 to 177bps
XOver +44 to 738bps (handily wider than a closed HY now for over a week)
SovX +13 to 322bps
SENFIN +20 to 266bps
SUBFIN +33 to 476bps
Main Ex-FINLs +10 to 155bps
Germany +5 to 83.5bps
France +14 to 184bps
PIIGS (average) +18 to 1002bps
GDP-weighted European sovereign risk is breaking to new wides at 260bps (as Greek 10Y spreads among others make new Euro-era wides):
As we have noted in the past, short-sale bans don't work - French and Spanish banks on the list are now notably negative:
European equity indices are a sea of red:
And ES is hurting overnight (retracing more than 50% of the recent swing low-to-high):
Chart gallery courtesy of Bloomberg
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Rumors flying about downgrade for Italy coming.
Notice Greece is barely in the news as now it is written off. Italy or Spain (which tries to go unnoticed) next for major economic collapse.
If Italy or Spain goes, there's no stopping the train to hell. Even Ben can't print that much money.
" If "?
they can print any amount of money they want, the issue is when does printing money no longer "work", and at what point does the house of cards collapse and all the printed money trigger hyper inflation
Bunga Bunga!
Halleluja brother. Made serious money today.
Buy Mortimor buy
The meltdown continues, pass the popcorn please.
Brace for impact Bitchez!
ZH has become a weird place where gazillions of obscure people seem to have gathered for the sole reason to enjoy their own (and others') gloom-and-doom-posts Which, while sometimes amusing and eloquent for most part lack knowledge, facts and are more and more pure pieces of heavily biased crap. Worthwile financial news and insights are by now far and few between, the quality of this page is descending in lock-step with the S&P, BofA's stock price and the credibility of the poltitical and economic elites. A few more weeks and I am done with this website - unfortunately.
Thanks for coming out. Why read the comments section, then?
In over a year here, I can't remember any insigtful posts with your name attached. In fact, I don't find your name memorable at all.
Therefore, the exit is that way ====>
p.s. What's there to discuss anymore? The path is clear and the die is cast.
When my fiance asks me what I am doing, I answer that I am reading "destruction porn" It is true there is a growing amount of this topic out there to fill the void between the crap of the MSM, the way the world really works and what we have been told.
The only thing is that this "destruction porn" happens to be spot on.
It's hard to tell, for me, ever since I started rocking a new pair of frames everything has goldish or silverish tinge. I'll just assume we're swimming in a sea of red...
So I'm pretty certain my gold wont be much help in the coming apocalypse
Im pretty certain you are right, unless you have lots of friends who have militia skills.
They don't call them Soldiers of Fortune when they're working for anything but Gold.
Try farmers markets...can usually get chickens and goats for gold/silver.
Why is that? You can use it to hit thieves over the head as the try to steal your last crust
Time to rebalanced your precious metals portfolio, less gold and silver, more brass and lead. Stock up on food, it's still cheap and easy to obtain.
Have no fear. The bad guys are not going to win. We haven't even begun to fight back yet. Just by buying gold and silver you are freeing yourself of the system. Stay away from the corpoate players in the fix as much as you can. Buy organic, grow a garden, build your communtiy of friends and learn some new skills. Don't turn yourself over to the negativity. Stay strong. Stay positive and be a leader for those just waking up. They have snuck up on us and have a head start. People are waking up more than ever now. There will be some fierce and ugly battles, but in the in end the good and the truth will prevail. They will not succeed.
Amen. Dont forget to practice your new skills, all. Talk is cheap & won't save your bacon!
Cheers,
Beef
Maybe you could sell that morphine you said you'd kill your family with.
You're right,....gold is no substitute for a functioning brain, troll.
this year's high in spread today between 3M euribor and 3m OIS pointing to further escalation in eu banking sector. (funding need anyone?)
BRING IT ON. Got an earful from a buddy for constantly going on about the coming Collapse. "People are talking about you, why don't you shut up about it" Look I said, it's coming and I'm only trying to warn you. He still didn't want to hear. So now I'm done with helping people. BRING ON THE PAIN x
As a social observer I am curious as to the real driver of your comment (and there are tens of thousands that feel like you, or more).
Are you rooting for collapse primarily because
1)It brings successful people down and therefore raises your relative standing since you were an underachiever in the capitalist regime?
2)Because you want to be 'right', even at cost of no longer living with cell phones, internet, and imported food?
3)Because you think the world will be a better place somehow post collapse, (provided we dont kill all the animals for bush meat and clear cut forests for heat?)
4)Other
As I have often said on this site, be careful what ye wish for - there are some gigantor non-linear effects that will occur if the Euro disintegrates - you might not 'enjoy the pain' as much as you might think...schadenfreude is a bitch.
Hey, chief, how the hell do you cure an illness without taking your MEDICINE? All this CRAP about people WISHING for a collapse is BULLSHIT. People want to CURE our problems and make the Country strong for future generations. Many of us understand the PAIN that is necessary. We are prepared to endure PAIN, but far less than other unprepared/sleeping Americans. We are merely attempting to warn people of what they hear in the media and to prepare to SAVE themselves and their families from EXCESSIVE pain. Capiche?
The threat of pain to come from the downfall of the corrupt status quo is offset by the pain that is already being heaped on those not culpable for the current fiasco.
What we need is new winners and losers based upon historic precedence ... bankruptcy and moral hazard. Those who took credit and reaped rewards get to now face all the blame and ... of course ... losses.
Nate H @ 9:03
What about the fellow's actual words? He's trying to warn people about what's coming so they can protect themselves.
So as a social observer, I'm curious about the actual drivers of your comment.
1. psywar troll for the DOD
2. deep denier who cannot fathom what might well be approaching
3. other
3. Other
Mainly as someone who has studied social systems and recognized the overshoot symptoms of our own, and was rooting for its quick demise and rebirth, but after delving deeper discovered this was naive - this complex system won't work well (or at all) in reverse and there is a real, non-zero chance of entire grids and supply chains going down - (i.e. forever) if a major currency fails (Japan we might get away with, but not Euro). And, to a lesser extent, seen explosion of opinions in blogosphere, mostly by people that have part of the story correct, and get dopamine surges by ranting as Rome burns, but ultimately the rants are empty ego-satisfiers and help nothing in building a sustainable, meaningful future.
as to 1) and 2), I think despite what many think, big (organized) government may soon become our greatest hope. As to 2), no - I am very aware of what some of the trajectories in next few years could be - (though it would be impossible for anyone to know them all, or which one is most likely).
Though I recognize the risks, my gut pattern recognition (based on reading history) is that things will be better than most fear/imagine. But still a nasty bottleneck around the corner. Though energy is the driver, I am not worried about resource shortages, etc in near future - I am quite worried about human behavior...
Nate:
I too share the same thoughts and often say to myself "Bring it on already. Let's get this depression rolling."
But it is not as you suggest, to be "right" or to shove it in anothers' face.
I have worked hard my whole life and really have gotten no where. I cannot retire with anything substantial and will not have a windfall at 60 to keep me afloat another 25 years. I kept values about money and greed in check and did not go crazy borrowing like many others. I made some small investments, some worked, some didn't. The point is: I am frustrated by being taken advantage of by the greed that encompasses this country and what Wall Street stands for. The corruption is pervasive. So, if someone doesn't want to acknowledge what is coming, I say "bring it on". Nobody gave a shit about me when they were borrowing to finance their lifestyles, so I don't give a shit about them when this ponzi crumbles and leaves many, if not most, of those pigs in shock.
BRING IT ON.
Duplicate...MFDS system!
4) other: the longer it goes on the worse it will be. It IS coming so lets get it out the way, sitting around waiting sucks.
1) To your first point. Not successful people who becam welthy through hard work. Hence why I am personally trying to tell my firends to prepare. The ones who I don't believe deserve it, I don't tell.
2) "no longer living with cell phones, internet, and imported food". I personally don't see an apocolypse coming. I do see a major change in how we as a society run our economies and our world i ngeneral.
3) Everything comes in cycles and thats where we are now. Coming to an end in this current cycle. The world will continue, the sun will come up in the morning. Life will go on but in a different form. We are living through one of the greatest times in human history, embrace it.
4) Other, yes that too. NA naa I was right. You should have listened. Best of luck to you in the years ahead.
if we could somehow purge our system of (huge) inequality, environmental degradation, and various social ills and get back to a meaningful cultural carrot other than GDP, and do so smoothly then I too would be rooting along with you. I have studied this for enough though that the financial/currency mechanism is too intertwined in our daily lives and a true break there might just break everything due to loss of exchange ability in a world where import substitution policies are suppressed. OECD nations are NOT prepared for a major currency to fail. Immediate response would be martial, and they aren't prepared for supply/medicine/supply chains etc. (e.g. little to no antibiotics are produced in USA, 35% of our nitrogen imports come from one carribean island, etc.)
I think the system is messed up and we should be constructing a better paradigm, but not be so smug that the end of this one naturally gets us to a better one - i.e. the chronology is backwards
curious, which island?
http://www.ers.usda.gov/amberwaves/february04/findings/usincreasinglyimp...
rather near. . . Venezuela, hmm.
thanks CA...another sobering statistic from the article:
"Today the U.S. imports over half of the nitrogen and 80 percent of the potash fertilizer used on its farms."
WARNING: Is Nate H a Marxist?
Who is We? Are you honestly supposing that big government is the answer? That it can somehow magic away inequality and social ills? That it can establish meaningful culture? I hope you are not proposing a We, as in the government.
Because that sounds like a Totalitarian State there, buddy. Everything under the State. I want no part of social engineering, and would rather socialist scientists stop taking my earnings to then meddle in my & my neighbors affairs. The system is so unstable precisely because of Central Planners' manipulation on top of manipulation, eating away at the links of hidden complexity which makes our way of life possible. Read Leonard Read's "I, Pencil." please.
If the government were to scale back, America would bounce back. But the rent-seeking Academic, Corporate & Government Planners are busy building the kind of State which would fictitiously "cure" the inequality, environment, and society, while actually draining the wealth of the productive. One may observe the world, but using force to "ensure" some particular outcome across broad society will do more harm than good. The US Treasury is empty. Big (organized) government spent it all.
I want to be free. If it takes collapsing the present Authoritarian State to win Liberty, so be it. I know that the parasites enmeshed throughout the government will not go easily. Other peoples' money is an acquired taste.
Forgive me if i have mischaracterized your argument, but be aware I oppose Marxist "Big (organized) Government" in all its forms. Many here also do. Perhaps that is why some wish for the collapse. Or perhaps not. I have no business guessing what others think, nor forcing them to think my way.
Yours in freedom,
Beef
4)Other: He may actually care for his fellow "man" and wants them to be prepared for the coming doom!
Well, at least that is the category that I fall within......
And BTW, for your social observer categories 1)I am quite successful and highly educated 2)I do not want to be right because I understand the impact it will have on the most important people in my life (my family) 3)I think the world is quite lovely like it is b/c most everyone alive today has a fairly high standard of living and actually "have it good"...
The collapse can achieve anything and everything - although it rather depends who you talk to.
It will bring about the end/new begining for socialism. It will ruin/reinvigorate the arts. It will rid the world of plutocrats (either that or make them stronger). It will bring starvation or plenty of high quality local food etc, etc.
In all likelihood, it would do all of the above. It would rather depend on where you live. The theme that runs through all Collapsophiles is a belief in greater self determination.
This entire website is devoted to assist in bringing about an enormous crash. It's banned in some companies because of the effect they feel it could have on their staff. But surely that's like a turkey voting for Christmas....but then I imagine TDs phys holdings would be enough to buy a small country post crash.
"As a social observer I am curious as to the real driver of your comment (and there are tens of thousands that feel like you, or more).
Are you rooting for collapse primarily because..."
Observer notices large boulder peal off from rock face and begin to plummet to campsite below.
Observer yells to campers:
"Look Out! A large rock is going to hit you! Run!"
Nate H then replies:
"As a social observer I am curious as to the real driver of your comment. Why are you rooting for that rock to hit that campsite?..."
Nate H. doesn't realize they are not rooting, they are observing and everyone else is blind.
When the collapse comes, they will line-up to SOCIALIZE your preparations. Be sure that you are more than willing to share your supply of LEAD.
Another one who thinks the entire world will behave as he would.
I will gladly exchange some of my preps for:
*Goats
*Silver
*Gold
*Motorcycles
*Gas
etc
(I may even exchange one of my Duck eggs for an Ipad, I've always wanted one).
Nothing you can really do to open some people's minds up. I've warned family and friends but you can't prepare for them. Hopefully things don't get as bad as most people predict. :/
I was talking with a prepper friend last night about it. Neither of us want a collapse (it would really suck big time), but if it comes food and water are our main concerns (if you need medical help you would be screwed). The longer TPTB can kick the can, the more time we have to prepare. I like shopping at the grocery store, raising (or trying to raise) your own food is tough, hard work. I would never "cheer on" the collapse of the system, because there will be a great deal of death and destruction as a result. I do understand your frustration with trying to "wake" people up to the real concerns out there, but most people won't (or can't) contemplate the future you are trying to describe to them. Take the time to watch this video from analyticalsurvival (very good source of information on prepping) regarding "warning" people. I think it will help:
http://www.youtube.com/watch?v=yW8iChA0Z5Q
"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
John Kenneth Galbraith
Indeed.
Most people "get it" or they don't. There aren't many cattle that are willing to jump off the moving truck on the way to the slaughterhouse.
Except Keynes, he was a proud flip-flopper.
I like it!
Snidely, you got a whole lotta good quotes. Keep em coming.
Very good. Another grab for my quotes file.. This place is a goldmine.
Thanks
I get that all the time. They don't want to hear. Even when I show them the figures which pretty much prove that a financial disaster is inevitable, they don't want to hear. They say I'm "a bit paranoid".
I convinced one of my friends to buy some gold. All the others have declined - "too risky". They have their money in ISA accounts and bonds. In some cases, in BANK bonds!
Tell them one time... When you are both sober and, preferably, alone...
Let them have lots of time to consider what you have said. Do not return to the subject, ever. If you continue to harp on the subject, any subject, you accomplish nothing except possibly losing some friends.
Never forget: People's fear of change is almost as great as their fear of death.
If you manage to change one persons mind you should consider that a great accomplishment!
It was you, you fucker, you caused it!
You're a witch, knowing when things are going to happen.
No...not knowing, causing I think.
Yeah, you fuckin' caused it, you did.
You bastard! Well we are see to it that you don't cause anything else, ever.
Get the rope, boys!
(coming soon to a backyard near you.)
Football is starting, the World Series will be coming soon, and hockey too. Jersey Shore and American Idol, Dancing with the Stars......don't bother the masses will their impending economic collapse. They're too busy watching tube.
Football reminds me of the Romans, the World Series is too boring to contemplate, hockey makes me want to punch things, as does Jersey Shore...American Idol and Dancing with the Stars remind me that more people believe they are talented than actually are.
Mostly, TV makes think that maybe eugenics has gotten a bad rap.
No UFC reminds me of the Romans. Bloodsport is always popular towards the end.
whoaa there now DB, lets not put football in the same category as world series, hockey, jersey shore, AI, Dancing, etc....well, at least college football.
why college football? b/c it is alot of 'kds' that are doing something they love and they only get 'paid' a small amount of money to do it......only a few will make it to the pros so the majority are doing it b/c of love of the game....
I try to do he same thing and get the same sort of responses. The only time they listen is when the market goes down, gas goes up, or EU riots are televised and they wonder what's going on.
I'll never stop though. I don't want them to be wiped out and have to move in with me when the SHTF!
Can't they all just print more money to make the problems go away?
Can't they all just print more money to make the problems go away?.
I heard praying works.
How did that work with the lions?
The lions prayed harder!
Billy Sims and Barry Sanders, hallowed be their names.
Yes and all that yellow metal will be useless...if fact I will take yours if you are still keeping some of the barbarous relic
"Can't they all just print more money to make the problems go away?"
The "Zimbabwe Solution"?
http://www.truthalliance.net/Portals/0/Archive/images/news/2011/06/100Tr...
Please keep posts short and on topic. As a recent member of the ZH community I emplore other new members to respect ZH by, supporting claims with evidence, and avoiding wild speculation.
Who died and left you in charge?
I am just sick of reading hunderds of posts filled with crystal ball projections that give no supporting evidence.
Don't let ZH turn into HuffPo
You are a recent arrival. Zero Hedge is what it is...
If Tyler Durden wants to change the site it's up to him/her to do so...
We do not need anyone coming to this site and deciding, unilaterally, to alter the site or it's content...
WoodMizer must love the EU. OOOoo we're just one big single minded happy entity...DO NOT THINK OR EXPRESS ANY FORM INDIVIDUALITY...ooo I feel so warm inside
Personal baseless jabs do little to further dabate. I am an anarcho-capitalist.
I respect your position; freedom of speech is what makes ZH my home page. I hope Tyler continues to keep ZH as free as possible.
I think some of the more speculative and off topic arguments, should be explored on the message boards.
We don't care what you think about how ZH is organized and managed...and, by continuing to push your agenda you will convince us that you are a troll.
Is that really what you want us to think of you?
Sure thing King Turd of Crap Island, now shut the fuck up and get in line with the rest of us. Welcome to fight club.
In that case fuck off.
When you start your own prissy website, please let us know, so we can block it.
I have a crystal ball; its usually foggy, misty and cloudy but suddenly I can see a tall dark silhouette in your future!
There is nothing out there, including ZH, that could into the steaming pile of emo goo that is the Huff Post. Well, maybe talkingpointsmemo but that comes with their name.
Well, I don't want to burst your bubble, but ZH has a cult following among some of the fringe elements of our society. There are some who have no clue what the posts are about, but find solace in being amongst their peers and encouraging one another about such things as survival preparation, buying only PHYSICAL PM's, and last but not least "I think the shit has really hit the fan this time". It does not seem to bother any of them that the "end" has happened almost every day for several years. This time is really the big one. Until tomorrow that is.
Having said that there are plenty of money managers, hedgies, day traders, macro economists, philosophers, etc., and those here to learn more about the inner workings of high finance. For whatever reason the PM collectors have the loudest voices and comment the most. You will certainly not change ZH, but it is a great site and plenty of the commenters are some of the brightest people you will ever come across. If you stick around you will see reading the comments sections is like separating chaff from wheat. Think of it as a bar with a lot of people talking over one another. After awhile you will recognize names that you want to pay attention to.
Welcome, now back to the corner and shut your goddamn mouth! If its your first night, you have to fight, bitch.
No counter party risk Bitchez! Ain't it a beautiful thing !!!
So, don't read the ones w/o suppporting evidence, that way you won't get sick. Changing your own boorish behavior is easier than asking strangers to change theirs. I'd give you supporting evidence for that but then you'd just question the link -- so put your middle finger to good use and google it yourself, take your pick.
Can you kindly request to TPTB to come to clean, be honest and stop spinning so we won't have to try and put the pieces together ourselves? Thanks in advance.
The evidence comes after the crime. ZH is all about frontrunning the crime and more at finding the clues of the comming crime than the proof of the crime.
You'll learn my little padawan :)
Think of ZH as a collection of "Precogs" coming together to visualize economic pre-crimes.
Posting whatever pops into their heads, to be chewed up and mostly spit out by the others. The Cliff notes welcome is that a collapse is coming, banksters and politicians are criminals, gold is good, black swans are not rare they are everyday events and prepare to get your ego bloodied at this intellectual fight club.
Pretty good take on whats going on here... I am adding one...
We are here watching a slow motion train wreck, in real time, together. We have made a collective decision that the current world economy is doomed to failure by excessive credit creation and excessive fiat creation. We are gathered in a theatre where talking, drinking, smoking are allowed... News continously pops up on the screen and, when it does, many of us comment on the 'new' news and try to fit it into the puzzle of 'older' news that has been confirmed over time.
Feel free to add/alter/junk...
The first rule of fight club is we don't talk about fight club
Icky-icky-icky-fatang-boing-nee-whomp-knee.
implore..??
Implore, bitchezzz!
Europe is finally toast - or a least a lovely buttered croissant. And how did our friends in Asia do overnight? Panic yet? Here in the good old USA it's all snooze, snookie, and Bud Light. Until tomorrow when, one hopes, maybe a trickle of blood in the streets, at least?
All of asia is in the red, except for Pakistan, Indonesia and Sri Lanka. South Korea took the biggest hit; all their indices down ~ %4.5.
GOOD IDEA!!!
LET'S ALL PUT ARE MONEY IN THE PAKI STOCKMARKET!!!
I already found this Paki company called: IED INTERNATIONAL.
I don't really know what they produce, but they seem to be making a hell of a profit these days and turnover doubles EVERY YEAR!! IT'S LIKE THE NEW APPLE!!
HAHA - gawd, that kinda humour will land us in all in hell smoking infernal fiat cigars!
If I didn't have all my "mad money" tied up in the Zimbabwe Paper and Ink Co., I would surely invest in IED International (ticker symbol: BOOM).
EU:
EU Stoxx50 2107.27 2107.27 2173.50 2091.40 -113.45 -5.11And Germany looks worse.
This is not implosion. I define an implosion as an at least 10% down day.
What do you call something that collapses 10% over several days, a DOWNTREND?
Yup
yes, unless there's a small UPTREND of 0,1% during at least 1 minute. Than we call it a SOFT PATCH.
Transitory? or HFT Micro Trend?
Take a look at the German 10 year bond yield. Last Wednesday at 2.22%, Thursday at 2.15%, Friday at 2.01%, currently at 1.87%. Epic flight to quality...
I fear the quality might not be as high as expected.......for one thing they are denominated in EUR.
Wenn they pay back in new Deutschmarks the quality may be even higher than currently assessed. You never know...
Is India next?
http://www.bloomberg.com/news/2011-09-04/workers-play-cards-at-idle-indian-factories.html
It's just socialisme at work. THE SYSTEM WORKS!!
people just dont want to hear, or believe it
http://buygoldsilver.org/2011/09/debts-deficits-dollar-collapse-yea-whatever/
http://www.guardian.co.uk/business/2011/sep/02/dealing-with-grim-economic-news-burkeman
try quoting Ayn Rand,
then tell him not to bother coming round yours when it's too late, and walk away.
this is Darwinian natural selection at work, those with inferior reasoning abilities are not going to make it.
I've never understood why advocating social darwinism is considered taboo.
To quote T.D.
"Lets evolve. Let the chips fall where they may."
Perhaps because you're unaware that you're one of the chips?
Just Make sure you're reading and considering more than just ZH.
Tyler's been spewing gloom and doom since at least June, 2009, and we know how the market has moved in that time.
CW
Oh I've done quite well since the '09 lows, not just in PMs. Whover says you can't time the market in this environment is full of shit. Who knows, maybe we'll have a fresh banking/collapse every two years. :)
4 trading days this week and ALL of them will be NEGATIVE! It does not matter what politicians will say...and not do...what Benster will say...and cannot do....first there has to be a lot of fear...a lot thereof, scared shittles politicians, even more scared shittles 401Ksters...etc! S&P below 1000 and then, then we might get something! QE2 didn't do shit for the job market, it's official, it's public and this is the main problem, "how can we get the bancheros more money without the street mob starting a riot?"!?!?!?
Next week, quo vadis!
I'm sorry Joe, Woodmizer says you cannot post predictions without supporting links
I "predict" bunches of sarcastic comments directed at Woodmizer. My proof? Your comment, for one! :>D
Nope, they have a plan, as soon as the prez gets back frow screwing around. Permanent unemployment until you retire, india has shown us the way.
First ABN Amro says they are a zombie bank....
Than Deutche banks says the same...
talke about boosting confidence in the markets :)
We all know when banks tell this to us themselves that the problems are X1000!
Saturday I bought all the silver dollars that were for sale at the local farmers/flea mkt. Almost 200 and mostly Peace Dollars. No Chinese copies...Silver just became a little more scarce in these parts...
Like the US Gov, I have not audited my silver for a couple of years... but I am not interested in selling so it doesn't matter at this time...
Here is a funny video about GLD, which was a recent topic here...
http://maxkeiser.com/2011/09/05/really-good-chris-of-theweeklytelegram-breaks-down-gld/
Hows Iceland getting along these days?
Their citizens lost 40% of their wealth.
The jobmarket is death and everybody lives from the land.
I sense a possible trend.
Yeah, new trend is cod fish, potatoes and cabbage... and an occasional mutton stew.
Healthy but boring...
sounds more sustainable than unbacked fiat
Presisdent of Icleland said this Sunday (h/t Drudge) that EU and IMF tried to bully Iceland into making taxpayers pay to bailout the Landesbanki collapse and losses. They rejected it. they are doing much better than Greece, and don't have the sovereign debt hanging over their heads.
hosting their annual music festival in October, with
http://www.icelandairwaves.is/
DIY folks.
I don't know, I woke up this morning and the world hadn't ended yet? Hmm
Seriously. There's a wicked case of groupthink going on here.
It's called "math". The numbers are bad, and getting worse by the day.
One doesn't have to engage in groupthink to KNOW that when a Formula-One racing car is heading towards a wall that the driver is NOT gonna have a good day!
maybe not, but we are off to a good start...
Winner … Warren Buffet – loser … my Aunt Jane
Winner … Political elite – loser … marginalized/disenfranchised
Winner … banks – loser … the rule of law
Winner … Wall Street – loser … Main Street
Winner … speculators – loser … investors
Winner … spenders – loser … savers
Winner … bailed out – loser … American Tax payers
Winner … large corporations – loser … small business
Winner … executive corporate employees – loser … shareholders
Winner … criminals – loser … everybody else
i like you!
are you hot?
Like a 50 inch flat screen TV in a LA riot!