• Steve H. Hanke
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    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Q2 GDP Revision Better But Doesn't Meaningfully Change Prospects For Q3

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Thu, 09/29/2011 - 09:33 | 1721708 MFL8240
MFL8240's picture

Still negative growth after inflation.

Thu, 09/29/2011 - 09:47 | 1721747 janus
janus's picture

sorry, MFL -- had to seize a top-spot for this one (this is something janus NEVER does; but in this case i felt bold action necessary). 

JANUS HAS RECEIVED A MESSAGE FROM OUR BROTHERs WES ANDERSON, THE WILSON BROS. & BILL MURRAY:

http://www.youtube.com/watch?v=a6Kl9Ab20IY

take dead aim, bitchez! janus is scopin you crusty cunts of greenwich out; you bitchez can't buy backbone, and janus won't let you forget it!

thanks, mr. bloom, i really think you're right about rushmore,

janus

Thu, 09/29/2011 - 10:03 | 1721783 BetTheHouse
BetTheHouse's picture

Here's a message: Shut the fuck up.

Thu, 09/29/2011 - 10:16 | 1721788 slewie the pi-rat
slewie the pi-rat's picture

inflation~~~the latest FED "twist"

much of the analysis tyler posts, yesterday, our friend peter tchir, i thought, fails to account for the new centrally-planned econom and the almost absolute powers of the chairsatan over "banking" since the last "banking" debacle

thus, the SNB devaluation & euro-peg looks like centralBanskster cabal collusion and one heluva move, in historical market-perspective

now, it seems, the transitory inflation has now given way to transitory deflation

wtf~~i told ya theese guys were good! 

anyhow, re: the politics of the europeon bailout & germany's central role:  merkel can do this w/ deflation;  with inflation, the germans would never put up with this shit;  with deflation, they can't wait to get in line and let the banksters re-fi and save the EU "system", too!  greece is negotiable, it seems

there will be QE, but it may not come directly from the FED but from other centralBanksters in the franchise structure

meanwhile the strength of the dollar in the face of this "other" printing is deflationary, but only transitorially so, i would think, in terms of the centrally-planned and managed "capitalist" econom and world-class freaking fiat

perhaps we'll even be treated to prez0 campaigning on the strong dollar under his masterful tutelage, too!

Thu, 09/29/2011 - 12:10 | 1722197 A_Mutz
A_Mutz's picture

Everything I read on this site states that the US Ecomony is in a recession.  Who's right?  Or is 2.5% GDP growth a recession?

Thu, 09/29/2011 - 09:36 | 1721712 GeneMarchbanks
GeneMarchbanks's picture

Great, we're looking good then? Someone tell those goons on Wall St to go home now it's all been fixed.

Thu, 09/29/2011 - 09:57 | 1721771 SheepDog-One
SheepDog-One's picture

Yep, its all fixed now, Bernank can stop the ZIRP, the HFT, the hand holding of bond rates daily and they can all go home....we're recovered.

Thu, 09/29/2011 - 09:37 | 1721714 Careless Whisper
Careless Whisper's picture

The Careless Whisper Morning Report

 

GoldmanSachs Hit Men "Eliminate" Trader Alessio Rastani In Taiwanese Animation

http://www.youtube.com/watch?v=KVgmqC9cT2M

Verizon Adds 1 Million Fake Customers; Verizon Franchisee Accused Of Fraud

http://www.nypost.com/p/news/business/verizon_pre_paid_tangle_0colc0vovm...

Mexican Supreme Court: "Life Begins At Conception"; Acts To Protect Unborn Children

http://latino.foxnews.com/latino/news/2011/09/29/mexico-high-court-lets-...

"Fast And Furious" Guns Show Up In El Paso Texas

http://www.latimes.com/news/nationworld/nation/la-na-atf-guns-20110929,0...

Dubya Gets A Hard Workout At Gay DC Gym

http://www.dallasvoice.com/president-george-w-bush-gay-gym-1090589.html

See Something Say Something? 20,000 Abandoned Suitcases At Florida Airports

http://www.sun-sentinel.com/news/broward/fl-airport-auctions-20110928,0,...

Police Chief Accidentally Texts She-Male Porn To Constable Running Against Him

http://www.youtube.com/watch?v=Us-2trv5ZLo

China Advances Space Station

http://www.guardian.co.uk/world/2011/sep/29/china-space-station-launch

Teen: I Drink My Boyfriends Blood, And His Friends Blood, I'm A Vampire; Denies Murder Charge

http://bcove.me/d2rce0ww

Palm Beach County Sheriff's Deputy Charged With Grand Theft Auto

http://www.sun-sentinel.com/news/palm-beach/fl-sheriff-deputy-arrested-2...

Thu, 09/29/2011 - 09:44 | 1721739 ISEEIT
ISEEIT's picture

I like what you do. Keep it up and thanks for the time you put into it :)

Thu, 09/29/2011 - 10:00 | 1721780 snowball777
snowball777's picture

Dubya Gets A Hard Workout At Gay DC Gym

He just wanted to find a community that understands what it's like to choke (on "pretzels").

Thu, 09/29/2011 - 10:08 | 1721791 Spastica Rex
Spastica Rex's picture

GW hasn't caught teh gay. He caught teh stoopid many, many years ago.

Thu, 09/29/2011 - 10:23 | 1721828 HelluvaEngineer
HelluvaEngineer's picture

"I like you people but I'm still gonna beat the hell out of y'all"

Thu, 09/29/2011 - 09:38 | 1721717 Gandalf6900
Gandalf6900's picture

fix unemployment......check

improve economy and domestic production.....check

monitor blogs and make sure they don't talk shit about me.....check

get my minions to print more fiat....check

send warren his bubble soap.....check

wash my underpants....wash my underpants!!!!

Thu, 09/29/2011 - 09:50 | 1721755 SheepDog-One
SheepDog-One's picture

Wipe out any plausible pretext for needing QE3,4,or 5....check.

Thu, 09/29/2011 - 09:39 | 1721720 nontaxpayer
nontaxpayer's picture

Always sensible to see how John Williams interprets the figures...due today.

Thu, 09/29/2011 - 09:39 | 1721722 disabledvet
disabledvet's picture

In other economic news "weather today: rain...with chance of clouds no less."

Thu, 09/29/2011 - 09:41 | 1721729 dpr10
dpr10's picture

how can you expect 2-2.5% growth in the second half when all the ISM numbers are headed downhill?? and the auto production is worse than expected in August??

Thu, 09/29/2011 - 09:50 | 1721754 Johnny Lawrence
Johnny Lawrence's picture

Yes, I don't get this either.  Maybe I don't understand all the GDP components.  All the economic data has been deteriorating.  Someone care to explain?

Thu, 09/29/2011 - 09:58 | 1721776 SheepDog-One
SheepDog-One's picture

What makes me laugh is here in the day of HFT nano second trading, we go by numbers months old as 'new data'.

Thu, 09/29/2011 - 10:10 | 1721794 Spastica Rex
Spastica Rex's picture

Yeah, I thought the market was supposed to be "predictive."

Thu, 09/29/2011 - 10:25 | 1721832 Joe Shmoe
Joe Shmoe's picture

The market's saying pretty clearly that the economy is stuck.  Not going up, not crashing.  Just slow sideways grinding.  

Thu, 09/29/2011 - 10:05 | 1721789 adr
adr's picture

When GDP includes a government component it can truly be any number they wish. All those government paid traffic cones during the summer count towards GDP. If the jobs bill passed the governemnt portion of GDP would explode giving a nice 2% boost for a quarter or two.

Can you imagine the stock market reaction to headlines like that. That is how we went on a 90% surge in 2009. It didn't matter that the macro picture deteriorated over the entire time the market went on its record setting run. The Gov had the markets back.

If you removed government support real GDP has been contracting since 2007.

Thu, 09/29/2011 - 10:25 | 1721835 CrashisOptimistic
CrashisOptimistic's picture

Might want to remember that Q1's revisions were 1.2, 1.1, 1.3 and final look said 0.4%.  

Generally speaking, civil servants get up and shave in the mirror and when they are looking at themselves, they need at least something to lean on to keep on looking at themselves.  That something is Final Revision.  They will tolerate bullshit as long as they are assured the number will get fixed later.

Thu, 09/29/2011 - 09:41 | 1721730 Robslob
Robslob's picture

 

 

GDP back in Q2...back when things were good and Greece was solvent....ahhh the good ol' days!

Thu, 09/29/2011 - 10:38 | 1721860 RealFinney
RealFinney's picture

The last time Greece was solvent they'd just looted Troy and Odyesseus was telling his wife he'd be home in time for tea.

Thu, 09/29/2011 - 09:41 | 1721733 TradingJoe
TradingJoe's picture

most blantant window dressing i have ever seen :))) volume is litteraly non existent :))) and THEY SELL like crazzzzzyyyy :))) expect to see friday much the same then next week we dive dive dive...until options expirations and then we rise rise rise for monthly ...you guessed it WINDOW DRESSING unless well unless something "bad" happens :)))

Thu, 09/29/2011 - 09:43 | 1721734 ISEEIT
ISEEIT's picture

Ben will print alright & it ain't gunna matter. EUR is about to drop like obama. Check this link and before you laugh it off have a look at the source. This is no FT 'rumour'.

Seriously...........HAVE A LOOK.

 

http://www.economicpolicyjournal.com/2011/09/super-hot-insider-reports-g...

Thu, 09/29/2011 - 09:46 | 1721745 Robslob
Robslob's picture

 

 

This would fit perfectly with the 1st time ever 5 Central Bank coordinated bail-out by The Fed, BOJ, SNB, ECB and .....

 

It doesn't matter.... for the love of God man just print something...anything!

Thu, 09/29/2011 - 09:46 | 1721742 kito
kito's picture

the bernankster laughs at those who believe his time will come to an end!!!!  bwaaaahhhaaahahhahhaaaaaa  he will live on foreverrrrrrrrrrrrrrr......... bwaaahhhahhahhahahah

Thu, 09/29/2011 - 09:48 | 1721749 PulauHantu29
PulauHantu29's picture

Much better....mmmmmmm...

Thu, 09/29/2011 - 09:50 | 1721752 Dick Darlington
Dick Darlington's picture

Bullish!

*BLOOMBERG COMFORT INDEX SINKS TO SECOND-LOWEST ON RECORD

*SENTIMENT AT RECORD LOW FOR U.S. HOMEOWNERS, PART-TIME WORKERS

*CONFIDENCE AMONG POLITICAL INDEPENDENTS LOWEST SINCE OCT. 2009

*CONFIDENCE AMONG MARRIED AMERICANS DROPS TO 19-YEAR LOW

*SENTIMENT AT RECORD LOW FOR U.S. HOMEOWNERS, PART-TIME WORKERS

*VIEW OF U.S. BUYING CLIMATE IS LOWEST SINCE OCT. 2008

Thu, 09/29/2011 - 09:50 | 1721753 Jayda1850
Jayda1850's picture

Thank god I got my kegerator setup this past weekend. Nothing like cold beer on tap to drown out all the fake numbers. Fuck hopium, give me a glass of HOPium!

Thu, 09/29/2011 - 09:51 | 1721759 SheepDog-One
SheepDog-One's picture

Ive got my Kegerator filled with Everclear.

Thu, 09/29/2011 - 09:54 | 1721766 TradingJoe
TradingJoe's picture

I got Loewenbraeu! :)))

Thu, 09/29/2011 - 09:50 | 1721756 jjsilver
jjsilver's picture

All Government numbers are suspect, they have been caught lying numerous times

Thu, 09/29/2011 - 09:51 | 1721757 dick cheneys ghost
dick cheneys ghost's picture

Take a look under the surface and you will see the states and cities are still broke and new york and philly are now warning of further cuts/layoffs/deficits going into 2012...........

 

http://nakedempire2.blogspot.com/

Thu, 09/29/2011 - 09:54 | 1721763 Caviar Emptor
Caviar Emptor's picture

Speaking for myself, I am overwhelmed by this powerful classic post-war expansion. V-Shaped! On steroids. Americans are living la vida loca once again, soon it will be illegal to make serious decisions while shopping. We are a service-oriented ownership society. We keep score with our stock market: it's the place where dreams are made. We are a nation of dreamers. 

Thu, 09/29/2011 - 09:54 | 1721765 Tsar Pointless
Tsar Pointless's picture

And in other news, millions of people will care more that the Boston Red Sox and/or Atlanta Braves didn't make the Major League Baseball playoffs in Amerikkka than bother concerning themselves with such trivial matters as our country's GDP and some vote in some other country somewhere they can't even find on a map and that used to have a BAD BAD MAN as its leader.

Ya see - if your country is the greatest and most exceptional in the world, then by extension and direct correlation, you are great and exceptional. There's no way great and exceptional can be improved upon or made better.

So just sit back and relax, choose from our wide variety of breads, and enjoy our glitzy and glamorous circuses.

Thu, 09/29/2011 - 09:55 | 1721768 Arkaenun
Arkaenun's picture

The market saw a bit of white powder on the coffee table, bent over, and took a sniff.

Thu, 09/29/2011 - 09:58 | 1721774 Jayda1850
Jayda1850's picture

Like any other coke high, the come down is gonna be a bitch.

Thu, 09/29/2011 - 09:58 | 1721773 adr
adr's picture

Don't you know, Europe is fixed now. verything can be solved by throwing money at a problem and expecting future generations to pay the tab. Not my problem is now the worldwide mantra.

GDP is one of the biggest fraud statistics published, even more than employment claims. The biggest problem with the market is that it trades on headlines, rumors, and talk of action. It shoots up 20% based on talk of things to come but when the talk never materializes it doesn't sell off, it just shoots higher on more talk.

All a stock needs to raly is some idiot analyst to come out and put a 20% higher price target on it. I'll never understand how saying a $35 stock should be $65 within 6 months makes it move to $60 in a few days based on no real data about the corporations sales. They are pretty much telling the corporation how much they need to fudge the books for the next quarter.

The stock market is just lies, backed by lies, made by pathological liars who have not told the truth for so long that they believe lies to be the truth. The biggest lie is that you can solve a debt problem by going deeper in debt. Somehow the entire world now believes you can.

Thu, 09/29/2011 - 10:53 | 1721893 Pegasus Muse
Pegasus Muse's picture
This is what happens when over-reaching unaccountable bankrupt governments, in an attempt to squeeze every last nickel out of their citizenry, go on the offensive.  Cut off all avenues of escape.  Time is running out for people to protect their savings.

 


GoldMoney Closing All Dutch Accounts

September 28th, 2011

Dear Valued Customer,

It is with tremendous regret that I am writing to inform you of our recent decision to discontinue offering our services to all customers resident in the Netherlands. Please note, we at GoldMoney have explored all possible options to prevent this outcome, and this is not a decision we have taken lightly. This position is unique to the Netherlands, and unfortunately because you are resident in the Netherlands, you are one of those affected, which we very much regret. Kindly allow me to explain our position:

On 27 January 2011, we were contacted by the Autoriteit Financiële Markten (AFM), the Netherlands financial regulator, which indicated that, in its view, GoldMoney was “offering investment objects in the Netherlands without a licence” in breach of Section 2:55 of the Netherlands Financial Supervision Act (Wet op het financieel toezicht, Wft). At the end of 2010, the AFM first announced publicly its policy viewpoint that investments in precious metals could – under certain circumstances – be characterised as offering of investment objects. The AFM demanded that we cease to do so until we agreed to subject our business to their regulation by applying for a licence as an offeror of investment objects within the meaning of Section 2:55 Wft. Although we disagreed with the AFM’s assessment, we voluntarily offered to stop accepting new Netherlands-resident customers as of 1 February 2011 until we could resolve this matter with the AFM.

We have dedicated the last few months to working with our Netherlands lawyers to present our case to the AFM, namely that precious metals are not included within the concept of “investment objects” regulated by the AFM, and that, in any case, Netherlands regulation is not applicable to GoldMoney because we do business in Jersey, rather than within the Netherlands. Unfortunately, we have been unsuccessful in changing the AFM’s view on this matter. As we do not want to subject ourselves, and by extension our customers, to unnecessary and unpredictable regulatory requirements, we have reached the difficult conclusion that the only way to resolve this situation is to cease all business with Netherlands-resident customers.

We intend to resolve this issue and return to doing business with residents in the Netherlands in the future. Should this be the case we will make an announcement. But in the meantime, unfortunately, I am very sorry to inform you that we are unable to offer you our services any longer. Subject to article 10-A of our Customer Agreement, we will require you to close your GoldMoney Holding. This is to occur no later than the close of business on Monday 31 October 2011.
We have outlined below a number of possible options for how you may liquidate your current position, including the physical delivery of small gold bars to your home address or a sale to cash with a free transfer of the proceeds to your bank account.

By offering you the option to take physical delivery of your gold, we hope to fulfil your expectations with regards to the physical ownership of your metals. We thank you for your business and the trust you have placed in us.

Sincerely,
Geoff Turk
CEO – GoldMoney

http://www.dgcmagazine.com/blog/index.php/2011/09/28/goldmoney-closing-all-dutch-accounts/

Thu, 09/29/2011 - 13:17 | 1722508 A_Mutz
A_Mutz's picture

I totally agree.....knowing all this, why would anyone be short the market.  Seems like you'd be playing poker at a table with a short stack against 6 sharks!  The market is completely rigged. 

Thu, 09/29/2011 - 09:58 | 1721775 HedgeAccordingly
HedgeAccordingly's picture

gotta love the 3 percent up move in crude oil in 55 minutes... 

5 min ES wedge still holding.. bearish .. today looks like a fade 

http://www.hedgeaccording.ly/2011/09/morning-s-equity-index-future-chart...

Thu, 09/29/2011 - 10:12 | 1721804 adr
adr's picture

And people wonder why gas hasn't dropped at all. t is still priced around $95 a barrel becuase all it takes is one day to getback there. Nobody trusts the $80 price because it hasn't stayed there longer than a day. The manipulation is so unbelievable, I don't understand how it can continue.

Printing in Europe should drive the US stock market down a few thousand points since that will destroy the foreign profit component of the BS earning reports. But who are we kidding printing Euros will be spun as bullish for the Euro and send the dolar ever lower. Or companies will just do what they always do and make upcustomers and sell to phony corporations.

Only another lie can keep a lie going. One truth will destroy the market in a day.

Thu, 09/29/2011 - 10:11 | 1721797 Gandalf6900
Gandalf6900's picture

European financials exploding...bearish

Thu, 09/29/2011 - 10:20 | 1721798 Clint Liquor
Clint Liquor's picture

For those confused about Gold's role, Bridget will explain it to you:

http://www.youtube.com/watch?v=aWyrjwXoIqA

 

 Tyler, you need to put this on the front page. It will go viral!

Thu, 09/29/2011 - 10:12 | 1721801 RobotTrader
RobotTrader's picture

XLF up

XAU down

TPTB has everything in full control.

Markets once again ruled by "Paper", not "Physical"

Thu, 09/29/2011 - 10:24 | 1721830 HelluvaEngineer
HelluvaEngineer's picture

are you red/green color blind?

Thu, 09/29/2011 - 10:44 | 1721885 toady
toady's picture

On mainstreet silver is $38 and gold is $1800 an oz.

What is paper worth? Alot less from what I see... And then when you try to redeem that paper? Well, good luck!

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