Ron Paul Proposes Elimination Of Education, Energy Departments, Lowering Presidential Salary To $39,336Submitted by Tyler Durden on 10/17/2011 08:57 -0500
Today at 3pm on Las Vegas, perpetually ignored by the media on both the left and right presidential candidate Ron Paul will announce details of his $1 trillion proposal in government spending cuts, which will be the start of a process to balance the Federal budget in three . As Politico reports, "the Texas congressman will lay out a budget blueprint for deep and far-reaching cuts to federal spending, including the elimination of five cabinet-level departments and the drawdown of American troops fighting overseas." Amusingly, and if there is anything that will Paul brownie points with an electorate disgusted by those spreading hypocritical class warfare, "there will even be a symbolic readjustment of the president’s own salary to put it in line with the average American salary." Which will simply make it a given that every president going forward will have at least three laid off Hollywood scriptwriters preoccupied as ghost writers and writing presidential "autobiographies." For the royalties. But we digress. "The federal workforce would be reduced by 10 percent, and the president’s pay would be cut to $39,336 — a level that the Paul document notes is “approximately equal to the median personal income of the American worker.” We somehow doubt that even Paul will go as far as proposing a much needed overhaul of campaign finance, which basically forces every politician to wear sponsorship tags of all the Wall Street banks that have "gifted" a given politician and/or president in the past 5 years, but we can surely hope.
It's starting to look like a real parade...
What eventually became the Arab Spring is spreading and quickly becoming a Western Winter. Protests in Europe and America are growing in size and intensity. Awareness of the unfair and crony-capitalistic nature of our current political/financial system is spreading. Americans of all economic, geographic, philosophic and political stripes are questioning the very foundations upon which our “prosperity” has been based for decades. Slowly they are realizing that they were always playing a rigged game that they were never designed to win. As you’d imagine, this is not sitting so well with them and some are starting to stand up and make their voice heard. Don’t think for one second that this is going to stop. Americans by the millions are losing their homes, their jobs, their savings and their futures.
"The most difficult challenge in writing about the Iranian Terror Plot unveiled yesterday is to take it seriously enough to analyze it"
"I went to a boxing match and a hockey game broke out." --Rodney Dangerfield...."I went to a debate and a freak show broke out."--WilliamBanzai7
The Media Boycott Heats Up.
Another poll, another blow (for Obama). While it is no surprise that the president's rating has tumbled to record lows over the past few weeks, courtesy of his inability to fix the unemployment problem, and to fix the bank loan situation (whether that is a function of lack of supply or demand is unclear, but it is broken dammit, the punchliners will say), according to the latest IBD/TIPP poll, "a majority of Americans now oppose giving President Obama a second term." And while this means that our chart which calculates how many jobs Obama will have to create by the end of his second mandate to get back to December 2007 unemployment will have to be scrapped, it still leaves the question open of which Republican is more qualified than Obama to preside over the Wall Street bribes collection agency. Oh and running the country every now and then.
Who would have thought it possible? Greece, a tiny country on the Mediterranean which is, in the grand scheme of things, economically insignificant, has become the centerpiece of the global financial media and the “make or break” sovereign debt battle for the entire European Union. Let’s face it; Greece dominates the psychology of the markets. Even after a “partial” default this year, equities still hang upon every new EU meeting, every new IMF press release, every meaningless conference between Merkel and Sarkozy, causes violent swings in the Dow, not to mention every other stock index across the world. Greece collapsed months ago. The discussion is over. Yet, global investors still wait anxiously for a sign that all is well in the land of the Parthenon and the Gyro.
Here comes the Cavalry!
No, Obama is NOT the answer ...
Fed Chairman Bernanke testimony, second useless Op Twist POMO and August factory orders. And a whole lot of political things happening.
Indian Silver Demand Leads to Supply Issues, Capacity Stretched, Higher Premiums - Asian Bullion Demand Remains StrongSubmitted by Tyler Durden on 10/04/2011 06:40 -0500
Those continuing to be bearish on gold and misdiagnosing a gold bubble (for a variety of simplistic and ill thought out reasons – see Commentary) are ignoring the deeply held belief in gold as a store of value of some 3 billion people in Asia. They also ignore the small but growing number of buyers in the western world who are diversifying into gold leading to an increase in allocations to gold from a miniscule base. These buyers include hedge funds, banks, pension funds and most importantly central banks. These buyers continue to rightly focus on gold’s value rather than its price. Physical demand for silver remains high and is being reflected in a slight uptick in premiums. GoldCore have seen continuing coin and bar demand and physical buyers are not being deterred by the latest sell off on the COMEX market. Those buying silver continue to expect silver to rise to $50/oz and many expect silver to rise to over $140/oz which is the real record (CPI inflation adjusted) high from 1980. Demand from western buyers remains minimal as buyers remain a contrarian few with the majority of investors and savers having no allocation to silver whatsoever. However, this is not the case in Asia where both gold and silver are held in far higher esteem and appreciated for their wealth preservation qualities. Indian demand has been very significant in months and has accelerated in recent days after the sell off and tentative signs of a bottoming.
For those who miss the daily reruns of the televangelist driving the audience into a frenzy with chants of "pass this bill", before the donations plate is passed around, fear not: there is much to look forward to in the next few days, headlined by the Chairsatan, who already has his eye on the turboprint button all over again, who will testify on his economic outlook to the Joint Economic Committee later today.
Divide and conquer, boys ... divide and conquer!