"Obama, the Congressional Democrats,
and their Keynesian Friedmanite mentors should
face up to the fact that they have overstayed
their welcome as financial managers of the
"Inflation is running at rates that are too low relative to the levels that the Committee judges to be most consistent with the Fed's dual mandate in the longer run. There would appear, all things being equal, to be a case for further quantitative easing." ~ USFed Chairman Bernanke (fool #1)
"Dollar debasement s not going to
happen in this country. It is very important
for people to understand that the
"We are in the midst of an international
currency war, a general weakening of currency.
A currency war threatens us because it takes
away our competitiveness. Advanced countries
are seeking to devalue their currencies. A
series of recent interventions by central
"With the inevitable collapse of the financial system just being right around the corner, it is not the lid that comes off the top but the bottom that is being pushed out." ~ Anonymous (gold trader who describes a system unable to push funds toward demand for price support, so that during the deterioration, the gold price skyrockets, while important financial markets teeter)
◄$$$ RESEARCH ARTICLES AND IDEAS $$$
Shortages are cropping up. Higher gold prices have not led to greater mine production. From 1999 through 2009, the average annual gold price rose 248%, but gold production fell 6.6%. That is evidence of the gold supply inelasticity, a concept raised in the Hat Trick Letter four years ago, repeated at times, and now acutely true. Mining output is down, despite scrap contributions. Coin demand remains stodgy, certain to pick up when the mania develops. See the article by Jeff Clark entitled "Gold, Get it While You Can" on GoldSeek (CLICK HERE).
In early 2009, the European central banks stopped the insane gold sales, as they lost their appetite to unload true wealth in exchange for tainted paper. Central bankers implicitly affirmed the value of gold by the cessation of gold sales. Then came in early 2010 the sovereign debt crisis, which exposed the lunacy of past official gold sales of collateral. Government promises are proving inadequate to maintain global financial obligations. Central banks have lost control over the gold price. Asian central banks will not cooperate in holding down the gold price, because they need gold in reserves to stabilize their financial systems. They also discern how the gold price serves as a device to de-throne the Anglo bankers from an abusive position of dominance, hegemony. See the article by Julian Phillips entitled "Have Central Banksters Lost Control Of Gold Market?" on Kitco (CLICK HERE).
The silver market has undergone important changes, deadly to the big Anglo banks. The rising silver price has coincided with atypical activity. The banks that once controlled the silver price are closing positions at a loss, bleeding heavily. During a recent two week period ending in early October, the big commercial players actually closed out 2300 contracts, during a rising market. See the article by Chris Mack entitled "The Long and Short of What's Happening With Silver These Days" on Kitco (CLICK HERE).
Silver market manipulation will be addressed, one way or another. If not from enforcement of regulations and prosecution, than it will occur through price pressures, ruin of trading departments involved in the illicit naked shorting, and protests over USGovt bailout for criminal activity. Expect the latter with disorder, not the former. So the public deserves some answers, claims Bart Chilton, the stooge commissioner at the US Commodities Futures Trading Commission. They claim to be investigating the claims. He will receive phone calls and marching orders. Follow the bizarre circus that surrounds the marionette sessions. See the CityWire article (CLICK HERE).
The US silver eagle price premium just rose by 50 cents. In late September, the USMint announced a hefty price increase on its coin premiums. The event comes only two days after the USMint announced it had sold out of 2010 gold American Buffaloes and would cease their production for the remainder of the year. See the Trusted Bullion article (CLICK HERE). A squeeze is underway, as coin supplies are inadequate. The Gold & Silver coin shortage is becoming acute worldwide. The premium paid is rising. See the Coin Update article (CLICK HERE).
The Silver Enthusiast has taken it upon themselves to grade the miserable track record of Jon Nadler. His work is permitted on Kitco as propaganda, since he knows the website owners. His record receives high grades for consistency, but the lowest grades for accuracy. The gold locomotive has truly run roughshod over his reputation. He will remain arrogant to the end. See the Silver Enthusiast article (CLICK HERE).
The beacon of bright light and consistent
wisdom in Jim Rogers can be seen in an interview.
He expounds on the future bullish prospects
of gold and the commodities. See the Stock
Market Advantage interview of
Capital controls are coming to the
◄$$$ THE JUDGES WHO RULED OVER THE COMMODITY FUTURE TRADING COMMISSION RIGGED THE MARKETS AGAINST COMPLAINTS. A RETIRING JUDGE HAS COME CLEAN. THEY COLLUDED 20 YEARS AGO NEVER TO MAKE A DECISION ON THE BENCH IN FAVOR OF COMPLAINTS, AGAINST MARKET MANIPULATION. CALL IT A SMOKING GUN. $$$
The shot came from a most unlikely source. A retiring judge handed over ammunition to the sound money advocates and those fighting the corrupt gold & silver markets. The CFTC administrative law Judge George H Painter went out in style. He issued a Notice & Order announcing he would step down from his position on the bench. In the notice Judge Painter made direct reference to a conspiracy at the highest levels of the CFTC, within the Enforcement Division. For 20 years, the ruling bench has been colluding with the CFTC chairman to block enforcement of the law by not finding anyone guilty of market manipulation. They stall opposing efforts and motions. In his own words, Judge Painter wrote, "There are two administrative law judges at the Commodity Futures Trading Commission: myself and the Honorable Bruce Levine. On Judge Levine's first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant's favor. A review of his rulings will confirm that he has fulfilled his vow. Judge Levine, in the cynical guise of enforcing the rules, forces pro se complaints to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case."
Wendy Gramm has a speckled past, with a scummy
resume. She is listed as a distinguished senior
scholar at the
◄$$$� THE GROUNDWORK HAS BEEN LAID
FOR T.A.R.P.2. IT WILL BE MOTIVATED BY THE
NEED TO RESCUE AT LEAST $1 TRILLION IN CREDIT
LOSSES, PERHAPS $2 TRILLION. THE FOCAL POINTS
OF THE NEXT BANK BAILOUT WILL BE BANK OF
As preface, premier bank expert Chris
Whalen anticipates the mortgage fiasco will
take down both Bank of
The problem is so pervasive, that Citigroup was warned by its own chief underwriter that some types of loans in securities did not conform to representations and warranties in 2006 and 2007. Richard Bowen testified on April 7th before the Financial Crisis Inquiry Commission that, "In mid-2006, I discovered that over 60% of these mortgages purchased and sold were defective. Defective mortgages increased during 2007 to over 80% of production." Citigroup will someday find themselves in possession of these same defective loans. See the Bloomberg article (CLICK HERE).
A estimated total of $739 billion in toxic
private label (non-Fannie guaranteed) home
loans threaten the entire banking system.
BOA is at risk of sudden death from requirements
for it to buy back hundreds of $billions in
MBS put-backs priced at par (original value).
They would go back at par value since tainted
by fraud or other violations, like reckless
underwriting. Sellers are obligated to repurchase
some mortgages because of misrepresentations
such as overstatements of borrowers income
or inflated appraisals. As the firestorms
advance in states from improper home seizures
in the foreclosure process, the put-back cases
are bolstered. Some speculate that PIMCO
has been been gobbling up MBS on margin in
the past month, so that the USGovt (or Fannie
Mae) could buy them back at full value.
They accurately tip off USGovt policy. It
is just a matter of time before politicians,
Treasury Secy Geithner, and USFed Chairman
Bernanke all urge for passage of TARP-2 to
save the big banks and the
The total bank costs for repurchase of mortgages in securities without USGovt backing could total as much as $179 billion, Compass Point Research & Trading has estimated. That includes costs related to lawsuits against underwriters. JPMorgan Chase analysts estimate the costs could reach $80 billion, reduced by technical factors. See the Bloomberg article (CLICK HERE). Other challenges have arisen. Not only is civil disobedience on the rise in the form of intentional non-payment of mortgages (strategic default), along with non-payment until property title can be produced, but blocked legal enforcement of foreclosure eviction notices is on the rise. The sheriff for Cook County Illinois, which includes the city of Chicago, said last week he will not enforce foreclosure evictions for Bank of America, JPMorgan Chase, and GMAC Mortgage/Ally Financial until they prove those foreclosures contain some legal stamp of approval. See the CNBC article (CLICK HERE). �������� Watch for hints that the USFed program of QE2, with massive bond monetization, will include mammoth mortgage securities from put-backs to the big banks. What better way to force TARP-2 than to wrap it in QE2, a sleazy maneuver!!
◄$$$ A DEBT DOWNGRADE IS IMMINENT FOR
Bank of America might suffer a debt downgrade
very soon. Fitch warned on Friday of downgrade
due to the recently passed bank reform legislation.
See the MartketWatch article (CLICK HERE).
A injurious and powerful call has come from
two leading critics of the financial industry,
a call for the Federal Deposit Insurance Corp
to put some of the biggest
◄$$$ MY THEORY IS THAT WEAKLING TIM GEITHNER IS BEING SET UP AS THE FALL GUY. A STRING OF FALL GUYS SHOULD SOON COME, STARTING WITH THE TREASURY SECRETARY. MORE HEFTY FANNIE MAE COSTS, TOGETHER WITH FANNIE DEMANDS FOR MORTGAGE PUT-BACKS TO BIG BANKS COULD INVITE A TARP-2 POLITICAL BACKLASH. IT WILL DEMAND A FALL GUY. $$$
The TARP-2 will pass but not before at least
three or four months of haggling. The focal
point will be Bank of America and Wells Fargo,
two important banks. The hidden pressure point
is JPMorgan, too adept to be in the news dragnet.
Part of the political cover extends from a
past giant favor. Bank of
One must wonder if Treasury Secy Geithner
is being set up for a fall. The put-backs
of large blocks of credit portfolios have
been demanded by PIMCO, Blackrock, and the
Federal Reserve of New York (the Wall Street
front). Geithner led the FRB of New York during
the entire mortgage bubble episode, the sumo
regulator overseeing the bond fraud during
several critical formative bubble years. The
bank mostly on the damaged receiving end is
Bank of America, the focal point of the next
TARP-2 debate and firestorm backlash. Look
for a possible deal cut where Geithner agrees
to resign as part of the bank rescue package.
Pushing the entire process over the edge might
be Fannie Mae. The Federal Housing Finance
Agency estimates the ultimate cost of rescuing
Fannie Mae and Freddie Mac could increase
to between $221 and $363 billion. The
cost to date for the USGovt nationalization
has been $148 billion in capital injections.
Meanwhile, the FHFA has appointed a law firm
to look at suing big
◄$$$ THE MORTGAGE & FORECLOSURE
SCANDAL RUNS SO DEEP THAT ORDINARY OBSERVERS
CAN CONCLUDE THE U.S. FINANCIAL FOUNDATION
IS LACED WITH ANOTHER CLEAR CANCER. A PRIMARY
FEATURE OF THE CANCEROUS BUILDING MATERIAL
IS MORTGAGE BOND FRAUD, MAJOR SECURITIES VIOLATIONS,
AND ABSENT LINKAGE TO PROPERTY TITLE. THE
REACTION GLOBALLY WILL BE AMPLIFIED DEMAND
FOR GOLD, FROM RECOGNITION THAT THE USDOLLAR
& USECONOMY HAVE R.I.C.O. RACKETEERING
COMPONENTS. THE SCANDAL COULD TURN OUT TO
BE THE BIG USBANK
The image of the
The next QE2 is a done deal with details
missing. The next TARP-2 is having its justification
and foundation constructed. The two initiatives
will likely meld paths. A disorder condition
comes. An armada of lawyers is on the job
ready to challenge mortgage securities. Class
action lawsuits are on the docket. The
◄$$$ RIOTS HAVE HIT FRANCE, A NATION WITH LITTLE TOLERANCE FOR CORRUPT OR HEAVY HANDED GOVERNMENT. MILLIONS ARE IN THE STREETS PROTESTING PENSION RULE CHANGES. OBSERVE A PREVIEW OF WHAT COMES TO THE UNITED STATES. $$$
Order is breaking apart in the
◄$$$ THE EURO IS RISING IN A FINAL
CHAPTER BEFORE ITS BREAKUP. THE
A well placed European banker & consultant
explained the chessboard and its moving pieces,
which address the Paradigm Shift at work.
Ever several months, this man drops a pearl
of valuable wisdom. He wrote, "
My view centers on the eventual awakening
◄$$$ TRADE WAR WITH
The rare earth metal export shutdown has
been reversed. It was a veiled threat or a
false alarm. Perhaps
Back to the trade war and protectionist lobs.
The USGovt imposed dumping duties of about
61% on copper pipes and tubes from
Declining oil production will continue to
harm PDVSA revenue. The Venezuelan Govt submitted
to the US SEC agency a 2009 annual report
that offered details concerning the state
run oil company Petroleos de Venezuela and
its declining production. Prepared by the
Ministry of Planning & Finance, the report
described falling revenues, lower earnings,
and a growing debt. Lower production and higher
expenditures will continue to hit the industry
in the future. The annual reports admitted
that PDVSA oil contractors have filed complaints
against the oil company over late payments.
Exports from Venezuelan state run steel and
aluminum companies declined 45% last year,
located in Guayana. Steel production fell
31% in 2009, whereas aluminum output decreased
by 6% and alumina dropped 14%. See the El
Universal article (CLICK HERE).
PASSIVE GLOBAL CURRENCY WAR
◄See the Special Report entitled "Full
Blown Currency War Erupts" for the
October Hat Trick Letter. The G-20 ministers
have come forth with a vacant pledge as a
working theme. Regard it as the billboard
message of crisis. Ignore the words, but take
serious note of the theme. The competitive
currency devaluations will be devastating,
even as fast moving trade deficits will be
the visible outcome. National trade gaps will
go out of control. Talk of a new Plaza-2
Accord has begun, the motive being to stabilize
currencies and give the USDollar an orderly
devaluation. Unfortunately, any accord
requires nations to take the lead in sacrificing
their domestic economies and banking systems.
Such nations would have to agree to higher
currencies, which harm their economies. Not
gonna happen!! Currency appreciation is a
necessary tool to keep prices under control
for foreign nations. Instead, expect disruption
and chaos to grow. The present day environment
has no maturity, no cooperation, and no order.
It is loaded with resentment, animosity, and
revolt. Currency war takes a twist in escalation,
◄$$$ MAX KEISER DELIVERED A RANT & WARNING. THE CORRUPTION IN THE UNITED STATES WILL NOT BE TOLERATED ANYMORE. RETRIBUTION WILL BE CARRIED OUT IN THE FOREX MARKETS WITH A USDOLLAR DECLINE, BUT MORE IMPORTANTLY IN THE GOLD MARKET TO PUSH A POWERFUL BREAKOUT. HE OVERLOOKS HOW ALL MAJOR CURRENCIES ARE IN DEEP TROUBLE. $$$
Max Keiser delivered a tirade when he said,
"First of all let's be clear about
something. In a lot of scandals, you can
point to one guy, Hank Paulson. When he
was the CEO of Goldman Sacks, before he became
the Treasury Secretary. As CEO of Goldman
Sacks, he unwound many of these mortgage contracts
from the Goldman banks. They were the only
bank that did not get caught up in this scandal.
Then as Treasury Secretary, he made sure that
Goldman Sacks got bailed out from their positions
through AIG and other foreign interests. So
there is a clear oligarchy in
After all trade suffered a shock in the first
half of 2009 in the wake of the
◄$$$ THE QE2 SOON TO BE LAUNCHED BY
THE USFED IS THE DEATH KNELL FOR THE USDOLLAR.
IT WILL INVITE A GLOBAL RESPONSE TO SEEK ALTERNATIVES.
THE LIKELY BENEFICIARY WILL BE THE EURO, BUT
ONLY TEMPORARILY. A MONETARY CANCER WILL BE
UNLEASHED FOR THE SECOND ROUND. ECONOMIC DAMAGE
WILL BE HUGE BUT DENIED. THE BIG WINNERS IN
THE INVESTMENT AGAINST COMPETING CURRENCY
WAR WILL BE THOSE WHO OWN NONE OF PAPER CURRENCIES.
THE KEY TEST COMES FOR DEFENSE OF THE EURO.
Some analysts call it the declared war by
the US Federal Reserve against Bretton Woods
II. Translated, the war against sound money
and the insult to Gold. The response is a
powerful rise in the Gold price, already in
gear. Foreign governments are unwilling to
bear ever increasing levels of currency and
interest rate risk due to the collapse of
good judgment in the
Witness the death knell not only for the
USDollar, but for the major currencies. They
will be torn apart in the currency war. For
a currency that rises, their economy will
suffer damage. Resentment will feed the hostility.
The QE is pure cancer!! Prepare for the Euro
to reach 150, a very unwanted development.
The rise will be aided by
◄$$$ THE CHRONIC HOUSING DECLINE IS ASSURED FROM THE LACK OF CLEARANCE OF HOME INVENTORY. THE LOSER IN THE PATHOGENESIS OF THE BUSTED HOUSING BUBBLE WILL BE THE USDOLLAR. LATER COMES THE USTREASURY DEFAULT. $$$
Analysts from Moodys Analytics, Fannie Mae,
Morgan Stanley, and Barclays produced joint
analytic report on the fatal condition of
Economists are only beginning to express
sensible viewpoints that reflect comprehension
of market dynamics. Market details are devastating
still, even after three years of declines.
Joshua Shapiro is chief economist of Maria
Fiorini Ramirez, a
The housing market urges a USGovt response by an insistent public, but their efforts stretch the crisis out for a decade. Nowhere is equilibrium sought, as everywhere it is avoided. Only when the market takes the entire inventory, clears it at much lower prices, can a recovery occur. More properties await the market for sale, thus lower prices are an immediate prospect. If the USEconomic recession worsens, then more home supply must be processed, and even lower home prices must come, in a vicious cycle. That is what capitalism and market equilibrium is all about. The main victims in the process at the national level are the USDollar and USTreasury Bond, the former to be trashed, the latter to default. The USEconomy is broken and in steady deterioration for the last four years. The USDollar will decline much more versus gold, since money is being debased. The USTreasury will eventually default, since debts will become unmanageable.
◄$$$ CHINA IS DUMPING USTREASURYS BY WAY OF EUROPE, USING A NEW GREEK DOLLAR SWAP WINDOW, A BACK DOOR. THEY HAVE SUPPORTED THE GREEK GOVT DEBT. THUS THE RISING EURO CURRENCY WITHOUT JUSTIFICATION, ONE OF A FEW FACTORS. THIS IS AN INDIRECT CHINESE FORCED DEVALUATION OF THE USDOLLAR, AN EXTREMELY CLEVER ACTION. $$$
Premier Wen Jiabao solidified plans to purchase
Greek Govt debt during a recent visit to
A well placed banker source in
The Chinese have essentially created a
Dollar Swap Window, a small one admittedly.
It will grow over time. The Europeans eagerly
opened the window for
The key point upcoming is not the volume
of European sovereign debt to be covered by
This year alone, Chinese companies have laid
out $billions buying up stakes in Canadian
oil sands, a Guinean iron ore mine, oil fields
in Angola and Uganda, an Argentinian oil company,
and a major Australian coal-bed methane gas
company. To be sure, some bids have been interrupted,
◄$$$ CHINESE PREMIER WARNED OF DISRUPTION IF THE YUAN CURRENCY RISES TOO MUCH, LIKE SHUTDOWNS IN FACTORIES. THE SLOWER GLOBAL ECONOMY HAS ALREADY SHUT DOWN SEVERAL HUNDRED CHINESE FACTORIES. SMALL PROFIT MARGINS MEAN A YUAN APPRECIATION WOULD CLOSE YET MORE FACTORIES. $$$
Chinese Premier Wen Jiabao has given warning
to the world. He said, "If the yuan
is not stable, it will bring disaster to
◄$$$ PIERRE LASSONDE COMMENTED ON
Pierre Lassonde is a living legend in the
mining industry. He currently holds the post
of Chairman of the newly created Franco-Nevada
Corp, a resource sector royalty and investment
firm. He has put forth a shallow opinion on
Lassonde provided interesting data on
In a period with frantic central bank interventions
and a heightened sense of currency war, reports
have surfaced that
The breakdown in currency decorum is vivid.
Consider references to the April 2009 G-20
Meeting whose pledge has been sacked by all
member countries. The official statement read,
"The G-20 pledged in April 2009 in
London to 'refrain from competitive devaluation'
of their currencies, and the leaders said
at their last gathering in Toronto in June
that market oriented exchange rates that reflect
underlying economic fundamentals contribute
to global economic stability." These
have turned into empty slogans chanted by
embattled central bankers. The upcoming G-20
Meeting could be raucous or silently meaningless.
A secondary banker
source has reported that
◄$$$ THE MOVEMENT TO ABANDON THE USDOLLAR IN OIL SALES CONTINUES, A WORK IN PROGRESS, BUT A CATASTROPHIC STEP. ANGER OVER THE DECLINING USDOLLAR HAS PROMPTED OPEN CALLS FOR A $100 CRUDE OIL PRICE GOAL IN COMPENSATION BY O.P.E.C. NATIONS. THE USECONOMY COST STRUCTURE IS SET FOR A BIG MOVE UP. $$$
The USGovt and USBanking leaders have other
USDollar problems. Arab states have launched
secret moves with
Meanwhile, oil revenues to OPEC states
have been reduced in value by the USDollar
devaluation. OPEC members seek a $100 crude
oil price in order to counter US$ exchange
rate weakness. OUCH!! The
Last May 2009 the group said the OPEC oil sales would depart from US$ denomination by year 2016. My public view was that in 2 to 3 years, the movement would be far along. It is indeed making progress. The USDollar will gradually be shunned globally. It might even be regarded as a ROGUE NATION currency, if bond fraud and home foreclosure scandal reveal a criminal foundation to the entire mortgage finance and related bonds held in foreign portfolios!! See the Bloomberg article (CLICK HERE).
REACTION TO A DYING USDOLLAR
The Chinese realize where the extreme vulnerability
lies of the
◄$$$ KEISER SHARED INFORMATION THAT THREE IMPORTANT NATIONS WILL CONTINUE TO MAKE LARGE PURCHASES OF GOLD. THEY SENSE THE STRAINED USDOLLAR CANNOT CONTINUE ITS ROLE AS GLOBAL RESERVE CURRENCY. $$$
In an interview with Russia Today, independent
financial analyst Max Keiser revealed that
◄$$$ CHINESE SILVER EXPORTS DECLINED BY 40% THIS YEAR. IT IS KEPT FOR DOMESTIC INDUSTRY OR INVESTMENT. EITHER WAY, IT IS NOT AVAILABLE TO SATISFY THE RISING GLOBAL SILVER DEMAND. THE SILVER PRICE SHOULD RESPOND IN A STUBBORN UPWARD PATH. $$$
The super-rich investors are buy gold bullion by the ton, not simple coins. In response to economic, monetary, and banking crises, the world's wealthiest people have been buying gold by the bar. They often purchase in quantitites in the tonnes. One ton of gold bullion, without the premium vig included, costs about $42 million. The super-rich have seen a growing appetite for physical bullion as well as for mining company shares and exchange traded funds, according to UBS executive Josef Stadler. He runs the Swiss bank's services for high net worth clients with assets of at least $50 million to invest. Portfolio managers like him are typically advising clients to hold 7% to 10% of their assets in precious metals like gold. The managers express concerns over poor USEconomic data, currency weakness, price inflation, and government bond instability. They regard gold as portfolio insurance. They have yet to factor into their planning the lost income from annuities tied to mortgage bonds. See the Reuters article (CLICK HERE).
◄$$$ PANIC SILVER BUYING IS REPORTED
BY JAMES TURK, CHIEF OF GOLDMONEY. HE CALLS
IT THE THIRD STAGE, AT THE
James Turk was interviewed by Eric King.
He said, "The metals market was dominated
by pervasive fear, when you and I first started
to do this series of blog pieces back in the
$18 to $19 price range for silver. From those
levels in the high teens, the market headed
higher as many people watched in disbelief.
The lengthy three year consolidation pattern
in silver had simply worn out the bulls. We
are now into the third stage. We are starting
to see the panic buying. As I mentioned previously,
there was going to be a massive short squeeze
the likes of which has not been seen since
Cornelius Vanderbilt took on Daniel Drew.
We are now witnessing the early stages of
that short squeeze." See the King
World News interview (CLICK HERE).
Turk has not yet noticed the
◄$$$ THE TOPIC OF GERMAN GOLD BULLION
AT THE BUNDESBANK HAS SURFACED. WITH EUROPEAN
SOVEREIGN DEBT WORRIES, THE ISSUE OF COLLATERAL
HAS COME UP. THE MAINSTREAM PRESS SEEMS IGNORANT
OR DECEPTIVE. INCORRECT INFORMATION HAS CIRCULATED.
THE GERMAN GOLD TREASURE TOTALS AROUND 3800
TONNES, MOSTLY HELD IN
A topic widely discussed among goldbugs in
James Turk said, "I believe that
the Bundesbank's vaults are empty or nearly
The Jackass inquired with a highly reliable
German source who works deep in the gold trade.
He has numerous well placed corporate colleagues,
business contacts, personal friends, and university
chums. He wrote to me in response. Preface
the comment by saying that he openly stated
Turk did not have knowledgeable sources on
matters pertaining to German or Swiss gold.
Turk has admitted as much to me in personal
conversations. We met at the Cambridge House
◄$$$ AN ASININE PLOT HAS BEEN PUT FORTH
BY RICKARDS FOR THE UNITED STATES TO CONFISCATE
The idea of stealing German gold at the New
York Fed should be dismissed summarily as
stupid and impossible. The circulated story
is that the NYFed holds 66% of the gold reserves
Noise came from the Obama camp, which has
argued the benefits of an official sale of
◄$$$ FOR AMUSEMENT, CONSIDER THE FABLE
THAT THE USGOVT IS BEING URGED TO SELL MOST
OF ITS GOLD RESERVES. IMPRESSIVE PHOTOS ARE
CIRCULATED TO LEAD THE WORLD TO BELIEVE IT
OWNS SOME. REFERENCES ARE MADE TO
The propaganda cannot hide the fact that
the USGovt owns almost zero gold, long gone,
leased and sold by the Clinton-Rubin gang.
The USGovt wishes to prop the confidence in
the embattled USDollar. The vaults shown
below in all likelihood contain private elite
gold and bullion in foreign custodial accounts,
the very supply that foreigners are outraged
over since illicit leased. They are protected
Allocated accounts. That is why foreigners
have repatriated this gold for the last three
years. The Federal Reserve Bank of
◄$$$ INVESTOR EXPOSURE TO GOLD AND GOLD MINING STOCKS IS EXTREMELY LOW. REGARD CALLS OF A GOLD BUBBLE TO BE AN ABSURD AND DESPERATE ATTEMPT TO HALT A GOLD RUSH AS THE USTREASURY DEBT BUBBLE CONTINUES TO BLOAT. AS PERCENTAGE OF GLOBAL ASSETS, THE MINING STOCK EQUITY REMAINS UNDER 1%, CERTAIN TO RISE TO A GREAT EXTENT. CLAIMS OF A GOLD BUBBLE WHEN A TINY ROLE IS PLAYED BY THE LONG ESTABLISHED DISTRIBUTION TARGET (THE PUBLIC), ARE UTTERLY ABSURD. $$$
◄$$$ THE S.L.V. INVENTORY RESERVES DATA WERE RECENTLY RELEASED. THEIR SILVER BULLION HOLDINGS ARE RISING FAST. INVESTMENT DEMAND IS SOARING. REMAIN SKEPTICAL ON THE LEGITIMACY OF THEIR INVENTORY, WHICH IS MADE AVAILABLE TO THE GOLD CARTEL FOR LEASING. $$$
Anyone who invests in the SLV exchange traded
fund is a total idiot and blind moron. The
iShares Silver Trust (symbol: SLV) has custodian
JPMorgan, the pre-eminent gold cartel leading
firm. They are short almost a full year of
global silver output, and post no collateral,
otherwise known as naked short. The SLV fund
has reported holdings of 10,125 tonnes of
allocated silver bars in
◄$$$ JPMORGAN REVIVED ITS BULLION BANKING
Bloodsuckers move to where the flow is. The
JPMorgan bullion bank facilities re-opened
Investors are surely going for the gold in record quantities. The vaulting business is highly lucrative, and fees rise in proportion to the gold price since a percentage fee structure. The controversy around sovereign bonds, mortgage bonds, and even the bubbly USTreasury Bonds has spawned much greater gold bullion demand, the physical king, not the paper variety. All paper financial products have been drawn under greater scrutiny and skepticism in recent months. Even the High Frequency Trading controversy surrounding the stock market has led investors away from gold mining stocks. The new wave is toward gold bullion. Private investors hold about 30,000 tonnes of gold, according to the consultancy GFMS. At more than one sixth of the world's gold, private gold bullion holders own for the first time in modern history more than central banks. My belief is that whoever vaults with JPM will probably receive a paper certificate later. The JPM vaults will likely contain GLD shares after the depositor swaps. Let's hope they are friends and family of Wall Street firms, dumbass uncles and brothers-in-law. Lawsuits will be ignored and will go nowhere. Imagine a slew of new bullion depositors unwittingly helping out JPMorgan, believing their lies, and perhaps even selecting Unallocated accounts under the pernicious JPM guidance.
◄$$$ USFED ISSUED A CEASE & DESIST ORDER AGAINST H.S.B.C. BANK, THE TYPE USUALLY DESIGNED FOR SMALL REGIONAL BANKS. THE HINT OF GOLD BREEZE OVER THE ORDER CAN BE DETECTED. THE GOLD GAME IS BREAKING APART. $$$
HSBC, the global conglomerate bank, was cited
by the USFed. The restraint order against
HSBC North America Holdings (HNAH) is a highly
curious and obscure event. The case appeared
to be for violation of the Bank Secrecy Act
and Anti-Money Laundering. The order requires
HNAH to take corrective action to improve
its corporate-wide compliance risk management
program, including its anti-money laundering
compliance risk management. The focus must
be on protecting flows of secrets and cash.
◄$$$ BEHOLD THE MESSAGE OF GOLD. INVESTORS SHOULD BE AWARE OF WHY THEY INVEST IN GOLD. ITS HEDGE AGAINST PRICE INFLATION IS OVERSHADOWED BY THE PROTECTION AGAINST THE EROSION AND RUIN OF MONEY. IT IS FOR WEALTH PRESERVATION. $$$
Gold & Silver are not simply hedges against current and future price inflation. That is the most shallow and pathetic argument used by antagonists, the empty blather of propaganda, the stuff of vacant compromised mental cavities. Gold & Silver are investments in legitimate money. Gold & Silver are investments in bullion whose price in no way properly reflects the obscene shortages and contract naked shorting by official chambers. Gold & Silver are investments in grossly under-priced bullion whose move toward equilibrium will bring about price advances to multiples higher, not just hefty percentages higher. Gold & Gold & Silver are defiant gestures against diverse bond fraud. Gold & Silver are votes of NO against fraudulent money that permits big banks to execute their printed profit schedules. Silver are votes of NO against financial criminal syndicates. The Competing Currency War assures the continued profound systemic debasement of money in a grand race to ruin each major currency in order to preserve export industries, in a merry-go-round of destruction. Witness the gradual breakdown and the revelation of tainted money, along with its lost store of value.
◄$$$ THE NEXT PHASE OF GOLD'S METEORIC RISE WILL CONTINUE UNTIL A CAPITULATION OF GOVERNMENTS AND NATIONS. THE GOLD PRICE WILL RISE UNTIL CONSTRUCTIVE AGREEMENT IS FORGED, WITH THE PRINTED MONEY PRIVILEGE TAKEN AWAY. SELF-SUFFICIENT NATIONS WILL FARE BETTER, AS PER FOOD SUPPLY. GOLD WILL BE THE CENTER OF ANY NEW MONETARY ORDER, IN A REMONETIZATION MOVEMENT OF GOLD. $$$
James West of the Midas Letter has a flair. He urges to ignore the clueless commentators who attempt to undermine gold investors. Those who lay good money down for gold properly comprehend the risks of today. West wrote, "Accumulators are genuinely frightened about the purchasing power of their dollars, as their government quantitatively eases the economy back onto its feet. By continuously counterfeiting fiat currencies and flooding the markets with such ersatz lucre, the final rush towards economic collapse is momentarily cushioned. But make no mistake. The acceleration of the rate at which gold is increasing, the average has been $87 per year since 2000." He lays out a pathogenesis sequence, with details of what happens next. His view is very consistent with the Jackass.
The timetable is very uncertain, and depend
upon willingness to subvert the system by
those in control, and tolerance by the public
whose wealth evaporates. The amounts of
money issued will be huge but uncertain. An
economic capitulation will surely come. Certain
food producing countries will stop accepting
currency from its trading partners. In this
scenario, less developed and less populated
countries that are agriculturally self-sufficient
will fare much better than over-populated,
over-industrialized, agriculturally import
dependent nations. West believes countries
◄$$$ GOLD & SILVER MARKETS ARE
TARGETED BY THE
It is time to toss aside the many devices,
past patterns, and to some extent the technical
charts. One must recognize the change in the
current reality. The Eastern Alliance has
targeted the Boyz of Wall Street and
Consider the natural forces, which at times can be called Economic Mother Nature. The fascinating aspect of gold is that even if authorities, bank officials, and governments do not recognize gold as money, the Mother Nature factor seeks out the correct value of money anyway. So hedges against false money arise, like crude oil or property or commodity baskets. Eventually Mother Nature wins from sheer pendulum swings toward normalcy, force, pressure, and time. The pattern established has been a huge correction after a generation of suppression. It is akin to holding a basketball underwater, but inflating it year after year. As they attempt to bury the ball deeper underwater with each passing year, in order to conceal the entire exercise, the pressures build. Pardon me, but it is utterly fascinating to observe the natural forces exert themselves. To be sure, debt default, crumbled industry, lost home equity, stagnant clogged credit engines, price increases to feeder systems, and contaminated financial instruments all address the natural response to fraudulent money and illicit market control. In time, the same devices and tactics fail to maintain order and power. In time, those in power fall on their own swords as the system turns against them.
Harvey Organ made the case of severe damage
done to the gold cartel, which busily suppressed
the Gold & Silver price by means of naked
shorting in the futures contract arena. The
exact details will be left out, since they
contain a barrage of data, some of it complicated
and confusing. Organ cited huge leasing of
silver, an unusual level of activity. Almost
a million ounces silver left the COMEX, whether
for a customer delivery or dealer requirement.
A single lease of over half a million ounces
silver was deposited to a dealer. On a single
week in late September, the COMEX gave notices
to deliver on 167 contracts equal to 835,000
oz silver. A strange sequence occurred that
close to one million oz silver entered the
COMEX that was lost in the previous week.
Huge volatility of silver and gold movement
has been seen into and out of the vaults.
Organ wrote, "The huge number of
silver movements seem to suggest that COMEX
is being settled with paper SLV. The SLV will
have documents stating bar numbers and weights.
However it is our bet that this silver is
encumbered elsewhere. There is no question
that GLD is also entering the settling process.
We have witnessed GLD inventory leave
Organ concludes that the GLD gold inventory,
largely supplied by the Bank of England, must
someday in the future be demanded for return.
It was leased in a huge Gold Swap contract
to provide inventory at the fund's inception.
More sinister shenanigans have taken place.
Organ claims that the GLD folks sent COMEX
delivery slips to settle upon unsuspecting
long contract holders who think that they
have metal at the COMEX. They cannot legally
do so, but given how much of the GLD inventory
is leased gold, the management wants to reduce
the interference by legitimate investors.
This action is likely to blow up the GLD
shareholders, who will then launch multiple
lawsuits against the regulators over at
◄$$$ BIG BANK SHORT GOLD POSITIONS ARE VERY CONCENTRATED. THEY TAKE EXTRAORDINARY MEASURES TO DEFEND A BROKEN FIAT SYSTEM. THE MOST CONCENTRATED POSITIONS ARE FOR SILVER, THEN GOLD. $$$
A gold futures contract is merely a paper promise to deliver a quantity of bullion for a pre-determined price at some future date. The scam can continue in perpetuity as long as dim buyers appear on the back end to the cartel gamesters who sell naked contracts. The COMEX allowable position limits in Gold & Silver are completely out of whack, even before the special limit exemptions extended to the Big 8 bullion banks. The scale of fraud committed in order to preserve faith in paper money system is unspeakable. As the players Double Down and their Open Interest has increased ever higher toward infinity, the recklessness has grown out of control. The bullion bank traders have become more bold and more deeply entrenched in the fraud.
Observe the graph that shows the extent of forward selling, in days of production, by the largest traders. The level of forward selling that Gold & Silver are subjected to by the big commercials is beyond out of control. So much forward sold silver and gold is necessary to fortify a monetary system long past functional. The contradiction evident is that despite so much (paper) gold and silver really changing hands, the eligible COMEX inventories sit at 20 year lows. The same so-called hedging strategy is not deployed for crude oil, or soybeans, or wheat, or cotton. Attention is drawn to the extreme concentration by a few gigantic banks on the short side in precisely the two elements that have served as the most viable forms of money for longer than any other medium in human history, GOLD & SILVER. They have corrupted money and thus are approaching infinite pressure to maintain their fraudulent system.�
EARLY STAGE OF GOLD BREAKOUT
◄$$$ THE GOLD RISE IS STUBBORN IN A TIGHT STAIRCASE PATTERN, TELLING OF AN EXECUTION BY USDOLLAR ENEMIES OF THE BIG USBANK CARTEL. THE RUIN OF THE USDOLLAR IS ASSURED. AN INFINITE COMMITMENT OF PHONY FUNDS WILL SUPPORT THE USTREASURY BOND BUBBLE. THE GOLD PRICE IS THE METER TO MEASURE THE MONETARY RUIN AND ENDLESS PRINTING PRESS SUPPLY, AS WELL AS GLOBAL REVOLT. $$$
Insistence to perceive the Gold price in
a conventional manner might lead even smart
people to fail to comprehend what is happening.
Many smart people find themselves struggling
to let sink what they see as profoundly different.
Try to find a staircase bullish price pattern
anywhere in any market in the last 30 years
like what is seen in Gold & Silver lately.
Notice the tight uptrend band that screams
of Machine Guns pointed at the Big Four Banks,
the primary Gold & Silver price suppressors
in the cartel. No relief was given, no
back door, no end to the painful short squeeze.
They are trapped in gigantic short positions,
gauged to be over 95% underwater. The cartel
has shown for six weeks that they CANNOT push
down prices with additional naked gold futures
short contracts. A natural process had to
take place with too many bulls on the bus
and too much profit awaiting an easy pluck,
as in last week. The bull will resume its
upward path after nothing comes from the G-20
The cartel game has been exposed, as they have lost control. Huge Gold & Silver deliveries continue on a regular weekly basis from the metals exchanges. A climax awaits. A great big rubber band is being stretched by Anti-Anglos, the opposition knowing they have the resources, knowing the big US banks are vulnerable, knowing the Gold suppressors have a finite amount of time left. The enemies to Anglo Bankers have found a battleground to focus the war, and it is Gold & Silver, the great Anti-US$ Anchor. After two years since the Lehman Brothers, AIG, and Fannie Mae events, the Anti-Anglos have organized their coordination and execution, and have taken serious action.
The Competing Currency War is in full bloom,
◄$$$ A BREATHTAKING LEAP IN THE GOLD
& SILVER PRICE IS COMING SOMEDAY IN THE
NOT TOO DISTANT FUTURE. THE RELEASE MOVE WILL
BE THE RESULT OF THE FIRST BIG BANK GOING
BUST IN A GLOBAL SPECTACLE OF FAILURE. THE
PRIME CANDIDATE IS NOT BANK OF
A veteran gold banker contact provided some
perspective, when recently asked to tie the
condition of the big Anglo banks to the rising
Gold & Silver price. Their massive short
position is causing major losses, great pain,
and gradually lost control. The Jackass offered
up Bank of America and HSBC as the main candidates
for a death spiral. A different local contact
HSBC is a principal gold cartel member
with large gold short position. More importantly,
it manages the GLD fund inventory of gold
bullion, the SPDR gold exchange traded fund.
It is a total fraud, but an extremely clever
fraud that will blow up their crooked faces.
It will die hard, with massive explosions,
major news headlines, and investor lawsuits.
The groundwork is being laid for the lawsuits,
as data is being gathered on GLD shares used
to satisfy COMEX cartel gold short futures
contracts. That means COMEX has essentially
seized the GLD gold supply to a significant
degree, replacing the GLD investor shares
with paper certificates. That is a major SEC
securities violation. Data is also being gathered
that LBMA gold futures deliveries are drawing
upon GLD gold inventories, a major violation.
If and when HSBC suffers a bank failure,
the gold price will be released. The
other cartel banks will do their best to contain
the damage, but it will be like herding cats.
The news itself will spawn fresh investment
demand to feed the Golden Bonfire that will
torch paper wealth. At greatest risk is the
money parked and tossed irresponsibly into
USTreasury Bonds by myriad
The cartel losses are mounting. The HSBC bust will amplify their losses on paper positions that must be covered or grow to the sky, a red sky denoting loss. A chain reaction is coming, that will involve Bank of America, Citigroup, Barclays, and JPMorgan. The other minor big bank death watch corporation is Wells Fargo. Stresses put upon BOA and Wells Fargo will actually transfer to more added stress to HSBC. They are tightly interconnected from mortgage assets to credit cards to precious metals to credit derivatives. A grand hidden source of strain is the Interest Rate Swap, which causes losses over the passage of time to enforce the 0% environment. After the Gold price runs up to $1450 or $1500 quickly, the losses will be utterly staggering as they try to cover and exit. The exit process requires covering shorts. They will not be able to produce sufficient timely downdrafts in the Gold price that stick. More than one source has mentioned the imminent death of HSBC. Narcotics money is probably also keeping it afloat.
Regard a news item as a tangent in confirmation,
a clue from a failed deal. HSBC is reported
to be close to walking away from a 5 billion
Pound (=US$8B) deal to acquire Nedbank in
◄$$$ THE GOLD CARTEL IS SITTING ON $2.6 TRILLION IN T.N.T. STICKS OF DYNAMITE, IN THE PROCESS OF BLOWING UP UNDER THEIR NOSES. THE SHORT SQUEEZE SOON TO BECOME APPARENT WILL BE ONE FOR THE HISTORY BOOKS, ONE FOR THE ANNALS, ONE FOR THE AGES. IT IS NOT STOPPABLE. IN FACT, ALL EFFORTS TO HALT THE SQUEEZE WILL RESULT IN THE SQUEEZE TURNING OUT MUCH WORSE THAN EVER THOUGHT POSSIBLE, JUST LATER ON. $$$
Some well informed estimates have calculated the total amount of gold cartel short position at 60,000 tonnes. That is tonnage that don't exist. Witness the historically unprecedented short squeeze underway. The estimate is not so much from the public data sources like from Open Interest in the metals exchanges. It is from inside the gold trading industry. That amount times 32,150 ounces per kilogram produces an estimated $2.6 trillion at a round number $1300 per ounce gold price. When questioned, the source offering the estimate assured me that the number might be high. Perhaps the Big Four banks are short only 50,000 tonnes, worth only $2.16 trillion. An indescribable short squeeze is only beginning. The failure of a major bank will accelerate the squeeze process in full view. It will shock most people.
◄$$$ CHARGES OF GOLD BEING A BUBBLE DESERVE COMPARISONS TO SOME HISTORICAL EXAMPLES. THE GOLD ACCUSATION IS BASELESS. GOLD REFLECTS THE USTREASURY BUBBLE AND USGOVT DEBT EXPLOSION OF SUPPLY. IN FACT, THE GOLD PRICE RISE IS RATHER MILD COMPARED TO WELL-KNOWN ACTUAL BUBBLES. $$$
First of all, never the rise in price of
true money an asset bubble. GOLD IS TRUE MONEY.
To claim that true money has taken bubble
proportions contradicts what money means.
The more accurate interpretation is that
the bubble of phony money is rapidly feeding
the true money destination of gold!! Some
remarkable price appreciation stories can
be identified, like Microsoft, like Cisco
Systems, like Fannie Mae, like Amazon, even
home builders and some Wall Street firms.
In contrast, the rise in the Gold price and
the Silver price is very mild indeed. What
is actually happening is the rush to create
the final asset bubble in USTreasury Bonds
has triggered a gold rush, but gold is real
money. Funds are fleeing the false fortresses
of phony fiat money!! Gold is attracting wealth
locked in fiat money, wanting escape, seeking
security. Gold offers it, just like it has
for over 5000 years. The Anglo treachery written
into banker policy with the abrogation of
the Bretton Woods II accord has come full
circle. The USDollar system is breaking down
in broad visible fashion. Compare the other
significant gainers in the last few decades
to conclude that the precious metals are Also-Rans
lagging behind bigger gainers. The Cisco story
in my view is the quintessential success story
of capitalism in a legitimate growth from
innovation and solid leadership. Microsoft
is a monopoly story of deep perversion and
theft without hint of innovation. By the time
the breakdown is complete, the repairs are
recognized as frauds just like the expansion
itself, and the precious metals prices finally
stabilize with a global monetary solution
in place, near the top of the graph will
be Gold & Silver. See the Share Lynx
article (CLICK HERE) and
observe a great large graph.
◄$$$ GOLD HAS RISEN TREMENDOUSLY VERSUS ALL MAJOR CURRENCIES IN THE LAST TWO YEARS, WHEN THE USBANKING SYSTEM DIED. ATTEMPTS TO REVIVE DEAD ENTITIES AND MORIBUND ECONOMIES WILL CONTINUE THE TREND. AS THE CREDIT ENGINES ARE CLOGGED OR BROKEN, THE ECONOMIES WILL REMAIN STIFLED. MONETIZATION PROGRAMS AND THE CURRENCY WARS ENSURE HUGE UPSIDE POTENTIAL FOR GOLD, TO BE REALIZED EASILY. $$$
The below percentages are the percentages
each major currency has dropped versus Gold
since October 2008 highs. Gold has risen against
all major currencies in unison since the crisis
peak, when the
◄$$$ THE $5000 ANALYST GOLD BANDWAGON INCLUDES A LONG AND GROWING LIST OF COMPETENT NAMES WITH STRONG TRACK RECORDS. $$$
Recall that a few years ago, forecasts of $1000 Gold were considered irresponsible and nutty. My Hat Trick Letter started in mid-2004, with a stated forecast of $1000 gold before the end of the decade. Close enough! An unbelievable 108 analysts have stated with sound reasons in their opinions, why Gold could quite possibly reach a price of at least $2500 per ounce. In all, 65 analysts maintain that a $5000 target is likely. Some project in a parabolic move, Gold could reach a lofty $15,000 price level. The world financial system and global economy would surely be a wreck if it happens. An article was put together about the analyst bandwagon. It contains the identities of economists, academics, analysts, and financial writers who expound on the exalted prospects for Gold, along with the website links (URL) of their articles. Investigate for yourself their logic for such powerful moves in the years to come. Keep in mind that the major currencies are falling, which is over 80% of the factor. Reduced gold mine output accounts for the other 20% factor. Ignore for here the factor of a market return to normalcy, seeking equilibrium. See the 24 Hour Gold article (CLICK HERE).
◄$$$ THE EURO CENTRAL BANK IS FORCING
THE IRISH GOVT TO PROTECT GERMAN FINANCIAL
INVESTMENTS. BAILOUT REPERCUSSIONS RATTLED
THE EMERALD ISLE, AS IRISH NATIONWIDE BONDHOLDERS
WERE THROWN UNDER THE BUS, AN INCONSISTENCY.
FITCH CUT THE
Complaints have arisen that Anglo-Irish Bank
should have been permitted to fail, since
it represented no systemic risk to the Irish
Economy. Its rescue is largely a bailout for
its shareholders and bondholders. The Irish
people are taking losses that should rightly
have been borne by bondholders, most of whom
are German. Europeans hold over 4 billion
Euros in Anglo-Irish bonds. The burden to
the Irish Govt debt structure is horrendous
and crippling. See the Order article (CLICK
Keep in mind that Irish fund managers lost
a huge portion of the German civil service
pension funds in 2006 and 2007. So think payback.
Irish Nationwide Building Society saw a different
outcome, as finance minister Brian Lenihan
made sure that INBS bondholders suffered significant
losses. That included Roman Abramovich, the
billionaire owner of
Fitch Ratings cut
◄$$$ BRITISH DEBT CONTINUES TO SPIRAL UPWARD. THE BEST LAID PLANS ARE JUST TALK. HIGHER INTEREST ON THE NATIONAL DEBT HAS BEGUN TO BE FELT. $$$
Despite bluster and promises about plains to reduce spending, UKGovt borrowing hit record high levels in September. Interest payments on the national debt more than doubled, adding huge political pressure to agree upon spending cutbacks. Public sector net borrowing came in at 15.6 billion Pounds last month, up from 14.8 billion Pounds a year ago. By the end of September, total net debt stood at 952 billion Pounds, equivalent to 64.6% of GDP. That is the highest monthly figure since records began in 1993. The net debt compares to 822 billion Pounds a year ago. Tax revenues grew, offset by a sharp rise in interest payments to 2.3 billion Pounds in September, from 912 million Pounds a year ago. Deficits force a vicious cycle. See the UK Telegraph article (CLICK HERE).
◄$$$ EUROPE SUFFERS FROM A HIDDEN LOCAL
GOVT DEBT PROBLEM, ONE THAT EVEN INCLUDES
While most of the attention in
◄$$$ THE EURO CENTRAL BANK HAS BEGUN TO WASH ITS HANDS OF THE EXTREME AND INTRACTIBLE P.I.G.S. FISCAL AND BANKING PROBLEMS. $$$
Given the risks from member nation budget
cuts, one would expect the Euro Central Bank
to stand by with monetary stimulus.
Thanks to the following for charts StockCharts,� Financial Times,� UK Independent,� Wall Street Journal,� Northern Trust,� Business Week,� Merrill Lynch,� Shadow Govt Statistics.