Bankers Trying to Manipulate Elections in Scotland for Profit

Several of the bankers are threatening to leave Scotland if they vote for separation. These sly bankers said the same shit when the UK did not join the Euro. What these crafty untrustworthy people are really saying is they have UK debt and they fear it will collapse if Scotland leaves. In truth, they are part of the government scare-team and any bank that threatens that should be thrown out of Scotland anyhow. This is not what is good for Britain or Scotland, this is all about the banks not losing money on their bond holdings. Typical abuse of position and any bank taking that position does not deserve a license.
If Scotland stays out of the EU and UK, and it moves away from Marx and toward Adam Smith, it will become the new Switzerland for the 21st century and then watch all the bankers trying to get into to Scotland. I would void any banking license of a bank that puts out this outright propaganda for they are once again trying to manipulate society to line their pockets.

This post was published at Armstrong Economics on September 11, 2014.

Same $#!%, Different PIIGS

Desperate governments call for desperate measures.
Unfortunately for us, citizens often end up paying for the mistakes of their governments. That’s not how it should be but, sometimes, that’s how it is. If and a when a government is no longer able to meet its obligations, capital controls, broad wealth confiscation measures, and other extreme burdens are often considered.
Spanish bond yields just fell to their lowest levels in history but does that mean that your money is safe there? Absolutely not. It means that investors are complacent, not that Spain’s political risk has diminished.
Portugal is in the same boat. While its borrowing costs continue to fall, its prospects for economic growth and its financial position continue to worsen. If you’ve got assets in Portugal then now would be a good time to contemplate how safe they really are. Unless you like bail-ins, that is.

This post was published at Zero Hedge on 09/11/2014.

1.8 Million Protest in Spain Demanding Separation Like Scotland

This was the largest demonstration in the history of Barcelona with 1,8 million people showing up exceeding all previous records. Demonstrators were waving independence flags and wearing yellow-and-red shirts with the phrase ‘Now is the time’ shouting’Independencia!’ as they swarmed into the semiautonomous area in northeastern Spain that hails Barcelona as its capital. What is clear, we are seeing the beginning stages of what we have warned about – the rise of civil unrest that leaded to nations dividing or being overthrown in revolutions. What has taken place in Scotland is by no means going unnoticed.
‘Independence, independence’, has been the new cry of the people today in Spain in the center of the Catalan capital. Two main roads that converge at a place filled over a distance of seven miles with people. Here, a ‘V’ for ‘Victoria’ (Victory) was formed.

This post was published at Armstrong Economics on Sept 11, 2014.

In Venezuela First They Came For The Toilet Paper; Then They Came For The News Paper…

Bidet sales across Venezuela are set to soar as just months after running out of toilet paper, AP reports that Venezuela’s oldest newspaper is shutting down due to falling advertising, mounting inflation and a lack of basic materials. In addition, at least nine Venezuelan regional newspapers have stopped circulation because of the shortages. Of course, this is likely great news for President Maduro who can now manage his people’s minds direct from his Twitter feed… welcome to socialist utopia.

This post was published at Zero Hedge on 09/11/2014.

Gold Daily and Silver Weekly Charts – Like a Land War In Asia

There was the usual London-New York hit applied to the precious metals earlier this morning. Nothing new in that.
There was a bit of a bounce into the close for gold, and some action in the mining stocks as well.
Shown below are the Comex reports for both gold and silver for yesterday. I thought it was funny that more gold contracts were stopped than for silver. But this is the active month for silver and not for gold!
Not that even that factoid means anything. Watching the Comex these days is like watching the magicians beautiful assistant move the boxes around on stage, while the magician executives his sleight of hand undetected.
The real markets for precious metals have moved overseas. The West is fighting a holding action in a currency war of attrition. It must be like fighting a land war in Asia. You roll out your best shock and awe, complete with media fanfare, over and over. But they are gaining ground little by little.
I know, let’s flatten our own markets and their economic integrity back to the stone age of rigged prices and perpetual fraud, executed by and for the very few while the domestic public staggers. That will show them who’s in charge: until exhaustion of lies, or the collapse of force.

This post was published at Jesses Crossroads Cafe on 11 SEPTEMBER 2014.

Illusioned by the Economic ‘Recovery’

This is an excerpt from the latest Global Gold Outlook Report (full paper). Take a free subscription to receive similar updates in the future via e-mail:
Europe’s economy is at a standstill. This summer was full of critical developments in the Eurozone: In June, the European Central Bank (ECB) decided to move into the territory of negative real interest rates! The deposit rate, which already was at 0%, was cut to minus 0.10%. Additionally, its refinancing rate was cut from 0.25% to 0.15%, and its marginal lending facility dropped to 0.4%. This was one of a package of measures the ECB said it was considering to combat disinflation in the Eurozone and give the economy a push. Due to the continued dim outlook of the economy, the ECB further reduced the deposit rate to minus 0.20% and the refinancing rate to 0.05% in early September.
In our first Outlook back in December 2012 we discussed measures of financial repression in our financial markets. The first one we listed was that of negative real interest rates and we expressed our concern of it continuing for some time. That the ECB resorts to this option comes as no surprise, the economy has been close to a standstill in the past two years and European debt levels remain alarmingly high. What better way to reduce the cost of debt? And as a bonus, banks are charged to pay the central banks for their deposits. Of course, these costs will shift to deposit holders who, as we stressed before, will not only lose money in real terms, but potentially in nominal terms as well.
Asset-backed securities… again? To further encourage credit supply in the continent, the ECB also mentioned it will launch its targeted longer-term refinancing operations (TLTROs), an enhanced and improved bank lending mechanism (excluding mortgage lending). Auctions are scheduled for September and December this year. An initial USD400 billion will be up for grabs! But the biggest revelation was that the ECB would start a US-style bond-buying facility by purchasing asset-backed securities (ABS) from banks.

This post was published at GoldSilverWorlds on September 11, 2014.

Gold Seeker Closing Report: Gold and Silver Fall Again

The Metals:
Gold fell $14.86 to $1235.16 at about 10:20AM EST before it rallied back higher into the close, but it still ended with a loss of 0.63%. Silver slipped to as low as $18.586 and ended with a loss of 1.42%.
Euro gold fell to about 961, platinum lost $11 to $1368, and copper dropped a couple of cents to about $3.09.
Gold and silver equities fell about 1% by midmorning, but they then rallied back higher in the last couple of hours of trade and ended with almost 1% gains.

This post was published at GoldSeek on 11 September 2014.

sept 11/Slight decrease in GLD inventory of .32 tonnes to pay for storage and insurance fees/no change in silver inventory at the SLV/ Gold and silver fall quite bit but gold shares gain in the a…

Gold closed down $6.100 at $1237.40 (comex to comex closing time ). Silver was down 53 cents at $18.53
In the access market tonight at 5:15 pm
gold: $1241.00
silver: $18.68
GLD : finally we had a slight withdrawal in gold to the tune of .32 tonnes of gold at the GLD (inventory now at 788.40 tonnes)
SLV : today we had no change in silver inventory at the SLV/inventory rests at 334.646
As far as gold and silver is concerned, we had another raid today right after both London first and second fixing of gold. It seems they are relentless in their attacks. Strangely for the third straight day, gold and silver jumped in the access market as soon as the comex closed.
Today we have commentaries concerning the sanctions placed on Russia and their retaliation. The separatists reached the Sea of Azov and its major port Mariupol. If they conquer Mariupol then Russia could have a land bridge between its territories and the Crimea.
We will discuss these and other stories
So without further ado………………
Let’s head immediately to see the data has in store for us today.
First: GOFO rates/
All months basically moved towards the positive needle as they must have found a few bars to lease. On the 22nd of September the LBMA will not publish GOFO rates. ( I guess the manipulation is getting to them)
London good delivery bars are still quite scarce.
Sept 11 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
.11000% .1180000% .12800% .14600% .24000%
Sept 10 .2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
1100% .118000% .128000% .14600% .24000%
Let us now head over to the comex and assess trading over there today,

This post was published at Harvey Organ on September 11, 2014.

A Brief History of Currency: The Infographic

Judging by the amount of currency destruction, all of it completely voluntary and reminiscent of what happened in the final days of the Roman empire, we urge readers to enjoy whatever fiat paper is around: it won’t be there for much longer. So to help out in that regard, below is an infographic showing a brief history of the world’s major currencies over the ages.

This post was published at Zero Hedge on 09/11/2014.

Far-Right Nationalist Le Pen Takes Lead In French Presidental Poll

It’s not just Scotland… or Catalan. As The Guardian reports, polls out in the past few days in France have shown far-right Front National (FN) leader Marine Le Pen topping a presidential poll for the first time. Alongside this surge in support for FN is the utter collapse in the French people’s faith in Hollande. Less than 20% of voters now approve of the French president and stunningly more than half the nation’s card-holding-socialists have given up on him. An unprecedented 85% of French voters don’t think Hollande should seek a second term.

This post was published at Zero Hedge on 09/11/2014.

SP 500 and NDX Futures Daily Charts – Stick Save In Pigland

Stocks were wobbly for most of the day as the US administration is once again beating the drums of endless war. And it did not help that the economic numbers this morning came in a bit weakly, with initial unemployment claims a bit on the high side. But these daily numbers do not mean all that much. What is of much more concern is the instability in the world, that I would suggest is an artifact of the ‘currency war.’ And of course the currency war is almost beyond a doubt one manifestation of the impulse of the North Atlantic elite political power structure’s attempt to make this ‘the Anglo-American Century.’ The pampered classes have lost their grip on the traditional colonial empire, and seem to be seeking to maintain and recreate it in a broader, more financialized guise. Let’s see how this works itself out.

This post was published at Jesses Crossroads Cafe on 11 SEPTEMBER 2014.

90% Of Hedge Fund Managers Are Overpaid Relative To “True Talent”

With plunging dispersion (across stocks returns) and soaring beta to the market, it appears an increasing number of hedge fund investors believe the masters of the universe aren’t worth the money. As Bloomberg reports, nine out of 10 hedge-fund managers are overpaid as management fees don’t reflect declining interest rates and fund returns, according to Unigestion Holding SA, which invests $2 billion in hedge funds. With The Fed at their back, it is hardly surprising that one fund of funds manager blasts, “the philosophy of the hedge-fund industry, as it should be, is toremunerate true talent; fund managers should be remunerated when they perform. They should not be remunerated for doing nothing.”
It’s not surprising; since, if alpha is all but impossible…

This post was published at Zero Hedge on 09/11/2014.

Crude Oil Rip Sparks BTFD In Stocks But S&P Sub-2,000 3rd Day In A Row

For the 3rd day in a row, the USDollar flatlined as JPY & AUD weakness offset GBP & EUR strength (following Kuroda’s speech this morning). Stocks dipped-and-ripped once again – as they always do into and after the EU close – with the S&P managing to scramble back into the green (but not 2,000 for 3rd day in a row) in a late-day buying panic (after some Draghi headlines saying nothing new). Not everyone was drinking the same bounce-back juice as stocks with HY credit, and JPY-carry not supportive at all. Stocks seemed to track WTI crude most closely today as oil jumped higher (to $93) compressing the Brent-WTI spread to $5. Gold, silver, and copper slipped lower once again. The Treasury curve continued to bear flatten led by 5Y weakness.

This post was published at Zero Hedge on 09/11/2014.

Meet The Puppetmasters: Here Are The 25 Most Politically Influential Billionaires In The US

It has been said, correctly, if only by those who see beyond the false “left-right” paradigm, that those who call the shots in US politics, and thus American socio-economics, are not so much America’s lobbying corporations, but the people behind the corporations – i.e., those who have the money… all of it. Obviously, nobody has more money than America’s billionaires. So who are the true puppetmasters who determine America’s fate?

This post was published at Zero Hedge on 09/11/2014.

Government Interest Payments

It’s not just homeowners who have to worry about rising interest rates, the Federal government might soon get a taste of its own medicine.
With the Fed doing all it can to stimulate inflation, increases to interest rates are taking a front seat amongst borrowers’ fears. From the admittedly partisan Republican Senate Committee on the Budget comes this report outlining how federal interest outlays will dovetail with other expenses in the future.
To summarize:
The U. S. gross federal debt currently stands at $17.548 trillion, and net interest payments to our creditors are the fastest-growing item in the budget. In 2014, the Congressional Budget Office projects that the nation will spend $233 billion on interest payments. By the end of the budget window in 2024, however, CBO forecasts that interest payments will nearly quadruple to an astonishing $880 billion. Every dollar spent paying our creditors is a dollar wasted – money for which we get nothing in return. Interest payments threaten to crowd out every other budget item. To put the $880 billion, single-year interest payment in perspective, here is what we currently spend on other budget items:

This post was published at Mises Canada on September 11th, 2014.

BofA Warns “Everyone Should Pay Attention To Treasury Vol”

US 5Y Treasury yields are approaching a key level, but as BofAML’s Macneil Curry warns, the MOVE Index (the Treasury market equivalent of equity’s VIX) is more important to focus on…
As BofAML’s Macneil Curry explains,
Key levels approach in US 5yr Treasuries, but the Move Index might be more important.
US 5yr Treasury yields are approaching key long term support.

This post was published at Zero Hedge on 09/11/2014.

Algos Saved the Day, but what if Algos Turn Bearish?

Stock market volume is a sadly drooping southward curve, interrupted by spikes. Volumes and turnover rates are now back to levels of the late 1990s. If high-frequency trades and ETF-arbitrage are taken out of the equation, turnover might well be back to where it was in the 1980s. So algorithmic trading – for example, an instant burst of computer-generated buy orders based on a headline that hit a fraction of a millisecond earlier – can have a big impact on the market overall.
Art Cashin, in his ‘Market Commentary’ for UBS on yesterday’s market action – titled, ‘Bulls Turn Tide, Maybe Helped By Artificial Intelligence’ – put his finger on the power of those algo trades.
U. S. stocks followed the lead of European markets and moved lower after a mixed opening. A key negative influence was further weakness in crude, which had Chevron and Exxon subtracting over 20 points from the Dow by mid-morning. Also hurting was a continued ratcheting up of interest rates around the globe.

This post was published at Wolf Street on September 11, 2014.