Photographers face fines for taking pictures in National Forests

Free speech is under attack as the federal government is attempting to institute a permitting system for photography taken on so-called ‘public land’ controlled by the U. S. Forest Service. Under the directive, professional photographers will be obligated to purchase a ‘special-use permit’ for the privilege of shooting pictures inside tax-funded national forests.
In usual form, the restrictions are being manifested gradually – first targeting photographers who make their living off of shooting pictures. Under the proposed directive, commercial photographers will face fees of $30 to $800 per day to professionally document the beauty of the parks.

This post was published at Police State USA on September 29, 2014.

Venezuela’s “21st Century Socialism”: Food Lines For The People, New Cars For The Military

“Food lines are part of our daily existence,” exclaims one member of the Venezuelan public, as people line up for hours outside state-owned supermarkets to buy regulated staple goods, or, as Bloomberg reports, pay three times as much from street hawkers. However, on the other side of the fence in Southern Caracas, President Maduro’s “21st Century Socialism” looks a little different as Bloomberg notes 100s of brand new (admittedly Chinese) cars await new owners following the Defense Minister’s pledge to purchase 20,000 autos for the armed forces. Simply put, in order to maintain the appearance of utopia, Maduro ensures military personnel don’t have to contend with the economic chaos in the rest of the country.

This post was published at Zero Hedge on 09/29/2014.

Record September Gold Eagle Sales… A Big Price Move Coming?

Something is brewing in the gold market as U. S. Gold Eagle sales hit a record this month. This is a very interesting trend change as sales of Gold Eagles were sluggish for most of the year.
Matter-a-fact, Gold Eagle sales in September are the second highest for the year. If we look at the chart below, investors purchased 55,500 oz of Gold Eagles, more than double August sales of 25,000 oz. January usually holds the single highest sales month of the year due to high demand for the newly released official gold coin.

Not only are September Gold Eagle sales higher than June’s 48,500 (when the price of gold hit a low of $1,240), they are 4 times higher than sales during the same month last year. Gold Eagle sales in September 2013 were a paltry 13,000 oz.

This post was published at SRSrocco Report on September 29, 2014.

China In A Nutshell

We have explained the complications of China’s monetary policy efforts, trade-financing shenanigans,‘peculiarly stable’ headline macro data in the face of collapsing real data, and the ‘hangover’ effect ofChina’s seemingly-terrified-for-reality-to-peek-through credit injections… but sometimes, a brief 30 second clip is all that is needed to explain just how it all works in China…

This post was published at Zero Hedge on 09/29/2014.

Summarizing The “Long Dollar Trade” In One Chart

With the USD experiencing its longest stretch of weekly gains since Bretton Woods, it appears, as SocGen notes, that recent currency movements have triggered nostalgia of the pre-crisis world when dollar strength was synonymous with a prosperous global economy. However, given the extreme positioning and potential for policy-maker complacency, SocGen warns the paradox is thus that a strong dollar tantrum could be a more worrying scenario than a Fed tightening tantrum.

This post was published at Zero Hedge on 09/29/2014.

No, America isn’t Communist. It’s only 70% Communist.

Santiago, Chile
‘The proletarians have nothing to lose but their chains. They have a world to win. Workers of the world, unite!’
Most people remember Karl Marx’s most potent points and phrases, and the mountain of corpses his disciples left behind, especially in the 20th century.
However, most forget or don’t even know the specific policies that Marx advocated.
Within his 1848 Communist Manifesto, Marx outlined a list of ten short-term demands. These, he thought, would be the precursor to the ideal stateless, classless communist society.
Ironically in today’s world, Marx’s demands look pretty much mainstream.
That is because nearly every single item on the list has been implemented to varying degrees in the United States.
Think that couldn’t be possible in the Land of the Free? Just take a look.
Topping Marx’s list is the abolition of private property.
True, private property exists, but only until the state wants to take it. With its powers of eminent domain, the government can and does confiscate people’s property when it wants for public use.
Your property isn’t unconditionally yours. Just think of property taxes, for example.
If it’s actually YOUR private property, then why would you need to pay tax on it? And why do they have the authority to take it from you if you don’t pay?

This post was published at Sovereign Man on September 29, 2014.

The U.S. Government Is Borrowing About 8 Trillion Dollars A Year

I know that headline sounds completely outrageous. But it is actually true. The U. S. government is borrowing about 8 trillion dollars a year, and you are about to see the hard numbers that prove this. When discussing the national debt, most people tend to only focus on the amount that it increases each 12 months. And as I wrote about recently, the U. S. national debt has increased by more than a trillion dollars in fiscal year 2014. But that does not count the huge amounts of U. S. Treasury securities that the federal government must redeem each year. When these debt instruments hit their maturity date, the U. S. government must pay them off. This is done by borrowing more money to pay off the previous debts. In fiscal year 2013, redemptions of U. S. Treasury securities totaled $7,546,726,000,000 and new debt totaling $8,323,949,000,000 was issued. The final numbers for fiscal year 2014 are likely to be significantly higher than that.
So why does so much government debt come due each year?
Well, in recent years government officials figured out that they could save a lot of money on interest payments by borrowing over shorter time frames. For example, it costs the government far more to borrow money for 10 years than it does for 1 year. So a strategy was hatched to borrow money for very short periods of time and to keep “rolling it over” again and again and again.
This strategy has indeed saved the federal government hundreds of billions of dollars in interest payments, but it has also created a situation where the federal government must borrow about 8 trillion dollars a year just to keep up with the game.
So what happens when the rest of the world decides that it does not want to loan us 8 trillion dollars a year at ultra-low interest rates?
Well, the game will be over and we will be in a massive amount of trouble.
I am about to share with you some numbers that were originally reported by CNS News. As you can see, far more debt is being redeemed and issued today than back during the middle part of the last decade…

This post was published at The Economic Collapse Blog on September 29th, 2014.

sept 29.2014/Addition of silver at the SLV/another loss of gold at the GLD/ gold and silver withstand another attack/first day notice in the comex gold/expect another whack until the first of the…

Gold closed up $3.40 at $1217.50 (comex to comex closing time ). Silver was up 4 cents at $17.52
In the access market tonight at 5:15 pm
gold: $1215.00
silver: $17.49
GLD : we lost 1.20 tonnes of gold inventory at the GLD (inventory now at 772.25 tonnes)
SLV : very late Friday night we had another addition of 767,000 oz in silver inventory (inventory now 346.011 million oz)
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 slightly towards the positive needle. On the 22nd of September the LBMA stated that they will not publish GOFO rates. However today we still received today’s GOFO rates
London good delivery bars are still quite scarce.
Sept 29 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
.12000% .12330000% .1300% .1366700% .22333000%
Sept 26 .2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
10500% .1125000% .1125000% .127500% .212500%
Let us now head over to the comex and assess trading over there today,

This post was published at Harvey Organ on September 29, 2014.

Gold Daily and Silver Weekly Charts – Non Farm Payrolls On Friday, End of Month Tomorrow

“Heroes. Victims. Gods and human beings. All throwing shapes, every one of them Convinced he’s in the right, all of them glad To repeat themselves and their every last mistake, No matter what.”
Seamus Heaney, The Cure At Troy
Today was the first position day for the October metals contracts. First delivery will begin on Wednesday, 1 October.
China will go on a one week national holiday for ‘Golden Week’ on 1 October as well.
There was nothing of particular interest in the delivery reports on the Comex for Friday, and some minor movements of bullion out of their warehouses and registered categories.
We are in an endgame. We do not know how long it will last. But the East is buying bullion with paper money at a fairly stiff pace. And since the financiers have not yet figured out how to create real precious metals, just fakes and frauds of them, there will be an end to this.
The Recovery is a charade. The reason for this is quite simple, and it can be seen in one chart here.
It should be no surprise that the pig men are getting carried away. There does not appear to be anyone to save them from themselves this time, to raise a flag and turn them at the edge of the abyss. Who could stop, when it feels so good to be winning.

This post was published at Jesses Crossroads Cafe on 29 SEPTEMBER 2014.

Palace Revolt in Eurozone’s Largest Bank

Don Quijones, freelance writer, translator in Barcelona, Spain. Raging Bull-Shit is his modest attempt to challenge the wishful thinking and scrub away the lathers of soft soap peddled by political and business leaders and their loyal mainstream media. This article is a Wolf Street exclusive.
Don Emilio Botn, for decades the undisputed Capo of Spanish banking, is dead. By contrast, the bank he leaves behind him, Grupo Santander, is both alive and kicking – at least to all outward appearances. It is now the largest bank by market capitalization in the Eurozone as well as one of the thirteen leading banks in the world – no mean feat given that when Botn III took the reins of the family business from his father, Santander was merely a midsized domestic bank with just a tiny smattering of overseas operations.
Now its operations quite literally span the Western hemisphere, with the mother country accounting for just 7% of the group’s profits. Brazil’s stuttering economy is its biggest source of lucre, last year bringing in roughly 23% of the Group’s total profits, with the U. S. and Mexico accounting for 10% each. In Europe, its biggest market is the UK (17% of profits), though the bank has interests throughout the continent, most notably in Germany (6%) and Poland (6%).
However, it is the New World, not the Old World, on which Santander now has its sights firmly set. Last year, Latin American markets represented 51% of the group’s total operating revenues. Despite its recent slowdown, the region remains Santander’s main strategic target for business growth. According to the Group’s own website, it has carved out leadership positions in the continent’s ‘most dynamic and solid economies’ – economies such as Brazil, Mexico, Chile, Uruguay, Peru, Puerto Rico and that hyper-dynamic, super-stable economy called Argentina.
Naturally, with so many of its eggs in just one basket – and one that is fast losing its allure – one can’t help but wonder what might happen should things, god forbid, go south, south of the Rio Grande. Just as importantly, now that the King of Debt is dead, who’ll be on hand to steady the ship should the South Atlantic Seas get a little choppy?

This post was published at Wolf Street on September 29, 2014.

Senate Sponsor Exposes The Real Reason For The Fed

Robert Latham Owen was a part-Cherokee Democratic Senator from Oklahoma between 1907 and 1925 who (ironically) championed efforts to strengthen public control of government.
He is, however, best-known as a co-sponsor of a bill that would change the world forever – The Federal Reserve Act of 1913 (which enabled the Federal Reserve System).
Writing later in his life, he reflected (as so many political leaders do once they leave office) on the real reason for the Federal Reserve Act…

This post was published at Zero Hedge on 09/29/2014.

Despite Late-Day Buying Panic, Stocks Close Red

Heavy volume and volatile price action early in stocks and high-yield credit markets subsided later in the day as despite several big stocks in the red, the indices jammed higher in the last hour desparate to get positive (on terrible volume) but failed. Treasury yields fell 3-4bps early on and stuck near the lows of the day (ignoring equity’s exuberance). High-yield credit rallied back off early spike wides at 380bps (with desks noting heavy demand for protection) but remains worse than stocks. VIX tested above 17 and crashed back below 15.5. The USD ended the day unchanged (AUD weakness notable) but gold and silver slipped lower with oil (back over $93) and copper up on the day. Camera-on-a-stick smashed over 11% higher to $91.50 as the 41% float short continues to get squeezed out.

This post was published at Zero Hedge on 09/29/2014.

9/9/2014: Russian Economy Briefing for IRBA

Economic growth in Russia was running at 0.8% y/y in Q2 2014 versus 0.9% y/y in Q1 2014.
At the same time, GDP shrank 0.2% y/y in July 2014 and 0% y/y in August 2014.
Taken against the consensus forecast for growth at 0.5% for the full year 2014, this suggests geo-political risks-induced slowdown in the economy of some 0.3-0.4% to-date.
Russia’s economic outlook for 2014 and 2015-2015 continues to trend down, driven by two core factors:
Geopolitical risks of the Ukrainian conflict, and Structural weaknesses in the economy. The first factor is responsible for the expected actual output growth falling below down-trending potential output growth in 2014 and 2015.
The second factor is driving down potential output growth in 2015-2016 and beyond.
How dramatic were the growth forecasts revisions so far?
Take IMF: IMF is about to publish its October World Economic Outlook forecasts revisions.
In October 2013, IMF forecast real GDP growth in Russia to run at 3.0% in 2014, 3.5% in 2015 and 3.5% in 2016. So 3.5% average over 2015-2016.
In April 2014, IMF forecasts were running at 1.33% in 2014, 2.3% in 2015 and 2.5% in 2016, respectively. 2015-2016 average of 2.4% down 1.1 ppt on previous.

This post was published at True Economics on September 29, 2014.

Emerging Market Currencies Under Pressure

If one just looks at the Major Currency pairs and sees the Dollar a bit weaker this morning, it is very easy to overlook at what has been happening in some of the Emerging Market currencies. It goes back to that same interest rate differential and the fact that there is concern about slowing global growth, especially in some of these emerging markets. I should also note that there has been a large carry trade involved here as well.
I want to post a chart of the Brazilian Real for the benefit of grain traders and hog traders.
Please note that the currency just made a 6 year low against the US Dollar. Brazilian grain and Brazilian pork are dirt cheap on the global markets compared to US grains and US pork. Most US based grain traders have been in the past, and remain oblivious to such things.

This post was published at Trader Dan Norcini on September 29, 2014.

Spain Manufacturers Warn of Another Slowdown; Consumption Recovery Ends, Retail Sales Contract, Price Deflation Sets In

The alleged recovery in Spain is already over. Retail sales are down month-over-month and year-over-year in July. August and September are both projected to be weak.
Vial translation from El Economista, Manufacturers and Retailers Warn of Another Consumption Slowdown.
After a slight recovery in the first months of the year, stagnation set in since June, according to almost all employers and associations of producers and distributors. The retail index INE already pointed to stagnation in June and a drop of 0.5% in July from a year earlier.
Although the decline in July from the previous month is a somewhat lower 0.2%, the situation appears to be worsening. August data will be released this week and forecast for both August and September are not positive.

This post was published at Global Economic Analysis on September 29, 2014.

The Last Time Traders Were This Short 2Y Notes, Rates Collapsed

As rates fell last week, speculators in 2Y Treasury Notes added aggressively to their short positions. Positioning in 2Y Notes is now at its most short since mid-2007 (as 10Y Bond positioning surged to its most long in over a year), and if history is any guide to what happens next, rates are set to tumble.
The last time 2Y Note speculators were this short was mid-2007 and rates utterly collapsed soon after…

This post was published at Zero Hedge on 09/29/2014.

The Goldman Tapes And Why The Delusion Of Macro-Prudential Regulation Means The Next Crash Is Nigh

There is nothing like the release of secret tape recordings to clarify an inconclusive debate. I recall that happening with Nixon back in the day. Even as a Washington apprentice I could see that he was a ruthless, power hungry abuser of his office, but much of official Washington just denied it. Then came the tapes. Soon there was no doubt. In short order Nixon was gone.
So now comes the Goldman tapes – -46 hours of recordings by an embedded New York Fed regulator at Goldman Sachs who got fired for attempting to, well, regulate. Would that the Carmen Segarra affair generates a Nixonian result – -that is, exposure that ‘regulatory capture’ is an endemic, potent and inextricable evil that can’t be remediated in situ.
Never mind that what Ms. Segarra was attempting to regulate – whether Goldman had a conflict of interest policy with respect to its M&A clients – -was actually none of the state’s business in the first place. If in the instant case GS was giving squinty eyed advise to its client, El Paso Corporation, because it owned a $4 billion position in the other party to the transaction, Kinder Morgan, so be it. Either the conflict was harmless or eventually Goldman’s M&A business would have been punished by the marketplace – – even stupid executives and boards wouldn’t pay huge fees to be taken to the cleaners for long.

This post was published at David Stockmans Contra Corner on September 29, 2014.

Will Senators Rand Paul and Elizabeth Warren Unite to Finally ‘Audit the Fed’?

I finally had a chance to listen to the hour long interview of former bank examiner and whistleblower, Carmen Segarra, with ‘This American Life.’ In the event you haven’t taken the time to listen for yourself, I can’t emphasize enough how important it is that you do.
Whether you listen to it yourself or not, I think it’s worthwhile to share what I believe are the most important takeaways from the ‘Goldman Tapes,’ since you cannot solve a problem unless you understand it clearly at its core.
First, a little background. Carmen Segarra is the woman who worked at the Federal Reserve Bank of New York as a bank examiner. She was assigned specifically to Goldman Sachs, and was ultimately fired for asking too many questions. These employees are positioned within certain banks in order to oversee them and alert their bosses about any unscrupulous activities. At least that is what is claimed.
The most incredible thing you realize from Segarra’s account of her brief stint at the Fed, is that when push came to shove and non-compliance issues were revealed, her bosses had no backbone whatsoever and in fact scrambled to protect the banks and coverup their malfeasance. Incredibly, this was still business as usual just a couple of years after the banks destroyed the global economy, ripped apart the rule of law, and demanded and received trillions in taxpayer backstops and bailouts.

This post was published at Liberty Blitzkrieg on Monday Sep 29, 2014.