China’s aluminum and nickel producers have asked Beijing to buy up surplus metal, sources said, the first coordinated effort since 2009 to revive prices suffering their worst rout since the global financial crisis. China Nonferrous Metals Industry Association had suggested that the state buys 900,000 tonnes of aluminum, 30,000 tonnes of refined nickel, 40 tonnes of indium, and 400,000 tonnes of zinc. Or, in other words, “QE for metals.”
On Monday, Mauricio Macri, the son of Italian-born construction tycoon Francesco Macri, beat out Cristina Kirchner’s handpicked successor Daniel Scioli for Argentina’s presidency in what amounted to a referendum on 12 years of Peronist rule. Now, Macri faces a trio of daunting tasks: i) restore central bank liquidity, ii) implement a new FX regime, and iii) tackle the ballooning budget deficit. The most most pressing concern: the central bank is literally out of dollars.…
Trader and analyst Gregory Mannarino says the governments and bankers want war. Mannarino explains, “War is the goal. People need to understand here the goal of the world central banks is to bring us to war. So, they have a big, big reason to borrow cash into existence. This is it. The debt based economic model has got to be the most corrupt, evil and dastardly mechanism to be pushed down the throats of the entire world. They are going to do what they need to do and that means bring us to a full blown war, nuclear or whatever they need to do to keep this going. If they do not find the reasons to borrow cash into existence, creating refugee problems, leaving all the borders open, war, you name it. . . . The world central banks have created a situation where they have to borrow cash into existence in perpetuity. They can never stop. If they do stop, it will cause a loss of human life greater than a nuclear exchange. So, they are stuck here. The lessor of the two evils here is to bring us to war. As horrible as that sounds, that is where we’re at.” Continue reading »
Financial expert Catherine Austin Fitts has long said before there is another big financial crash, there will be a big war. Fitts explains, “If you look at how fragile the geopolitics are, the danger, as I have always said, is that we go to violence, and then things really come unhinged. So, I’m worried about violence and war and kind of situation getting out of hand. That’s when you get the really dangerous scenarios.” Continue reading »
It all has been planned that way by TPTB and has been foreseen by what I consider to be one of the best seers already in (or around) 1950.
TPTB are so powerful that the future, which should have many, many different timelines, is fixed and so it can be easily seen by those who have the eye(s) to see.
He also foresaw the migrant crisis, civil war (and a lot more) happening before the outbreak of WW3.
He said just when the German mark had been introduced in 1948 that the the German mark will be a sound currency, but he warned of the currency that would come after that.
He also predicted tax hikes, hyperinflation, followed by revolution, which will be directly followed by WW3.
There will be civil war in France, Germany and Italy. The pope will have to flee the Vatican. Then immediately (within 24h) after the assassination of a top-ranking person (like Putin or Obama) WW3 will start.
NO (full) nuclear exchange, but mainly conventional war. Some large amounts of chemical weapons will be used to create a death strip, so that the Russian tanks will get no ordnance.
He saw what we would now call drones to create this death strip.
The main tank battle will be on German territory. Russia will lose.
WW1 and WW2 were also staged events by TPTB (The Illuminati – Rothschilds and the other 12 elite families).
And again for those who missed it …
In my opinion it will be very wise to own physical gold and silver, because when hyperinflation sets in gold and silver will skyrocket and I believe they will rise at least 10 times their current value.
And that is in my opinion a very conservative estimate. It can easily go to much higher.
However, food and water, survival gear etc. will prove to be of the utmost importance.
Have food for many, many months and seeds for the future.
If the government’s official statistics are to be believed the U.S. economy is moving full steam ahead. Consumers are spending, the job market is expanding, real estate has recovered, stocks are soaring and the U.S. dollar is stronger than it has been in a decade.
But if you have yet to realize it, it’s all a lie. So says billionaire investor Eric Sprott of Sprott Global, which manages hundreds of millions of dollars in contrarian investment funds for clients all over the world. Well known for his long-term bullishness on the resource sector, specifically precious metals, Sprott joined First Mining Finance chairman Keith Neumeyer in a must-see interview where the pair discuss everything from the state of the global economy and trade to gold market manipulation and the inevitable breakdown of highly leveraged paper trading exchanges. Continue reading »
Back in September in “How Mario Draghi Can Force The Swiss National Bank To Go ‘Nuclear On Depositors,” we discussed the implications of the ECB’s (likely) decision to plunge further into NIRP-dom at the bank’s December meeting.
In short, DM central banks – with the possible exception of the Fed which is about to create a rather meaningful policy divergence with its core CB brethren – are in a proverbial race to bottom. It’s a beggar-thy-neighbor monetary policy regime and the more stubborn inflation expectations prove to be, the more aggressive the tit-for-tat easing, as everyone involved scrambles to protect their currency in the face of incessant competitive devaluations on all sides.
As we outlined in great detail in the post linked above, the ECB’s ultra dovish lean has the potential to create a lot of problems for the Riksbank, the Norges Bank, and the SNB. Continue reading »
Kiev’s prepayment is sufficient to cover deliveries for a couple of days, Gazprom CEO noted.
“Volumes of the prepaid gas are running out. I think that they will be sufficient… for a couple of days or so,” Miller told journalists on the sidelines of the Gas Exporting Countries Forum summit in the Iranian capital. Continue reading »
A significant debate is underway in Russia since imposition of western financial sanctions on Russian banks and corporations in 2014. It’s about a proposal presented by the Moscow Patriarchate of the Orthodox Church. The proposal, which resembles Islamic interest-free banking models in many respects, was first unveiled in December 2014 at the depth of the Ruble crisis and oil price free-fall. This August the idea received a huge boost from the endorsement of the Russian Chamber of Commerce and Industry. It could change history for the better depending on what is done and where it further leads. Continue reading »
“We’re headed for a very severe monetary crisis and period of great instability — the very opposite of what has been experienced for the last six or seven years, when these markets have been effectively tranquilized by the central banks and their massive quantitative easing and intrusion into financial markets..
But it’s going to change because we’re reaching the point where they (central banks) are out of dry powder. I don’t think the central banks have infinite power. I don’t think they can keep interest rates suppressed forever if confidence is lost.
Remember, there are trillions of dollars of bonds out there. There is something like $225 trillion of total debt in the world (public and private), and $90 trillion of that is traded in one form or another. Continue reading »
One week ago, we reported, with little surprise, that just days after last Friday’s terrorist attack, the European Commission had “implemented strict controls to make it difficult to acquire firearms.”
This followed our take from two months ago, predicting with uncanny accuracy the events of November 13, when we said that “as the need to ratchet up the fear factor grows, expect more such reports of asylum seekers who have penetrated deep inside Europe, and whose intentions are to terrorize the public. Expect a few explosions thrown in for good effect” and we added that “since everyone knows by now “not to let a crisis go to waste” the one thing Europe needs is a visceral, tangible crisis, ideally with chilling explosions and innocent casualties. We expect one will be provided on short notice.” Continue reading »
As we’ve noted previously, the War on Cash is accelerating.
In recent months:
1) The SEC and other regulators have implemented legislation allowing Money Market Funds to lock in your cash for up to 10 days during the next financial crisis (meaning you cannot get your money out).
2) The FDIC has implemented legislation permitting it to seize “systemically important” banks and convert their deposits into equity (the dreaded “bail in” used in Cyprus in 2013).
3) JP Morgan and other large banks have begun rejecting large deposits. Continue reading »
EURUSD just broke to a 1.05 handle, its lowest since April. With EURUSD now down 9 big figures from Draghi’s mid-October jawboning, the US Dollar index (heavily-weighted to EUR) is soaring, reaching back above to its highest since March. Bearing in mind that Fed’s Fischer says that the worst of USD’s impact on the US economy is yet to come, we may have a problem.…
Spot rates for transporting containers from Asia to Northern Europe have crashed a stunning 70% in the last 3 weeks alone. This almost unprecedented divergence from seasonality has only occurred at this scale once before 2008!
Retail sales this holiday season are setting up to be a disaster. Already most retailers are advertising “pre-Black Friday” sales events. Remember when holiday shopping didn’t begin, period, until the day after Thanksgiving? Now retailers are going to cannibalize each other with massive discounting before Thanksgiving.
Anybody notice over the weekend that BMW is now offering $6500 price rebates? The collapsing economy is affecting everyone, across all income demographics.
As the poor get poorer, so the saying goes, the rich get richer; and until recently that was not just true, but apparently mandated so by The Fed. However, the last few months have seen the so-called “1%” appearing to struggle a little in their largesse. As we noted previously, not only are luxury jet values dropping for the first time since 2009, London mansion prices plunging, San Francisco home sales collapsing, and Sotheby’s laying people off, but now, as Bloomberg reports, Swiss watches – the ultimate in luxury extravagance – have seen exports crash by the most since the financial crisis.
Swiss watch exports collapsed 12.3% YoY in October… the worst since the financial crisis and not seen outside of a US recession…
“2015 has been one to forget for the watchmakers,” said Jon Cox, an analyst at Kepler Cheuvreux in Zurich. As Bloomberg reports,
Swiss watch exports had their biggest decline in six years in October, led by a 39 percent slump in shipments to Hong Kong, the industry’s largest market. Continue reading »
The “Great Recession” was evidently so bad for the economy that it stopped the net influx of illegal immigrants from Mexico.
Pew Hispanic found that, according to official numbers, more than 800,000 undocumented workers came to the United States during 2009-2014 while more than 1 million fled the U.S. during the same period. It seems that employment became more difficult after the 2008 economic crisis, while Mexico’s economy actually improved. Continue reading »
Sometimes you just have to stand in awe at the level of corruption and incompetence in government.
Case in point, the new highway bill in the Land of the Free. And, trust me, you’ll love this.
The latest version of the highway bill is called the “Developing a Reliable and Innovative Vision for the Economy Act.” Continue reading »
Despite two years of liberal redistribution from Mayor de Blasio, the majority of New Yorkers continue to struggle to make ends meet mirroring his 2013 “tale of two cities” campaign theme. The NYTimes poll finds that only 20% are living comfortably while 51% are just getting by or finding it difficult to manage, and shows even greater disparities in quality of life across the city’s five boroughs.
As The New York Times reports,an atmosphere of economic anxiety pervades all areas of the city…
Residents of the Bronx and Brooklyn shared the most pronounced sense of economic insecurity, and the lowest confidence in local government and the police — a distinctly different experience from the rest of the city. Continue reading »
One of the questions on analysts’ minds lately is whether stock prices can keep moving up when corporate sales and profits are falling. But the same can be asked about the overall economy. Why would companies hire more people if they’re selling less stuff? The answer is that they probably won’t. As the chart below — put together by good friend Michael Pollaro — illustrates, business sales and employment have tracked closely since at least the 1990s. When sales have fallen, companies have responded with less hiring and more firing.
But for the past year sales have declined while reported employment has risen.
Unless this relationship no longer holds, one of these lines will have to change course very soon. And since sales are beyond anyone’s control, it’s a safe bet that employment will be the one to give.
In the past we have explained why when it comes to circumventing capital controls, primarily in the context of China, there are few as simple and as efficient alternatives to Bitcoin – contrary to what Bernanke may think, gold is concentrated money (and in India it now pays interest) but when it comes to transferring it across borders, it tends to be rather problematic. And now Europe appears to have figured this out, and as Reuters reports, European Union countries are preparing to crackdown on virtual currencies such as bitcoin, and anonymous payments made online and via pre-paid cards “in a bid to tackle terrorism financing after the Paris attacks, acording to a draft document.” Continue reading »
The sums in play are so staggering (an estimated $11 trillion in emerging market debts denominated in other currencies) that even the Fed won’t be able to stop the meltdown.
CAT has now suffered a record 35 months, or nearly 3 years, of consecutive declining annual retail sales – something unprecedented in company history! But fear not, the company has a cunning plan how to stem the bleeding…
I was absolutely stunned to learn that the Baltic Dry Shipping Index had plummeted to a new all-time record low of 504 at one point on Thursday. I have written a number of articles lately about the dramatic slowdown in global trade, but I didn’t realize that things had gotten quite this bad already. Not even during the darkest moments of the last financial crisis did the Baltic Dry Shipping Index drop this low. Something doesn’t seem to be adding up, because the mainstream media keeps telling us that the global economy is doing just fine. In fact, the Federal Reserve is so confident in our “economic recovery” that they are getting ready to raise interest rates. Of course the truth is that there is no “economic recovery” on the horizon. In fact, as I wrote about yesterday, there are signs all around us that are indicating that we are heading directly into another major economic crisis. This staggering decline of the Baltic Dry Shipping Index is just another confirmation of what is directly ahead of us. Continue reading »
“The UK’s remaining coal-fired power stations will be shut by 2025 with their use restricted by 2023,” says this article from the BBC.
Relying on “polluting” coal is “perverse,” says Energy Secretary Amber Rudd.
Instead, she will recommend that gas become “central” to the UK’s future, with building new gas-fired power stations an “imperative”. Continue reading »
H/t reader squodgy:
“Brexit a non event. YES!!!
So let’s escape while we still can.”
French investment bank Natixis sides with rebellious islanders.
The UK will hold a referendum by the end of 2017 on whether or not to stay in the EU. No country has ever left the EU. The fact that the now second largest economy in the EU is threatening to do so because its people may want out has set off a bout of hot-and-heavy scaremongering. Continue reading »
One of the World’s largest independent sustainable agriculture medias, Sustainable Pulse, has been banned by the Chinese government in all of mainland China, shortly after ChemChina launched a failed $ 42 billion bid to buy the largest Global pesticide company – Syngenta.
The ban on Sustainable Pulse has been reacted to with anger by Chinese GMO-Free activists, who have used the media as a source of independent GMO and pesticide news over the last 4 years. Chinese sustainable agriculture expert Xie Xuren stated; “This is a disaster for freedom of information for all those who care about safe food and pesticide free agriculture in China.” Continue reading »
Back in May we first introduced our readers to the FX manipulation practice known as “last look.” Wait, what’s that? This is what we said:
The last look practice is a legacy of over-the-phone currency trading, when traders would take a final check of the market before executing an order. It has survived even as foreign-exchange trading moved onto electronic platforms, leaving banks with the option to back out of an order after it was accepted by a client. Continue reading »