As we explained over the weekend, should the Swiss gold referendum pass successfully, the price of gold will surge. It was none other than JPM who warned that the “markets under appreciate this event”, explaing that “If the referendum is passed, the Swiss National Bank (SNB) will be forced to increase reserves by around 1,500 tonnes over five years, i.e. 300 tonnes per year. This 300 tonnes per year accounts for 7.5% of annual gold demand of 4,000 tonnes per year.”
Well, even as the SNB has been scrambling to make the referendum seem like a non-event, with very little chance of passing, moments ago Deutsche Bank released a piece that roundly refuted everything the Swiss Central Bank has been peddling. To wit, here is a note just out from DB’s Robin Winkler: Continue reading »
- Inequality Now at Lord and Serf Level (Washington’s Blog, Nov 14, 2014):
- Monsanto settles GMO wheat dispute with Northwest farmers for $2.4 million (OregonLive/AP, Nov 12, 2014):
Monsanto Co. said Wednesday it will pay nearly $2.4 million to settle a dispute with Northwest farmers over genetically modified wheat.
No genetically engineered wheat has been approved for U.S. farming, but it was found in Oregon in 2013.
That discovery prompted Japan and South Korea to temporarily suspend some wheat orders, and the European Union called for more rigorous testing of U.S. shipments. Continue reading »
- Italy’s Grillo Rages “We Are Not At War With ISIS Or Russia, We Are At War With The ECB” (ZeroHedge, Nov 14, 2014):
Next week, Italy’s Beppe Grillo – the leader of the Italian Five Star Movement – will start collecting signatures with the aim of getting a referendum in Italy on leaving the euro “as soon as possible,” just as was done in 1989. As Grillo tells The BBC in this brief but stunning clip, “we will leave the Euro and bring down this system of bankers, of scum.” With two-thirds of Parliament apparently behind the plan, Grillo exclaims “we are dying, we need a Plan B to this Europe that has become a nightmare – and we are implementing it,” raging that “we are not at war with ISIS or Russia! We are at war with the European Central Bank,” that has stripped us of our sovereignty.
- Russia Is Preparing For A “Catastrophic” Oil Price Collapse (ZeroHedge, Nov 14, 2014):
Vladimir Putin told the state-run TASS news agency that Russia’s economy faces a potential “catastrophic” slump in oil prices, saying, as Bloomberg reports, such a scenario is “entirely possible, and we admit it.” However, Putin reassures that with reserves at more than $400 billion, the country will weather such a turn of events because “we handle our gold and currency reserves and government reserves sparingly.”
- ISIS Unveils Its New Gold-Backed Currency To Remove Itself From “The Oppressors’ Money System” (ZeroHedge, Nov 13, 2014):
It appears the rumors are true. Islamic State is set to become the only ‘state’ to back its currency with gold (silver and copper) as it unveils the new coins that will be used in an attempt to solidify its makeshift caliphate. ISIS says the new currency will take the group out of “the oppressors’ money system.”
As Zaid Benjamin notes, ISIS releases details of its new currancy with golden 1 & 5 dinar, silver 1, 5, 10 dirham and copper 10 & 20 fils Continue reading »
- Putin “Prepares For Economic War”, Buys Whopping 55 Tonnes Of Gold In Q3 (ZeroHedge, Nov 13, 2014):
Just as China is buying ‘cheap’ oil with both hands and feet, so Russia, according to the latest data from The World Gold Council (WGC) has been buying gold in huge size. Dwarfing the rest of the world’s buying in Q3, Russia added a stunning 55 tonnes to its reserves, as The Telegraph reports, Putin is taking advantage of lower gold prices to pack the vaults of Russia’s central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.
Russia bought more gold in Q3 then all other countries combined… Continue reading »
- The Economic End Game Explained (ALT-MARKET, Nov 12, 2014):
Throughout history, in most cases of economic collapse the societies in question believed they were financially invincible just before their disastrous fall. Rarely does anyone see the edge of the cliff or even the bottom of the abyss before it has swallowed a nation whole. This lack of foresight, however, is not entirely the fault of the public. It is, rather, a consequence caused by the manipulation of the fundamental information available to the public by governments and social gatekeepers.
In the years leading up to the Great Depression, numerous mainstream “experts” and politicians were quick to discount the idea of economic collapse, and most people were more than ready to believe them. Equities markets were, of course, the primary tool used to falsely elicit popular optimism. When markets rose, even in spite of other very negative fiscal indicators, the masses were satisfied. In this way, stock markets have become a kind of dopamine switch financial elites can push at any given time to juice the citizenry and distract them from the greater perils of their economic future. During every upswing of stocks, the elites argued that the “corner had been turned,” when in reality the crisis had just begun. Nothing has changed since the crash of 1929. Just look at some of these quotes and decide if the rhetoric sounds familiar today: Continue reading »
- Venezuelan Bonds Are Collapsing, FinMin Denies Devaluation Looming (ZeroHedge, Nov 13, 2014):
While talking heads proclaim – incorrectly – that low oil prices are unequivocally good for the US economy, it is very much not the case for oil producers around the world. Most notably, Venezuela – which ‘needs’ oil prices above $100 to maintain its socialist utopia – and currently ranks at a lowly 100th on the world’s prosperity index, is in grave trouble if this trend continues. Venezuelan bonds plunged to new record lows today as oil prices hit fresh cycle lows, strongly suggesting default or currency devaluation is imminent. However, as is usual (think Mexico) Finance Minister Rodolfo Marco Torres ruled out devaluation even as oil price drop exacerbates country’s finances. As one analyst noted, “there’s broad understanding that in the absence of any corrective policy measures that these guys are going to be in serious trouble.” It appears they already are. The Maduro government desperately needs a rise in oil prices, but Saudi Arabia has so far rebuffed calls for an emergency meeting as it pursues a strategy of waiting out higher cost competitors. OPEC does not plan on meeting until Nov. 27. That is still an eternity for a country that is beginning to unravel.
- 24 Reasons Why Millennials Are Screaming Mad About Our Unfair Economy (Economic Collapse, Nov 11, 2014):
Do you want to know why Millennials seem so angry? We promised them that if they worked hard, stayed out of trouble and got good grades that they would be able to achieve the “American Dream”. We told them not to worry about accumulating very high levels of student loan debt because there would be good jobs waiting for them at the end of the rainbow once they graduated. Well, it turns out that we lied to them. Nearly half of all Millennials are spending at least half of their paychecks to pay off debt, more than 30 percent of them are living with their parents because they can’t find decent jobs, and this year the homeownership rate for Millennials sunk to a brand new all-time low. When you break U.S. adults down by age, our long-term economic decline has hit the Millennials the hardest by far. And yet somehow we expect them to bear the burden of providing Medicare, Social Security and other social welfare benefits to the rest of us as we get older. No wonder there is so much anger and frustration among our young people.
The following are 24 reasons why Millennials are screaming mad about our unfair economy: Continue reading »
From the article:
“On Sunday in Brisbane the G20 will announce that bank deposits are just part of commercial banks’ capital structure, and also that they are far from the most senior portion of that structure. With deposits then subjected to a decline in nominal value following a bank failure, it is self-evident that a bank deposit is no longer money in the way a banknote is. If a banknote cannot be subjected to a decline in nominal value, we need to ask whether banknotes can act as a superior store of value than bank deposits? If that is the case, will some investors prefer banknotes to bank deposits as a form of savings? Such a change in preference is known as a “bank run.””
- Russell Napier Declares November 16, 2014 The Day Money Dies (ZeroHedge, Nov 12, 2014):
From Russell Napier of ERIC
It is with regret and sadness we announce the death of money on November 16th 2014 in Brisbane, Australia
Continue reading »
- JP Morgan Chase cost US taxpayers millions, had them pay for settlement – Matt Taibbi (RT, Nov 12, 2014):
“Ordinary people lost enormous amounts of money” when JP Morgan Chase sold millions in faulty loans – and taxpayers still paid a big chunk of its billion-dollar settlement with the government, investigative journalist Matt Taibbi told RT.
In recent story published in Rolling Stone, Taibbi detailed how a former JP Morgan employee Alayne Fleischmann helped the Justice Department in its investigation against the bank. Eventually, a $9 billion settlement was reached. However, that agreement did not require the bank to admit guilt for fraud – and it all came about to keep the information Fleischmann divulged from surfacing. Continue reading »
- Big Banks Busted Massively Manipulating Foreign Exchange, Precious Metals … And Every Other Market (Washington’s Blog, Nov 12, 2014):
- Caught Rigging FX and Gold? Your Punishment Will Be A Bonus Capped At Just 200% Of Your Base Salary (ZeroHedge, Nov 11, 2014):
There are many more details and we will break them out shortly, but cutting to the chase, here is the punishment:
FINMA has also instructed UBS to limit bonuses for traders of foreign exchange and precious metals to 200 percent of their base salary for two years.
Which means that clearly nobody is going to jail, however the punishment is far more harsh: riggers will have a bonus of ONLY 200% their base salary for two years to look forward to!
The horror, the horror.
Which naturally means that base salaries across the rigging banks are about to soar to offset the tempoyrary bonus cap to the “keep the talent” happy. After all someone has to keep on rigging markets and generate bank revenue.
- Russia To Have SWIFT Alternative By May (ZeroHedge, Nov 12, 2014):
As the West (US and its pressured allies) attempt to ‘isolate’ Russia more and more, the inevitable cornering further and further incentivizes Putin to develop alternatives to the status quo. In the past, western sanctioners have sabre-rattled cutting off Russian from SWIFT – the international inter-bank payment system – as a next step in squeezing the oligarchs into submission (though ‘independent’ SWIFT distanced itself from those calls). Now however, as RT reports, Russia intends to have its own international inter-bank system up and running by May 2015. The Central of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West. If successful, this would pose a further challenge to the USD’s reign as sanction blowback reverberates once again.
- Frackquake: 4.8 Magnitude Earthquake Felt Throughout Kansas (ZeroHedge, Nov 12, 2014):
While it is unclear if moments ago the Mississippian Lime Play under south Kansas was the first major shale quake to hit Kansas, or this was simply the first yet to be named shale company going Chapter 11, but moments ago the USGS reported that a 4.8 quake located 30 miles SSW of Wichita as well as a various other smaller quakes in north Oklahoma,shook the two states.
KWCH has received numerous reports of an earthquake felt throughout the state. Continue reading »
- All You Need To Know About The Bank Market-Rigging Settlements In 34 Words (ZeroHedge, Nov 12, 2014):
One can read the volumes of available literature explaining everything that has transpired since the first Libor manipulation became public, then proceeding to FX, then gold and so on (next up E-minis, Treasurys, options and so on) or one can just read these 34 words which explain everything one needs to know.
“The banks have been allowed to investigate themselves,” one source familiar with the investigation told Reuters. “The investigated decide what they want to investigate, what they admit to, and how much they will pay.”
With that we saved you days of reading. And now waste the time by buying the rigged market at 11:00 am and selling it at 11:30 am every day and outperform 98% of all hedge funds.
- Bank of England Fires Chief FX Dealer Participating In Currency-Rigging Scandal (ZeroHedge, Nov 11, 2014):
Early in 2014, when the FX rigging scandal was still news, one of the most disturbing developments to emerge was that none other than the venerable Bank of England itself had been engaged in collusion with various manipulating parties, explicitly those participating in “The Bandits Club”, “Cartel” and other chatrooms, as described in “Bank Of England Encouraged Currency Manipulation By Banks.”
As Bloomberg reported at the time: Continue reading »
You cannot possibly make this stuff up!
- iPhones Are For Amateurs: With 22 Days To Go, The “Black Friday” Line Has Started (ZeroHedge, Nov 12, 2014):
Having apparently missed the note about Walmart spreading its Black Friday love across five days, these two ‘intrepid’ shoppers have decided that whatever it is that is inside this Beaumont, CA Best Buy is worth 22 nights of sleeping under the stars on a warm pavement…
Vickey Torres of Cabazon and Juanita Salas of Beaumont arrived at Best Buy in Beaumont on Wednesday— 22 days before deals begin for the infamous shopping day on Thanksgiving night.
“We could have started later, but then we wouldn’t be sure to get first in line,” Torres told Patch on Friday, as she and Salas sat under the hot sun in front of the electronics store. “They only get a few items at the cheaper prices and it’s first come, first served.”
H/t reader squodgy:
“We are just irrelevant. Totally irrelevant. We need to vapourise the Rothschilds.
- PUTIN, OBAMA & THE BANKSTERS VS. All OF HUMANITY (Common Sense Show, Nov 11, 2014):
This is the second part in a series in which it will become clear that Putin, Obama and the banksters are the greatest threat to the welfare of mankind and the world is on a one-way trip to a planned Armageddon. Part one detailed how key Soviet defectors have repeatedly warned the United States about a multi-generational plot to destroy America. Before this series is concluded, Obama will be clearly implicated in this plot as well. However,the focus for Part Two of this series centers around Putin’s role in destabilizing and destroying America.
- Secret History Revealed — Putin Played Critical Role After The Pre-Planned Collapse Of The USSR (State of The Nation, Nov 5, 2014):
Vladimir Putin’s Russia: Perfect Foil To The Anglo-American Axis And Their New World ‘Order’
The Illuminati (the Rothschild’s and the 12 other elite families) were behind the French revolution, the Russian revolution, WW I, WW II and they have planned WW III for us.
And on which side is Putin?
Putin shouldn’t be smiling here.
When in doubt the first rule always applies:
The eltists always play the old ‘divide et impera’ game with the people and the people always lose.
Will the people ever learn?
- China’s Latest Ghost Town: A $50 Billion Fake Replica Of Manhattan (ZeroHedge, Nov 11, 2014):
“They are building stuff that nobody really wants or needs… and there will be a day of reckoning” sums up yet another mega ghost city project under development in China. As NBC News reports, China’s $50-billion knock-off of the Big Apple – near the port city of Tianjin, some 120 miles from Beijing – complete with its own Rockefeller Center and Twin Towers has been billed as the world’s largest financial center in the making. But this Manhattan still has a long way to go…
Ian Williams explains nothing has improved in China since we last highlighted the ghost city phenomenon…
China’s $50-billion knock-off of the Big Apple sits on a river bend — much like its namesake — near the port city of Tianjin, some 120 miles from Beijing. Complete with its own Rockefeller Center and Twin Towers, it’s been billed as the world’s largest financial center in the making. But this Manhattan still has a long way to go. Continue reading »
From the article:
“Yet, our political-financial system has gone from the dysfunctional to the failed to the surreal. Speculation, once left to individuals and investors, is now federally sponsored, subsidized and institutionalized. When this sham finally buckles and the next shoe falls and rates do eventually rise, the stock market will tank, liquidity will die, and the broader economy will plunge into a worse Depression than before. We are not there yet because of these coordinated moves and the political force behind them. But we are on a precarious path to that inevitability. “
- QE isn’t dying, it’s morphing (Nomi Prins, Nov 10, 2014):
A funny thing happened on the way to the ‘end’ of the multi-trillion dollar bond buying program known as QE – the Fed chronicles. Aside from the shift to a globalization of QE via the European Central Bank (ECB) and Bank of Japan (BOJ) as I wrote about earlier, what lingers in the air of “post-taper” time is an absence of absence. For QE is not over. Instead, in the United States, the process has simply morphed from being predominantly executed by the Federal Reserve (Fed) to being executed by its major private bank members. Fed Chair, Janet Yellen, has failed to point this out in any of her speeches about the labor force, inflation, or inequality. Continue reading »
- America’s Next Economic Bonanza: Bigger Butts (ZeroHedge, Nov 11, 2014):
The U.S. booty business is getting a big bump, as AP reports companies are cashing in on growing demand from women seeking the more curvaceous figures of their favorite stars. While Millennials may spend most of their day sitting on their Minaj-esque “big fat butts” playing Kardashian, the business of boosting butts is bursting. From padded panties and gym classes that promise plumper posteriors to the “Brazilian butt lift,” in which fat is sucked from a patient’s stomach, love handles or back and put into their buttocks and hips, French sociologist Jean-Claude Kaufmann says “there’s a trend to show off the buttocks in place of breasts due to the rise of Beyonce,” Jennifer Lopez, and more recently Meghan Trainor. The bottom line – butt lifts and implants are the fastest growing plastic surgery, helping GDP at a cost of $10-13k each.
Gym classes that promise a plump posterior are in high demand. A surgery that pumps fat into the buttocks is gaining popularity. And padded panties that give the appearance of a rounder rump are selling out. Continue reading »
- BREAD, CIRCUSES & BOMBS – DECLINE OF THE AMERICAN EMPIRE – PART TWO (The Burning Platform, Nov 9, 2014):
In Part One of this article I discussed the similarities between the Roman Empire and the American Empire at a high level. In this article I’ll delve into some specific similarities and rhymes between the fall of the Roman Empire and our modern day empire of debt, decay and decline. I’ll address our expansive level of bread and circuses and how defects in our human nature lead to people willingly sacrificing their liberty for promises of safety and security. All empires decline due to the same human failings and ours is no exception. If anything, ours will be far more spectacular and rapid due to our extreme level of hubris, arrogance, willful ignorance and warlike preference for dealing with foreign powers. Continue reading »
- If Everything Is Just Fine, Why Are So Many Really Smart People Forecasting Economic Disaster? (Economic Collapse, Nov 10, 2014):
The parallels between the false prosperity of 2007 and the false prosperity of 2014 are rather striking. If we go back and look at the numbers in the fall of 2007, we find that the Dow set an all-time high in October, margin debt on Wall Street had spiked to record levels, the unemployment rate was below 5 percent and Americans were getting ready to spend a record amount of money that Christmas season. But then the very next year the worst economic crisis since the Great Depression shook the entire planet and everyone wondered why most people never saw it coming. Well, now a similar pattern is unfolding right before our eyes. The Dow and the S&P 500 both hit record highs on Monday, margin debt on Wall Street is hovering near record levels, the unemployment rate has ticked down a little bit and Americans are getting ready to spend more than 600 billion dollars this Christmas season. The truth is that the economy seems pretty stable for the moment, and most people cannot even imagine that an economic collapse is coming. So why are so many really smart people forecasting economic disaster in the near future? Continue reading »
Eustace Mullins has been called ‘the most dangerous man in America.’
The Illuminati (the Rothschild’s and the 12 other elite families) were behind the French revolution, the Russian revolution, WW I, WW II and they have planned WW III for us.
- Petrodollar Panic? China Signs Currency Swap Deal With Qatar & Canada (ZeroHedge, Nov 10,2014):
The march of global de-dollarization continues. In the last few days, China has signed direct currency agreements with Canada becoming North America’s first offshore RMB hub,which CBC reports analysts suggest “could double maybe even triple the level of Canadian trade between Canada and China,” impacting the need for Dollars.But that is not the week’s biggest Petrodollar precariousness news, as The Examiner reports, a new chink in the petrodollar system was forged as China signed an agreement with Qatar to begin direct currency swaps between the two nations using the Yuan, and establishing the foundation for new direct trade with the OPEC nation in the very heart of the petrodollar system. As Simon Black warns, “It’s happening… with increasing speed and frequency.” Continue reading »
- Greece Has Solved Its Unemployment Problem: Slavery (ZeroHedge, Nov 10, 2014):
On the heels of today’s dreadful, and very un-hockey-stick-like recovery, data on the Greek economy, it appears the government has found a solution to the various problems of joblessness and poor education. As KeepTalkingGreece reports, the Greek Education Ministry seek fill 1,100 job vacancies with teachers who will gladly and proudly work on “voluntary basis.” As far as we remember, working for nothing is, err, slavery; but that’s not it at all… as Education Minister Andreas Loverdos, the slave teachers will be rewarded with “bonus points” that will help them improve their hiring options in the future. Ironic that this should be happening as fast-food workers in America demand a higher minimum wage (maybe unemployed Greek teachers would be willing to flip burgers for money rather than teach young greeks for nothing). Continue reading »