I could not overlook a recent photo of Michael Phelps "going for the gold" and just wanted to share it with all of you. Somedays, you just need a good belly laugh.
The CRIMEX Criminals must have lost a few bets on the Big Game this weekend as it appears they circled their wagons this morning to slap the dip buyers in Gold to make up for putting their money on the Cardinals. At precisely 11AM est as the London metals markets closed these crooks pulled all the bids over to the CRIMEX and went stop-loss hunting. Their efforts were rewarded by the longs that came in late last week at resistance as they bailed and gave the CRIMEX Criminals a little lunch money. A pathetic sight we have soon all too many times before. In effect the crooks successfully pushed Gold prices down to this mornings London lows.
"How dare you buy Gold as the economy and financial system collapse before our very eyes!"
As we said this morning, this was to be expected. Savvy traders are now on the prowl for an opportunity to pick up some more bullion and Gold shares at discount prices. The criminals are now attacking price further in the aftermarket. This is all the more blatantly BS as the Dollar has been weak the better part of the day. It is interesting to note that, as of late, Gold has traded in the inverse of the EURO. What this signals is anybody's guess, at this point it is merely an observation. Any pause in Gold at this time should be considered technically constructive.
Obama says differences shouldn't delay stimulus
WASHINGTON (AP) -- President Barack Obama said Monday that "very modest differences" over a massive package to revive the economy should not delay its swift passage, a fresh appeal to Congress as the nation dealt with another dose of dire financial news.
http://finance.yahoo.com/news/Obama-says-differences-apf-14224159.html
LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL! What was that I was saying about delusional earlier today?
The Economy the Titanic and the Life Rafts of Gold and Silver
I don’t know President Barack Obama nor did I know any of America’s previous presidents but I do know that I don’t envy the man or the task he has in front of him. It is never easy to lie to a nation (although politicians do a far better job than most) but Americans have never seemed to really want the truth which is perhaps one reason it has rarely been disclosed to them.
The America of today grew up on bankers’ easy credit. The America of tomorrow will be buried by it. I don’t know if President Obama knows this but I do know the men he has appointed to counsel him in economic affairs know it and don’t care.
Paul Volker, the hero of another age, salvaged the bankers’ paper money game for another generation but he did so at the expense of what could have saved the nation. Volker later said he regretted not having earlier managed the price of gold and if his actions in saving the parasitic system of bankers are to be lauded, then so be it.
But perhaps the least of all the men Obama has surrounded himself to counsel him on the economy is Lawrence Summers, Obama’s Chief Economic Advisor. Summers is the former Chief Economist at the World Bank who at the time suggested that polluting industries should be moved to 3rd world countries where the human toll would be less costly, and was also later fired as President of Harvard University for his statement that women were intellectually inferior to men.
But Summers’ greatest transgression against true economic freedom guaranteed by gold and its protection against government power is his 1988 paper he co-authored with Robert Barsky, Gibson’s Paradox And The Gold Standard wherein Summers argued that manipulating the price of gold would have a favorable impact on interest rates and the price of paper assets.
Summer’s paper served as the basis for further US government manipulation of the gold market and does not speak well for future US policy in that regards. Newly appointed US Treasury Secretary Timothy Geithner also comes with as much baggage as Volker and Summers in respect to his relationships with the investment bankers who have raped and pillaged our nation.
Timothy Geithner was the man who last fall stood shoulder to shoulder next to Henry Paulson as Paulson looted America’ treasury for the benefit of his Wall Street friends and cronies and insured that he would never be called to task for what he would do.
Geithner is described in Wikipedia as having Lawrence Summers for his mentor but other sources call him a “Rubin protégé”, neither man a positive role model. It should be remembered that Robert Rubin, former Goldman Sachs partner and US Treasury Secretary, lobbied for the deregulation of financial instruments such as derivatives, an effort that later helped to destroy our financial system.
Rubin was also instrumental in the repeal of Glass-Steagall, the Act passed to prevent another depression and he played an important role in the $4 billion payout from the US Treasury to Goldman Sachs indemnifying Goldman Sachs bondholders from any losses on their Mexican bonds in 1995.
Geithner, as a Rubin “protégé”, obviously comes highly recommended and well connected to the same core of investment bankers who have done yeoman’s work in destroying America’s economy while at the same time lining their own deep pockets.
It is my belief that President Obama should fear both the enormity of the task in front of him and the counsel of those he has surrounded himself; and, while I wish him the best I cannot help but suspect the wisdom he will receive from men like Lawrence Summers, Paul Volker, and Timothy Geithner will do little to serve the national interest.
Three out of three, the odds aren’t good and we should not take false refuge in what the US government may or may not do—or even can do in these perilous times. The guard rail designed to protect us from another depression was removed in 1999 and we are now sliding rapidly out of control towards the precipice ahead.
http://news.goldseek.com/GoldSeek/1233150596.php
Ben Bernanke's Wild Ride (and Ours) [must read]
To say that we are in uncharted waters does not begin to get across the idea of the magnitude of our current situation. America is in a canoe, floating down a river that has never been explored. Most of the passengers are trying to listen to the tour guide. But there is a noise that interferes. It is the sound of a waterfall ahead. The noise is getting louder.
The tour guide is new. It is a new career for him. His first day on the job: January 20. He is a good talker, although it's clear that he is improvising.
The guys with the paddles are also new on the job. This is their first trip down this particular river.
You and I are along for the ride. We were assured that this would be a scenic trip, back when the excursion company, Ben Bernanke's Slow Boat to China, sold us tickets.
So far, we have gone through two sets of rapids: the first in August 2007, which seemed to end by September, and the other beginning a year later, in August 2008. Since then, the rapids have gotten wilder, and the canoe more obviously not under control by the first crew with the paddles, who left on January 20 and handed the paddles over to the new crew.
The canoe seems out of control. Each set of rapids is worse than the last. We get through one set. The other crew kept telling us that everything was under control after the first set. Then we hit the second set. They abandoned ship, assuming you would call this canoe a ship.
The crew has handed out life jackets, but has told us that we don't have to put them on yet. But they have put on theirs.
No exit.
http://news.goldseek.com/LewRockwell/1233150000.php
Uncharted Waters
These are uncharted waters, indeed. The shenanigans being foisted upon us by Washington are unprecedented at least since World War II, and probably ever. There is so much complexity, if not sheer trickery, going on that it becomes increasingly difficult to make any sense of what’s happening, much less what the net effect is going to be.
Here’s how the scam operated: the Treasury borrowed our dollars via the sale of Treasury notes and deposited the cash at the Fed. The Fed used the money to relieve banks of their most toxic liabilities. But instead of lending it, the banks simply bought more Treasuries, thereby polishing up their balance sheets.
The net result of this asset shuffling is that the Treasury (that’s us) incurred more debt, the Fed absorbed all manner of toxic waste for which it may not get 10 cents on the dollar, and the banks wound up with many more bucks and much less junk, leaving them sitting pretty and chuckling all the way to… well, to the bank.
That bears repeating. The Treasury Department, on our behalf, nicked us for a cool trillion in three months. Never been done before.
And remember, over the same period, the Fed was bloating its balance sheet with financial garbage to the same trillion-dollar tune.
As badly as it’s behaved at times, the Fed hasn’t done anything remotely like this in all its checkered 95-year history.
What’s our point? Simply this: delicate financial balances are quickly falling into imbalance. Responses of gargantuan size have merely served to keep the system from collapsing and have barely begun to improve it. Thus, the situation is not yet stabilized. There will be new surprise problems, and bigger responses, for the foreseeable future. Of that we can be certain. And collectively, all the government’s responses will inevitably have a negative effect on the value of the U.S. dollar.
http://news.goldseek.com/GoldSeek/1233351655.php
How Wall Street Continues To Doom Itself
If there's a crowning absurdity, it's that Wall Street mustered any bonuses at all in a year when the industry lost $34 billion. Does anybody else in America get a bonus when their company tanks? "Rewarding cataclysmic failure like this has to be what led to the fall of the Roman Empire," Payne wrote in a recent note to clients.
http://finance.yahoo.com/news/How-Wall-Street-Continues-To-usnews-14209399.html
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