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globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / October 24, 2014
Things are about to get more interesting in the EU as a review of budget procedures shows the UK, Greece, and Italy owe more money, but Germany and France will get money back.
Curiously, this came about following a review of non-profit organizations from churches and universities to trade unions, charities and sports clubs. The time period is 2002-2009. Cameron’s Obvious Bluff
UK prime minister David Cameron is already battling French President Francois Hollande abroad, and UKIP at home.
In a vivid display of public fury at European Union technocrats, British Prime Minister David Cameron refused to pay a surprise 2.1-billion-euro bill on Friday as EU leaders ordered an urgent review of how the budget figures were arrived at.
“It’s an appalling way to behave,” Cameron said. “I’m not paying that bill on Dec. 1. If people think I am they’ve got another thing coming. It is not going to happen.”
EU ministers will hold an emergency meeting on the issue next month. Cameron said he wanted to understand the technical calculations and was also ready to mount a legal challenge.
EU officials insisted the revision, which also saw Italy and even crisis-hit Greece asked to pay more while France and Germany would get rebates, was part of an annual statistical exercise handled by civil servants, not politicians.
Having been relatively quiet for a while, Russia’s leader Vladimir, speaking in Sochi (following meetings with Middle East crown princes who confirmed Russia as a key partner – “isolated”?), has unleashed his most aggressive statements with regard the failing world order:
*PUTIN SAYS U.S. DOLLAR LOSING TRUST AS RESERVE CURRENCY
*PUTIN: WORLD WITHOUT RULES IS POSSIBILITY; ANARCHY GROWING
Adding that the risk of major conflicts involving major countries is growing, as well as the risk of arms control treaties being violated, Putin exclaimed that the US-led unipolar world is like a dictatorship over other countries and that “US leadership brings no good for others,” and calls for a new global consensus.
Having met Crown Prince Al Nahyan of Abu Dhabi in Sochi, who confirmed that Moscow “plays a very important role in the Middle East,” and added that he had no doubts that his country and Russia “arebound by a privileged relationship,” it appears Russia is less “isolated” than the West would have many believe.
As Bloomberg reports:
*PUTIN SPEAKS AT MEETING OF VALDAI CLUB IN SOCHI
*PUTIN SAYS WORLD GROWING LESS SECURE, PREDICTABLE
World War II created the vast military-complex. Once that was created, they used the threat of Communism to expand. Indeed, Communism was the battle cry for both the Korean and Vietnam Wars. The discovery of Eisenhower’s notes on his famous Farewell Speech of January 17, 1961, which were discovered only in 2011, illustrate that this was in the draft stage for years.
Eisenhower was always talking about the Cold War and the threat it was transforming American into a “garrison state.” Eisenhower was a general and the military thought they had put their man in office and he would give them the golden keys to the nation’s vault. The military wanted a lot more than he was willing to give them. Most people have no idea that Eisenhower stood as a check against the military that he saw had grown 10 fold from before the war and was consuming the nation’s resources.
doctorhousingbubble.com / By Dr.Housing Bubble / October 24, 2014
Whenever we see an analysis of the benefits of buying a home there is always this underlying assumption that you will stay put in the same residence for a long duration. Of course, most people in places like California hop on and off the property ladder game multiple times. Repeat sales continually cut into equity gains and also cause buyers to experience new costs as they move into a new place. The assumption also is that you will always be selling into a rising market. That is not the case. Timing matters in a boom and bust market like California. We are seeing more homes being de-listed as sellers wait until next year as if a hidden trove of buyers will emerge ready to buy their crap shack at a hefty price. The market has suddenly softened. We also see many listing having price reductions which was nearly unheard of in 2013. Today we’ll examine Pasadena but also the underlying mentality that people somehow stay put for long durations in properties.
Smaller spaces with big costs
Pasadena has many homes built during the 1920s with HGTV upgrades. People love these kind of cosmetic touches and during booms, buyers eat this up. As markets get tighter, the pool of buyers dwindles as many realize that they may be buying at a high premium. Buyers in solid positions are questioning current prices on homes. Since these buyers are tentative, there is now talk about bringingless credit worthy buyers to get the game going again. That is yet to be seen.
Many of the homes on the market are currently listed at near peak prices, even getting close to what they were during the manic days of 2005 to 2007. Take a look at this place in Pasadena:
Thus far, the European Central Bank (ECB) remains the only one of the world’s major central banks that has resisted QE in the wake of the global financial crisis. That hasn’t been a matter of prudence— it has been a matter of policy paralysis in the European Union, with bitter divisions between creditor and debtor nations preventing a coordinated response.
In the view of many analysts, including ourselves, Europe now faces the fate of Japan from the 1990s on if it doesn’t manage to get a better policy response in motion. The writing is on the wall with the Eurozone’s declining inflation rates and economic growth rates.
Data Source: Federal Reserve Bank of St. Louis
In the U.S., the U.K., and Japan, central banks responded to the danger of deflation in 2008 with massive programs of quantitative easing (QE). Further rounds of QE followed as the recovery gained and lost steam. In each round, the central bank dramatically increased the size of its balance sheet by purchasing the sovereign bonds of its host country— and the Federal Reserve in the U.S. also purchased asset-backed securities.
Here is another way of deconstructing Amazon’s love-hate relationship with profitability: in all of its 20+ year history, Amazon has generated under $2 billion in Net Income. The offset? Jeff Bezos’ net worth, which according to Bloomberg is about $30 billion (that was the number in April, when Bezos had lost a whopping $6.5 billion due to the collapse of AMZN, by now the number is surely far lower making Bezos the biggest billionaire loser in 2014). Still, for indicative purposes, the data is good enough.
In short: this is what Jeff Bezos’ value creation looks like (one does wonders if Amazon has purposefully been a perennial “bottom-line loser” for decades simply to avoid paying taxes).
Today King World News is featuring a piece by a man whose recently released masterpiece has been praised around the world, and also recognized as some of the most unique work in the gold market. Below is the latest exclusive KWN piece by Ronald-Peter Stoferle of Incrementum AG out of Liechtenstein.
October 24 (King World News) – Critical Moment In History For Gold & Two Shocking Charts
Structural over-indebtedness pt.2
If it’s not possible to achieve surpluses even in times of economic prosperity, then the problems must be systemic. Due to compound interest, debt tends to grow exponentially. As soon as debt and debt service costs rise faster than income, the vicious circle of over-indebtedness begins.
Currently the industrial nations continue to be faced with the highest levels of public debt in peacetime….
Another 2 tonnes of gold was removed from the GLD trust yesterday. The last time thereported amount of gold in GLD was this low was November 18, 2008. The price of gold was $738. Despite the fact that the price of gold is up about 2% YTD, 6% of GLD’s reported amount of gold has been removed by the bullion banks. I predicted in 2009 in a report I wrote about GLD’s legal structure that GLD would eventually suffer the same fate as Enron. In fact, our entire is system is one giant Enron/Madoff Ponzi scheme.
To compound the removal of the “visible” physical stock of gold from our western system, nearly 10 tonnes of gold was removed from JP Morgan’s Comex gold vault:
While JPM’s eligible gold holdings are nowhere near the record lows hit in the summer of 2013, when they dropped to a tiny 46K ounces, sparking concerns of a potential deliverable default, yesterday according to the daily CME gold depository report, JPM saw a whopping 321,500 ounces, or about 10 tons of gold, withdrawn. This was the biggest outflow since the August 5 rebalance when nearly 1.5 million ounces were withdrawn and added, and was the biggest, and is tied with two identical 321,500 oz outflows recorded in early January. As of yesterday, JPM’s eligible gold tumbled by 40% in one day, declining to 485.K ounces from over 800K the day before: the lowest eligible gold inventory since almost exactly a year ago.
naturalnews.com / by: Julie Wilson / Friday, October 24, 2014
A new deal between the Chicago Public School (CPS) system and a private custodial and cafeteria service was promised to save the district tens of millions but instead resulted in some students having to clean their own school before the school year began and being served rotten food for lunch.
In February, CPS, the third largest school district in the nation, signed contracts worth $340 million to privatize their custodial services, an agreement that would take over the training, supervision and management of custodians for 66 Chicago schools, Catalyst Chicago reports.
The concept behind signing the new contracts was that teachers would have more time to teach rather than clean, the schools would save money, and each facility would have a high standard of cleanliness. However, school officials say none of these promises materialized, and in fact CPS conditions worsened, putting children at-risk.
Chicago schools agreed to spend $340 million on cleaning services that resulted in a high turnover of custodians, layoffs and filthier facilities
Two “world class” cleaning services were selected; CPS signed a $260 million contract with Aramark to manage 33 schools and an $80 million contract with SodexMAGIC to handle the remaining 33 facilities.
According to their website, Aramark provides facility management, food service and clothing to schools, sports facilities, prisons and healthcare institutions, and lists Houston Independent School District, Northwestern University and Field Museum Campus as past clients.
It is no secret that we have been long-standing believers in deflation being a more probable outcome of the 2008-09 crisis than high inflation. What has changed over the past six months is that the world has begun to move in different directions. Whereas rising unit labour costs in the U.S. make outright deflation in that country quite unlikely, the same cannot be said of the Eurozone.
BRADFORD COUNTY, PA — A motorist was viciously beaten, tasered, and maced repeatedly, then charged with 24 separate crimes and maliciously prosecuted for every one of them. He was beaten four (4) times over the course of 11-hours, and not once had he acted maliciously. The incident stemmed from his driving while on an unusually high dosage of legally-prescribed bipolar medication and a subsequent fender bender. Dash-cam footage revealed the extraordinary exaggerations made about the case — 2 years after it took place.
The Traffic Stop
Around 8:20 p.m. on March 8th, 2010, police received a 9-1-1 call regarding a car that had failed to stop after a minor traffic collision. The accident resulted in no injuries and no damage, but one of the drivers did not stop to exchange information. Pennsylvania State Police (PSP) dispatched troopers to investigate this alleged hit-and-run.
A car driven by Robert Leone, 31 at the time, matched the basic description of the car in question. Mr. Leone was driving just across the Pennsylvania border from his home in Vestal, NY. He had just finished star gazing at the Kopernick Observatory and Science Center and decided to go for a ride in the country while listening to his favorite music. He had consumed no alcohol or illegal substances, but it seems that his decision-making abilities may have been affected by his legally-prescribed medication used to treat his bipolar disorder.
PSP attempted to pull over Mr. Leone, who was traveling at a speed significantly UNDER the posted speed limit — 10 to 30 mph under. Leone stated at first he did not think the trooper was trying to stop him as he believed that he had done nothing wrong prior to the encounter. Police dash-cam video clearly showed Mr. Leone driving very slowly and in a very controlled manner. The only vehicles ever seen crossing the center line or driving erratically were the state police cars that were involved in this low speed following — contrary to sworn statements later given by the troopers.
srsroccoreport.com / by Chris Hamilton / October 24, 2014
Since August ’11 to August of ’14, China has decreased its holdings of US Treasury debt by <-$9> Billion (according to the most recent TIC data)…while continuing to run record trade surpluses with the US. This means China will have (by year-end 2014) taken in $951 Billion in shiny, new, digital dollars and simultaneously sold or rolled off $9 Billion in US Treasury holdings…so China will have had to find a home for $960 Billion new dollars.
From ’00 to ’11, China had (on average) recycled 50% of its trade surplus dollar reserves into Treasury’s. However, as noted above, China has been a net seller since August ’11…why is this date important? It was the month after the debt ceiling fiasco…and the date when China’s purported gold purchase binge began. I don’t think these happenings are a coincidence.
Since we know China didn’t buy Treasury’s over this period, perhaps we should speculate what those new dollars would do if focused on gold purchases?!? If China rotated the 50% of surplus dollars it had been utilizing to buy Treasury’s and instead bought Gold…at an average of say $1500 an ounce since Aug ’11…that would buy China exactly 10,000*** tons of gold by year-end 2014. Hmmm…Implications abound.
One has to laugh: if stocks are selling off, then trot out the daily central banker headline urging to BTFD.
Sure enough, just as the market was about to roll over moments after today’s abysmal housing data revisions were released, what happens? The usual central banker “verbal plunge protection”, this time courtesy of ECB’s Mario Draghi and the following Bloomberg headlines:
DRAGHI CALLS FOR STIMULUS: CNBC
DRAGHI SAYS JOINT EFFORT NEEDED TO AVOID RECESSION: CNBC
DRAGHI SAYS INFLATION TO REMAIN LOW IN THE NEAR TERM
Next: algos headline scan “Draghi” and “Stimulus” and the rest is levitation history.
I once heard a shield brother tell me an anecdote about his childhood.
He asked me if I ever watched wrestling as a kid(I had, a few times), and then told me that he watched it religiously in his youth. We’re not talking MMA here, ok? We’re talking good-ole, “professional wrestling”. His story was memorable:
“Watchman, I knew every wrestler’s name, their match stats, and most importantly: I knew all the vendettas that each wrestler harbored for particular opponents. It was my life. I loved it.”
“But”, he continued, “One day my dad asked me if I’d like to go to one of these matches in person, and of course, I gladly said ‘yes!’. Right there I sat, in my ring-side seat, and watched my hero duke it out with his nemesis! When my hero came out, we all cheered! When his nemesis walked into the ring, we all booed loudly. It was a riot!
Then something happened. My dad, being one of the coolest dads in the world, asked me if I’d like to wait at the back door for my hero to come out. You know I did! So, there I stood with him, a little boy, on pins and needles, waiting for all the crowds to shuffle on home. And finally, jubilation came across my little face as the security guards came out through the door. It closed, and then re-opened! Suddenly, there I stood, my ecstasy giving way to complete and utter horror, as I witnessed something that crushed my little spirit into the ground!
For there he stood: my hero and his ‘much-hated’ nemesis, happily smoking cigars, with arms flung round’ each other’s shoulders! They were laughing and hyucking it up. They were best buddies!
France’s President Francois Hollande states confidently that “everyone should respeoct treaties,” then ‘Junckers’ it with this stunningly hypocritical bullshit, “budget rules must be adapted” to support growth and France “has done what it has to do” on its deficit… one glance at the following chart suggests that Hollande has done nothing and has been enabled by Draghi… What a farce!!
Former New Jersey Superior Court Judge Andrew Napolitano hit out at the President this week over revelations that the Obama administration is overseeing a federal order for 34 million blank work permits and green cards, an indication that Obama is set to issue an executive order on amnesty after the midterm election.
Speaking on Fox News, the libertarian analyst said “He can’t make illegals legal. But he can do the following: he can open the borders, arguably he did that a few months ago with the Central American children in Texas; he can issue green cards to whoever he wants; he can stop deportations for the rest of his presidency.”
“…both Republican Congresses and Democratic Congresses have given to Republican and Democratic presidents extraordinary authority.” Napolitano clarified.
The order for the blank cards, to be delivered over the course of five years, was actioned by the US Citizenship and Immigration Services (USCIS) department, which posted a draft solicitation earlier this month announcing its intention to seek a vendor capable of delivering “an estimated 4 million cards annually with the potential to buy as many as 34 million cards total.”
"The best way to defend against the ongoing deadly storm is to purchase Gold & Silver bars & coins, and to exit the entire paper money system of stocks, bonds, and big bank certificates. Paper wealth will not survive the storm and its climax well. The storm has entered a final climax phase. Great changes are coming. The highly volatile financial markets, almost all of them, signal a storm with nasty resolution. The only protection from bank failures, account confiscations, lost life savings, converted pensions, and economic distress will be Gold & Silver ownership in metal form. " - Jim Willie