paulcraigroberts.org / Paul Craig Roberts / September 14, 2014
Quarterly Call For Donations
Dear Readers: The site has three types of donors. Some donate automatically a fixed amount each month. Others donate randomly without being asked. Others respond to the quarterly request. The response so far to this current quarterly request is disappointing.
As this site grows in influence, its support needs to grow. Protecting this site is expensive. Those of us who tell you the truth and who provide explanations different from the propaganda are targets. Many efforts are made to smear us, discredit us, and, thereby, limit our audience. Government trolls and poorly informed “patriots” who defend the government but not the Constitution, attack us in comment sections and sow confusion by misrepresenting what we write. Email attacks are mounted that so swell the inbox that it becomes impossible time wise to work through the messages to find the legitimate ones to which to respond.
It will not be long before only a masochist will be willing to speak the truth in the United States or in any country of the West.
This is your site. It depends on your support. I need to see your support.
Washington’s War Against Russia
The new sanctions against Russia announced by Washington and Europe do not make sense as merely economic measures. I would be surprised if Russian oil and military industries were dependent on European capital markets in a meaningful way. Such a dependence would indicate a failure in Russian strategic thinking. The Russian companies should be able to secure adequate financing from Russian Banks or from the Russian government. If foreign loans are needed, Russia can borrow from China.
peakprosperity.com / by Adam Taggart / Friday, September 12, 2014, 9:04 PM
Chapter 13 of the Crash Course is now publicly available and ready for watching below.
The fundamental failing of today’s global economy can be summarized simply: Too Much Debt
We have taken too much of it on, too fast, in too many markets around the world, to have any hope of making good on it. Not only does the math not work out, but also on a moral level, we are placing a tremendous obligation on future generations that will unfairly limit the prosperity they can enjoy tomorrow in order to finance our consumption today.
In the US alone, total credit market debt stands at over $57 trillion and is doing its damnedest to continue expanding exponentially. Since simple math shows us that this debt level cannot be supported, the key questions to ask at this stage are:
Will the unsupportable debt disappear via default, or inflation?
And very important:
When these debts do disappear, who will take the losses?
Greg Hunter, Published on Sep 14, 2014
ronpaulinstitute.org / by
On November 30th, voters in Switzerland will head to the polls to vote in a referendum on gold. On the ballot is a measure to prohibit the Swiss National Bank (SNB) from further gold sales, to repatriate Swiss-owned gold to Switzerland, and to mandate that gold make up at least 20 percent of the SNB’s assets. Arising from popular sentiment similar to movements in the United States, Germany, and the Netherlands, this referendum is an attempt to bring more oversight and accountability to the SNB, Switzerland’s central bank.
The Swiss referendum is driven by an undercurrent of dissatisfaction with the conduct not only of Swiss monetary policy, but also of Swiss banking policy. Switzerland may be a small nation, but it is a nation proud of its independence and its history of standing up to tyranny. The famous legend of William Tell embodies the essence of the Swiss national character. But no tyrannical regime in history has bullied Switzerland as much as the United States government has in recent years.
The Swiss tradition of bank secrecy is legendary. The reality, however, is that Swiss bank secrecy is dead. Countries such as the United States have been unwilling to keep government spending in check, but they are running out of ways to fund that spending. Further taxation of their populations is politically difficult, massive issuance of government debt has saturated bond markets, and so the easy target is smaller countries such as Switzerland which have gained the reputation of being “tax havens.” Remember that tax haven is just a term for a country that allows people to keep more of their own money than the US or EU does, and doesn’t attempt to plunder either its citizens or its foreign account-holders. But the past several years have seen a concerted attempt by the US and EU to crack down on these smaller countries, using their enormous financial clout to compel them to hand over account details so that they can extract more tax revenue.
September 3, 2014 | thewealthwatchman.com
Rally the Troops With fresh beat-downs in September in precious metals prices, by the same, old banking forces, I thought it would be a good “gut check” moment to give a rallying cry. After all, living through 3.5 years of paper waterfalls(especially in silver), can get a fellow burned out. That’s exactly how I’d describe much […]
September 3, 2014 | thewealthwatchman.com
Humanity has been Tricked Today’s dollars are not money. They are either cotton and linen rectangles that you’re carrying around in your wallet, or digits on a computer screen in your checking account. Both of those forms are merely representations of a widely-owned unit of debt called the U.S. dollar. They are not money, but anti-money, since, […]
September 5, 2014 | thewealthwatchman.com
Where do I Sign? Imagine being invited to hear an early-morning business presentation, where a sizable company promised to show their plans to you and others, in the hopes of raising investment capital. As you sit down in a comfy swivel chair, with a hot(free) beverage at arms’ length, a well dressed man, in a blue suit, comes through the door, and hits […]
September 8, 2014 | thewealthwatchman.com
An Affront to Justice Have you ever voted before? Now, I know your mind is probably going straight to a political ballot box when I ask that, but I’m not merely talking about a political vote. In fact, most votes aren’t political, are they? There are shareholder votes, to determine new leaders and board members. There […]
September 10, 2014 | thewealthwatchman.com
Trapped Like Rats As prices continue their descent for both gold and silver, I feel it’s more important than ever to keep a clear focus on the implications of this price action, not just for investors like us(which are obvious) […]
September 12, 2014 | thewealthwatchman.com
shtfplan.com / Mac Slavo / September 14th, 2014
After thirteen years numerous questions about the events of September 11, 2001 remain unanswered. Much of what happened that day has been kept secret by government investigators or was simply never even considered for the official 9/11 Commission Report, despite the fact that hundreds of people have been involved in independent investigations that found many of the so-called facts to be either skewed or completely false.
Whatever your views on the events of that day, all evidence suggests that it did not happen the way the government says it did.
For insights and questions that have been left unanswered (or totally ignored) we turn to a video produced by the Corbett Report, which summarizes everything you need to know about 9/11 Conspiracy Theory in under 5 minutes.
theburningplatform.com / By Jim Quinn / 13th September 2014
“Facts are stubborn things, but statistics are pliable.”
― Mark Twain
I never believe government manufactured numbers. They will always be adjusted, massaged, and manipulated to achieve a happy ending for the propagandists attempting to control and fleece the sheep. Yesterday, the government produced retail sales numbers for August that were weak and the corporate MSM propaganda machine immediately threw up bold headlines declaring how strong these numbers were. Positive stories were published on the interwebs and Wall Street hack economists were rolled out on CNBC, where the bubble headed bimbos and prostitutes for the status quo like Jim Cramer and Steve Liesman declared the recovery gaining strength. Woo Hoo.
If everyone else is whipping out that credit card, why aren’t you? Credit card debt has reached a new post recession high. They tell me consumer confidence is soaring. Forget about the 92 million working age Americans supposedly not in the labor force. Forget about real household income hovering at 1999 levels. Forget about median household net worth still 30% lower than 2007. Forget about what you see with your own two eyes in malls, strip centers and office parks as you motor around our suburban sprawl empire of debt. Those Store Closing, Space Available, and For Lease signs mean nothing.
zerohedge.com / by Tyler Durden on 09/14/2014 19:12
Friday saw the largest demonstration in the history of Barcelona with 1.8 million people showing up, exceeding all previous records, calling for Catalan independence…
As Martin Armstrong notes, demonstrators were waving independence flags and wearing yellow-and-red shirts with the phrase “Now is the time” shouting “Independencia!” as they swarmed into the semiautonomous area in northeastern Spain that hails Barcelona as its capital.
What is clear, we are seeing the beginning stages of what we have warned about – the rise of civil unrest that leaded to nations dividing or being overthrown in revolutions. What has taken place in Scotland is by no means going unnoticed.
globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / Sunday, September 14, 2014 12:12 PM
New Fearmongering Tactics
In the waning moments UK prime Minister David Cameron warns Scots “Leave and You Go Forever“.
Actually, the warning probably should be “Stay and you stay forever” because the UK will never allow such a vote again.
Regardless, no country should want to be under the thumb of another.
The vote for Scottish independence is now too close to call. In a Scottish Poll Roundup one new poll over the weekend shows the “Yes” vote with a substantial 54-46 lead, but most polls show the “No” vote with a tiny lead.
- ICM (online) 54%
- Panelbase (online) 49%
- ICM (phone) 49%
- TNS (face to face) 49%
- YouGov (online) 48%
- Opinium (online) 47%
- Survation (online) 47%
- Survation (phone) 46%
If we ignore undecided voters, then judging from the last US presidential election when Nate Silver proved preponderance and clustering more important than margins-of-error which purportedly showed the election “too close to call”, one might assume the “No” vote will carry the day.
I sided with Silver and called for an easy electoral college blowout, and that is precisely what happened.
But this is Scotland not the US, the undecided voters are many, and this is an overall vote not a state-by-state electoral college total.
Which way the undecideds break will determine the outcome.
zerohedge.com / Tyler Durden / 09/14/2014 10:43 -0400
With polls and surveys showing a slight bias to a “No” vote for Scottish Independence – but realistically too close to call - it appears UK Prime Minister Cameron has once again flip-flopped his strategy to deal with the northern menace. Initially it was one of scaremongery, warning of Scottish safety in light of global terrorism; then Cameron softened his stance proclaiming how “heartbroken” he will be if “our family was ripped apart.” Now, just a day later, according to The Sunday Times, Cameron will unveil his latest push tomorrow that “there will be no way back” if they vote for independence, warning that a split from the U.K. will see the two countries go their separate ways forever, with the vote result a “once-and-for-all decision.” Media bias is increasingly evident as the establishment unleashes its last minute full court press promising Scots “can have the best of both worlds.” if they back the union…
With polls too close to call (though obviously plenty to chery pick for both sides). Excluding don’t knows, the Yes shares in the 8 different companies/methods are:
- ICM (online) 54%
- Panelbase (online) 49%
- ICM (phone) 49%
marctomarket.com / Marc Chandler / September 14, 2014
After a relative slow week following the announcement of the ECB’s new initiatives and the US jobs data, the week ahead is chock full of key events. There are three in particular that can shape the larger investment climate. They are the FOMC meeting, the launch of the ECB’s Targeted Long-Term Repo Operation (TLTRO), and the referendum on Scottish Independence.
The key issue around the FOMC meeting is the susceptibility of the forward guidance to change now that QE is drawing to a close. In particular, there are two elements that are being debated. First, in July, the FOMC statement cited the “significant under-utilization of the labor resources.” Is this still a fair characteristic of the labor market? The statement was issued on July 30. There have been two monthly cycles of employment data. Taken as a whole, the data show continued improvement, though not acceleration. The labor market is healing, but it still does not appear to be in robust health.
Indeed, there is some risk that the pace of improvement slows. Non-farm payrolls peaked in April (304k) and have been down two consecutive months in July and August. While it is well-appreciated that August’s initial estimate is often revised higher, what is less well recognized is that in six of the past nine years, jobs growth in September is lower than in August.
Weekly initial jobless claims put in their cyclical low (thus far) in mid-July. They have been gradually trending higher, and last week moved above the 26-week moving average for the first time since early May.
gold-eagle.com / Mark J Lundeen / September 14, 2014
Historically tax-free municipal bonds (Blue Plot below) have yielded less than taxable best-grade corporate bonds (Red Plot). This has been true for two reasons:
- Their owners receive tax free income.
- State and local governments service their bonds via taxes.
Though this is still true, muni-bond yields as published by Barron’s have been higher than yields for Barron’s Best Grade Bonds for 201 straight weeks (since November 2010, see red box in chart below). Although Barron’s has been publishing this data continuously since 1937, never in the past eight decades have the yields for tax free muni bonds been inverted for such an extended period.
davidstockmanscontracorner.com / David Stockman / September 14, 2014
CNBC’s long-running “jobs Friday” fetish is getting downright appalling. Each month the BLS puts out a treasure trove of data on the rich and complex mosaic of the US labor market—-a download that embodies a truly frightening trend of economic failure.
Yet the talking heads who assemble in its screen boxes to opine on Hampton Pearson’s 30-second summary of the BLS release never have a clue. In their allotted 15 seconds of fame, they merely bloviate about the single dumbed-down number—-the establishment survey jobs print—that is the sum and substance of the coverage.
Trained seals would be just as effective: ort! ort! ort!
In any event, within seconds the SPX futures are off to the races, flashing the trading algos’ instant take on what the “print” means for one thing alone. Namely, does it portend continued or even more ease at the Fed and a plentitude of juice for Wall Street speculators.
Last Friday CNBC inadvertently indicted it own pandering when the winner of its “pick the number” contest hit 142,000 jobs right on the head, making a mockery of the 200-250k consensus range that had issued from the “experts”. The winning viewer’s name was Ronnie Squires, who described himself as “retired” and the owner of a (very) small business through which he occasionally transports unwanted cats and dogs in his pick-up to new out-of-state “homes” for friends. Along the way, he does his own jobs survey:
wolfstreet.com / Don Quijones / September 14, 2014
By Don Quijones, freelance writer, translator in Barcelona, Spain, but currently in Mexico. 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.
If there’s one word that has dominated the post-crisis vernacular of policy makers, central bankers, economists, think tanks and establishment journalists worldwide, it is the word “reform.” In the last six years of centrally planned post-crisis crisis, scores of countries have been subjected to “ambitious” reform programs, largely at the insistence of reform-obsessed institutions such as the IMF.
The programs have included health reform and education reform (in both cases with a heavy emphasis on privatization and increased costs); pension reform (cuts to public pensions, hikes to the entitlement age); fiscal reform (less spending on public services, more spending on deadbeat banks – all funded, of course, by higher taxes on the middle class); and, last but not least, labor reform (making it easier for corporations to hire and fire but mainly fire). In fact, we’ve had just about every kind of reform one can possibly imagine, with one glaring exception: meaningful banking reform, for the simple reason that by now the banks are far beyond reform.
The Great Reformer
One country that has recently taken reform to an art form is Mexico. Since taking office in late 2012, President Enrique Peña Nieto has made it his mission to transform Mexico beyond all recognition. And judging by the first 21 months of his six-year mandate, he means business.
utopiathecollapse.com / September 14, 2014
September 2014 – BEIJING – 53 percent of respondents in China thought that China and Japan would have a shooting war in the next six years, which may inevitably lead to war on a world-wide scale. The poll highlighted the deep-rooted mistrust that exists between the two countries, and the pessimistic world view that could lead to World War 3. The poll was jointly conducted by the China Daily and Japanese NGO Genron. Although the majority of Chinese respondents thought there’d be war by 2020, only 29 percent of Japanese felt that same way. Nevertheless, high feelings of mistrust existed on both sides. 93 percent of Japanese had a negative impression of the burgeoning Asian superpower, and 87 percent of Chinese felt the same way about Japan. It’s a hatred that has run deep since World War 2. In fact, China just recently marked the 69th anniversary of Japan’s surrender in the World War. The Chinese government has even declared it a national day, right as tensions continue to rise. Japan isn’t helping matters much either. Prime Minister Shinzo Abe has been criticized as being “insensitive” after visiting the Yasukuni shrine in January. The shrine is dedicated to those who died in war, including convicted war criminals. Most disturbing of all is the conflict over the Senkaku islands (known as the Diaoyu Islands in China and the Pinnacle Rocks in English-speaking countries.) The islands have been a potential flash-point, with both sides claiming ownership despite Japanese administrative control.
zerohedge.com / Tyler Durden / 09/13/2014 23:56 -0400
Despite promises that inflation is “contained,” the dollar ain’t quite what it used to be…
thecommonsenseshow.com / Dave Hodges / September 14, 2014
The pharmaceutical industry has completely taken over the treatment of medical and psychiatric treat,emt. Everything, and I am mean everything is geared towards getting every American on medication and keeping them on medication for the rest of their lives. There is no more vulnerable population, to this medical tyranny, than our children.
There is no greater example of this medical tyranny than the latest craze in unscientific psychiatric diagnostics than the brand new condition now being referred to as “Sluggish Cognitive Tempo” (SLT). I As a former mental health therapist, I can barely hold back my laughter at this thinly veiled attempt to separate parents from their hard earned money by making them think that the their perfectly normal child is mentally ill.
Sluggish Cognitive Tempo (lol)
This is a remarkably ridiculous name for an even more ludicrous diagnosis. The main characteristics of SLT are vaguely described but include some combination of daydreaming, lethargy and slow mental processing, you know, like we do when we watch television.
TheAnarchast , Published on Sep 13, 2014
Jeff interviews Kingsley Edwards of Leetcoin, topics include: the Leetcoin project, Bitcoin meets the gaming world, wagers in gameplay, crypto reward systems, monetizing skills, gaming awards, Downtown Project, putting your money where your mouse is, more creative games, innovation, massive opportunity for Bitcoin!