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Wanna Get FANGed?

market-ticker.org / by Karl Denninger / 2015-08-04 06:00

The narrowing of the market continues.

Of note today is what both Amazon and Netflix are up materially, while the market itself is quite soft.

Is this a good thing?  No, it is not.  It’s a bad thing, and the cracks in the consumer are becoming more and more evident.  Whole Paycheck got slaughtered after earnings and is trading down almost 13%.  Facebook, for what it’s worth, has a problem too, but everyone’s ignoring it for now — they have saturated the market, basically, and have no immediate means or plans to “monetize” things like Instagram.

There’s a very fine line with advertising in general on the Internet and nowhere is it more of a problem than on mobile devices.  This is particularly true for video ads as they’re bandwidth intensive and yet you pay for every byte delivered even with “bucketed plans” on cellular carriers.

This means that the more these firms try to “monetize” the more they literally vacuum money out of your wallet simply for being on the site.  The amount of this “overhead” you’ll tolerate is likely quite small, especially when people start counting up the data involved (as I’m working on, incidentally.)

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Striking Similarities to 2008 Crisis

This Is America’s Worst Nightmare

thecommonsenseshow.com / by Dave Hodges / August 4, 2015

Recently, I was interviewing Patrick Wood as I was guest hosting on KHNC 1360 AM in northern Colorado. Pat and I both agreed that the Presidency and the Congress are beyond the reach of the American people and that we should focus on local politics in order to stave off globalist agendas such Agenda 21. However, I will make one exception to this philosophical belief. In no way, can we ever allow Hillary Clinton the ability to claim the presidency of the United States. There is evil and then there is really evil. Hillary Clinton is really evil.

Hillary is presently keeping a low profile since her most recent scandal involving the “emails”.  Excuse me, is that her most recent scandal, there are so many I am having trouble keeping track of all of them.

America is facing unprecedented challenges and when one surveys the field of presidential candidates and we are forced to say that Donald Trump is our best candidate, it is safe to say that things could not be much worse. American is truly about to learn the meaning of the term “choosing between the lesser of two evils” and Hillary Clinton is as evil as they come.

Ron Paul Fears Hillary

Ron Paul called Hillary Clinton pro-Fed and pro-War, and these two traits may represent her strong points.

With the country poised to go to war over Ukraine, Hillary Clinton cannot be allowed to enter into the decision making in this frightening series of events or any other crises for that matter. A Hillary Clinton presidency would spell the sudden and decisive doom for this country. Is she worse than Obama? Undoubtedly, she would prove worse for the country than even the current President.

Hillary Clinton cannot be allowed to become president. Her treachery, propensity for criminal behavior and her depraved indifference for her fellow Americans, makes her at the moment, the most dangerous woman in America. SHE IS WORSE THAN OBAMA!

In every scandal that she has been a part of, the body count skyrockets, far beyond the normal actuaries of mortality. Nothing sticks to this woman. If Hillary ever becomes President, history has shown that she is capable of the greatest reign of terror ever perpetrated by a sitting President. Warmongers like John McCain are doing their best to lead the US into World War III on behalf of the globalist bankers in Ukraine. After reading the following, even an Obama phone recipient would be hard pressed to throw their blind support behind Hillary Clinton.

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NSA: A Tax & Economics Espionage Agency

armstrongeconomics.com / by Martin Armstrong / August 4, 2015

Anyone who thinks this is about terrorism is pathetically naive. The NSA is a top-notch Tax & Economic Espionage (TEE) organization; with terrorism so low on the agenda, it is laughable. You do not collect every phone call worldwide of billions of people to sort out even 100 terrorists. They store all that data and can input your name and wham– up pops everything. I am waiting for some smart lawyer in a divorce case to subpoena such a file to prove someone has been cheating to get a pile of money.

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Meet Solyndra 2.0: This US-Taxpayer-Subsidized Spanish “Renewables” Firm Is Collapsing

zerohedge.com / by Tyler Durden / 08/04/2015 09:46

News that bonds and stocks of Abengoa SA – the Spanish renewable-energy company – plunged after a plan to shore up capital failed to reassure investors that it can stop burning cash is likely to have passed many by. But coming just one day after President Obama unleashed his Clean Power Plan, the fact that the company – that is now facing significant liquidity concerns – received over $230 million in US taxpayer subsidies in 2014 – despite two ongoing federal investigations – may raise an eyebrow or two as images of Solyndra’s government-sponsored farce come to mind… as Diane Feinstein, Ken Salazar, and Bill Richardson – with the help of subsidies and Ex-Im bank loans alledgely exerted their influence to keep this zombie alive.

In 2014, as FreBeacon reports, the Spanish renewable energy company under investigation by at least two federal agencies unveiled a new biofuel production facility on Friday that will receive hundreds of millions of dollars in federal subsidies.

Former employees of the company have alleged that it routinely engages in violations of U.S. immigration, environmental, and workplace safety laws and uses taxpayer funds to hire foreign workers in violation of federal regulations.

The company received a $132.4 million loan guarantee and a $97 million grant to build a new biofuel plant Hugoton, Kansas. Energy Secretary Ernest Moniz and Kansas Gov. Sam Brownback attended its ribbon-cutting ceremony on Friday.

The announcement of additional subsidies came even as U.S. Customs and Immigration Service and the Department of Labor conduct investigations into potential legal violations by the company.

Both agencies have policies against commenting on ongoing investigations.

In addition to direct taxpayer support for the company, Abengoa benefitted tremendously from federal mandates for biofuels, according to CEO Manuel Sanchez Ortega.

“This would have been simply impossible without the establishment of the Renewable Fuel Standard,” Ortega said, referring to a federal regulation that mandates the use of certain levels of bio energy in transportation fuels.

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THE TELL-TALE SIGN THAT THE END GAME IS UPON US

blog.milesfranklin.com / Andrew Hoffman / August 3rd, 2015

This weekend, I hosted a barbecue for two of the best guys in our business; Mike Krieger of Liberty Blitzkrieg and Daniel Ameduri ofFuture Money Trends. Like myself, Mike is a New Yorker and former Wall Street Energy analyst (he at Lehman Brothers, I at Salomon Smith Barney) who left the den of thieves to move to Colorado and join the “alternative media,” where he discusses a variety of topics from finance to civil rights to healthy living. As for Daniel, he was the face of the spectacular videos produced by the National Inflation Association in the early 2010s. However, when the site’s owners “went rogue” by shunning its raison d’etre of educating of the dangers of hyperinflation, Daniel created his own investor relations business, boasting some of the mining industry’s most well respected names as clients. Given how antagonistic the vast majority of Americans are to the concept of Precious Metals – or better put, ignorant, complacent, and clueless – it was a breath of fresh air to have them and their lovely families at my home; just as it is working each day at Miles Franklin, and communicating with the world’s “precious few” economic truth seekers.

During the evening, I was told that what separates my blog from others is the simple fact that I “tell it like it is”; clearly, with no agenda other than the dissemination of economic and financial truth. Yes, I of course sell Precious Metals for a living, but I was writing the same things long before joining Miles Franklin – in fact, as far back as 2005, when I first starting writing free missives for GATA. And given that I – and all of Miles Franklin’s principals – “practice what I preach,” in not only holding a significant portion of my net worth in physical gold and silver, but storing a significant amount at our Brink’s vault in Montreal, one would have to have a propagandistic agenda of their own to claim that I, Andy Schectman, or David Schectman have a material “conflict of interest.”

To that end, we have reached a period of market manipulation so severe – and blatant – it’s become impossible to ignore, even by the most conflicted establishment apologists. And nowhere more so than Precious Metals, where the chasm between paper and physical prices has never been wider, growing more so each day. Which, fortunately, will only expedite the inevitable “London Gold Pool-like” implosion of the Cartel, despite the very real possibility of destroying the vast majority of “paper PM investments,” as I have emphatically warned for the past four years. In fact, this weekend alone, nonsensical, “grave dancing” anti-gold articles reached a fever pitch, highlighted by Barry Ritholtz’s propaganda piece so egregious, you’d think it was written by Joseph Goebbels himself.

“Gold is bought and sold based on a narrative that has turned out to be patently untrue. As we move further away from the great credit crisis of 2008-09, the global financial system has stabilized, undercutting the appeal of gold as a hedge against catastrophe. The U.S. economy is improving, as are those of many other countries. The wild inflation and collapse of the U.S. dollar that was going to lead to the demise of civilization and make gold an essential for investors? None of that has happened. Instead the world has low inflation or even deflation and the dollar, the world’s reserve currency, has risen to multi year highs.”

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Common Core Does Not Educate Your Children It Indoctrinates Them

X22Report SpotlightPublished on Aug 4, 2015

Is Gold Doomed?

news.goldseek.com / By: Arkadiusz Sieron / 4 August 2015

After gold declined to a 5-year low, the message is that gold is doomed. Is it really true?

In the past few weeks, the price of gold has suffered a significant decline, indicated by multiple technical signals and triggered by China’s disappointing disclosure of its official gold reserves on July 17 and the following heavy selling in the Asian market. Gold bullion dropped by 6 percent in July, significantly deteriorating the market sentiment toward the yellow metal. Indeed, the sentiment indexes fell to record lows.

It seems that quite a few gold investors threw in the towel, as hedge funds became net-short in gold for the first time since 2006.

Generally speaking, there is negative sentiment all over the market. Media stories became bearish with headline articles such as “Gold is doomed” or “Gold is only going to get worse”. Financial analysts are racing to suggest the lowest price target. According to Goldman Sachs, the yellow metal could fall below $1,000, while Deutsche Bank says that gold’s fair value is $750.

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4/8/15: BRIC Manufacturing PMIs: July 2015

trueeconomics.blogspot.com / by Constantin Gurdgiev / Tuesday, August 4, 2015

Markit released Manufacturing PMIs for July for all BRIC countries, so here is the snapshot of the data:

  • Brazil Manufacturing PMI rose marginally to 47.2 in July from 46.5 in June, marking 6th consecutive month of manufacturing activity in contraction (below 50.0), with five of these months PMIs statistically significantly below 50.0. 3mo average though July is now at extremely low 46.1 against 3mo average through April 2015 at 47.3 and 3mo average through July 2014 at 48.9.
  • Russia Manufacturing PMI fell from 48.7 in June to 48.3 in June – details are covered separately here: http://trueeconomics.blogspot.ie/2015/08/3815-russia-manufacturing-pmi-july-2015.html
  • China Manufacturing PMI fell to 47.8 in July from 49.4 in June, signalling deterioration in sector performance and marking fifth consecutive month of contraction in the sector. This is the worst reading in the index since July 2013. 3mo average through July is now at 49.2 against 49.7 3mo average through April 2015 and 50.6 3mo average though July 2014.

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This Is Your “New Economy”: These 10 Startups Are Valued At $156 Billion On $4 Billion In Revenue

zerohedge.com / by Tyler Durden / 08/04/2015 07:57

If one had to summarize the “new economy”, which supposedly this time is different than the last time the US had a “new economy”, in just one chart, it would be the following one which lists the 10 biggest “unicorns”, or startups worth more than $1 billion, a list headed by Uber (which last week reported its latest record valuation of $51 billion, up from $17 billion exactly one year ago), and continuing with names which are more a marketing gimmick than an actual business model.

A few quick observations: the top 10 highest valued companies have a combined private valuation of $156 billion, on just about $4 billion in revenues and employ a whopping 19.5 thousand people.

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Silent Summer Silver Spike

TruthNeverToldPublished on Aug 3, 2015

Patriot News Hour Podcast

MONDAY, AUGUST 03, 2015

PLEASE CLICK HERE TO LISTEN

US Consumer Spending Declines For Third Consecutive Month, Down 5 Of Past 7 Months

zerohedge.com / by Tyler Durden / 08/04/2015 09:21 -0400

There is (double) seasonally-adjusted, goal-seeked and revised (since 1976) consumer spending data as reported by the government and meant to validate administration policies, and then there is Gallup’s polling of 15,217 US adults who are asked to self-report on their daily spending patterns.

For those who prefer unbiased, accurately reported data, it should come as no surprise to those who have been observing the recent swoon in the economy, that according to Gallup data, July was the third month in a row in which the average American spent less than they did in the same month a year ago, confirming that the US economy is if not in a recession then certainly no longer growing.

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Keiser Report: Summer Solutions (E792 ft. Prof. Steve Keen)

RTPublished on Aug 4, 2015

In this summer solutions episode of the Keiser Report, Max Keiser and Stacy Herbert are joined by Professor Steve Keen, author of Debunking Economics, to discuss the problem of household debt and an overly large finance sector. They discuss possible solutions, such as perhaps ending the practice of subsidizing too-big-to-fail banks.

There Is Evil and Then There is Really Evil-Hillary Clinton Is Really Evil

thecommonsenseshow.com / by Dave Hodges / 04 Aug, 2015

Recently, I was interviewing Patrick Wood as I was guest hosting on KHNC 1360 AM in northern Colorado. Pat and I both agreed that the Presidency and the Congress are beyond the reach of the American people and that we should focus on local politics in order to stave off globalist agendas such Agenda 21. However, I will make one exception to this philosophical belief. In no way, can we ever allow Hillary Clinton the ability to claim the presidency of the United States. There is evil and then there is really evil. Hillary Clinton is really evil.

Hillary is presently keeping a low profile since her most recent scandal involving the “emails”.  Excuse me, is that her most recent scandal, there are so many I am having trouble keeping track of all of them.

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Here’s Why Apple Just Entered A Correction

zerohedge.com / by Tyler Durden / 08/04/2015 08:53 -0400

Apple is down 12% from exuberant earnings highds just a few days ago and has broken below a crucial technical support level at its 200-day moving average (something it has not done in over 2 years). While the parade of bullish analysts and fan boys continues to have faith that Apple TV, iCar, or iWatch will bring about the next leg of the ‘no brainer’ rally to trillion-dollar market cap levels, perhaps, just perhaps, there is a crack in the armor of the “as goes Apple so goes America” company. As Engadget reports, Apple has slipped to third place in China -behind Xiamoi and fast-growing rival Huawei…

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Investment Silver Demand Draining COMEX Vaults

silverseek.com / Clint Siegner / Monday, August 3rd

If there are words to characterize the precious metals markets for July, it would be “divergences” and “shortages.” There was heavy selling in the leveraged futures market and extraordinary buying demand and shortages in physical coins, rounds, and bars.

Despite turmoil surrounding Greece and a huge sell-off in Chinese equities, traders dumped wheelbarrow loads of paper gold and silver. The expected safe-haven buying was concentrated entirely in physical bullion. Spot prices fell relentlessly during the month.

We’ve reported on this divergence recently, and so did Frank Holmes of U.S. Global Investors during last Friday’s Money Metals podcast. But some surprising new data has come to light…

In silver futures, the number of contracts where holders opted to take delivery of the bars rather than “roll” their contracts over, or close the position and take cash, jumped unexpectedly and dramatically in July.

TF Metals Report watches deliveries carefully, and its researchers pointed out some unprecedented occurrences in July. In a typical month, 80 to 85% of contracts still open at expiration wind up in physical delivery of the bars. In July, this number was 135%.

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New York Times Pushes False Narrative on the Wall Street Crash of 2008

wallstreetonparade.com / By Pam Martens and Russ Martens / August 3, 2015

William D. Cohan has joined Paul Krugman and Andrew Ross Sorkin at the New York Times in pushing the patently false narrative that the repeal of the Glass-Steagall Act in 1999 had next to nothing to do with the epic Wall Street collapse of 2008 and the greatest economic calamity since the Great Depression. (See related articles on Krugman and Sorkin below.)

The New York Times has already admitted on its editorial page that it was dead wrong to have pushed for the repeal of Glass-Steagall but now it’s dirtying its hands again by publishing all of these false narratives about what actually happened.

In a July 30 column, Cohan ridicules Senators Elizabeth Warren and John McCain over their introduction of legislation to restore the Glass-Steagall Act to separate insured deposit banks from their gambling casino cousins, Wall Street investment banks. The Senators are being joined in their call to restore Glass-Steagall by a growing number of Presidential aspirants, including Senator Bernie Sanders and former Governor of Maryland, Martin O’Malley, both running as Democrats.

Hillary Clinton, another Democratic presidential hopeful whose husband, Bill Clinton, signed the bill during his presidency that repealed Glass-Steagall, does not see the need to restore Glass-Steagall, leading Cohan to make this observation:

“Mrs. Clinton is right. Despite the relentless rhetoric, the fact that commercial banks are in the investment banking business and investment banks are in the commercial banking business had almost nothing to do with causing the financial crisis of 2008.”

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Greek Bank Stocks Crash Again Amid Fresh Signs Of Economic Disintegration

zerohedge.com / by Tyler Durden / 08/04/2015 08:38 -0400

After trading limit-down on Monday when Greek stocks opened for trading for the first time since PM Alexis Tsipras called a referendum that would later prove to be a complete waste of time, shares of Greek banks once again flirted with the daily 30% loss limit on Tuesday as there were simply no bids for a set of institutions that everyone knows is insolvent.

***

The banks, which are only operational because the ECB has decided to keep the ELA liquidity drip on at least until the central bank sees whether or not Greece will be able to make a €3.2 billion bond payment on August 20, are in desperate need of recapitalization, and according to Brussels’ estimates, will need somewhere on the order of €25 billion to stabilize the system.

Of course that total effectively grows by the day, as the collapsing Greek economy (and we mean “collapsing” in the most literal sense of the word after yesterday’s astonishingly bad PMI print) takes its toll, driving up NPLs in a vicious circle wherein capital controls meant to stem the deposit outflow cripple the economy which in turn serves to further cripple the banks.

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Oil Re-Bloodies the “Smart Money”

wolfstreet.com / by Wolf Richter / August 4, 2015

The “liquidity death spiral.”

Oil plunged again on Monday, with West Texas Intermediate down over 4%. At $45.17 a barrel, it’s just a hair away from this year’s oil-bust low. During 8 weeks in a row of relentless declines, WTI had plunged 26%. July’s 21% drop was the largest monthly decline since the Financial Crisis collapse in 2008.

There’s a laundry list of perceived reasons: The rig count has been rising again. Shale oil companies, like Whiting Petroleum, are bragging about “record” production to prop up their shares. Production in Russia has been strong. And OPEC, powered by Saudi Arabia and increasingly Iraq, raised production in July to 32 million barrels per day.

There’s the dreaded surge of Iranian oil onto the world markets. Just this weekend, Iran’s oil minister mused that his country could raise oil production by 500,000 bpdwithin a week of when the sanctions would be lifted and by 1 million bpd within a month.

It gave oil markets the willies. They were already fretting over the slowdown in China, the crude oil inventories in the US, at a record for this time of the year, the oil inventories in other developed markets, and even oil stored in leased tankers. Oil everywhere, it seems.

Whatever the perceived reasons, the price of oil has gotten re-crushed, and so has the hope a few months ago that this would be over by now.

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Billary Clinton and the Perfection of Consumerist Narcissism

charleshughsmith.blogspot.com / CHARLES HUGH SMITH / MONDAY, AUGUST 03, 2015

In this perfection of consumerist narcissism, the only goal is maximizing private gain by whatever means are available.

I don’t think it’s coincidence that Bill Clinton’s presidency and Christopher Lasch’s landmark analysis The Culture of Narcissism: American Life in an Age of Diminishing Expectations both date from the same year, 1993.

Clinton solidified the modern presidency’s narcissistic obsession with public approval (the political equivalent of “likes” on Facebook) and the exploitation of that popularity for maximum self-enrichment.

The relentless charm offensive and rapacious exploitation of Billary’s proximity to power has yielded a fortune once reserved for tech titans and hedge fund superstars:

Hillary And Bill Clinton Report $139.1 Million In Taxable Income Since 2007

This sum doesn’t include the tens of millions vacuumed up by the Clinton foundation machine, which distributes tribute to further the interests of the Clinton dynasty under the convenient guise of charity.

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This Is The New Economy: These 10 Startups Are Valued At $156 Billion On $4 Billion In Revenue

zerohedge.com / by Tyler Durden / 08/04/2015 07:57 -0400

If one had to summarize the “new economy”, which supposedly this time is different than the last time the US had a “new economy”, in just one chart, it would be the following one which lists the 10 biggest “unicorns”, or startups worth more than $1 billion, a list headed by Uber (which last week reported its latest record valuation of $51 billion, up from $17 billion exactly one year ago), and continuing with names which are more a marketing gimmick than an actual business model.

A few quick observations: the top 10 highest valued companies have a combined private valuation of $156 billion, on just about $4 billion in revenues and employ a whopping 19.5 thousand people.

In other words, the universe’s combined historical Price/Sales ratio is 39x and each employee is worth about $8,000,000.

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Politicians Seek Short-Term Advantages by Lecturing Capitalists about the Long Term

mises.org / Gary Galles / AUGUST 4, 2015

Hillary Clinton’s latest campaign salvo attacked “quarterly capitalism,” the supposedly irresponsible corporate focus on short-term results at the expense of long-term growth. She promised government fixes.

Short-Termism, Share Prices, and Incentives

Is there too much short-termism in business firms? To answer this, let’s look at participants’ incentives.

Shareholders own the present value of their pro-rata share of net earnings, not just present earnings. They do not want to hurt themselves by sacrificing good investments today which raise that expected present value. Owners often tarred as too selfish do not ignore those consequences. Critics also confuse short-term corporate results as the goal, when they are actually valuable indicators of the likely future course of net earnings. Just because good short-term results raise stock prices does not imply excessive short-termism.

Since share prices are both a primary metric for managerial success and basis for their rewards, and they reflect the present value of expected future net earnings, managers’ time horizons reflect shareholders’ time horizons, stretching far beyond immediate measures.

Bondholders, who want to be paid back, incorporate the future, where repayment risks lie, in their choices. Workers and suppliers are also sensitive to firms’ future prospects, and the prospect of those relationships being terminated if things start turning south forces consideration of the future in present choices.

Beyond misinterpreting share price responses to good short-term results as short-term bias, Clinton’s main proof of short-termism was that firms have increased stock buybacks, supposedly sacrificing worthwhile investments by returning funds to shareholders. She ignores that those funds will largely be invested elsewhere with better prospects. But she also ignores that the buyback binge reflects the Fed’s long-term artificial cheapening of borrowed money. When debt financing gets cheaper relative to equity financing, firms substitute toward debt. But a firm substituting debt financing for an equal amount of equity controls no fewer funds for future-oriented investments.

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Puerto Rico triggers historic default as austerity spiral deepens

telegraph.co.uk / By / 9:30AM BST 04 Aug 2015

“There is no US precedent for anything of this scale and scope. No US state has restructured its debt in living memory. Any attempt faces unprecedented legal challenges,” she said.

Dr Kroeger said it would be self-defeating for creditors to push their demands too far given the vast fiscal gap that has built up over time. “There are limits to how much more expenditures can be cut or taxes raised. One has to be mindful of the hit to near-term growth from a sharper fiscal contraction; if output falls significantly, tax receipts will decline,” she said.

Several bills are now emerging in Congress that would grant Puerto Rico “Chapter Nine” protection and weaken the hand of creditors. Presidential candidates Hillary Clinton and Jeb Bush have both called for legal changes, all too conscious that this saga has become a neuralgic issue for Hispanic voters – a key swing constituency.

Yet the creditors have pushed home their narrative that Puerto Ricans are feckless, living beyond their means, and could easily pay if they tightened their belts. Great numbers of ordinary Americans bought the island’s debt because the interest was tax free.

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3D Printing an Ornate Bridge Over a Water in Amsterdam

globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / Tuesday, August 04, 2015 2:46 AM

Every month, 3D printing possibilities get increasingly elaborate.

For example (with thanks to reader Tim Wallace for the links): The Goal of MX3D is to 3D print a steel bridge. Really.

With our robots that can “draw” steel structures in 3D, we will print a bridge over water in the center of Amsterdam. We research and develop groundbreaking, cost-effective robotic technology with which we can 3D print beautiful, functional objects in almost any form. The ultimate test? Printing an intricate, ornate metal bridge for a special location to show what our robots and software, engineers, craftsmen and designers can do.

The bridge will be designed by Joris Laarman. That process using new Autodesk software will be a research project in itself. It will sync with the technical development and take into account the location. The project is a collaboration between MX3D, design software company Autodesk, construction company Heijmans and many others.

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