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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.”
SHANGHAI — Australia, Indonesia, and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders.
China’s proposed $50 billion Asian Infrastructure Investment Bank is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count Washington and its allies as their biggest financial backers.
China, which is keen to extend its influence in the region, has limited voting power over these existing banks despite being the world’s second-largest economy. …
What is it with these consumer-products companies that need to sell a lot of cheap stuff to a lot of consumers around the world? Over the last few days, one after the other reported what are more or less unvarnished quarterly revenue and earnings debacles.
At McDonald’s, global revenues fell 5% and net income plunged 30%. At Coca-Cola, international volume was up a measly 1%, but in the US, volume declined 1%. Revenues were down fractionally for the quarter and 2% year-to-date. Net income in the quarter dropped 14%. Revenues at third largest beer-giant Heineken, which brews its stuff in 70 countries, dropped 1.7%. People are scratching their heads: are consumers actually cutting back on beer? Other companies too have reported disappointing results.
On Thursday it was Unilever, the Anglo-Dutch giant maker of shampoos, deodorants, laundry detergents, ice cream… that warned in its quarterly report about what it looks like “out there,” not in the stock market, but in the real economy around the world.
“It is really tough out there,” said CFO Jean-Marc Huët. “We have been at pains to say that for a long period of time.” Consumers are in trouble and are cutting back across key markets, leaving the company with price pressures and crummy sales.
Revenues fell 2%. “Underlying sales,” which are adjusted for a variety of things, rose 2.1%, but it was the worst growth since Q4 of crisis-year 2009, and down from 3.8% in the prior quarter.
Unilever warned of a slowdown in all the right places, in the emerging markets, in Europe, and of stagnation in the US. Like other consumer-products companies, it complained about currency issues, political unrest, bleak economies, the wrong kind of weather, and other uncertainties that perplex consumers to no end and cause them to get stingy.
zerohedge.com / by Tyler Durden / 10/24/2014 10:53
The summer, thankfully, has been largely bereft of the dismal trend of bankers committing suicide, but as Bloomberg reports, Thierry Leyne, a French-Israeli banker and partner of Dominique Strauss-Kahn, the disgraced former chief of the IMF, was found dead Thursday after apparently taking his own life by jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. This is the 16th financial services executive death this year.
Bloomberg reports that Thierry Leyne, the French-Israeli entrepreneur who last year started an investment firm with former International Monetary Fund Managing Director Dominique Strauss-Kahn, has died. He was 48.
Leyne died yesterday in Tel Aviv, according to his assistant at the firm, who asked not to be identified. Le Figaro newspaper reported that he committed suicide.
Last year, Leyne joined Strauss-Kahn in establishing the Paris-traded firm Leyne, Strauss-Kahn & Partners after the former IMF head bought a 20 percent stake to help develop the investment-banking franchise of Leyne’s company, Luxembourg-based Anatevka SA. Leyne had taken Anatevka public in March 2013 before joining forces with Strauss-Kahn, commonly referred to in France as DSK.
The new partnership — usually called LSK & Partners by using both men’s initials — was part of Strauss-Kahn’s efforts to rebuild his post-IMF life after he was charged in 2011 of criminal sex, attempted rape, sexual abuse, unlawful imprisonment and the forcible touching of a chambermaid at the Sofitel hotel in Manhattan. Strauss-Kahn denied the charges, which were later dropped. He settled the maid’s lawsuit in 2012.
thecommonsenseshow.com / by Dave Hodges / October 24, 2014
Why won’t America stand up for herself? Why is our country, once a country which possessed courage and conviction , now sitting idly by while allowing itself to be taken to the slaughter without so much as a whimper?
As I predicted, Ebola is beginning to make its way across the country. There are serious allegations of Ebola patients being “disappeared” in order to cover up how widespread the crisis has become. We have an administration which refuses, under any and all circumstances, to protect the American people as evidenced by the fact that we allow unscreened immigrants into the country and our airports are still open to travel from West Africa, the site of the Ebola outbreak.
It matters not if its Ebola that is going to rip through the country like a Tsunami coming ashore, or, whether it is the hastily prepared soon-to-be vaccines that are soon going to be thrust among us which will potentially devastate our collective immune systems. To those who are still debating if the Ebola crisis is a false flag, you are wasting time and you are causing the public to take their eye off of the ball. Does it matter if the Ebola is an instrument of oppression or it will be the vaccine that serves this purpose? The full or partial spread of Ebola is a prerequisite condition for the roll out of mandatory vaccines. Both Ebola and the subsequent vaccines are like “love and marriage”, as Frank Sinatra once said, “You can’t have one without the other”!
The presence of Ebola in America is not going to end well for the American people. Whether the decimation of America comes from the virus itself or the resulting vaccine, does not matter and those perpetuating this debate are doing a disservice to the country.The fact remains that we will soon be faced with some very dire circumstances and we need to be focusing on how to wake up the public instead of engaging in this meaningless intramural debate!
The Process of “Waking Up”
The bankster degenerates, have mastered the art of an effective PSYOPS. They have perfected brainwashing practices as well as the stunting of human initiative. The globalist PSYOPS strategy is based upon the principle that it was much easier to control a population through psychological means than by committing genocide. However, when the people begin to wake up, PSYOPS will eventually give way to extermination as a means of political control as evidenced by the likes of Hitler, Stalin and Mao.
A doctor who arrived in New York City from the Ebola stricken country of Guinea has tested positive for the Ebola virus, making him the fourth confirmed case in the United States.
The doctor had a 103 degree fever when he checked into a hospital.
New York officials are scrambling to identify potentially hundreds of individuals he may have come into contact with. According to The New York Times, the doctor took a subway train from New York to Brooklyn, where he joined others at a bowling alley for the evening. He then took a taxi back to his home in New York.
The doctor, Craig Spencer, was rushed to Bellevue Hospital Center on Thursday and placed in isolation while health care workers spread out across the city to trace anyone he might have come into contact with in recent days. A further test will be conducted by the federal Centers for Disease Control and Prevention to confirm the initial test.
Even as the authorities worked to confirm that Mr. Spencer was infected with Ebola, it emerged that he traveled from Manhattan to Brooklyn on the subway on Wednesday night, when he went to a bowling alley, and then took a taxi home.
The next morning, he reported having a temperature of 103 degrees, raising questions about his health while he was out in public.
For weeks the Obama administration has been under pressure to restrict flights to the United States if they or their passengers originate in Ebola-stricken countries. The Centers for Disease control has said that such a ban would actually increase the chances that Ebola would make its way into the country.
goldmoney.com / By Alasdair Macleod / 24 October 2014
The behaviour of financial markets these days is frankly divorced from reality, with value-investing banished.
Markets have become distorted by Rumsfeld-knowns such as interest rate policy and “market guidance”, and Rumsfeld-unknowns such as undeclared market intervention by the authorities. On top of these distortions there is remote investing by computers programmed with algorithms and high-frequency traders, unable to make human value-assessments.
Take just one instance of possible “market guidance” that occurred this week. On Thursday 16th October, James Dullard of the St Louis Fed hinted that QE might be extended. In the ensuing four trading sessions the Dow rallied over 5%. Was this comment sparked by signs of slowing economic growth, or by a desire to buoy up sliding equity markets? Then there is the vested interest of keeping government funding costs low, which raises the question whether or not exceptionally low bond yields, particularly in the Eurozone, are by design or accidental.
Those who support the theory that it is all an evil plot will also note that governments and their central banks through exchange stability funds (set up with the explicit purpose of market intervention), wealth funds and state pension funds have some $30 trillion to direct as they see fit. The reality is that there is intervention across a range of markets; but most of the mispricing is in the hands of private, not government investors. For evidence look no further than the record level of brokers’ loans to buyers of equities, who with greed worthy of a latter-day South-Sea Bubble seek to gear up their speculative profits.
By Richard Leong
Thursday, October 23, 2014
Foreign central banks slashed their holdings of U.S. Treasuries at the Federal Reserve to their lowest level since May, Fed data released on Thursday showed.
Analysts said the decline in U.S. government bond holdings likely stemmed from a combination of factors including booking profits on the recent rally in Treasuries, and the dollar which hit a four-plus year peak earlier this month.
“Some central banks might be selling dollars to arrest its rise against their currencies. While export-oriented countries typically like a stronger dollar, they don’t want it go up too fast because they could make some imports very expensive,” said Christopher Low, chief economist at FTN Financial. …
New Home Sales rose a magnificent (seasonally-adjusted annualized rate) 18% in August – the biggest monthly rise since January 1992 albeit with a 16.3 90% confidence interval, meaning the final number may well be +1.7%. At 504k, new home sales are back at May 2008 levels (though obviously massively below the 1.4 million homes sold at the peak in 2005). As a reminder, May’s 504K new home sales print was later revised later to 458K. But even more stunning, new home sales in The West rose a mind-numbing 50% in August (and up 84.4% YoY – nearly double).
Well, it is now a month later, and here come the revisions: first, that 50% surge in the West was revised… 30K lower. But to get a sense of just how bad the revision was, here is the old, pre-revision data, and the “data” following the latest revision.
caseyresearch.com / Chuck Butler / October 24, 2014
In This Issue.
* Currencies eke out small gains.
* Eurozone AQR results on Sunday.
* Brazilian election on Sunday, finally!
* China’s Gold demand in 2013 reaches 2,199 tonnes!
And Now. Today’s A Pfennig For Your Thoughts.
A Good Data-Wise Week For China.
Good Day!… And a Happy Friday to one and all! What a grand evening at the EverBank Art Show and Open House last evening! WOW! I got to see lots of old friends, and meet some new ones! People would come up to me, and say, Hi Chuck, but I would have to look at their name tag to see who they were, and then they would explain to me that they are Pfennig Readers, and they feel like they knew me already. Pretty cool, eh? There’s another Ebola case, this time in N.Y. But for the most part, the hysteria over this virus, has calmed down a bit, and that’s good, because I was really beginning have the bejeebers scared out of me!
The Currencies seem to be stuck in the mud again, as they really haven’t moved much, except kiwi, the past 3 days. The moves have been quite small, but at least they are positive moves. I can’t say that for Gold though. The headlines stories on Bloomberg suggest that Gold is suffering because investors are taking a positive view of the U.S. economy. Really? That’s all they can come up with? And IF investors are taking a positive view of the U.S. economy they certainly must be using those rose colored glasses the Gov’t keeps passing out. UGH! But that’s fine! You would think that lessons would have been learned a few times, but apparently, these investors don’t subscribe to the saying that lessons learned are like bridges burned, you only need to cross them but once.
Hey! I just saw a thing on the TV, I didn’t catch all of it, but it was a report that showed that after 60, people should continue to have a drink or two to improve the memory. Well, let’s see, next March I’ll turn 60. But I’ve always subscribed to the Cliff Clavin theory that it’s like the slowest Buffalo thing. You know, the slowest Buffalo gets killed, and it makes the herd faster. You have a drinks and it kills off the slowest brain cells, making the rest of the cells smarter! Well, that’s my story and I’m sticking to it! HA!
zerohedge.com / by Tyler Durden / 10/24/2014 10:09
Having exploded 18% higher in August (driven by, um, record high prices), September’s new home sales printed at 467k (against expectations of 470k) and August’s surge to 504k was revised lower to just 466k (busting the biggest beat since 2005 meme) revised 7.5% lower. After August’s reported 50% MoM rise in The West, the region saw the rate of sales slow in September. The median new home sales price (at record highs last month) fell 4% YoY to $259,000.
endoftheamericandream.com / By Michael Snyder / October 23rd, 2014
Did you know that a storm 14 times larger than the Earth is happening on the sun right now? Earlier this week, it unleashed a flare which was a million times more powerful than all of the nuclear weapons in existence combined. Fortunately, that flare was not directed at us. But now the area of the sun where this solar storm is located is rotating toward Earth. An eruption on the sun at just the right time and at just the right angle could result in a society-crippling electromagnetic pulse blasting this planet. So if your computers, cell phones and electronic equipment get fried at some point over the next few weeks, you will know what is probably to blame. Such an electromagnetic pulse has hit our planet before, and as you will read about below, some very prominent voices are warning that it will happen again. It is just a matter of time.
Scientists tell us that the absolutely massive sunspot group that has recently formed on the sun is highly unusual. NASA has described it as “crackling” with magnetic energy. The mainstream media has not been paying too much attention to it, but this sunspot group is potentially extremely dangerous.
The following is an excerpt from an article on Discovery.com that gives some of the technical details about what has been going on…
The sunspot, a dark patch in the sun’s photosphere, represents intense solar magnetism bursting from the sun’s interior known as an active region. This particular active region, designated AR2192, has been rumbling with intense flare activity, recently exploding with 2 X-class flares, causing some short-lived high-frequency (HF) radio black outs around the globe.
Such blackouts are triggered by the intense extreme ultraviolet and X-ray radiation that solar flares can generate, causing ionization effects in the Earth’s upper atmosphere — a region known as the ionosphere. HF radio can be strongly hindered by this activity, triggering blackouts that can effect air traffic and amateur radio operators.
silver-coin-investor.com / Dr. Jeffrey Lewis / Oct 23, 2014
Behind the scenes (or rather, behind the curtain of propaganda) the most influential of the banking class is sending out smoke signals. The Bank for International Settlements (BIS), which is the bank for central banks, has telegraphed the next major world financial downturn.
As if you could not see it coming. Recently, the Bank for International Settlement (BIS) warns of ‘violent’ reversal of global markets.
“Investors take zero-rates for granted and unwisely believe that central banks will protect them,” says the Capital Markets Chief of the Bank of International Settlements.
The global financial markets are dangerously stretched and may unwind with shock force as liquidity dries up, the Bank of International Settlements has warned.
Guy Debelle, head of the BIS’s market committee, said investors have become far too complacent, wrongly believing that central banks can protect them, many staking bets that are bound to “blow up” as the first sign of stress.
In a speech in Sydney, Mr. Debelle said: “The sell-off, particularly in fixed income, could be relatively violent when it comes. There are a number of investors buying assets on the presumption of a level of liquidity which is not there. This is not evident when positions are being put on, but will become readily apparent when investors attempt to exit their positions. The exits tend to get jammed unexpectedly and rapidly.
Mr. Debelle, who is also the Chief of Financial Markets at Australia’s Reserve Bank, said any sell-off could be amplified because nominal interest rates are already zero across most of the industrial world. “That is a point we haven’t started from before. There are undoubtedly positions out there which are dependent on (close to) zero funding costs. When funding costs are no longer close to zero, these positions will blow up,” he said.
The BIS warned earlier this summer that the world economy is in many respects more vulnerable to a financial crisis than it was in 2007. Debt ratios are now far higher, and emerging markets have also been drawn into the fire over the last five years. The world as whole has never been more leveraged.
‘Yes’ Campaign Launch
The press conference of the Gold Initiative ‘Yes’ campaign committee was hosted by Swiss People’s Party (SVP) members, Luzi Stamm, Lukas Reimann and Ulrich Schlüer.
Ulrich Schlüer, a former SVP National Councillor, disputed the recent claim by Swiss Finance Minister Eveline Widmer-Schlumpf that since the gold initiative calls for 20% of the reserves of the Swiss National Bank (SNB) to be kept in gold, that this would mean that the SNB would need to buy SwF 60 billion worth of gold to raise the percentage of gold on the SNB’s balance sheet to 20%.
Schlüer said that this was not true, and that one alternative would be for the SNB to reduce the size of its balance sheet, bringing down the absolute level of foreign exchange reserves, thereby meeting the 20% target this way. Schlüer argued that given that the SNB would have five years in which to meet this 20% floor level, this would not necessarily impact the SwF / Euro target band, and furthermore, it was also the responsibility of the European Central Bank to manage the Euro’s value, not just the SNB.
SVP National Councillor Lukas Reimann (SG) highlighted that the gold initiative’s stipulation of gold holdings as a minimum target of 20% of the SNB’s balance sheet is still a lot lower than other countries, for example, Germany.
Since gold reserve holdings of neighbouring European countries such as France, Italy and Germany are in the range of 65% to 70% of their total foreign reserve assets, the point Reimann makes is very valid. Not to mention the fact that other large gold holding countries such as China and Russia are specifically doing everything in their power right now to continually accumulate gold reserves so as to bring gold as a percentage of their total reserve assets up to and beyond the 20% level.
The Swiss Federal Council and the SNB have frequently used the comparative statistic of gold reserves per head of population to justify their argument that Swiss gold holdings are the highest in the world (per capita), but in a world of absolute central bank gold rankings, this argument is immaterial.
Paper Decays, Gold holds its Value
The Gold Initiative Committee told their press audience that gold is a long-term “safe and stable store of value” in times of economic turbulence. The Committee views gold as an insurance, and as a reserve asset, with gold reserves being the foundation for a stable currency and economy, while securing the independence of Switzerland.
Lukas Reimann said that while gold is money and it defies crises, paper money can be reproduced at will and is easily manipulated. SVP National Councillor Luzi Stamm (AG) said that “paper decays, money holds its value.” According to Stamm, the SNB’s talk of “excess gold reserves” in the 1990s was very misleading.
Luzi Stamm lamented that the Swiss gold sales of 2000-2008, when the SNB sold 1,550 tonnes of Switzerland’s gold, were ‘a big mistake’ and that retrospectively, the sales had been conducted “at incredibly low prices” or “cut-price” levels due to Switzerland having “bowed to foreign pressure.”
On the question of why the Gold Initiative Committee wants all Swiss gold to be stored in Switzerland, Luzi Stamm asked “who seriously believes that we could bring back the gold in the event of a serious crisis in Switzerland”. He added that there was absolutely “no compelling reason” to keep Swiss gold abroad.
SVP National Councillor, Lukas Reimann (SG) speaking at the launch of the Gold Initiative Committee’s press conference in Bern, 23 October 2014
On the specific issue of the referendum vote on the 30th November, Lukas Reimann said that he had never experienced such a large discrepancy between the disinterest which is being displayed by the Swiss media on the gold initiative referendum, and the active interest that is being displayed by the Swiss population to the referendum.
Reimann pointed out that the only Swiss political party that has officially backed a ‘Yes’ vote for the gold initiative is the small EDU party (Federal Democratic Union of Switzerland). Even his own party, the SVP, is showing limited support, and when the gold initiative petition came through the Swiss parliament earlier this year, not even half the SVP grouping voted for it.
The job of the investor is to answer that impossible question, ‘ What is the correct valuation for this financial instrument?’ There is almost never a right answer to this question, but there are, of course, many wrong ones. Eliminating wrong answers, especially when valuing an investment which already discounts the future, is an important strategy in coming up with better answers than the competition.
So there is really good news for investors: the current, prevalent answer to the question, ‘What is the correct valuation for this financial instrument?’ is clearly wrong. It is demonstrably wrong because the answer is ‘Whatever the central bankers say is the correct value’. It is clearly wrong because it has never been true in the past. It was recognised as clearly the wrong answer as early as 1810 in the words of the so-called ‘ Bullion Committee’-
‘The most detailed knowledge of the actual trade of a country, combined with the profound Science in all the principles of Money and circulation, would not enable any man or set of men to adjust, and keep always adjusted, the right proportion of circulating medium in a country to the wants of trade.’
"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