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Patriot News Hour Podcast

Tuesday, April 22, 2014

Patriot News Hour Podcast

A game-changer the ‘peons’ could control / By Bill Rice, Jr. / Tuesday, April 22, 2014

Of this we can be sure: China WILL keep accumulating record amounts of precious metals.

Why, one asks, would China suddenly reverse course and change a policy that it has now been aggressively pursuing for years? Such a scenario would not/does not make sense.

No, any fair-minded observer has to assume that China has been acquiring and stockpiling gold for reasons it considers very important (and these reasons presumably have not, nor will not disappear).

One reason, no doubt, is that China expects the value of the U.S. dollar to continue to decline and probably, at some point, to quickly plummet. Such an event would cause the treasury bonds the nation holds to also plummet.

Thus, for China, gold is serving its its historic “safe haven” and insurance role.

One can safely predict that demand for gold WILL remain high in many nations, including the nation with the world’s largest population and largest rate of economic growth.

So gold has that going for it.


The Very Brief Phenomenon Of The Gold Standard / By Dr. Bryan Taylor / April 22, 2014

It was 100 years ago, in 1914, that the Gold Standard died. When World War I began, most countries went off the Gold Standard and attempts to return to a Gold Standard since have all failed. Some people have called for a return to the Gold Standard as a way of disciplining governments and ensuring that they do not inflate their way out of their current fiscal problems. If it were only that easy.

What many people don’t understand is that in the long run, the International Gold Standard was a very brief phenomenon, and the fact that the world moved to a Gold Standard in the late 1800s was a sign of weakness in the role of gold and silver in the economy, not of strength. The reality was that Europe was on a bimetallic standard, not a Gold Standard, from the Middle Ages until World War I, and gold triumphed in the nineteenth century because bimetallism had failed. This should have been taken as a sign that the gold standard too would inevitably fail, not that it was the result of teleological inevitability.

The first gold and silver coins were issued by Croesus in Lydia around 600 BC. Before that, both gold and silver were used as a store of for wealth, for conspicuous consumption, or to value other goods, but no coins existed. The value of gold relative to silver, the gold/silver ratio, changed over time. In 2700 BC it was around 9 to 1; under Hammurabi in 1800 BC it was 6 to 1; and by the time Croesus issued the first gold and silver coins, rather than electrum coins, it was 12 to 1.

The gold/silver ratio remained around 12 to 1 for the next 2500 years, though it could range as low as 9 to 1 or as high as 16 to 1. Athens built its empire on the silver mines of Laurium; Alexander the Great plundered the treasuries of the Persians; and the Romans seized this stolen bullion when they conquered the Mediterranean. Constantine took the gold of the Pagan temples for his needs, and whoever controlled Egypt could rely upon the mines in Nubia as a source of gold. When the Arabs spread Islam through the world, they seized the gold and silver of the lands they conquered. When they gained control over northern Africa, the Arabs also gained power over the gold coming from sub-Saharan Africa.


Here Comes The Next Great Rotation: Out Of Stocks And Into Bonds / By Tyler Durden /

One of the biggest stories of 2013 was the so-called “great rotation” that was supposed to take place out of treasury funds and into equity funds. And, for a few months, it actually did take place only to see itself unwind promptly, resulting in 10 Year yields now roughly where they were in May of last year despite everyone’s eager wishes to punch, kick and scream the 10 Year north of 3% yield. After all, not even the most demented permabull will dare to make an optimistic case when the 10 Year is saying there is absolutely no chance of pick up in inflation and nominal economic growth (that the bond and equity markets are both rigged, and manipulated by the Fed is a different matter entirely).

However, if the great rotation out of bonds into stocks was the story of 2013, it now appears that 2014 will see another great rotation – a mirror image one, out of stocks and back into bonds, driven on one hand, of course, by the Fed which will continue to monetize the bulk of net duration issuance for the foreseeable future, but more importantly, by some $16 trillion in corporate pension assets which after (almost) recovering their post-crisis high water market are once again, will now phase out their risky holdings in favor of safe (Treasury) exposure.  As Scotiabank’s Guy Haselmann explains, “The rationale is quite simply that the cost/benefit equation changes as the plans’ funding status improves. In other words, the upside for a firm with a fully-funded plan is less rewarding than for an under-funded plan.”


Parents required to swipe driver’s license to enter school; soon a background check / April 22, 2014

DENVILLE, NJ — (EXCLUSIVE) — Parents in a New Jersey school district have been notified that visits inside their children’s school will require now an electronic scan of their drivers’ licenses — and soon, a full background check.

A letter dated April 21, 2014, explains the new security measures, as decided by the Denville Township Board of Education.  In order to keep “students and faculty safe,” the school wishes to record digital information from the visitors’ state-issued ID cards upon each visit beyond the main office.

The letter states that each swipe will log the owner’s personal data and will generate a visitor badge.

Read the letter below:


April 22: Gold and Silver End Mixed and Near Unchanged / By Chris Mullen / April 22, 2014

Gold edged up to $1292.44 at about 8:30AM EST before it dropped down to $1278.91 in the next few hours of trade, but it then bounced back higher in afternoon trade and ended with a loss of just 0.39%. Silver rose to $19.541 in London before it also fell back off in early New York trade, but it then rallied back higher into the close and ended with a gain of 0.15%.

Euro gold fell to about €930, platinum gained $0.15 to $1397.00, and copper climbed a couple of cents to about $3.06.

Gold and silver equities waffled near unchanged for most of the morning, but they then climbed steadily higher for most of the afternoon and ended with almost 1% gains.


“Axis Of Power” As Countries Move To Link Currencies To Gold / April 22, 2014

On the heels of continued uncertainty around the globe, today an acclaimed money manager spoke with King World News about a new “axis of power,” as Russia and China move to link their currencies with gold, and both countries continue to form an alliance with Germany.  Below is what Stephen Leeb had to say.

Leeb:  “I think one consequence of what’s happened in Ukraine is to put Europe on notice.  This means they have to make sure that their economies, not just the German economy, continue to grow.  If they don’t, Russia’s influence will spread wider and wider….


Guest Post: Piketty’s Gold? / By The New York Sun /

With all that has been written in respect to Thomas Piketty’s new book, “Capital,” you would think that someone — Paul Krugman, say, or Jonathan Chait or David Brooks or Hendrik Hertzberg; we’re not worried about who it might be so much as someone among the liberal intelligentsia — would have remarked on an odd coincidence of timing. We’re speaking here of the timing of the rapid rise of the blasted inequality over which Professor Piketty is so upset. After all, this inequality has become the cause celebre of the season for President Obama and his entire political party. It’s the issue of the hour. Yet when it comes to the timing at which this phenomenon presented itself, nada. Omerta.

Well, feature the chart that Professor Piketty publishes showing inequality in America. This appears in the book at figure 9.8; a similar version, shown alongside here, is offered on his Web site. It’s an illuminating chart. It shows the share of national income of the top decile of the population. It started the century at a bit above 40% and edged above 45% in the Roaring Twenties. It plunged during the Great Depression and edged down in World War II, and then steadied out, until we get to the 1970s. Something happened then that caused income inequality to start soaring. The top decile’s share of income went from something like 33% in 1971 to above 47% by 2010.


Germany Helped Prep Russia for War, U.S. Sources Say / By 22, 2014

Over the past few years, NATO countries have helped Russia revolutionize its armed forces. Now questions are arising about a German defense contractor that trained the Russian military.

The world was shocked when Russian special operations forces invaded Crimea with advanced technology, drastically improved operations, and with so much operational security that even agencies in the U.S. intelligence community didn’t see it coming. In Washington, government and congressional leaders are wondering how the Russian special operations forces got so good, so fast, without anyone noticing. Some are wondering how much help Russia had from the West.

In 2011, for example, the German defense contractor Rheinmetall signed a $140 million contract to build a combat simulation training center in Mulino, in southwest Russia, that would train 30,000 Russian combat troops per year. While the facility wasn’t officially scheduled to be completed until later this year, U.S. officials believe that Germany has been training Russian forces for years.

Rheinmetall defended the project even after the invasion of Crimea, up until the German government finally shut it down late last month. But many tracking the issue within the U.S. government were not happy with Germany’s handling of the Russian contract, and worry that some of the training may have gone to the kind of special operations forces now operating in and around Ukraine.



Lawsuit Against Congressional Obamacare Subsidies Gets Support of 38 GOP Lawmakers / By Sarah Hurtubise / April 22, 2014

Thirty-eight Republican lawmakers came out in support of Wisconsin Sen. Ron Johnson’s lawsuit challenging the constitutionality of Obamacare subsidies for congressional staffers Monday night.

A group of 12 senators and 26 representatives, including Texas Sen. Ted Cruz and Arizona Sen. John McCain, as well as the constitutionalist Judicial Education Project, filed an amicus brief in support of Johnson’s January lawsuit against the Obama administration’s Office of Personnel Management (OPM).

“The unlawful executive action at issue in this case is not an isolated incident. Rather, it is part of an ongoing campaign by the Executive Branch to rewrite the Affordable Care Act on a wholesale basis,” the filing reads. “The President of the United States is constitutionally obligated to take care that the law be faithfully executed; he does not have the power to modify or ignore laws that have been duly enacted by Congress and that


This Is The 7500 Square Foot Soho Loft That Just Sold For $27 Million / By Tyler Durden /

It may not be a castle, but this $26.58 million penthouse loft in Soho (New York) has become one of the priciest co-ops ever sold in Manhattan below 34th Street. As The Wall Street Journal reports, located in a former manufacturing building at 383 West Broadway, the duplex unit is roughly 7,500 square feet, with four bedrooms, five full bathrooms and one half bath. The deal closed Monday. The buyer is unknownnope, no bubble here…


Obamacare Success: Half of Georgia’s Insurance Enrollees Fail to Make Monthly Payment / By Mac Slavo / April 22nd, 2014

The Obama administration has stated unequivocally that the debate concerning whether or not the Patient Affordable Care Act has been a success is over. They’ve won the argument and its evidenced by the tens of thousands of Americans who have signed up on exchanges across the country.

Here’s a small glimpse into just how successful Obamacare has been.

In Georgia, where some 650,000 people are eligible for subsidies only about 220,000 applications have thus far been received. So, to start, we’re about 70% short on the originally estimated sign up rate.

Even more successful than that, however, is that of those 220,000 received applications Georgia Health News reports that at least half of the applicants have failed to actually pay their monthly premiums even though most of those people are being subsidized by the government to some extent.


Losing Confidence in the US dollar / By Greg Canavan / April 21, 2014 at 10:00 am

With the World War D investing conference done and dusted, we pause to reflect on it all. What was our key takeaway from the two-day event?

In short, ‘bear fatigue’. That is, the keynote speakers (Marc Faber, Jim Rickards and Richard Duncan) all made the case that we are heading towards a financial collapse…we just don’t know when. More to the point, multiple forms of can-kicking can potentially delay the inevitable day of reckoning for years to come. Therefore, to use the words of Citigroup boss Chuck Prince in 2007, while the music is playing, you gotta keep dancing.

Having suffered a bit of bear fatigue our self, we sympathise with this viewpoint. And sure, there’s room for a small amount of speculation in any portfolio. But succumbing to this fatigue is akin to throwing discipline out the window and investing just because…well, everyone else seems to be doing it.

While no one knows how long the financial system can continue its debt based expansion, Marc Faber suggested that with the bull market now entering its sixth year, it’s getting old and due for a correction. Jim Rickards thinks we’re in a bubble, while Richard Duncan reckons the US government could in theory keep the music playing by running up debt levels from the current 100% of GDP to a Japanese-like 250% of GDP.


America And Oil: This Chart Shows Why OPEC’s Knees Are Trembling / By Wolf Richter / April 22, 2014

What would have been a demented propagandist’s flight of fancy a decade ago has become reality: For the first time in history, the US imports more oil from our dear and reliable neighbor Canada than from OPEC. With major consequences.

Two primary reasons:

  • Rising oil production in Canada; hence, more oil to import.
  • Soaring oil production in the US, hence drastically lower oil imports in general.


2014: The Year Without Summer / By Jeffrey Folks / April 22, 2014

In their excellent book, The Year Without Summer: 1816 and the Volcano That Darkened the World and Changed History, William and Nicholas Klingaman relate the history, causes, and effects of the record cold that gripped the northern hemisphere in 1816.  For most in America, Europe, and Asia, the winter of 1815-1816 was the coldest in living memory.  What followed in the spring and summer of that year was equally disastrous.  It was an entire year of cold rains, crop failures, hunger, and economic collapse.

There were multiple causes for the extreme weather of 1816, but all of them were natural, not man-made.  Chief among them, according to the Klingamans, was the massive eruption of Tamboro in present-day Indonesia.  The force of the explosion was ten times greater than that of Krakatoa, which took place in 1883.  Heightened volcanic activity sent ash particles into the atmosphere, blocking sunlight and disrupting the northern hemispheric jet stream.  One after another, polar vortexes dropped south, not just in the winter, but throughout 1816, and to a lesser extent for years afterward.

The winter of 2013-14 bears a striking resemblance to that of 1815-16, and there is every reason to believe that what follows will repeat the pattern of earlier periods of extreme cold.  The consequences will not be pleasant.  As some have begun to realize, periods of extreme cold are far more destructive than periods of warming.

My prediction of a “year without summer” is based partly on the record of 1816 and other years of increased volcanic activity.  Like 1815, 2013 saw significant volcanic activity, with major eruptions in Indonesia, Alaska, Italy, Argentina, and Japan.  It was inevitable that this “particularly eventful year” of volcanic activity would be followed by a cold winter, just as it is inevitable that more cold will follow.


The Rise Of The Fatty / By Tyler Durden /

For all the talk about QE this, HFT that, crony capitalism, cold war 2.0, hyperinflation, hyperdeflation, social inequality, Keynesian dead end, global financial meltdown, perhaps the one more tangible threats to mankind as a whole (and to the future underfunded healthcare costs) is something fatr simpler: the rise of the fatty.


April 22.2014/No change in gold inventory at GLD/a huge increase of 1.73 million oz of silver/gold and silver whacked again/Backwardation continues in gold and silver/Turmoil escalates again in the Ukraine/ / April 22, 2014

Gold closed down $7.40  at $1280.40 (comex to comex closing time ). Silver was up 1 cents to $19.35

In the access market tonight at 5:15 pm

gold: $1284.00

silver:  $19.40

Today is Tuesday and many have noticed that this is the signal to pump up the Dow and whack gold and silver. And today the bankers orchestrated another tiny raid on our two precious metals.  No question about it, our entire markets have been usurped by our bankers.

Today, the open interest on silver remained in the 160,000 region despite a huge drop in the price of silver yesterday coupled with high volumes on the comex. The contracts on the comex are certainly in strong hands as no matter what happens the OI remains high.  We will discuss this in the body of the commentary tonight.

So without further ado…

Let’s head immediately to see the data for today.

First:  GOFO rates

For the 11th day out of 12 trading days, GOFO rates are negative and thus we have backwardation.  Today, the 6th month moved slightly positive and thus it is out of backwardation. All months moved slightly towards the  positive needle.

Still London good delivery bars are quite scare.

April 22:2014

One Month Rate:  Two Month Rate   Three Month Rate   6 month rate

-.1100%                      -.072                 -044%                     +.006%

April 17.2014:

One Month Rate  Two Month Rate   Three Month Rate  6 month Rate

-.118000%                -.08800%                 -.05800%                  -.0060000%


The GLD and SLV:

Today, no change in gold inventory with respect to the GLD

Silver:  The SLV recorded a huge increase of 1.73 million oz of silver inventory today.

Let us now head over to the comex and assess trading over there today,


Frogs Aboil / By Andrew Hoffman  / April 22nd, 2014  

Yesterday, I noted Zero Hedge’s headline at the start of a quiet, post-Easter session in which European markets were closed; i.e., “Sleepy Holiday Market prepares for scripted, daily low-volume levitation.”  Today, on yet another quiet news morning, Zero Hedge writes “Traders walk in on another Sleepy Session in Search of its Volume-less Levitation Catalyst,” and “S&P Rallies to First 5-Day Streak in 6 Months on No Volume.”  Such is the “financial zeitgeist” created by five years of market manipulation particularly when said “markets” no longer are populated by actual people.  Last week, SEC commissioner Kara Stein ominously stated, “A lot of our rules were written for people, not necessarily computers” but sadly, such “rules” have never been and never will be enforced.

In 2008, TPTB had but one choice to avoid immediate, global market implosion.  That choice was to print money and “inject” it into market via the freshly bailed out TBTF banks – in large part, utilizing HFT programs that were just starting to be “perfected” in terms of their ability to not only front run ordinary investors, but “influence” market movements.  By mid-2011, it became apparent that said strategy was a failure; as not only were equity markets plunging anew, but economic activity was dramatically declining, causing investors to fear the very viability of sovereign governments.  To wit, Europe’s government bond market was in freefall, S&P stripped the U.S.’s triple-A credit rating (when it had $14.1 trillion of debt, compared to $17.5 trillion today), and gold and silver were at or near all-time highs in nearly all currencies.

By then, TPTB – i.e., Western governments, Central banks and their TBTF bank accomplice – had three years of “manipulation experience” under their belts and with it, spent a great deal of time plotting the next stage of their can-kicking game.  Clearly, “influencing” markets with printed money was not enough and it was time to completely commandeer them.  And thus, what started as “modest” money printing and “passive” manipulation morphed nto the greatest money printing group the world has ever seen, coupled with 24/7 market manipulation and Nazi-esque propaganda that would make Joseph Goebbels blush.

It’s not that they actually sought to boil the world’s population like unsuspecting “frogs in a pot,” but that’s precisely what happened.  That is, in the process of taking over markets, and ramping up “QE” and other – inevitably suicidal – monetization schemes; much less, promising to do “whatever it takes” to save the world, they not only removed risk from “risk markets,” but destroyed the public’s will to even question what’s going on.


Unhappy Earth Day / By Tyler Durden /

As the world celebrates “Earth Day” and all the wondrous beauty this planet has to offer, those investing from another world will likely be allocating away from the constant economic-growth-disappointing planet Earth.


Federal Taxpayer Receipt Provides Look At How Your Money Is Spent or Misspent / The WealthCycles Staff  / April 21, 2014

For the past four years, the U.S. White House has provided a website tool that generates an itemized receipt showing how the taxes paid by any U.S. taxpayer are spent. The taxpayer simply plugs in his or her income and taxes paid, or an estimated income. The resulting receipt shows how much of that individual’s taxes went to fund national defense; health care, education and training; science, space and technology programs; immigration, law enforcement and administration of justice; and so on. As Kelly Phillips Erb writes for, “The federal taxpayer receipt – while not incredibly detailed – does offer a pretty succinct snapshot of where tax dollars go. It’s an interesting conversation starter, too…”

Even if you don’t want to plug in any real or estimated numbers, each broad spending category has a % indicator showing its share of the tax dollar received. Not surprisingly, the largest chunk of the U.S. income tax dollar, 25.19%, goes to healthcare. This is in addition to the Medicare tax withheld from most workers’ checks each pay period. The second-largest portion of your income tax payment, 24.79%, goes to national defense.

If you explore deeper into the website, you find a further breakdown of each category that sheds slightly more light on what is contained within the categories…


The “War on Street Artists” – Puppeteer Unlawfully Arrested and Harassed in NYC Subway / By Michael Krieger /

The following story is the latest in a series of articles I have written recently highlighting the over-prosecution and legal harassment of the poor and disenfranchised across the USA. While wealthy white collar criminals rape and pillage society with total immunity, those who have no voice are being increasingly stomped down upon by an unjust system.

In some of these cases, there is a ridiculous law on the books to allow such over-prosecution or harassment, while other times, such as in the case below, the cops appear to be making shit up and are acting completely outside of the law.

As someone who grew up in New York City and lived there for 28 years, I am quite familiar with street artists in America’s largest metropolis.

Personally, I’ve always enjoyed them. Some are extremely talented, others not so much, but they always added to the unique character of the city and only rarely posed any sort of threat or engaged in threatening behavior. This is why the following story and video really struck an emotional chord with me and I became overcome with sadness. In so many ways, what happened to Kalan Sherrard is what is happening to our country and culture in general. We are being collectively transformed into drugged out, bland, soulless zombies by a parasitic and incredibly corrupt financial system coupled with unrelenting corporate and government propaganda. Anyone who is interesting or stands out is shouted down by the establishment as a “conspiracy theorist,” a “radical,” or as Harry Reid himself recently stated, a “domestic terrorist.”

Make no mistake about it, what just happened to Kalan Sherrard is happening to us all. It’s just that many of us don’t see it yet.


Second US Warship Enters Black Sea To “Promote Peace And Stability” / By Tyler Durden /

Less than two short weeks ago, the US sent their first warship into The Black Sea to “reassure NATO allies and Black Sea partners.” Since then, thing shave escalated and then de-escalated last week with the so-called “truce deal.” So why is the US sending a second ship? The Oliver Hazard Perry-class frigate USS Taylor (FFG 50), homeported in Mayport, Fla., will enter the Black Sea April 22 to “promote peace and stability in the region.” We are sure that Putin will stand idly by and watch as NATO and the US build forces on his borders, but no matter how aggressive his response, the US Navy combat dolphin and sea lion team will not accompany the mission.


Gold Daily and Silver Weekly Charts – Hotel California / 22 April 2014

Its funny the way that 476,000 ounces of gold have been ‘delivered’ so far this month, but the warehouse inventories never seem to go down.

Like the Hotel California, you can check out, but you can never leave.

When I was seconded to the ITU in Genève for many weeks at a time, I used to stay in a smaller hotel on the Rue Gevray that was called the Hotel California. It was very convenient because they had efficiency rooms on the top floor with a small kitchen and a balcony with a nice view of the lake.  And it was not a bad walk up the hill to the old League of Nations building, and an equally pleasant walk over to the restaurant areas.

Alas, they have long been out of business. I heard that for some time they were apartments, and then were taken over by student squatters.    I am just sorry that I never acquired one of their signature bath mats, lol.

It was a typical little European hotel, very friendly.  They held the room if one of the regulars took off on the weekend for a trip into the French countryside, or east into the Schweizer Alpen.  I received a Christmas card every year from them for quite some time.

I understand why no gold seems to be leaving the Comex warehouses, but it is still kind of funny. The ‘claims’ are really just warrants, and they are passing them around for shits and giggles for the moment. The Comex is not so much a ‘real market’ of buyers and sellers who actually produce and use the things that they trade, but more of a game of traders, punters, and banksters.


‘Hacking the Constitution’: States Quietly Plan to Ditch Electoral College /

Nearly a dozen states have quietly signed onto a plan to effectively ditch the Electoral College and instead, award the White House to the candidate that wins the popular vote.

The National Popular Vote agreement would take effect if states that represent 270 electoral votes all commit. New York has most recently joined the efforts, bringing the number of states to 10 plus the District of Columbia. Altogether, they represent 165 electoral votes.

Without the Electoral College, digital politics editor Chris Stirewalt said we would have had a whole different trajectory of presidents. If presidents are selected through the popular vote, he said that campaigns will focus on maximizing turnout in urban centers. He said the “plan is to subvert the will of the Constitution and the founders.”


WTF Headline Of The Day: Tax-Cheating IRS Staff Got Bonuses / By Tyler Durden / 

If you read this without saying “umm, what?” read it again… USA Today notes that a report by the Treasury Inspector General for Tax Administration shows the IRS handed out $2.8 million in bonuses to employees with disciplinary issues – including more than $1 million to employees who didn’t pay their federal taxes.


Ex-Morgan Stanley Chief Economist: Fed is distorting markets / S

Stephen Roach is one of the top economists in the world and former Chief Economist at Morgan Stanley.

This is a great, very recent interview. I recommend skipping to 13:05 for about 30 seconds of brilliance if you’re pressed for time:

“The market has been distorted by far bigger forces than flash trading. To me, the force that has rigged the market . . . is the Federal Reserve, not the flash traders.”


Third world America: phony statistics / By Thomas Lifson / April 22, 2014

Face it, America is hurtling toward third world status, and the signs are all around us, from the growth of a violent underclass to the rise of an oligarchy to a government that lies without shame and re-doubles on those lies when challenged.  One of the other symptoms is the emergence of phony government statistics. John Crudele of the New York Post has broken story after story oin fraud in the Census Bureau’s statistics, which are used for many political and economic purposes, affecting the lives of all Americans. Based on sources throughout the Bureau, he is now charging widespread fraud, and some of his sources have agreed to speak with an Inspector General. These whistle blowers need protection against retaliation.


Spot The Massive Depression, And The Tiny Recovery, In This Existing Home Sales Chart / By Tyler Durden /

When it comes to home purchases, there are the rich, with $1MM+ existing home  transactions up a recoveryish 13% in the West, and then there are the poor, where in the cheapest bucket have crashed a depression-like -45% (no, not due to the weather).


Stock Market Gains Again, But It May Be Time For Caution. By Gregory Mannarino

Gregory MannarinoPublished on Apr 22, 2014

Massive Volcanic Eruptions Wreaking Havoc On The World / April 22, 2014

As the world seems to hurdle from one crisis to another, today a 43-year market veteran warned King World News that massive volcanic eruptions are now wreaking havoc on the world.  Jeffrey Saut, Chief Investment Strategist at Raymond James, also warned this trend is going to continue for many years, even though no one in the mainstream media is talking about this.

Eric King:  “Jeffrey, we’ve seen skyrocketing food prices.”

Saut:  “This has a lot to do with the weather.  You’ve had a draught in Brazil, so the price of Brazilian coffee is up over 80% year-to-date.  I know a farmer in California who used to produce a bunch of alfalfa.  He’s about to lose his entire crop because he can’t get water….