Monty Pelerin – Why Vote? It Only Encourages The Bastards

from Financial Survival Network Monty Pelerin was on again, that pseudonymous sage of economic and… [more]

Monty Pelerin – Why Vote? It Only Encourages The Bastards Monty Pelerin - Why Vote? It Only Encourages The Bastards

Bix Weir – Special Putin-Crimean Commemorative Coin Available Soon

from Financial Survival Network We caught up with Bix Weir today. Seems that Russia is in the mood… [more]

Bix Weir – Special Putin-Crimean Commemorative Coin Available Soon Bix Weir - Special Putin-Crimean Commemorative Coin Available Soon

John & Monica Miller – Get Ready For The Coming Bail-Ins

from Financial Survival Network John and Monica Miller were on the show recently. They're writing… [more]

John & Monica Miller – Get Ready For The Coming Bail-Ins John & Monica Miller - Get Ready For The Coming Bail-Ins

Wayne Allyn Root – Wayne’s Take On The Bundy Stand-Off

from Financial Survival Network Wayne Allyn Root lives in Las Vegas. He lives and breaths Nevada politics.… [more]

Wayne Allyn Root – Wayne’s Take On The Bundy Stand-Off Wayne Allyn Root - Wayne's Take On The Bundy Stand-Off

George Mathies – What’s Next For Cliven Bundy?

from Financial Survival Network George Matheis, former law enforcement officer and trainer was on… [more]

George Mathies – What’s Next For Cliven Bundy? George Mathies - What's Next For Cliven Bundy?

Dr. Larry Kawa – Sebillius is Out, and What’s Going to Happen to the Medicare Cuts?

from Financial Survival Network Dr. Larry Kawa says that you that can tell that election season is… [more]

Dr. Larry Kawa – Sebillius is Out, and What’s Going to Happen to the Medicare Cuts? Dr. Larry Kawa - Sebillius is Out, and What's Going to Happen to the Medicare Cuts?

Triple Lutz Report #348 – Live Every Day As If It Were Your Last… For One Day You’re Sure To Be Right

from Financial Survival Network Time for another Triple Lutz Report! Here in episode 348, you'll… [more]

Triple Lutz Report #348 – Live Every Day As If It Were Your Last… For One Day You’re Sure To Be Right Triple Lutz Report #348 - Live Every Day As If It Were Your Last... For One Day You're Sure To Be Right

Monty Pelerin – Why Vote? It Only Encourages The Bastards

from Financial Survival Network

Monty Pelerin was on again, that pseudonymous sage of economic and political wit. While he’s got a few years on yours truly, he’s only voted in one election that he can remember, and he’s rather upset that he had that breakdown in judgment. Fortunately, he’s never repeated that lapse in judgment again. We also talked about that source of universal political wisdom H.L. Mencken. Here’s a few noteworthy quotes.

  • A good politician is quite as unthinkable as an honest burglar.
  • Democracy is a form of worship. It is the worship of jackals by jackasses.
  • Every decent man is ashamed of the government he lives under.
  • Democracy is a pathetic belief in the collective wisdom of individual ignorance.
  • Giving every man a vote has no more made men wise and free than Christianity has made them good.
  • I believe that all government is evil, and that trying to improve it is largely a waste of time.
  • On some great and glorious day the plain folks of the land will reach their heart’s desire at last, and the White House will be adorned by a downright moron.
  • If a politician found he had cannibals among his constituents, he would promise them missionaries for dinner.

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Bix Weir – Special Putin-Crimean Commemorative Coin Available Soon

from Financial Survival Network

We caught up with Bix Weir today.

Seems that Russia is in the mood to celebrate their annexation of the Crimea and plan to mint a one kilo silver coin complete with Putin’s likeness and a map of the Crimea emblazoned on the back.

Bix thinks it may be a stick in the eye of the US and the West. Silver is after all the Achilles heel of the financial system.

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John & Monica Miller – Get Ready For The Coming Bail-Ins

from Financial Survival Network

John and Monica Miller were on the show recently. They’re writing a series of books about the coming banking implosion that’s going to sweep the United States and the Globe. Bail-ins are the shape of things to come. You’ve seen it in Cyprus, Venezuela and Argentina. It’s coming to the US, the EU and elsewhere. How do you prepare? What can you do about it? John and Monica left the US years ago and have answers to these questions and more.

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Obama’s Litmus Test to Fire Upon American Citizens If They Rise Up Against the Government

by Martin Armstrong
Armstrong Economics

Obama’s litmus test on military officers are asked will they fire upon American citizens if they rise up against the government. If they say no, they are dismissed. This has been talked about around the internet. It is the basic question The new definition of a “terrorist” is any person who disagrees with the Federal Government as Harry Reid just called the rangers in Nevada – “Domestic Terrorists”. All the laws enacted against terrorism and support thereof can now be applied to anyone supporting the rangers in Nevada.

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America Has Conquered Its Debt Crisis with Incredible Speed

US Congressional Budget Office expects the budget deficit to drop to 2.8pc of GDP this year, and 2.6pc next year

by Ambrose Evans-Pritchard

Americans are purging their excesses one by one. Spending by the US Federal government has seen the steepest drop as share of national income since demobilisation after the Second World War.

Claims that President Barack Obama is bankrupting America with a lurch towards hard-Left statism are for tabloid consumption only. Outlays have fallen from 24.4pc to 20.6pc of GDP in five years. Spending is roughly in line with its 40-year average. This fiscal squeeze has been achieved without driving the economy into recession or a Lost Decade, a remarkable feat.

The US Congressional Budget Office expects the budget deficit to drop to 2.8pc of GDP this year, and 2.6pc next year. This is about the same as the eurozone but with a huge difference. The US economy is expanding fast enough to outgrow its debts.

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French Telecom Company Does Biggest Junk Bond Sale Ever; Bidding Wars for Junk; AOL Flashback

from MISH’S Global Economic Trend Analysis

With central bankers globally suppressing interest rates, the such for yield elsewhere is on. One of the places investors have turned is speculative junk bond offerings.

Please consider French Company Does Biggest Junk Bond Sale Ever.

Numericable (NUM), which provides cable and internet service in France and other European markets, sold a record amount of high-yield bonds Wednesday with some priced in dollars and others in euros.

It’s sold $7.78 billion and €2.25 billion in notes that yield 5% or more, according to a statement from Altice, the multinational telecom group that owns Numericable. Altice issued $2.9 billion and €2.1 billion in bonds that yield more than 7%.

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Hoisington On The End Of The Fed’s (Mythical) “Wealth Effect”

from Zero Hedge

Authored by Lacy Hunt and Van Hoisington of Hoisington Investment Management,

Hoisington Investment Management – Quarterly Review and Outlook, First Quarter 2014

Optimism at the FOMC

The Federal Open Market Committee (FOMC) has continuously been overly optimistic regarding its expectations for economic growth in the United States since the last recession ended in 2009. If their annual forecasts had been realized over the past four years, then at the end of 2013 the U.S. economy should have been approximately $1 trillion, or 6%, larger. The preponderance of research suggests that the FOMC has been incorrect in its presumption of the effectiveness of quantitative easing (QE) on boosting economic growth. This faulty track record calls into question their latest prediction of 2.9% real GDP growth for 2014 and 3.4% for 2015.

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So Central Bank Gold Is Being Held in Investment Bank Vaults

by Chris Powell

Dear Friend of GATA and Gold:

Today’s Reuters report about changes at the gold and currency trading desks of investment banks, which was called to your attention in a dispatch a little while ago –…

– is notable for more than its acknowledgment that central banks are surreptitiously trading gold every day, an acknowledgement made last September by the Banque de France:

For in reporting that “banks that serve central banking customers with large bullion reserves to manage will have a greater need to offer gold trading and storage services,” Reuters also has acknowledged that much central bank gold is now held outside central bank vaults.

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Das: No Hard Landing for China, but Globalization Has Peaked

by FS Staff
Financial Sense

What’s the most likely outcome for China? How will its slowdown affect the U.S., other developed nations, and emerging markets? To answer these questions and more, Satyajit Das—internationally recognized financial expert, former banker, and best-selling author—joined the Financial Sense Newshour in a recent interview to explain this unfolding process in full detail.

Do you see China suffering a hard or soft landing?

China risks having a financial and economic crisis—the so-called Minsky moment. But, to be honest, let’s look at how this crisis probably gets resolved. Because I think there is what I call the ‘doom and gloom lobby,’ which is the world will collapse and China will basically have an enormous breakdown in its financial system: banks will go bankrupt and the whole system will collapse. And then there’s the other side, which I call basically the Panglossian view, that the Chinese are basically in control of everything and they will manage to actually control this transition that they need to do. Now, I think the Middle Kingdom will follow a middle way…it’s going to take a long time and it’s going to be slow. But I think that is the most likely way, rather than the extremes…

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West Hemorrhaging Gold But Here’s Its True Achilles’ Heel

from King World News

Today one of the most highly respected fund managers in Singapore warned King World News that the West is continuing to hemorrhage gold, but also cautioned that was not the West’s true Achilles’ heel. Grant Williams, who is portfolio manager of the Vulpes Precious Metals Fund, described the great danger for the West, and also discussed the massive demand coming out of the East from countries such as Russia and China.

Eric King: “The Chinese and the Russians understand what the end game is for Western central planners, which is why they have been buyers of physical gold, and in the case of the Chinese, prolific buyers. Do you get the feeling that the people in Asia, who have also been large buyers of physical gold, understand where this is headed as well because they’ve seen so many paper currencies in various countries come and go?”

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An Unprecedented Plague Has Hit Oranges And Another Has Hit Bananas

by Michael Snyder
End of the American Dream

What is causing all of these plagues to hit our food supply? Have you heard of citrus greening disease? Probably not, but it has already gotten so bad that it is being projected that Florida’s orange harvest will be the smallest in 30 years. Have you heard of TR4? Probably not, but it has become such a nightmare that some analysts believe that it could eventually wipe out the entire global supply of the type of bananas that Americans eat. In addition, another major plague is killing millions of our pigs, and a crippling drought that never seems to end is absolutely devastating agricultural production in the state of California. Are we just having bad luck, or is there something else to all of this?

Citrus greening disease has been a steadily growing problem that has reached epidemic levels this year. Because of this disease, the U.S. Department of Agriculture is projecting that orange production in the U.S. this year will be down 18 percent compared to last year. Here is more on this horrible plague from Yahoo News

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Weapon of Last Resort: ECB Considers Possible Deflation Measures

Though the European Central Bank continues to play down deflation concerns, it is preparing measures to combat falling prices in the event of an emergency. Are the growing fears warranted?

by Christian Reiermann and Anne Seith
Spiegel International

One of European Central Bank President Mario Draghi’s most important duties is watching his mouth. One ill-considered utterance is enough to sow panic on the financial markets.

But during a press conference earlier this month, Draghi allowed himself a telling slip.

Speaking to gathered journalists at the Spring Meetings of the International Monetary Fund and the World Bank, Draghi twice almost uttered a word he has been at pains to avoid. “Defla…”, Draghi began, before stopping himself and continuing with the term “low inflation.”

Yet despite Draghi’s efforts, the specter of deflation was omnipresent in Washington during the meetings. And it is one that is making central bank heads and government officials nervous across the globe. The IMF in particular is alarmed, with Fund economists warning that there is currently up to a 20 percent risk of a euro zone-wide deflation. IMF head Christine Lagarde has called on European central bankers to “further loosen monetary policy” to address the danger.

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Former Fed Economist Hein: The Fed Would Flunk Its Own Stress Tests

by Michael Kling
Money News

The Federal Reserve has exposed itself to massive interest rate risk, warns Scott Hein, a former St. Louis Fed senior economist.

In fact, if it was a commercial bank, it would probably flunk its own stress tests, Hein writes in an article for the American Banker.

Its quantitative easing program (QE), which entails borrowing short term to purchase huge amounts of long-term bonds, has created that severe risk, explains Hein, now at Texas Tech University.

“If a top-30 bank had that kind of risk on its balance sheet, it would be taken to task by examiners and shunned by investors,” he notes

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Why Americans Shouldn’t Worry About Income Inequality

by Jim Mosquera
Daily Reckoning

The subject of income inequality makes for great election year discussion, and of course 2014 represents the mid-term election. Recall how the Occupy [fill in the blank] movement catalyzed around the 99% vs. 1% issue. The spate of articles discussing income inequality has risen along with the stock market. The political “solution” to income inequality has its foundation on tax or regulatory policy and perhaps outright legislation. Is this the answer?

Before I address that question, we should probably ask what the catalysts of income inequality are. Readers of this section of cyberspace know how I have consistently mentioned credit cycles as being responsible for exacerbating the boom/bust cycles in the economy. In the chart below (Piketty and Saez with my annotations for the stock market), I illustrate the top 10%’s share of pre-tax income going back to 1917. Near the historic stock market top of 1929, we see the top 10% having nearly 50% of all income. The major stock low of 1932 did see a smaller share of income for this top percentile though it was still high. After making an intermediate stock high in 1937, the market fell into 1942 and with it so did the incomes of the top percentile. We know the credit cycle was at its peak in the 1920s and eventually the Great Depression flushed out all the excesses.

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Austerity Won’t Be Going Away

With borrowing last year still running at 6.6pc of UK output, George Osborne still faces a tough task to fix the public finances

by Telegraph staff

One hundred million pounds may sound like a lot of money, but for George Osborne, who is currently dealing with a budget deficit of more than £100bn, it’s a drop in the ocean.

It was by this margin that the Government managed to limbo under its public borrowing target set by the Office for Budget Responsibility – the Government’s independent fiscal watchdog – in the March Budget.

The good news is that unlike the 2012-13 financial year, when Robert Chote, the head of the OBR, noted that the Treasury only managed to meet its borrowing target because it “shoved forward” £18.5bn of departmental spending into the next financial year, this year’s improvement has been driven by a 4.3pc increase in tax and income receipts, while income from stamp duty has soared.

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#EpicFail: NYPD Twitter Campaign Goes Horribly Wrong

from RTAmerica

Video Description…

Goldman Sachs: Kinross Gold No Longer Worth Selling

by Gene Arensberg
Got Gold Report

Barron’s — Goldman Sachs: Kinross Gold No Longer Worth Selling

Story at link above. (More…)

Is there a connection between the story above, this story and our read of the COMEX large trader positioning?

In a word, yes, we believe there is.

Specifically, we could see the Swap Dealers oversize reduction in short positioning as it unfolded over the past three reporting weeks, while the Producer Merchants got the heck out of a huge percentage of their own shorts. In, uh, “short”, we could see Goldman changing its tune and positioning to match and said so here.

How about that?

Here’s the graph that best tells the tale:

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Gold Prices Possibly Manipulated For a Decade: Professor

from KitcoNews

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Banker Death ‘Epidemic’ Spreads To China

from Zero Hedge

Until now, the terrible trail of dead bankers has been only among US and European financial executives. However, as Caixin reports, the increasing pressures on the Chinese banking system appear to have take their first toll. Li Jianhua, director of China’s Banking Regulatory Commission (CBRC), died this morning due to a “sudden heart attack” – he was less than 49 years old. Li was among the main drafters on new “caveat emptor” market-based rules on China’s shadowy banking system and recently said in an interview that “now is not only a time to control risk, but to transform the trust industry.. if it’s too loose, it’s a big problem.” Li was found by his wife.

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Collapse Of Western Ponzi Scheme To Send Gold Skyrocketing

from MeritFinancialVideos

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Turk – Western Central Banks To Run Out Of Gold This Year

from King World News

As global markets continue to see some wild trading, today James Turk told King World News that Western central banks are going to run out of gold this year. This is one of Turk’s most important interviews because he is now predicting that the West will run out of gold to keep the price suppressed. Turk also followed up on his viral interview which covered the unprecedented and historic backwardation we are seeing in the gold market.

Eric King: “James, your King World News article on Monday received tremendous attention: ‘Gold Market Now Seeing Deepest Backwardation In 8 Months!’ Can you talk about that piece?”

Turk: “What’s going on in the gold market is just unbelievable, Eric. It’s really never happened before. We’ve had this prolonged backwardation starting in the middle of last year when the lows in gold and silver were reached….

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Still Report #241 – MH370 Families Ask About Afghanistan

from bstill3

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Gold & Silver Stocks Begin Oversold Bounce

by Jordan Roy-Byrne, CMT
The Daily Gold

The bottoming process for gold and silver shares has been arduous as they’ve oscillated back and forth for almost a year. We noted a month ago that the failed breakout in March was strong evidence that an interim top was in place. Heading into this week it looked like the miners would fall further before finding support. However, over the past two days the sector clearly reversed its short-term course. For now this appears to be a rebound from an oversold bounce.

We plot GDX, GDXJ and SIL in the chart below. As of Monday’s low, the miners were very oversold in a small space of time. From recent highs GDX was down 18%, GDXJ 27% and SIL 21%. Thus the miners were ripe for a bounce. The bullish reversal on Monday coupled with confirmation on Tuesday signals that a rebound is underway. The initial upside targets are the open gaps from six days ago and the 50-day moving averages.

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Decline of US Middle Class, Sam Antar on Banamex, Karl Denninger on Fed Policy

from BoomBustRT

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Harvey Organ’s Daily Gold & Silver Report – Wednesday, April 23, 2014

No change in gold inventory at GLD/No change in silver inventory at SLV/ gold and silver advance/gold equity shares have big advance today/ Tensions in Ukraine at boiling point

by Harvey Organ
Harvey Organ’s Daily Gold & Silver Report

Gold closed up $3.60 at $1284.20 (comex to comex closing time ). Silver was up 8 cents to $19.43

In the access market tonight at 5:15 pm
gold: $1284.00
silver: $19.45

Gold and silver had a roller coaster day but ended up on a positive side of the ledger. However the spotlight has to go to the gold and silver equity shares which had a solid day. Agnico Eagle received an upgrade from RBC. Also Seeking alpha claims that Agnico Eagle and Yamana were the big winners in the bidding war over Osisko Mining. Their reasoning and correctly so, is that the Osisko properties are in favourable jurisdictions (mainly Canada) and the threat of confiscation by governments is non existent.

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Badged Serial Killers & the Death Cult of Politics – Bill Buppert

from AdamKokesh

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Gold Daily and Silver Weekly Charts – El Camino Real

from Jesse’s Café Américain

[...] Gold and silver continued to be capped just below 1300 and 20 respectively.

Tomorrow is an option expiration for the May precious metal contracts on the Comex. As May is not an active month, and the greatest contract activity is already moved to June, we may see an expiration with a twist.

There was no movement in the Comex gold warehouses yesterday.

An additional 51 contracts for April gold stood for delivery, bringing the monthly total to 481,400 ounces. There has been little visible movement of gold as a result of those warrants changing hands, at least so far.

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U.S. Stock Market Under Pressure, What’s Next?

from GregVegas5909

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Exactly Like 7 Years Ago? 2014 Is Turning Out To Be Eerily Similar To 2007

by Michael Snyder
The Economic Collapse Blog

The similarities between 2007 and 2014 continue to pile up. As you are about to see, U.S. home sales fell dramatically throughout 2007 even as the mainstream media, our politicians and Federal Reserve Chairman Ben Bernanke promised us that everything was going to be just fine and that we definitely were not going to experience a recession. Of course we remember precisely what followed. It was the worst economic crisis since the days of the Great Depression. And you know what they say – if we do not learn from history we are doomed to repeat it. Just like seven years ago, the stock market has soared to all-time high after all-time high. Just like seven years ago, the authorities are telling us that there is nothing to worry about. Unfortunately, just like seven years ago, a housing bubble is imploding and another great economic crisis is rapidly approaching.

Posted below is a chart of existing home sales in the United States during 2007. As you can see, existing home sales declined precipitously throughout the year…

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How to Profit On the Back of an “Activist Investor”

by Dave Gonigam
Daily Reckoning

The official term is “shareholder rights plan.” The unofficial term is “poison pill.” It’s what companies do in the face of a hostile takeover bid.

And it’s what Allergan Inc., the company best known for Botox, is doing in the face of a bid from hedge fund manager and activist investor Bill Ackman. Not that he can pull it off alone; he’s teaming up with Allergan’s bigger rival Valeant Pharmaceuticals to launch a bid worth $46 billion for Allergan.

Allergan doesn’t think that’s nearly enough. Hence, the poison pill: If anyone not approved by the Allergan board takes a 10% stake in the firm, other stockholders will get the right to buy discounted shares.

Ackman disclosed a 9.7% stake when he made the bid public yesterday.

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