All who enjoy hearing a meaty Marc Faber fire and brimstone sermon, that cuts through the bullshit, will be happy to know that the Gloom, Boom and Doom author conducted a 40 minute interview with the McAlvany Financial Group, which covers all the usual suspects: gold, silver, precious and industrial metals, the “crack up boom”, the future of the Ponzi and capital markets in general and much more. Of course, it wouldn’t be a Faber interview without the requisite soundbite: “I think we are all doomed. I think what will happen is that we are in the midst of a kind of a crack-up boom that is not sustainable, that eventually the economy will deteriorate, that there will be more money-printing, and then you have inflation, and a poor economy, an extreme form of stagflation, and, eventually, in that situation, countries go to war, and, as a whole, derivatives, the market, and everything will collapse, and like a computer when it crashes, you will have to reboot it.” Of course, on a long enough timeline…
Logos are seen in front of Swiss commodities trader Glencore building in Baar near Zurich January 5, 2010. Credit: Reuters/Christian Hartmann
BAAR, SWITZERLAND (Reuters) – On Christmas Eve 2008, in the depths of the global financial crisis, Katanga Mining accepted a lifeline it could not refuse.
The Toronto-listed company had lost 97 percent of its market value over the previous six months and was running out of cash. Needing to finance its mining projects in the Democratic Republic of Congo — a country which has some of the world’s richest reserves of copper and cobalt — Katanga’s executives had sounded the alarm and made a string of calls for help.
Global credit was drying up, the copper market had fallen 70 percent in just five months, and Congo — still struggling to recover from a civil war that killed some five million people – was the last place an investor wanted to be.
One company, though, was interested. Executives in the wealthy Swiss village of Baar, working in the wood-panelled conference rooms in Glencore International’s white metallic headquarters, did their sums and were prepared to make a deal. Their terms were simple.
They wanted control.
For about $500 million in a convertible loan and rights issue, Katanga agreed to issue more than a billion new shares and hand what would become a stake of 74 percent to Glencore, the world’s biggest commodities trading group. Today, with copper prices regularly setting records above $10,000 a tone, Katanga’s stock market value is nearly $3.2 billion.
Nations around the world are moving to freeze the assets of Muammar Gaddafi in an attempt to pressure the Libyan leader to stand down.
Britain on Sunday became the latest country to freeze billions of dollars worth of investments including those of Gaddafi’s children, and lifted his diplomatic immunity.
Tripoli, Libya (CNN) — Embattled Libyan leader Moammar Gadhafi seemed increasingly cornered Sunday as security forces defected to the opposition in a town near the capital and the United Nations Security Council voted for tough restrictions on and possible war crimes charges against the Libyan regime.
Former security forces said they had switched sides and joined the opposition in Zawiya, a town about 55 kilometers (35 miles) from the capital, Tripoli. Some buildings in Zawiya showed signs of damage, including a freshly burned-out police station.
CNN’s Nic Robertson, on a government-organized trip to Zawiya, saw armed civilians taking defensive positions on rooftops to prepare for a possible effort by Gadhafi loyalists to retake the town.
About 2,000 people took part in an anti-government protest there, some standing atop tanks or holding anti-aircraft guns. They said they wanted the government overthrown, calling Gadhafi a “bloodsucker.”
It is quite startling to realise that a special room had been set up to receive the dead of the July 7th bombings in a temporary morgue built on army land, the contract for which (see  below) arrived on the contractor’s desk on July 6th, the day before the massacres.
All the bodies of the dead were taken and cryogenically stored here.
Not until the Inquest, five years later, did startled lawyers acting on behalf of the victim-families get to hear, that NO POST MORTEMS had been performed on the dead.
Let us repeat this astonishing statement, the better to realise our own astounded bafflement:
NO POST MORTEMS HAD BEEN PERFORMED ON THE DEAD.
Let’s listen to the bewildered comment from pathologist Dr. Awani Choudhary, one of the first doctors on the scene from the BMA at Tavistock Square, who testified to the Inquest about his attempts to save the life of Gladys Wundowa:
The old faithful chart comparing Fed holdings with those of formerly major foreign holders. The Fed now surpasses China in its Treasury holdings by 37%!
There are two key datapoints to present in this week’s Fed balance sheet update: the surge in excess reserves, and the comparative Treasury holdings between the Fed and other foreign countries. But first the basics: the total Fed balance sheet hit a new all time record of $2.5 trillion. The increase was primarily driven by a $23 billion increase in Treasury holdings as of the week ended February 23 (so add another $5 billion for yesterday’s POMO) to $1.214 trillion.
With rates surging, QE Lite has been put on hibernation and there were no mortgage buybacks by the Fed in the past week: total MBS were $958 billion and Agency debt was also unchanged at $144 billion. The higher rates go, the less the QE Lite mandate of monetization meaning that the Fed will be continuously behind schedule in its combined QE2 expectation to buy up to $900 billion by the end of June.
Yet most notably, as we touched upon yesterday, the Fed’s reserves with banks surged by $73 billion in the past week, as more capital was reallocated from the unwinding SFP program. As noted previously, we expect the total bank reserves held with the Fed to jump from the current record $1.29 trillion to at least $1.7 trillion by June.
Full Fed Balance Sheet:
(Click on images to enlarge.)
Tracking purchases of USTs coupled with dispositions of Agency debt, shows that while the first is accelerating, the second is slowing down dramatically:
CO2 is environmentally friendly and global warming and the carbon hype are a scam. Even IF there would be global warming, then CO2 would have nothing to do with it, because CO2 lags 800 years behind rising temperatures! That is a scientific fact and if you watch ‘An Inconvenient Truth (Lie)’ again, then you will see exactly that relation in Al Gore’s fake hockey stick graph:
And yes, the hockey stick graph is fake and this is so obvious:
And everybody that doesn’t buy this BS invented by the elitists is called a denier!
ONE thing is clear about the carbon tax debate: everything is about to get more expensive – including the Government’s hold on power. There is much argy-bargy about whether or not Julia Gillard’s proposed initial scheme amounts to a tax. Of course it does.
This is the Government’s plan as Ms Gillard has outlined it so far. If this legislation is passed, after negotiations with Greens and independents, Ms Gillard will impose a fixed price on carbon, calculated per tonne of carbon emitted by polluters. That price will take effect on July 1, 2012.
Ultimately, the system will be designed to morph into an emissions trading scheme, where the price of carbon (let’s say it starts at $20 per tonne) is determined by its market value, and everyone can buy and sell carbon permits on that market. So a heavy polluter could buy up permits, thereby allowing it to continue its activities, albeit at a higher cost.
The carbon price will rise or fall like any other tradeable commodity, depending on the level of demand, environmental conditions and the value of other investments such as bonds, currencies and stocks.
This undated 2010 handout photo provided by AquaBounty Technologies shows two same-age salmon, a genetically modified salmon, rear, and a non-genetically modified salmon, foreground. The Agriculture Department approved more genetically engineered crops in the last month, and the Food and Drug Administration could approve modified salmon for consumption in 2011. If the sale of salmon is approved, it will be the first time the government has allowed such modified animals to be marketed for human consumption. (AP Photo/AquaBounty Technologies)
WASHINGTON – You may not want to eat genetically engineered foods. Chances are, you are eating them anyway.
Genetically modified plants grown from seeds engineered in labs now provide much of the food we eat. Most corn, soybean and cotton crops grown in the United States have been genetically modified to resist pesticides or insects, and corn and soy are common food ingredients.
The Agriculture Department has approved three more genetically engineered crops in the past month, and the Food and Drug Administration could approve fast-growing genetically modified salmon for human consumption this year.
According to a first-hand video account from a train station in Savannah, Georgia the Transportation Security Administration is now performing security pat downs and bag searches AFTER passengers disembark from their trips.
First Hand Account as Reported by the Videographer :
The only bad thing on our trip was TSA was at the Savannah train station. There were about 14 agents pulling people inside the building and corralling everyone in a roped area AFTER you got OFF THE TRAIN! This made no sense!!! Poor family in front of us! 9 year old getting patted down and wanded. They groped our people too and were very unprofessional. I am all about security, but when have you ever been harassed and felt up getting OFF a plane? Shouldn’t they be doing that getting ON??? And they wonder why so many people are mad at them.
We realize that this will fall on deaf ears at the TSA, but it’s worth pointing out that there’s this old Constitutional amendment that was designed to protect the American people from this exact type of violation of personal liberty:
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
The Fourth Amendment (Amendment IV) to the United States Constitution
Libyan leader’s palace outside al-Baida is not just luxurious, but a bunker designed to withstand a nuclear attack.
As pro-democracy demonstrators gain control of more cities in eastern Libya, Muammar Gaddafi’s many properties in the hands of protesters have been ransacked and destroyed.
One such palace sits on the outskirts of al-Baida.
Set in beautifully landscaped gardens, with a covered swimming pool, a sauna and a jacuzzi for Gaddafi and his guests, the palace offers a glimpse into the fortified world of a leader, who, according to US diplomatic cables released by WikiLeaks, suffers from a severe phobia.
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