Economy

Kazakh Central Bank Gets ‘Priority Right’ to Buy Gold

by

– Kazakh Central Bank Gets ‘Priority Right’ to Buy Gold (Bloomberg, Aug 24, 2011):

Kazakhstan’s central bank plans to lock up domestic supplies of refined gold by using a “priority right” it received from the government to buy bullion designated for exports amid record prices for the metal.

The National Bank of Kazakhstan plans to use the buying privilege “in full” after changes go into effect Jan. 1, the Almaty-based lender said in an e-mailed statement today.

Read moreKazakh Central Bank Gets ‘Priority Right’ to Buy Gold

Marc Faber On CNBC: Don’t Store Your Gold In The United States!

by

And here is one of many good reasons why:

– US DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS – IN WRITING – IT MAY INSPECT SAFE DEPOSIT BOXES WITHOUT WARRANT AND SIEZE ANY GOLD, SILVER, GUNS OR OTHER VALUABLES IT FINDS INSIDE THOSE BOXES!

Don’t miss:

– 5 Top Reasons Why The Canadian Dollar Will Not Survive A US Dollar Collapse – Why You Should Avoid Storing Gold in Canada: Kitco Raid

– James G. Rickards of Omnis Inc.: Get Your Gold Out Of The Banking System

– Marc Faber: Don’t Store Your Gold In The United States (ZeroHedge, Aug 25, 2011):

As usual, the CNBC hosts were completely dumbfounded.

Phoning in from Sao Paulo, Brazil, investment guru Marc Faber was a guest on CNBC last week, once again telling the unvarnished truth about the state of the world economy and bankrupt western nations.

This time, Faber had a very clear message: that everyone should own *physical* gold… and what’s more, they should store it outside of the United States:

“I prefer if investors hold physical gold in a safe deposit box, ideally outside the US, in various locations… Switzerland, Singapore, Hong Kong, Australia, Canada… I think it’s important in today’s very uncertain world to diversify, not only the various asset classes… but also the custody of your assets should be in different jurisdictions.”

His hosts couldn’t believe it. -NOT- store in the United States, the bastion of freedom and security??!?! What lunacy!

CNBC: “Uh, so do you thus not trust US banks or US custodians? Do you think they might fail or abscond with the gold?”

Guffaws and incredulous snickers emerge from the hosts.

Faber: “I don’t trust anyone.”

Uncomfortable silence.

CNBC: “Hmmm. Interesting.”

Completely devoid of anything intelligent to say on the topic of sovereign diversification, they quickly changed the subject to talk about equities… but Faber soon came back to his original point.

Among other things, he mentioned that banks in Asia are FAR more stable and sound than they are in the west for not having invested so heavily in dead weight assets like Greek bonds or US mortgage-backed securities.

I couldn’t agree more.

Read moreMarc Faber On CNBC: Don’t Store Your Gold In The United States!

Bank Of Berkshire America: Warren Buffett To Buy $5 Billion In Preferred Stock In Bank Of America

by

– Bank Of Berkshire America: Buffett To Buy $5 Billion In Preferred Stock In Bank Of America (ZeroHedge, Aug 25, 2011):

Goldman bailout part 2 is here. And so the Octogenarian of Omaha doubles down on another taxpayer bailout. At least we can put aside all the lies that Bank of America did not need capital. It needed capital: $5 billion of it. It also confirmed it was completely locked out of both debt and equity public capital markets – the bank’s only recourse was a private raise with a crony capitalist who is once again doubling down on the global ponzi.

From the press release:

Read moreBank Of Berkshire America: Warren Buffett To Buy $5 Billion In Preferred Stock In Bank Of America

Germany’s Top Court To Rule On Legality Of (Unconstitutional) Euro Bailouts

by

– Germany’s top court to rule on euro bailouts Sept 7 (International Business Times, August 23, 2011):

Germany’s top court will give its verdict early next month on whether the government broke the law with last year’s bailouts of debt-stricken euro zone countries — a ruling which could limit Berlin’s room to manage the region’s debt crisis.

The Karlsruhe-based Federal Constitutional Court will announce its verdict on Sept. 7 at 0800 GMT, it said in a statement on Tuesday.

The court is considering three lawsuits brought by six eurosceptic plaintiffs — five academics and a lawmaker from the Bavarian sister party to Chancellor Angela Merkel’s Christian Democrats — against German-backed international bailout schemes for Greece, Ireland and Portugal.

The plaintiffs argue that the bailouts, which total 273 billion euros ($393 billion), violate property rights and other protections in the German and European constitutions, and break the “no-bailout” clause in the European Union’s treaty, which says neither the EU nor member states should take on other governments’ liabilities.

Hello Wall Street! – We Are ANONYMOUS. We Are Legion. We Do Not Forgive. We Do Not Forget. Wall Street, Expect Us!

by

Hmmmh.

For your information…


YouTube Added: 22.08.2011

Hello citizens of the internet. We are Anonymous.

On September 17th, Anonymous will flood into lower Manhattan, set up tents, kitchens, peaceful barricades and occupy Wall Street for a few months. Once there, we shall incessantly repeat one simple demand in a plurality of voices.

We want Freedom.

This is a Non Violent protest, we do not encourage violence in any way.

The abuse and corruption of corporations, Banks and Governments.

ENDS HERE!!

Join Us!

We Are Anonymous.

We Are Legion.

We do not Forgive.

We do not Forget.

Wall Street, Expect Us!

USA Becomes Food Stamp Nation (Reuters): Almost 46 Million People Are On Food Stamps, Roughly 15 Percent Of The Population

by

– USA becomes Food Stamp Nation but is it sustainable? (Reuters, Aug 22, 2011):

Genna Saucedo supervises cashiers at a Wal-Mart in Pico Rivera, California, but her wages aren’t enough to feed herself and her 12-year-old son.

Saucedo, who earns $9.70 an hour for about 26 hours a week and lives with her mother, is one of the many Americans who survive because of government handouts in what has rapidly become a food stamp nation.

Altogether, there are now almost 46 million people in the United States on food stamps, roughly 15 percent of the population. That’s an increase of 74 percent since 2007, just before the financial crisis and a deep recession led to mass job losses.

Read moreUSA Becomes Food Stamp Nation (Reuters): Almost 46 Million People Are On Food Stamps, Roughly 15 Percent Of The Population

Peter Schiff Slams MSM Smear Campaign Against Ron Paul – Making Money Is Controversial? Ron Paul’s Profitable Portfolio

by


YouTube Added: 22.08.2011

Schiff Report Video Blog August 20th 2011 Note: I misspoke when I said that the worst performing stocks in Ron’s portfolio were up 300%. They tripled in price, meaning they were up 200% — my bad.
Check out my new special report on classic gold scams at www.goldripoffs.com
Follow me on Twitter @SchiffRadio

Saif Gaddafi’s Web Of Connections To The Elitists (Rothschilds)

by

– Playboy Saif’s web of connections to the rich and powerful (and that includes Mandy) (Daily Mail, August 24, 2011):

Visitors to the luxurious Tripoli compound of Saif al-Islam were treated until recently to a piece of machismo theatre designed to show their host in the most fearless of lights.

After lobbing pieces of raw meat into a cage for his two snarling Bengal tigers, Freddo and Barney, to fight over, Colonel Gaddafi’s son and heir would have a flunky show his guests inside the house to be served tea.

Read moreSaif Gaddafi’s Web Of Connections To The Elitists (Rothschilds)

European Bank Job Cuts Exceed 40,000 In The Past MONTH – UBS Eliminates 5% Of Its Workforce

by

– European Bank Job Cuts Exceed 40,000 as UBS Eliminates 5% of Its Workforce (Bloomberg, Aug 24, 2011):

UBS AG (UBSN)’s decision to cut 5 percent of its workforce brings to more than 40,000 the number of jobs cut by European banks in the past month as the region’s worsening sovereign debt crisis crimps trading revenue.

UBS, Switzerland’s biggest bank, said yesterday it will eliminate 3,500 jobs, mainly from its investment bank. It follows HSBC Holdings Plc (HSBA), which announced 30,000 cuts on Aug. 1, Barclays Plc (BARC), which is cutting headcount by 3,000, and Royal Bank of Scotland Group Plc (RBS), which is eliminating 2,000 posts. Credit Suisse Group AG (CSGN) announced 2,000 reductions on July 28.

European banks are slashing jobs this year six times faster than their U.S. peers, according to data compiled by Bloomberg, as concerns about the creditworthiness of Italy, Spain and France roil financial markets and reduce income from fixed- income trading, stock and bond underwriting as well as mergers and acquisitions. Financial firms are also cutting costs as regulators force banks to hold more and better quality capital to withstand future shocks.

“It’s a bloodbath, and I expect things to get worse before they get better,” said Jonathan Evans, chairman of executive- search firm Sammons Associates in London. “I cannot see a lot of those who have lost their jobs getting re-employed. Regardless of how good someone is, no one wants to talk about hiring. Life will be very difficult for two or three years.”

The 46-member Bloomberg Europe Banks and Financial Services Index has fallen 31 percent this year. RBS tumbled 47 percent, Barclays 45 percent and France’s Societe Generale (GLE) SA 48 percent.

Read moreEuropean Bank Job Cuts Exceed 40,000 In The Past MONTH – UBS Eliminates 5% Of Its Workforce

GDP PER CAPITA (Or The True Cost Of The Bankster Bailouts In One Simple Chart)

by

– GDP PER CAPITA: See What Countries Have Really Suffered (And Gained) Since The Recession (Business Insider, Aug, 23, 2011):

Real GDP per person is a figure far more real to the average citizen than GDP growth per quarter, especially in countries with growing immigrant populations like Canada and the United States.

So, using this figure, The Economist made a chart to show how countries have been recovering since Q4 2007.

If you take a look below, you’ll see that the real GDP per person in the U.S. is still down 4% from pre-recession levels. In China and India, it has jumped 35% and 22% respectively. Of the G7 countries, Germany is the only one that has made it to pre-recession levels.

Now here’s the really painful part.

If you look at the GDP per person growth rate ten years before the financial crises, and compare it to the growth rate now, the picture looks even gloomier for the West.  In those terms even Germany has yet to catch up, and the U.S. GDP per person has fallen 10% below trend.

Add that U.S. growth shortfall up, and it comes to a cumulative loss of $14 trillion—$13,000 per person.

New-Home Sales Fall, 2011 On Track To Be Worst Year On Record

by

– New-home sales fall, 2011 could be worst year yet (AP, Aug 23, 2011):

WASHINGTON (AP) — Sales of new homes fell for the third straight month in July, a sign that housing remains a drag on the economy. If the current pace continues, 2011 would be the worst year for new-home sales on records dating back at least half a century.

Sales fell nearly 1 percent in July to a seasonally adjusted annual rate of 298,000, the Commerce Department said Tuesday. That’s less than half the 700,000 that economists say represent a healthy market.

Last year, 323,000 homes were sold – the worst year on records that go back to 1963.

Read moreNew-Home Sales Fall, 2011 On Track To Be Worst Year On Record

Vice Chairman Of Germany’s CDU Party Demands Gold As Collateral From European Bailout Recipients

by

– Vice Chairman Of Germany’s CDU Party Demands Gold As Collateral From European Bailout Recipients (ZeroHedge, August 23, 2011):

Yesterday we had the Bundesbank making a very strong case for why a pan-European bailout (funded by Germany), would need a “fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty” (beneficial for Germany), today we see the next and final stage of the proposed annexation of Europe by Germany – that which focuses on procuring that which is really important. Hint: not spam. From Spiegel: “Minister Ursula von der Leyen pushes the hard line: any financial aid for euro countries should only come against collateral – as gold reserves or industrial holdings.”  More google-translated conditionality: “The CDU politician wants to ensure future aid allocations from the rescue fund through extensive security of the country. The ARD Berlin Studios said the minister, who is also vice-chairman of the CDU party, many of these countries had large reserves of gold and industrial holdings, which they could use for such collateral.” And now we know the next steps: i) Eurobonds will come after there is a change to the European constitution which make Germany supreme ruler, and ii) at that point Germany will have all the gold in Europe pledging its bailout. Yes, gold…. not spam.

More from Spiegel:

“Some states are making great efforts to service their debts,” she said. “This must be honored. This, however, efforts are also required to maintain long term, it is the collateral,” argued the politician. “In fact we have such an effective European debt brake,” said von der Leyen,the “Hannover Allgemeine Zeitung”.

Read moreVice Chairman Of Germany’s CDU Party Demands Gold As Collateral From European Bailout Recipients

Gold: Biggest Drop Since December 2008 Sends Metal To … Week Ago Levels

by

See also:

– Precious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time In A Month, Prepares To Crush Silver

– Biggest Gold Drop Since December 2008 Sends Metal To… Week Ago Levels (ZeroHedge, August, 24, 2011):

Gold this morning is plunging by the most since December 2008. For those seeking the reason for the sell off, it once again appears that the market is about 24 hours late in processing news that has been out for over a day. One of the main catalysts for today’s gold price is the realization that the Shanghai Gold Exchange hiked gold margins by 26%. Of course that this happened not one but two days ago (as we reported) is irrelevant. There are other factors to be sure: on Tuesday holdings of the SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell by nearly 25 tonnes, their biggest one-day outflow since Jan. 25. Furthermore, there is another rumor that hedge funds that have been crushed by the market volatility over the past month are shoring cash ahead of Jackson Hole by selling their winners. Either way, at last check gold was down to $1770. This is the price it was on August 16: about a week ago. As for where gold will go next: we suggest investors consider what the options for the world central banking cartel are, and how many of them do not include diluting paper. We are eager to hear the alternatives.

Precious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time In A Month, Prepares To Crush Silver

by

– Precious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time In A Month, Prepares To Crush Silver (ZeroHedge, Aug 23, 2011):

Wondering why gold dropped by almost $100 today? Wonder no more: today the Shanghai Gold Exchange lifted gold margins for forward contracts the second time this month to 12% beginning on Friday, in a move that is starting to resemble the CME’s vendetta with silver back from May. Should we expect 3 more SGE margin hikes in the next 2 weeks? Or will the CME rightfully accept the baton and do everything in its power to dent the parabolic rise in the alternative reserve currency? We are cautiously looking at what the CME will do today and will advise readers. In the meantime, here is what else happened in Shanghai: “China’s main precious metals exchange will also widen daily trading limits for those gold contracts to 9 percent, up from 7 percent, the SGE said on its website on Tuesday. The contracts to be affected include Au(T+D), Au(T+N1) and Au(T+N2). This is the second time the exchange has raised collateral requirements on gold forward contracts this year — both times in August — as international gold prices hit a series of record highs over the past few weeks, boosted by a flight to safety on worries over a stalling U.S. recovery and crippling sovereign debt in the euro zone. Shanghai Gold T+D contract lost half a percent to 387.8 yuan per gram, or $1,884.47 an ounce, down from an intraday high of 391.9 yuan when the market opened.”

More from Reuters:

“Gold prices on the global market have been rallying strongly and at an increasingly faster pace. The margin hike is a pre-emptive move in case prices crashed and caused great volatility in the market,” said Li Ning, an analyst at Shanghai CIFCO Futures.

At a time of market turmoil, exchanges routinely increase the margin requirements to cover the risk of a default.

Read morePrecious Metal Margin Warfare Jumps The Pacific, As Shanghai Hikes Gold Margins For Second Time In A Month, Prepares To Crush Silver

How To Get $12 Billion Of Gold To Venezuela (Reuters)

by

From the article:

“I put the ever-resourceful Nick Rizzo on the task, but he came up with little more: the market in physical gold is tiny, and largely comprised of nutcases.”

Yeah, right only nutcases (= individuals still using their brain, shaking their head in disbelief at the unlimited stupidity of society) invest in physical gold and silver!

Here is the performance of investing in physical gold and silver ( I’ve told everybody to invest in physical gold and silver since 2000 and from the first day of setting up Infinite Unknown):

Gold in 10 Years: +567,62%

Silver in 10 Years: +899,05%

And please take a close look at all those billionaires and world famous investors that are heavily invested in physical gold and silver.

The Rothschilds who own Reuters are heavily invested in physical gold and silver. (Obviously nutcases, all of them!)

It is difficult for the elitists to destroy the middle class, if the people hold physical gold and silver.

Got gold and silver?

– How to get $12 billion of gold to Venezuela (Reuters, Aug 22, 2011):

Ever since the news broke last week that Hugo Chávez wanted to transport 211 tons of physical gold from Europe to Caracas, I’ve been wondering how on earth he possibly intends to do such a thing.

There are 99 tons already being held at the Bank of England; according to the FT, the plan is to transfer other gold to the Bank of England from custodians such as Barclays, HSBC, and Standard Chartered; then, once it’s all in one place, um, well, nobody has a clue what might happen. Here’s the best guess from the FT:

Venezuela would need to transport the gold in several trips, traders said, since the high value of gold means it would be impossible to insure a single aircraft carrying 211 tonnes. It could take about 40 shipments to move the gold back to Caracas, traders estimated.

“It’s going to be quite a task. Logistically, I’m not sure if the central bank realises the magnitude of the task ahead of them,” said one senior gold banker.

I put the ever-resourceful Nick Rizzo on the task, but he came up with little more: the market in physical gold is tiny, and largely comprised of nutcases. The last (and only) known case of this kind of quantity of gold being transported across state lines took place almost exactly 75 years ago, in 1936, when the government of Spain removed 560 tons of gold from Madrid to Moscow as the armies of Francisco Franco approached. Most of the gold was exchanged for Russian weaponry, with the Soviet Union keeping 2.1% of the funds in the form of commissions and brokerage, and an additional 1.2% in the form of transport, deposit, melting, and refining expenses.

Read moreHow To Get $12 Billion Of Gold To Venezuela (Reuters)

Moody’s Downgrades Japan’s Credit Rating From Aa2 To Aa3

by

– Moody’s Downgrades Japan From Aa2 To Aa3 (ZeroHedge, Aug 23, 2011):

What was that word Freud used when you are a weak, pathetic, corrupt, powerless, piece of anachronistic filth and instead of doing the right thing (for fear of losing your job or worse), you lash out at a weaker and irrelevant substitute? Oh yes, projection.

Moody’s lowers Japan’s government rating to Aa3; outlook stable

Singapore, August 24, 2011 — Moody’s Investors Service today lowered the Government of Japan’s rating to Aa3 from Aa2, concluding the rating review that began on May 31. The outlook is stable.

The rating downgrade is prompted by large budget deficits and the build-up in Japanese government debt since the 2009 global recession. Several factors make it difficult for Japan to slow the growth of debt-to-GDP and thus drive this rating action.

Read moreMoody’s Downgrades Japan’s Credit Rating From Aa2 To Aa3

New National Debt Data: The Fastest Increase Under Any President Ever – It’s Growing About $3 Million A Minute

by

– New national debt data: It’s growing about $3 million a minute, even during his vacation (Los Angeles Times, August 23, 2011):

Swallow all liquids in your mouth before reading any further.

Updated numbers for the national debt are just out: It’s now $14,639,000,000,000.

When Barack Obama took the oath of office twice on Jan. 20, 2009, CBS’ amazing number cruncher Mark Knoller reports, the national debt was $10,626,000,000,000.

That means the debt that our federal government owes a whole lot of somebodies including China has increased $4,247,000,000,000 in just 945 days. That’s the fastest increase under any president ever.

Read moreNew National Debt Data: The Fastest Increase Under Any President Ever – It’s Growing About $3 Million A Minute

Bundesbank: ‘Mein Entschluss: Anschluss-Plus’ – Germany Reveals The European Annexation Blueprints

by

Don’t miss:

– AND NOW: Germany, France Propose COLLECTIVE ‘GOVERNMENT’ For The Eurozone Led By UNELECTED EU President

– Bundesbank: “Mein Entschluss: Anschluss-Plus” – Germany Reveals The European Annexation Blueprints (ZeroHedge, Aug 22, 2011):

We were wondering how long it would be before Germany, following in the footsteps of such luminaries as Hank Paulson and Tim Geithner, would formally announce to the world that with it now openly calling the shots in Europe, it would be its way or the mutual assured destruction way. We just got our answer courtesy of the just released August Outlook from the Bundesbank, in which the German national bank lays out the framework of the upcoming European anschluss play by play, as Germany prepares to roll out the Fourth Reich welcome mat without ever spilling a drop of blood. After all: why injure the soon to be millions of debt slaves? To wit from the report: “Unless and until a fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty, it is imperative that the no bail-out rule that is still enshrined in the treaties and the associated disciplining function of the capital markets be strengthened, and not fatally weakened.” Translation: “we will gladly help everyone out… in exchange for a little of that vastly overrated fiscal sovereignty… Did we say a little? We meant all of it…”

Here are the salient points from the just released Bundesbank manifesto of Mutual Assured Anschluss or else:

Overall, there is a risk that the originally agreed institutional framework of the monetary union will increasingly become eroded.

As noted, there is but one proposed solution:

Unless and until a fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty, it is imperative that the no bail-out rule that is still enshrined in the treaties and the associated disciplining function of the capital markets be strengthened, and not fatally weakened.

You want your stupid brilliant monetary union? Fine.

You want us to pay for it? Sure.

The cost? Your “extensive” national independence.

Full passage:

Read moreBundesbank: ‘Mein Entschluss: Anschluss-Plus’ – Germany Reveals The European Annexation Blueprints

Gold Climbs To Record $1,917 (Reuters, Aug 23, 2011) – Ennio Morricone: The Ecstasy of Gold

by


Ennio Morricone – Ecstasy of Gold (The Good, the Bad, the Ugly)

YouTube

– Gold climbs to record above $1910 on growth fears? (Reuters:

(Reuters) – Spot gold soared to an all-time high above $1,910 on Tuesday, scoring a record top for a fourth consecutive session, as persistent worries about global economic growth burnished bullion’s safe-haven appeal.

The precious metal was headed for a seventh straight session of rise and a monthly gain of more than 16 percent, highest since September 1999.

Spot gold gained 0.8 percent to strike an unprecedented $1,911.46 an ounce, before easing to trade flat at $1,897.05 by 2:26 a.m. EDT.

U.S. gold rose 1.4 percent to a record high of $1,917.90, and retraced to $1,900.80.

Read moreGold Climbs To Record $1,917 (Reuters, Aug 23, 2011) – Ennio Morricone: The Ecstasy of Gold

Thai Exchange Temporarily Halts Silver Futures After 10% Price Jump, Resumes Trading After Temporary Halt

by

– Thai Exchange Temporarily Halts Silver Futures After 10% Price Jump (Bloomberg Wire, Aug 22, 2011)

– ??Thailand Futures Exchange Resumes Trading Of Silver Futures At 15:04 Hrs After Tomorary Halt (Exchange News Direct, Aug 22, 2011):

Due to the Silver Futures was executed more than 10% of the latest settlement price, Thailand Futures Exchange (TFEX) decided to suspend trading of all Silver Futures series for a certain period, from 14.34 onwards, and recommenced the trading of Silver Futures from 15:04.

The Pre-open session started from 14:54  to 15:04 hrs (10 minutes before Silver Futures resumption) and the daily price limit would be expanded to no more than + 20% of the latest settlement price.

The suspension was in accordance with derivatives regulations stated in Silver Futures’ contract specification.

– Gold spurts as stocks dip (Bangkok Post, Aug 23, 2011)

The TFEX temporarily suspended trade of silver contracts for 30 minutes after prices rose beyond the daily 10% ceiling. Trading was allowed to reopen at 15:04 pm, with the price limits increased to 20% of the last settlement price.

At the end of the afternoon session, the August silver contract was quoted at 1,315, up 70 from Friday, while October contracts rose 133 to 1,439.

Mr Boonlert said prices were being driven by both speculation and investor fear, and cautioned investors to monitor global market trends closely.

Utah Rep Leads 11 US States to Recognize Gold as Money

by

Full article here:

– Utah Rep Leads 11 US States to Recognize Gold as Money (King World News, August 22, 2011):

With gold surging to a new all-time high up over $40 in early trading and nearing the $1,900 level, King World News interviewed the man who spearheaded the Utah Legal Tender Act, which recognizes gold and silver as legal tender in the state of Utah.  This has gained worldwide attention, including days ago an interview with state run China TV.  When asked about the interview with China TV Ivory stated, “They were curious as to why?  Curious what we thought the impact would be with respect to the federal government?

…

Obviously on the why we explained to them the very simple example, a silver dollar in 1960 would buy approximately five gallons of gas.  Well, that dollar today won’t buy you one fourth of a gallon of gas, but the silver will nearly fill your tank.”

…

“Then with respect to the federal government, we have about eleven states now that are looking at running the same legislation.  And to the extent that we get the states standing in unison, that sends a very strong political message to Washington that the guardians of the liberty of the people in the states are not going to tolerate any longer the unchecked devaluation of our earnings and savings.”

…

Moody’s let the state of Utah know they were the only state in the US they were not going to review because of the fact that Utah was the only state preparing to move forward without federal funds, for them to just disappear.  When asked about this Ivory replied, “Yes, I ran some legislation called, ‘Federal Receipts & Reporting Requirements’ that requires all state agencies to disclose total federal receipts, the percentage it is of their budget and then the important part, what their contingency plan is in the event that federal funds go away in whole or in part.  Moody’s came in and had that bill in hand and said, ‘You’re the only state in the nation preparing for this.’”

‘Here Is what The Fed Didn’t Want You To Know’: ‘Wall Street Aristocracy Got $1.2 Trillion in Secret Fed Loans’ (Bloomberg, Aug 22, 2011 – Video)

by


YouTube Added: 22.08.2011

– Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans (Bloomberg, Aug 22, 2011):

Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.

Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley (MS), got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.

Read more‘Here Is what The Fed Didn’t Want You To Know’: ‘Wall Street Aristocracy Got $1.2 Trillion in Secret Fed Loans’ (Bloomberg, Aug 22, 2011 – Video)

Goldman Sachs Shares Plunge After CEO Lloyd Blankfein Hires Famous Defense Lawyer

by

– News Blankfein Hires Prominent Defense Attorney Send GS Stock Tumbling, Gold Futures Soaring Over $1900 (ZeroHedge, Aug 22, 2011):

For a perfect ending to a schizophrenic day we go to Reuters which has just reported that Goldman’s CEO has hired high profile defense attorney Reid Weingarten. The market is not waiting to find out the details, and GS stock is tumbling. What has alos happened is that gold futures punched through $1900 for the first time ever. $2000 is the next target, and will likely be taken out within the week.

From Reuters:

Goldman Sachs Chief Executive Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, according to a government source familiar with the matter.

Blankfein, 56, is in his sixth year at the helm of the largest U.S. investment bank, which has spent two years dodging accusations of conflicts of interest and fraud.

The move to retain Weingarten comes as investigations of Goldman and its role in the 2007-2009 financial crisis continue.

“Why do you bring in someone like that?” said the source, who was not authorized to speak publicly. “It says one thing: that they’re taking it seriously.”

Blankfein has not been charged in any civil or criminal case, and it was not immediately clear why he hired Weingarten.

David Wells, a spokesman for Goldman, declined to comment.

Weingarten did not respond to requests for comment.

Something big is about to hit the tape, and this time Goldman won’t be able to put the whole blame on a twenty-year old Frenchman.

UPDATE: Goldman says Blankfein hired the lawyer in conjunction with the DOJ lawsuit, according to CNBC’s Kate Kelly. The firm also said it’s common for a CEO who’s about to be interviewed to hire counsel.

– Goldman Sachs TANKS After CEO Lloyd Blankfein Hires Famous Defense Lawyer (Business Insider, Aug. 22, 2011):

Is the Goldman Sachs CEO facing a new lawsuit?

The market seems to think so. Goldman Sachs just tanked in minutes before the close after news that Lloyd Blankfein hired a lawyer famous for defending vilified execs. It’s back up a bit since dropping over 5%, but the news is still concerning.

Read moreGoldman Sachs Shares Plunge After CEO Lloyd Blankfein Hires Famous Defense Lawyer

Home Finances ‘Fell For 40% Of Households In August’, Worsened At Fastest Pace Since February 2009 (BBC News)

by

Quantitative easing works!

– Home finances ‘fell for 40% of households in August’ (BBC News, 22 August 2011):

Almost 40% of households saw their finances deteriorate between July and August, according to a survey by the financial information company, Markit.

The study, of 1,500 adults, showed finances worsened at their fastest pace since February 2009, in the middle of the last recession.

Read moreHome Finances ‘Fell For 40% Of Households In August’, Worsened At Fastest Pace Since February 2009 (BBC News)