Gold (and silver) is the real money of the elite. The elite really loves gold, everything else is worthless paper to them.
The elite only‘fears’ and ‘hates’ gold because it shows that all those statements on recovery, green shoots, stimulus packages etc. made by their elite puppets (like Obama, Biden, Bernanke, Clinton, Brown, Darling, King, Merkel, Sarkozy, Berlusconi, Papandreou to name a few) are lies.
There is no recovery and there has nothing been done to help the people. Those elite puppets do everything in their power to loot and bankrupt the people and shovel taxpayer money into the hands of their elite masters.
Only 1 % of the people own gold, which means that the elite can rape 99 % of the people – that remain totally unprotected – with their plans and then present the New World Order as only solution.
“When a country embarks on deficit financing and inflationism you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.” – Ron Paul
I highly recommend that you read Alan Greenspan’s famous essay on ‘Gold and Economic Freedom’ below.
Why There is Fear and Resentment of the Power of Gold to Discover Value in the Real Economy
There were a few questions raised about the note on the long term chart of the SP 500 deflated by gold which was posted last night, and which is reproduced here above, which read “This is why the financial engineers like Bernanke hate and fear gold; it defies their plans and powers.”
The chart shows something that most investors have suspected. There has been no genuine recovery in the price of stocks since the decline that cannot be fully explained by the monetary inflation of the dollar, as can be discovered by the ultimate store of value, which is gold.
I thought that this was a fairly straightforward observation, but it apparently jarred a few people and their thinking. So perhaps we have some new readers who are not familiar with the long standing animosity towards gold that is uniformly expressed by all those who promote centralized command and control economies, from both the left and the right.
Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank.
What with all the excitement yesterday over our new Government, I never had time to remark on the Inflation Report press conference. Most of our attention was on what King said about the Government’s fiscal plans (a ringing endorsement). But, as Jeremy Warner has written in today’s paper, it was as if King had suddenly been unleashed. Bear in mind King is usually one of the most guarded policymakers in both British and central banking circles. Not yesterday.
It isn’t often one has the opportunity to get such a blunt and straightforward insight into the thoughts of one of the world’s leading economic players. Most of this stuff usually stays behind closed doors, so it’s worth taking note of. And I suspect that while George Osborne will have been happy to hear his endorsement of the new Government’s policies, Barack Obama and the European leaders will have been far less pleased with his frank comments on their predicament.
The transcript and video are online at the Bank’s website, but below are the extended highlights, all emphasis mine. Well worth checking out.
America, and many other large economies including the UK, share some of the same problems as Greece with its public finances:
The elite has created the entire global financial crisis (looting/stealing the wealth from the people and destroying their children’s future) and now as I said before they present you their New World Order as the one and only solution to all the problems that they have created. The New World Order will rape the people of all their freedoms and wealth left, turning them into slaves. The New world Order is now here.
I will add more recent info from Gerald Celente at the end of the following article.
Rise up (peacefully) or fall.
Move comes as Spain, U.K. target deficits
EU Commission president Jose Manuel Barroso, left, at a news conference with EU commissioner for economic affairs Olli Rehn in Brussels on Wednesday.(AP)
Senior administrators of the European Union proposed on Wednesday that they be given unprecedented power to scrutinize the spending plans of countries before national parliaments vote on those budgets.
The EU’s executive commission’s bid was a move to crack down on widespread government overspending and to begin to deal with the debt crisis that threatens the exchange value of the euro.
The commission is the administrative arm of the European Parliament and is independent of national governments.
It also proposed serious financial penalties for countries that break the rules – essentially forcing governments to pay a financial penalty that could eventually be returned to them.
The move came as European governments scramble to deal with their deficits.
Spain announced Wednesday it will cut civil servants’ salaries this year by an average of five per cent starting in June.
Prime Minister Jose Luis Rodriguez Zapatero also told parliament his government would suspend automatic inflation adjustments for civil service pensions, cut foreign aid and domestic spending by $7.6 billion US and eliminate a tax break for couples that have babies or adopt a child.
Britain’s newly formed coalition government pledged to begin tackling the U.K.’s record $236 billion US deficit, beginning with an immediate cut in government spending of $9 billion.
More Greek strikes planned
At the same time, Greece’s two main public and private sector unions announced a new general strike to protest pension reforms for May 20.
The proposal by the EU commission would deepen the ties that bind Europe’s currency union just when some analysts predict the debt crisis will eventually cause its disintegration.
Olli Rehn, the EU commissioner for economic affairs, said the EU’s moves would ensure that national governments’ spending plans were “consistent with European objectives.”
The commission would need the backing of EU governments before it can draft more detailed rules for them to vote on and put in place.
Last Updated: Wednesday, May 12, 2010 | 12:50 PM ET
With the liquidity crisis surrounding the rollover of Greek debt subsiding, the probability of default for that country has plummeted from nearly even odds to just over one in three.
Last Week’s Numbers: 06 May 2010
Meanwhile, other state and national governments are showing continued stress. Venezuela tops the list with a CDS spread of 1049 and a risk of default now over 50%. Argentina and Pakistan are also now ahead of Greece which is now only the 4th most likely government in the world to default.
Most recent numbers: 11 May 2010
The usual suspects are on the list including Dubai, Ukraine and Latvia. The one thing to notice is that California has now cracked the top ten with a 20% default probability. For California muni bond holders, this number bears watching.
The congressional audit would examine the Fed’s emergency aid program and disclose previously secret recipients of bailout money.
Reporting from Washington The Senate voted 96 to 0 on Tuesday to authorize a congressional audit of the secretive Federal Reserve Board’s emergency aid program and full disclosure of who got the money, a plan that could reveal more details about government help for embattled investment firm Goldman Sachs.
Under the plan, Congress’ Government Accountability Office would conduct a top-to-bottom audit of all the Federal Reserve’s emergency activities since the economic crisis began in December 2007. The Fed also would have to post on its website all recipients of money from the more than $2 trillion in emergency aid that’s been disbursed since then.
The GAO also would look into whether the financial deals involved conflicts of interest. It’s common for members of the board of directors of the powerful Federal Reserve Bank of New York, for example, also to be executives or directors of banks that got government bailout money.
Protesters angry at Ireland’s multi-billion efforts to bail out its banks have tried to storm the entrance of the Irish parliament and several have been injured in scuffles with police.
Gardai Clash with protestors marching against government cutbacks outside the Gates of Leinster House in Dublin Photo: PA
Police say officers staffing the wrought-iron gates drew batons and forced back several dozen protesters. They said the protesters’ injuries were minor and none were arrested.
Tens of billions’ worth of dud property loans are being transferred from five Irish banks to a new government-run “bad bank.” The government also has bought multi-billion stakes in Allied Irish Banks and Bank of Ireland.
Gardai said one officer received a minor facial injury during the scuffle.
The march was organised by the Right to Work Campaign, sponsored by the Unite Trade Union.
As the scuffle broke out organisers appealed for calm, which was restored after around a dozen gardai stood at the large iron gates at the front of Leinster House.
Several speakers hit out at the Government’s handling of the economic crisis.
Richard Boyd Barrett, of the People Before Profit Alliance, said there had to be a movement of opposition to the Government.
“They (the Government) are bailing out the banks and the institutions and the elite that caused the crisis and they are asking ordinary people, senior citizens, young people to pay the price with brutal cutbacks and it’s just not acceptable and people are here to say we’re going to stop this and we want an alternative,” he said.
“And an alternative that puts people and jobs and our services and a decent quality of life for everyone at the heart of the economic solution to this crisis.”
Mr Boyd Barrett said he did not see the scuffle and called for peaceful protest.
Alarm over the use of dispersants to combat the huge US oil leak is being raised by Gulf fisherman and scientists alike, warning that even if the spill is held at bay, the chemicals used to do so may do untold damage.
Oil spill: fishermen employed by BP place boom on Lake Machias as the US oil crisis continues (AFP/)
Approximately 325,000 gallons of dispersant have been deployed so far in BP’s effort to break up the spreading oil slick before it hits the fragile Gulf coast, and over 500,000 gallons more are available.
But the effects it will have on marine life, the shoreline and people spraying the chemicals are largely a mystery – an issue raising concerns in itself.
“It’s an unknown quantity,” marine biologist Clarence Laquet said on Sunday as he surveyed the deployment of booms on Lake Machias, one of dozens of marshy inlets along Louisiana’s porous coast threatened by the gushing Gulf wellhead that is spewing some 5,000 barrels of oil, or 210,000 gallons, a day.
The dispersant effort is meant to break down the oil so that over time, the slick is reduced to smaller particles that biodegrade instead of being left as chunky, thick globs that can choke both wildlife and vegetation.
During her confirmation hearing last week, Elena Kagan, the nominee for solicitor general, said that someone suspected of helping finance Al Qaeda should be subject to battlefield law — indefinite detention without a trial — even if he were captured in a place like the Philippines rather than in a physical battle zone.
Obama picks Elena Kagan for Supreme Court
WASHINGTON (AP) – President Barack Obama nominated Solicitor General Elena Kagan to the Supreme Court on Monday, declaring the former Harvard Law School dean “one of the nation’s foremost legal minds.” She would be the court’s youngest justice and give it three female members for the first time.
The nomination to replace liberal retiring Justice John Paul Stevens set the stage for a potentially bruising summertime confirmation battle before the court begins its next session, though mathematically Democrats should be able to prevail in the end.
May 11 (Bloomberg) — Germany and France are among top- rated euro-area states that may compromise their AAA grades by standing behind the debts of weaker members with their 750 billion-euro ($955 billion) stabilization fund.
The package is “making debt profiles deteriorate, potentially damaging the ratings of core sovereigns,” said Stefan Kolek, a strategist at UniCredit SpA in Munich. “It’s a kind of Ponzi game at the highest level.”
The unprecedented loan package was designed by the European Union and the International Monetary Fund to halt a sovereign- debt crisis that threatened to push Greece, Portugal and Spain into default and shatter confidence in the euro. As part of the support plan, Germany’s Bundesbank, the Bank of France and the Bank of Italy started buying government bonds yesterday.
Bonds of Portugal, Spain and other deficit-plagued nations on Europe’s periphery soared yesterday and bunds — the safe haven for holders of European government bonds — weakened as the threat of a Greek default receded. The cost of insuring against sovereign losses using credit-default swaps tumbled yesterday, with contracts on Greece sliding 370 basis points, their biggest one-day decline, to 577, according to CMA DataVision.
THE owner of the oil rig that exploded in the Gulf of Mexico, killing 11 people and causing a giant slick, has made a $270m (£182m) profit from insurance payouts for the disaster.
The revelation by Transocean, the world’s biggest offshore driller, will add to the political storm over the disaster. The company was hired by BP to drill the well.
The “accounting gain” arose because the $560m insurance policy Transocean took out on its Deepwater Horizon rig was greater than the value of the rig itself. Transocean has already received a cash payment of $401m with the rest due in the next few weeks.
The windfall, revealed in a conference call with analysts, will more than cover the $200m that Transocean expects to pay to survivors and their families and for higher insurance costs.
Congressional hearings begin this week. Lamar McKay, chairman of BP’s American arm, Steve Newman, Transocean’s chief executive, and managers of several other companies involved in the drilling will testify.