Louis has a point. We are indeed getting conflicting messages from the Fed and Fed presidents regarding tapering now or in the future. It is no accident. These guys don’t go on the record without vetting their crib notes and messages first. It is not like there are a thousand of them with something to say that can potentially move markets.

Indeed, it is a very small group with decison making capabilities and/or a vote on Fed direction who are doing the talking. So we need to pay attention to what they are saying but as James mentioned yesterday…..even more focus should be on what they are doing.

My sense is that the Fed does indeed want to reduce their MBS and bond buying programs. They cannot do it quite yet but at the same time they need to keep the “Taper” agenda on the table so markets do not become complacent or start to run ahead of themselves too quickly. Bubbles are not the desired outcome of stimulus.

The threat of stimulus reductions must not therefore be withdrawn when it is a foregone conclusion that such an event is both necessary and inevitable. I laugh whenever I hear analysts saying the Fed can NEVER reduce QE. Of course they can reduce! They MUST reduce at some point. What planet do some of these guys live on that they really believe stimulus will run until eternity?

Stupidist prediction ever! Some smart guys keep saying it when they should know better.

So what we are getting here is confidence boosting remarks from the Fed Chair while in the background a chorus of Presidents are working to reduce expectations and cool the ardour and the mood.

It is a push-me and pull-me kind of setup but I think it works well. Ben says “Come here”! and the rest of the team says “Go away”! Lets just keep our perspective and try to understand what the point of forward guidance really is though. QE and bond buying will continue until there is a good opportunity to escape without causing too much damage. The message is clear. Be prepared for both. That will remain intact until the golden moment arrives when intervention can be relaxed.

I think we will need to see further progress on the deficit first though, tax reform second and lastly, if all goes well, rising employment numbers should result as confidence slowly returns. There has been progress. It is just interminably slow but even slow growth is better than no-growth so lets not get our panties in a knot over every small setback.

If the deficit can be contained then some of the fears surrounding interest rates rising will dissipate. History has shown already that efforts on that front yeild good results and that even debts can be contained over time. So I am less fearful than others that presume we will imminently crash and burn.

This is a work in progress. We will give it time and try to have some faith.

Given that junior miners tend to move more than one for one with the gold price, sometimes go to zero, and face company-specific risks, are they really that much safer or easier to make money from than leveraged speculation on gold? Or is it just that the implicit leverage investors junior miners use is usually lower than speculators on gold futures contracts?

Got to love Bob Moriarty’s sense of humor.

http://www.shtfplan.com/headline-news/convoy-to-d-c-truckers-to-shut-down-america-in-october_09172013
Be prepared

I posted this link a few days ago, but in light of the “end of Empire” discussions it is worth re-visiting.
http://www.youtube.com/watch?feature=player_embedded&v=nX7J8-VTG08

We have to realize the dollar dominance is ending. We have to understand its value relative to other currencies will inexorably trend downwards for decades to come.
The problem for Americans, whose assets are denominated in US dollars is how to store there wealth in something other than declining dollars, because the Fed has guaranteed that not only will interest rates not keep up with world inflation, but there is a terrible value-decline risk built-in as the dollar ceases to be the reserve currency.

Former fighter pilot Bob Moriarty you’re an absolute star. Silver stakes through vampires, taking evasive action with the Titanic economy heading straight for its iceberg, I also love how you position Greenspan/Bernanke/Yellen in descending order of ghastliness. And if Bernanke’s killed off the dollar what in God’s name has Yellen got left to work with?

Thanks your gallows humour really cheered me up. ….I mean it! A

End of Empire won’t happen overnight. It probably won’t happen in my lifetime (short of WWIII), but it is now inevitable:
The politicians have killed the Empire by building the debt so huge that it cannot be paid back.
I am not smart enough to foretell how fast the collapse will come or how violent will be the death-throws. If precedence is any indication the country is likely to go to war, which scares me. Historically revolution is also possible; and certainly by indication of the preparations being made by the government in terms of rounds of hollow-tipped ammunition and holding camps this is what the government anticipates. The collapse will not likely be a gentle decline.

So, I went to read some other news and all I find is further government incompetence:

http://pjmedia.com/blog/prison-inmates-collecting-millions-in-unemployment-cash/

I’m beginning to think the revolution can’t happen soon enough.

So then I look up the Sinclair article mentioned above:

http://www.jsmineset.com/2013/09/20/the-gold-index-game/

and find suggestions of more insider corruption on the Toronto Exchange

Then, to cheer me up, I listened to some propaganda.
http://rt.com/shows/keiser-report/episode-500-max-keiser-137/

Now I’m really depressed!

Malevolent Motivation

It is epidemic that when attempting to assess the actions of others we tend to assign the actor an altruistic motivation. Maybe when we assess the actions of others we should begin with the understanding that they may not be committed to the Hippocratic Oath. Sometimes the actions we look at are intentionally meant to do harm. When studying human action we must realize that human nature possesses both the capacity for good and evil. The bias of assuming that public officials are attempting to improve society is flawed. One of histories’ largest themes is people in power intentionally inflicting harm on populations they control. When we see officials jawboning this or that policy we must not assume the official is trying to improve the economy. We may be better served to understand the words may very well be a purposeful attempt to inflict the most harm to as many people as possible.

cfs – In a new book by Damian McBride – former spin doctor to PM Brown, he feared with the imminent collapse of banks five years back that, in Brown’s own words: ‘It’ll be anarchy. That’s what could happen tomorrow. I’m serious, I’m serious….’ Apparently Brown came very close to announcing curfews with troops on the streets.

Not for nothing has the U.S. Homeland Security amassed 1800 APCs and one and a half billion dum-dum bullets.

With WW3 put on hold (was that the distraction Obama wanted?) maybe our respective empires will meet their end through civic upheaval.

Robert Moriarty gets it bigtime. Thanks Bob for telling it like it is, like noone else.

We’ve got the October 1st Federal Gov’t shutdown looming over the Continuing Resolution tied with the defunding of Obamacare and after that the Debt Ceiling increase issue. The destruction of America is right on schedule.

Won’t be long until Russia, China, India, Brazil and other countries no longer use the U.S. Dollar to buy oil on a large scale. The end of the Petro-Dollar is coming soon as it will smash down the value of the dollar.

We had discussions on Muslims in this forum before:

http://rt.com/news/nairobi-mall-attack-fatalities-182/

I still think it is not an acceptable religion, in it’s teachings.

A previous post re-posted because today’s back and forth made me think of it.
It should be noted that I realize I would have been better off owning more financials than metals the last 30 plus months. It should also be noted it is difficult to swim and remain dry at the same time!

On March 24, 2012 at 9:05 am,
Dennis M. O’Neil says:

The banking system is now flailing in currency swaps, derivatives and outright MF Global John Corleone Corzine fraud. “Leave the gun take the cannoli.”
Below is a post I made on the yahoo HL board on January 15, 2011… it still resonates today…..it was well received and I re-post it here for your thoughtful consideration.

FYI….Proud peon…… was a phrase I used to embrace the derogatory ridicule directed at advocates of sound money.

The irony of this CNBC headline BANKS ENTERING “GOLDEN AGE” was not missed by
this proud peon.
Link http://www.cnbc.com/id/41060318
When Andrew Jackson dealt with the banks he called them what they were “…… a den of vipers and thieves!” Ironically the President who adorns the USD $20 note hated paper currency. He realized that after a credit expansion the bad debt would have to be written off quickly. If not it would linger and fester. Failure to purge bad paper would cause the downturn to be long lasting. The media hyping the purchase of bank stocks in light of the unmentionables they continue to carry on their books is obscene.
Frederic Bastiat put it well when he wrote “When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.”

A system such as Bastiat describes continues until it can not continue any longer. A stranded swimmer will wisely swim until the swimmer can swim no longer.
Unless something solid is found the swimmer will swim and tread until the swimmers last gasp. The paper economy and laws which glorify it are a swimmer stranded at sea. In a desperate search for something solid with none to find. It is now and will be the peons who are glad they stand firmly on solid ground.
The irony of using in a headline what is sound money to glorify the paper system which bastardizes sound money is not lost here.

After listening to the first few minutes of this infomercial, I’m getting more upset.
http://moneymorning.com/ext/obamacare/video.php?promo=PMMRP909&src=taboola-taxes

The financialsense.com Rickards interview today is good.

WHAT WERE WE TALKING ABOUT LAST YEAR?

I have to Say Paul Van Eeden made a nice call on the price of gold just a week after QE3 was announced.

On September 22, 2012 at 5:50 am,
Dennis M. O’Neil says:
Paul Van Eeden’s optimism is refreshing but could it be too optimistic.
It reminds me of warm and fuzzy theories taught in academia that tend to self-destruct outside the classroom.
Having all the elements for success does not necessarily bring you to success if there is no motivation.
It is much more difficult for a country to transition from consumption to production than is the reverse.
It is similar to transitioning from being 18 years old to being 45 years old it necessarily requires 27 years to happen.
It is easier to be a net importer with a world reserve currency than it is to be a net exporter with a currency pegged to a world reserve currency.
It would be easier to retool an existing factory to produce goods for domestic consumption instead exports than it would to retool a strip mall to produce exports.
It is less of a task to teach a factory worker to manufacture something else than it would be to school a former hair dresser how to efficiently operate factory equipment.
We may have all the elements needed but it will take time to become motivated to utilize the assets with which we are blessed.
Although the US has certain desirable attributes we allow them to be suppressed by unions, environmental NIMBYISM, regulatory purgatory, and OSHA fear. It is as if we like to shoot ourselves in the foot. Not to mention a monetary system that thrives on unproductively raking in off the entire system for doing nothing but hindering it.
We have to become hungry before we cast off the inefficient niceties we have so burdened upon our economic engine.
I would be optimistic about the US but first we have to retool, rethink and combat enemies both foreign and domestic.

On September 22, 2012 at 12:42 pm,
Dennis M. O’Neil says:

Ken,
That was my feeling listening to him.
I agree that is better to have available resources than it is to be barren of resources,
It is one thing to have resources and it another thing to develop a resource optimally.
Simply having resources does not allow them to be deployed effectively as if turning a switch on and off.
Instead we have unions bargaining to minimize the productivity of the membership.
Instead we have welfare programs subsidizing sloth.
We see at every page turn regulations discouraging employers to employ.
ANWAR oil field remains untapped in favor of an occasional caribou.
Keystone pipeline has given way to anti-fracking fanatics.
You can have all the resources at the ready and find a country borrowing money from Asia to pay able bodies to sit on a couch.
You can have all the resources under foot and be in fear of an illusory carbon footprint.
Energy at your fingertips but we borrow money to import energy and burn food we could otherwise consume or export.
Our high finance system has declared dubious debt as being good collateral.
It has to be said that many interventionists Americans do not wish America to be highly productive.
There exists some pristine utopia the thinkers desire to depopulate and deindustrialize to achieve.
Unfortunately we have proceeded firmly in the direction of deindustrialization.
Now all the utopia thinkers need to do is get cracking on is depopulation.
You see if these green collectivists get what they seek then PVE’s labor force will not have to be paid to sit on the couch all day. They will no longer exist.

I can’t believe the waste of time spend on what the Fed won’t or won’t do. Let’s face it, it doesn’t matter if the Fed tapers or not. The dollar is in long-term free-fall.
The dollar has lost 96% of its value since the Fed’s creation in 1913. The last 4% will be BRUTAL.

Pray for lower gold prices.

Conventional economic supply-demand analysis is not working properly to determine the price of gold in the market place, it appears, not only because of bank intervention, but also because of international collusion for price suppression.
If Rickards is right, the reason China and Russia have not dumped their dollars and already crashed the dollar is collusion.
I had assumed that China, with its 3 trillion or so in reserves was being careful in just buying lots of resources and companies all over the world and thus had this motivation for not crashing yet the value of the dollars they hold. But Rickards is implying a quid pro quo, in which China agreed not to crash the $US and is in turn allowed to get gold cheaply. I knew some of the purchases of gold had been made directly country to country but had assumed this was part of a balance of trade settlement via the BIS, not part of some collusive agreement. This requires deeper thought to fully evaluate the implications on timing.

stocks are just moving down into the normal half cycle low that I said should probably start soon after the FOMC meeting. Gold on the other hand should continue to rally as it is coming out of a daily cycle low. As of today the gold cycle appears to have topped on the first day of the cycle. As far as I can remember that has never happened in history.

Putin on/not on the cover. To me, its just more evidence that the education system is “dumbing” down people. Jim Rickards explained in an interview reently that we now have 2 generations of econimists that dont understand gold.
Alot of people dont have a clue of so many things, that has been intentional for many years and it has been successful.
As proof of so many misdirections ask a few people if they own PMs, geez, forget they understand the fed, even so many “informed” people dont understand the fed.
We also still have many people that believe what their government says.

The internet is key, truth does spread tho, we have hope, lets hope this “trucker event” happens and people actualy hear about it, very few heard about the bikers.

If you want to know about market manipulation of gold and silver, watch Ted Butler:

http://www.sprottmoney.com/news/ask-the-expert-ted-butler-september-2013

Water Aerobics and Critical Thinking

In regards to segment #8…..
The segment made me think of an aerobic exercise class in the shallow end of a pool.
At first you may think….. pools are for swimming….. take the senior citizens to the gym. But the pool provides a medium for there to be movement without all the impact on the joints. The muscles can tone and the joints are not as much jarred. Like a racehorse on the mend exercises in a pool to keep full weight of the legs.
Reading the NYT is like a water aerobics class for the critical thinker.
You can read the flawed arguments and propaganda without facing off with the useful idiot student of the collective.
You will know what the obnoxious liberal at the local pub will be opining about tonight by reading the rag this morning. It is a less intelligent regimen as compared to watching General Hospital in the late 80’s to know what Luke and Laura where up to so that you could increase the chance of hooking up at the bar.
What better exercise of your critical thinking skills could there be than to read Paul Krugman. My wife wonders sometimes why it is that I on frequent occasion have a verbal outburst of disgust when reading an editorial. If is healthy to hone your critical thinking skills on the likes of “All the news that is fit to print”. Now I know why my father yelled at Dan Rather every night after dinner.

AL

Is it possible to Bill from Rye Patch on again to give us an update on what their future plans are.
The company seems to be stalled out at the moment and not doing much

Does anyone know why the VIX is so low? It seems to me with all the uncertainty that it should have gone up.

I agree with Richard’s characterization of what is happening regarding inflation/deflation. I also agree with his suspicions relating to the Baltic dry index. I think conventional stocks will probably be under pressure from here in real terms, but in dollar terms, I am not so sure. I am much more sure that good miners are more appealing than either gold or or the Dow at this time.
I agree with Rick’s numbers; $1271 and $1280 are the ones to watch.

Wha do folks think?

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/9/20_Man_Who_Predicted_No_Fed_Tapering_Now_Says_To_Expect_Chaos.html

Al, please accept my sincere condolences.
Anyone defending the NYT or WSJ can’t be feeling all that well. Hope you’re feeling better; best wishes for a speedy recovery.

Haven’t seen much about platinum lately;

platinum/gold ratio at 1.08 trending sideways for a couple months; above the up-sloping 50wma and below 200wma

http://stockcharts.com/h-sc/ui?s=$PLAT:$GOLD&p=W&b=5&g=0&id=p78170140729

Jim Dines
Sep 21 @ 9:00 a.m.
(9:06 to 9:39)
http://www.cknw.com/audio-vault/

JD mentioned 3D Systems Corp
nyse: DDD $53.49

Fantastic interview with Jim Rickards. Financial wars, currency wars, gold as insurance, world currency, inflation/deflation. http://www.financialsensenewshour.com/broadcast/fsn2013-0921-3.mp3

He (Dines) was on somewhere (I forget where) and mentioned several stocks.
DDD and SSYS were two of them, but he also referenced a couple of cheaper ones.
I was in Spain at the time so it must have about 5 weeks ago. I’ve misplaced the notes I took. One firm was Dutch, if I remember correctly. There was a conference in Silicon Valley on 3D printing this weekend, and, of course, I’m in Indiana at the moment, but will travel back to CA next weekend.

Here is the reference for the 3D Expo, which was in San Jose, CA
http://www.mediabistro.com/inside3dprinting/
That should provide some leads for further info.

There are a couple of free e-mail industry letters I can dig up the sign-up websites for if anyone is interested.

I agree with Jim Dines that this will change manufacturing for expensive low-volume situations.

CFS, probably heard him on kwn as he is a regular there.

I know Elon Musk is investigating 3D printing. (CEO of Tesla, Founder Spacex, Billionaire, etc.) I consider he is to tech what Bob Friedland was to mining……you can’t go too far wrong following his interests. I think Musk made his money with PayPal, but sold out to continue other interests.

Financed a house for my daughter and her family this week, cost over 3500 ounces of silver…..more than twice what it is worth, but I didn’t want my grandchildren living in a car. The house was worth 80k, but certainly not 3500 ounces of silver.

Musk has also recently said he will have self-driving cars before the end of the decade, and I would not bet against him.
Being too blind myself to be able to drive, I have self-interest in that project!
It would change my life.

3D is on the move:
http://3dprintingindustry.com/2013/09/21/unveiling-of-ultimaker-2-in-nyc/
? the next big thing?

If anyone missed this current news……JPM says “Buy Gold”.

From Zerohedge. JPM says to buy gold — Check out the great charts for motivation.
http://www.zerohedge.com/news/2013-09-21/jpmorgan-says-buy-gold

JPM got rid of their short position. Now they are long. They made obscene profits on the way down, now they want to make obscene profits on the way up.

Tomorrow nights opening will be very interesting. After Fridays crush we could see more selling. The shorts were taken off gaurd on Wednesday and covered, but no one came in to buy. Not since the Sunday night before the Lehman crash have the markets been so on edge.

In regards the Jeff Deist affinity for “The Grey Old Lady” I give him the following for future use….

The New York Times AKA Western Pravda

When you look at the moon you see a reflection of the sun.
When you look at a central bank note you see a reflection of the value of your talents and/or labor.
Both are examples of seeing something through an intermediary.
In the first instance the intermediary is free.
In the second instance you are a slave.

THERE IS NO EXIT STRATEGY???

Who are they trying to kid, except themselves when they say, “Just Kidding no tapering”

Their solution is counterfeit money because there are no buyers for US treasuries.

These auctions where The Fed buys treasuries are not translucent, we don’t know what is going on, this is a Ponzi scheme.

They are monetizing the debt.

The US is totally broke they cannot afford to pay market interest rates.

Once you are involved in a Ponzi scheme you need ever escalating capital to sustain it.

The lies about tapering was to contain and shrink the prices of precious metals. DT

I just listened to an interview with Jim Rogers. I know, big deal. Well, he now says that gold has not found its bottom and needs to continue lower. He mentioned the 900 level. He now states that he is not a buyer of gold at these levels. He also said that gold is not money. He said it used to be money but not now. When he can bring a lump of gold into a store and buy something then and only then it becomes money again. He also said that gold is not thru with its bull market but it is taking a well deserved rest and a consoladation back to the 900 level would be normal and natural after the long run it has had. I don’t agree with him but Mr Rogers is pretty sharp. Probably means we got some down side left to go with gold.

I saw this one, but I too would like a link mentioned above.
http://seekingalpha.com/article/1705922-the-renminbi-will-continue-to-appreciate-but-jim-rogers-is-overly-optimistic?source=google_news

There an old one:
http://www.businessinsider.com/jim-rogers-gold-complicated-bottoming-900-1200-2013-7

Here you go:
http://www.businessinsider.com/jim-rogers-on-gold-2013-9

Most relevant verbatim from Rogers; Re: Glenn above.

Rogers: I’m not selling my gold. I’m skeptical, even though I expect gold may go down even more to $1,000 to $900. A 50% correction would be $960 or whatever it is. Now 50% corrections are quite normal in markets. What’s not normal is for something to go up 12 years in a row.

So, it would be normal if gold did correct 50%. That might go some way towards shaking some of the faithful, some of the mystics. We got to shake out more people. I don’t see any signs that the faithful, they’ve been worried about what’s going on, but I don’t see any signs yet that the faithful are giving up and selling their gold. Not just verbal despair, not just people talking about despair, but people acting. Then gold prices will make a nice, firm bottom.
Read more: http://www.businessinsider.com/jim-rogers-gold-complicated-bottoming-900-1200-2013-7#ixzz2fdLwEpLk

DT,
Take a chill pill!!!!
The Fed has an EXIT STRATEGY!!!!!!!
Do not be a fear monger.
They have it all mapped out with directional signage and the whole shinola on a shingle shebang!
Do not be a fear monger DT….I have an early release of the preliminary advanced stage Federal Reserve Exit Plan to be implemented in the event the Sheeple figure out that their stated objectives have always been cover for the fact that are and always have been a corrupt cartel.
http://smg.photobucket.com/user/Estreen/media/ROBOT_CHICKEN_use_other_door-1.jpg.html
They know exactly how to get out of this mess.
It will either look like the EXIT door of an over-crowded nightclub fire or it will be one for the history books called WWIII.
DB
Over and out
BTW- Below is a link to the Pandora Radio channel reference song recently added to Ben Bernanke’s Pandora account…the below linked to song received a thumbs up the channel’s creator.

The blog on this post is getting as interesting as Kereport!

Warning, however, information content is low……so speed read.
It does show how the man in the street feels about the US Gubberment!

Vive la Revolution.

A couple of neurons mis-fired in my brain and I had an original (maybe) thought.
The Fed is currently holding $3.7 trillion in US debt, more or less.

What happens when/if the Fed thinks the bond market is going to collapse?
Does the Fed continue to print like crazy and buy bonds to support the bond market…IN ORDER TO PRESERVE THE VALUE OF THEIR BALANCE SHEET?

Is this what is happening now?

Is the Fed acting in its own interest, rather than in the interest of US citizens?

Because, surely as the sun rises in the morning, this continuous printing of more and more money has to kill the fiat currency. It always has in history.
This time will not be different except the reserve currency will drag the whole world into an economic singularity.

Are the Banksters helping us or just themselves?

I know what I think! What do you think?

I wrote the above (IS THE FED ONLY ACTING IN SELF-INTEREST) paragraph, because the Federal Reserve members individually are not stupid people.
They have to realize that if you have been doing something for two years and it has in no way worked to produce the stated goals, that it would be stupid to continue.
Thus, logically, their goals, cannot be as stated.
Therefore, I question what are THE REAL GOALS OF THE FED?

ARE THEY SIMPLY TO ENHANCE THE INCOME OF BANKSTERS?

If not, what possibly could the goal of the Fed be, that would explain the actions?

Apologies, Big Al, for my posting so much.

Richard Russell friday: (in part)
“But there’s a bigger story than the matter of tapering. The bigger story, that our children will have to deal with, is the significant trend of gold moving from West to East. While the US is whooping it up over its rising stock and bond markets, the Chinese, Asians and Russians are moving to preserve their purchasing power by accumulating gold…

The Federal Reserve is now holding upwards of $3.7 trillion in bonds and mortgage-backed securities, and there will be more by the end of the year. The question is how the Fed will relieve itself of this gigantic collection of securities.

Furthermore, the Afghanistan situation will cost the US another trillion dollars by the end of 2014. I think we are seeing the beginning of the end of the US empire. Iraq, Syria, Iran, Afghanistan, no nation can be policeman to the world and remain solvent.

Remember how the US crushed the Soviets in the battle of military spending — the Soviets collapsed when they couldn’t keep up with US spending.

It seems to me as though China and Russia are now doing the same thing to the US. In our adventure to be policeman to the world, we’re bankrupting ourselves…

All gold items appear to be building major bases. At some point the West is going to wake up and realize that China, Asia and Russia have almost cornered the gold market. In time, the yuan could be backed by gold and be the new world reserve currency. Huge, mind-bending events loom in the near-distance. Keep your gold. Remember, throughout history gold has gravitated towards the leading and most powerful nations.

Because most of the markets are being managed or manipulated by the various central banks, I find that it is more honest to follow the markets than to predict them…”

This is a MUST read:

http://theeconomiccollapseblog.com/archives/25-fast-facts-about-the-federal-reserve-please-share-with-everyone-you-know

I know it’s a week old, but it is a must-read.

I looked at the link cfs.
It is info that people should know, there are better explanations out there tho.
But, the more people that spread the info about the fedearal reserve the more that find out about it.

I keep hopeing that eventualy people will “clue in” and realise the federal reserve has got to go. Geez, hasnt Ron Paul said that? Maybe a few others too?

Interesting the break down of which banks got the loans, those are the banks that need to be shut down along with the federal reserve.

Anyone with an account at 1 of those banks should close it.
Anyway, that list I dont often see.

Citigroup – $2.513 trillion
Morgan Stanley – $2.041 trillion
Merrill Lynch – $1.949 trillion
Bank of America – $1.344 trillion
Barclays PLC – $868 billion
Bear Sterns – $853 billion
Goldman Sachs – $814 billion
Royal Bank of Scotland – $541 billion
JP Morgan Chase – $391 billion
Deutsche Bank – $354 billion
UBS – $287 billion
Credit Suisse – $262 billion
Lehman Brothers – $183 billion
Bank of Scotland – $181 billion
BNP Paribas – $175 billion
Wells Fargo – $159 billion
Dexia – $159 billion
Wachovia – $142 billion
Dresdner Bank – $135 billion
Societe Generale – $124 billion
“All Other Borrowers” – $2.639 trillion

Sometimes funny things happen!
I mistyped FDIC and look what I got……
http://www.ni-u.edu/prospective_students/Explore_NIU_Programs_DDASP.html
Denial and Deception Advanced Studies Program (DDASP)
The Denial and Deception (D&D) certificate program is offered in cooperation with the Foreign Denial & Deception Committee (FDDC) of the National Intelligence Council (NIC). The goal of the program is to enhance the U.S. Intelligence Community’s ability to identify and exploit foreign denial and deception activities.

Students complete four D&D graduate courses; a one-year research project or thesis; an oral defense of the research project; and, an eight-day offsite capstone exercise for certification.
The US is sponsoring deception and denial programs!

I wonder if congress-critters get free tuition there.

The other news that came out of EPA Friday is that they will essentially close all US coal mines.
If the government can’t tax businesses out of existence, they regulate them away.

Venez La Revolution….

Obamacare:
You might be interested in:
http://www.dontfundobamacare.com/

By what constitutional power does the Fed cause US citizens to be liable for these gifts to banks?
By what constitutional power does the EPA close down businesses that the Devil Incarnate dictatorially chooses to be closed down without congressional law being passed.
We live under a dictatorial tyranny determined to kill a once great country.

Wake up folks. It is rapidly becoming too late. I’m only temporarily back in the country to move out more assets.(and that is getting harder) I personally believe it is too late.

When the economy collapses, history shows society collapses. I don’t want to live under that.

NOTE:
Carbon Dioxide is NOT a pollutant under the clean air act, which authorizes EPA decisions.
(end comment.)
The Environmental Protection Agency’s second stab at a proposal to set the first-ever limits on greenhouse gas emissions from new power plants would make it impossible for companies to build the kind of coal-fired plants that have been the country’s biggest source of electricity for decades.

Under the proposal, released Friday, any new plant that runs on coal would be permitted to emit only about half as much carbon dioxide as an average coal plant puts into the air today.

EPA administrator Gina McCarthy tells NPR the steps the EPA is proposing in the rule to address climate change “can actually form the basis for a sound economy, while at the same time we can begin to tackle what is essentially the most significant public health challenge of our time.”
The gasifier facility, still under construction last year at the energy plant. Under the EPA’s proposed rules, new plants that run on coal would have to find ways to emit less than half the carbon dioxide current coal plants emit.Enlarge image
The gasifier facility, still under construction last year at the energy plant. Under the EPA’s proposed rules, new plants that run on coal would have to find ways to emit less than half the carbon dioxide current coal plants emit.
Rogelio V. Solis/AP

The gasifier facility, still under construction last year at the energy plant. Under the EPA’s proposed rules, new plants that run on coal would have to find ways to emit less than half the carbon dioxide current coal plants emit.
The EPA proposal aims to help the White House meet its plan to cut greenhouse gas emissions by attacking the largest single source in the United States: Power plants pump out 40 percent of the nation’s greenhouse gases.

The EPA’s new proposal sets a limit for future power plants of 1,000 pounds of carbon dioxide per megawatt hour for large electricity generators that are powered by natural gas. And it sets a slightly higher limit of 1,100 pounds of CO2 per megawatt hour for small natural-gas generators and for coal-fired generators.

Although the EPA says its rule is legally sound, electric utility companies are already arguing that it goes further than the law allows.

The only technologies that exist to make coal plants clean enough to meet this proposed standard, industry executives say, are far too expensive and haven’t been proved at a commercial scale. Making coal plants clean enough, they say, would add hundreds of millions of dollars to the already steep price tag of coal plants.
Expect brown-outs in a few years….

Jim Sinclair has been saying for several months that TA (Technical anaysis) of any type or form is no longer useful in the precious metal markets because they are fraudulently manipulated everyday. We just had a classic example where Gary stated a new upward cycle just started and the next day Gary said the new cycle was broken. I’m not getting on Gary’s case at all or Doc’s or Rick’s either.

What is being witnessed everyday in the PM markets and other markets shows the Federal Reserve’s (& other central banks) acts of sheer desperation.

For GOLDBUGS:

If you believe that the dollar is going to go down, as I do, then over the long-term gold WILL GO UP.
Here’s a long term dollar chart……You will be able to deduce that historically gold does go up when the dollar goes down. Kitco has long term gold charts.

http://3.bp.blogspot.com/-RiMnL7wgMK8/UjsZQGEtSTI/AAAAAAAAtHc/h5Vny2sYYBk/s1600/DXVeryLongTerm0913.PNG

If you look at this graph of CO2 and Global temperatures, you will see quite clearly the EPA,
following the behest of a really evil president has NO SCIENTIFIC justification for its edicts.
I’m sorry if you think I exaggerate in my description of this president, but you need to open your mind. How else can one describe a person, who goes against the rules of the constitution, legislation by congress, and by his actions and lack of action, could hardly find a way of destroying the economics of the USA faster.
Sorry, Big Al, but I just tell it like I see it, and try to back up with actual facts.
http://moneytalks.net/images/stories/aaaafeb17/Feb_19/feb_19/Feb19th13/Screen_shot_2013-02-19_at_1.12.18_PM.png

Below is an example of why Al Gore will not debate Global Warming.
When you argue things that are in fact lies, then you only wish to say what you say over and over until it is echoed back from the walls.
Below is a beautiful example of thought conquering a smug elitist, to wit:
http://www.youtube.com/watch?v=KFD6U8XYhRI

Dennis, I watch both your u-tube videos, but I’m still not a Christian, still not a jew, and still believe Islam is unacceptable for civilized society.
I found flaws in both the arguments of the protagonist and his opposition in the first youtube.

benb,
I agree with you that organized things tend to muck things up.
I believe that Jimmy Swaggert ant Tammie Fae Baker and whoever else marketed a prayer line into a cash flow.
I also believe in the Bible.
I am also loosing faith in a country where you cannot find my favorite book in a newer hotel room drawer.
We can find our driving beliefs in many things.
Faith is much more than belief.

Benb
fascinating:
http://www.youtube.com/watch?v=UIknACeeS0g

have come to accept that I”m spiritual but not religious.
I just find religion to dangerous of a drug.

To quote a line from Dune, “I hate to say it, but against my better judgment , I like this duke.” This is how I feel about the new pope.
http://news.yahoo.com/pope-attacks-global-economics-worshipping-god-money-100212602.html

Dennis,
The Irish-accented fellow you like to feature on your youtube posts is interest and a good talker.
However, he sets up strawmen and then knocks them down; a common fallacious debating technique.
He tells a story about a supposed physicist who believes in energy and consciousness, but, rather pathetically, cannot explain what they are.
The difference being that with both energy and consciousness you can cause measurements to be made which can determine the amount of energy or the degree of consciousness or even their presence or absence.
With deity, to the best of my knowledge, no one has devised any method which has allowed any interaction, measurement of, or measurement of presence or absence thereof.
The mere existence of the universe is not proof of god, since there is no need for that hypothesis, from any logical or scientific point of view.

Oops, interesting not interest

I follow Laplace.

Quote from the pope from the above link:

“I find suffering here … It weakens you and robs you of hope,” he said. “Excuse me if I use strong words, but where there is no work there is no dignity.”

What is the wealth of the Roman catholic church, and why is it not liable for taxation just like any big corporation?
Because it “Does charitable things” is the standard answer.
To which I respond, so does Red Cross international, but its Chairman and board of directors still pay income tax. I have never seen any mention of pope’s taxation.

The whole UCLA conversation:

http://www.youtube.com/watch?v=feqC_GNL2fw

Another from the Laugh Or Cry department:
(Not that I needed more, but this is proof that the bull market in gold has a very long way to go.)
http://www.youtube.com/watch?v=Xzt3EcIo5tk

The Eagles in Austria singing about…..I think…a girl…AKA the Debt-non-ceiling:
http://www.youtube.com/watch?v=BkIBlpVO8f4

meanwhile in Germany, Mom won.

Mom will be great until German’s demographic time bomb kicks in. Already is with the old age dependency ratio at 31% in 2010, going to 36% by 2020, 41% in 2025, and 48% in 2030.

AfD party (Alternative for Deutschland) movement catching up fast.

You know, I am really starting to enjoy reading Martin Armstrong since I discovered his site. Someone here had pointed it out once and tell the truth I had never heard of him before then. He toots his horn a lot but he also says some pretty smart things that I agree with. Today the discussion was on a study published in the Financial Analysts Journal proving gold does not really always rise during periods of inflation. Their conclusion is simply that gold rises because gold rises. Could not have said it better myself since we should all know by now that gold is purely a speculative instrument (as I keep repeating again and again). It is just a trade vehicle and a way to make a buck. You ride it up and short it down then get the hell out fo Dodge. Anyway, here is a link for those who appreciate a guy who can comfortably reason his way out of a topic that seems to confuse the heck out of most of the lovers of metals.

Martin Armstrong – Gold Does Not Rise During Times of Inflation
http://armstrongeconomics.com/2013/09/23/forbes-reveals-study-that-gold-does-not-rise-during-times-of-inflation/

Forbes: Gold: Not Much Of A Hedge For Anything, Unless You’re A Centurion
With quotes extracted from the Financial Analysts Journal:
http://www.forbes.com/sites/danielfisher/2013/08/08/gold-not-much-of-a-hedge-for-anything-unless-youre-a-centurion/

Hi Andrew, I know Frau Merkel is very pragmatic in her policies, but she is as fiscally responsible as she can be. Being from E. Germany she knows ultra socialism does not work.
So don’t you think of all Europe Germany must have the best chance of surviving the demographic time-bomb, which is going to hit most of the western world, knowing that she will see what disasters befall Japan, where it is already a factor.
Although I have lived several years in Germany, it has been a long while. I was always impressed by societal cohesion in Germany and the work ethic (especially compared to the UK, which is my baseline by which I judge things in Europe.)

As I understand it, the AFD is the equivalent of UKIP for Germany, is that correct?
I understand, it is more mainsteam, but then, Germany has had to contribute so much financial support for the PIIGS that is not surprising.
Or is the AFD more left wing?

Hi CFS. I too think our Ange is great…love her lack of sexiness, and she is very pragmatic! Of course, prior to yesterday, she wanted to get all Germans thinking everything’s great. But Germany’s recovery is fragile. Her China driven boom in machinery is faltering, her energy policy is proving prohibitively expensive, her infrastructure especially her roads apart from the autobahns is mouldering. Then there’s all the question of continuing bail-outs for Greece, etc.

I hope that Chancellor M doesn’t come unstuck in the way it did for Margaret Thatcher.

Don’t know too much about AfD. But like our UKIP here it stands to make rapid inroads into mainstream politics. UKIP’s Nigel Farage is refreshingly different if nothing else. Whether or not UKIP or AfD conceal something more sinister remains to be seen. But UKIP is already drawing to itself a good crop of young Asians.