Here's an insightful, but cynical opinion from a leftist liberal journalist. I can't say I disagree with him much.
http://www.huffingtonpost.com/robert-scheer/sigh-no-more-obama-romney_b_1941641.html
Friday, October 5, 2012
Exchange Stabilization Fund
It's time to revisit the Fed and the US Treasury's Exchange Stabilization Fund, the biggest manipulators of markets in the world. Google "Plunge Protection Team." Do you think it's all a conspiracy? Try the US Treasury's website.
http://www.treasury.gov/resource-center/international/ESF/Pages/esf-index.aspx
http://www.treasury.gov/resource-center/international/ESF/Pages/esf-index.aspx
The ESF can be used to purchase or sell foreign currencies, to hold U.S. foreign exchange and Special Drawing Rights (SDR) assets, and to provide financing to foreign governments. All operations of the ESF require the explicit authorization of the Secretary of the Treasury ("the Secretary").
The Secretary is responsible for the formulation and implementation of U.S. international monetary and financial policy, including exchange market intervention policy. The ESF helps the Secretary to carry out these responsibilities. By law, the Secretary has considerable discretion in the use of ESF resources.
The legal basis of the ESF is the Gold Reserve Act of 1934. As amended in the late 1970s, the Act provides in part that "the Department of the Treasury has a stabilization fund …Consistent with the obligations of the Government in the International Monetary Fund (IMF) on orderly exchange arrangements and an orderly system of exchange rates, the Secretary …, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities.
Turns Out Dumping 1,300 Tons Of Swiss Gold Isn't A Resume Builder After All
You gotta love the Zero Hedge guys: by exposing the truth, the rats feel compelled to cover their tracks.
http://www.zerohedge.com/news/2012-10-05/turns-out-dumping-1300-tons-swiss-gold-isnt-resume-builder-after-all
http://www.zerohedge.com/news/2012-10-05/turns-out-dumping-1300-tons-swiss-gold-isnt-resume-builder-after-all
Gold Wars revisited
http://www.goldmoney.com/gold-research/felix-moreno-de-la-cova/gold-wars-revisited.html?gmrefcode=gata
Applying these lessons to modern day Europe and the intellectual battle over the future of the euro, and it’s possible to say that the few virtues the euro still has can be abolished at the stroke of a pen by legislators and bureaucrats. Whether the euro survives a few more years or not is irrelevant: it will always be blemished by the original sin of being fiat money, imposed by decree instead of chosen by the people. Just as it was imposed by decree it will be manipulated by decree and always to serve the few at the expense of the many.
Gold is independent money. It cannot be created out of thin air, and even when it is outlawed, our rulers can never totally control it.
It is not just a philosophical matter: after the collapse of the Continental Dollar in America, the USA’s Founding Fathers learnt their lesson and enshrined gold and silver as money in the US Constitution, setting the stage for America’s development into the most prosperous and economically free country in the world by the early 20th century. Contrast this with 18th century France. After John Law's catastrophic experiment with fiat currency, France’s post-Revolution rulers again tried forcing fiat currency on the people – the ill fated assignats – leading to wars, terror, the loss of freedom and bloodshed throughout Europe.
The choice will be ours.
Thursday, October 4, 2012
Wholesale Gasoline Shortage In California Causes Gas Stations To Shut Down: Hoarding Next?
I've been warning younger generations about gas rationing in the 1970's, the so-called "even/odd" days at retail gas stations. Most are incredulous, unable to fathom something as essential as fuel could be rationed. Unfortunately, I've had to REMIND older generations about it. Funny how humans have selective memory when it involves unpleasant events.
The common denominator? The Iranian oil embargoes--only this time it's economic sanctions imposed on Iran by the US.
http://www.zerohedge.com/news/2012-10-04/wholesale-gasoline-shortage-california-causes-gas-stations-shut-down-hoarding-next
The common denominator? The Iranian oil embargoes--only this time it's economic sanctions imposed on Iran by the US.
http://www.zerohedge.com/news/2012-10-04/wholesale-gasoline-shortage-california-causes-gas-stations-shut-down-hoarding-next
China's currency foray augurs geopolitical strains
http://www.reuters.com/article/2012/10/03/us-economy-global-currencies-idUSBRE8920Q820121003
"It's our currency and your problem," U.S. Treasury Secretary John Connally famously said of the dollar in 1971.
The Scourge Of Central Banking
A big thanks to "Dio" from BORG for finding this piece.
http://seekingalpha.com/article/903891-the-scourge-of-central-banking
http://seekingalpha.com/article/903891-the-scourge-of-central-banking
Wednesday, October 3, 2012
Turkey Fires Artillery Shells Into Syria In Alleged Retaliation
Most people believe World War II started when Hitler invaded Poland. While that event did trigger a declaration of war from England and France, the invasions of Austria and Czechoslovakia were actually precursors to Poland.
Today, most people rightly assume the core source of hostility is between Israel and Iran. But there are many snowflakes which could cause the next world war avalanche. See the most recent skirmish between Turkey and Syria. Or perhaps it could be the conflicts between Japan vs. China vs. Taiwan over the Senkaku Islands. Humans have this curious innate propensity to war with our neighbors--and it's usually over real estate.
http://www.zerohedge.com/news/2012-10-03/turkey-fires-artillery-shells-syria-alleged-retaliation
Today, most people rightly assume the core source of hostility is between Israel and Iran. But there are many snowflakes which could cause the next world war avalanche. See the most recent skirmish between Turkey and Syria. Or perhaps it could be the conflicts between Japan vs. China vs. Taiwan over the Senkaku Islands. Humans have this curious innate propensity to war with our neighbors--and it's usually over real estate.
http://www.zerohedge.com/news/2012-10-03/turkey-fires-artillery-shells-syria-alleged-retaliation
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