Friday, May 28, 2010
The latest EU and IMF package of $1 TRILLION (Euro 750 billion) is yet another futile attempt by governments to abolish poverty by printing paper. Let’s be absolutely clear, this money does not exist and the EU governments are hoping by declaring such a large amount that they can con the Wolfpack speculators. At this point the EU has just picked a large round figure out of the air. But when their bluff is called by the Wolfpack and the next attack happens, EU governments will after initial huffing and puffing start printing unlimited amounts of paper.
So the world is now on its road to ruin and there is no action, no leader and no new amount of printed money that can save the world or prevent a hyperinflationary depression. (more)
Lending at interest (usury) is the bane of our era, the highest crime of the ages, condemned by prophets, regulated by God, and ignored by modern man. God said no usury, unless you loan to other nations, but every seventh year is supposed to be a time of debt forgiveness, thus, it's a plan to teach the nations about God, yet abused instead to enslave people into perpetual bondage. Usurers want the whole earth, plus 6%! Lending is not so much a problem as is the interest! When gold is money, gold grows more valuable over time, so "increase" is built in!
The Big Picture for Silver.
No nation on earth uses silver or gold as a circulating medium of exchange, or common currency. (more)
But the upward momentum has suddenly slowed. Though metals recovered some of their value this week, prices have generally dropped for the past several weeks due to uncertainties over the yuan in China and sovereign debt in Greece and throughout Europe. (more)
Although we have seen stocks jump around the past few days precious metals have held strong with very little volatility. This is because of the economic fears looming for the US and other countries of possible financial collapse. This fear is helping to boost gold and silver prices because they are seen as the safe haven. Also we are seeing money move in the US dollar because the country is still seen as a leader in many ways helping to boost the US dollar. (more)
He forecasts the currency will appreciate by about 10 percent, to $1.35, in the next three to six months, as investors come to realize the United States has a debt crisis just like Europe.
All the talk about the euro quickly dropping to $1 is unrealistic, O’Neill says.
“That’s 21 to 22 percent away. That’s huge move,” he told Bloomberg. (more)
“I think we’re going to have a big pop to the upside in the next couple of days,” Biggs says.
“I wouldn’t be surprised to see us go to a new recovery high, just to make everybody squirm,” he says.
“I think [stocks are] going to stabilize in this general area, and then we’re going to have a significant move to the upside,” he told Bloomberg. (more)
The Treasury Department did not immediately return a request from ABC News for comment.
Senate Minority Leader Mitch McConnell , R-Ky., wasted no time in sounding an alarm about the new debt milestone. In a statement released today, McConnell cited the debt in his criticism of what's called the tax extenders bill, which would extend unemployment benefits and the amount of time unemployed workers could stay on their group health plan through COBRA, as well as certain tax cuts. McConnell said the bill would cost $130 billion. (more)
Mervyn King, the Bank of England Governor, summed it up best: "Dealing with a banking crisis was difficult enough," he said the other week, "but at least there were public-sector balance sheets on to which the problems could be moved. Once you move into sovereign debt, there is no answer; there's no backstop."
In other words, were this a computer game, the politicians would be down to their last life. Any mistake now and it really is Game Over. Or to pick a slightly more traditional game, it is rather like a session of pass-the-parcel which is fast approaching the end of the line. (more)
The bankster operative who helped destroy Glass-Steagall is back.
Larry Summers, Obama’s top economic adviser, has told Congress to “grit its teeth” and approve a fresh fiscal boost of $200 billion to keep growth on track, reports the Daily Telegraph. “We are nearly 8m jobs short of normal employment. For millions of Americans the economic emergency grinds on,” he said.
The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the stimulus boondoggle. (more)