To be fair, many metal mavens have defended their gold holdings based upon the debasement of global currencies, especially the US dollar, at the hands of loose central bank policies that will ultimately breed inflation; something which thus far has not occurred.
And according to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”. So why is the Federal Reserve doing it? Sadly, this is the way it works all over the globe today. In fact, all 187 nations that belong to the IMF have a central bank. But the truth is that there are much better alternatives. We just need to get people educated.
Germans splurge on Italian homes locals can’t afford (westcoastjan)
Foreign investment in Italian holiday properties is rising as Germans, Britons and Russians take advantage of a market where locals are struggling to purchase even a first home. Residential sales in the country dropped almost 26% last year amid a plunge in mortgage lending, almost two years of recession, and uncertainty surrounding a new tax on primary residences.
India’s new China war (westcoastjan)
The incursion comes as Beijing is on an imperialist expansion kick. It is already embroiled in territorial disputes with neighbours like Japan and the Philippines over islands, and mineral and fishing rights. It recently started cruises to to the Paracel Islands, which is claimed by Vietnam.
No Bank Deposits Will Be Spared from Confiscation (westcoastjan)
Let me use another analogy. If a cashier in a supermarket removes $100 from the till on Friday to have a frolic on Saturday, he has committed theft, even though he may replace the $100 on Monday without the knowledge of the owner / manager of the supermarket. The $100 the cashier stole on Friday is also indistinguishable from the $100 he put back in the till on Monday. In both situations – the wheat in the warehouse and the $100 dollar bill in the till, which have been unlawfully misappropriated would constitute a crime.
Instead, gold fell. In 2008, as today, the same hands were on the scale forcing the price of gold lower. In the fall of 2007, gold had rise from $680 to $1,033, An astounding 51.9 % increase. This is exactly what the paper money cabal feared most, a concomitant rise in the price of gold during a period of extreme financial stress.
Everybody Lives in Asia (Amanda)
We had an approximately 200-year span in which an enormous amount of economic growth and geopolitical influence were located in Western Europe and its colonies in North America, but it’s still the case that people mostly live in Asia. So now that all the countries inside the circle are politically independent and only a handful of them are still governed by totally insane ideologies, we should expect most of the action to happen where most of the people are. That means most of the manufacturing, but also most of the innovation and most of the popular culture. Both the producers and consumers of everything live over there. Bad government inside the circle can stall the catch-up process, but outsiders can’t force Asian countries to be poorly governed.
That average student loan balance for a 25-year-old is $20,326, according to the Federal Reserve of New York. Student debt is second largest source of U.S. household debt, after only mortgages.
Sea Of Money (Ilene)
“Overall, the TBAC sees a net paydown of $21 billion from now through the end of the second quarter. That’s a far more bullish forecast than they had in February for this period when they were expecting that the Treasury would need to raise cash from net new supply of $83 billion from now until the end of the quarter. That’s a positive swing of $104 billion from the last quarterly TBAC update until the one just released at the beginning of May.”
Why we all need the middle classes (Nervous Nelly)
As for my children, I can’t see how they will ever own or rent a house in London (and house price inflation also pushes up rents). Nor is it just London: if average UK house prices rise in the next three decades as they did like the last, the average house will be worth £1.2m, and my children will have to be on salaries of £300,000 to afford their own vast mortgage shackles.
The Michigan Department of Education is withholding state aid payments for a minimum of April, May and June because the district took $401,962.51 to educate students from the Wolverine Secure Treatment Center who no longer attend the district.
Gold and Silver: Sentiment Reversal is Inevitable (GE Christenson)
When we begin the sentiment indicator discussion we will look at charts of the put/call volume ratio (options) of SPDR’s Gold Trust ETF (GLD) and iShares Silver Trust ETF (SLV), then examine Hulbert’s Gold Sentiment Index, followed by the Blees Rating, then gold’s Commercial and Non-Reportable (futures) traders positioning detailed in the most recent Commitment of Traders Report (COT) from the CFTC, and conclude with a daily gold futures price chart that includes the corresponding readings of the Ulcer Index indicator.
Downloads for 3D-printed Liberator gun reach 100,000 (westcoastjan)
“I plan to introduce legislation that will ensure public safety and stop the manufacturing of guns that are invisible to metal detectors and that can be easily made without a background check,” he said in a statement.
According to Defense Distributed, most of the 100,000 downloads have been in the US, followed by Spain, Brazil, Germany and the UK.
While the government tries to stop potential leaks, the newly obtained government documents reveal that the Department of Foreign Affairs and International Trade has established a secret insider group with some companies and industry associations granted access to consultations as well as opportunities to learn more about the agreement and Canada’s negotiating position.
As part of the Stones project, Shell will construct a floating production, storage, and offloading vessel and subsea infrastructure. The field is located in waters 9,500 feet (2,896 meters) deep about 200 miles southwest of New Orleans, Louisiana.
JP Morgan: A New Type of Dirty Energy (James S.)
After all, it’s not the first time this has happened to California: The state’s 2000-2001 energy crisis and ensuing blackouts were the result of market manipulation for which it is still attempting to get its money back. That crisis was on Enron Corp., which manipulated the energy market and hid the evidence in some convenient accounting loopholes. It filed for bankruptcy in December 2001, its CEO, Jeff Skilling , was convicted of fraud in 2006 and sentenced to 24 years in prison. It was this scandal that empowered FERC to take more serious action against market manipulators.
Statistics Canada says its price index for new houses rose 0.1% in March, after a 0.2% increase in February. The agency says month-over-month gains in the index have ranged from 0.1% to 0.3% for the last 12 months. For the second month in a row, the largest monthly advance occurred in Regina, where prices were up 0.7%. However, Calgary, where prices were up 0.3%, was the top overall contributor to the March advance.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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