Daily Digest

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Daily Digest 5/1 - Gold Buyers Put On Waiting List, The Illusion Of Growth

Wednesday, May 1, 2013, 9:19 AM

Economy

For the unemployed, no reprieve on budget cuts

Starting this week, many in California collecting federal unemployment benefits will get about 17.7% less than they got last week, thanks to Washington's across-the-board budget cuts.
Those cuts -- the so-called sequester -- require that states pay out less on federal extensions of benefits, and the reduction is retroactive to March 1, when the sequester went into effect.

Moody's downgrades Slovenia to 'junk' bond rating

Moody's Investors Service cut Slovenia's government bond rating by two notches to Ba1, its highest "junk" bond rating, from Baa2 on Tuesday and said the outlook for the rating remains negative. The ratings firm cited three factors: the health of the country's banking sector, the marked deterioration of the government's finances, and uncertain funding prospects that heighten the probability that external assistance will be needed. The government had been seeking to raise cash through a bond sale, but called it off earlier Tuesday ahead of the ratings announcement.

Bad Economy Sends Spaniards Packing for Latin America

Overall, 310,000 fewer migrants went to Spain from Latin America during 2008-2010 in comparison with the previous three years. In 2011, the number of Latin Americans granted residency in Spain fell to half of the figure reported in 2007.
"Spain had a lot of people from Peru and Ecuador, but now with the crisis the Latinos who came to Spain for jobs are going back [home] ... they don't have work," Rodriguez says.

Perth Mint working flat out on weekends to satisfy gold rush

''We haven't seen levels like this since the 2008 global financial crisis,'' Mr Currie said. ''Compared to March sales, April sales have doubled or tripled.''

Gold buyers forced to go on waiting list

Investment company Physical Gold said there were waiting lists of three weeks for some coins, and four to six weeks for gold bars. "Previously all would have been available within a few days," the company said.
The company said that it had seen a 50pc increase in enquiries about purchasing gold and a 35pc increase in sales, with people buying tax-free gold coins. "We are now starting to experience physical gold shortages," said Daniel Fisher, CEO of Physical Gold.

'There will be more wealth confiscation, without a doubt'

European politicians will take the "easy option" of taking money from the rich rather than raising taxes and cutting spending to deal with the continent's debt problem, Lars Christensen, the head of Saxo Bank, said.
Asked if the raid on uninsured savings in Cyprus would be repeated, he told City AM: "There will be future bail-ins [loss of deposits] and other types of confiscation of wealth in the eurozone, without a doubt.

Canada can't account for $3.1B in anti-terror funding, AG finds (westcoastjan)

"It's a matter of missing that last link in putting that information together," he said at a news conference in Ottawa Tuesday morning. If the money was reallocated from the anti-terrorism program to another program, there should have been approval for that, he added.

"We don’t have enough information to say whether that happened," he said.

The Crash BEFORE the Climb (GE Christenson)

Markets rally, correct, rally, and correct again. Some of the corrections are so severe we call them crashes. In the big picture, it hardly matters whether the crashes were accidental, encouraged, manufactured, or all three. In the big picture, what matters are the market fundamentals. After the correction, have the fundamental drivers of the market changed?

Neil Macdonald: The illusion of growth (westcoastjan, Nervous Nelly)

The Bank of England, the most energetic money printer in the world relative to the size of the economy it serves, has printed £375 billion (roughly $576 billion US), and is probably going to print more. The Bank of Japan has just launched an aggressive money-printing program of its own, planning to double the size of its balance sheet within two years.

The Monarchs Of Money (Susan)

More Solar Workers in the U.S. than Coal Miners (James S.)

It turns out that Texas has more solar workers than ranchers, California has more solar workers than actors, and across the entire country, the 199,000 people employed by the solar sector is more than the number of coal miners.

Gold & Silver

Click to read the Gold & Silver Digest: 4/30/13

Provided daily by the Peak Prosperity Gold & Silver Group

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7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
National debt numbers

Treasury Direct link

 

The Daily History of the Debt Results

Historical returns from 04/10/2013 through 04/30/2013

The data for the total public debt outstanding is published each business day. If there is no debt value for the date(s) you requested, the value for the preceding business day will be displayed.

( Debt Held by the Public vs. Intragovernmental Holdings )

 

Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
04/10/2013 11,966,412,740,544.37 4,832,571,494,247.96 16,798,984,234,792.33
04/11/2013 11,973,457,167,619.66 4,834,609,936,524.40 16,808,067,104,144.06
04/12/2013 11,972,610,122,573.13 4,835,630,263,700.38 16,808,240,386,273.51
04/15/2013 11,949,925,556,918.45 4,851,381,930,298.11 16,801,307,487,216.56
04/16/2013 11,950,741,882,219.27 4,861,323,727,153.97 16,812,065,609,373.24
04/17/2013 11,951,382,624,833.00 4,855,887,740,074.39 16,807,270,364,907.39
04/18/2013 11,916,935,124,816.33 4,862,534,449,476.35 16,779,469,574,292.68
04/19/2013 11,917,014,399,413.45 4,864,953,302,991.92 16,781,967,702,405.37
04/22/2013 11,917,551,034,088.30 4,869,900,084,059.02 16,787,451,118,147.32
04/23/2013 11,919,663,839,494.38 4,879,288,760,461.21 16,798,952,599,955.59
04/24/2013 11,920,312,314,073.28 4,874,037,513,824.02 16,794,349,827,897.30
04/25/2013 11,882,018,443,343.86 4,876,088,638,954.77 16,758,107,082,298.63
04/26/2013 11,882,358,300,866.68 4,874,286,092,840.37 16,756,644,393,707.05
04/29/2013 11,883,187,129,042.84 4,874,981,100,337.37 16,758,168,229,380.21
04/30/2013 11,943,148,398,205.65 4,885,697,098,978.25 16,828,845,497,183.90

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Nicole Foss and the Wizard in Oz.

As a veteran autodiadact of the collapse sceanario Nicole's seminar held few suprises. She said that the QE program printing was A) minute in comparison to the debt load and B) Tokenism. (my word) in that the FED is spining their wheels. The money printed is lent back to themselves. 

I think that the Wizard of Oz is putting on a grand magic show. Picture plucking coins from behind the Rubes ear.

She said that "Buy-In" legislation has already been passed in Canada and the USA. (Buy-In is a euphamism for confiscation of your bank deposits. Make of that what you will)

My advanced apologies for any misrepresentation, Nicole.

There were about 150 people there. I did not count.

We were warned not to emphasise the negative aspects of our predicament by two other activists, because they want to motivate the population politically.

I consider that Mr Darwin is going to need volunteers and I nominate domesticated, infantile adults so therefore when I got the mike I took the gloves off.

The only ways we are going to mitigate the great die off is;

A) Cold Fusion enables us to continue to convert 10 units of input energy on the farm into 1 unit of food energy,

B) The right to give life is removed,

C) We lift the population off the planet. (Please don't whine about it being too hard. You ain't seen nothing yet, You don't know the meaning of hard.)

I got no standing ovation. Just silence.

Oh. And Australia has no get-out-of jail free card.

AKGrannyWGrit's picture
AKGrannyWGrit
Status: Gold Member (Offline)
Joined: Feb 6 2011
Posts: 433
Arthur

You gave us a chuckle! Don't quit your day job to run for politics, honesty and bluntness won't win out over ignorant bliss. Thanks for sharing.

AK Granny

"some folks are wise, some are otherwise"

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1763
Arthur, So sorry I missed your talk

I sure agree with AK Granny.  That is too funny.  I can just imagine the stunned silence.

But I'm starting to appreciate some of what you are talking about, especially the population problem.  It is hard to talk about as this topic has been so abused: "My group wants your group to not have babies" and its variant "Now that I have had my children I want everyone to stop reproducing."  But where on earth will 9 billion people live in small self sufficient farms and small town?  We are going to have some serious problems around this issue.

I'm attending the opening night of movie by a guy that I know, a fellow ER doctor from North Carolina, named Steven Greer.  It is called "Sirius."  He has a very different viewpoint that overlaps with some things you mention (A and C).  Though I don't have enough information to evaluate his information per se,  I have a sense of him as a person, and he seems to be a straight shooter and my impression is to trust him.  We'll see.

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2379
Thanks Arthur

for the blow-by-blow and for invoking Dr. Darwin, who I expect will come to call at some point like you say.

As for Nicole.. here is where I really have a differing view regarding your recounting of her position;

B) Tokenism. (my word) in that the FED is spinning their wheels. The money printed is lent back to themselves.

When we are in a mode of deficit spending in the US to the tune of > $1T annually, or, stated differently, about 40 cents on every dollar spent, or stated yet differently, about 6% of the entire country's GDP... I find it hard to describe that as a token amount.  It is not.  The $85 billion monthly that the FED creates is NOT just being lent back to itself... sure, the debt instruments are ending up back on the FED's balance sheet.. but the money that was created in the process has flowed into the economy.  The FED is enabling this spending.. and the spending is distortive.  The Government, enabled by the FED printing, is the spender of last resort in terms of keeping the whole ponzi going.  As well, the most recent FED statement from yesterday indicated what?

 "the Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes."

So now they are admitting that they are prepared to increase purchases, aka unsterilized new money creation, from here.  Nicole says they will stop.. but they are saying they won't.  

Here is the US-led Ponzi, as I have come to understand it over the last few years;

1)  Money is Debt.. this has certain implications....

2)  Since Debt based money creates the principle, but not the interest needed to pay back principle +  interest, the overall money system becomes dynamically unstable rather quickly if it is not in a state of perpetual, exponential growth.. and deflation (not enough money in the system) is especially painful to the banks.

3)  The rule then in the modern era of FED controlled banking is simple;  there shall be no deflation.  This is clearly shown in the chart at this link;

  http://www.advisorperspectives.com/dshort/updates/Inflation-Since-1872.php

4)  In this context it is easy to understand the seeming contradition between the FED's mandate of price stability, while at the same time targeting long run inflation of something like 1.5 - 2%.  

5)  In the absence of successful bubble blowing since about 2008 (though there are some signs of US housing reflation now) it's time to pull out unsual tools in order to keep the money system expanding.. thus QEI, and II, and finally QE infinity, and now the possibility of increasing the pace of purchases of QE inifinity.  I have explained above why QE is a big deal in simple to understand terms relative to our deficit and GDP, etc.  QE is not token.. it is filling a very, very big $1T hole.    

The only place I think Nicole's deflationary scenario, with associated bail-in's, seems to be playing out is Europe, especially following Dragi's comments this morning;

http://www.zerohedge.com/news/2013-05-02/chopper-envy-mario-draghi-bashe...

DRAGHI SAYS ECB DOESN'T GO AROUND WITH HELICOPTER MONEY

 

 

        

Nervous Nelly's picture
Nervous Nelly
Status: Silver Member (Offline)
Joined: Nov 23 2011
Posts: 209
Nicole Foss

Let me thank you for mentioning Nicole Foss  last week.  I'm hooked line and sinker. Extremely intellegent and able to articulate on all fronts. Type Nicole Foss on Youtube. Incredibile lady.

I hope they taped that session Arthur .... We might hear the silence after your A,B,C solutions. wink

I also found a 7 part talk on Youtube with Derrick Jenson on his books the Endgame. His talk is an eye opener on collapse and sustainability.

 

I'll buy the 2 books "End Game"

Sonya

 

 

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