LIR � 40 Years "Trapped" in a Fiat.

Baltic Dry Index. 1287 +10 LIR Gold Target by 2019: $30,000. Revised due to QE programs. Until 1971 under the Bretton Woods Agreement, should the US government or Federal Reserve Board take leave of their senses and embark on a series of aberrant policies, other countries could exchange their accumulated dollars for gold at the fixed exchange rate. By this dollar-gold link, profligate politicians and unsound policies would be curbed and freedoms for all upheld. Unsound At Any Price. Ricardo Smith. 1995. Forty years ago today, President Nixon and his �top brains� were in Camp David and in a

LIR Europe in Chaos.

Baltic Dry Index. 1277 +12 LIR Gold Target by 2019: $30,000. Revised due to QE programs. When it becomes serious, you have to lie Jean-Claude Juncker. Luxembourg Prime Minister and president of the Euro Group of Finance Ministers. Confessed liar. After a week of rumor and chaos in Europes banking sector, we finish out the week by focusing on Chaotic Europe. While London tries to recover from 4 days of violent senseless rioting and arson, Europe is busy pretending that all is well in its banking sector. So well in fact, that Belgium, France, Italy and Spain banned short

The Great Credit "Contraction"

Any further QE easing within the great credit contraction will not work, the Fed is now out of bullets and is wasting precious capital into asset inflation. What is required is not more capital, but economic multipliers that grow the economy and a bailout of consumers....This will not occur until the next recession is quite evident... Capital is not the problem. Unless the UK, Europe, and the US resort to these real economic multipliers, we are in a perpetual global economic decline, accelerating the �great credit contraction� and debt deflation.

LIR Success, Fed Style.

Baltic Dry Index. 1265 +08 LIR Gold Target by 2019: $30,000. Revised due to QE programs. The Federal Reserves responsibility is to make sure that the institutions it regulates have good systems and good procedures for ensuring that their derivatives portfolios are well managed and do not create excessive risk in their institutions. Dr. B. Bernanke. November 2005. Yesterday the Bernanke bounce ran straight into Northern Rock part two, as the wheels came flying off the EU and Americas banking sectors once more. Which bank is safe and which headed into bankings hall of infamy? In America rumors swirls

LIR The Dead Cat Bounce.

Baltic Dry Index. 1257 -07 LIR Gold Target by 2019: $30,000. Revised due to QE programs. In reading the history of nations, we find that, like individuals, they have their whims and their peculiarities; their seasons of excitement and recklessness, when they care not what they do. We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first. Charles Mackay. Extraordinary Delusions the Madness

LIR Crash and Burn.

Baltic Dry Index. 1264 -04 LIR Gold Target by 2019: $30,000. Revised due to QE programs. The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry in this dismal register. Hans F. Sennholz For more on Londons burning scroll down to Crooks and Scoundrels Corner. It has been a long time coming, the crash of the world of fiat currency. The crash of the world of Bubbles Greenspan. The crash of the world of Bernanke, Geithner, Ebenezer Squid and rampant Wall Street fraud. For now, its

LIR The World Turned Upside Down.

Baltic Dry Index. 1268 Unch. LIR Gold Target by 2019: $30,000. Revised due to QE programs. Investors should be cautiously positioned as the global economy and markets face major uncertainties. The downgrade will be a further headwind to growth and job creation in the U.S. Mohamed El-Erian. CEO Pacific Investment Management Co. Our world has changed, following the events of the last few weeks, culminating in SPs downgrade on Friday of the USAs debt. Americas politicians disgracefully failed the American public, leading to the debt downgrade. Eurolands politicians abjectly failed to resolve the growing contagion problem stemming from the

Tracy Weslosky Interviews David Morgan on the Currency Market, the Market 'Correction' & Gold/Silver

August 5, 2011 -- This week on CurrencyCountdown.com, Tracy Weslosky CEO for Pro-edge Consultants Inc. interviews David Morgan of Silver-Investor.com and starts her questions on the unusual activity in the currency market. Citing the Australian 29 year high, David discusses the market correction and Tracy describes the differences between this week and 2008 and references investors who are buying; while David describes the benefits of gold and silver to safeguard ones self in a downward market.

LIR ECB President Triggers Panic.

Baltic Dry Index. 1268 +08 LIR Gold Target by 2019: $30,000. Revised due to QE programs. There can be few fields of human endeavour in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present. J. K. Galbraith Yesterday, Black Thursday, the 97th anniversary of when Great Britain declared war on Kaiser Bills German Empire for invading Belgium in 1914, the High

Dow Tumbles 500 Points, Putting It in Red for Year

August 4, 2011 (Source: WSJ) -- U.S. stocks plunged in the biggest selloff since the financial crisis, driving the Dow Jones Industrial Average down more than 500 points, as investors appeared to lose faith in the ability of the worlds policy makers to revive the global economy and stave off a rolling debt crisis in Europe. The Dow cascaded lower throughout the session. It finished just off the lows with a 512.76-point decline, or 4.31%, to 11383.68, erasing all its gains for 2011. The slump of the past few weeks has driven the Dow down more than 10% from

LIR The Wages of Sin.

Baltic Dry Index. 1260 +07 LIR Gold Target by 2019: $30,000. Revised due to QE programs. It is evident that we will be going into another recession with the levels of output, employment and income all lower now than they were prior to the last contraction phase. David Rosenberg. For more on the wages of sin, scroll down to Crooks and Scoundrels Corner, and the sad case of the Macaroni Parson 1777. Uncle Sam and Club Med take note. The European and American economies are now slowing noticeably, adding to the problems of bankrupt Club Med, plus Belgium and

LIR Europes Cream.

Baltic Dry Index. 1253 -03 LIR Gold Target by 2019: $30,000. Revised due to QE programs. Things are seldom what they seem, Skim milk masquerades as cream; Highlows pass as patent leathers; Jackdaws strut in peacocks feathers With Uncle Sam in rehab, promising to reform his ways, give up booze and drugs by November, and generally become a good world citizen again, the bond vigilantes switched their attention to the continent made for tanks. But first this. Rattled by the prospect of the worlds only fiat reserve currency still flirting with monetary suicide, South Koreas government has started hedging

CurrencyCountdown Video: Tracy Weslosky Interviews Byron King on US Debt, Dollar & Investor Survival

CurrencyCountdown: Pro-edge Consultants CEO Tracy Weslosky Interviews Agora Financial Energy and Minerals Analyst Byron King on US Debt, Gold and Silver futures, Resource Investing, Energy and Fuel Development, Investor Survival Tips, and more.Energy development in the US is one of the quickest ways to create jobs, create prosperity, creative capital development all through the economy. - Byron King

LIR Rehab.

Baltic Dry Index. 1256 -08 LIR Gold Target by 2019: $30,000. Revised due to QE programs. Look! Weve figured it seventeen different ways, and every time we figured it, it was no good, because no matter how we figured it, somebody dont like the way we figured it! So now, theres only one way to figure it. And that is, every man, including the old bag lady of Threadneedle Street, for himself! Uncle Sam. With apologies to Its a Mad Mad Mad Mad World. Day one of America in rehab and on the straight and narrow. Yet nothing seems

LIR America Saved, Saved!!!

Baltic Dry Index. 1264 -14 LIR Gold Target by 2019: $30,000. Revised due to QE programs. US bonds are not safe, but people think they are. That is a mirage. Yu Yongding. Former adviser to the Chinese central bank. Breakout the Dom Perignon, call up the Savoy Grill. Its time to all go out spending again. Once upon a time in America, well yesterday, Americas Fairy Godmother finally showed up and with a wave of her magic wand and some Pixie Dust, turned Messrs Obama, Boehner, and Reid, into the best of friends and the new three musketeers who

LIR 4 Days to Save America!

Baltic Dry Index. 1278 -18 LIR Gold Target by 2019: $30,000. Revised due to QE programs. When it becomes serious, you have to lie Jean-Claude Juncker. Luxembourg Prime Minister and president of the Euro Group of Finance Ministers. Confessed liar. In Washington, the great political crisis that threatens to plunge the world economy into deep recession if not depression, goes from bad to worse. The Republican party seems to have split into two, making compromise all but impossible. Belatedly, banks and pension funds are scrambling to come up with policies on what to do if the unthinkable happens, and

LIR 5 Days to Save America.

Baltic Dry Index. 1296 -14 LIR Gold Target by 2019: $30,000. Revised due to QE programs. There can be few fields of human endeavour in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present. J. K. Galbraith Yet another wasted day. In America, the civil war in Washington gets more uncivil by the day. Stock markets are just beginning to wake

LIR 6 Days to Save America.

Baltic Dry Index. 1310 -07 LIR Gold Target by 2019: $30,000. Revised due to QE programs. Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money. Daniel Webster Same old story again today, can America be saved from its warring politicians? With just six days to go before either the US defaults on either its interest payments or entitlement payments, or the president declares the debt ceiling moot and forces the issue up to the US Supreme Court, complacency vies with apathy at present, with

The End of the Supercycle

What we are witnessing in Europe and what will eventually be arriving in the rest of the world is the end of the supercycle of debt. In other words it is the end of our ability to create money and/or print our way out of this. While many are calling for hyperinflation, the eventual answer to this possibility lies within the power of the 88 trillion dollar bond market. As we are witnessing in Europe, the ability to create credit is shrinking. As assets continue to fall, banks fail, and bailouts use precious capital to support insolvent countries or

LIR 7 Days to Save America.

Baltic Dry Index. 1317 -06 LIR Gold Target by 2019: $30,000. Revised due to QE programs. The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money. Adam Smith Another wasted day in Americas suicidal march towards a debt default. As is mentioned in one of the articles below, come August 3rd, the US Treasury will be down to just $30 billion left but facing a payment that date of $32 billion. Thereafter each day quickly adds to the problem. No other sovereign nation imposes

LIR Eight Days to Save America.

Baltic Dry Index. 1323 -02 LIR Gold Target by 2019: $30,000. Revised due to QE programs. America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves. Abraham Lincoln. Batten down the hatches, get into the bunker fast, shed all unnecessary risk, Americas politicians are putting party politics ahead of national self interest. While its still more likely than not that a last minute deal will be done to keep the US government paying its bills legally, if a deal isnt done or a meaningless deal is done

LIR Were Saved, Saved!!!

Baltic Dry Index. 1325 -03 LIR Gold Target by 2019: $30,000. Revised due to QE programs. The paper standard is self-destructive. Hans F. Sennholz Break out the ouzo, crank up the gyros, pass round the dolmadakia, Eurolands great horde of leaders, came, saw, and were conquered by the might of France. Some 80+ million Germans have agreed to work harder for longer, and for less future wealth, all to save the unloved fiat euro currency for a few weeks more until the next euro crisis hits, probably sometime after the Great Leaders summer holidays. Sarkys man in Germany, the

LIR The Day The Euro Died?

Baltic Dry Index. 1328 -02 LIR Gold Target by 2019: $30,000. Revised due to QE programs. Leaders need to come to the table saying what they can do and what they want to do and what they will do. Not what they cant do and wont do. This is what I ask from them. Jos Manuel Barroso. EU President. It is high noon for the Lords of the Universe, Bilderberger United States of Europe project. Either the Germans cave in and agree to a fiscal union, ludicrously agreeing to subsidise Italy and Greece forever, or at least until they

LIR 48 Hours to Save the Euro.

Baltic Dry Index. 1330 -10 LIR Gold Target by 2019: $30,000. Revised due to QE programs. The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry in this dismal register. Hans F. Sennholz While America indulges itself in a slow motion suicide for the right to win the next US presidential election, Euroland has embarked on a much faster version of achieving the same end. Tomorrow Euroland meets to try to save Greece from itself, and to persuade the Germans to save the Euro via a

Yuan watch: the trend to internationalization

Little by little, the Chinese yuan is moving international. While the advances are small, each development will fuel speculation about the future of the U.S. dollar as the worlds sole reserve currency. But is also pays not to get ahead of ourselves: remember that just a few years ago the Middle East members of OPEC were raising the prospect of pricing oil in euros rather than dollars. Were still waiting. And we cant underestimate what The Wall Street Journal recently called the fundamental contradiction at the heart of Beijings plans: the Chinese authorities want to keep a tight grip

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