Archive for August, 2010

No recovery until 2016

Tuesday, August 31st, 2010

Full story here from ZeroHedge. Of course, your local econo-pessimist could’ve told you this too.

Paul Farrell’s take on Jeremy Grantham’s recent essay Seven Lean Years (previously posted on Zero Hedge) is amusing in that his conclusion is that should Obama get reelected, his entire tenure will have been occupied by fixing the problems of a 30 year credit bubble, and if anything end up with the worst rating of all time, as the citizens’ anger is focused on him as the one source of all evil. ” (more…)

Interview with Catherine Austin Fitts

Monday, August 30th, 2010

Full story here. Take the time to read ALL of this– you’ll be glad you did.

Hardly another serious plague to society is associated with more hypocrisy and erroneous assumptions than the drug business. So Lars Schall talked with Catherine Austin Fitts, who explains the real deal: “It’s a very old business. It goes back to the question of how you control the most territory with the fewest players as possible.” (more…)

Gold spike weirdness

Monday, August 30th, 2010

Check this out: Gold went up to 3401.50?!?!?!?

http://finance.yahoo.com/q?s=GCU10.CMX

Gold Sep 10

(COMEX: GCU10.CMX)

Last Trade: 1,236.60
Trade Time: 2:16PM EDT
Change: Up 1.30 (0.11%)
Prev Settlement: N/A
Open: 1,237.10
Bid: 1,237.30
Ask: 1,237.40
Day’s Range: 1,234.00 -3,401.50
Volume: 0
Open Interest: N/A
Session:
Exp. Date: N/A

Chinese banker missing after $430 billion loss reported

Monday, August 30th, 2010

Full story here from ZeroHedge. See, in China there is a little accountability when you screw up to the tune of 12 digits of moolah. Of course, here in the US the guy would be voted the next Fed chairman.

Today’s stunning if true news comes from Stratfor which has just issued a blast notifying of circulating rumors “in China that People’s Bank of China (PBC) Gov. Zhou Xiaochuan may have left the country.(more…)

US Postal service quotes prices in SDRs?

Friday, August 27th, 2010

Full story here from G.Washington at ZeroHedge.

(http://pe.usps.com/text/imm/immc3_007.htm for the conversion chart)

I have repeatedly pointed out that it is possible that the IMF’s special drawing rights (SDRs) will become the world’s reserve currency. (more…)

The elites have lost the right to rule

Friday, August 27th, 2010

Full story here from ZeroHedge. And now for something completely different.

How Wall Street Died

Let me take you back to the fall of 1999.  I was a senior in college without a clue what I wanted to do with my life.  Wall Street was in a boom and seemed exciting. (more…)

Citi Says QE2 Would Be End-Game For The USD

Thursday, August 26th, 2010

Full story here from ZeroHedge. Wow, Citi speaks a word of truth. Next up, a rain of frogs, followed by dogs and cats living together.

These are not the hyperbolic ramblings of various fringe blogs who have been claiming this for over a year, these are the non-hyperbolic ruminations of Steven Englander, until recently head FX strategist at Barclays, and recently at Citi:”A second round of QE will likely put sharp downward pressure on the USD, to some degree versus the euro and other G10 currencies, with potential for a broader USD sell-off. (more…)

Intelligence Czar can waive SEC rules

Thursday, August 26th, 2010

OK, this is OLD (2006), but I can bet you dollars to donuts this will be used in 5, 4, 3, 2…remember kids, the Ponzi is in the national interest. Side note: Bammy was golfing with UBS president today. Nothing to see here!

President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye. (more…)

Dodd questions Warren’s executive experience, but no one else’s

Thursday, August 26th, 2010

Full story here from HuffPo. More obfuscating stupidity from Wall St’s favorite blow-up doll and all-around financial reptile, the not-soon-enough-to-be-ex-Senator Chris Dodd.

In questioning Elizabeth Warren’s candidacy to lead a new Consumer Financial Protection Bureau, Senate Banking Committee Chairman Christopher Dodd has repeatedly asked whether Warren possesses the appropriate management experience to lead a large federal bureaucracy.

But it’s the first time Chairman Dodd has publicly raised such an issue when it came to evaluating presidential nominees to agency positions under the banking committee’s purview. (more…)

Returning to S&P 450?

Thursday, August 26th, 2010

Full story here from ZeroHedge.

Albert Edwards, whose opinion, of all macro economists, is among the most respected by Zero Hedge staff, has just thrown down the gauntlet. In his just released piece he mocks the Black Knight, compares the market to a Polish dude with a bullet stucj in his head, makes fun of koolaid drinking permabulls, and sets his estimate for the S&P… at 450. (more…)