Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Bank of England readies plan for Euro collapse - Telegraph

Bank of England readies plan for Euro collapse - Telegraph | Gold and What Moves it. | Scoop.it
The Bank of England is poised to cut interest rates or launch another round of quantitative easing if the euro collapses, it has emerged.

 

by Robert Winnett:

 

"A senior official for the Bank said the measures would “again play [their] part in mitigating the impact” of Greece or other countries leaving the single currency.

 

"The comments come after the head of the IMF suggested last week that British interest rates may have to be cut to zero if the economic situation deteriorates.

 

"The Bank has already completed a quantitative easing programme, effectively printing more money, worth £325 billion and this may be extended again.

 

"David Cameron hosted a meeting with Sir Mervyn King, Governor of the Bank; Lord Turner, the chairman of the Financial Services Authority; and the Chancellor, to discuss contingency plans to deal with the collapse of the euro..."

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Germany Has A Generous Proposal To The Broke PIIGS: "Cash For Gold" | ZeroHedge

Germany Has A Generous Proposal To The Broke PIIGS: "Cash For Gold" | ZeroHedge | Gold and What Moves it. | Scoop.it
Back in February, as part of the latest Greek bailout of European banks, we noted that the most subversive part of the German-led proposal was nothing short of a gold confiscation scheme.the European bailout of Greece, is now formally a Greek...

 

by Tyler Durden:

 

"...Today, courtesy of The Telegraph, we learn that Germany is quietly reminding the world that the stealthy, but voluntary, accumulation of gold is what it is all about. As part of a renewed push for quasi-Federalism, whereby Germany would fund a "European Redemption Pact", in which Berlin would, in the form of Germany-backed joint bonds, be responsible for any sovereign debt over the 60% Maastrtich limit, but with a big catch. The catch is that "a key motive is to relieve the European Central Bank of its duties as chief fire-fighter. "We have got to get the ECB out of the game of distributing money, and separate fiscal and monetary policy. Germany has only two votes on the ECB Council and has no way to control consolidation," he said. Germany would have a lockhold over the fund, able to enforce discipline. Each state would have to pledge 20pc of their debt as collateral. "The assets could be taken from the country’s currency and gold reserves. The collateral nominated would only be used in the event that a country does not meet its payment obligations," said the proposal.

 

"In other words: a perfectly legitimate, and fully voluntary scheme in which sovereign gold is pledged to a German "pawn broker" until such time as the joint bonds are extinguished, and if for some "unpredictable" reason, a country fails to meet its obligations, read defaults, all the pledged gold goes to Germany!..."

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Warning: "The Great Bank Run Is Coming" - TrimTabs Money Blog | TrimTabs Money Blog

Warning: "The Great Bank Run Is Coming" - TrimTabs Money Blog | TrimTabs Money Blog | Gold and What Moves it. | Scoop.it
By Dan Dorfman Dorfman

 

"...The Bank For International Settlements estimates that U.S. banks have loaned $96.8 billion to the weakest Euro countries, along with an additional $275.8 billion to German and French banks.

 

"According to the Organization for Economic Cooperation and Development (OCED), the banking crisis will spread from Europe to the rest of the world, just like the U.S. credit crisis did a few years ago.

 

"Meanwhile, the European banking mess is already prompting mounting concern. The Institute of International Finance, for example, recently warned that Spanish banks alone now face total losses of up to $260 billion, while Moody’s has chopped its ratings on 16 Spanish banks. It also cut its ratings earlier this month on 26 Italian banks.

At the moment, no one of any stature is suggesting we pull our money out of U.S. banks, as was the case during the

 

"Great Depression of 1929-1933, and hide it under the mattress. Far from it. But given our rapidly mounting debt crisis with no meaningful Washington fix in sight, questions about the stability of some of the major U.S. banks and the inherent risks in our banks’ non-banking operations, such as seen in the recent multi-billion trading loss in derivatives suffered by JPMorgan, the financial sector understandably is becoming a matter of growing investor concern..."

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Ohio Man Crashes Truck Into Taco Bell After His Drive-Thru Order Is Short One 99-Cent Taco

Ohio Man Crashes Truck Into Taco Bell After His Drive-Thru Order Is Short One 99-Cent Taco | Gold and What Moves it. | Scoop.it
Today’s instance of drive-thru rage comes from Huber Heights, Ohio, where a 23-year-old man allegedly crashed his truck into a Taco Bell after he “did not get one of the tacos he ordered,” according...

 

more and more people are losing it.

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Three More Spanish Banks In Merger Talks

Three More Spanish Banks In Merger Talks | Gold and What Moves it. | Scoop.it

by Oliver Tree:

 

"Three of Spain's ailing regional banks are in talks about a possible merger, as the lenders struggle to cope with billions of euros in bad property debt.

 

"Liberbank, Ibercaja and Caja 3, who together hold toxic real estate assets valued at around €11.8 billion ($14.8 billion), are at an advanced stage of merger negotiations, according to a source quoted by Reuters.

 

"The merger talks come after Spain's second largest bank, Bankia, asked the government for €19 billion in bailout funds on Friday, fuelling speculation the country will soon have to approach international lenders for a much larger bailout amidst worsening finances and a sinking economy..."

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China's biggest bank wants to get into gold leasing | Gold Anti-Trust Action Committee

China's biggest bank wants to get into gold leasing | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"SHANGHAI -- Industrial and Commercial Bank of China Ltd is seeking membership of overseas exchanges and aims to become a major global bullion market maker, a senior executive said on Monday.

 

"The world's biggest bank by market value, ICBC is the top player by volume on China's gold and futures exchanges, but its participation in foreign markets is limited to over-the-counter trading, which reached a total $90 billion last year.

 

"Emboldened by Beijing's ambitions to have a bigger say in global commodity prices, ICBC now has an eye on bourses such as COMEX and on joining the 11 market makers of the London Bullion Market Association (LBMA).

 

"These quote continuous two-way bid and offer prices for gold, silver, platinum, and palladium throughout the London day, providing a liquid market in which to trade.

 

"We hope to play a bigger role in the global precious metals market and become a major market maker, like Barclays," Shen Shisheng, ICBC vice-general manager of financial markets, told Reuters on the sidelines of a conference in Shanghai.

 

"Barclays Capital is among the gold fixing members on the LBMA..."

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Greyerz - $100 Trillion+ to be Printed, Expect Capital Controls

Greyerz - $100 Trillion+ to be Printed, Expect Capital Controls | Gold and What Moves it. | Scoop.it

Today Egon von Greyerz told King World News, “The tens of trillions of dollars that needs to be printed is without derivatives. With derivatives we are talking about hundred of trillions of dollars that may need to be printed.” Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said, “We will have exchange controls in virtually every country. I can see this coming to the US in the next year or two.” But first, here is what Greyerz had to say about what is happening in Europe: “The bail out for Spain’s Bankia is now up to $25 billion in refinancing requirements, but that’s just the beginning. We’re looking at country after country here where the dominos are falling. The refinancing requirements worldwide are getting astronomical, and they will escalate at a faster rate.”

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Escape From New York? High-Taxing Empire State Loses 3.4 Million Residents in 10 Years | CNSNews.com

Escape From New York? High-Taxing Empire State Loses 3.4 Million Residents in 10 Years | CNSNews.com | Gold and What Moves it. | Scoop.it

by Elizabeth Harrington:

 

(CNSNews.com)- "New York State accounted for the biggest migration exodus of any state in the nation between 2000 and 2010, with 3.4 million residents leaving over that period, according to the Tax Foundation.

 

"Over that decade the state gained 2.1 million, so net migration amounted to 1.3 million, representing a loss of $45.6 billion in income.

 

"Where are they escaping to? The Tax Foundation found that more than 600,000 New York residents moved to Florida over the decade – opting perhaps for the Sunshine State’s more lenient tax system – taking nearly $20 billion in adjusted growth income with them.

 

"Over that same time period, 208,794 Pennsylvanians moved to Florida, taking $8 billion in income..."

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The Golden Constant - Casey Research

Though gold is currently one of the most unloved sectors, David Galland discusses why it still looks really good compared to other commodities.

 

"...Gold. In the context of its secular bull market, and given that absolutely nothing has gotten better about the sovereign debt crisis – only worse – gold's correction is nothing to be concerned about.

 

"I know the technical types will point to levels such as $1,540 as important resistance points – and there's no question that if gold was to break decisively below that level, and especially below $1,500 – that a lot of autopilot trades would kick in and put further pressure on gold.

 

"Yet, when you view the market through the lens of hard realities, which is to say, by focusing on the intractable mess the sovereigns have gotten the world into… in Europe, in Japan, in China and here in the US… then viewing gold at these levels as anything other than an opportunity is a mistake..."

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Investors Are Unprepared For The Coming Detour

Investors Are Unprepared For The Coming Detour | Gold and What Moves it. | Scoop.it

Robert Fitzwilson tells King World News:

 

"Since early 2009, we predicted that the central banks of the world would engage in massive printing and stimulus in order to avoid the only other alternative, a global depression. Over $20 trillion of stimulus was promised by the major countries. Our TARP program was mostly used to recapitalize the global banking system; the primary stimulus in the last round came from China.

 

"Let us take a look at what ensued starting with technology. During the week of March 9th, 2009, Google bottomed at $289. Today it trades at $603. Apple bottomed out at $82.57. Today, despite a 10-15% pullback from the recent high, it trades at $561.

 

"Turning to oil, The key economic input, it traded as low as $33.55 per barrel during the week of February 9th of 2009. Oil is now trading at roughly $90 per barrel for West Texas Intermediate crude.

 

"Next up are gold and silver. Gold hit a low of $801.50 during the week of January 12th 2009. Gold is now trading at $1,547 in spite of all the hysteria spread by the U.S. media insisting gold is a ‘useless, volatile’ asset. Silver hit bottom during the week of December 22nd, 2008 at $10.11. It is now at $27.54, even after the savage attacks against the metal in beginning in May of last year.

 

"Last, we have the..."

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This Move Will Be Highly Inflationary & Where to Deploy Cash

This Move Will Be Highly Inflationary & Where to Deploy Cash | Gold and What Moves it. | Scoop.it

Keith Barron talks to Eric King of King World News about Greece and gold:

 

"I think if Greece goes for more austerity, you could very well see potential violent overthrow of the government. The people in Greece are really angry and they cannot take much more. The unemployment rate is far too high and it’s clear that austerity is not going to get Greece out of the hole.

 

"With that as the backdrop, the gold price for the time being is treading water. Gold is basically bouncing around and waiting for some direction. There are a couple of things which are very critical that I expect to happen. This will impact the gold price.

 

"The first is going to be the next Fed meeting, which is scheduled June 19th and 20th. The reason that will be such an important meeting is because the Fed is really going to have to bring in QE3 now if they intend to have any kind of impact on the November elections.

 

"The runway for QE3 is getting shorter and shorter. If they wait until the August meeting, they will have a political problem on their hands. The Fed is supposed to be independent, and August will be viewed as too close to the election.

 

"Another contributing factor to some upside fireworks in the price of gold will be the Greek elections. The only way to get out of this mess is massive money printing by the European Central Bank. This will be done to bail out Greece and keep the other Mediterranean countries stable. This move will be highly inflationary..."

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Gold & Silver Are the Answer in the Long-Term

“The selfish they’re all standing in lineFaithing and hoping to buy themselves timeMe, I figure as each breath goes byI only own my mind.” ~ Pearl Jam, I Am Mine ~   Long time readers know that I have been and remain bullish on gold and gold stocks...

 

"...The herd mentality exists in financial markets and a similar behavior exists among economists. Most economists in the mainstream media today tend to be Keynesians or neo-classical economists. Both viewpoints are generally accepted as the correct interpretation of economic and monetary policies by academia.

 

"However, the academic world can actually reduce open thought through ridicule and persecution. In the world of academia the herd is right, until someone proves that they are wrong using logic based reasoning.

 

"Very similar to political ideologies, economic ideologies are deeply rooted. Paul Krugman is a great example of Keynesian economist. Like it or not, the majority of economists believe his views are correct regardless of whether they are based on fact, history, or dare I say “common sense.”

 

"This leads me to the reason why precious metals and commodities in general may be approaching a major bottom and the potential for a monster rally. The reasoning stems from the fact that across the world central bankers generally share the same views as Paul Krugman. They believe that the modern finance system does not need gold and that fiat currency is the answer even though history argues in their face across multiple millennia.

 

"Most economists and financial pundits believe that sovereign debt is going to bring down the economy and they may be correct. Many believe that the debt will unleash a massive deflationary spiral that will consume fiat valuations, specifically on risk assets and debt obligations..."

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For almost a million young people: No job, no school

For almost a million young people: No job, no school | Gold and What Moves it. | Scoop.it

Nearly a million young Canadians were neither in school nor holding down a job last year, a proportion that has inched higher since the recession but remains lower than in most other G7 nations.

New analysis by Statistics Canada -- the first of its kind in the country -- finds 13 per cent, or 904,000, of the 6.8 million Canadians between the ages of 15 and 29 weren't in school nor at work last year.

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China To Start Direct Currency Trading With Japan - NPR

China To Start Direct Currency Trading With Japan - NPR | Gold and What Moves it. | Scoop.it
BBC NewsChina To Start Direct Currency Trading With JapanNPRby AP SHANGHAI (AP) — China and Japan have agreed to start direct trading of their currencies from Friday as Beijing moves toward making the yuan more of a global currency.
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oftwominds-Charles Hugh Smith: U.S.A. 2012: Is This What We've Become?

oftwominds-Charles Hugh Smith: U.S.A. 2012: Is This What We've Become? | Gold and What Moves it. | Scoop.it

Good read by Charles Hugh Smith:

 

"Incentivize victimhood, fraudulent accounting of income/collateral and gaming the system, and guess what you get? A nation of liars and thieves.

 

"Memorial Day is traditionally a day to speak of sacrifices made in combat. Like much of the rest of life in America, it has largely become artificial, a hurried "celebration" of frenzied Memorial Day marketing that is quickly forgotten the next day.

 

"Instead of participating in this rote (and thus insincere) "thank you for your sacrifice" pantomime, perhaps we should ask what else has been sacrificed in America without our acknowledgement. Perhaps we should look at the sacrifices that need to be made but which are cast aside in our mad rush to secure "what we deserve."

 

"The unvarnished reality is that most Americans have no idea what service members experienced in Iraq and Afghanistan, and they don't want to know. When 4,488 white crosses were erected on a hillside to remind us of all those who made the ultimate sacrifice in Iraq, people didn't like it, labeling it "unpatriotic."

 

"That is not the real reason, of course; what is more patriotic than keeping those who served and sacrificed fresh in our awareness? One reason those 4,000 crosses make us uncomfortable..."

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Greece to Leave Euro Zone on June 18: Wealth Manager

Greece to Leave Euro Zone on June 18: Wealth Manager | Gold and What Moves it. | Scoop.it

"Greece will leave the euro zone on June 18 if the populist government wins the country’s elections on the 17 as the rest of the euro zone rounds on "cheaters," Nick Dewhirst, director at wealth management firm Integral Asset Management, told CNBC.com Monday.

 

“The euro zone is a club but you get cheaters who get away with it until everyone finds out and at that point you need to remove them otherwise everyone will cheat. It’s better for Greece to leave,” Dewhirst said.

 

"He added that Greek society was built on cheating and scheming, saying “everyone does it” but that voters elsewhere in the euro zone were now calling Greece to account.

 

“The basic question is that a German has to increase working from 65 to 67 and that is to pay for Greeks retiring at 50. The 17th of June is the perfect opportunity to say either 'we’ll behave' or 'we’ll carry on cheating,'" he said..."

 

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Eric De Groot: Spain to go to market to fund banks, regions

by Eric  De Groot:

 

"Spanish bond yields are rising again, and its third largest bank was nationalized over the weekend as their domestic economy contracts at an alarming rate.

 

"The sovereign debt contagion is clearly not limited Greece. The need to act decisively will grow as the infection continues to spread throughout Europe..."

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Capital Flight in Europe

Capital Flight in Europe | Gold and What Moves it. | Scoop.it
Even the casual observer in economic matters knows that something is wrong.

 

by Moses Kim:

 

"...capital will find its way to the dollar and U.S. Treasuries. I suspect gold is next. As yields go down, so will mortgage rates, so real estate in the U.S. should also get a boost. Real estate prices in the U.S., believe it or not, are cheap on a relative basis.

 

"The crisis in the U.S. will look something like this. Foreign outflows of capital will force us to devalue our currency, because cutting spending is not really an option for our leaders. This will lead to a rise in bond yields and an immediate and substantial rise in our debt servicing costs. This will indicate that the end is near: right when we need to borrow the most, the global market will lose its appetite for our debt. Again, everyone knows we have a debt problem, but people are underestimating its magnitude..."

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Ponzi Financing in Greece Continues; Greek Banks Receive €18bn Transfer

"Greek banks have been shut off from regular ECB liquidity operations due to lack of sufficient collateral. Today the Banks have that collateral thanks to a disbursement of funds from the EFSF which in turn will be used as collateral for more loans from the ECB.

 

"If this makes little sense to you it is because it should not make any sense to anyone. It is another act of desperation in a long line of desperate acts..."

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REVEALED: Hundreds of words to avoid using online if you don't want the government spying on you

REVEALED: Hundreds of words to avoid using online if you don't want the government spying on you | Gold and What Moves it. | Scoop.it
The U.S. Department of Homeland Security was forced to release the list by a privacy watchdog group who filed a request under the Freedom of Information Act.
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Gold Bar Demand in China Surged 51% to 213.9 Tonnes in 2011 - Ed Steer's Gold & Silver Daily

Gold Bar Demand in China Surged 51% to 213.9 Tonnes in 2011 - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it
Very deep pockets are buying this dip...and we've seen that in the precious metal shares over the last couple of weeks as well.

 

by Ed Steer:

 

"...Gold Bar Demand in China Surged 51% to 213.9 Tonnes in 2011


"A reminder of the sharp increase in demand for gold and silver, particularly store of wealth demand, in recent years was seen in the figures released by the China Nonferrous Metals Industry Association in Shanghai [yesterday].

 

"China’s gold consumption rose 33% to 761 tons in 2011 and China’s silver consumption rose 6.8% to 6,088 tons last year.

 

"China’s gold consumption rose 190 metric tons last year to 761 tons, Wang Shengbin, China Gold Association Vice Chairman, said in a speech in Shanghai as reported by Bloomberg.

 

"China’s jewelry consumption jumped 28 % to 456.7 tons last year, gold bar consumption surged 51% to 213.9 tons and gold coin consumption gained 25% to 20.8 tons, Wang said

 

"China’s silver consumption, including industrial use, jewelry and coins, rose 6.8% to 6,088 metric tons last year, the vice chairman said. The amount shows a surplus given China’s output of 12,348 tons last year, which gained 6.3%, Wang said.

 

"This data came from the goldcore.com website..."

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Behind the scenes at the G-8 and NATO summit meetings « Jim Sinclair's Mineset

"Behind the scenes at the G-8 and NATO summit meetings, some significant decisions were made that will impact over the coming weeks.

 

"The critical decision at the G-8 meeting and several of the bilateral meetings that took place on the sidelines of the Camp David gathering centered on the decision to plunge ahead with the bailout of the European banks in an effort to save the Euro system, with Greece still inside. President Obama is terrified that a financial meltdown of the Euro system will spill over into Wall Street and result in his losing the November elections. Behind the scenes around Camp David, Christine Legarde put the IMF squarely behind a bailout of the European banks, with the full backing of the Federal Reserve and Treasury in the United States to boost the leveraged lending of the European Central Bank (ECB) to prop up the European banks. ECB will take junk bonds and other vastly over-priced assets as collateral for loans to the Spanish, Greek and other European banks. This will offset an additional estimated $500 billion in new write-offs by bondholders of Greek debt.

 

"The bottom line is that if Greece leaves the Euro, the contagion will spread overnight to Spain, Portugal, Ireland, and, perhaps, even Italy. So, the IMF, the Obama Administration and the ECB are all on board to further delay the reality of the financial and banking crisis through hyperinflationary measures. The idea is that the situation will take many months to fully play out, and Obama and his re-election team hope that the system will hold together past the November elections.

 

"In his sideline meeting with new French President Hollande, Obama reached a full agreement on this perpetuation of the Euro. This is an area where Hollande and Merkel will agree to disagree. They both want to defend the Euro, but Hollande will continue to insist that the austerity must be limited and a growth program initiated. This is actually impossible to accomplish, but this is the growing perspective of the Eurosocialists, including Hollande and his colleagues in Germany’s Social Democratic Party (SPD) and the Italian Socialist Party (PSI). A majority of Greek voters are in favor of staying in the Euro, so long as the austerity is reduced..."

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Mr. Sam's comment, May 29, 2012 3:51 PM
What I know is, one day all nations will come together in one system of economy
Hal's comment, May 30, 2012 11:34 AM
Agreed, Mr. Sam. It will happen. Not a matter of if. Just when.
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The big new thing in gold - capital adequacy ratios

The big new thing in gold - capital adequacy ratios | Gold and What Moves it. | Scoop.it

by Ross Norman:

 

LONDON (SHARPS PIXLEY) -

 

"Forgive the hyperbole in the headline but we wanted to get your attention as something quite profound is happening that could propel gold to record new highs. Yes, potentially the biggest thing since the birth of the gold ETF and the liberalisation of the Chinese gold market in 2003. A decade on and we have grounds for saying that gold may well see a significant leg higher... the big new thing in gold. I'll explain...

 

"Banking capital adequacy ratios, once the domain of banking specialists are set to become centre stage for the gold market as well as the wider economy. In response to the global banking crisis the rules are to be tightened in terms of the assets that banks must hold and this is potentially going to very much favour gold. The Basel Committee for Bank Supervision (or BCBS) as part of the BIS are arguably the highest authority in banking supervision and it is their role to define capital requirements through the forthcoming Basel III rules.

 

"In short, they are meeting to consider making gold a Tier 1 asset for commercial banks with 100% weighting rather than a Tier 3 asset with just a 50% risk weighting as it does today. At the same time they are set to increase the amount of capital banks must set aside as well. A double win potentially..."

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Rome Didn't Fall In A Day - The Dollar Vigilante Blog -

Rome Didn't Fall In A Day - The Dollar Vigilante Blog - | Gold and What Moves it. | Scoop.it

[The Following post is by TDV Correspondent, Chris Sullivan]

"Back in the '70s, I used to expect the government to suffer a financial collapse at which time it would have to quit doing most of the things it's doing because it would run out of money. That isn't what has happened. Instead of cutting spending it has printed more money and tried to increase taxes on various things.

 

"Like many things historical, there's a precedent for this. There's a proverbial saying that "Rome wasn't built in a day," but it didn't collapse in a day either. Probably most of the Romans who lived as the Empire was collapsing didn't realize that was what was happening, but plenty of them realized they weren't living in the good old days.

 

"One such person was a man named Salvian, sometimes called Salvian the Presbyter. He wrote a treatise that is called in English The Governance Of God or De gubernatione Dei in Latin*. Its original title was On The Present Judgement and it is well worth reading to see how things played out then and probably always will. His purpose was to show that the then current problems were caused by moral collapse, excessive taxation and a greedy and conniving landed class, not an abandonment of the old pagan religion. Julian the Apostate who had made the opposite argument 70 or so years before, had tried to re-institute paganism and even tried to rebuild the Temple in Jerusalem, presumably because it wasn't Christian and he liked practices such as animal sacrifice, but his efforts ended when he was killed in a war with the..."

 

Interesting read. Click through for the rest.

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45 Signs That China Is Colonizing America

45 Signs That China Is Colonizing America | Gold and What Moves it. | Scoop.it
Just because you were once the most powerful nation on earth does not mean that you will always be the most powerful nation on earth.  Every single year,...

 

"#1 It was recently announced that China’s Dalian Wanda Group has bought U.S. movie theater chain AMC Entertainment for a whopping 2.6 billion dollars. This deal represents China's biggest corporate takeover of a U.S. firm ever.

 

"#2 Earlier this month, the Federal Reserve announced that it has given approval for banks owned by the Chinese government to buy stakes in U.S.-owned banks.

 

"#3 A few days ago Reuters reported that China is now able to completely bypass Wall Street and purchase U.S. debt directly from the U.S. Treasury Department.

 

"#4 A recent investigation by the U.S. Senate Committee on Armed Services found more than one million counterfeit Chinese parts in the Department of Defense supply chain. How in the world could we be so stupid?

 

"#5 After being bailed out by U.S. taxpayers, General Motors is currently involved in 11 joint ventures with companies owned by the Chinese government. The price for entering into many of these "joint ventures" was a transfer of "state of the art technology" from General Motors to the communist Chinese..." 

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