"The Federal Reserve says that everything is going to be okay. The Fed says that unemployment is going to go down, inflation is going to remain low and economic growth is going to steadily increase. Do you believe...
"...The following are 5 new lies that the Federal Reserve is telling the American people. After each lie I have posted what The Economic Collapse Blog thinks is actually going to happen....
"#1 The Federal Reserve says that the labor market has improved and that unemployment is going to decline significantly over the next few years..."
"There's a major shift under way, one the US mainstream media has left largely untouched even though it will send the United States into an economic maelstrom and dramatically reduce the country's importance in the world: the demise of the US dollar as the world's reserve currency.
"For decades the US dollar has been absolutely dominant in international trade, especially in the oil markets. This role has created immense demand for US dollars, and that international demand constitutes a huge part of the dollar's valuation. Not only did the global-currency role add massive value to the dollar, it also created an almost endless pool of demand for US Treasuries as countries around the world sought to maintain stores of petrodollars. The availability of all this credit, denominated in a dollar supported by nothing less than the entirety of global trade, enabled the American federal government to borrow without limit and spend with abandon.
"The dominance of the dollar gave the United States incredible power and influence around the world… but the times they are a-changing. As the world's emerging economies gain ever more prominence, the US is losing hold of its position as the world's superpower. Many on the long list of nations that dislike America are pondering ways to reduce American influence in their affairs. Ditching the dollar is a very good start..."
Opposing Dutch politicians are trying to agree a 2013 budget that will meet the EU's deficit target after the coalition government collapsed when it could not agree.
by Shane Croucher:
"If the Dutch are allowed to forego their deficit obligations because of political disagreement, there are fears that others in the EU with worse budgetary situations will also rein in from the original agreement and unsettle bond markets, exposing them to the risk of high or even unsustainable borrowing costs..."
On the heels of the release of the Fed statement and the Bernanke press conference, today King World News interviewed Richard Yamarone, senior economist at Bloomberg Brief. He has consulted for monetary and fiscal policymakers and served as an adviser to major U.S. corporations. Yamarone also held senior positions for major international and domestic money center and investment banks. When asked what’s really happening with the US economy, Yamarone responded, “I think people are just running out of money. We have contracting, real disposable incomes. Most of the job creation that we have is from minimum wage type jobs.
“I’m fortunate enough to travel and speak to chambers of commerce with 300 to 500 people in the audience. They all tell me, ‘Hey, listen, I am letting go of workers. I’m hiring them back at a fraction of what I used to pay them.’"
"If there ever was a 'Weird Wednesday"...yesterday would have qualified. I don't know what to read into yesterday's price action in gold. Price and volume activity started out as almost non-existent...and by the end of the New York trading session, volume had blown way out, but the price change from Tuesday was only a couple of bucks. I'd bet that it was mostly of the high-frequency trading variety..." - Ed Steer
"The precious metal world is changing at an alarming rate. One benefit of founding a site like the one you’re reading is the ability to see a worldwide stage, not just my neck of the woods. My goal is to provide clear concise PM (precious metals) information and then justify its worthiness backed up by today’s current events.
"In my opinion, never before has silver and gold been so significant..."
"Evidence that gold is no longer in the bargain basement is provided by the following long-term monthly chart of the gold/commodity ratio. Relative to commodities in general, gold hit a 50-year high late last year. In fact, last December’s peak in the gold/commodity ratio could have been an all-time high. This tells us that the gold market has fully discounted the bad policies of the past several years. As an aside, it also tells us that the fabled gold market manipulators are doing a lousy job and should be fired (gold’s excellent performance over any reasonable investment timeframe is no doubt why promoters of gold-suppression theories tend to focus on timeframes that could only be of interest to daytraders)...."
"The degree of panic and hate mail I received in the last seven trading days almost broke the record of the first fall of gold from above $1000. A kind reader sent the following historical article to make me feel better.
"I feel great having once again told our gold army with only one gear in their fighting tanks, which is reverse, it would all be ok.
"Yes, gold will go to overvaluation at a point in the future, but there is no major top yet. I was wrong recently that the $1630 area had been the low. The manipulators sure showed me the day after I posted that. It now seems as if the $1620 area was the low of the recent major effort to depress the price of gold.
"Russia and Mexico as well as a host of other central banks bought cash gold, declared "check mate" and stopped the Crimex and gold banks dead in their tracks.
"Central bank buyers are locomotives. The Crimex is a small lawn tractor in comparison. Never stand in front of a locomotive is the secret to Yra Harris’ long term, and I am sure forever, success. You can tell I am proud of my former partner, Yra.
"Thank you again Christopher. I do know you are only as good as your last call.
"In the underground world of banking, doing wrong means doing right, up is down, and left is right. I happened to stumble upon a secret version of the Bankster’s Dictionary the other day when I was visiting a bank. I’ve posted some of the terms below that were contained in the Bankster’s Dictionary to help you understand bankster language.
"US Federal Reserve = European controlled private bank.
"Mexico jacked up its holdings by 16.81 tonnes to a total of 122.58 tonnes; Russia bought 16.55 tonnes to grow its total reserves to 895.75 tonnes; Turkey, an additional 11.48 tonnes to make its reserves total to 209.6 tonnes.
"Argentina acquired 7 tonnes with total holdings now at 61.74 tonnes; 4.3 tonnes for Kazakhstan to total at 96.16 tonnes; and Ukraine, with its total 29.21 tonnes boosted by the 1.18 tonnes bought in March. There were another half dozen countries that elevated their holdings of the precious metal thought merely by increases of less than a tonne.
"Central banks, like many private investors, view gold as a hedge against debasement and devaluation of their U.S. dollar- and euro-denominated currency reserves," Mr Nichols said.
"Gold enthusiasts and kibitzers should not actually be surprised by the recent news of continued significant central bank gold purchases this past March, Mr Nichols noted.
"We have repeatedly suggested that official purchases were giving the market some downside protection with central banks buying on dips when their purchases would not be disruptive or particularly visible to other market participants and observers of the gold scene," he said..."
"Gold, copper and other commodities could be paid for in yuan within a decade or two, bankers and traders said on Wednesday, provided China pursues its policy of gradually freeing up trade in the currency.
"Already the world's biggest consumer of commodities such as industrial metals and oil, China's economy is growing more than three times faster than most developed countries.
"Chinese customers and end-consumers such as refiners and fabricators now typically pay for such imports with dollars, but bankers at a Financial Times commodities conference in Switzerland think that will change, possibly quite rapidly.
"They expect the yuan, also known as the renminbi, to be used increasingly to settle contracts into China and eventually as the basis for commodities trading, at least in Asia.
"'There is a great push of the renminbi by China's government,' Jean-Francois Lambert, managing director and global head of commodity and structured finance at the HSBC (HSBA.L) banking group, told Reuters..."
"Having said this, I can assure you that, personally, I remain a big fan of gold. I consider it the number one asset out there. It remains head-to-shoulder above anything else.
"Gold has not been trading that well recently. Measured in the world’s number one paper money the precious metal reached an all-time high of slightly more than $1,900 per ounce in September of last year but then retreated and has mainly been trading sideways in a wide range since. Considering the ongoing tensions in European debt and banking markets and considering that the global financial system seems forever dependent on super-low policy rates, one could have reasonably expected gold to do better.
"The reasons for the somewhat disappointing ‘price action’ of late are not quite clear but could be manifold. Maybe it is a bit of rally fatigue. Don’t forget, gold traded below $300 ten years ago and had just been through a decade-long, unprecedented bull run. In one of gold’s biggest markets – India – the government recently introduced new taxes and regulations to discourage investment in gold (surprise, surprise), and international central banks are not believed to match their healthy buying of recent years..."
"Finding the Culprits...Derivatives expert Janet Tavakoli takes a hard look at what — and who — caused the financial crisis."
By Jane Wollman Rusoff
April 25, 2012
"…Now Tavakoli sees another huge financial crisis looming.
"The University of Chicago MBA has traded, structured and sold derivatives at firms including Merrill Lynch, PaineWebber and Westdeutsche Landesbank; and she had earlier stints at Bear Stearns and Goldman Sachs. Research recently talked with her about red flags and preventive solutions.
"You write that, in the past three years nothing has been fixed but that we must hold Wall Street responsible for the fraud that resulted in the financial crisis. What should be done?
"We need to have investigations. But with the pushback and all the lobbying, what they’ve been counting on is that the statute of limitations for some of these frauds is expiring. So if you don’t file complaints, you may not be able to.
"Members of Congress are enabling the lack of punishment and covering up great misdeeds in our financial system — and they’re doing it with no fear of consequences — i.e., being voted out of office, in which case they could find themselves the subject of investigation.
"What do you mean: “covering up”?
"Many people are covering up for cronies who have a lot of money sloshing around. We threw money into the financial system with no accountability and thus made the problem worse. Our system has been completely infiltrated and bought off. Things aren’t changing because Big Money doesn’t want it to change..."
"If you enjoy watching financial doom, then you are quite likely to really enjoy the rest of 2012. Right now, red flags are popping up all over the place. Corporate insiders are selling off stock like there is no tomorrow, major economies all over Europe continue to implode, the IMF is warning that the eurozone could actually break up and there are signs of trouble at major banks all over the planet. Unfortunately, it looks like the period of relative stability that global financial markets have been enjoying is about to come to an end. A whole host of problems that have been festering just below the surface are starting to manifest, and we are beginning to see the ingredients for a "perfect storm" start to come together. The greatest global debt bubble in human history is showing signs that it is getting ready to burst, and when that happens the consequences are going to be absolutely horrific. Hopefully we still have at least a little bit more time before the global financial system implodes, but at this point it doesn't look like anything is going to be able to stop the chaos that is on the horizon."
"While the IMF talks of increased firepower, Germany and the Netherlands are seeking for ways to shrink theirs. The DUTCH GOVERNMENT fell on a no-confidence budget that was pursuing austerity as Prime Minister Mark Rutte was looking to bring the budget deficit to under the ordained 3%. The Freedom Party wants more austerity to protect Holland’s credit rating while labor and the socialists are opposed to austerity budgets that are on the backs of the already squeezed. Again, the battle is between growth and austerity for one PILL MAKES YOU LARGER AND ONE MAKES YOU SMALL.Certainly the IMF medicine will do nothing at all as the POTION OF DEVALUING THE CURRENCY IS NOT AVAILABLE. Usually the IMF promotes budget cutting, tax increases and currency depreciation for that has been the medicine for any nation desiring IMF bailouts. In a Bloomberg article on Lagarde’s victory of enhanced IMF FUNDS, it cites the IMF‘s advice for Europe to be lower interest rates, austerity measures to improve growth, injecting rescue funds into weak banks and selling EURO DEBT to deepen fiscal integration...." ...
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