Baltic Dry Index. 2940 -36
LIR Gold Target by 2019: $3,000.
Date: 15th September 1940
- Weather: Fair with some cloud patches. Fine during the evening.
- Day: Heavy attacks on London, broken up by Fighter Command. Highest German losses since 18 August [185 claimed by the RAF] force a serious rethink by the German High Command.
- Night: Heavy damage to London.
Enemy action by day
The enemy delivered two major attacks on London during the day. Later smaller formations attacked both Portland and targets in the Southampton area.
Our fighters destroyed 176 enemy aircraft (124 bombers and 53 fighters) plus 41 probable and 72 damaged.
AA destroyed 7 enemy aircraft plus 4 probable.
Our casualties are 25 aircraft and 13 pilots killed or missing
First Major Attack
At 1100 hours enemy aircraft began to mass in the Calais/Boulogne area and at 1130 hours the leading wave of about 100 aircraft crossed the coast between Dover and Dungeness, followed by a second wave of 150 aircraft. Objectives appeared to be in the London district.
No 11 Group sent up 16 Squadrons to meet the attack, and No 12 Group provided 5 Squadrons to patrol Debden and Hornchurch.
Approximately 100 enemy aircraft succeeded in reaching Central London.
More.
http://www.raf.mod.uk/Bob1940/september15.html
Seventy years ago today, Great Britain and the Empire won the second World War. Nobody knew it at the time. After two months of trying to destroy the Royal Air Force to allow for an invasion that wouldn’t turn into a German Dunkirk, on Sunday September 15th 1940, in the blue skies over London and southeast England, German planes were shot out of the sky all day and into the night. The R.A.F. far from being beaten was getting stronger. The Luftwaffe took its largest loss of the blitz. Though the figures were inflated for propaganda purposes, the actual 60 aircrew losses and another 100 crippled planes and crews were just too much for the Luftwaffe to carry on taking. They would never attack in such numbers in daylight again. Great Britain would not be forced out of the war into an ignominious peace, leaving Europe to Hitler’s criminality. Though fighting on alone for another 10 months until the Nazis insanely attacked Russia, seventy years ago today, God and the RAF decided the fate of Europe. By January 1942, the British Empire was joined by Russia and America in starting the decline of Hitlerism. An unsung anniversary that should be celebrated in Europe with a continent sized holiday.
We open this morning with the already black sky in China getting darker. Uncle Sam’s largest creditor is tired of being hustled by its dead-beat debtor. Rather like the Germans getting tough with dead-beat Greeks, many in China think it’s time to do a little hustling back themselves. Below, the Telegraph covers the dispute between the two giants who really can tip the world into a 1930s style depression. Stay long precious metals in case one or both lose the plot. A 1930s style depression will end the fiat currency scam for all time. “The next Lehman’s” will appear in droves.
"I was alarmed at my doctor's report: He said I was a sound as a dollar."
Ronald Reagan.
Chinese think tank warns US it will emerge as loser in trade war
A State Council think-tank in China has warned Washington that the US will come off worst in a trade war if it imposes sanctions against Beijing over the two nations' currency spat.
By Ambrose Evans-Pritchard Published: 6:16PM BST 14 Sep 2010
Ding Yifan, a policy guru at the Development Research Centre, said China could respond by selling holdings of US debt, estimated at over $1.5 trillion (£963bn). This would trigger a rise in US interest rates. His comments at a forum in Beijing follow a string of remarks by Chinese officials questioning US credit-worthiness and the reliability of the dollar.
China's authorities seem split over how to respond to moves on Capitol Hill for legislation to punish Beijing for holding down the yuan. The central bank has ruled out use of its "nuclear weapon", insisting that it would not exploit its $2.45 trillion of foreign reserves for political purposes. "The US Treasury market is a very important market for China," it said.
----- Mr Ding reflects thinking among some in the Poltiburo, who seem convinced that the US is in decline and that China's rise as an exporter of goods and capital give it the upper hand.
"They are utterly wrong," said Gabriel Stein from Lombard Street Research. "The lesson of the 1930s is that surplus countries with structurally weak domestic demand come off worst in a trade war."
He described the implicit threat to sell Treasuries as "empty bluster" because Beijing's purchase of these bonds is a side-effect of its yuan policy. "Bring it on: it will weaken the dollar, which is what the US wants. The interest rate effect can be countered by the Fed."
"Some Chinese officials seem to believe that buying Treasuries underpins US public spending. In fact China's mercantilist policy is forcing the US to run large deficits against its own interest. China should be terrified of a trade war."
We end today’s travel shortened update, with a repeat of the great Jeremy Grantham’s summer change of heart. He joined the deflationist camp to ride out the next several months. Mid September, and with austerity just about to hit in the UK and increasingly across Europe, and with UK unions now getting bolshie and threatening the weak coalition government with a return to the chaos of the Labour Government 1970s, and tax increases coming next year in the UK and America, bad things start to happen from here onwards fast. Stay long precious metals. In the UK, at least, a weak coalition government is already under pressure from Liberal Democrat MP’s still believing in a free lunch. My guess is that if the unions carry out their threats of coordinated strike action this winter, the UK’s weak government will be toppled. Of course, that won’t do anything about making the UK’s position any better. Exactly the opposite, the unions will be aggravating the UK’s already serious economic problems, and even higher unemployment is the likely outcome. An even weaker Sterling the long term result.
"The leaders of the French Revolution excited the poor against the rich; this made the rich poor, but it never made the poor rich."
Fisher Ames, 1758-1808.
Well, I, for one, am more or less willing to throw in the towel on behalf of Inflation. For the near future at least, his adversary in the blue trunks, Deflation, has won on points. Even if we get intermittently rising commodity prices, which seems quite likely, the downward pressure on prices from weak wages and weak demand seems to me now to be much the larger factor. Even three months ago, I was studiously trying to stay neutral on the “flation” issue, as my colleague Ben Inker calls it. I, like many, was mesmerized by the potential for money supply to increase dramatically, given the floods of government debt used in the bailout. But now, better late than never, I am willing to take sides: with weak loan supply and fairly weak loan demand, the velocity of money has slowed, and inflation seems a distant prospect. Suddenly (for me), it is fairly clear that a weak economy and declining or flat prices are the prospect for the immediate future.
Jeremy Grantham.
http://www.gmo.com/websitecontent/JGLetter_SummerEssays_2Q10.pdf
At the Comex silver depositories Tuesday, final figures were: Registered 53.97 Moz, Eligible 57.51 Moz, Total 111.48 Moz.
+++++
Crooks and Scoundrels Corner.
The bent, the seriously bent, and the totally doubled over.
Today, it’s the turn of the 3 whitewash inquiries into the spurious science that pours out of the dodgy scientists at the University of East Anglia’s Climate Research Unit. Below, the loony leftist Guardian, that’s bought into the “man-made global warming from CO2” nonsense, hook line and sinker, covers the story. Even they seem to have finally noticed that they were scammed.
"In the republic of mediocrity, genius is dangerous."
Robert G. Ingersoll
'Climategate' inquiries were 'highly defective', report for sceptic thinktank rules
Review for Lord Lawson's sceptic thinktank says none of the three inquiries into the hacked climate emails affair was objective or comprehensive
Tuesday 14 September 2010 17.32 BST
None of the three official inquiries into the illegal release of climate emails from the University of East Anglia (UEA) showed a "serious concern for the truth", according to a report commissioned by Lord Lawson's sceptical thinktank.
The report, which has been criticised for "bias", contends that none of the inquiries were objective and comprehensive and that public confidence in climate science would not be restored until a thorough investigation is carried out.
Lord Lawson called the three official inquiries, one by the House of Commons science and technology select committee and two commissioned by the university, "highly defective". But he has consistently refused to reveal the identities of the donors behind the secretive Global Warming Policy Foundation (GWPF) which paid for the report.
The inquiry's author, Andrew Montford, criticised the previous inquiries for not investigating the most serious allegations and for failing to ask key questions. For example, Prof Phil Jones, the head of UEA's climatic research unit, had been criticised for writing emails about deleting emails that were apparently the subject of a freedom of information act (FoI) request. He has denied deleting any emails to avoid FoI requests, but the main inquiry into the emails conducted by Sir Muir Russell never asked him or any of the other scientists about this.
Montford, who runs the Bishop Hill climate sceptic blog, also criticised the MPs' inquiry and a third review led by Lord Oxburgh, for failing to address an allegation of fraud relating to a paper that Jones published in 1990.
---- More generally, Montford criticised the inquiries for a lack of impartiality. The report said there had been a "failure to ensure balance and independence", suggesting CRU members and critics had been treated differently. "While CRU justifications and explanations were willingly accepted without any serious probing, critics were denied adequate opportunity to respond and to counter demonstrably inaccurate claims," it said.
http://www.guardian.co.uk/environment/2010/sep/14/climategate-inquiries-lawson-report
"Rarely have so many people been so wrong about so much."
Richard M. Nixon
The monthly Coppock Indicators finished August:
DJIA: +243 Down. NASDAQ: +366 Down. SP500: +243 Down.
The bull market (or bear market rally) that commenced on Nasdaq on 30/4/09 at 1717 has ended. (30/5/09 SP 500 at 919, 30/5/09 DJIA 8500.) While the indicators can flip flop at market turns, this action is rare on the slow monthly indicators. August is the third down month in a row and “crash season” approaches.
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