Baltic Dry Index. 1100 -27
LIR Gold Target by 2019: $30,000. Revised due to QE programs.
Now, Muppets, what is the nature of this life of ours? Let us
face it: our lives are miserable, laborious, and short. We are born, we are
given just so much food as will keep the breath in our bodies, and those of us
who are capable of it are forced to work to the last atom of our strength; and
the very instant that our usefulness has come to an end we are slaughtered with
hideous cruelty. No Muppet in Greece knows the meaning of happiness or leisure
after he is a year old. No Muppet in Greece is free. The life of a Muppet is
misery and slavery: that is the plain truth.
With Apologies to George Orwell.
Another EU summit meeting over, and not much
to show for it except what German
financial daily Handelsblatt said the Bundesbank was "holding a gun to Greece's head". How that helps is anyone’s guess but it is
unlikely to play well with Greek voters forcing more likely to vote for
extremist parties on the left and right. Seen from London, German policy is now
to force Greece from the Eurozone and just possibly the European Union itself.
Evidently Germany sees a national advantage to be gained in the Eurozone once
Greece bows to the inevitable and exits the EMU. Germany, already a first among
equals in the EU, now seeks undisputed leadership of continental Europe and is
quite prepared to crush any that seek to stand in its way. Stay long physical
precious metals. A Germany first Europe will not last. Will Greece’s caretaker
government try to bolt from the EMU before the election? Better the
Bilderberger devil we know than some ultra
left nationalist? Stay long precious metals. We haven’t seen anything yet as
the euro goes through its death throes.
But
first this. Bad news from China later today, says HSBC. While China still might
be heading for a soft landing, it couldn’t come at a worse time for a now
wobbling global economy. It is all too easy for a soft landing to unexpectedly
quickly move into a hard landing.
Why then do we continue in this miserable condition? Because
nearly the whole of the produce of our labour is stolen from us by gambling
banksters and great vampire squids. There, Muppets, is the answer to all our
problems. It is summed up in a single word—Banksterism. Banksterism is the only real enemy we have. Remove gambling
Banksters from the scene, and the root cause of hunger and overwork is
abolished for ever.
With Apologies to George Orwell.
May 24,
2012, 12:52 a.m. EDT
China manufacturing activity worsens: HSBC
HONG KONG
(MarketWatch) — China’s factory activity appeared set for a seventh straight
month of contraction in May, according to HSBC data released Thursday, with
export orders shrinking to erase one of the bright spots in the previous
month’s numbers.
The
preliminary or “flash” headline reading of the HSBC manufacturing Purchasing
Managers’ Index (PMI) dropped to 48.7 in May on a 100-point scale, down from a
final reading of 49.3 in April. A reading below the threshold of 50 indicates
contraction from the previous month.
Export
orders were firmly in contraction, reversing from a reading that indicated
expansion in April, the survey said.
More
Now
back to yet another failed leader’s summit in Europe. Capital flight is rising,
investors are trying to raise cash rather than investing, Germany is bullying
Greece out of the EMU, while France ponders leading a Club Med crusade against
Berlin. Meanwhile Spain embarks on just the first of many bank
nationalisations, provided Germany can/will come up with the money. Euros
anyone?
Is it not crystal clear, then, Muppets, that all the evils of
this life of ours spring from the tyranny of German banksters and squids? Only
get rid of banksters and the produce of our labour would be our own. Almost
overnight we could become rich and free. What then must we do? Why, work night
and day, body and soul, for the overthrow of the bankster race! That is my
message to you, Muppets: Rebellion!
With Apologies to George Orwell.
Debt crisis: Germany holds a gun to Greece's head
Pressure on Greece increased dramatically on Wednesday night after Germany's central bank called for a suspension of financial support to Athens and eurozone finance ministries agreed to draft contingency plans for a Greek exit from the euro.
In a blunt warning to Athens, the Bundesbank said a Greek withdrawal from the eurozone would be disruptive but "manageable", undermining claims by Greece's radical anti-austerity leader, Alexis Tsipras, that Europe would not dare pull the plug."When the Eurosystem provided Greece with large amounts of liquidity, it trusted that the programmes would be implemented and thereby ultimately assumed considerable risks," said the bank. "In the light of the current situation, it should not significantly increase these risks."
The German financial daily Handelsblatt said the Bundesbank was "holding a gun to Greece's head", hammering home the message that Germany will not submit to blackmail from populist politicians in Athens.
Berlin also leaked news that their member on the European Central Bank board, Jürg Asmussen, is to head an ECB taskforce to handle the Greek crisis.
There was confusion in Brussels over leaks that EMU finance ministry officials had agreed in a meeting on Monday – allegedly in the name of Eurogroup executives – that each state should draw up a national plan to cope with a Greek exit.
EU Chiefs Clash on Euro Bonds as Crisis Summit Bogs Down
By James G. Neuger and
Josiane Kremer - May 24, 2012 7:05 AM GMT
European leaders clashed over joint debt sales as they called on Greece to
stick with the budget cuts needed to stay in the euro and offered no immediate
relief for recession-wracked Spain. The 18th summit in more than two years of crisis fighting was marked by new French President Francois Hollande’s challenge to the German-dominated deficit-cutting orthodoxy that has failed to stabilize the euro area and led to speculation that Greece might be forced out.
“We had a not unheated discussion on euro bonds,”
Luxembourg Prime Minister Jean-Claude Juncker told reporters in Brussels early
today after six hours of talks. Joint borrowing “didn’t find much support,
particularly in the German speaking area, but found a certain enthusiasm in the
French speaking area.”
More
http://www.bloomberg.com/news/2012-05-24/eu-chiefs-clash-on-bonds-amid-call-greece-keep-cutting.html
Spain injects €9bn into ailing lender Bankia
Spain's finance minister said the government would inject “at least €9bn” (£7.2bn) into ailing lender Bankia while insisting it was an isolated problem which would not spread to the rest of the country’s banking system.
Luis de
Guindos told the Spanish parliament that the government would do whatever was
needed to rescue Bankia, while stressing that the situation “shouldn’t be
extrapolated to the nation’s entire banking system”.
In what
amounted to an attempt to bolster confidence and prevent a run on Spanish
banks, he said directors at the nationalised lender would present a plan
indicating the level of capital needed to meet all regulatory requirements.
Announcing
the taxpayer bailout after markets had closed, Mr de Guindos said: “The
government will fully back the capital needs which result from this plan.”
He said
€9bn would cover capital needs of €7.1bn to comply with two banking reforms
presented by the government as well as €1.9bn of capital buffers to comply with
European-wide rules.
Bankia is
the country’s fourth-largest lender and was formed in 2010 by merging seven of
Spain’s regional savings banks. It has the greatest exposure to toxic property
assets.
Meanwhile Spain need another 28 billion euro of European i.e. German cash for its regions. To no one’s great surprise, this being accounting challenged continental Europe after all, Spain’s regions need another 36 billion euro, rather than the 8 billion they reported. Investing in continental Europe, seen from London, is much like investing in Facebook. The numbers mean exactly what you want them to mean until they don’t. As with Facebook, some equals appear to be more equal than others.
Remember, Muppets, your resolution must never falter. No
argument must lead you astray. Never
listen when they tell you that Banksters and Squids and the muppets have a
common interest, that the prosperity of the one is the prosperity of the
others. It is all lies. Ebenezer Squid serves the interests of no
creature except himself. And among us Muppets let there be perfect
unity, perfect bondship in the struggle. All Banksters are enemies. All Muppets are allies.
With Apologies to George Orwell.
Spain struggles to meet regions' 36 billion-euro debts
(Reuters) - Top Spanish officials are at odds over how to help the country's highly indebted regions refinance 36 billion euros of debt this year, government sources told Reuters on Wednesday.
The figure, revealed in the budget plans from 17 autonomous communities, compares with previous public data of around 8 billion euros of bonds maturing in 2012.
The difference is due to bilateral loans from Spanish banks to the regions worth 28 billion euros that were not made public previously. It could unnerve further investors concerned by the capacity of Spain to curb its public finances and reform its banking sector.
Spain's weak banks and overspending regions are at the heart of the euro zone debt crisis. There are fears that expensive bail-outs of ailing lenders, like fourth largest lender Bankia, could force the country to seek international aid.
Many of the autonomous regions are virtually blocked from financing themselves on public debt markets due to the high rates they would have to pay. Some have seen the credit rating on their debt cut to junk status.
Ebenezer was sent to make
the necessary explanations to the others.
"Muppets!" he cried. "You do not imagine, I hope, that we Squids
are doing this in a spirit of selfishness and privilege? Many of us actually
dislike money and vast wealth. I dislike them myself. Our sole object in taking
these things is to preserve our health. Money and vast wealth (this has been
proved by Science, Muppets) contain substances absolutely necessary to the
well-being of a Vampire Squid. We Squids
are brainworkers. The whole management
and organisation of this world depend on us. Day and night we are watching over
your welfare. It is for YOUR sake that we take that money and suck up that vast
wealth.
With Apologies to George Orwell.
At the Comex silver depositories Wednesday final figures were: Registered 35.71
Moz, Eligible 105.49 Moz, Total 141.20 Moz.
Crooks and
Scoundrels Corner.
The bent,
the seriously bent, and the totally doubled over.
Do
not imagine, Muppets, that leadership is a pleasure. On the contrary, it is a
deep and heavy responsibility. No one believes more firmly than Ebenezer Squid
that all Muppets are equal. He would be only too happy to let you make your
decisions for yourselves. But sometimes you might make the wrong decisions, Muppets,
and then where should we be?
With Apologies to George Orwell.
The monthly
Coppock Indicators finished April:
DJIA: +89 Down. NASDAQ: +97 Down. SP500: +63 Down. All
three indicators remain down but downward momentum is stalling.
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