Baltic Dry Index. 714 -06
LIR Gold Target by 2019: $30,000. Revised due to QE programs.
"When it becomes serious, you have to lie"
Jean-Claude Juncker. Luxembourg Prime Minister and president of the Euro Group of Finance Ministers. Confessed liar.
From Jean-Claude’s lips to our ears. Greece will be gone in about a week. Luxembourg’s world famous leading liar, said at the weekend a Greek exit from the Eurozone “won’t happen.” I rest my case.
"It
is always the best policy to speak the truth, unless of course, you are an
exceptionally good liar."
Jerome
K. Jerome.
Eurogroup chief rules out Greek departure from eurozone
Jean-Claude Juncker, leader of the eurozone finance ministers' group, said he believes Greece will not leave the single currency as he prepares for talks in Athens next week.
Mr
Juncker, also Prime Minister of Luxembourg, told an Austrian newspaper that a
Greek exit from the eurozone "won't happen" as he is confident the
country will "redouble its efforts" to meet austerity targets.
The
Eurogroup chief will meet Greek Prime Minister Antonis Samaras in Athens on
Wednesday amid speculation that Greece will seek more time to implement
austerity cuts.
"It
won't happen," Mr Juncker told Austria's Tiroler Tageszeitung, when he was
asked about the likelihood of a Greek exit from eurozone.
"What
do I care about the law ? Hain't I got the power."
Lord Rothschild takes £130m bet against the euro
Lord Rothschild has taken a near-£130m bet against the euro as fears continue to grow that the single currency will break up.
The member of the banking dynasty has taken the position through RIT Capital Partners, the £1.9bn investment trust of which he is executive chairman.The fact that the former investment banker, a senior member of the Rothschild family, has taken such a view will be seen as a further negative for the currency.
The latest omen follows news in The Daily Telegraph late last week that the government of Finland is already preparing for the euro’s break-up.
RIT, which Lord Rothschild has led since 1988, had a -7pc net short position in terms of principal currency exposures on the euro at the end of July, up from -3pc at the end of January. Given a net asset value of £1.836bn at the end of July, the position is worth £128m.
Sources close to RIT suggested that the position was not a dogmatic negative view on the euro as a currency, but rather a realistic approach on a currency that remains relatively weak.
August 19, 2012, 1:10 p.m. ET
Dutch Far-Left Leader Warns on Cuts
ARNHEM,
The Netherlands—The current front-runner in next month's Dutch general
elections warned Sunday that a single-minded focus on austerity is crippling
the country's economy and could unravel the euro zone.
"I
can't say if we will be able to maintain the euro. The European economy is
hurting too much from austerity," Emile Roemer told reporters at the
launch of his Socialist Party's election campaign.
Mr.
Roemer's far-left party has benefited from growing voter resentment toward the
German-led austerity drive and euro-zone bailouts. Some polls give it a clear
lead over the Liberal Party of Prime Minister Mark Rutte.
Mr.
Roemer blamed the current problems partly on flaws in the euro zone's design
and said "technocrats" have gained power at the expense of voters. He
said struggling countries in Southern Europe should be allowed more leeway.
"Europe
should be about people, not about multinationals and the financial
sector," he said.
Gold Bulls Expand as Billionaire Paulson Buys Metal: Commodities
By Nicholas Larkin - Aug 17, 2012 4:28 PM GMT
Gold traders are the most bullish in six weeks as investors boosted their
bullion holdings to a record on concern that economic growth is slowing and
after billionaires John Paulson and George Soros bought more metal. Fourteen of 26 analysts surveyed by Bloomberg expect prices to rise next week and six were bearish. A further six were neutral, making the proportion of bulls the highest since July 6. Paulson raised his stake in the SPDR Gold Trust, the biggest gold-backed exchange-traded product, by 26 percent in the second quarter and Soros more than doubled his holding, U.S. Securities and Exchange Commission filings showed Aug. 14. Global holdings reached a record on Aug. 10, data compiled by Bloomberg show.
The euro-area contracted in the second quarter after the
worsening debt crisis forced at least six nations into recessions, European
Union data showed Aug. 14. Gold bar and coin purchases jumped 15 percent in Europe
in the period, the World Gold Council said yesterday.
More
Below, a BOE assessment on the reality of our
massively broken fiat money, casino capitalism, “system.” Although calling it a
system fools no one, because there’s only a system of central bank, never
ending crisis monetisations in place, that increasingly only fuels stock and
commodity speculation, and completely fails industry and commerce.
"Under
capitalism man exploits man; under socialism the reverse is true."
Polish
proverb under communism.
Bank of England deputy governor Paul Tucker warned banks they could collapse 'before Christmas'
Bank of England officials were so concerned about the potential for a financial crisis late last year they took the extraordinary step of warning the entire banking system could collapse “before Christmas”.
Paul Tucker, the deputy governor of the Bank of England, told an October meeting of the chief executives of Britain’s largest banks that there was a serious chance none of their businesses would survive to the end of the year.“Gentlemen, you could all be out of business by Christmas,” Mr Tucker said in a stark warning to the bank chiefs, according to three sources present at the meeting.
The revelation of Mr Tucker’s remarkable warning shows the depth of fear among senior officials over the havoc the collapse of the eurozone would wreak on the British financial system.
Mr Tucker is one of the front-runners to replace Sir Mervyn King as Governor of the Bank of England.
Minutes published by the Bank’s Financial Policy Committee in September and December made clear the depth of its concerns, but the explicit warning given to the chief executives shows that officials feared a crisis even greater than that in the wake of the collapse of Lehman Brothers in September 2008. The meeting led directly to the creation of working groups at banks to gauge the potential for a full-scale collapse of the financial system.
August 19, 2012, 7:21 p.m. ET
Chinese Protest Island Landing
TOKYO—A
landing by Japanese activists Sunday on an island claimed by Japan, China and
Taiwan sparked anti-Japanese protests across China, as tensions continued in a
pair of territorial spats roiling relations in East Asia.
The flare-ups are adding to the challenges for
Japanese Prime Minister Yoshihiko Noda, who is likely to face increased
opposition pressure to call early elections when parliament returns from a
weeklong break on Monday.
The
disputes—involving two sets of islands whose sovereignty is contested—are
stirring nationalist sentiments throughout the region in a way that hasn't been
seen since 2010, when Japan's detention of a Chinese fishing-boat captain who
had collided with a Japanese patrol vessel in disputed waters sparked
demonstrations throughout China.
On Sunday, 10 Japanese activists defied Japanese
coast-guard warnings, the coast guard said, and swam to one of the group of
East China Sea islands called the Senkakus by Japan and Diaoyu by China. The
islands are controlled by Japan but claimed by China and Taiwan as well. The
Sunday landing followed one last week by a group of activists from Hong Kong;
the Japanese government deported those activists on Friday.
Although
the coast guard said it didn't know the identities of Sunday's swimmers,
Japanese media reports said they likely came from among a group of around 150
people, including national and local politicians, who had taken boats to nearby
waters to honor the dead from a ship that sank there during World War II.
The landing sparked anti-Japanese protests in
several Chinese cities Sunday. About 1,000 demonstrators in the southern city
of Shenzhen, across the border from Hong Kong, paraded through the city's
streets, waving Chinese flags and calling for the government to defend the
country's territorial claims against Japan. A number of Japanese-brand cars
were overturned or smashed.
----Meanwhile, Mr. Noda's government is continuing to apply pressure in a separate territorial dispute triggered by South Korean President Lee Myung-bak's recent visit to the Liancourt Rocks, controlled by South Korea but claimed by Japan as well. The islands are referred to as Dokdo by Seoul and as Takeshima by Tokyo.
Mr. Lee followed
the visit by criticizing Japan over its treatment of Korea when it held the
peninsula as a colony last century, saying Tokyo hadn't properly atoned.
More
"The
tragic lesson of guilty men walking free in this country has not been lost on
the criminal community."
Richard
M. Nixon. Fiat Currency Fraudster.
At the Comex silver depositories Friday final figures were: Registered 35.48
Moz, Eligible 105.19 Moz, Total 140.67 Moz.
Crooks and
Scoundrels Corner
The bent,
the seriously bent, and the totally doubled over.
Today, is
there any crime a modern 21st century bankster wouldn’t commit, in
the pursuit of an extra ha’pence of filthy lucre bonus. Remember economic sanctions
against Iran weren’t imposed on a whim. Sanctions against Iran were brought in
to force a dangerous theocratic, medieval regime from getting hold of nuclear
weapons, and all too likely using them against Israel and Saudi Arabia. What
bit about following the law, even if you don’t agree with it, did today’s
monster banksters miss?
"When
a [bank] President does it, that means that it is not illegal."
Josef Ackermann, with apologies to Richard Nixon.
Deutsche Bank Among Four Said to Be in U.S. Iran Probe
By Greg Farrell - Aug 19, 2012 2:15 AM GMT
Deutsche Bank AG (DBK) is among four European banks being investigated by
U.S. authorities for alleged violations involving oil trading and Iran,
according to an attorney with knowledge of the matter. Regulators including the U.S. Treasury’s Office of Foreign Assets Control, the Federal Reserve, the Justice Department and the Manhattan district attorney’s office are all involved in the probe of Deutsche Bank and three other European banks, said the attorney, who asked not to be identified because the investigations are confidential.
“Deutsche Bank had decided by 2007 to reject any new business with Iran, Syria, Sudan and North Korea and to end existing relationships to the extent it was legally possible,” Deutsche Bank spokeswoman Friederika Borgmann said, declining to comment on the U.S. investigation.
The regulators were in advanced stages of an investigation into banking violations at Standard Chartered Plc (STAN) when the superintendent of New York’s banks, Benjamin Lawsky, moved first in that matter with an Aug. 6 order accusing the London-based lender of multiple violations of state banking laws.
Once the federal authorities resolve their probe of Standard Chartered, they will proceed against the four European banks they have been investigating, including Frankfurt-based Deutsche Bank, according to the attorney.
More
http://www.bloomberg.com/news/2012-08-18/deutsche-bank-among-four-said-to-be-in-u-s-laundering-probe.html
Crisis? What crisis?
Timothy Geithner, George Osborne, Ben Bernanke, “three card Mario Draghi, with apologies to Prime Minister “Sunny Jim” Callaghan.
The monthly
Coppock Indicators finished July:
DJIA: +65 Up. NASDAQ: +75 Up. SP500: +48 Up. All
three indicators have reversed from down to up, though only marginally. Last
week’s ECB relief rally probably made the difference.
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continue reading subscribe to the LIR at Currency Countdown.
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