Baltic Dry Index. 889 -03
LIR Gold Target by 2019: $30,000. Revised due to QE programs.
“It is always the best policy to speak the truth, unless of
course, you are an exceptionally good liar."
Akira Amari, with apologies to Jerome K. Jerome.
We open this morning with comedy from Japan, as the
G-7 finance ministers start an all expenses paid, two day meeting in the 5 star
Hartwell House in Buckinghamshire, England. http://www.hartwell-house.com/
If attending, be sure to ask for the Hartwell Honey.
“We’re not currency manipulators to boost exports,” says the always honest Japanese economic revitalization minister, Akira Amari. Besides the weakness of the yen is all the fault of the strength of the dollar due to the strength of the economic recovery in America. Doubtless Mr. Amari, best known for his six foot long nose, also has a bridge for sale in Brooklyn.
“We’re not currency manipulators to boost exports,” says the always honest Japanese economic revitalization minister, Akira Amari. Besides the weakness of the yen is all the fault of the strength of the dollar due to the strength of the economic recovery in America. Doubtless Mr. Amari, best known for his six foot long nose, also has a bridge for sale in Brooklyn.
Japan denies currency manipulation to boost exports
TOKYO, May 10, Kyodo
Economic revitalization minister Akira Amari denied Friday that Japan is
engaging in currency manipulation to boost exports, as the U.S. dollar topped
100 yen for the first time in four years.Amari said signs of recovery in the U.S. economy were behind the dollar's rise against the yen and that foreign exchange rates should be determined by the market.
While the yen's steep slide, also stemming from the Bank of Japan's drastic monetary easing, has chafed some other export-reliant nations such as South Korea, Amari said, "We don't have any intention of manipulating foreign exchange rate."
More
Back in the endless misery of austerity wracked continental
Europe, unemployment rose again in the ruined economies of Greece and Portugal.
Youth unemployment rose to 64% in Greece and to 42% in Portugal. Just imagine
how much worse it would be if both countries weren’t in the worker’s paradise
of the Bilderberger ordered EUSSR.
"You
can get much farther with a kind word and a gun than you can with a kind word
alone."
Mario
Barroso, with apologies to Al Capone.
Updated May 9, 2013, 9:24 a.m. ET
Joblessness Up Again in Greece, Portugal
The
jobless rate in two of the euro zone's crisis-hit members continues to rise, with
youth unemployment surging in both Greece and Portugal.
Both
countries have had to seek financial help from the European Union and the
International Monetary Fund, and are attempting to cut large budget deficits.
But austerity has contributed to economic contraction and a loss of jobs.
Greece's
statistics agency Thursday said the unemployment rate rose to 27.0% in February
from a downwardly revised 26.7% in January.
The
increase in unemployment will disappoint policy makers in Greece and around the
euro zone, who had hoped that the economy was beginning to stabilize.
Greece's
unemployment rate was the highest of any euro-zone nation and more than double
the rate for the currency area as a whole, which was 12.0% in February.
The
figures showed the jobs crisis continues to hit young people
disproportionately. Some 64.2% of Greeks aged 15 to 24 were unemployed in
February, compared with 24.0% in the euro zone as a whole, and 7.6% in Germany,
the currency area's largest member.
----In Portugal, the unemployment rate rose to 17.7% in the first three months of the year, from 16.9% in the final quarter of 2012. Once again, young people are the hardest hit, with the jobless rate for those aged 15 to 24 rising to 42.1% from 40%.
Those
rates appear likely to continue to increase, with the Portuguese government
recently having announced a plan to cut 5% of public-sector jobs.
More
With youth unemployment eye wateringly high in Club Med and rising, unsurprisingly the elitist Bilderbergers are a little nervous ahead of their upcoming June meeting at the 5 star Grove Hotel near Watford, England. More correctly
“THE GROVE | London's Country Estate, Chandler's Cross, Hertfordshire, WD3 4TG.”
Interestingly, The Grove, boasts that it’s “unstuffy and open to all. Come here, breathe, relax and have enormous fun!” I am so pleased that they generously allow breathing.
It doesn’t exactly sound like it’s open to all June 6-9th, but perhaps some of Europe’s idled youth might like to take up the invitation anyway, and hobnob in an unstuffy way with the world’s leading movers and shakers. Take along a few CVs too. You never know some of them might need footmen or gardeners.
“Security Exercise” Planned Around Upcoming Bilderberg Meeting?
Complete security lockdown at
upcoming Bilderberg conference?
Jurriaan Maessen Infowars.com
April 16, 2013
According to several citizen-journalists, the entire area around the Grove
Hotel near Watford UK and the hotel itself will be cordoned off by the local
Hertfordshire constabulary in a “security exercise”. The exercise is planned
exactly at the time that the Bilderberg conference is expected to take place
there, from June 6-9.A person posting on David Icke’s website forum apparently contacted the Hertfordshire constabulary, from which he learned that a security exercise, or drill, is planned not only in the area of the Grove hotel, but also inside the Hotel itself.
“I rang them up at their HQ this afternoon (April 15) to test the water, and they said that the matter is not for public discussion, but they did confirm that a security exercise is in place for that area and at the hotel between those dates. Naturally they declined my question as to which heads of state and officials were attending and all I got told by the call handler was “I don’t have that information Sir.”
As we would expect, the Hertfordshire constable that gave this information was tight-lipped. The information provided however does suggest that Bilderberg is not taking any chances this year. Given the fact that Bilderbergers are increasingly hounded by citizen journalists, a security exercise in and around the Hotel will presumingly be put in place as cover behind which the participants may continue their deliberations in peace.
On the UK-based Planet X forum, one person writes he decided to ring up the Hotel, pretending to be interested to book a wedding at the hotel. He told the Grove employee he could only come and view the facilities at either June 7 of 8. The response by the employee at the “social events”-team at the hotel confirms that there will be high-level security on June 7 and 8, allowing no one to enter the Hotel or its immediate surroundings at those dates. He was told:
“Unfortunately on the 7th and 8th June 2013, the whole hotel and facilities are booked out to a group holding an international event. There is no way that you can come and visit that weekend. The only time we have free for you to visit is at 1030am on Monday 10th June, and the Amber suite will be available to view.”
After his request to view the Hotel, he proceeded to ask if he could instead “view the grounds and golf club”.
The response he got from his second request?
“For security of this group event we cannot let anyone come to the hotel grounds either.”
“I asked if it was an international wedding, and she said:
“No its an international meeting and the whole hotel is booked out including all rooms.”
So, as reported earlier the nearby Fullerians Rugby Club has taken an unusual booking from the Hertfordshire constabulary, booking “the entire grounds and facilities for ten days – spanning the weekend of the conference.” Bilderberg2013.co.uk writes:
“The rugby club has no idea what the booking is actually for. Could this be the base of operations for security during the event?”
More
Warning: The link below does contain a rather risqué picture of a nude statue, primly posed in the finest English tradition. With untypical British overstatement, The Grove boasts an improbable, if highly amusing, 9,000 year history. If it’s unstuffy enough for Tiger Woods and his party going friends, I think I’ll try my luck in the bar. Remember to take full advantage of thse lonegr moments for free breathing.
Our history
Look down our timeline; our history is fascinating. It all starts way back in 7,000 BC. Since Early Man, Queen Victoria, King Edward, Tiger Woods and many more illustrious guests have stayed, played and partied here.The Grove 5 star hotel resort Hertfordshire England
Welcome to London's cosmopolitan country estate. You won't believe we're 30 mins from Heathrow, 17 mins from London Euston, 3 mins from the M25... we're so nearby, you can switch off sooner.Time's precious and every moment feels longer at The Grove. You're surrounded by nature and there's so much to do that you can spend days here and never do the same thing twice.
Play on our Championship golf course, enjoy our award-winning Sequoia Spa, dine in three restaurants and waste time in our lounges, bars, Walled Garden and woods. A very special luxury hotel resort and a Leading Hotel of The World, The Grove is unstuffy and open to all. Come here, breathe, relax and have enormous fun!
More
http://www.thegrove.co.uk/about-us/
We end for the week with some good news. While continental Europe heads for the abyss of depression, Great Britain’s bouncing back helped by advertising spending.
"Advertising is the art of making whole lies out of half truths."
Edgar A. Shoaf, advertizing executive.
UK recovery gathering momentum after 'stunning' rise in manufacturing
Britain's recovery is gathering momentum on the back of a “stunning” resurgence in manufacturing, economists said, as advertising spending – another economic bellwether – bounced back to levels not seen since the recession struck.
Factory
output rose by 1.1pc in March following a 0.7pc increase in February, according
to the Office for National Statistics, outstripping the ONS’s original estimate
of 0.8pc and defying forecasters’ more gloomy predictions. It was the first
time in two years that manufacturing enjoyed growth for two consecutive months.
Peter
Dixon of Commerzbank called the figures “stunning”, saying they showed the UK
“is getting back on its feet” following growth of 0.3pc in the first quarter.
Nida Ali,
economic adviser to the Ernst & Young ITEM Club, added: “There is a good
chance that second-quarter growth could even be stronger than the first
quarter.”
Evidence
of a possible manufacturing revival followed a recent flurry of resilient news
both in the UK and overseas, with US unemployment hitting a four-year low and
German industrial production confounding forecasts in the past week alone.
However, the Chancellor warned against complacency, telling finance ministers and central bank chiefs attending Friday’s G7 summit in Buckinghamshire in a written statement: “The global recovery cannot be taken for granted. We must guard against weakening our resolve to confront the collective challenges we face. Our task is to nurture the recovery.”
To
underpin growth, George Osborne called on the G7 to use the two-day event “to
consider what more monetary activism can do to support the recovery” beyond
quantitative easing – claiming that refining the role of central banks was
“most urgent” for a sustained recovery.
---- The strength of the manufacturing rebound came as the Advertising Association (AA) said companies spending in the UK rose 2.3pc last year to £17.2bn – its highest level since 2007. It also predicted a further increase of 2.7pc this year and 5pc in 2014.
Tim
Lefroy, AA’s chief executive, said: “Advertising does not just track GDP, it
drives it. The return to pre-recession levels of spending will have an impact
not just on ad-land but the economy at large.”
More
Since monetarily we are headed
for the quadrillions and collapse, the following table is provided as a service
to those unable to master the scientific notation that will rapidly be needed
in handling of our currency. In the U.S
system (the British system is even worse) we work as follows:
Million - 1,000,000
Billion - 1,000,000,000
Trillion - 1,000,000,000,000
Quadrillion - 1,000,000,000,000,000
Quintillion - 1,000,000,000,000,000,000
Sextillion - 1,000,000,000,000,000,000,000
Million - 1,000,000
Billion - 1,000,000,000
Trillion - 1,000,000,000,000
Quadrillion - 1,000,000,000,000,000
Quintillion - 1,000,000,000,000,000,000
Sextillion - 1,000,000,000,000,000,000,000
for comparison, in seconds
Million - 11.5 days
Billion - 31.7 years
Trillion - 31,700 years
Quadrillion - 31,700,000 years
Quintillion - 31,700,000,000 years
Sextillion - 31,700,000,000,000 years
Billion - 31.7 years
Trillion - 31,700 years
Quadrillion - 31,700,000 years
Quintillion - 31,700,000,000 years
Sextillion - 31,700,000,000,000 years
At the Comex silver depositories Thursday final figures were: Registered 44.57
Moz, Eligible 121.80 Moz, Total 166.37 Moz.
2.4 Moz was added mostly at Scotia Moccata. Is another grand slamdown
coming next week?
Crooks and Scoundrels
Corner
The bent, the seriously bent, and the totally
doubled over.
We end for the week going completely of the PC message of man-made
global warming from carbon dioxide. Messrs Schmitt and Happer suggest what the
world needs is more carbon dioxide not less. How could the discredited
University of East Anglia, not to be confused with real universities like
Oxford or Cambridge, have got it so wrong?
"Rarely
have so many people been so wrong about so much."
Richard
M. Nixon.
May 8,
2013, 6:37 p.m. ET
Harrison H. Schmitt and William Happer: In Defense of Carbon Dioxide
The demonized chemical compound is a boon to plant life and has little correlation with global temperature.
Of all of
the world's chemical compounds, none has a worse reputation than carbon
dioxide. Thanks to the single-minded demonization of this natural and essential
atmospheric gas by advocates of government control of energy production, the
conventional wisdom about carbon dioxide is that it is a dangerous pollutant.
That's simply not the case. Contrary to what some would have us believe,
increased carbon dioxide in the atmosphere will benefit the increasing
population on the planet by increasing agricultural productivity.
The
cessation of observed global warming for the past decade or so has shown how
exaggerated NASA's and most other computer predictions of human-caused warming
have been—and how little correlation warming has with concentrations of
atmospheric carbon dioxide. As many scientists have pointed out, variations in
global temperature correlate much better with solar activity and with
complicated cycles of the oceans and atmosphere. There isn't the slightest evidence
that more carbon dioxide has caused more extreme weather.
The
current levels of carbon dioxide in the earth's atmosphere, approaching 400
parts per million, are low by the standards of geological and plant
evolutionary history. Levels were 3,000 ppm, or more, until the Paleogene
period (beginning about 65 million years ago). For most plants, and for the
animals and humans that use them, more carbon dioxide, far from being a
"pollutant" in need of reduction, would be a benefit.
This is already
widely recognized by operators of commercial greenhouses, who artificially
increase the carbon dioxide levels to 1,000 ppm or more to improve the growth
and quality of their plants.
Using
energy from sunlight—together with the catalytic action of an ancient enzyme called
rubisco, the most abundant protein on earth—plants convert carbon dioxide from
the air into carbohydrates and other useful molecules. Rubisco catalyzes the
attachment of a carbon-dioxide molecule to another five-carbon molecule to make
two three-carbon molecules, which are subsequently converted into
carbohydrates. (Since the useful product from the carbon dioxide capture
consists of three-carbon molecules, plants that use this simple process are
called C3 plants.) C3 plants, such as wheat, rice, soybeans, cotton and many
forage crops, evolved when there was much more carbon dioxide in the atmosphere
than today. So these agricultural staples are actually undernourished in carbon
dioxide relative to their original design.
More
Mr. Schmitt, an adjunct
professor of engineering at the University of Wisconsin-Madison, was an Apollo
17 astronaut and a former U.S. senator from New Mexico. Mr. Happer is a
professor of physics at Princeton University and a former director of the
office of energy research at the U.S. Department of Energy.
May 8, 2013, 11:44 a.m. ET
Shale Boom Is a Bust for Europe's Gas Plants
FRANKFURT—The ripples of the North American shale boom continue to spread, as a growing number of European utilities are forced to mothball modern gas-fired power plants that can't compete with growing imports of cheap coal dislodged from the U.S.Norwegian state energy company Statkraft said Wednesday it has idled a gas-fired power station in Germany that couldn't compete with its coal-fired rivals, while German utility E.ON EOAN.XE -0.60% SE said it is seriously considering mothballing more gas-fueled plants, including a state-of-the-art facility in Slovakia.
Other
European utilities have taken similar action, presenting policy makers with a
dilemma—cheaper coal-fired power could provide some relief for the region's
struggling economies, but might be incompatible with long-term goals for carbon
emissions and renewable energy.
The closures across Europe are another example of
the far-reaching effects of the North American energy-supply boom. Surging
supplies of natural gas in North America, unlocked from shale rock by a new
combination of technology known as hydraulic fracturing, have prompted many
U.S. power generators to switch away from coal, pushing increasing amounts of
the fuel into Europe as cheap imports.
In 2012,
U.S. exports of coal to Europe rose 23% to 66.4 million short tons, according
to data from the U.S. Energy Information Administration.
Much of
this coal is displacing natural gas as a fuel for electricity generation in
Europe. In the U.K., for example, the proportion of electricity generated from
coal rose to its highest level in 17 years in 2012, while gas fell to a
corresponding low.
More
"There are two times in a man's life when he should not speculate: when he can't afford it and when he can."
Mark Twain
Another weekend, and the west’s leading financial Muppets and their flunkies,
bag carriers and hangers on, are assembled in Buckinghamshire England, to play
havoc with our fiat currencies and our wealth. Money is simply too important to
be left to bent politicians, central banksters, and their crony friends in the
crooked fractional reserve banking systems. Since the Great Nixonian Error of
fiat money, always keep a good part of one’s wealth in tangible assets, safe
from the whims of the Muppets. Have a great weekend everyone.
The monthly Coppock Indicators finished April:
DJIA: +133 Up. NASDAQ: +139 Up. SP500: +170 Up. Another Fed bubble underway. But how high is
high enough?
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