Friday, 13 December 2013

Europe – Friday the 13th.

Baltic Dry Index. 2337 +38

LIR Gold Target by 2019: $30,000.  Revised due to QE programs.

I described the euro as a burning building with no exits and so it has proved for some of the countries in it.

Foreign Secretary William Hauge.

Yes it’s the final Friday the 13th of 2013, what for Euroland could possibly go wrong? While America and Great Britain stumble and bumble their way to a recovery of sorts, though don’t stop QE to Infinity Forever, in the sick Bilderberger joke of Euroland, it’s just another soul crushing wealth destroying day. If you’re under 25 in bureaucratic EMU poverty trap of Club Med, you have up to a 60% chance of spending Christmas Day dumpster diving. What part of a currency failure is Brussels blind to?

The euro is our common fate, and Europe is our common future.

Angela Merkel.

Dismantle the euro, says Nobel-winning economist who once backed currency union

A leading economist who once argued for the creation of the euro now claims the single currency should be abandoned as it is fuelling unemployment and dividing Europe.

By Miranda Prynne, News Reporter 7:35AM GMT 12 Dec 2013
A Nobel prize-winning economist will on Thursday withdraw his support for the euro saying it has created a “lost generation” unemployed youngsters and should be broken up.

Sir Christopher Pissarides was once a key proponent of a single currency but will on Thursday accuse the euro of “dividing Europe” and say action is needed to “restore the euro’s credibility in international markets” and the “trust that Europe’s nations once had in each other”, according to the Daily Mail.

Speaking at the London School of Economics, where he teaches, Professor Pissarides will say: “The euro should either be dismantled in an orderly way or the leading members should do the necessary as fast as possible to make it growth and employment-friendly,.

“We will get nowhere plodding along with the current line of ad hoc decision-making and inconsistent debt-relief policies.

“The policies pursued now to steady the euro are costing Europe jobs and they are creating a lost generation of educated young people. This is not what the founding fathers promised.”

The Cypriot-British economist, who won the Nobel prize in 2010, is speaking days after Christine Lagarde, the head of the International Monetary Fund, insisted the crisis in the eurozone was not yet over.

The eurozone economy grew by just 0.1 per cent in the third quarter of the year compared with 0.8 per cent in Britain and 0.9 per cent in the US.

Unemployment within the single currency area now stands at 12.1 per cent, meaning more than 19million people are out of work

----Explaining why he had worked hard to persuade Cyprus to join the currency union in 2008, Professor Pissarides will say: “I was completely sold on the idea.

“Back then, the euro looked like a great idea. But it has now backfired. It is holding back growth and job creation and it is dividing Europe. The present situation is untenable.”

Surprise fall in eurozone industrial output

Worst industrial output figures since height of eurozone crisis show economy is struggling to regain momentum

By Bruno Waterfield, Brussels 1:54PM GMT 12 Dec 201
Eurozone industrial output unexpectedly fell sharply in October raising fresh questions about the prospects of recovery and the European Union’s handling of the economic crisis.

Industrial production had been expected to show small but incremental signs of a return to sluggish growth in the EU’s single currency area but the latest figures are the worst since the height of the eurozone crisis.

Industrial production in the 17 countries using euro dropped 1.1pc in October in the biggest monthly decline since September 2012 confounding predictions of a 0.3pc rise.

On an annual basis, eurozone production in October 2013 was up only 0.2pc compared to the same month last year, substantially behind a more robust 0.8pc growth in the wider EU.

Production in Germany, the eurozone’s largest economy, contracted 1.2pc in October compared to a 0.4pc increase in output in Britain.

The latest figures will fuel concerns about France where production dropped by 0.3pc on a monthly basis for a second consecutive month.

Ireland, which has been hailed as the eurozone’s austerity poster pin-up for exiting an international financial bailout next year, saw production plummeting 11.6pc

Latvia's lack of government should not affect joining euro: president

RIGA Wed Dec 11, 2013 8:50am EST
(Reuters) - Latvia is likely to enter the euro zone in January without a permanent government, but that should not affect the changeover to the euro, Latvia's president said on Wednesday, after talks among political parties failed to produce a new prime minister.

Latvia's former prime minister, Valdis Dombrovskis, will serve as acting head of the government until a new government is approved. Dombrovskis resigned in November after a fatal supermarket collapse in Riga.

"Everything that was needed (for entering the euro zone) has been done," President Andris Berzins said at a news conference when he was asked about joining. "Of course, there can be some surprises."

Next, did Great Britain and its former empire stand-alone against Hitler’s Germany for this! Who would want to remain in a Club that includes Romania?

'Only in the Chimney': Anti-Semitic Carol Causes Uproar in Romania

December 12, 2013 – 04:13 PM
Advocacy groups are incensed after a Romanian government-owned channel broadcast a Christmas song glorifying the Holocaust and calling for Jews to be burned. The channel is blaming a local group for the performance.

Outrage has erupted among advocacy groups in Romania after the state channel TVR broadcast an anti-Semitic Christmas song calling for Jews to be burned in a chimney. According to the Jewish Telegraphic Agency (JTA), the song ran on a Dec. 5 broadcast by the rural-targeted TVR3 channel.

In the broadcast, a choir was shown singing a Christmas song that indirectly glorifies the Holocaust. The song, which rhymes and uses the word "jidovi," a pejorative word for a Jew, includes the lyrics, "only in the chimney as smoke, this is what the 'jidov' is good for."

On Wednesday, Romania's Foreign Minister Titus Corlatean harshly condemned the event and called on the public prosecutor's office and parliament to bring those responsible to justice. Israel's embassy said it was "concerned" about the broadcast.

The channel said in a statement on Thursday that it was not responsible for selecting the Christmas songs, but merely broadcasting carols selected by a cultural center dedicated to preserving the traditional culture of the northwestern Cluj region. The YouTube video of the performance shows the host thanking both the singers and the director of the cultural center and asking him about local Cluj folklore values.

MCA Romania, a non-governmental organization dedicated to fighting anti-Semitism, said it was unacceptable for the channel to evade responsibility by blaming the local organization. According to the JTA, MCA sent a complaint to Romanian President Traian Basescu and Prime Minister Victor Ponta that said: "It is outrageous that members of the public weren't scandalized by an anti-Semitic song calling for people to burn Jews."

If the euro becomes a factor promoting Europe's drifting apart, then the foundation of the European project is destroyed.

Mario Monte.

At the Comex silver depositories Thursday final figures were: Registered 53.54 Moz, Eligible 115.92 Moz, Total 169.46 Moz.   Someone seems to be expecting a massive December delivery.

Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally doubled over.

Today, more on the wealth destroying madness of the elitist Bilderberger  EUSSR. At a cost of 270 million euros and counting, 140 overweight  Germans have jobs for life, or at least until the Eurozone breaks up next year, or Romanians and Bulgarians show up in January to mow the grass and clear the snow for half the price. And let’s not get started on the heavily subsidised French auto industry!

“And rescue drills must be conducted to ensure her staff are prepared for disaster.”

On Standby: Kassel's 270 Million Euro Airport to Nowhere

December 12, 2013 – 03:14 PM
A regional airport that opened six months ago in the German city of Kassel has close to 140 employees, but no scheduled flights this winter. Everyday operations are legally required, even as the facility hemorrhages money.

----Muller is the CEO of Kassel Airport GmbH. To her right is the brand new Kassel-Caldren Airport, which opened in April. There's a lot of asphalt, a small tower and a terminal. Muller proudly points to the new sewage facility built just for the airport. There's not much going on today. The pilot of a small jet practices takeoffs and landings and two private Russian aircraft are waiting on the tarmac for their passengers.

This is a normal day in Calden, where the €270 million ($372 million) airport has fallen into a sort of winter sleep only half a year after opening. There hasn't been a single scheduled passenger flight here since October. Local flying schools and a few private jets account for the few flights being processed.

The last major aircraft to land here was an Air Berlin jet chartered by the German government to transport Syrian refugees. The next planned commercial flights will commence in the spring, when a few holiday flights will offer service from Kassel. But even with that small amount of business, profitability is far from being achieved at this regional airport.

Muller says the airport has around 140 employees who also have to be paid during slow periods. She says many unemployed people got a second lease on life when they were hired and trained by the airport. For the time being, however, service personnel who would normally be working at the check-in counter have gone on vacation or are receiving additional training. But neither of those options will be enough to bridge the five months of near inactivity. Muller estimates the airport will have a loss of €6.6 million by the end of the year.

'We Have Plenty to Do Here'

When asked how workers are dealing with the situation, Muller responds: "We have plenty to do here," though it will take a while for business to grow at Kassel-Calden. "We just need more time."
Muller doesn't like it when people bad-mouth the airport, which she also considers a personal attack. The airport has already been subjected to numerous jabs -- from newspapers, television crews and politicians. It was even the butt of a joke on the German version of "Who Wants to Be a Millionaire?" The host said not a single person needed the airport.

Indeed, Muller is being forced to defend an airport that a few politicians insisted on building in the northwest of the state of Hesse despite countless warnings and against all reason, given the ease of access to major airports like Frankfurt in the region. Muller says repeatedly that the future will be better. She notes that Turkish Airlines has announced it wants to offer flights from Kassel-Calden. Besides, the airline industry is experiencing tough times, she says. Prior to heading the Kassel Airport, Muller was the CEO of the Rostock-Laage in northeastern Germany, another airport that has been spilling red ink for years.

Muller points to the runways and the grass between them. She begins listing all the things that need to be done here. The grass needs to be mowed, the snow removed, the lamps on the navigation lights must be tested. And rescue drills must be conducted to ensure her staff are prepared for disaster.

I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.

Francois Hollande.

Yet another weekend with Great Britain still trapped in the sinking, rat infested, bureaucrat driven ship of Europe. But relief is coming into sight with the breakup of the EMU in 2014. Have a great weekend everyone.

...for, as long as but a hundred of us remain alive, never will we on any conditions be brought under European rule. It is in truth not for glory, nor riches, nor honours that we are fighting, but for freedom – for that alone, which no honest man gives up but with life itself.

With apologies to the English and the Declaration of Arbroath, 1320.

The monthly Coppock Indicators finished November:
DJIA: +190 Up. NASDAQ: +281 Up. SP500: +232 Up. The Fed’s final bubble continues to grow, until QE Forever isn’t forever. Up will remain up, until one fine day out of the blue the Fed finally loses control, or the next Lehman hits.

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