The Chair To Talk Today.

Baltic Dry Index. 1096  +35

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

You've got a friend in me
You've got a friend in me

When the road looks rough ahead
And you're miles and miles from your nice warm bed
You just remember what your old pal said

Squids, you've got a friend in me
Yeah, you've got a friend in me

Janet Yellen and the Fedster Fraudsters.

Today, a little light entertainment.  It’s all about the Fed’s talking chair. In Wyoming later today, the Great Vampire Squids, banksters and stock markets everywhere are expecting the chair to sing like a canary. Their preferred mood music, from the dovish, ex-London School of Economics Yellen, there will be no interest rate increases for the foreseeable future, forever and ever, Amen.  ZIRP is to drive the Fed’s final bubble permanently higher. To infinity and beyond. What could possibly go wrong? After all, as they say among the untouchables, the Great Vampire Squids and banksters of Wall Street, “it aint over till the fat lady sings.”  Still with company like this, who would want to be seen at Jackson Hole?

One evening in October

When I was about one-third sober

And was taking home a load with manly pride

My poor feet began to stutter

So I lay down in the gutter

And a pig came up and lay down by my side

Then we sang "It's All Fair Weather"

And "Good Fellows Get Together"

Till a lady passing by was heard to say

She says, "You can tell a man who boozes

By the company he chooses"

And the pig got up and slowly walked away

Ebenezer Squid, Bernocchio, and Bubbles Greenspan.

Asian Stocks Advance Before Yellen as Rupiah Strengthens

By Emma O’Brien and Yudith Ho Aug 22, 2014 4:51 AM GMT

Asian stocks climbed, with the regional index heading for a second weekly gain, after the U.S. equity benchmark gauge rose to a record before a speech by Federal Reserve Chair Janet Yellen. Indonesia’s rupiah strengthened and crop futures advanced.

The MSCI Asia Pacific Index (MXAP) added 0.3 percent by 12:45 p.m. in Tokyo, set for a 0.5 percent increase this week. Standard & Poor’s 500 futures were little changed after the gauge rose a fourth day in the U.S. The yen traded near its weakest level since April and the rupiah rallied 0.2 percent after a court threw out a challenge to Jakarta Governor Joko Widodo’s presidential-election victory. Wheat, corn and soybeans increased at least 0.4 percent.

Yellen speaks today in Jackson Hole, Wyoming at a Fed symposium also being attended by European Central Bank President Mario Draghi and Bank of Japan Governor Haruhiko Kuroda. Investors are looking for clues as to the timing of U.S. interest-rate increases, with data from housing to manufacturing yesterday indicating the U.S. economy is continuing to strengthen. Widodo, known as Jokowi, will become Indonesia’s next president after a court rejected his challenger’s allegations of fraud.

“The market’s expecting Yellen to reiterate her fairly dovish view,” said Khoon Goh, senior foreign-exchange strategist at Australia & New Zealand Banking in Singapore.

More

http://www.bloomberg.com/news/2014-08-21/asian-futures-rise-amid-s-p-500-record-yen-oil-retreat.html

But in the real world, far from the untouchables gathered in Jackson Hole to do more of “God’s work” for the one percenters, storm clouds have reappeared,  and it’s nothing to do with a botched American coup in Kiev, the barbarous murdering moslems in the Levant, nor the continuing demolition of the Warsaw ghetto on the Med. These storm clouds have gathered over civilisation, America and Europe. It takes a lot to stop parents and relatives buying toys for the kiddies.

Old Ebenezer Squid had one-way pockets. He would walk ten miles in the snow to chisel an orphan out of tuppence.

With apologies to P.G. Wodehouse and the Duke of Dunstable

Li & Fung Falls on Challenging U.S., Europe Outlook

By Vinicy Chan Aug 22, 2014 3:07 AM GMT

Li & Fung Ltd. (494), the world’s largest supplier of clothes and toys to retailers, fell the most in eight months in Hong Kong trading after saying conditions will remain challenging in key U.S. and European markets.

The company controlled by William and Victor Fung dropped as much as 5.1 percent, the biggest intraday decline since Dec. 12, to HK$9.95 and traded at HK$10 as of 9:55 a.m. It was the biggest drop among companies in the city’s benchmark Hang Seng Index, which gained 0.4 percent.

Li & Fung, which has Wal-Mart Stores Inc. (WMT) and Target Corp. (TGT) as its two top customers, said yesterday most of its customers are delaying order decisions until they get better indications about consumer confidence in the third quarter. It also reported first-half core operating profit declined 9 percent to $227 million on higher costs.

More

http://www.bloomberg.com/news/2014-08-21/li-fung-sees-outlook-challenging-amid-order-delays.html

When two banksters meet in Mayfair, so the legends tell
Songbirds sing. Winter turns to spring
Every winding street in Mayfair falls beneath the spell
I know such enchantment can be
Cause it happened one evening to me.
That certain night, the night we met
There was magic abroad in the air.
There were angels dining at the Ritz
And a nightingale sang in Berkeley Square
I may be right I maybe wrong
But I'm perfectly willing to swear
That when you turned and smiled at me
A nightingale sang in Berkeley Square

Janet Yellen , Mark Carney, and the BOE Bankster Boys.

At the Comex silver depositories Thursday final figures were: Registered 59.96 Moz, Eligible 117.11 Moz, Total 177.07 Moz.  

Crooks and Scoundrels Corner

The bent, the seriously bent, and the totally doubled over.

No crooks today they’re all taking the waters of hopium at Jackson Hole. Today, a little more light entertainment on when ZIRP ends.

I saw a peanut stand
Heard a rubber band
I saw a needle
That winked it's eye
But I think I will have
Seen everything
When I see  ZIRP say goodbye

I saw a front porch swing
Heard a diamond ring
I saw a polka-dot railroad tie
But I think
I will have seen everything
When I see ZIRP say goodbye

I seen a clothes horse
He r'ar up and buck
And they tell me that a man
Made a vegetable truck
I didn't see that
I only heard
But just to be sociable
I'll take your word

I heard a fireside chat
I saw a baseball bat
And I just laughed
Till I thought I'd die
But I'd be done see'n
About everything
When I see ZIRP say goodbye

Mario Draghi and God's Workers, the ex-Goldmanites Chorus.

Yes, but did you ever see a chair start to talk and sing? Have a great weekend everyone.

The monthly Coppock Indicators finished July.

DJIA: +157 Down. NASDAQ: +318 Down. SP500: +232 Down.  The Fed’s final bubble has taken on a very scary wobble, but this is nothing compared to the return of real interest rates at some point ahead.