Baltic Dry Index. 1155 +19
LIR Gold Target in 2019: $30,000. Revised due to QE programs.
My
Mind Is Made Up—Don’t Confuse Me with Facts.
EUSSR
Motto.
We open today with troubling Ebola news from New
York City. While still a one-off event, the worry is that those nations, like
the UK and USA committing troops into West Africa to help stop Ebola, are
committing troops into a medical minefield. How many if any, might bring back Ebola
and spread the deadly disease? The official answer is none, of course, and even
if one or two did, we can cope. But is that really true? Worse, who really
wants to travel now for hours on end in a sealed tube with passengers of unknown
medical status? Who really wants to pass through passenger terminals crammed
with thousands of travellers cheek by jowl? With the Thanksgiving and Christmas
mass travel seasons soon coming up, the potential for error is great.
Below how Murdoch’s Marketwatch covered the latest
Ebola development. I get the feeling I’m watching Black Swans flying in.
U.S. stocks futures point to losses after N.Y. Ebola news
Published: Oct 23, 2014 9:41 p.m. ET
LOS
ANGELES (MarketWatch) -- U.S. stock futures pointed to losses at the Friday
open, and Asian shares lost ground in morning trade, with the moves coinciding
with reports of a new Ebola case in New York City. Thursday night, roughly 12
hours ahead of the open, futures for the Dow Jones Industrial Average DJIA,
+1.32% suggested a 0.6%
loss, while the Nasdaq 100 futures implied a 0.8% drop, and those for the
S&P 500 SPX,
+1.23% showed a 0.7%
decline. Likewise, Asian indexes moved off their early Friday highs, with South
Korea's Kospi SEU,
-0.53% and Hong Kong's
Hang Seng Index HSI,
-0.14% both showing
losses, though those markets were also influenced by local factors. The
declines, particularly for the U.S. futures, came shortly after reports that a
doctor just back from West Africa had tested positive for the Ebola virus. Of
six previous Ebola patients on U.S. soil, five have recovered and one -- who
had arrived in the country already carrying the virus -- has died, but the markets
remain sensitive to any indication the disease could spread in the country.
Bellevue Readied for Ebola Patient With Upgraded Rooms
Oct 24,
2014 5:01 AM GMT
Bellevue Hospital Center, the oldest continuously operating hospital in the
U.S., will be put to a new test by a young doctor who now lies ill in one of
its four isolation units, confirmed as having Ebola. The mid-town facility, one of eight hospitals designated by New York State as go-to centers to care for a potential Ebola patient, has upgraded its infectious disease unit over the past several weeks in preparation. Inside one is Craig Spencer, 33, a New York doctor who recently returned from West Africa, where he was infected with the deadly virus.
Bellevue’s isolation rooms are now fitted with separate air management systems and a power supply that permits the use of specialized life-support equipment, as well as a new laboratory built so blood samples won’t have to be transported to the hospital’s regular laboratory, spokesman Ian Michaels said on Oct. 15, after the Ebola designation was announced.
More
http://www.bloomberg.com/news/2014-10-24/bellevue-readies-for-ebola-patient-with-upgraded-rooms.html
Mali Becomes Sixth African Nation With Ebola as UN Sounds Alarm
Oct 24, 2014 1:43 AM GMT
Mali became the sixth
African country to report a case of Ebola, a week after the United Nation’s
health agency warned that more needed to be done to prevent the disease from
spreading through West Africa. The government has identified family members of the 2-year-old girl who was infected and has started monitoring them, President Ibrahim Boubacar Keita’s office said in a statement. The family traveled with the girl from Kissidougou, Guinea, and was admitted to a hospital in Kayes, Mali, on Oct. 23. The results confirmed she had Ebola yesterday. Mali is Africa’s third-largest gold producer.
“The Ministry of Health and Public Hygiene has taken all necessary steps to prevent the spread of the virus,” according to the statement. The government “will reassure the public about the measures taken and calls for calm and serenity.”
More
In EUSSR news, Brussels seems to have a death wish.
The EUSSR’s apparatchiks seem to be deliberately pursuing policies that will
lead to the UK and later France exiting the dying Bilderberger United States of
Europe project. Italy tries to blackmail
Berlin.
"When it becomes serious, you have to lie"
Jean-Claude Juncker. Failed Luxembourg Prime Minister and ex-president of the Euro Group of Finance Ministers. Confessed liar. EC President.
The scandal of Europe’s ever-expanding budget
Auditors have declined to sign off EU spending for years, so why is there no accountability for this?
Jean-Claude Juncker, the man
Britain did not want as European Commission president, yesterday won the
backing of the parliament in Strasbourg for his new team to run the EU for the
next five years. His first action on being formally confirmed in his post was
to tell David Cameron that there would be “no compromise” with the UK over the
issue of the free movement of migrants within the single market. In this, he
was seamlessly reaffirming the absolutist stance voiced earlier this week by
his predecessor, José Manuel Barroso.
Mr Juncker followed this up by
pledging to embark upon another great spending splurge. He plans to unveil a
300-billion-euro investment package before Christmas to boost jobs and growth,
amid global fears of a return of the eurozone debt crisis. Meanwhile, MEPs
rejected the budget cuts imposed by the Council of Ministers, at Mr Cameron’s
behest, earlier this year. National leaders had accepted the argument that if
they were having to bite the austerity bullet, then the EU should too – but
MEPs have not only voted to reverse their suggested cuts of £1.7 billion but to
add an extra £3.7 billion on top. There will now need to be further talks
between the two bodies, before a final budget is set next month. The chances
are that it will end up higher than expected – and that British taxpayers will
have to find up to £680 million extra at a time when their own living standards
are being squeezed. Even the wider seven-year budget deal negotiated by Mr
Cameron is now in jeopardy.
The process is a scandal, and one
that would not be allowed in our own country. Auditors have declined to sign
off EU spending for years, so why is there no accountability for this? The
House of Lords’ European Union Committee reported yesterday that the “EU budget
process is in an almighty mess”, placing the blame partly on the British
Government for failing to promote genuine reform.
more
EU makes Britain pay for recovery
The Prime Minister is ambushed with a demand for an extra £1.7billion because Britain has outperformed other European economies over past decade
By Bruno Waterfield, and Matthew
Holehouse in Brussels 9:39PM BST 23 Oct 2014
David Cameron is fighting to stop
Britain being forced to pay an extra £1.7billion to the European Union due to
the success of the British economy.
The Prime Minister was ambushed
with a demand from the European Commission for the extra cash because Britain’s
economy has performed better than other economies in Europe since 1995.
The bill is due on 1 December and
Mr Cameron is particularly enraged because Brussels accountants are also
preparing to give France back £790million as its economy performed less well
than Britain’s.
Tories have been stunned by the
news which comes just weeks before the critical by-election in Kent next month,
which they will fight against UKIP, and as the European Parliament seeks
additional increases to next year’s EU budget, at a extra cost to British
taxpayers of £680million.
The Prime Minister was holding
talks at an EU summit in Brussels on Thursday night in order to try and find
allies to oppose the increase, which will push up Britain’s EU membership bill
by 20 per cent this year.
----A senior EU source told the Daily Telegraph that the scope for a legal challenge was non-existent.
“This at the commission’s
discretion. It is automatic, there is nothing Britain can do about it,” said
the official.
Mark Rutte, the Dutch prime
minister, was said to be onside, after the Netherlands was also asked to make
top-up payment of £507million.
The payment, described by
officials as a “surcharge” follows a change to the way the EU calculates gross
national income to include previous hidden service industries, including such
prostitution and illegal drugs.
More
The trouble with socialism is that eventually you run out of other people’s money.
Margaret Thatcher.
Renzi Says Secrecy Must End as EU Leaders Debate Spending
Oct 24, 2014 2:27 AM GMT
Italy’s Matteo Renzi, a
vocal critic of German-inspired austerity, blanked European Union calls to
respect the spirit of back-room negotiations as he shifted his rhetoric up a
gear in the bloc’s perennial argument over fiscal rules. After German Chancellor Angela Merkel trotted out her line that nations must stick to deficit limits, Renzi dismissed accusations his budget risked missing spending goals and said that he’ll publish confidential communications between the European Commission, the EU executive body, and his government.
“The era of secret letters is over,” Renzi told reporters as a two-day summit got under way in Brussels. “It’s time for transparency; we won’t just publish letters in future but also what is spent in these halls of power.”
Renzi’s broadside over the state of Italy’s finances sets the tone for today’s discussion of the euro-area economy after a plunge in European stocks reminded leaders that the 18-nation region’s crisis has still to be overcome. With the economy stagnating in the second quarter and near-record unemployment in some countries, analysts including Charles Dallara, the former cheif of the Institute of International Finance, say the “fixation” on deficit targets isn’t working.
Unable to agree on the pace of debt and deficit reduction, leaders have instead found themselves rallying around a plan to boost private and public investment to aid the ailing recovery - - without detailing how it should be paid for.
More
In UK news, who needs the EUSSR anyway, GB has done
just fine on its own before and will do again. Long before Putin’s tanks reach
Whitehall, they’ll rumbled through Warsaw, Berlin and Paris. Below, poor confused
Mr. R.W. Jones of the Westminster Bank.
"Every
day, in every way, I'm
getting better and better"
Jean-Claude Juncker. Failed Luxembourg Prime Minister and ex-president of the Euro Group of Finance Ministers. Confessed liar. EC President.
The Spy Who Came In From the Bank: Fake Nazi Agent Named
Oct 24, 2014 12:01 AM GMT
The World War II spy who fooled British Nazis into believing he was a
Gestapo agent and persuaded them to work for him has been named as a London bank clerk
who barely spoke German. Files released in February by the Security Service, known as MI5, disclosed that the agency used an agent codenamed Jack King to infiltrate groups sympathetic to the enemy. He intercepted top secret information that these “fifth columnists” had hoped to pass to Germany, including about the development of the jet engine and anti-radar technology.
At the time, MI5 refused to give King’s true identity. The Telegraph newspaper named him as John Bingham, the spy-master who was the model for John le Carre’s long-running character, George Smiley. In documents declassified at the National Archives in London today, King is revealed as Eric Roberts, who until the summer of 1940 was working at the Euston Road branch of the Westminster Bank. His employers were baffled when MI5 asked if he could be seconded to them.
“What we would like to know here is, what are the particular and especial qualification of Mr. Roberts -- which we have not be able to perceive -- for some particular work of national importance?” wrote R.W. Jones, the bank’s assistant controller, in a letter to a man he knew as Lt. Col. Allan Harker. No reply is on the file.
MI5 knew things about the 32-year-old Roberts that his employer didn’t.
“Roberts is thoroughly familiar with everything connected with the various pro-Nazi organizations in this country and Maxwell Knight has the highest opinion of his character and abilities,” an internal memo read. Knight was an MI5 officer with his own link to fiction: he was one of the inspirations for James Bond’s boss, M, in Ian Fleming’s novels.
While the files don’t make clear
how Roberts crossed Knight’s path, Knight had spent more than a decade running
agents inside British fascist and communist groups.
As well as his name and a
photograph that shows a bald, unassuming man, the papers include Roberts’s
personnel file.
He was married with two young
sons and had been working for the Westminster Bank for 15 years. He spoke
Spanish, could read French and had “slight Portuguese, Italian and German.”
There is also a fake German
travel document in the name of Jack King and a 1943 outline of the case written
by Victor Rothschild, who was running it.
More
We end for the week with oil and China. It’s an ill
wind the blows nobody any good, except China.
China Scores Cheap Oil 14,000 Miles Away as Glut Deepens
Oct 24, 2014 5:37 AM GMT
China is finding oil
supplies 14,000 miles away, aided by the global rout in prices that’s left
producers vying for new markets. PetroChina Co. said it bought Colombian crude for a northern refinery for the first time because it was good value. The transaction underscores how the world’s second-biggest oil consumer is benefiting as producers from the Middle East to Latin America vie for customers in Asia.
Brent oil futures tumbled to the lowest level since 2010 as the highest U.S. output in almost 30 years cuts its consumption of foreign crude. OPEC’s biggest producers are reducing prices to defend their market share. China consumed the second-biggest amount of crude on record in September and imported the largest volume ever for that time of year, customs data show.
“China will just look to get the cheapest crude possible from whatever source it can,” Virendra Chauhan, a London-based analyst at Energy Aspects Ltd., said by phone Oct. 21. “I expect a lot more volumes flowing to China in particular.”
The country’s crude imports rose 7.8 percent to 27.6 million tons, or 6.74 million barrels a day, in September from last year, the data show. The number of supertankers sailing toward China’s ports surged to a nine-month high last week, according to IHS Fairplay vessel-tracking signals compiled by Bloomberg as of Oct. 17.
More
If the facts don't fit the theory, change the facts.
Albert Einstein.
Albert Einstein.
At the Comex silver depositories Thursday final figures were: Registered 67.31
Moz, Eligible 112.21 Moz, Total 179.52 Moz.
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally
doubled over.
Below, presented without a need for a comment from
me. Just don’t tell the loons in Brussels.
A
group from the agency had just finished its presentation of a market survey.
The findings were conclusive—clearly showing that the policies being followed
by the client could lead only to disappointment and perhaps disaster.
“Don’t
Confuse Me With Facts!” by Roy S. Durstine 1945.
Climate change PROVED to be 'nothing but a lie', claims top meteorologist
THE debate about climate change is finished - because it has been categorically proved NOT to exist, one of the world's leading meteorologists has claimed.
By: Jason
Taylor Published: Wed, October 22, 201
John Coleman, who co-founded the
Weather Channel, shocked academics by insisting the theory of man-made climate change
was no longer scientifically credible.
Instead, what 'little evidence'
there is for rising global temperatures points to a 'natural phenomenon' within
a developing eco-system.
In an open letter attacking the
Intergovernmental Panel on Climate Change, he wrote: "The ocean is not
rising significantly.
"The polar ice is
increasing, not melting away. Polar Bears are increasing in number.
"Heat waves have actually
diminished, not increased. There is not an uptick in the number or strength of
storms (in fact storms are diminishing).
"I have studied this topic
seriously for years. It has become a political and environment agenda item, but
the science is not valid."
Mr Coleman said he based many of
his views on the findings of the NIPCC, a non-governmental international body of scientists aimed at offering an
'independent second opinion of the evidence reviewed by the IPCC.'
He added: "There is no
significant man-made global warming at this time, there has been none in the
past and there is no reason to fear any in the future.
"Efforts to prove the theory
that carbon dioxide is a significant greenhouse gas and pollutant causing
significant warming or weather effects have failed.
"There has been no warming
over 18 years."
The IPCC argue their research
shows that man-made global warming will lead to extreme weather events becoming
more frequent and unpredictable.
US News and World Report noted
that many of the world’s largest businesses, including Coke, Pepsi, Walmart,
Nestle, Mars, Monsanto, Kellogg, General Mills, Microsoft, and IBM, "are now engaged and actively
responding to climate science and data."
---- World leaders have pledged to keep the global average temperature from rising two degrees Celsius above pre-industrial levels to prevent the worst consequences of climate change.
The US, along with the UK and
other developed countries, is expected to pledge further actions on climate
change early next year.
More
Last decade's slow-down in global warming enhanced by an unusual climate anomaly
A hiatus in global warming
ongoing since 2001 is due to a combination of a natural cooling phase, known as
multidecadal variability (MDV) and a downturn of the secular warming trend. The
exact causes of the latter, unique in the entire observational record going
back to 1850, are still to be identified, according to a JRC article which
analysed the phenomena.
The earth hasn't warmed at the
same pace during the 20th century. The noticeable temperature
increases during some periods interspersed with fairly stable or decreasing
levels during others have been explained as a combination of secular global
warming (likely manmade) and natural climate variability. We are currently, in
the early 21st century, experiencing a hiatus period, during which
surface temperatures have not risen at the same rate as higher atmospheric
radiative forcing.
JRC scientists analysed surface temperature
data records – which began in 1850 – to separate natural variations from
secular (i.e., long-term) trends. They identified three hiatus periods
(1878-1907, 1945-1969 and 2001 to date), during which global warming slowed
down. These hiatus periods coincide with natural cooling phases – the
multidecadal variability (MDV), most likely caused by natural oceanic
oscillations. The scientists therefore conclude that the MDV is the main cause
of these hiatus periods during which global warming decelerated.
More
Another
weekend, and the peak of the season here in my part of southern England, for collecting
wild sweet edible chestnuts in the woods. The added benefits of walking the
dog. More casino, central bankster capitalist theft, next week. Have a great
weekend everyone.
The real interest
rate is probably minus 2% in the world today. It should be in line with the per
capita income growth rate or 1%. The difference is 3%.
This environment
redistributes wealth from savers to debtors on a scale of over $2 trillion per
annum or $55 billion per day. This must be the biggest legal robbery ever in
human history. But it is always coded in arcane academic lingos spoken by
respected central bankers with impeccable CVs. All that is just packaging; it
is robbery nevertheless.
Andy Xie
The monthly Coppock Indicators finished September.
DJIA: +141 Down. NASDAQ: +289 Down. SP500: +216 Down.
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