Baltic Dry Index. 595 -06 Brent Crude 66.73
LIR Gold Target in 2019: $30,000. Revised due to QE programs.
I
believe that it is better to tell the truth than a lie. I believe it is better
to be free than to be a slave. And I believe it is better to know than to be
ignorant.
H. L.
Mencken.
The rumour is that Greece is to be saved by the troika over the weekend.
Below, Bloomberg covers the leaked plan “B”. Someone in the one percent must
know something because German bonds are getting tossed under the bus. Welcome to
the 21st century, central bank rigged version of crony socialism.
This wealth destroying system, on the Great Nixonian Error of fiat money, is
about as crooked as it gets. Wealth is deliberately and systematically stolen
from the masses for the benefit of the chosen insider elite. Any guesses as to
how this all ends? European bonds today, the Great American bond bubble
tomorrow?
For
every complex problem there is an answer that is clear, simple, and wrong.
H. L.
Mencken.
Greece, Euro-Area Partners Target Deal by Sunday
4:35 PM BST April 29,
2015
Greece and its euro-area partners
are stepping up talks in a bid to break an impasse over bailout aid amid
conflicting signals from the country’s government over its willingness to agree
on long-stalled reforms.
With Greece facing a cash crunch
in early May, both sides in a meeting of euro-area officials agreed to pursue
intensive negotiations beginning on Thursday with the target of a preliminary
deal by May 3, according to three people with knowledge of the talks. The aim
would be for finance ministers to sign off on the accord by their next
scheduled meeting on May 11, the officials said, asking not to be named because
the talks are private.
“I’m confident that there’s a
common will and that in particular the will of the Greek government is indeed
to find a solution,” French Economy Minister Emmanuel Macron told reporters in
Rome.
A key factor in a potential
breakthrough may be the decision by Prime Minister Alexis Tsipras to intervene
and play a major role in the negotiations to help the process along. That gave
the signal that his government may at last be willing to do what’s needed to
unlock the stalled bailout.
“There seems to be movement in
translating the bullet points into action,” Austrian Finance Minister Hans
Joerg Schelling said in an interview in Vienna Wednesday ahead of the euro-area
talks. “There is a clear recognition that we have to have enough on the 11th to
be able to keep talking.”
Hopes for a deal propelled Greek
government bonds higher on Thursday with the yield on the 10-year government
bond falling 26 basis points to 11.16 percent at 3:13 p.m. in Athens. The yield
on Greek notes due in 2017 fell 73 basis points to 21.45 percent. Greek bonds
have delivered a 13.2 percent return in the past week, making them the best
performing of 34 sovereign securities tracked by Bloomberg’s World Bond
Indexes. The Athens Stock Exchange index trimmed earlier losses to trade 0.2%
lower.
More
German Bonds Endure Worst Selloff Since 2011 as Italy Stabilizes
9:01 AM BST April 30,
2015
Germany’s 10-year bonds suffered
their deepest two-day loss in more than three years as traders capitulated on
bets the European Central Bank’s quantitative-easing plan would drive up prices
on the continent’s benchmark securities.
The drop all but erased gains in
German bund prices since the ECB began buying government debt on March 9. While
securities from Finland to France were dragged down in the wake of the German
slump, those from Italy and Spain stabilized on Thursday, ending the day little
changed.
Signs
that traders were rushing to abandon positions amplified the selloff in the
region’s higher-rated bonds. With 55 billion euros ($62 billion) wiped off the value
of euro-area debt on Wednesday alone, strategists were left to debate
whether the move spelled the beginning of the end for record-low yields across
the region.
“Market positioning on European
bonds have reached levels so extreme that some people are getting out as they
think it would be hard to push it further from here,” said Richard Kelly, head
of market strategy at Toronto-Dominion Bank in London. “Perhaps this is an
early sign of a return to reflation trade. That said, with the European Central
Bank still buying there is a limit as to how far these bonds can fall.”
German 10-year bond yields rose
more than 20 basis points, or 0.2 percentage point, since Tuesday to 0.37
percent at the 5 p.m. London close, the biggest two-day increase since November
2011. They touched 0.39 percent, the highest the ECB extended asset purchases
to include government securities as part of a 1.1 trillion-euro stimulus plan.
More
In UK general election news, investors are pulling their money out of
the for now still United Kingdom. But will the Kingdom still be united this
time next week? With the polls all showing the UK headed for a hung Parliament
with the hard left Scottish Nationalists (SNP) barbarian kingmakers, Europe
seems about to get a problem far more serious than Greece. We aint seen anything
yet, if the polls are right. The polls are predicting that the SNP take all 59
Scottish seats. Mr Putin gets an unlikely ally.
If a
politician found he had cannibals among his constituents, he would promise them
missionaries for dinner.
H. L. Mencken.
Investors pull record £1bn out of UK markets amid general election fears
Investors moved their money to Europe, which saw inflows hit their highest level in 18 months
By Telegraph staff 12:22AM BST 01
May 2015
A record £1bn was pulled out of funds that invest in the UK stock market in
March amid fears over the result of next week’s general election. Investors moved their money into European equity funds, which saw inflows hit their highest level in 18 months at £663m, data released on Thursday showed.
The move comes after the European Central Bank announced plans earlier this year to launch €60bn-a-month of quantitative easing in a bid to kickstart the eurozone economy.
UK equity funds saw a net retail outflow of £963m in March, the largest net outflow ever recorded by The Investment Association, which releases monthly figures on the fund management sector.
Experts believe investors are taking money out of UK markets such as the FTSE 100 amid uncertainty over the political landscape after the election next Thursday.
----The Investment Association's figures also showed that demand for Isas evaporated in the crucial final three months of the tax year.
Net sales of funds held within
the tax-free wrappers fell to £325m, down 57pc from £756m in the first quarter
of 2014.
The
“Isa season” usually sees investors rush to use their annual tax-free allowance
runs out on April 5 each year. The industry had hoped for bumper sales this
time round after the allowance was dramatically increased last year from £11,880
to £15,000. (The allowance has risen to £15,240 for the current tax year).
We end for the day with more on how the corrupt, dying, wealth
destroying, EUSSR functions. Readers can make up their own minds as to who, if
either, was telling the truth. Ireland v France.
It is
hard to believe that a man is telling the truth when you know that you would
lie if you were in his place.
H. L.
Mencken.
Former ECB chief Trichet denies telling Ireland to 'save banks at all costs'
Questioned by a parliamentary inquiry, Jean-Claude Trichet said the first he learned about the £321bn bailout of six lenders was through the media
By PA 12:41AM BST 01 May 2015
Former European Central Bank chief Jean-Claude Trichet has flatly denied
claims that he ordered Ireland’s finance minister to save the country’s banks
at all costs three days before a controversial blanket guarantee. Questioned by a parliamentary inquiry into Ireland’s banking crisis, Mr Trichet said the first he learned about the €440bn (£321bn) bailout of six lenders - two of which later collapsed - was through the media.
“There was no call from me to Brian [Lenihan],” he said. “It would not have been in line with what we were doing at the time.”
In a television interview before his death, Mr Lenihan said he missed a call on his mobile phone from Mr Trichet at the height of the crisis on September 27, 2008, as he was at a party event at a racecourse in Co Kilkenny.
When he caught up with the message the following day, he said Mr Trichet had warned him “that you must save your banks at all costs”.
Addressing the inquiry, Mr Trichet said he could not say whether the banking guarantee introduced three days later, which has cost Irish taxpayers €40bn, led directly to the country’s IMF/ECB bailout.
At the time Ireland was facing a
total collapse of its banking system, which was one of the most vulnerable in
the world, he said.
It was also threatened with an
economic depression akin to the 1930s, he added.
“I think he [Mr Lenihan] did what
he thought was the best thing in absolutely dramatic circumstances,” he told
the hearing.
Mr Trichet, who was in charge of
the ECB during the banking crisis, originally refused to give evidence to the
inquiry, claiming the central bank was not accountable to national parliaments.
But in a compromise, he agreed to
take questions from TDs (Members of Parliament) and senators sitting on the
inquiry after a lecture at the Institute of International and European Affairs
at Royal Hospital Kilmainham.
The questions were given to him
in advance.
On
some great and glorious day the plain folks of the land will reach their
heart's desire at last, and the White House will be adorned by a downright
moron.
H. L.
Mencken.
At the Comex silver
depositories Thursday final figures were: Registered 62.18 Moz, Eligible 112.20
Moz, Total 174.38 Moz.
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally
doubled over.
Today, more on the idiotic “EUSSR trade war on
Russia for America’s War Party” going wrong. Not to worry though, no one in
America’s War Party has been inconvenienced in the least by Europe’s folly. But
tThanks to America’s botched Kiev Coup in the Ukraine imposing an American
Quisling, Ukraine’s economy has all but collapsed, with many thousands
internally displaced, and many thousands more economic refugees heading to Russia
and Poland and Germany.
An
idealist is one who, on noticing that roses smell better than a cabbage,
concludes that it will also make better soup.
H. L. Mencken.
Cutting Russia off SWIFT banking network would be catastrophic — UniCredit representative
April 30, 8:37
In case of a cut-off, Russia
will be much more effective in adopting a different system of payments, maybe
in cooperation with China, and many Western banks will collapse
WASHINGTON, April 30. /TASS/. The idea of cutting Russia
off the SWIFT international banking payment system could turn into a
catastrophe for the overall system of payments in Europe, the head of public
affairs at UniCredit Group, Italy, Giuseppe Scognamiglio has said.
Speaking at a seminar on the
Ukrainian economy in Washington on Wednesday, Scognamiglio said "we need
to be very and very careful" when thinking about expanding sanctions
against Russia amid the Ukrainian crisis.
Blocking Moscow from SWIFT in
conditions when the trade turnover between Europe and Russia exceeds €300
billion would lead to two immediate consequences, he said.
"One is a possible collapse
of many Western banks also. But the second more strategic and I think more
dangerous in the long-term is that Russia will be much more effective in
adopting a different system of payments, maybe in cooperation with China,"
Scognamiglio adding that these unintended consequences should be taken into
consideration.
UniCredit is the largest banking
group in Central and Eastern Europe that owns major banking networks in Russia
and Ukraine. Although the company had to sell 20 branches in Crimea, it
continues working in Donbass with due regard to the situation in the security
sphere there.
Russia to limit import of apples from Serbia — watchdog
April 30, 12:44
Toughening of measures is
related to a large-scale falsification of Serbian phytosanitation certificates
MOSCOW, April 30. /TASS/.
Russia's agriculture watchdog, the Federal Service for Veterinary and
Phytosanitary Surveillance, will limit apple supplies from Serbia, head of the
service Sergey Dankvert said on Thursday.
"We have to introduce a
prior notice procedure in respect of apples from Serbia. Products will not be
authorized to cross the border without inspection," Dankvert said.
Toughening of measures is related to a large-scale falsification of Serbian
phytosanitation certificates, he added.
"The Europeans arranged a
large-scale production of falsified documents for Russia. We checked 33 Serbian
apple certificates and only one of them was the authentic," the head of
service said.
An investigation completed by
Rosselkhoznadzor showed the similar situation relatively to transit
phytosanitation certificates from Bulgaria, Dankvert said. Rosselkhoznadzor had
already limited the import of apples from Bulgaria, he added.
A
good politician is quite as unthinkable as an honest burglar.
H. L.
Mencken.
Solar & Related Update.
With events
happening fast in the development of solar power, I’ve added this new section. Updates
as they get reported.
Another weekend and a long weekend for much of the world celebrating “Mayday.” Thankfully Maggie Thatcher, moved this communist holiday to the nearest Monday, renaming it the “early spring bank holiday.” Unlike much of drowning continental Europe under the ECB and EUSSR, the still barely United Kingdom will take Monday off. Will Britons vote for a get out of EUSSR jail card UKIP next Thursday. I wouldn’t bet on it, with the BBC and all of the media and banksters against them. Have a great weekend everyone.
Time
stays, we go.
H. L. Mencken.
The monthly Coppock Indicators finished April
DJIA: +112 Down. NASDAQ: +198 Down. SP500: +150 Down.
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