Tuesday 30 June 2015

Euro C-R-A-S-H.

Baltic Dry Index. 813 -10    Brent Crude 61.94

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

When I use a word,’ Humpty Draghi said in rather a scornful tone, ‘it means just what I choose it to mean — neither more nor less.’

’The question is,’ said Alexis, ‘whether you can make words mean so many different things.’

’The question is,’ said Humpty Draghi, ‘which is to be master — that’s all.”

With apologies to Lewis Carroll.

This morning panic rules the elite of the EUSSR. The ECB’s Draghi seems to be spinning that if the Greeks will just vote yes to more austerity on Sunday, the ECB will resume the ELA lifeline to Greek banks. The bribe that’s not a bribe because if the Greeks vote yes the ECB will probably not follow through, and anyway by then this Euro car crash has already happened. In just about 20 years, this continental European construct that was supposed to replace the dollar and humiliate the despised brash Americans, has blown up in their Bilderberger faces. The damage has already happened and is irreversible. The EUSSR today is a house divided, ruined, but in total self denial.

European wealth and jobs have been destroyed, or at best transferred into the German economy.  The euro itself, far from replacing the dollar, looks to be a totally flawed fiat currency, that simply isn’t in the interest of most ordinary working Europeans. The banksters and Great Vampire Squids over reached, and as a consequence, crashed the wealth of EU savers, pensioners, the poor and the futures of their youth generation. All he King’s horses and all Goldman’s men aren’t putting this Humpty Dumpty euro back together again. After this rout involving only miniscule Greece, Europe still has Belgium, France, Italy and Spain to come. Stay long fully paid up physical precious metals. Europe’s “Great Leaders” blew up the euro, and haven’t yet come to terms with the routs consequences. This monetary union is now dead in the water awaiting the real test still to come when one of the more important four turn into Greece. Like Germany after Stalingrad the ending is certain, just not the timing. Unlike Germany after Stalingrad, Euroland and the ECB has no General von Manstein.

Tsipras Says EU Won’t Eject Greece as ECB Signals Way Out

June 30, 2015 — 12:13 AM BST Updated on June 30, 2015 — 3:20 AM BST
The battle lines over Greece’s future hardened as the country prepares to leave the protection of Europe’s bailout regime and its citizens grapple with a new reality of capital controls.

As 12,000 people gathered in the central Syntagma Square with banners that read “our lives do not belong to the creditors,” Greek Prime Minister Alexis Tsipras told ERT TV that European leaders wouldn’t throw his country out of the euro, saying the costs would be “enormous.” Meanwhile, a European central banker signaled a way still could be found to keep Greece in the currency bloc -- if voters reject Tsipras’s policies in a referendum Sunday.

Tsipras and his adversaries from Brussels to Berlin are surveying a landscape transformed by his shock decision to hold a vote on July 5. Greece is on course to withhold a $1.7 billion payment to the International Monetary Fund due June 30, and starting at midnight that day the country’s ravaged treasury no longer will be formally under the protection of European Union rescue programs.

Tsipras’s decision to hold the vote jolted the financial system so badly that Greece’s 11 million citizens now are coping with a new reality of capital controls that have locked their savings inside the country’s banks.

Grexit ‘Theoretical’

“The exit from the euro zone, which was a theoretical point, can unfortunately no longer be excluded,” European Central Bank Executive Board member Benoit Coeure said in an interview with Les Echos published late Monday.

Tsipras is counting on voters’ anger and hurt to strengthen his hand. His calculation is that Greeks can vote “no” to the terms attached to aid and still not pay the price of being forced out the bloc.

“The referendum will give us a stronger negotiating position when the talks resume,” he said in an ERT TV interview. “The higher the participation and numbers of people voting ‘no,’ the stronger our position will be.”

A vote in favor, the likeliest outcome, would make the government’s position untenable and probably lead to early elections, which could produce new leadership more amenable to the demands of creditors.

Early Elections

“We think there is a 60 percent chance that the electorate will vote yes in favor of the bailout,” said Kelvin Tay, Singapore-based chief investment officer for South Asia Pacific at UBS Wealth Management. “That’s likely to be followed by a period of confusion as there will be pressure on the current government to step to down, because they are actively campaigning for a no vote.”

“If they step down then we might have to go through another period of elections before the whole deal gets signed and finalized. Bear in mind that on the 20th of July, we have another 3.2 billion euros worth of payments coming due.”

With Greece in financial lockdown and banks closed, Tsipras blamed everyone but his government for bringing the country to the brink of financial paralysis,’’

Greece threatens top court action to block Grexit

Exclusive: European leaders warn in concert that a 'No' vote on Sunday means Greece will be pushed out of the euro

Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system.

 “The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis.

“We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he told the Telegraph.

The defiant stand came as Europe’s major powers warned in the bluntest terms that Greece will be forced out of monetary union if voters reject austerity demands in a shock referendum on Sunday.

“What is at stake is whether or not Greeks want to stay in the eurozone or want to take the risk of leaving," said French president Francois Hollande.

Sigmar Gabriel, Germany’s vice-chancellor and Social Democrat leader, said the Greek people should have no illusions about the fateful choice before them. “It must be crystal clear what is at stake. At the core, it is a yes or no to remaining in the eurozone,” he said.

Chancellor Angela Merkel – standing next to him after an emergency meeting of party leaders – was more oblique, but the message was much the same.

She praised hard-liners in her own party and insisted that the eurozone cannot yield to any one country. “If principles are not upheld, the euro will fail,” she said.

The refusal to hold out an olive branch to Greece more or less guarantees that it will not repay a €1.6bn loan to the International Monetary Fund on Tuesday, potentially setting off a domino effect of cross-default clauses and the biggest sovereign bankruptcy in history.

Any request for an injunction against EU bodies at the European Court would be an unprecedented development, further complicating the crisis.

Greek officials said they are seriously considering suing the European Central Bank itself for freezing emergency liquidity for the Greek banks at €89bn. It turned down a request from Athens for a €6bn increase to keep pace with deposit flight.

This effectively pulls the plug on the Greek banking system. Syriza claims that this is a prima facie breach of the ECB’s legal duty to maintain financial stability. “How can they justify setting off a run on the Greek banking system?” said one official.

Good On You, Alexis Tsipras (Part 1)

by David Stockman • 
Late Friday night a solid blow was struck for sound money, free markets and limited government by a most unlikely force. Namely, the hard core statist and crypto-Marxist prime minister of Greece, Alexis Tsipras. He has now set in motion a cascade of disruption that will shake the corrupt status quo to its very foundations.

And just in the nick of time, too. After 15 years of rampant money printing, falsification of financial market prices and usurpation of democratic rule, his antagonists—–the ECB, the EU superstate and the IMF—-have become a terminal threat to the very survival of the kind of liberal society of which these values are part and parcel.

In fact, the Keynesian central banking and the Brussels and IMF style bailout regime—which has become nearly universal—-eventually fosters a form of soft-core economic totalitarianism. That’s because the former first destroys honest financial markets by falsifying the price of debt. So doing, Keynesian central bankers enable governments to issue far more debt than their taxpayers and national economies can shoulder; and, at the same time, force investors and savers to desperately chase yield in a marketplace where the so-called risk free interest rate has been pegged at ridiculously low levels.

That means, in turn, that banks, bond funds and fast money traders alike take on increasing levels of unacknowledged and uncompensated risk, and that the natural checks and balances of honest financial markets are stymied and disabled. Short sellers are soon destroyed because the purpose of Keynesian central banking is to drive the price of securities to artificially high and unnatural levels. At the same time, hedge fund gamblers are able to engage in highly leveraged carry trades based on state subsidized (free) overnight money, and to purchase downside market risk insurance (“puts”) for a pittance.

Eventually bond and stock “markets” become central bank enabled casinos—-riven with mispriced securities, dangerous carry trades, massive unearned windfall profits and endemic instability. When an unexpected shock or “black swan” event threatens to shatter confidence and trigger a sell-off of these drastically over-priced securities, the bailout state swings into action indiscriminately propping up the gamblers.

That’s what the Fed and TARP did in behalf of Morgan Stanley and Goldman back in September 2008. And it’s what the troika did in behalf of the French, German, Dutch, Italian and other European banks, which were stuffed with unpayable Greek and PIIGS debt, beginning in 2010.

Needless to say, repeated and predictable bailouts create enormous moral hazard and extirpate all remnants of financial discipline in financial markets and legislative chambers alike. Since 2010, the Greeks have done little more than pretend to restructure their state finances and private economy, and the Italians, Portuguese, Spanish and Irish have done virtually nothing at all. The modest uptick in the reported GDP of the latter two hopeless debt serfs are just unsustainable rounding errors—–flattered by the phony speculative boom in their debt securities that was temporarily fueled by Draghi’s money printing ukase that is presently in drastic retreat.

So this Monday morning push has come to shove; Angela Merkel and her posse of politicians and policy apparatchiks were not able to kick the can one more time after all.

Instead, the troika’s authoritarian bailout regime has stimulated political revolt throughout the continent. Tsipras’ defiance is only the leading indicator and initial actualization–the match that is lighting the fire of revolt..

"When paper money systems begin to crack at the seams, the run to gold could be explosive."

Harry Browne

At the Comex silver depositories Monday final figures were: Registered 57.87 Moz, Eligible 124.54 Moz, Total 182.41 Moz. 

Crooks and Scoundrels Corner

The bent, the seriously bent, and the totally doubled over.
Not that it’s much comfort to the Greeks, but they seem to have an American twin in the Caribbean.

Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’

Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

The governor, Alejandro García Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the island’s creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment.

“The debt is not payable,” Mr. García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.”

It is a startling admission from the governor of an island of 3.6 million people, which has piled on more municipal bond debt per capita than any American state.

A broad restructuring by Puerto Rico sets the stage for an unprecedented test of the United States municipal bond market, which cities and states rely on to pay for their most basic needs, like road construction and public hospitals.

That market has already been shaken by municipal bankruptcies in Detroit; Stockton, Calif.; and elsewhere, which undercut assumptions that local governments in the United States would always pay back their debt.

Puerto Rico’s bonds have a face value roughly eight times that of Detroit’s bonds. Its call for debt relief on such a vast scale could raise borrowing costs for other local governments as investors become more wary of lending.

Perhaps more important, much of Puerto Rico’s debt is widely held by individual investors on the United States mainland, in mutual funds or other investment accounts, and they may not be aware of it.

Puerto Rico, as a commonwealth, does not have the option of bankruptcy. A default on its debts would most likely leave the island, its creditors and its residents in a legal and financial limbo that, like the debt crisis in Greece, could take years to sort out.

Still, Mr. García Padilla said that his government could not continue to borrow money to address budget deficits while asking its residents, already struggling with high rates of poverty and crime, to shoulder most of the burden through tax increases and pension cuts.

He said creditors must now “share the sacrifices” that he has imposed on the island’s residents.

Solar  & Related Update.

With events happening fast in the development of solar power, I’ve added this new section. Updates as they get reported. Is converting sunlight to usable cheap AC energy mankind’s future from the 21st century onwards? A quantum computer next?

New process could usher in "graphene-driven industrial revolution"

By Darren Quick - June 26, 2015
It's hard to find an article about graphene that doesn't include the words "wonder material" somewhere within it. Less wondrous, unfortunately, is the expensive and time consuming chemical vapor deposition (CVD) process used to produce it industrially. Now researchers from the University of Exeter claim to have discovered a new low-cost technique to produce high quality graphene that could see the wonder material start to realize its potential.

The new system is based on technology already used in the manufacture of semiconductors, providing the potential to mass produce graphene using existing facilities instead of sinking money into completely new plants. It involves growing graphene in an industrial resistive-heating cold wall CVD system developed by UK-based company, Moorfield Nanotechnology. The researchers say this so-called nanoCVD system can grow graphene 100 times faster than conventional CVD systems, cuts costs by 99 percent, and produces graphene boasting enhanced electronic qualities.

The Exeter researchers, led by Professor Monica Craciun, have used this new technique to create a graphene-based touch sensor that is flexible and transparent. In addition to more flexible electronic devices, the researchers believe such sensors will also enable truly flexible electronic skin for use in robots.

"Emerging flexible and wearable technologies such as healthcare electronics and energy-harvesting devices could be transformed by the unique properties of graphene," says Dr Thomas Moorfield, a former PhD student at Exeter who is now working at Moorfield. "The extremely cost efficient procedure that we have developed for preparing graphene is of vital importance for the quick industrial exploitation of graphene."

The team's research findings appear in the journal Advanced Materials.
Source: University of Exeter

The monthly Coppock Indicators finished May

DJIA: +107 Down. NASDAQ: +195 Down. SP500: +139 Down. 

Monday 29 June 2015

Greece Heads Towards Bankruptcy.

Baltic Dry Index. 823 -06    Brent Crude 62.49

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

“The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.”

“Adam Smith” aka George Goodman.

The big news this week and probably next, is tiny Greece, (2 % of EU GDP,) being forced out of the Eurozone by Germany and the ECB. After effectively bailing out German and French banks back in 2010 via loading up Greece with unrepayable debt, the troika placed Greece into bone crushing austerity, but without any possibility of devaluation relief. Five years on, the Greek government has finally had enough, although not apparently the Greeks, with early polling showing a majority likely to vote yes to troika’s latest austerity proposal next Sunday, although by then that result might be moot. A yes vote might allow a defaulted Greece to somehow remain in the Eurozone, America’s preferred option, albeit only on Germany’s harsh dictated terms, but no one in Europe seems to be listening very much to Uncle Scam anymore.

Below, the latest from the wealth and jobs destroying, dying monetary union, that was supposed by now to have toppled “King dollar.”  Stay tuned to media for more on the massive car crash of continental European vanity. If this is what happens in the monetary union when a minnow crashes out, just wait for the fun and games when, France, Italy or Spain crash out.

“We all know what to do, but we don’t know how to get re-elected once we have done it.”

Jean-Claude Juncker. Failed Luxembourg Prime Minister and ex-president of the Euro Group of Finance Ministers. Confessed liar. EC President.

Greece Closing Banks as Expiring Bailout Spurs Withdrawals

June 28, 2015 — 7:02 PM BST Updated on June 29, 2015 — 12:28 AM BST
Greece moved to avert the collapse of its financial system, shutting lenders and imposing capital controls as of Monday, a measure that will deepen the recession and risk driving the nation toward an exit from the euro.

The move to husband resources followed the breakdown of aid talks with the international creditors late Friday and the European Central Bank decision to freeze its lifeline to Greek banks. On the streets, lines at ATMs and gas stations signified how daily life was about to be disrupted.

With cash flooding out at a record pace and its financial backstop gone, Greece would become the second euro-area country, after Cyprus in 2013, to declare a bank holiday and impose capital controls. European officials, meantime, discussed quarantining Greece from the rest of the currency bloc, while keeping it from spinning out of the euro’s orbit.

“A very dark day for Greece,” Nicholas Economides, a professor at New York University’s Stern School of Business, said by telephone. “The Greek economy, already at standstill, will go to deep freeze.”

The euro fell in Asian trading, sliding 1.5 percent to $1.0996 at 02:15 a.m. in Athens. Greek Prime Minister Alexis Tsipras said the steps were recommended by the Bank of Greece in a meeting Sunday afternoon of the country’s financial-stability authority.

 “In the coming days, what’s needed is patience and composure,” Tsipras said in a televised statement. “The bank deposits of the Greek people are fully secure. The same applies to the payment of wages and pensions -- they are also guaranteed.”

ECB Freezes Greek Emergency Bank Aid as Referendum Looms

June 28, 2015 — 1:49 PM BST Updated on June 28, 2015 — 5:51 PM BST
The European Central Bank froze the level of emergency aid available to Greek banks in a move that threatens to cripple the country’s financial system after a flood of ATM withdrawals.

The Governing Council agreed on Sunday to cap the amount of cash available at the level set in its previous decision on Friday, it said in a statement. One euro-area official, speaking on condition of anonymity, said the ECB views the funds as insufficient for lenders’ requirements and that Greece will need to call a bank holiday before branches open on Monday.

The ECB also said it can use all tools available to protect the euro area, in a sign officials are now shifting focus to the potential fallout as Greece veers closer to a financial collapse. With Prime Minister Alexis Tsipras pledging a July 5 referendum on bailout terms previously proposed by creditors, a debt default and potentially an exit from the single currency are becoming increasingly likely.

Stock Traders Face Sucker Punch After Week of Greek Optimism

June 28, 2015 — 4:28 PM BST Updated on June 28, 2015 — 11:15 PM BST
For Europe stock traders who went all-in last week speculating on a Greek resolution, it’s time to rethink the strategy.

U.S. stock-index futures tumbled, and gains that pushed the Euro Stoxx 50 Index up 4.8 percent, including the largest one-day rally in three years, are at risk after Prime Minister Alexis Tsipras said he would put terms of the Greek bailout to voters. A Capital Markets Commission official said the Athens Stock Exchange will remain shut on Monday.

It’s a measure of how rapidly sentiment has shifted that the latest breakdown followed a week in which Greek shares posted their biggest increase since 2008, rising 16 percent. Six days ago, investors were celebrating signs the impasse was breaking as European policy makers said reforms submitted by Tsipras were a positive step.

“I would not be surprised if we see some selling pressure in equities,” said Manish Singh, head of investments at Crossbridge Capital in London. “Financials, particularly those in the periphery, and peripheral equities are most at risk.”

U.S. urges Europe, IMF to reach a deal to keep Greece in euro zone

WASHINGTON | Sun Jun 28, 2015 3:02pm EDT
Top U.S. officials waded in at the weekend to try to help resolve Greece's financial woes, urging Europe and the International Monetary Fund to come up with a recovery plan that keeps the country in the euro zone.

In a series of separate phone calls on Saturday to IMF Managing Director Christine Lagarde and the finance ministers of Germany and France, Treasury Secretary Jack Lew urged them to "find a sustainable solution that puts Greece on a path toward reform and recovery within the Eurozone," according to a Treasury Department statement on Sunday about the calls.

Lew noted it is "important for all parties to continue to work to reach a solution, including a discussion of potential debt relief for Greece," in the run-up to a planned July 5 referendum in Greece on the terms of a bailout, said the statement, provided by a spokesperson.

Greece is facing a looming Tuesday deadline on a 1.6 billion euro payment due to the IMF. Earlier Sunday, Greece announced it will impose capital controls and keep its banks shut on Monday, after international creditors refused to extend the country's bailout.

Lew also underscored the need for Greece to adopt "difficult measures to reach a pragmatic compromise with its creditors," the Treasury statement said.

The Treasury spokesperson said senior department officials have also been in regulator communication with Greece and that Lew had spoken to Prime Minister Alexis Tsipras "multiple times" over the past two weeks.

The department has urged Greece to work closely with its international partners on planning for a bank holiday and capital controls, the spokesperson said.

President Barack Obama spoke with German Chancellor Angela Merkel on Sunday about the Greek situation.

While the focus is rightly on Greece and Europe today and for the foreseeable future, in America it looks better and better for an interest rate rise in September. Since that event would likely cause a wild stampede from Uncle Scam’s bonds, ending the Great Bond boom of 1982 to 2015, it will be interesting to see who tries to exit this summer ahead of the stampeding herd. Of course, the Fedster’s are terrified of attempting an interest rate hike, even one as meaningless as mere quarter of one percent from zero. Ending ZIRP starts the multi-year bond bear market, that ends the Great Nixonian Error of fiat money. While Uncle Scam looks to tighten, the Middle Kingdom is headed the other way to try head off a stock market repeat of NASDAQ 2000.

Federal Reserve primed to raise rates as the US engine roars back into life

Central bank watchers believe strong jobs data this week will all but confirm a US rate rise this September

Strong US jobs growth will open the door for the Federal Reserve to raise its interest rates for the first time since the financial crisis, official data is expected to confirm this week.

Figures released on Thursday are likely to show that the American economy added a further 230,000 jobs in June, all but confirming that the world’s biggest economy is booming again, experts say.

The swift pace of hiring follows a bumper month in May – when 280,000 jobs were created – and take the unemployment rate 0.1 percentage point lower to 5.4pc in June.

Analysts at UBS said: “Although there is some month-to-month volatility in the unemployment rate, the trend is firmly downward.” The Swiss bank expects unemployment to drop to 5pc in the final quarter of the year, and to 4.6pc a year later.

The jobs data will pave the way for the Federal Reserve to increase its rates from the emergency levels of the past six years. Central bank watchers now believe that a rate rise could come in September.

China Cuts Interest Rates to a Record Low After Stocks Slump

June 27, 2015 — 10:30 AM BST Updated on June 27, 2015 — 12:26 PM BST
hina’s central bank cut its benchmark lending rate to a record low and lowered reserve-requirement ratios for some lenders after stocks plunged and local government bond sales drained liquidity.

In the fourth reduction since November, the one-year lending rate will be reduced by 25 basis points to 4.85 percent effective June 28, the People’s Bank of China said on its website Saturday. The one-year deposit rate will fall by 25 basis points to 2 percent, while reserve ratios for some lenders including city commercial and rural commercial banks will be cut by 50 basis points, according to the statement.

The easing follows the biggest two-week plunge in the stock market since December 1996 and a four-week rise in money-market rates as lenders hoard cash. While industrial production and retail sales stabilized in May, investment slowed further -- a sign of weakness in infrastructure spending that policy makers are keen to reverse.

“The central bank doesn’t want a panic caused by the stock rout to spread,” said Shen Jianguang, chief Asia economist at Mizuho Securities Asia Ltd. in Hong Kong. “That would lead to financial instability.”

Premier Li Keqiang has set a growth target of about 7 percent for 2015, which would be the slowest annual expansion since 1990. Policy makers are juggling the need to keep growth from slipping too far with plans to press ahead with reforms.
PBOC Governor Zhou Xiaochuan’s latest move adds to a global wave of monetary easing. South Korea and New Zealand are among the latest to lower their key rates as China’s weakness combined with domestic dynamics to argue for further stimulus.
The Shanghai Composite Index sank 7.4 percent on Friday, taking its decline from its June 12 high to 19 percent, on the cusp of a bear market.

But today we end with European news. Below, the United States of Europe that was supposed by the Bilderbergers to supplant the despised U.S.A.

Mont Blanc controversy: French suffer a fit of pique as Italy's Prime Minister 'reclaims' Europe's highest mountain

Sunday 28 June 2015
With the Italian-French diplomatic row over migrants still simmering, the Alpine neighbours have found something else to bicker about: who owns Mont Blanc – or Monte Bianco – Europe’s highest mountain?
Since the Italian Republic was formed 150 years ago, France has claimed that three of the principal peaks on the Mont Blanc massif, Dôme du Goûter, Punta Helbronner and the tallest, Mont Blanc itself at 4,810m (15,781ft), are in its territory. This has always been disputed by Italian mountaineers. And the row has flared up once again with a proprietorial appearance by Italian Prime Minister, Matteo Renzi, at one of the disputed points last week to mark the opening of a new €138m (£97.8m)  Italian cable car, with suggestions that French officials had snubbed the event.
According to Google Maps, the three peaks are entirely in French territory, with the French-Italian border curving south at the summit. Thus the very top would form part of the French town of Haute-Savoie of Saint Gervais Les Bains, and not the Italian resort  of Courmayeur.
Other sources vary on where the border lies on the Mont Blanc massif between Italy and France. Some textbooks list Monte Bianco di Courmayeur, a summit not far from Mont Blanc, as Italy’s highest point, and French and Swiss maps also show this to be the border.
But others insist that the border crosses Mont Blanc itself. Locals in Courmayeur recently stepped up claims that the summit is shared by both nations and that, as a result, 400,000 square metres of Europe’s highest ground should be given back to them.
Upping the tensions, said La Stampa newspapers, were reports of a reverse offensive by the French. Italian mountain guides claim that at the nearby peak of Colle del Piccolo San Bernardo, French bulldozers have pushed the border stone 150m into Italian territory.
Laura and Giorgio Aliprandi, two leading Italian cartographers, said in the newsletter of the Italian Alpine Club that the summit was shared. They noted that two French experts, Sylvain Jouty and Hubert Oudier, in their 1999 Dictionnaire de la montagne, agreed with them, saying that “the border must logically be on summit”.
----Mr Renzi would no doubt agree. He referred to the border dispute during his visit to the new cable car that lifts sightseers 3,462m up to the peak at Punta Helbronner. He referred to the project, which was constructed by 500 workers in temperatures as low as –30C, as “the eighth wonder of the world”.
“We haven’t invaded France,” Mr Renzi said, both acknowledging the altercation and denying suggestions that Italy might have got ahead of itself by building the spectacular observation deck in the disputed zone. That did not stop a French journalist present at the inauguration from asking Mr Renzi what he thought about the conspicuous absence of French officials at the event.

"Gold bears the confidence of the world's millions, who value it far above the promises of politicians, far above the unbacked paper issued by governments as money substitutes. It has been that way through all recorded history. There is no reason to believe it will lose the confidence of people in the future."

Oakley R. Bramble

At the Comex silver depositories Friday final figures were: Registered 57.87 Moz, Eligible 125.00 Moz, Total 182.87 Moz. 

Crooks and Scoundrels Corner

The bent, the seriously bent, and the totally doubled over.
Today, one usual suspects comes out talking its book on Brexit. It would only be news if GE had come out the other way. Saying that some will be winners and others losers is merely stating the obvious. GE anticipates that it will be a loser, so what does that say about holding on to GE stock? As the vote on Brexit gets nearer, I expect the great and the not quite so good to get shriller and shriller in predicting the sky falling if Britain exits the EUSSR. The same threats and shrill noise came from the usual suspects over the dire consequences for GB if it failed to join the now dying euro. The usual suspects have form, when it comes to trying to panic the UK’s voters on Europe.
"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.

American behemoth General Electric warns of 'hugely damaging' Brexit

Industrial conglomerate's UK boss says it is 'critical' that UK stays in reformed EU

General Electric, the American industrial giant, has warned of the economic damage that could come from Britain leaving the EU and indicated that it could move some operations abroad if links with the Continent are cut.

Mark Elborne, GE’s head of the UK and Ireland, said: “I think that an exit from the EU would be hugely damaging and would cause a lot of difficulties in the short term.”

GE, a $275bn (£175bn) conglomerate whose products range from aircraft engines to oil industry components, wind turbines and healthcare equipment, employs more than 18,000 people in the UK and 40 manufacturing plants. In total, it has 90,000 staff in Europe.

The American institution said it backed attempts by David Cameron to renegotiate Britain’s relationship with the EU. It wants the Brussels to slash red tape and improve cross-border rule. “A reformed Europe is critical to us”, Mr Elborne said.

It comes the week after a group of business leaders and economists said that unless David Cameron is able to secure meaningful change in Brussels, Britain should vote to leave the EU in the upcoming referendum.

GE’s British manufacturing operations were “global centres of excellence for their products”, Mr Elborne said.
He added: “We want to be part of a trading group where we can continue to benefit from the lack of barriers, we want to benefit from large-scale trade agreements, the convergence of standards, and we want to be able to operate seamlessly between our different businesses across Europe.”
GE adds its names to a long list of business figures which have warned against leaving Europe.
"The history of paper money is an account of abuse, mismanagement, and financial disaster."
Richard M. Ebeling

Solar  & Related Update.

With events happening fast in the development of solar power, I’ve added this new section. Updates as they get reported. Is converting sunlight to usable cheap AC energy mankind’s future from the 21st century onwards? A quantum computer next?

Bill Gates calls for Manhattan Project-style renewable energy drive

Friday 26 June 2015
Governments should invest in research into renewable energy on the same scale as the Manhattan Project and the Apollo moon missions, Bill Gates has said as he revealed he planned to double his own investment in green technologies to nearly £1.3bn.
The world’s richest man told the Financial Times that he had invested $1bn (about £650m) in companies involved in carbon capture technologies, next-generation nuclear, new kinds of batteries and other types of research in the field. And he said: “Over the next five years, there’s a good chance that will double.”
Mr Gates, the founder of Microsoft, said “great innovation” was still needed to make energy in a way that would reduce carbon dioxide emissions significantly.
And this would only be achieved if governments spent tens of billions of dollars on research and development into new renewables, he said.
“Because there’s so much uncertainty and there are so many different paths, it should be like the Manhattan Project and the Apollo Project in the sense that the government should put in a serious amount of R&D,” he told the FT.
The Manhattan Project was the US research programme that led to the creation of the first nuclear bombs. It ultimately employed 130,000 people and cost more than $23bn in today’s prices.
But Mr Gates also suggested savvy private investors stood to make a fortune in the renewable industry in much the same way as those who picked the right firms at the dawn of the computer age.
-----Another nascent technology to attract his attention is “solar chemical”, a kind of artificial photosynthesis that could be used to create hydrogen for fuel.
And Mr Gates has invested several hundred million dollar in “nuclear recycling”, which sees reactors powered by waste uranium from existing power plants as well as their own waste.
“Nuclear technology today is failing on cost, safety, proliferation, waste and fuel shortage, and so any technology that comes in has to have some answer to all of those things,” he said.


The monthly Coppock Indicators finished May

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