Baltic Dry Index. 610 unch. Brent Crude 62.92
LIR Gold Target in 2019: $30,000. Revised due to QE programs.
“I
can detach myself from the world. If there is a better world to detach oneself
from than the one functioning at the moment I have yet to hear of it.”
President Nero, with apologies to P. G.
Wodehouse.
Trapped in a Bavarian fantasy land with some of the most boring people
on the planet, but surrounded by thousands of German troops and police making
escape impossible, President Nero and the six dwarfs, together with their cast
of hundreds of flunkies and water fetchers, got down to the pressing problem of
the age. No not saving the world from corrupt gambling banksters, nor ending
poverty, nor providing food and clean water to all who want it in Africa and
California. Not even sorting out the Middle East where a bunch of murderous, moslem,
fascist fanatics, have set about slaughtering and enslaving all and sundry,
turning the clock back to the 7th and 8th centuries.
No, our Bavarian Bubbleites, got down to the pressing work, in 5
star luxury, at taxpayer expense, of saving the planet in the 22nd
century. Well it’s tough work, but
someone’s got to do it I suppose. Below, the Triumph of Schloss Elmau. No word
yet if President Nero got his lederhosen.
G-7 Calls for Zero Fossil-Fuel Emissions by End of 21st Century
June 8, 2015 — 4:04 PM BST
Some of the world’s richest nations threw their weight behind a plan to
stamp out fossil-fuel emissions by the end of the century in an unprecedented
show of unity on climate change.The Group of Seven is pushing to “decarbonize,” meaning any polluting gases from burning oil, gas or coal must be canceled out by carbon-capture or other technologies by 2100. Nations should aim for emission cuts near 70 percent of 2010 levels by mid-century, the G-7 said Monday in a statement.
“Deep cuts in global greenhouse-gas emissions are required with a decarbonization of the global economy over the course of this century,” the group said following a summit in Germany hosted by Chancellor Angela Merkel.
The G-7 has been under pressure to act on climate change after the world’s biggest polluter, China, took steps to curb its carbon output. The group’s solidarity on the issue is significant ahead of a United Nations meeting in Paris in December, where more than 190 nations will aim to broker the first global emissions-reduction deal that’s binding for all countries.
“This long-term decarbonization goal will make evident to corporations and financial markets that the most lucrative investments will stem from low-carbon technologies,” said Jennifer Morgan, global director of the climate program at the World Resources Institute in Washington. “Today G-7 leaders have stepped up to the plate with serious climate commitments.”
Those commitments include expanding renewable energies in Africa and getting 400 million people access to insurance against the negative effects of climate change, the G-7 said.
The group also called for greater efforts to provide climate aid. Wealthy nations and private investors agreed in 2009 to hand $100 billion a year to developing nations by 2020 to nudge them toward greener development. Few rich countries have set out exactly how they will reach that goal.
More
But that wasn’t all they decided, of course, since without China and India
present, and Russia banned from attending, the only global polluter attending
was America. So it was back to the business of issuing threats, bossing the non-attenders
around, and pressing on with the fantasy that it was Russia not America that
staged the botched coup in Kiev, that led to the Ukraine civil war. You have to
wonder about what kind of cigarettes they pass round at Schloss Elmau?
G7 leaders wrap up summit with pledges and warnings
Ukraine crisis, global security threats, climate change and Greek economy dominated two-day meeting in Bavarian Alps.
World leaders have wrapped up a
G7 summit in Germany, addressing major issues including the crisis in Ukraine,
climate change, the Greek economy and global security threats.
In a joint communique issued on
Monday, following a two-day summit in the Bavarian Alps, the leaders of
the most powerful countries warned Russia it would face stepped-up sanctions
for its "aggression" in Ukraine.
"We ... stand ready to take
further restrictive measures in order to increase cost on Russia should its
actions so require," said the communique. "We recall that the
duration of sanctions should be clearly linked to Russia's complete
implementation of the Minsk agreements and respect for Ukraine's
sovereignty."
For
the third time, Russia's President Vladimir Putin was barred from a G7 summit
due to what US President Barack Obama termed his "aggression in
Ukraine", as the Group of Seven top powers closed ranks against Russia.
----Meanwhile, ahead of United Nations climate summit in Paris, the leaders stressed that "deep cuts in global greenhouse gas emissions" were required with "a decarbonisation of the global economy over the course of this century".
The aim was to send a clear
signal to push other nations taking part in the Paris meeting to commit to
reducing dangerous greenhouse gas emissions, which threaten to melt ice caps
and glaciers, raise sea levels and bring more violent storms and floods.
Another pressing problem was the
haggling between debt-hit Greece and its international creditors - the EU, ECB
and IMF - and the fear that a messy default could lead to Greece exiting the
eurozone, with unknown repercussions for the world economy.
More
In Greek news, it was more of Germany reverting to type. Chancellor
Merkel demanded a new Polish Corridor from Greece. Those tax and work shy
Greeks without jobs, which is to say most of them, yawned and went back to
scavenging, or begging for help from Syrian migrants passing through on their
way to Berlin. And so the G-7 wrapped up, in time for most to head home before heading
on to the secretive Bilderberger junket in Telfs-Buchen, Austria. This year they
get to pick next year’s American president.
Merkel Demands Action From Greece to Cement Euro Membership
June 8, 2015 — 2:43 PM BST Updated
on June 8, 2015 — 3:47 PM BST
German Chancellor Angela Merkel
demanded urgent action from the Greek government to cement its position as a
member of the single currency.
Merkel said that fellow Group of
Seven leaders meeting at Schloss Elmau, southern Germany, shared her goal of
keeping Greece in the currency bloc and also backed her insistence that Prime
Minister Alexis Tsipras must deliver an economic program that can satisfy the
country’s creditors.
“There isn’t much time left,
that’s the problem,” Merkel said at a press conference on Monday following the
meeting. “Every day counts now.”
Creditors are growing
increasingly exasperated with Tsipras’s negotiating tactics after he rejected
the terms of an aid package last week that could prevent Greece being forced
out of the euro. Tsipras’s government last week used a technicality to postpone
a payment of about 300 million euros ($336 million) to the International
Monetary Fund, and European Commission President Jean-Claude Juncker said the
Greek leader had misrepresented the creditors’ position in the talks.
The Greek stock market fell 2.7
percent to reach its lowest level since April. The Athens stock market’s
benchmark index has lost 26 percent in the past six months. Greece’s 10-year
bond yields rose for a third day to 11.42 percent.
Bilderberg 2015: Full Attendee List & Agenda
Elitist confab to discuss artificial intelligence
June 8, 2015
The official Bilderberg Group website has released the full attendee list
and agenda for this year’s conference. As ever, the list of topics to be
discussed is so vague as to almost be meaningless. Infowars will have full
coverage of Bilderberg’s detailed agenda later today and for the rest of the
week.63rd Bilderberg conference to take place from 11 – 14 June 2015 in Telfs-Buchen, Austria.
Telfs-Buchen, 8 June 2015 – The 63rd Bilderberg conference is set to take place from 11 – 14 June 2015 in Telfs-Buchen, Austria. A total of around 140 participants from 22 countries have confirmed their attendance. As ever, a diverse group of political leaders and experts from industry, finance, academia and the media have been invited. The list of participants is available on www.bilderbergmeetings.org
The key topics for discussion this year include:
- Artificial Intelligence
- Cybersecurity
- Chemical Weapons Threats
- Current Economic Issues
- European Strategy
- Globalisation
- Greece
- Iran
- Middle East
- NATO
- Russia
- Terrorism
- United Kingdom
- USA
- US Elections
More
Slummin it again! With ex-Labour MP
Ed Balls, if they let him in, after last year’s spot of recognition bother at
the door.
Interalpen-Hotel Tyrol: luxury resort in Austria
The Interalpen-Hotel Tyrol is a spacious luxury resort in a unique, secluded location near by the popular holiday resort Seefeld in Tyrol. It’s not just the dimension of the five-star superior residence that impresses visitors; its “intrinsic values” impress them to the smallest detail. As part of the internationally successful family business Liebherr, the hotel near Seefeld stands for the highest quality, best service and attentive hospitality.
“The
ideas of debtor and creditor as to what constitutes a good time never
coincide.”
P. G.
Wodehouse.
At the Comex silver
depositories Monday final figures were: Registered 57.84 Moz, Eligible 121.03
Moz, Total 178.87 Moz.
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally
doubled over.
Today, is China’s “Wobble” really an implosion? It
looks that way from far off London.
China's Cement Alley in decline as the country's economy falters
NATHAN VANDERKLIPPE
SHIJIAZHUANG, CHINA — The Globe and Mail
Published Sunday, Jun. 07, 2015 5:54PM EDT Last updated Monday, Jun. 08,
2015 6:36AM EDT Yang Zengkui climbs a hill behind his small restaurant on the industrial outskirts of Shijiazhuang. Under a blue sky that was once rare here, he looks out over China’s Cement Alley. Twenty, maybe 30, cement plants are visible. It’s hard to count them all: tucked into hillsides, standing tall beside a reservoir, wedged between wheat fields.
Easier to count is how many are still operating.
“Two,” Mr. Yang says, squinting against the sun.
The rest are closed, some already razed and reduced to pits of wrecking ball
rubble.
Mix together limestone, calcium, silicon and a few
other ingredients at 1,500 C and you have cement. You also have one of the
single most important ingredients in China’s remarkable rise.
Factories built China’s exports to the world. But
cement built China: the vast forests of high-rises that populate its new
cities, the innumerable roads and bridges that connect them and the endless
bullet-train lines that propelled the country’s race away from poverty. China
famously used more cement in three years than the U.S. in the entire 20th
century.
But as China’s economy falters and its leadership
scrambles to find new foundations for growth, cement’s seemingly unstoppable
reign is suddenly in question. This year, for the first time since 2000,
Chinese cement output is falling. In April, cement output fell 7.3 per cent
from last year, and the decrease appears to be gaining speed. To date in 2015,
cement is down 4.8 per cent, according to the National Bureau of Statistics of
China. Prices in some places have been cut in half, sapping momentum from an
industry that until recently enjoyed 11-per-cent profit rates. Now, the
industry says most companies in northern China are losing money.
It’s a startling change. Even last year, Chinese
cement output was up 1.8 per cent, capping a roaring expansion that saw China
rise from just over a third of the world’s demand in 2002 to nearly two-thirds
in 2012, when it used 27 times more cement than the U.S.
The most recent years were so ebullient that Gao
Zhi calls it the “crazy time.”
Now it looks to be over, said Ms. Gao, the dean of
the cement industry consultancy at the China Development Strategy Institute for
Building Materials Industry, which both helps set national policy and monitors
the industry. She uses a pen to sketch a line graph that rises quickly before
levelling off and then plunging. It’s meant to show concrete demand over time.
She points to the apex. China is now here, she says, and may experience a brief
plateau. Over the next two decades, she expects a big decline. “The fall in
demand could be 30 per cent, or even 50 per cent,” she said.
Morehttp://www.theglobeandmail.com/report-on-business/international-business/chinas-cement-alley-in-decline-as-the-countrys-economy-falters/article24836941/
Solar & Related Update.
With events
happening fast in the development of solar power, I’ve added this new section.
Updates as they get reported.
Today, welcome to
another US “fracking” style bubble, this one in “green” energy. Just like fracking, this one’s central
bankster driven by ZIRP and QE forever.
Just like fracking, this bubble ends when the “free money” runs out.
Wall Street’s Squids are forever looking for the next Muppet, even a green one.
“Ebenezer
Squid had one-way pockets. He would walk ten miles in the snow to chisel an
orphan out of tuppence.”
With
apologies to the Duke of Dunstable and P. G. Wodehouse.
Green Bonds Sprout as Wall Street Embraces Renewable Energy Debt
June 5, 2015 By Cordell Eddings,
Bloomberg
NEW YORK — Bonds backing clean energy and
other sustainable initiatives are booming.
Investors are snapping up green
bonds at the fastest pace on record, as big banks like Morgan Stanley and Bank
of America Corp. pile in with new issuance to feed the growing appetite for
socially responsible investments.
More than $16 billion of green
bonds have been sold this year worldwide following issuance of $32.6 billion in
2014, according to data compiled by Bloomberg. Newcomers like Morgan Stanley are
raising the debt to finance solar- and wind-powered projects fueling issuance
in the U.S. and putting the market on a path to grow by more than 50 percent by
the end of the year, according to Standard & Poor’s.
“What is called clean or
alternative energy now is just going to be called energy in the future, and we
want to be a part of that,” said Matthew Duch, a money manager at Calvert
Investments in Bethesda, Maryland, which oversees more than $13 billion in
assets, after purchasing Morgan Stanley inaugural green bond offering on
Wednesday. “The bonds are attractive and you get to be a part of progress.”
Green bonds, which have been sold
to back restoration of waterways in Chicago and help Toyota Motor Corp. finance
vehicles that are powered by hybrid or alternative fuel, are gaining popularity
with companies, attracted to a growing investor base looking to buy securities
backing renewable projects. Morgan Stanley will use its debut $500 million
green bond to fund the development and construction of wind farms and solar
energy generation, according to a regulatory filing.
Bank of America, the
second-largest U.S. bank, issued a $600 million in green bond to fund
energy-efficiency and renewable-power projects in May, Bloomberg data show. The
lender sold its first green-bond with a $500 million offering in 2013. The
securities are part of a pledge to commit $50 billion over 10 years for
low-carbon projects through funding and banking services.
Despite their growth rate, green
bonds are still about one- fifth of 1 percent of the global bond market.
More
The monthly Coppock Indicators finished May
DJIA: +107 Down. NASDAQ: +195 Down. SP500: +139 Down.
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