Baltic Dry Index. 818 -12 Brent Crude 47.82
LIR Gold Target in 2019: $30,000. Revised due to QE programs.
There is only one class in the community that thinks more about money that the rich, and that is the poor. The poor can think of nothing else.
Oscar Wilde.
It is dithering Fed week. Put up or shut up week for the Masters of the
Fiat Currency Universe in Washington D. C. Will Mammon’s Washington Oracle dare
to put up their key interest rate by a tiny, meaningless quarter percent, or
will the Fed’s dippy talking chair wimp out once again? After all, China and
America’s casinos stumbled last quarter. China’s so badly that it round tripped
and is now on full Communist Party outright rigging support, with prison or
worse for those not spreading the rosy party line. Don’t even think about
selling stock. Li Yifei, chairwoman of hedge fund firm Man Group Plc’s
China unit, was even disappeared to a “Chinese Meeting” for a time. On reappearance
it was termed an unplanned “vacation,” we learned. Sell one more Chinese stock and it might
become an unplanned “staycation.” But China’s economic slowdown continues and
quickens. And these are the official figures!
China's Stocks Decline Most in Three Weeks on Slowdown Concerns
September 14, 2015 — 2:26 AM BST Updated on September 14, 2015 — 5:37 AM
BST
China’s stocks slumped, dragging the benchmark index down the most in three
weeks, after data over the weekend added to concern the economic slowdown is
deepening.
The Shanghai Composite Index slid 3.2 percent to 3,097.71 at the midday
local-time break, led by technology and financial companies. About 13
stocks fell for each that rose on the gauge, while volume was 25 percent below
the 30-day average for this time of day. The Hang Seng China Enterprises Index
dropped 0.7 percent, reversing a 1.4 percent advance.
August economic data released Sunday showed a challenging picture for
policy makers. Industrial output missed economists’ forecasts, while investment
in the first eight months increased at the slowest pace since 2000. The
government also announced details about plans to make state-owned enterprises
more efficient, including encouraging private investment.
“The economic reports don’t look good so investors prefer to be on the
sidelines,” said Wu Kan, a Shanghai-based fund manager at JK Life Insurance Co.
“The SOE reform rules were widely expected by the market and aren’t very
detailed, therefore the reaction is limited. The market could fall to a lower
level.”
Industrial output rose 6.1 percent in August from a year earlier,
missing the 6.5 percent estimate. Fixed asset investment excluding rural
households climbed 10.9 percent in the first eight months versus the 11.2
percent median projection of economists surveyed by Bloomberg.
More
At least in America, it’s still only half-hearted casino rigging for the
moment. Full on rigging by the New York Fed’s riggers and fix-its probably
awaits October, and America’s traditional crash season. And so we await the Fed
meeting on Wednesday and Thursday. Will the Fed pull the trigger causing Black
Friday? What’s a poor billionaire HFT “algo thief” to do? Do they spoof the
market Thursday for a rally or a crash? The Fedster’s must now try to steal the
cheese Thursday from a mousetrap entirely of their own making. Can the talking
chair walk on water? Stay around for Thursday. When the Casino’s Great Vampire
Squids say jump, up until now the Fedster’s have always answered “how high.”
For today though, Europe. The continent made for tanks and that sanity
abandoned in 1914. Abandon hope all ye who sail in the EUSSR. In the UK, the spendthrift,
wealth envy, class hatred, old socialist Labour Party rebranded itself as a 1930s
Communist-Bolshevik revival. But first up Italy, deep in a youth exodus and
replacement migrant crisis.
Fears for southern Italy as unemployment, organised crime and economic recession sees young people leave the country
Sunday 13 September 2015
The territory south of Rome, that includes many of Italy’s most
enchanting places, in Sicily, Puglia and Campania, is fading away; choked by
corruption, its economy mired in recession and its communities corroded by
unemployment. The birth rate is at the lowest in history; you might say the
beautiful south is dying.
Everyone agrees that southern Italy has a problem. But no one seems able
to solve it – and time is running out.
Tourists flock there for the food, climate and scenery. But young
locals, faced with 75 per cent youth unemployment, are buying one-way tickets
to London and Berlin.
Later this month, Prime Minister Matteo Renzi will launch his Democratic
Party’s “master plan” to resuscitate the south, often called Il Mezzogiorno. It
can’t come a moment too soon.
Mr Renzi’s infrastructure minister and right-hand man Graziano Delrio
has signalled that the government will boost investment in agriculture,
manufacturing and tourism – the latter being the southern region’s most obvious
strength.
Even some in Mr Renzi’s own party, though, are saying the measures will
be too little, too late. Francesco Boccia, a Pugliese MP and economist, claimed
that the Renzi government had in the past two years snatched €3.5bn (£2.57bn)
earmarked for investment in the south in order to fund tax breaks for employers
across Italy as part of plans to add flexibility to the labour market. “This
was money that was meant for the south of Italy. It didn’t go there,” he said.
But, in a recent interview, Mr Delrio said: “What is lacking is not the
money, but the efficiency with which the projects are executed, and in this
respect there are delays and difficulties.” He said a new body, the Agency for
National Cohesion, would help put that right.
Mr Boccia is not convinced by the ability of the agency to make a
difference, given that the organisation itself is behind schedule. “It’s
supposed to have been working since 2013 and so far it’s done nothing. So in a
sense it’s already a flop,” he said.
----Some
observers, however, say no amount of investment is going to make a difference
unless inroads are made against organised crime. “The number one problem is the
absence of the state,” said Francesco Giavazzi, professor of economics at
Bocconi University. “Calabria is particularly bad. It’s like a lost region.”
More
Jeremy Corbyn wins Labour leadership: international reaction
International media outlets have reacted to the news that Jeremy Corbyn won the Labour leadership by a landslide with a mixture of alarm and bemusement.
By Bonnie Malkin 11:10PM BST 12 Sep 2015
New York Times "Mr. Corbyn’s perceived integrity and his willingness to speak his mind have struck a chord in a party in which many supporters were left disillusioned by the leadership of Mr. Blair, whose decision to join President George W. Bush in invading Iraq poisoned his legacy. Yet Mr. Blair is one of only a handful of Labour leaders who has ever won a general election, and Mr. Corbyn’s critics fear he will turn the Labour Party into a protest movement, rather than a realistic alternative to the Conservative government of Prime Minister David Cameron."
Washington Post
"The Corbyn victory represented an extraordinary rebuke to Labour’s more centrist powers-that-be, especially to former prime minister Tony Blair, who had campaigned vigorously against Corbyn and who argued that his selection would mean the party’s “annihilation.” But interventions from Blair and other party heavyweights apparently did little to halt Corbyn’s momentum and may have even backfired."
Sydney Morning Herald
"Mr Corbyn's policies include new taxes on excessive bank profits,
renationalising the railways, printing money to pay for new infrastructure,
greater assistance for refugees, and above all a redistribution of wealth to
help the poorest and most disadvantaged... However some were predicting a short
reign for Mr Corbyn, as centrist Labour MPs were expected to turn down roles in
his shadow cabinet as they positioned themselves for what they consider his
inevitable downfall."
Al Jazeera
Jeremy Corbyn winning the Labour leadership is like Aberdeen beating
Real Madrid in a European final. It really happened, but you have to pinch
yourself to believe it is true. The 66-year-old, bearded left-winger was a
200/1 outsider when the contest began. He scraped onto the ballot paper with
just minutes to spare, only thanks to the charity nominations of MPs who leant
him their signatures to "broaden the debate". Corbyn is everything
that a modern professional politician shouldn't be: crumpled, scruffy and
principled.
Times of Israel
British Jews have repeatedly expressed alarm over what they say are
Corbyn’s dubious ties to Holocaust deniers and pro-Palestinian figures who have
espoused anti-Semitic views. Empathetic to Hamas and Hezbollah, Corbyn, who won
the Labour leadership by a landslide Saturday, is also widely regarded as one of
the British MPs most hostile to Israel.
The Hindu
Although he did not touch on foreign policy in any detail during his
campaign, Jeremy Corbyn, the newly elected leader of the Labour Party, has in
his long career in politics been associated with international movements for
peace, against war and nuclear militarisation, and for human rights. As one of
the conveners of Stop the War campaign, he opposed the West’s war against Iraq,
the Israeli occupation of Palestine, and in more recent times, has been a strong
voice in urging for greater participation by the British government in offering
asylum for refugees who are entering Europe in thousands.
Germany Reinstates Austria Border Controls Amid Refugee Crisis
September 13, 2015 — 4:53 PM BST Updated on September 13, 2015 — 10:13
PM BST
Germany reinstated border controls in response to the refugee crisis as
a surge in the number of refugees threatens freedom of movement across Europe.
The temporary measure, focused on the southern border with Austria,
risks widespread disruption as governments weigh a further tightening of
frontier controls across Europe. German state railway Deutsche Bahn suspended
all traffic to and from Austria Sunday afternoon until 6 a.m. Monday under
orders of the authorities, it said on its website.
The border controls became necessary to try and “limit the flood to
Germany and return to an orderly process of entering the country,” Interior
Minister Thomas de Maiziere said Sunday at a press briefing in
Berlin. “This is urgently needed for security reasons.”
The re-imposition of controls abandoned some 20 years ago is a signal to
Europe that its biggest economy needs more help to cope with an estimated
800,000 asylum seekers expected to arrive in the country this year. The sudden
move also underscores the risk attached to Chancellor Angela Merkel’s strategy
of welcoming refugees while fellow EU leaders stand still.
----A meeting of justice and interior ministers in Brussels on Monday will deliberate EU proposals to distribute asylum seekers from Hungary, Italy and Greece that eastern states have already rejected.
The government of the Czech Republic, which opposes the European
Commission plan, said it was strengthening police numbers along the border with
Austria and stood ready to take further security measures if needed.
Austria won’t introduce controls on the Hungarian border but will
monitor the consequences of the German measures over the next two
days, Chancellor Werner Faymann said after a government meeting in Vienna
Sunday. Faymann plans to meet with Merkel in Berlin on Tuesday.
More
Still no word from America as to how many migrants it’s willing to take,
from the failed policies of the American War Party in Afghanistan, Iraq, Syria
and Libya.
"Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort."
Antony C. Sutton
At the Comex silver depositories Friday
final figures were: Registered 50.41 Moz, Eligible 116.00 Moz, Total 166.41
Moz.
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally
doubled over.
No crooks today, just a worrying look at Spain. What could
possibly go wrong on September 27? Euros anyone?More than one million march for independence ahead of controversial Catalonia vote
Catalan premier Artur Mas has cast a Sept 27 regional election as a de facto referendum on secession from Spain, with a win for his coalition a mandate for a unilateral declaration of independence
By James Badcock, Barcelona 7:47PM BST 11 Sep 2015
More than one million people thronged in central Barcelona on Friday to
demand independence for Catalonia ahead of controversial elections cast by the
region's leaders as a de facto referendum on secession from Spain. The colourful show of force by the pro-independence campaign on the Diada, Catalonia's national day, was a defiant message to Madrid ahead of a Sept 27 regional election which the Catalan premier, Artur Mas, has styled as an independence plebiscite despite warnings from the central government. Mr Mas has said that a win for the coalition led by his conservative Convergència (CiU) party will be considered a mandate for secession - and spark a unilateral declaration of independence.
“If we get a majority in parliament and in total votes, there will be no way back,” said 30-year-old Sergi, an industrial designer from Girona present at the rally. “We pay the same taxes as elsewhere in Spain and have more expensive universities and worse infrastructure. I have to pay €14 (£10) today in tolls to drive from Girona and back when you can cross the whole of Andalucia for free”.
Athletes
carried a large arrowhead through the crowd along three miles (five kilometres)
of Barcelona’s Meridiana Avenue to symbolise the idea that Catalonia’s
independent destiny lay ahead.
----Support for
independence has swelled over recent years in Catalonia, a regional
economic powerhouse whose Catalan identity and language was severely repressed
under the dictator General Francisco Franco. Police said 1.4 million people
attended Friday's rally. But for those who stayed away, the highly
choreographed demonstration constituted a hijacking of Catalonia’s national
celebration for political purposes for the fourth year in a row
More"When paper money systems begin to crack at the seams, the run to gold could be explosive."
Harry Browne
Solar & Related Update.
With events
happening fast in the development of solar power and graphene, 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? DC?
A quantum computer next?
Dubai Plans to Award Solar Power Contract in First Quarter
Dubai’s government-owned utility will probably announce the winners in
the first quarter to build the third phase of a $3.3 billion solar energy park.
The project to produce 800 megawatts of electricity from the sun will
probably be awarded to more than one company, Saeed Mohammed Al Tayer, chief
executive officer of Dubai Electricity & Water Authority, said in Dubai on
Sunday. DEWA is still deciding whether to build the plant all at once or at
different times to take advantage of lower costs, he said. In January, DEWA
tripled its target for solar energy production to take advantage of lower
building costs.
Energy companies in the Middle East are turning to solar power to take
advantage of plentiful amounts of sun. Saudi Arabia, the world’s biggest crude
exporter, has ample solar resources and open land and eventually “won’t need
fossil fuels,” Oil Minister Ali Al-Naimi said in May.
DEWA in January awarded a contract to build a 200-megawatt plant to a
group led by Saudi Arabia’s ACWA Power International, in the second phase of
the park. The first solar factory at the park started in October 2013, with a
13-megawatt photovoltaic plant that was the largest of its type in the Middle
East and North Africa at the time. First Solar Inc., the biggest U.S.
solar-panel manufacturer, built the facility, at a cost of 120 million to 130
million dirhams ($33 million to $35 million).
DEWA aims to have solar capacity of 1,000 megawatts by 2020 and 3,000
megawatts by 2030.
MoreThe monthly Coppock Indicators finished August
DJIA: +65 Down. NASDAQ:
+168 Down. SP500: +92 Down.
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