A choice between two buffoons is no choice. Stay home on voting day or vote independent.
Friday gold was down $30.50 to $1578.40 while silver also followed suit down 80 cents to $26.89
On Friday we had a disastrous employment report whereby supposedly 80,000 jobs were created on expectations of 97,000. However if you include the wonderful plug B/D (Birth/Death ) of 124,000 jobs, the real number was a negative 44,000 jobs. Generally on that news the dollar would tank and the Euro would rise. Immediately after the jobs number was released the Euro remained low having fallen due to lower interest rates over there. The UK already had announced a 50 billion pound stimulation announcement with the ECB on Thursday cutting its key rate down .25% to .75% with a deposit rate of zero. Then the Central Bank of Denmark announced a rate cut to .2 per cent and also announcing a negative .2% for placing your money on deposit. Denmark is an EU member (one of 27 countries) but not the monetary EU (17 countries) as it still uses the Kroner exactly in the same format as England. Immediately after the release of the NFP, the Euro started to collapse and finished the day at 1.2286 down almost 1.69 cents on the day. Greece has formally given up on their austerity as they realize that they are broke, they have no cash left in the kitty and they are out of credit. They are now at the mercy of the Troika begging for handouts as the only way to save this nation. There could be debt forgiveness but that is out of the question. The target 2 imbalances continue as the Bundesbank announced a record 729 billion euros credit against the 5 PIIGS nations.
http://harveyorgan.blogspot.ca/
Amid barrage of ads, Obama has edge
In most of the country, just about the only time campaign ads for the presidential candidates are on TV is when there's a news story about the ads. In the handful of battleground states that are likely to decide the outcome of the election, though, viewers can't escape arguably the most intense early barrage of ads in American political history.
"In a swing state, you're part of the presidential campaign," says political scientist Darrell West, author of Air Wars. "Everywhere else, you're outside."
http://www.usatoday.com/news/politics/story/2012-07-08/swing-states-poll/56097052/1
Three Questions About Mitt Romney's Offshore Money
The Obama campaign doubled down on its attacks against Mitt Romney's personal wealth today, releasing a new online video that slams the Republican presidential candidate over his offshore financial holdings in known tax havens.
The video, which features Obama's campaign press secretary Ben LaBolt, makes some pretty bold claims, basically accusing Romney of using a Bermudan shell corporation to dodge U.S. taxes and hide the extent of his personal fortune.
While the attacks are so far unsubstantiated, the video does raise three interesting questions that Romney has yet to answer about his offshore holdings:
- Does the Romney family still own the Bermudan shell corporation in question, and if so why won't Romney's campaign admit it?
- Why did Romney transfer ownership of this corporation to a blind trust in his wife's name the day before he was sworn in as governor?
- What taxes would Romney have paid if his money was invested in the U.S.?
Watch the video click below:
http://www.youtube.com/watch?feature=player_embedded&v=6vsAbeGJqVs
The Collapsing US Economy and the End of the World
Washington has been at war since October, 2001, when President George W. Bush concocted an excuse to order the US invasion of Afghanistan. This war took a back seat when Bush concocted another excuse to order the invasion of Iraq in 2003, a war that went on without significant success for 8 years and has left Iraq in chaos with dozens more killed and wounded every day, a new strong man in place of the illegally executed former strongman, and the likelihood of the ongoing violence becoming civil war.
Upon his election, President Obama foolishly sent more troops to Afghanistan and renewed the intensity of that war, now in its eleventh year, to no successful effect.
These two wars have been expensive. According to estimates by Joseph Stiglitz and Linda Bilmes, when all costs are counted the Iraq invasion cost US taxpayers $3 trillion dollars. Ditto for the Afghan war. In other words, the two gratuitous wars doubled the US public debt. This is the reason there is no money for Social Security, Medicare, Medicaid, food stamps, the environment, and the social safety net.
Americans got nothing out of the wars, but as the war debt will never be paid off, US citizens and their descendants will have to pay interest on $6,000 billion of war debt in perpetuity.
Not content with these wars, the Bush/Obama regime is conducting military operations in violation of international law in Pakistan, Yemen, and Africa, organized the overthrow by armed conflict of the government in Libya, is currently working to overthrow the Syrian government, and continues to marshall military forces against Iran. continued... http://www.paulcraigroberts.org/2012/07/08/the-collapsing-us-economy-end-world/
Deleveraging To Continue
The LIBOR rate scandal is widening and now engulfing more worldwide banks, as well as the Bank of England, the German Deutsche Bank and including the Mellon Bank of New York.
Note: Again, folks, don't be fooled by any short term asset bubbles. These banks must now deleverage, sell their assets and create cash aka U. S. dollars.
P.S. The next shoe to drop in this scandal is the use of the LIBOR rate spread to create artificial margin to manipulate foreign currency exchange rates in the nightly forex trading.
P.P.S. Both the Central Bank of Japan and IMF officials are currently in serious discussions with the U.S. Treasury about the irregular foreign exchange rates that were created by the fictitious LIBOR rate spread.
IMF and Central Bank of Japan officials have also told U.S. Treasury representatives to proceed with the final implementation of the Wanta-Reagan-Mitterrand Protocols.
In closing, we also want to bring to the attention of the American People the still extremely dangerous radiation threats that continue to threaten the American west coast from the damaged Japanese nuclear reactor.
http://www.myspace.com/tom_heneghan_intel/blog/
