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Thursday, 28 June 2012

Gold's importance might be promoted

The Bank of International Settlements (BIS) is considering upgrading gold's status as a capital asset from tier three to tier one.  See Peter Krauth's article, which I acknowledge.

Tuesday, 19 June 2012

Keynesian economics self destructs

Many people, in their hearts, know that the solution to too much long term unsustainable debt is not to spend more.

Friday, 15 June 2012

A strong case for Greek default

The documentary "Hot spots:  Greece"offers the best argument for allowing Greece to default that I have seen. 

European Union unfit to oversee unified banking union

Greece hid their true level of debt to join the euro currency zone.  European Union authorities accepted Greece's application despite hidden Greek debt.

Thursday, 14 June 2012

JP Morgan no longer distinguishes speculation from hedging

JP Morgan no longer recognises the difference between hedging and speculating.  Poor US taxpayers thus back JP Morgan's market speculation.

Kazakh central bank aiming for 20% of reserves in gold


See Mineweb's article "Kazakh central bank aiming for 20% of reserves in gold", which I acknowledge.

Euro crisis in a three minute video nutshell

Unlimited global money printing likely

Major global central banks are likely to continue printing money indefinitely, without limit, according to a Reuters article.  The solution to excessive western debt is to devalue the US dollar, the British pound, the euro and the Japanese yen.

Tuesday, 12 June 2012

US worse than Greece

US problems are greater than Europe's or Greece's, according to former US assistant treasury secretary Paul Craig Roberts.

Dangerous EU banking union proposed

Unification of EU banking regulations under one supervisor would be extremely dangerous for Europe.  Risk would be concentrated.

Monday, 11 June 2012

Euro has no real backers

Trust in the euro, and in all paper currencies, has been damaged, according to Jim Jubak.  The value of a paper currency rests upon trust in those who back the currency.

Saturday, 9 June 2012

Stunning increase in Chinese gold imports - Sprott

Eric Sprott and Shree Kargutkar report that gold imports to China have increased by 1300% on a year on year basis to April, 2012.

US, UK and media pressure Germany to further "support" bankrupts

US and UK officials, and the media, are increasing pressure upon Germany to increase German financial support for bankrupt European nations, and to support money printing.  Greek public sentiment towards Germany is hostile, despite German financial support.

Friday, 8 June 2012

Kazakhstan shifts from euro to gold

Kazakhstan's central bank is to reduce euro holdings and increase gold holdings.  See Mineweb's article "Kazakh central bank to boost gold holdings", which I acknowledge.

Thursday, 7 June 2012

Heroic poor save the planet

Hundreds of thousands of poor people are losing their electricity supplies.  They are being disconnected because electricity is unaffordable.

Spain gone

Spain's credit markets appear to have seized up, following the Greek pattern.  The Spanish government budget minister has called for European financial help, only days after rejecting calls for European financial assistance.

SLV trustee's conflict of interest

The Trustee of the iShares SLV silver trust has a conflict of interest, according to Jeff Nielson.

Saturday, 2 June 2012

Friday, 1 June 2012

Greek banks' position now "down to the wire" - Sprott

The run on Greek banks has brought the Greek banking system near to collapse;  and "we are past the tipping point where Greek depositors have had enough", according to Eric Sprott and David Baker.  Today Greek debt is up to E400B which is greater than the debt before the second bail-out two months ago.

Should Germany leave the euro?

If Germany, instead of Greece, were to leave the euro currency zone, would Greece continue to press for more lenient bail-out terms?  Would France still advocate European "growth" through spending and increased debt if Germany left the euro currency zone?  See Mike Shedlock's interview about the European financial situation, in which it is suggested that European aid is a euphemism for bailing out foreign lenders.