Best Of The Best Share Discussion Threads

[traderabc] 10/12/2009 13:38

Food Stamps Go to a Record 37.2 Million, USDA Says (Update2)

By Alan Bjerga

Dec. 8 (Bloomberg) -- A record 37.2 million people, or about one out of every eight Americans, received food stamps in September, as the recession drove a surging jobless rate, according to a government report.

Recipients of the subsidy for retail-food purchases climbed 18 percent from a year earlier, according to a statement posted today on the U.S. Department of Agriculture’s Web site. Participation has set records for 10 straight months.

[traderabc] 08/12/2009 23:11

Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade


George Washington Blog
Tuesday, December 8, 2009

As I have previously shown, speculative derivatives (especially credit default swaps or “CDS”) are a primary cause of the economic crisis. They were largely responsible for bringing down Bear Stearns, AIG (and see this), WaMu and other mammoth corporations.

According to top experts, risky derivatives were not only largely responsible for bringing down the American (and world) economy, but they still pose a substantial systemic risk:
A Nobel prize-winning economist (George Akerlof) predicted in 1993 that CDS would cause the next meltdown
Warren Buffett called them “weapons of mass destruction” in 2003
Warren Buffett’s sidekick Charles T. Munger, has called the CDS prohibition the best solution

[traderabc] 08/12/2009 18:13

Tuesday, December 8, 2009
Jim Rogers it is Time to Dump the Dollar and Invest in Commodities



"Investors should dump the dollar and put their money into commodities, says billionaire investor Jim Rogers. The greenback will get even weaker as inflation inevitably rises, which will prompt the government to sell bonds and print money to pay down gaping deficits, Rogers says. "The U.S. dollar is now a terribly flawed currency," the Australian Broadcasting Corporation quoted Rogers. "The U.S. as recently as 1987 was a creditor nation. Now it's the largest debtor nation in the history of the world and that's going to continue to cause problems." Investors should put their money in commodities, especially since demand for commodities like oil and gold will outstrip supply, thus boosting prices, Rogers says. Federal Reserve officials have said they will keep an eye on inflation when the time comes to yank stimulus money out of the economy once recovery gains steam. "- Newsmax

[traderabc] 08/12/2009 17:03

Gold Battlefield: Think Less. Buy More

Stewart Thomson
email: [e-mail]
Dec 8, 2009

1. I've seen many business owners embrace what the banksters do in the market, the buying weakness and selling strength in a pyramid formation, and no gold writer can compete with that when they begin to execute on the strategy repeatedly. The substantial business owner brings too much to the table. It's an overwhelming force, a force that goes way beyond simple dollars, and is understood by very few outside of the bankster community. The volume of understanding of risk and reward that the business owner has, is something incomprehensible to most writers and analysts. It is a force of tremendous power.

[traderabc] 08/12/2009 10:46

How to sell your gold without being ripped off


The record price of gold has led to a boom in the number of companies offering to buy old, unwanted jewellery.

But a BBC Radio 1 Newsbeat investigation has revealed that some big name firms are paying just a fifth of the metal's real value.

Bullion dealer Tony Jarvis gives his top tips to help ensure you get the best possible price for your gold.

[traderabc] 06/12/2009 09:35

I have Sean, and I've yet to hear a credible arguement debunking it.

[traderabc] 06/12/2009 09:31

China denounces U.S. banks for 'evil intent' with derivatives
Submitted by cpowell on Thu, 2009-12-03 21:15. Section: Daily Dispatches

By Jamil Anderlini
Financial Times, London
Thursday, December 3, 2009

[seanworld] 05/12/2009 15:05

trader you ever seen this clip?

The late great Aaron Russo. 2+ year old, but always enjoy listening to it

[traderabc] 05/12/2009 14:53

Ben Bernanke's Hyperinflation And Economic Collapse

By Greg Hunter
Dec 4 2009 2:28PM

usawatchdog.com



Yesterday, Federal Reserve Chief Ben Bernanke was in front of the Senate Banking Committee trying to hold on to his job. Some Senators were complimentary on Bernanke’s job. Republican Senator Judd Gregg from New Hampshire gave the Fed Chairman a warm welcome. Judd said, “If you hadn’t been there, and hadn’t been willing to take extraordinary action last fall, last winter, and even early spring … it’s very likely we would be experiencing a depression…221; I look at Bernanke’s performance during the financial crisis the same way I would look at a drunken bus driver who crashes and then stumbles around pulling a few children out of the wreckage. In my eyes, Bernanke is hardly a hero.

Republican Jim Bunning from Kentucky, on the other hand, couldn’t have given a colder reception if he greeted Bernanke in the North Pole. Bunning said, in part, “Rather than making management, shareholders, and debt holders feel the consequences of their risk-taking, you bailed them out. In short, you are the definition of moral hazard.” Bunning, a former Major League pitcher, hurled another fast ball at Bernanke’s head when he said, “Because you bowed to pressure from the banks and refused to resolve them or force them to clean up their balance sheets and clean out the management, you have created zombie banks that are only enriching their traders and executives.” Senator Bunning vowed to do everything possible to stop Bernanke’s nomination and to “end the Fed’s failures.”

(Complete video of Senator Bunning’s comments below)

Nice speech, but according to economist John Williams of Shadow Government Statistics, it is too late. In Williams latest report he writes “The United States Economy and Financial System Face an Eventual Great Collapse.” Williams told me in an interview this week that because of all the bailouts, stimulus packages, giveaways and short-term debt, the U.S. has to finance nearly $5 trillion in 2010 alone. That’s about $96 billion in debt auctioned off each and every week!! Williams said, “Someone has to buy those Treasuries, and if no one does, then the Federal Reserve will become buyers of last resort.” The Fed buying that much in Treasuries is the same as printing huge amounts of money. Williams says that “is the tipping point that will start a dollar crisis.” According to Williams, this will produce a “high risk of an ultimate dollar crisis that will begin unfolding in year ahead.”

Inflation created by this “dollar crisis” will turn into hyperinflation within 5 years. Government and Fed actions have caused this problem and Williams sees “no way out,” and “hyperinflation is just a matter of time.” The hyperinflation forecasted by Shadow Government Statistics will look like Weimar Germany in the early 1920’s. The dollar will rapidly lose value to the point it will take a wheelbarrow full of cash to buy a loaf of bread or a gallon of gas. Anyone on fixed income or holding dollars will be wiped out according to Williams.

The Gold market seems to be reflecting the fear of inflation and a weakening dollar. Big central banks are buying Gold. India bought 200 metric tons of the yellow metal last month. Other countries, such as China and Russia, are also gold buyers. Retail investors are, likewise, beginning to flock to gold. Arthur Blumenthal of Stack’s Rare Coins in New York City has been in the gold and coin business since 1974. Stack’s opened its doors in 1934 and is the oldest coin dealer in America. Blumenthal saw the “go-go years” of the late seventies gold market firsthand. Blumenthal told me, “I have never seen anything like this before! There are only buyers.” He says many of his customers are “Wall Street types who are buying physical gold for the first time.”

Williams says buying gold and silver “long term” will be your best defense against a “great collapse…dollar crisis… and hyperinflation.̶1; Williams also says you should stock up on food and other necessary supplies because the coming crisis will create shortages in all sorts of things.

I predict Mr. Bernanke will keep his job at the Federal Reserve. That might be poetic justice because this Fed Chief should witness his handy work firsthand. What is coming to America might go down in history as Ben Bernanke’s Hyperinflation and Economic Collapse.

Greg Hunter

[traderabc] 04/12/2009 19:49

Call bankers' bluff and let them resign says Vince Cable

[traderabc] 03/12/2009 18:26

Humbled just isn't good enough, the FED has to be replaced by a sound monetary system, that is the only long term solution.


The world’s most powerful banker is humbled


Kabir Chibber
BBC News
Thursday, December 3, 2009

Ben Bernanke’s confirmation hearings before the US Senate’s banking committee will probably be unlike any seen in recent memory.

The Federal Reserve chairman was reappointed to a second term by President Barack Obama in August, after a tumultuous four years as head of the world’s most important central bank.

But, this time, the confirmation process – normally a formality for Mr Bernanke’s feted predecessors, such as Alan Greenspan – is tinged with anxiety.


One senator has vowed to block his confirmation, while the chairman has come under attack from politicians on both sides of the aisle. The criticism has been virulent.

What has gone wrong for the world’s most powerful banker?

‘Profound disgust’

Mr Bernanke was appointed by former President George W Bush in 2006, tasked with following the 18-year reign of Mr Greenspan, whom Gordon Brown that year introduced in London as “the man acknowledged to be the world’s greatest economic leader of our generation”.

[traderabc] 03/12/2009 17:26

The biggest non-story of the year?



Different ways of seeing stats

Go figure



There have been plenty of villains of this recession, but if there's a hero it is the humble hard-working man, or woman, in the street... in spite of all the forecasts, says Michael Blastland.

[traderabc] 03/12/2009 16:26

Wednesday, December 2, 2009
Jim Rogers on Dubai economic crash . Russia Today 01 December 2009


“Dubai World crisis is a lesson for investors” says Jim Rogers

[traderabc] 03/12/2009 14:20

Keiser Report on RT: Markets! Finance!

[traderabc] 03/12/2009 14:09

Rosie makes the case for double gold, emphasizing foreign CB purchases and peak gold. And as the race for the currency bottom accelerates, Rosie discloses the production of global fiat currency "up by 150%" coupled with no incremental dollar production, he expects gold to explode. Also is somewhat skeptical on the dollar carry trade, which due to being the most crowded trade in the room, will likely not see an orderly unwind when such unwind finally occurs.

[traderabc] 03/12/2009 14:04

Stock Up on Gold—Prices Could Reach $5,000: Market Pro


JeeYeon Park
CNBC
Thursday, Dec 3rd, 2009

Gold prices hit record highs above $1,200 an ounce, with funds lengthening positions due to expectations of more dollar weakness and more central bank buying. How should investors be positioned? Lou Grasso, gold trader at Millennium Futures, and Peter Schiff, president of Euro Pacific Capital, shared their outlooks.

“[Gold at] $1,200 is not expensive, considering all the money that we’ve created and all the money we’re going to create—not only the Federal Reserve, but central banks around the world,” Schiff told CNBC.

Schiff said inflation pressures will drive gold prices up to $5,000 an ounce and investors should stock up right now.

[contrarian2investor] 03/12/2009 13:36

Hi all,

Here is an article that should bode well for precious metal holders:


Precious Metal ETF Inflows Soar To Dizzying Heights
Vince Veneziani|Dec. 3, 2009, 8:23 AM
Investing, Analyst Research, Commodities, Gold
An analyst report from RBS examines how investors are going absolutely bonkers for precious metal ETFs:

RBS: The strong price gains seen in November across the precious metals have brought with them fresh investor interest in the sector. At end November all four families of precious metal ETFs stood at record highs in both volume and value terms. But the net speculative long positions on COMEX/NYMEX also stand at near record levels for all of the precious metals.

Here's the breakdown:

Gold ETF holdings rose by 24t (1%) in November to a record 1,762t. Holdings are up by 573t (48%) YTD. The value of gold ETF holdings rose by $8.5bn (15%) to a record $66.6bn as the gold price rose by $136/oz (13%). Total ETF value has increased by $34bn (101%) YTD. In euro terms the gold price rose by 11% mom as the US dollar finished the month 2% weaker against the euro. The euro value of gold holdings rose by 13% in November, ending the month at €44.5bn.

Silver ETF holdings rose by 787t (7%) in November to a record 11,882t. ETF value rose by $1bn (17%) as the silver price rose by 9% mom in US dollars and 8% in euros. YTD holdings have advanced by 3,628t (44%) and the value of holdings has increased by 142% in US dollars and 125% in euros.

Platinum ETF holdings rose by 1.7t (9%) in November to a record 20.4t and the value of holdings rose by 9% in US dollars and 7% in euros. YTD platinum holdings have advanced by 121% and their value has increased by 255% in US dollars and 231% in euros.

Palladium ETF holdings rose by 1.3t (4%) in November to a record 35.3t and their value advanced by 15% in US dollars and 14% in euros. YTD palladium holdings have risen by 72% and their value has increased by 237% in US dollars and 214% in euros.

c2i

[traderabc] 02/12/2009 18:02

Gold & Silver: Jim Rogers wins over Peter Schiff
2009-12-02 11:35:00


By Dr. Jeffrey Lewis
Long-term investors and analysts alike are siding with precious metals, virtually exclaiming that a surge in precious metal prices is in the future. These investors are finding that today's high inflation, excessive government bailouts, and incredibly low interest rates are a perfect mix for higher silver prices.

Leading Voices

Two notable names have been driving home the necessity of ownership of gold and silver for ages. The first is famed investor Jim Rogers, who has indicated that he expects a full 20 year bull market in the price of precious metals and commodities as a whole.

On the other side of the spectrum, Peter Schiff, the President of EuroPacific, has advocated physical ownership of gold and silver to protect against inflation and government spending.

[traderabc] 02/12/2009 13:21

Madmen, Gamblers, Alcoholics, the US Dollar and Gold

Ron Hera
Hera Research, LLC
Dec 2, 2009

If a lawless gang of madmen, gamblers and alcoholics seized control of a large company, how would you expect the business to perform? How would you expect the story to end? What if, instead of a company, they seized control of the world's largest economy, thus, to some extent, the world financial system?

[traderabc] 01/12/2009 13:17

Inflating away the debt? Not really

Steve Saville
email: [e-mail]
Dec 1, 2009

Below is an excerpt from a commentary originally posted at www.speculative-investor.com on 26th November 2009.

According to popular opinion, a benefit of inflation is that it reduces the debt burden by reducing the value of the currency in which the debt must be repaid. An associated belief is that when the Fed and other central banks create money out of nothing they are acting to "inflate away" the debt and are thus performing a useful service on behalf of everyone who owes a lot of money. But as is often the case when it comes to central-bank and government manipulations of money and credit, there's a big difference between the way things are commonly portrayed/perceived and the way they are in reality.

[traderabc] 30/11/2009 19:29

Gold for Bread Zimbabwean Hyperinflation as a Cautionary Tale