Let us not forget for a moment that the duration of the ongoing depression is such that the number of folks that are even eligible to apply for unemployment benefits is going down as well. That, I feel, is the metric being measured here.
Is this a shoe dropping?
One Zero Hedge: "Putin Pivots Back: Russia Confirms Willingness To Provide Financial Aid To Greece"
Search for "Alexis Tsipras' Open Letter To Germany: What You Were Never Told About Greece"
The new Greek Prime Minister sure is interesting! He is blatantly proclaiming that the central banks have no clothes! I hope he lives long enough for us to see how he might save Greece.
Here we are near $1300 for AU and $19 for AG (a 68.4:1 ratio, btw). After the "organized decline", are we witnessing a real rally or is this an "organized rise"? It would seem to make a difference, wouldn't it? After all, a "disorganized" rally bodes to continue in the face of contrived downward pressure.
I see it as action that is being caused by the faltering global financial system, especially the Euro trading segment, which very well may just fail. ( I wonder what sort of light it would cast upon the spurious dollar. The circumstances are quite similar, if not more grandiose, but perhaps not yet quite as anemic.)
Add to that the growing global military action and the instability that the friction is creating and we have a perfect environment for the metals to return to the atmospheric highs of the recent past with an opportunity to even outshine that.
As the fiat wilts, it will certainly add more tinder to the fire.
The really cool thing is we only need one hit and it doesn't necessarily have to leave the yard.
There is literally no proof whatsoever that Iran is working on nuclear weapons.
Given surveillance capabilities of the US intelligence apparatus, I'm told by a friend in the nuclear field that there would be no way to disguise it. If they were actually working toward a nuclear weapon the proof of such, not American hyperbole, mind you, would be all over the media.
The United States government tells lies when convenient. Remember those promulgated about WMDs in Iraq? They still have yet to turn up.
Where's the beef?
What we ought to be recognizing here is that we are discussing the epitaph for the Euro; it is dead meat now rotting in the sun.
This seems to be a somewhat bizarre development, one where the impact to the bottom line will be negligible and top line impact graphic in detail.
I don't know that we can point to this as a direct failure owing to the macro economic environment. It seems that a very large, and really, really bad, bet was made and it didn't pan out. There will be repercussions, but the magnitude would seem to be minor save for those that had money invested, of course. I'm reminded of the timeless maxims: "Never put all your eggs in the same basket." Or, "Diversification is good."
"Hedge fund manager Marko Dimitrijevic is closing his largest hedge fund, Everest Capital's Global Fund, having lost almost all its money after the Swiss National Bank (SNB) scrapped its three-year-old cap on the franc against the euro, Bloomberg news reported on Saturday. Citing a person familiar with the firm, Bloomberg said the fund had been betting that the Swiss franc would decline."
We must bear in mind that a faltering global economy, the one many of us have been forecasting, would be displaying the very same symptoms that we see now. My question is: Are we at the precipice?
... and of course the metals are rising, too. But what is driving the climb, just a return to normal? Has the word gotten out that the economy really is tragically sick?
There is a petition circulating that requests the legislature and the governor to recognize that MJ possession, production and use cannot legitimately be called crimes and to remove criminal statutes that are out of line with reality.
The insane things required to keep the dying fiat on life support are astounding. One can only marvel at the abject idiocy and the fact that so few understand what is being done. The fiat will ultimately die, however, and the debt distortion it will leave in its wake will create havoc the likes of which we can only approximate.