Sunday, July 17, 2011
John Williams of Shadow stats talks about the road to hyperinflation 2014 and the fake government numbers .Economist of Shadow Government Statistics and shadowstats.com founder John Williams claims government employment and inflation numbers are inaccurate, and economy is shakier than indicated.There is no way we could possibly pay our debt either we raise the taxes or we do not either we cut social security or we do not , we are headed towards a Wiemar Republic type of hyperinflation and a banana republic kind of government ....the whole system is collapsing
Saturday, July 16, 2011
Marc Faber : ...I think the deflationists they also have families they go shopping their families go shopping they pay educational cost they pay healthcare cost insurance cost and they see the fees on local government services increasing then I find it hard to believe that they will endorse the contest of deflation but obviously they may think that the economy may collapse and that as a result of that we may have deflation and that therefore you should buy long term US government bonds and my view is particularly in the deflationist scenario where you would have like Prechter said the Dow Jones below a thousand in that scenario you would not want to be in US government bonds and Cash for the simple reason that in that scenario the fiscal deficit in other words spending would exceed tax revenues even more than if you are actually optimistic about the economy , just consider if the Dow Jones went below a thousand what kind of an economic environment would we be in , we would be in a total credit collapse we would be in a total economic collapse and we would have a complete corporate profit collapse and in a corporate profit collapse and in an economic depression what would you thing happens to tax revenues , they would collapse as well and so the revenues of the treasury would decline very meaningfully and the fiscal deficit which is now running say optimistically said at one and a half trillion if you counted unfunded liabilities that are growing every year proof that the fiscal deficit is more likely two to two and half trillion dollars , but let's say it is one and a half trillion , if that happens the Dow Jones below a thousand corporate profit collapsing and revenues collapsing the fiscal deficit for sure will be two to three trillion dollars and in that environment the quality of credit of the US as was suggested by Moody's yesterday would decline and US government bonds which I think are already today junk bonds would go and yield much more than less than three percent that they are yielding at present time , so particularly in a deflationist scenario you do not want to be in a government bonds "....
Friday, July 15, 2011
Marc Faber : " I think if the Dow Jones drops say ten , twenty percent from here or the S&P drops by similar amount ten twenty percent QE3 will be a certainty but the question is then whether the market can make a new high , I think we seen the high of the market when the S&P hit 1370 almost two months ago and that is high for the yield will stand that is not make new high " ..."
in CNBC Interview 14 July 2011
Thursday, July 14, 2011
Marc Faber : "well basically I do not think they will default in terms of not paying the interest on the government debt but I think that they will default in terms of paying back the debt and the interest with depreciated or worthless dollars as a result of the FED or specifically Mister Bernanke money printing "
"Yes I think they will someway or somehow come to an agreement or they'll fiddle around with the debt ceiling or invoke the constitution whereby the president in special situations can actually increase the debt of the United States , something will happen but I do not think they will default on the debt , but I just like to point out where I disagree with the bonds bulls , the bonds bulls basically built their case around deflation , in a deflationary environment you would have essentially the Dow Jones collapsing corporate profit collapsing the economy performing very badly and in that environment the tax revenues will collapse and so the fiscal deficit instead of staying at this level or even coming down in an optimistic scenario will actually increase and so the quality of the US debt will diminish and actually for me it is mind boggling that somebody will buy a ten year US treasury at a yield of less than 3 percent denominated in US Dollars "
Marc Faber, author and publisher of the Gloom, Boom and Doom report joined CNBC to discuss a potential US default. Bob Parker, Senior Advisor at Credit Suisse and Sarah Hewin at Standard Chartered Bank joined the discussion.
Wednesday, July 13, 2011
Ben Bernanke :"...i'll begin with the discussion of current economic conditions and outlook and then turn to monetary policy. the u.s. economy has continued to recover and the pace of expansion so far this year has been modest. after increasing in the second half of 2010, real GDP rose at 2% rate in the first quarter of this year and incoming data suggesting that the pace of recovery remains soft in the spring. at the same time, the unemployment rate at the turn of the year has moved back above 9%. in part, the recent weaker than expected economic performance appears to have been the result of several factors that are likely to be temporary. notably, the run-up in prices of energy, especially gasoline and food has reduced purchasing power. the supply chain caused vehicle motor producers to curtail assemblies and limit the availability of some models. looking forward, however, the apparent stabilization in the prices of oil and other commodities should ease the prices on household budgets and vehicle manufacturers report that they are making significant progress in overcoming the part shortages and expect to increase production substantially this summer. in light of these developments, the most recent projections by recent members of the federal reserve board and banks prepared in conjunction with the FOMC meeting in June reflected their assessment of the pace of economic recovery will pick up in coming quarters..."
Tuesday, July 12, 2011
Monday, July 11, 2011
Sunday, July 10, 2011
Steve Keen : the bankers make money by creating debt , and if they can persuade us to take more debt than we actually should take on there will be crisis , and the easiest way to persuade us to do that is to start an asset class bubble , when the bubble starts they fund the bubble , they make lots of money because their debt levels rise and they make money on the margin between deposit rates and loan rates times how much debt outstanding , so the more debt there is the better they are , and we were silly enough letting them getting away with it yet again when the Great Depression should have taught us once and for all 'Bankers have to be kept inside boxes , not let out'
Saturday, July 9, 2011
Friday, July 8, 2011
Thursday, July 7, 2011
Wednesday, July 6, 2011
Tuesday, July 5, 2011
Monday, July 4, 2011
Sunday, July 3, 2011
Saturday, July 2, 2011
Friday, July 1, 2011
Thursday, June 30, 2011
Wednesday, June 29, 2011
- in lewrockwell.com
Tuesday, June 28, 2011
Secondly, today we have many more people that have become affluent, just think of the well-to-do people in India, then Indian middle class, the middle class in China, the well-to-do people in China, it has exploded over the last 11 years. And all these people I guarantee you, they are all essentially flooded with US dollars and so for them to take a little bit of their money and park it into gold is a no-brainer in the long run. I go to many conferences every year.
They usually ask the audience even at resource conferences, how many of you have more than 5% of their portfolio assets in gold? I have been at a conference in Singapore two days ago, among 500 people involved in real estate, not one had more than 5% of his assets in gold. I guess most of them did not have any gold at all, and so if someone tells me it is a bubble, I can tell you in year 1999-2000, the whole world was gambling in NASDAQ stocks, in telecom stocks and the media companies everywhere in the world. Now most people that I know have actually already sold their gold. " - in ET Now
Monday, June 27, 2011
Sunday, June 26, 2011
Saturday, June 25, 2011
So a crisis in the US, we are to some extent still in crisis for the workers, for the lower middle class, and we had a recovery in asset prices, notably equities, but not real estate, which essentially means the Bernanke would have liked to see rising real estate prices. So whether we will have a further crisis, I am not so sure, but the global financial system will eventually blow up because we have not solved the problems, we have postponed them. In 2008, the financial sector went bankrupt and the government stepped in with bailouts and as a result of that, government's debt everywhere have gone through the roof and made governments more vulnerable to themselves failing one day, especially in the United States, in my opinion. Jim Chanos always says China is Dubai times a thousand. In my view, the US is Greece like a thousand times. - in ET Now
Friday, June 24, 2011
Thursday, June 23, 2011
Marc Faber : not to own any Gold is to trust central bankers and that you do not want to do in your life
Wednesday, June 22, 2011
Ben Bernanke :"good afternoon, welcome. in my opening remarks today, i'll briefly review today's policy decision and I'll place the decision in the context of our economic projections and our policy strategy. I'll then be glad to take your questions. throughout today's briefing my goal will be to reflect the consensus of the committee while taking note of the diversity of views as appropriate. of course, my remarks and interpretations are my own responsibility. as indicated in the policy statement released earlier this afternoon, the committee decided today to keep the target rating and the federal funds rate at zero to 0.25%. the committee continues to anticipate that economic conditions including low rates of resource utilization and the subdued outlook for inflation in the medium run are likely to warrant exceptionally low levels for the federal funds rate for an extended period. the committee plans purchases of $600 billion of longer-term treasury securities will be completed by the end of this month and the committee will continue to reinvest principal payments from a securities holdings going forward. in conjunction with today's meeting, the FOMC participants submitted projections for economic growth, the unemployment rate, and the inflation rate for the years 2011 to 2013 and over the longer run"
Tuesday, June 21, 2011
Monday, June 20, 2011
"first you recognize it's a solvency issue, not a liquidity issue. second you recognize that waiting has contaminated it. so part of the problem now is that the ECB balance sheet has gotten contaminated. so you need to have an action plan for that. thirdly, you need to protect the economies that do not have the characteristics of Greece, but could get contaminated. Spain, Italy. you need to move on plan b quickly, otherwise you're going to get stuck and everything's going to be more difficult. a year ago the ECB balance sheet was not contaminated so we could have solved it easier. today it is contaminated, so it gets more complicated. and six months time, gets even more complicated. so waiting around, not to kick the can down the road, but just waiting around makes the solution even more difficult."
Sunday, June 19, 2011
William Kurt Black (born 6 September 1951) is an American lawyer, academic, author, and a former bank regulator. Black's expertise is in white-collar crime, public finance, regulation, and other topics in law and economics. He developed the concept of "control fraud", in which a business or national executive uses the entity he or she controls as a "weapon" to commit fraud.
Saturday, June 18, 2011
Dr. Marc Faber Tomorrow's Gold
Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude. Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, which acts as an investment advisor and fund manager.
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