Stacy Summary: Implosion in Brown’s party. While Brown’s bottom looks bigger and bigger every day as more dive into safety of gold.
Updates:
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ref. max keiser & Get 6 mo’s free storage
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Rick Ackerman-
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- Mish
- Karl Denninger – Market Ticker
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crash banksters – Buy Silver & gold
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Most recent: 
http://www.theaustralian.news.com.au/story/0,25197,23897216-5013565,00.html
http://newsok.com/house-bypasses-governors-veto-to-claim-oklahomas-sovereignty/article/3366762
No doubt Australia is “the lucky country” when it comes to rocks. But it is much easier being bullish on commodities when oil is approaching $70 off its $35 low, copper approaching $250 off its $125 low etc. etc. Surely it will take a bit longer than a few months (even years) for China to re-orientate its economy and achieve de-coupling? Maybe then we should heed Rudd’s warning, when he says “we’re not out of the woods yet” and “there’s a rocky road ahead of us.” Of course, the irony is that when a politician says something like this, he generally means the exact opposite!
On the UK politicians resigning (MPs, ministers) …
…I think it may have something to do with maintaining their on-going access to salaries & expenses, and try to avoid the heat of criminal investigation, convictions would adversely affect their severance pay and pensions, and chances of access to the House of Lords gravy train:
MP’s Non-Existant Mortgage Fraud, Where are the Police?
May 30, 2009 – 04:34 PM
By: Nadeem_Walayat
A number of MP’s have claimed thousands in tax payer monies for mortgages that do not exist. Whilst virtually all MP’s have hidden behind the “within the rules” mantra as to why they defrauded the tax payers “LEGALLY”, however claiming monies for non existent mortgages brings the matter into criminal law…
…Therefore the question that needs to be raised is where are the police?
Why have the MP’s suspected of mortgage and other fraud not been questioned under caution?
…the following are confirmed as MP’s that have claimed for non existant mortgages, who have stated that they will step down at the next general election which ensures a tax payer reward for upto £175,000 as a thank you for allegedly defrauding the tax payers (£65k 1 year salary, £65k resettlement grant, £44k winding up allowance), plus an additional £30k per annum pension. If that were not bad enough, at least 50 MP’s have applied to be appointed to the House of Lords and thus ensure the tax payers continue to pay for disgraced MP’s that would have been sacked in any other commercial organisation.
…the House of Commons is littered with MP’s that have claimed for houses that they have not lived in, primarily houses for the purposes of flipping (profiting on without paying capital gains tax) and for the benefit of members of their families, the total could run to some 200 MP’s or a third of the House of Commons.
The Metropolitan Police announced 2 weeks ago the formation of a special committee to look into MP expenses, it is highly likely that the first prosecutions will not take place until after the next general election.
—————————-
It’s the UK, the establishment will throw a scapegoat to the wolves and the rest will be brushed under the carpet.
Australia is all about commodities. Always has been.
I see that Peter Schiff is begging people to get out of the $US and into Commodity based currency, Aus/NZ and other Asian countries, as well as gold, silver, anything that isn’t a $US asset basically. Same as Max has said.
Commodities is a massive source of income for Aus. and China/Asia is hungry. Thats why Govt here is confident of repaying debt quickly.
Once China has bought all our coal, iron ore, etc Govt thinks it will tell them to build windmills because of global warming. Thats when we start selling them uranium. So short or long term commodities rock! Pardon the pun.
@ Mini US
Agreed! Surely it is only a quote-unquote genuine recovery
And, like clockwork, we can expect policy makers over the next few days / weeks to pat each other on the back on a “job well done!” What will be interesting to see is whether this self-congratulatory smugness will coincide with an upside exhaustion in commodity related trades? I.e. not only will Australian policy makers bask in their “technical” success, it seems possible that the World media will join the party and view Australia as a beacon of hope etc. etc. ?
Yo, Hawke of Terror.
The govt are taking credit for it sure.
However, economists here are saying that this was only recorded as GDP growth because imports dropped off. This apparently means that business investment dropped off, which is what drives the economy (not stimulus handouts as the govt would have us believe).
We’ll wait and see while we have to listen to govt gloating and opposition asking “Why, then, did we go into so much debt?”
There is no doubt this is not awful news like we are seeing in other countries however.
http://www.lewrockwell.com/blog/lewrw/archives/027057.html
Hi Max and Stacy,
Some news from the Antipodes:
“Australia avoids recession”
http://business.smh.com.au/business/australia-dodges-recession-20090603-buyq.html
This should lend further support to Australian exceptionalism, proof that “it” can’t happen here etc. etc. Could this be the sign of a “genuine” recovery, or does it simply prove the adage that the market tops out on GOOD news?
http://solari.com/blog/?p=3078
“we will be speculating on that on this week’s On the Edge”
So Stacy, I see you’ve both switched camps from savers to speculators. :p
Frantic Berlin http://tinyurl.com/osxqn7
The above was with reference to the Frederick Millen post.
Sorry.
At the risk of offending the serious types here, could I quietly point out that a webpage exists that, facetiously or not, prompts for suggestions for the organization of the Rise-Up-People’s thoughts.
Current suggestions for the organization’s name include:
The *Real* World Order, The Buy Gold Party, Swedish Pirate Party, The Pirate Party…
No, it’s probably much easier just to talk around the problem, in a carefree, she’ll-be-right-mite attitude.
Yeey!! Thanks for the comments concerning my post..I made youtube news&politics page 4 top news with the clip of yesterday !! Power to the Max and Stacey !! Tell the people!!
@Richard … ” what’s going to stop the folks at the International Swaps and Derivative Association, along with the still unregulated Hedge Funds from “suggesting” we scrap the idea of fiduciary responsibility and known set rules again so that the “markets continue to perform”???”
I was thinking along the same lines actually … ” set rules ”
Once money is “purely” digital and then effectively “privatized” ( i.e. with the “evolutionary” rules and controls removed ), then we will truly have a ruling elite … which would please the Keysians no end I suppose.
This guy ( Dr. Berninger ) from Hamburg does a regular spot in English ( jberni1 ) and German ( jberni2 ) on YouTube.
From Today :
Why the economic collapse is unavoidable
http://www.youtube.com/watch?v=6GukmDO89KI
Or … : http://www.berninger.de/
( in English )
He is of the opinion that we will see big inflation, maybe even hyperinflation sooner or later.
@Phil: Thanx for the comments about Germany and WVO…viva la revolucion!! and Yes. so much for having a BA in English..HA!HA!…insightful is correct…So no thoughts about trying to outguess the Bilderberg mindset??? After all Paulson wrote a three pager demanding $700 b….what’s going to stop the folks at the International Swaps and Derivative Association, along with the still unregulated Hedge Funds from “suggesting” we scrap the idea of fiduciary responsibility and known set rules again so that the “markets continue to perform”??? The accountant for the FDIC would get calls from banks to adjust the rules to allow backdating of capital requirements to meet certain audits ( saw it on a video recording before a Congressional committee ) Why would any other manipulative stance be denied at this late stage???regards, Richard@lattitude30N
It all shows that it has nothing to do with environmental concerns but about people staying in the slave control grid so the government, banks and oil companies can get your money easily by heavily tax your sour earned labor money.
Oil en gas are not the problem cause they are in sufficient supply many generations to come.
Plans already have been made in which the population easily can grow to 10 billion people on earth solely based on nuclear energy with light all over the planet. Electric cars could occupy each and very street as we speak.
People are very inventive so technical matters are not the problem as they want us to believe. It’s all dirty corrupted politics which spoils the future for all of humanity, as usual.
Everywhere around the planet lights could be ignited with zero emission solely based on solar technology.
Why we don’t do it? Ask the bought and payed for propagandist lobbyist who play their lying dirty role in the cooperate crony capitalistic fascistic system.
Richard@lattitude30N … “WVO fuel for my ‘83 Benz”
http://www.smarterfuel.com/faq.html
You are lucky being in the USA in the above respect.
In Germany, using your own WVO is illegal.
They actually have “sensor-vans” that drive around and analyse the exhaust fumes of vehicles “in case they are using tax-free fuel”. No smiley this time .. because it is NOT a joke !
A recent case was reported in the German news where some people were buying “very large” amounts of vegatable oil at a supermarket on the Dutch/German border. The customs traced the people and arrested them for tax evasion.
Apparently they paid something like 30 cents per litre instead of 110 cents for diesel at the petrol station.
PS: “inciteful at times” …
…. did you mean “insightful” , just wondering
@ME–greetings! In short-No- I have no inside dope on the any proposed pilot programs for algae derived liquid fuels. Though the concept is ingenious!!! As a user of WVO fuel for my ’83 Benz…I immediately grok the idea….hope it isn’t shelved by the energy cartel….As I understand it…coupled with high volume CO2 emissions generating plants, the recovery of the smoke would feed the algae growth…thus reducing CO2 emissions and producing symbiotically algae growth then liquified into a fuel…As a side note…the oil of today was the algae of yesterday!!! Sorry folks not dinosaur bones and such!!! On another side note, I have followed your entries and you are inciteful at times, as always, Richard@lattitude30N
If banks start buying gold they probably want to own it, which is bad news for the Comex
This supergeek tried to make an environmetal rapportage today..Visited a dutch company Algaelink that pretends to be cooperating with KLM on development of biofuels from algae.
Sadly, I got bulshitted about everything, from the parts of the installation to the viability of different kinds of algae farming methods. Couldn’t name any clients (sensitive info). It turned out they where actually the remnants of a company I visited two years ago, bought out after ’7 months of audits’. My BS sensor went of the scale..
Problem I have with this is KLM is investing in them, but they themselves say they have no idea how to scale up their production after the pilot is over end of 2010 (I may be visitng the plant), and their current method is wildly expensive. All lost time we can not afford to waste..Brandson may fall in the same trap..
Then the main obstacle is certification of the fuel as plane fuel, which is made into a rediculous hassle. Disgusting.
Any credibility to my suspicion there are environmental front companies blocking progress to protect the industry?
“Chinese assets are very safe,” Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home. http://tinyurl.com/plap2p
@Phil: so sorry @ 7:00 am post I meant to say Abu Dhabi rather than Dubai..and as I further reflect on why I make the improbable suggestion that the parameters might expand to allow a 200% ratio is to give time to permit a further deleveraging of the masive ( $600-1200 tr ) derivatives still held on and off books worldwide…It would allow the glaze to continue over the eyes of the masses and give the illusion that we haven’t reached the precipace, just quite yet… and maintain the “current leaders” to continue with the handling “a very difficult” “return to normal” HA!HA!HA!…(Isn’t that how FDR lasted 5 terms?? ) Of course this would give cover to continuing pilfering and excessive fees…just a thought…as always, Richard@lattitude30N
@Abu Dhabi Sheikh’s record £1.5 billion profit
No big deal , what 1.5 Bio.$ these days !
Ronald Bigg’s 1 million GBP train robbery proceeds in 1963 would probably be worth more now if he hadn’t spent it already
!
@Phil: Yes..it appears that “normal” may mean that all major economies inflate their way towards a 200% debt to GDP ratio……and also somehow convince the bond rating agencies that that is also within “reason” and does not require a downgrading of each individual country’s bonds….Now isn’t that reassuring??? What is the USA ratio? 60-80% so far?? depending on which statistic one agrees to….and Japan? 120%??? well that’s really reassuring with it’s ‘carry trade” interest is 0,10%…. I wonder how the Anglo/American/Dutch financial cabal will convince the rest of the G-20 that that is acceptable practice???…..just saying….as always, Richard@lattitude30N
Quarterly $1 Trillion Monetization
by Jim Willie
http://news.goldseek.com/GoldenJackass/1243956345.php
…. ” Be sure to avoid the Exchange Traded Funds, namely GLD for gold and SLV for silver. It is highly doubtful that they hold gold or silver bullion in claimed quantities. They are highly likely to be leasing their bullion to the cartel in order to suppress prices. ” ….
What do you think about the ETFs Max … GLD especially ?
There have been audit-reports published showing that the GLD ETF at least is indeed holding gold bars – each numbered etc. So we should of course trust them ?
IIRC, the GLD ETF now has over 1000 tons in store.
Ignoring Jim Willie’s assumptions ( accusations ) for a moment…
SHould a sort of FDR situation arise where the US Govt. needs physical Gold, then the GLD may well be a convenient address to “grab it easily” !
I think that that scenario is more likely than JW’s conspiracy theory about them holding nothing due to leasing it out!
What do you think ?
( He never answers me anyway .. but maybe someone else can offer a few ideas )
On page #2
INTEREST ON FEDERAL GOVERNMENT DEBT
How much is it? Answer > $50 million per hour !!
I mentioned this in an earlier post, that once the interest on the national debt consumes a larger and larger %-age of the tax income, we reach the Borg-stage of “Resistance is Futile” !
i.e. point of no return !
Most Euro-Countries currently have more tha 63%+ of Debt / GDP. Everyone is knocking the UK , where their ration was as low as ca. 30+% a few years ago, and this year will reach 50+% AFAIK . /( The 71% reported here in an article is for next year IIRC ).
Some BEDTIME READING ….
… or maybe not, if you value some sleep !
Grandfather Federal Government Debt Report .. page #1
http://mwhodges.home.att.net/debt_a.htm
Grandfather Federal Government Debt Report .. page #2
http://mwhodges.home.att.net/debt_b.htm
@juergenwahl
Thx and BTW…
Next Monday , they’ll be replacing 2 DJIA components.
Dow Jones industrial average adds Travelers and Cisco Systems Inc., drops Citigroup and GM
http://blog.taragana.com/index.php/archive/dow-jones-industrial-average-adds-travelers-and-cisco-systems-inc-drops-citigroup-and-gm/
Also, the S&P500 is “modified” quite a few times within the year AFAIK.
Motto : The market always goes up !
As per the British Pound, the rise in XBP has gone parabolic. This is seldom good news. The price is currently 165.46. Normal retracement levels for the major decline from 211.15 to 136.17 are 164.81 (38.2%), 173.66 (50%), 182.51 (61.8%), and 195.10 (78.6%). Price expansions on the recent decline from 149.79 to 136.92 are 157.74 (1.618), 170.61 (2.618), and 191.44 (4.236). This index may be getting ready to take a breather, although the appreciable extent of its broad accumulation base suggests that the upwards trend will ultimately resume.
Please see:
http://stockcharts.com/h-sc/ui?s=$XBP&p=D&yr=1&mn=8&dy=0&id=p62781735970
The SPX is also running into trouble at its 200 day moving average. Intraday, its price bar is quite flat, as overhead resistance is coming into play, and more volume is being channelled into declining issues. While the McClellan Summation Index is presently in a neutral area, it is in an intermediate-term declining mode from a high reading. Also, the 2 and 9 month EMAs of the S&P have converged – the moment of truth in the stock market is now at hand. This new high in the S&P may very well constitute a bull trap. Close stops are in order.
@Mike/Liverpool
Mike, the most reassuring part is that whatever these guys say , the opposite always seems to happen !
Yes Phil
& i bet they all mean it!!!!
Mike
@Richard …
Geithner sees China backing U.S. policy, dollar
http://www.forbes.com/feeds/reuters/2009/06/02/2009-06-02T104531Z_01_PEK184562_RTRIDST_0_USA-CHINA-GEITHNER-UPDATE-3-PIX.html
* America committed to living within its means
* “Impressive” Bernanke determined to keep inflation low
* Says China sees dollar staying main global reserve currency
@frederick millen
How refreshing …
I was actually thinking the same today . Talk is cheap .. at least M&S are being proactive by providing the talking platform; but where’s the solution Max ?
I once asked you for your Exit Point , i.e. When do you sell your Gold ? … in exchange for Fiat money ? … or are you expecting a total collapse and will hold your Gold for the start of the “Next Generation” in financial wizardry ?
The IRTA Video where Catherine Austin-Fitts talked about AIG and Barter Organizations is a great idea being put into practice IMO.
IIRC , their “Barter System” has more to do with WW trade than local communities .. at least, that’s my impression.
I’ve been kicking myself for years for being too lazy to get ’round to setting up an alternative to the well known “Online Auction”
… based on swapping or selling goods, whether it’s from your attic or production workshop. The “PayPart” 
would be tackled by the individuals themselves, i.e. per Email and not centralized and based on “trust”. That “trust” means you are a community member, and if you abuse it, you are out !
The technicalities of the idea , I’ve already worked out ; and without wishing to give too much away, it would be so cheap to operate ( for the community members and the operator ) that “big corporations” in this field would have to give up.
Damn .. am I just too lazy , or is it because once you start to set-up something like that, you can expect to get hassled by stupid copyright ( copywrong ) claims and whatever by the big corporate bullies.
I think the latter reason is why I haven’t even started yet … and I admit, I’m a bit lazy , until I get started that is !
OK this kind of news makes for good fun, because we like to see it crashing down, and in this crashing down we come alive thinking something might change, our sense of amusement is apart of a freedom that might again surface when the entire system collapses.
but a revolution will not take place without a descent site with an AESTHETIC THEORY to make people see what is crap and what not, a PROGRAM ON SELF SUFFICIANCY, so transport and the global economy may be relieved. VISION, more ideas for the future… FUNDAMENTALISTIC measures against pollution… possibly TERROR movements against multinationals.
if you don’t make work starting such sites and get together to just come up with an alternative goverment.
THEN THIS ALL SCRUTINY AND HAVING FUN SAYING THE INSTITUTIONAL POWERS ARE SCREWING IT UP IS REALLY USELESS!
you have the power, so WHY do NOTHING ELSE but to occupy yourself IN CRITICISM!
its like a bunch of scientists excavating old ruins, or like fishing every time in this pool where all the fish are already taken out by this evil oligarchy… OF COURSE THERE ARE NO MORE FISH!
START COMPOSING AN ALTERNATIVE WORLD DAMNED!
PREACH and alternative world.
now you got nothing but supergeeks who don’t have a cleu what to do… and who think its all a big joke… the joke will just prolongeu if you don’t tell the supergeeks what to do.
@Phil: Yeh…that was me speculating on that in a prior comment.
@Stacy: Will be listening…or viewing??! Still imagining a sat video uplink from various cities( much like they did for the global concerts in the Summer 2007 ) with various analysts from all countries who have been very inciteful during this “controlled demolition” (as Max was so fond to have said)…hell we could even invite 94 year old David Rockefeller, Richard Haas, and Brezinsky too!!! just for giggled and grins….What really sticks in the back of my mind is that they may truly believe that they are doing this for the betterment of mankind ( minus several billion men, women and children of course!!)…As that actress says in the Bourne Supremacy: “Do you want the scary version??”…that’s the one I don’t want to imagine!!! as always, Richard@lattitude30N
In surport of Max & Stacys “The £ is finished” case:-
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWIsYmP8RzuE&refer=home
Mike
As a percentage, how much do you go into gold ? That is indeed the question.
@ … ” I heard it was California , but the Chinese just laughed ! ”
Sorry … that is NOT true ….
… just is case anybody thought I was NOT joking !
@Richard@latitude30N – we will be speculating on that on this week’s On the Edge
@Richard@lattitude30N … ” Any speculation what Mr. “People Mag ” Geithner gave away/promised(?) to the Chinese during his 2 day visit?? ”
I heard it was California , but the Chinese just laughed !
@Stacy:good day….Any speculation what Mr. “People Mag ” Geithner gave away/promised(?) to the Chinese during his 2 day visit??…With Dubai Investments selling off $2b in Barclay’s bonds( @ double the purchase price since the buy last October)…I dare to wonder what open doors the Chinese will be allowed to enter…I recall that during the Bush years they were denied to buy into an offshore subsiduary of Unical Oil….after all the former Chinese central bank prez is threatening to buy more euro bonds than US treasuries…And what makes Mr.Geithner so cocky that after only one $101b auction, that events are stable?? there are several bond auctions to go before October 1, totaling $1.899 tr!!!! Empty out your pockets Max….help save the fiat currency!!!! kidding of course!!! as always, Richard@lattitude30N
Ok
Today we lost LDV (Large Van producer)…..”White van man” no longer needs said Van, so BYE Bye.
Ford moved production to Turkey for the Transit a while back.
GM/Vauxhall?……………Not long.
Jag………………………….?
Landrover………………?
Mike
@Ptah – of course, this could be perfect cover for them to exit into high paying taxpayer financed positions in the ‘private sector’ where they won’t be hassled the same taxpayers financing their huge salaries?
After bailing out the nations failed big businesses for the last 18 months, UK ministers must have thought they would be protected from getting caught with the filthy lucre earned by tax-payer sweat.
Bigger business, represented by The Telegraph, are now in full swing and todays news carries some significant casualties.
What shall we call it: Night of the Long Knives?, Night of the Long Tales?
Hello Max and Stacy,
have you guys read “Nothing But Money” or a similar book about how the mob infiltrated Wall Street (assuming WS was not already a mob of sorts)? If you have a chance to look into it a comment would be interesting.