20 Dec 2012

James McShirley: There is no doubt the past month has been a pre-planned, coordinated attack on gold and silver.

Bill, There is no doubt the past month has been a pre-planned, coordinated attack on gold and silver. It has been carpet bombed over and over, in a most conspicuous manner. There has been NO attempt to be discreet, and the algo bombs are little more than scheduled events for all to know. Anything that has a 90% chance of happening at specific times might as well be listed in the TV Guide programming. Since the CME curiously (at the time) lowered gold and silver margins gold has dropped $120, and silver $5. In light of the subsequent attacks that too looks very much coordinated. Think of it, since late October ALL of these have had a 90% and above chance of occurring:

* PM fix lower, or no higher than $5 than AM fix.
* Smash on the Comex open.
* Smash on the London close.
* Smash on the post-Comex pit close.
* Smash on the Comex access trade reopen. 

If any one of these anomalies had a 90% probability of occurring it would be highly suspicious. The fact that is happening on FIVE different times during the trading day takes it to the level of absurd beyond belief.

EU lets Catholic Church off its billion-euro tax bill

Michael Day: The Vatican has received a generous early Christmas present from European Union chiefs with the announcement that illegal tax exemption from 2006 to 2011, which saved the Catholic Church billions of euros, will not have to be paid back.
Europe’s Competition Commissioner, Joaquin Almunia, said two years ago that the Vatican’s exemption from Italian property tax, or ICI, payments, on thousands of buildings, including 4,714 hospitals and clinics, breached EU competition law. He suggested that the Church would have to cough up the missing payments.
But now the European Commission has said that the Italian government had demonstrated that clawing back the missed payments “would be absolutely impossible” given how hard it would be to decide which properties in that period were being used exclusively for commercial purposes.
This year the Italian government introduced a revised form of property tax, IMU, which the Commission is satisfied will allow tax breaks only for purely non-commercial buildings. As a result of the IMU, the Church’s tax bill will increase – but not by as much as some of its critics would like. Source

Putting It In Perspective: In 2013 The Fed Will Conjure Enough Paper Money To Buy 11% Of All Existing Gold

Tyler Durden's picture: When people throw around "trillions" (and in the case of Yen-denominated Japanese debt and/or total outstanding gross derivatives, quadrillions) with the facility that mere billions was being dispensed with as recently as 5 years ago, it is easy to lose sight of the big picture.
So what is the big picture? Well, recall the following quote from Warren Buffet's letter to investors:
"Today the world’s gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce – gold’s price as I write this – its value would be $9.6 trillion....You can fondle the cube, but it will not respond."
Gold is now 7% lower, and even when netting incremental mining production in the interim since this letter was written, one can roughly say that the total value of all gold in the world is ~$9 trillion. In other words, in 2013 the Fed, alone, excluding all the other central banks, which as we pointed out earlier is vary naive, will conjure out of thin air enough 1s and 0s, equivalent to $1 trillion, or enough money to buy 11% of all the gold in existence in the world.

War or prosperity? UK announces higher price tag for Afghan war while cutting vital social services

British soldiers of the 1st Batallion of the Royal Welsh before a patrol in the streets of Showal in Nad-e-Ali district, Southern Afghanistan, in Helmand Province (AFP Photo / Thomax Coex)
RT: The UK has revealed that the cost of its involvement in the war in Afghanistan has reached $27.6 billion, and may end up being as much as $32.5 billion. Meanwhile, the UK continues to slash domestic social services to reduce its budget deficit.
UK Prime Minister David Cameron said that Britain has no plans to abandon Afghanistan: “We will be contributing £70m [US$113 million] a year to help pay for the Afghan National Security Forces.”
The UK recently announced an accelerated plan to withdraw 3,800 of its 9,000 troops from Afghanistan in 2013. However, like the US, the UK will maintain an undisclosed number of soldiers in Afghanistan to help local forces with security after NATO’s mission ends in 2014.
"Because of the success of our forces and the Afghan National Security Forces… we'll be able to see troops come home in two relatively even steps – 2013 and 2014," Prime Minister Cameron told Parliament.
At least 438 British troops died during the UK’s 11-year involvement in the widely unpopular and expensive war. UK opinion polls suggest that a majority of British voters think the war is “unwinnable,” and would like to see the soldiers come home ahead of schedule.
And while the UK continues to spend money in Afghanistan, even past the 2014 mark, vital domestic services are being cut. Public spending in 2011 and 2012 dropped by 1.58 per cent ($17.5 billion)

The Great Train Robbery in Gold and Silver

By : We were discussing gold over dinner. It sure looks like the elitists are about to attempt the great train robbery in gold.
All the rumors are crap. This is the biggest manipulative play in gold ever. The only good part is as soon as the criminals have their positions filled, we are off to $3500 and above.
The following is a video of our discussion

Shocking Fascist U.S.A.: Women Now Being Subjected to Invasive Roadside Body Cavity Searches!

Two Texas women have filed a federal suit against two state troopers and their department head after being forced to undergo a humiliating "roadside body cavity search" during a routine traffic stop in July.

Battle of Wall Street - Max Keiser with Mitch Feierstein

Max Keiser and Stacy Herbert look at the shootout at the OK Bond Corral as sovereigns battle Wall Street - which in turn battles state pension funds - for the same piece of infinitely re-hypothecated garbage collateral. In the second half, Max Keiser talks to hedge fund manager and 'Planet Ponzi' author Mitch Feierstein about the bond market, central bank-induced deflation and the London property market. Source

Israel violated laws of war targeting media, civilians in Gaza - Human Rights Watch

Palestinian firefighters try to extinguish a fire after an Israeli air strike, witnessed by a Reuters journalist, on a floor in a building that also houses international media offices in Gaza City November 19, 2012 (Reuters / Suhaib Salem)
RT: Israeli army attacks on journalists and media centers in Gaza during last month’s military operation violated the laws of war, Human Rights Watch has said.
Two Palestinian cameramen were killed and at least 10 media personnel were wounded during the conflict. Four media facilities and four private companies were also damaged, and a two-year-old boy who lived across the street from one of the buildings was killed by the IDF attacks, the organization said.
After examining the targeted sites and interviewing witnesses, HRW concluded that there were no signs that any of the journalists and media sites hit were valid targets.

An Hour In The Company Of Kyle Bass

Tyler Durden's picture: Last year's AmeriCatalyst interview with Kyle Bass provided much more color than the normal 30-second soundbites that we are subjected to when serious hedge fund managers are exposed to mainstream media. This year, Bass was the keynote speaker and in the following speech (followed by Q&A), the fund manager provides 60 minutes of eloquence on the end of the grand experiment and its consequences. From Money Printing and Central Bank Balance sheets to Japan and the psychology of the current situation - which in many cases trumps the quantitative data - the question remains, "when will this unravel" as opposed to "if?"; Bass provides his fact-based heresy against the orthodoxy of economic thought "On The Financial Nature Of Things" extending well beyond his recent note. Must watch (there's no football or X-Factor on tonight).
Make sure to stay tuned to the last 2 minutes when Kyle succinctly sums up our society...
Clip not embeddable - click image for jump to YouTube. Source

PANDA: Nevada State Senator introduces anti-NDAA legislation to fight indefinite detention

By Madison Ruppert: Nevada State Senator Don Gustavson introduced a bill in the Nevada State Legislature on Dec. 9, 2012 in an attempt to push back against the National Defense Authorization Act (NDAA).
The bill, BDR 728, also known as the Nevada Liberty Preservation Act, is an effort to preserve the right to due process, formerly protected by the Constitution and later stripped away by Sections 1021 and 1022 of the NDAA (a fact which was confirmed in federal court in a landmark ruling that was quickly overturned in an appeals court).
Both the 2012 and 2013 versions of the NDAA include the indefinite detention provisions. In fact, the newest version makes it even easier to indefinitely detain Americans without charge or trial.
It is unclear at this point if the bill is aimed at fighting the specific version of the NDAA signed into law on December 31, 2011, known as the National Defense Authorization Act for Fiscal Year 2012, or the 2013 NDAA.
That being said, the press release from the Nevada chapters of People Against the National Defense Authorization Act (PANDA) solely mentions the 2013 NDAA and the 2013 version has not yet been signed into law.

Christmas address: Assange to outline battle plan for 2013

RT: The cyber world is abuzz with speculation about possible topics of an upcoming speech by the WikiLeaks founder. Julian Assange is due to appear on a low-level balcony of London’s Ecuadorian Embassy at 19:00GMT Thursday to deliver his Christmas speech
­Not much is known about the subject of Assange’s address, but he recently confirmed intentions to run as a candidate for the Australian Senate in 2013. Speculation is also rife that he will use the occasion to officially launch a WikiLeaks political party.
WikiLeaks' Twitter has taken on a festive spirit ahead of the Australian’s public appearance, tweeting, “Julian Assange to give Xmas speech at Ecuador Embassy. Bring candles & come enjoy some mulled wine!”
RT tried to catch some insight into what the address might cover by catching up with WikiLeaks spokesperson Kristinn Hrafnsson.
RT: Should we be prepared for any major announcements tomorrow?
Kristinn Hrafnsson: I’m hesitant to give anything away. I do not want to take away the element of surprise. But he might be talking about his political ambitions in Australia in the coming election next spring. He might also talk about the recent development in our battle against the economic blockade where there was a very important development earlier this week.

Santa, Please Let This Be the Last Christmas in America That "Saves" the U.S. Economy - Charles Hugh Smith

Santa, please, please, please strangle the idiotic fantasy that Americans buying a bunch of junk (or gift cards for after-Christmas purchases of junk) will "save" the imploding U.S. economy.
My Christmas wish to Santa: please let this be the last Christmas in America that is dominated by the propaganda that holiday retail sales have any more impact on the $15.8 trillion U.S. economy than a moldy, half-eaten fruitcake left over from 2009.

Fact: the 2012 GDP of the U.S. is about $15.8 trillion. (BEA estimate) Gross Domestic Product, 3rd quarter 2012.
Fact: total holiday retail sales are expected to reach $586 billion this year. Holiday sales--National Retail Federation.
That means holiday retail sales are a mere 3.7% of the U.S. GDP.
Despite the Financial and Mainstream Media's pathological obsession with holiday retail sales numbers as proxies for the "health" of the entire U.S. economy, holiday sales don't really change much:
2007: (pre-recession) Holiday sales: $516 billion
Holiday sales as percentage of annual retail sales: 19.5%
2008: Holiday sales: $495.5 billion
Holiday sales as percentage of annual retail sales: 18.6%
2009: Holiday sales: $504.8 billion
Holiday sales as percentage of annual retail sales: 19.4%
So the start of the 2008-09 recession saw a drop of $21 billion in holiday sales: statistical noise in a $14.7 trillion economy (2009 GDP).
Now the propaganda machine is cranking up to announce that a 4% increase in holiday retail sales means the U.S. economy is off and running.