Poor Athens; The Gods Flee Mt. Olympus

Submitted by Tyler Durden Via Mark J. Grant:

“Look now how mortals are blaming the gods, for they say that evils come from us, but in fact they themselves have woes beyond their share because of their own follies.” - Homer

When asked, and oh so many times, how I thought that Greece would play out, I have always offered the same answer. “They will continue to beg, they will say anything, do anything, until the money stops and then they will proclaim Greece for the Greeks and revolt.” The Greeks only assume the mantle of serfdom to keep the pipeline of capital flowing. As an outsider I would say that they have damaged their national psyche in the process and caused undue pain for their citizens but it must seem simpler, to the elite of Greece, to beg rather than go back to work. The problem for Europe now is that the amount of money is so large and the pain will be so great that they wince at the consequences of their misbegotten strategy. Europe provided money, demanded austerity, and kept the charade in play far longer than good sense would dictate. This should have all been shut down years ago but the poorly performed play limped along as the benefactors wanted neither the shame of closing it down nor the financial loss that it will ultimately entail. Now, however, I would assert; the tragedy is about to end and the farce about to begin.

Jim Wille on QE3...

From around 22 minutes, the second half of the show, Josh talks with Jim Willie author of the newsletter on QE3 and the sweeping effects that it will have on gold, silver, commodities, and the broader market. Additionally, Josh and Jim discuss the Feds underlying motives and the truly evil acts that are being perpetrated and what is the end game for the Fed. Source

Cartel Dumps 1.5 x US Annual Silver Production on Futures Market in 5 Minutes on NFP Release

The Doc: In an attempt to flash-smash silver and prevent a weekly close above the critical $35 level, the cartel dumped an estimated 51 MILLION OUNCES of paper silver on the futures market in only 5 minutes on this morning’s non-farm payrolls release between 8:30 and 8:35 AM EST.
Net Dania’s spot silver chart, which is not a precise futures volume measure but approximates the volume, indicates nearly 10,500 contracts were dumped in a span of merely 5 minutes, and half of those were dumped in a span of 2 minutes between 8:30 and 8:32am EST.

Apparently the t 1/2 of silver market intervention of a year and a half’s worth of paper supply is now approximately 30 minutes as silver has retraced the entire smash, and is trading back at $35/oz!
Silver is a runaway train waiting to happen as the pent-up physical demand is simply breath-taking!

The War Between Credit and Resources - The rush to buy up supply with printed money

By Gregor Macdonald: The Federal Reserve is probably not ready to take the aggressive plunge into Nominal GDP Targeting, but it likely will.
Such a policy, which received wider attention during Ben Bernanke's Congressional questioning last year and was also highlighted this year in a paper delivered at the Jackson Hole conference (Woodford, opens to PDF), has not caught any visible traction with Washington policy makers possibly because it’s seen as either too radical, or simply too new.
However, after four years of broad reflationary policy (and another year to come) failing to meaningfully spur U.S. employment growth, the Fed may be willing to try such measures by late next year, 2013.
Indeed, given the Fed’s recent announcement of open-ended quantitative easing (QE), one can already anticipate the incremental move towards Nominal Gross Domestic Product (NGDP) Targeting, which has as its central belief that an aggressive and open-ended promise to pursue growth at the expense of inflation is the booster required to push a structurally broken economy back to normal trend. Moreover, in contrast to Bernanke’s swift rejection last year of NGDP on a conceptual basis, Bernanke discussed the idea in friendlier terms during his post-Federal Open Market Committee (FOMC) news conference.
What’s 'exciting' about the emergence of NGDP Targeting into mainstream economic thinking is that, once implemented, it will provide a real-world test of reflationary policy’s final effort to combat the forces that have led to the end of strong, economic growth. The appearance of the Woodford paper (link above) further highlights the reality that endless amounts of cheap capital will be provided to restart economies, now that we are in energy transition, with the world having lost its cheap oil. The battle between credit and natural resources will be renewed.

The Incredibly Ballooning Bailout Of Cyprus

By Wolf Richter: Cypriot President Christofias dug in his heels. On Greek TV. Not behind closed doors with the Troika, the austerity gang from the European Commission, the IMF, and the ECB that have performed such miracles in Greece. But as Cyprus veers toward bankruptcy, his game of playing the Russians against the Troika has fallen apart, banks are in worse condition than imagined, and the bailout amounts jumped again. How can a tiny country get in so much trouble in such a short time?
The real-estate and construction bubble, fed by corruption and abetted by banks, burst two years ago. Home sales and prices have collapsed. Some 130,000 homeowners (in a country of 840,000 souls) are tangled up in a nationwide title-deed scandal [Another Eurozone Country Bites the Dust]. The Troika estimated that 50,000 homes would be dumped on the market—though only 4,876 homes were sold during the first nine months of the year! Losses have gutted banks. Unemployment has reached record levels. And the construction industry, once a major employer, is being annihilated.
The index of building contracts, after a two-year downhill slide, has reached the lowest point in its history, and “activity is expected to continue dropping,” lamented the Federation of Associations of Building Contractors (OSEOK). Contractors are going out of business. Over the last four months, the morass has deepened. And now there are only enough pending construction projects for seven months, and after that, there are no projects.

Libya on the Brink of Tribal Warfare - Green Libyan

By 108morris108: Benghazi is now a hopeless city. Misrata shop owners shot in Sabha. Bani Walid surrounded by Misrata Militias. Other tribes promise solidarity with Warfalla from Bani Walid.
Much warfare is not reported. This is a video link of some militia activity around Bani Walid http://www.youtube.com/watch?v=Bg_RD02E0II&feature=player_embedded
It has 18,000 views after 2 days ..... Source

Caught on Camera: Deranged Cop Hits Woman "Ex-officer Josey the pussy cat"

Philadelphia Police Commissioner Charles Ramsey will take "Commissioner's Direct Action" against Lt. Jonathan Josey, the Philadelphia police officer who hit a woman during a public event on Sunday. That means that effective on Thursday, Lt. Josey will be suspended for 30 days with the intent to dismiss. Josey was caught on video striking Aida Guzman during a traffic stop on Sunday. Source

USA ELECTION DEBATE = 2 DUM FUKS TALKIN SHIT - FKN Newz

Final Conflict 2012? Towards the Engineering of World War III?

By Adrian Salbuchi: In today’s increasingly interdependent and interactive world, every action has a myriad of causes, meanings, objectives and reactions; many visible, many invisible. Some, openly admitted and declared; others no one would dare confess.

When trying to come to grips with the many complex conflicts going on in the world and the dizzying pace at which they transpire, it would be a mistake to approach them in isolation. Only a “holistic” bird’s eye view gives us the picture of where we are and, more importantly, whereto we are being dragged.
21st century geopolitics cannot be understood applying a silo mentality. Syria’s civil war, Egypt’s “Arab Spring,” the destruction of Libya and Iraq, growing China, crippled Japan, the Eurozone crisis, America’s “missile shield” in Poland, Iran’s nuclear program, the coming Latin American “Spring…” Approached haphazardly, the picture we get is one of utter chaos. Approached applying the right model of interpretation, we begin to see how things interrelate, react and move in obedience to extremely powerful and dynamic – albeit, mostly invisible – forces silently driving today’s world.

Don’t (just) Read the Newspapers…

It’s good to be informed; it’s useless, however, if you cannot format that information into proper intelligible models. Too much unprocessed information will send your brain into overdrive. Thus, it’s good judgment to step away from all the noisy headlines, breaking news, terror alarms and show-biz news anchors. It’s like when you look at a Claude Monet impressionist painting: if you stand too close, you only see a maze of little coloured dots, but when you take a dozen steps back then the beauty of the work unfolds before your eyes.
In today’s information overdrive, we must join the dots correctly in spite of the global media’s insistence that we connect them all wrong. By now, most of us have realised that ours is “a planet at war”; not at war with some alien world (that would make things easier to understand!). Rather, we are a civilisation waging civil war with itself and against itself.

Researchers Unearth Bacterium that Produces Pure Gold???

By Melissa Knowles: Gold is now being sold at one of its highest rates in years. Wouldn't it be nice if you could figure out a way to make your own gold? Two professors at Michigan State University may have beaten you to it. They have discovered a way to use bacteria to make 99.9% pure gold.

Kazem Kashefi, an assistant professor of microbiology and molecular genetics, and Adam Brown, an associate professor of electronic art and intermedia, created a compact laboratory to conduct their experiment. Brown and Kashefi made the gold by combining the bacterium, Cupriavidus metallidurans, and gold chloride. Gold chloride has no real value and is a toxic chemical liquid found in nature. Once it's added to the bacteria, the bacteria ingest all of the liquid's toxins and waste. Then, over the course of a week, the toxic substance becomes a solid 24-karat gold nugget. There's no word yet on the actual value of the gold that's created in the lab. The researchers believe the magic they created in their compact factory happens in nature all the time without human interference.

Kashefi calls the process they use to create the gold "microbial alchemy" and says that it is "transforming gold from something that has no value into a solid, precious metal that's valuable." The compact factory that the scientific duo used to create the gold is more like an art installation, so much so that they named it "The Great Work of the Metal Lover." The work received honorable mention at the cyber art convention, Prix Ars Electronica, and is on exhibit until October 7.

Unfortunately, do not expect Brown and Kashefi's work to translate into golden nuggets for you. The researchers have said their experiment is not cost-effective enough to repeat on a large scale. Source

GoldCore's Mark O'Byrne on the Fake Gold Scandal, Macro Gold, and the Risk On Trade!

Gold hit an 11 month high today, supposedly bolstered by signs that the ECB will keep borrowing costs low and the notion that the central bank stands ready to buy bonds in the secondary market. As long as central banks continue to print and maintain negative real interest rates, should investors consider owning gold? A recent PIMCO report stated the following:
"We believe investors should consider allocating gold and other precious metals to a diversified investment portfolio... Regarding inflation in particular, we feel that the Federal Reserve's decision to begin a third round of quantitative easing makes gold even more attractive."

One nation - Ed Miliband

By Alex Hern: Ed Miliband said the phrase "one nation" 46 times on Tuesday. We counted. - Angelo: One shameful bankocracy of war with mongering tentacles all around the globe. Apparently none of us want that but somehow it just keeps on happening... One nation of sheeple.