Comment: Francis Soyer 04/01/11
And this below is confirmation that the Folks at the Fed are Brain Dead. Just dont get it..... Wow
From Recession to Expansion: A Policymaker’s Perspective" - More Hawkishness From Philly Fed's Plosser
Submitted by Tyler Durden on 04/01/2011 08:16 -0400
Some highlights from the just released Philly Fed president's speech, bringing yet more hawkishness into the equation:
•Says stronger rebound in economy, inflation may require aggressive policy action
•Must not be too sanguine in believing time to tighten is long way off
•Recovery will continue at a moderate pace
•US economy growing 3.5% annually this year and next
•Prospects in labour markets have improved in recent months
•Expects inflation to be about 2% over the course of 2011... so not the 8.3% which is the accurate number? Odd.
Friday, April 1, 2011
JPMorgan's Dimon Warns of Regulatory 'Nail' in Coffin
Submitted by: Francis Soyer
04/01/11
Francis is posting this one because the pattern with the banking system before the rabbit gets pulled out of the hat so to speak is usually telegraphed in advance. In this case Dimon is speaking not so much about the Frank Dodd regulations which may look good on paper but in real terms are toothless proposed regulations is talking more to the point on the implementation of BASEL III. BASEL III is the new banking reserve requirements as dictated by the BIS (Bank for International Settlements) the hub of central banking power. This testimony by Dimon is basically a telegraph so that when the global finanicial system collapse occurs and IT WILL over the next 20 months basically he gets his get out of jail free card for being able to say I told you so....
Published: Thursday, 31 Mar 2011
1:50 AM ET By: Tom Braithwaite, Financial Times
Jamie Dimon, chief executive of JPMorgan Chase, launched a broadside against financial regulation on Wednesday, warning that new capital rules could be “the nail in our coffin for big American banks.”
Regulators are negotiating international capital standards for the biggest banks but the chief executive of JP Morgan Chase [JPM 46.10 -0.35 (-0.75%) ] said setting the new requirements too high, or allowing overseas banks to calculate their asset base differently, could disadvantage US banks and was already stifling economic growth.
“If you want to set it so high that no big bank ever goes bankrupt... I think that would greatly diminish growth,” he told a US Chamber of Commerce conference.
Too large a disparity in capital requirements between Europe and the US would mean “you’re pretty much putting the nail in our coffin for big American banks,” he said.
Urging regulators to make a quick decision, he said the uncertainty meant banks were already restricting their lending, nervous of the “anger and the shrillness – and Switzerland says it’s got to be 19 percent and people in the UK say it’s got to be 15 percent.”
“If you think that’s helping growth, it’s not,” Mr. Dimon said, adding that a 7 percent capital ratio would be adequate.
Mr. Dimon’s comments come as Wall Street executives and Republican members of Congress are starting to attack regulation as anger at the financial industry subsides.
On Tuesday, Alan Greenspan, the former Federal Reserve chairman, wrote in the Financial Times that the Dodd-Frank financial reforms risked creating “the largest regulatory-induced market distortion since America’s ill-fated imposition of wage and price controls in 1971”.
Spencer Bachus, the Republican chairman of the House financial services committee, has said that regulators are there to “serve” the banks and warned the Treasury not to hurt Goldman Sachs’ [GS 158.60 -0.47 (-0.3%) ] shareholders when it writes new rules implementing Dodd-Frank. Restrictions on debit card fees charged to retailers are also coming under attack in Congress.
Thursday, March 31, 2011
Wal-Mart US CEO To America: "Prepare For Serious Inflation"
To those who think that buying food in the corner deli is becoming a luxury, we have five words: you ain't seen nuthin' yet. U.S. consumers face "serious" inflation in the months ahead for clothing, food and other products, the head of Wal-Mart's U.S. operations warned Wednesday talking to USA Today. And if Wal-Mart which is at the very bottom of commoditized consumer retail, and at the very peak of avoiding reexporting of US inflation by way of China is concerned, it may be time to panic, or at least cancel those plane tickets to Zimbabwe, which is soon coming to us.
Don’t Believe the Chart, the US Dollar is Dropping Like a Stone
I want to take a moment to address the US Dollar’s collapse.
The US Dollar which most investors follow is the US Dollar index. This represents the US Dollar’s value against a basket of major currencies: the Euro, Japanese Yen, etc.
Think about that for a moment: the way we measure the US Dollar’s value is against a collection of other un-backed paper currencies all issued by over-indebted, bankrupt nations.
In other words, its nonsense.
Case in point, the Euro comprises over 50% of the US Dollar index. What’s the Euro? A currency backed by a loose group of bankrupt nations with maybe two solvent members in the bunch. Greece has already asked for an extension on its bailout repayments (like they’re ever going to repay anything), Spain is bankrupt, ditto for Ireland, Italy, Portugal, and others.
As for the more solvent European members (Germany and maybe France) their political leaders are getting crushed in the elections because NOBODY who actually works for a living (or has a working brain) wants in on the Euro.
So in Europe we’ve got one perhaps two solvent countries that are supposed to bailout 5+ insolvent ones (like that’s even possible). And the solvent countries are comprised of people who want no part of the Euro.
Man, now that’s what I call a real currency.
In simple terms, to claim the Euro is a viable currency is pure insanity. And yet, this “currency” comprises 50% of the US Dollar index (not as though the Yen or US Dollar are worthwhile either).
My point in all of this is that measuring the greenback using the Euro is insane. 100% totally insane. Which is why claiming the US Dollar is not collapsing is BS. If you actually go outside the US (which 99% of commentators don’t) you’ll find that the US Dollar is worth much less than the Dollar index is telling you.
I was recently on a trip to South America looking at real estate. While there I was told repeatedly by developers that they didn’t want to sign a contract in US Dollars. Instead they wanted to do it in the local currency. This has NEVER happened before during my trips abroad (even as recently as 2009).
When I pushed for having contracts based in Dollars, the price went up EVERY week.
The reason? The US Dollar is falling in relation to the local currency on a daily basis.
So here are local businessmen, (not economists or analysts), people who actually work for a living, refusing to accept US Dollars during business transactions.
That alone should tell you just where the US Dollar stands on the international stage.
In plain terms, the US Dollar crisis is already underway. If you ignore the stupid headlines and pay attention to the real world you can already see it. Prices of goods are EXPLODING higher. It’s being hidden because retailers are downsizing the size of their packages OR packing less goods in the same space (look inside any cereal box or other dry good and you’ll find that at best it’s 75% full).
So if you think things are fine because the US Dollar chart shows we still have a few lines of support, you’re being mislead. The US Dollar is worth far, far less than the chart shows you. So if you want to prepare yourself for a currency crisis you need to move now.
On that note, if you’re getting worried about the future of the stock market and have yet to take steps to prepare for the Second Round of the Financial Crisis… I highly suggest you download my FREE Special Report specifying exactly how to prepare for what’s to come.
I call it The Financial Crisis “Round Two” Survival Kit. And its 17 pages contain a wealth of information about portfolio protection, which investments to own and how to take out Catastrophe Insurance on the stock market (this “insurance” paid out triple digit gains in the Autumn of 2008).
Again, this is all 100% FREE. To pick up your copy today, got to http://www.gainspainscapital.com and click on FREE REPORTS.
Prepare Now!
Graham Summers
The US Dollar which most investors follow is the US Dollar index. This represents the US Dollar’s value against a basket of major currencies: the Euro, Japanese Yen, etc.
Think about that for a moment: the way we measure the US Dollar’s value is against a collection of other un-backed paper currencies all issued by over-indebted, bankrupt nations.
In other words, its nonsense.
Case in point, the Euro comprises over 50% of the US Dollar index. What’s the Euro? A currency backed by a loose group of bankrupt nations with maybe two solvent members in the bunch. Greece has already asked for an extension on its bailout repayments (like they’re ever going to repay anything), Spain is bankrupt, ditto for Ireland, Italy, Portugal, and others.
As for the more solvent European members (Germany and maybe France) their political leaders are getting crushed in the elections because NOBODY who actually works for a living (or has a working brain) wants in on the Euro.
So in Europe we’ve got one perhaps two solvent countries that are supposed to bailout 5+ insolvent ones (like that’s even possible). And the solvent countries are comprised of people who want no part of the Euro.
Man, now that’s what I call a real currency.
In simple terms, to claim the Euro is a viable currency is pure insanity. And yet, this “currency” comprises 50% of the US Dollar index (not as though the Yen or US Dollar are worthwhile either).
My point in all of this is that measuring the greenback using the Euro is insane. 100% totally insane. Which is why claiming the US Dollar is not collapsing is BS. If you actually go outside the US (which 99% of commentators don’t) you’ll find that the US Dollar is worth much less than the Dollar index is telling you.
I was recently on a trip to South America looking at real estate. While there I was told repeatedly by developers that they didn’t want to sign a contract in US Dollars. Instead they wanted to do it in the local currency. This has NEVER happened before during my trips abroad (even as recently as 2009).
When I pushed for having contracts based in Dollars, the price went up EVERY week.
The reason? The US Dollar is falling in relation to the local currency on a daily basis.
So here are local businessmen, (not economists or analysts), people who actually work for a living, refusing to accept US Dollars during business transactions.
That alone should tell you just where the US Dollar stands on the international stage.
In plain terms, the US Dollar crisis is already underway. If you ignore the stupid headlines and pay attention to the real world you can already see it. Prices of goods are EXPLODING higher. It’s being hidden because retailers are downsizing the size of their packages OR packing less goods in the same space (look inside any cereal box or other dry good and you’ll find that at best it’s 75% full).
So if you think things are fine because the US Dollar chart shows we still have a few lines of support, you’re being mislead. The US Dollar is worth far, far less than the chart shows you. So if you want to prepare yourself for a currency crisis you need to move now.
On that note, if you’re getting worried about the future of the stock market and have yet to take steps to prepare for the Second Round of the Financial Crisis… I highly suggest you download my FREE Special Report specifying exactly how to prepare for what’s to come.
I call it The Financial Crisis “Round Two” Survival Kit. And its 17 pages contain a wealth of information about portfolio protection, which investments to own and how to take out Catastrophe Insurance on the stock market (this “insurance” paid out triple digit gains in the Autumn of 2008).
Again, this is all 100% FREE. To pick up your copy today, got to http://www.gainspainscapital.com and click on FREE REPORTS.
Prepare Now!
Graham Summers
Silver Set For All Time Record Quarterly Close - Gold To Silver Ratio On Way To 17 To 1 As Per 1980?
From GoldCore
Silver Set For All Time Record Quarterly Close - Gold To Silver Ratio On Way To 17 To 1 As Per 1980?
Gold and silver have consolidated on yesterday’s gains as inflation, geopolitical and eurozone debt concerns support. Silver has risen above its 31 year record closing price of yesterday and looks set to target new record nominal intraday highs above $38.16/oz.
‘Poor man’s gold’ is set for a record nominal quarterly close which will be bullish technically and set silver up to target psychological resistance at $40/oz and then the nominal high of $50.35/oz . Silver’s record quarterly close was $32.20/oz on December 31st, 1979.
While silver is up 22 percent this year and is heading for a ninth straight quarterly advance, its fundamentals remain very sound. With gold above its nominal record of 1980, poor man’s gold continues to be seen as offering better value. To the masses in India, China and Asia, silver is the cheap alternative to gold and an attractive store of value and hedge against inflation and debasement of paper currencies.
Increasing global investment and industrial demand in the very small and finite silver bullion market is a recipe for higher prices. Thus, as we have long asserted the gold silver ratio is likely to revert to its long term average of 16 to 1.
A return to a ratio of 16 to 1 is likely due to basic supply and demand and the geological fact that there are 16 parts of silver for every one part of gold in the earth’s crust.
The fact that a huge amount of silver has been used in industrial applications and consumer items since the industrial revolution of the 19th century makes a return to the 16 to 1 ratio likely in the long term.
$40/oz silver may offer psychological resistance and could see profit taking but those buying silver are strong hands who rightly believe that silver will very likely reach its 1980 nominal high of $50.35/oz. Real silver bulls believe that silver may reach its inflation adjusted high of $150/oz (see Financial Times Infographic below).
A tiny minority of retail investors have begun to look at silver but it remains largely the preserve of the smart money, a very small amount of hard money advocates in the U.S. and of store of value buyers in Asia. Much of the price gains seen recently may be due to banks closing out some of their massive concentrated short positions which are being investigated by the Commodity Futures Trading Commission (CFTC).
Marc Faber, publisher of the Gloom, Boom & Doom report, said investors should have from 10 to 20 percent of their portfolio in gold as an inflation hedge.
“I want to buy more gold,” said Faber in an interview in Mexico City today. “Each time that I see Mr. Bernanke, and each time Mr. Tim Geithner opens his mouth, I feel like buying more gold and silver.”
Federal Reserve Chairman Ben S. Bernanke kept plans to buy $600 billion of Treasuries through June. Bernanke said last month the U.S. needs faster employment growth for a sufficient time before policy makers can be assured the economic recovery has taken hold. Meanwhile the bank will seek to hold borrowing costs “exceptionally low.”
Under current U.S. monetary policy “gold will go up substantially,” Faber said. “I own gold as an insurance policy, because I think the whole system will collapse one day.”
(Bloomberg) -- Bolivia Protesters Halt Operations at San Cristobal Silver Mine
Sumitomo Corp.’s silver, zinc and lead mine in Bolivia has been halted since last week by a strike, the mining ministry said. Workers at the San Cristobal mine are demanding better health care, a government official, who can’t be named because of ministry policy, said today by telephone.
Sumitomo’s San Cristobal, in southwestern Bolivia’s mineral-rich region of Potosi, is the world’s third-largest silver mine and the sixth-biggest zinc mine.
(Bloomberg) -- Gold Heads for 10th Quarterly Gain on Investment Haven Demand
Gold headed for a 10th straight quarterly rise, the longest in three decades, as turmoil in the Middle East, fighting in Libya and Japan’s nuclear crisis increased demand for an investment haven. Bullion for immediate delivery advanced 0.3 percent to $1,427.13 an ounce at 5:28 p.m. in Melbourne, taking the quarterly gain to 0.5 percent. The June-delivery contract in New York rose 0.3 percent to $1,428.50, heading for a 0.5 percent quarterly rise.
“There is a lot of uncertainty around the globe in terms of political events,” David Lennox, a Sydney-based resource analyst at Fat Prophets, said by phone today. Fighting could escalate in Libya, while there is uncertainty surrounding Bahrain and the nuclear crisis in Japan, he said.
Gold reached a record $1,447.82 an ounce on March 24 amid tension in northern Africa and the Middle East and after a March 11 earthquake and tsunami in Japan killed thousands and caused radiation to leak from a nuclear plant. Libyan rebels were forced to retreat this week by troops loyal to Muammar Qaddafi after earlier advances were helped by U.S.-led air strikes.
“We are now starting to see that the air strikes may not be completely effective against Qaddafi, and that’s going to raise the next bar,” Lennox said.
Gold advanced for nine consecutive quarters through Dec. 31, 2010, partly because investors bought the metal as a hedge against dollar and euro weakness. Gains were limited this quarter on signs the U.S. economy is improving, boosting investor appetite for higher-yielding assets like stocks.
‘Upward Advance’
“In nominal terms it has been a pretty steady upward advance, but it has come off a period prior to 2000 where we basically had 20 years of flat gold prices,” Ben Westmore, an analyst at National Australia Bank Ltd. in Melbourne, said today.
Companies in the U.S. added 201,000 workers in March, a sign the labor market may be strengthening, according to figures from ADP Employer Services yesterday. Employment increased by a revised 208,000 in February, said the report, which is based on payrolls.
Economists project a Labor Department report tomorrow will show the jobless rate held at 8.9 percent. It has fallen by 0.9 percentage point over the last three months, the biggest decline since 1983.
The Standard & Poor’s 500 index rose 0.7 percent yesterday and is up 5.6 percent this quarter. “Buoyant equities and a positive U.S. ADP employment report removed some of the safe-haven premium” in the gold market, Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd., wrote in a note today.
Silver for immediate delivery climbed 0.4 percent to $37.62 an ounce, heading for a 22 percent rise this quarter, the ninth straight quarterly gain. The metal has more than doubled in the past year and reached a 31-year high of $38.165 on March 24. Immediate-delivery platinum was little changed at $1,773.90an ounce and palladium gained 0.7 percent to $758.75 an ounce.
(Bloomberg) -- Six Arrested in Bundesbank Euro Coin-Forgery Scam, Prosecutors Say
Six people were arrested in a probe over 29 metric tons of forged euro coins that were cashed in at the Bundesbank, German prosecutors said.
The suspects received 1-euro and 2-euro coins from workshops in China where destroyed coins were remade, Doris Moeller-Scheu, a spokeswoman for Frankfurt prosecutors, said in an e-mailed statement today. No employees of Germany’s central bank are suspected of wrongdoing.
The Bundesbank is the only central bank in Europe that exchanges damaged coins without charging a fee, according to Moeller-Scheu. The money must be returned in bags that hold 1,000 euros worth of coins.
“The Bundesbank controls the value mainly by weighing, and does occasional visual sample test,” Moeller-Scheu said. “Then the money value is transferred to an account of the presenter or he can withdraw it from a Bundesbank account.”
Four suspects are of Chinese descent, according to the statement. They were helped by flight attendants who transported the coins in their hand luggage, for which no weigh limit applies, Moeller-Scheu said.
Lufthansa was informed that some individual employees are being investigated, Deutsche Lufthansa AG spokesman Peter Schneckenleitner said in an interview. He said the company wouldn’t comment on prosecutors’ probes.
The 29 metric tons of coins were imported between 2007 and 2010, representing a nominal value of 6 million euros, Moeller- Scheu said.
Silver Set For All Time Record Quarterly Close - Gold To Silver Ratio On Way To 17 To 1 As Per 1980?
Gold and silver have consolidated on yesterday’s gains as inflation, geopolitical and eurozone debt concerns support. Silver has risen above its 31 year record closing price of yesterday and looks set to target new record nominal intraday highs above $38.16/oz.
‘Poor man’s gold’ is set for a record nominal quarterly close which will be bullish technically and set silver up to target psychological resistance at $40/oz and then the nominal high of $50.35/oz . Silver’s record quarterly close was $32.20/oz on December 31st, 1979.
While silver is up 22 percent this year and is heading for a ninth straight quarterly advance, its fundamentals remain very sound. With gold above its nominal record of 1980, poor man’s gold continues to be seen as offering better value. To the masses in India, China and Asia, silver is the cheap alternative to gold and an attractive store of value and hedge against inflation and debasement of paper currencies.
Increasing global investment and industrial demand in the very small and finite silver bullion market is a recipe for higher prices. Thus, as we have long asserted the gold silver ratio is likely to revert to its long term average of 16 to 1.
A return to a ratio of 16 to 1 is likely due to basic supply and demand and the geological fact that there are 16 parts of silver for every one part of gold in the earth’s crust.
The fact that a huge amount of silver has been used in industrial applications and consumer items since the industrial revolution of the 19th century makes a return to the 16 to 1 ratio likely in the long term.
$40/oz silver may offer psychological resistance and could see profit taking but those buying silver are strong hands who rightly believe that silver will very likely reach its 1980 nominal high of $50.35/oz. Real silver bulls believe that silver may reach its inflation adjusted high of $150/oz (see Financial Times Infographic below).
A tiny minority of retail investors have begun to look at silver but it remains largely the preserve of the smart money, a very small amount of hard money advocates in the U.S. and of store of value buyers in Asia. Much of the price gains seen recently may be due to banks closing out some of their massive concentrated short positions which are being investigated by the Commodity Futures Trading Commission (CFTC).
NEWS
(Bloomberg) -- Faber Says Investors Should Hold Gold Amid U.S. Monetary Policy Marc Faber, publisher of the Gloom, Boom & Doom report, said investors should have from 10 to 20 percent of their portfolio in gold as an inflation hedge.
“I want to buy more gold,” said Faber in an interview in Mexico City today. “Each time that I see Mr. Bernanke, and each time Mr. Tim Geithner opens his mouth, I feel like buying more gold and silver.”
Federal Reserve Chairman Ben S. Bernanke kept plans to buy $600 billion of Treasuries through June. Bernanke said last month the U.S. needs faster employment growth for a sufficient time before policy makers can be assured the economic recovery has taken hold. Meanwhile the bank will seek to hold borrowing costs “exceptionally low.”
Under current U.S. monetary policy “gold will go up substantially,” Faber said. “I own gold as an insurance policy, because I think the whole system will collapse one day.”
(Bloomberg) -- Bolivia Protesters Halt Operations at San Cristobal Silver Mine
Sumitomo Corp.’s silver, zinc and lead mine in Bolivia has been halted since last week by a strike, the mining ministry said. Workers at the San Cristobal mine are demanding better health care, a government official, who can’t be named because of ministry policy, said today by telephone.
Sumitomo’s San Cristobal, in southwestern Bolivia’s mineral-rich region of Potosi, is the world’s third-largest silver mine and the sixth-biggest zinc mine.
(Bloomberg) -- Gold Heads for 10th Quarterly Gain on Investment Haven Demand
Gold headed for a 10th straight quarterly rise, the longest in three decades, as turmoil in the Middle East, fighting in Libya and Japan’s nuclear crisis increased demand for an investment haven. Bullion for immediate delivery advanced 0.3 percent to $1,427.13 an ounce at 5:28 p.m. in Melbourne, taking the quarterly gain to 0.5 percent. The June-delivery contract in New York rose 0.3 percent to $1,428.50, heading for a 0.5 percent quarterly rise.
“There is a lot of uncertainty around the globe in terms of political events,” David Lennox, a Sydney-based resource analyst at Fat Prophets, said by phone today. Fighting could escalate in Libya, while there is uncertainty surrounding Bahrain and the nuclear crisis in Japan, he said.
Gold reached a record $1,447.82 an ounce on March 24 amid tension in northern Africa and the Middle East and after a March 11 earthquake and tsunami in Japan killed thousands and caused radiation to leak from a nuclear plant. Libyan rebels were forced to retreat this week by troops loyal to Muammar Qaddafi after earlier advances were helped by U.S.-led air strikes.
“We are now starting to see that the air strikes may not be completely effective against Qaddafi, and that’s going to raise the next bar,” Lennox said.
Gold advanced for nine consecutive quarters through Dec. 31, 2010, partly because investors bought the metal as a hedge against dollar and euro weakness. Gains were limited this quarter on signs the U.S. economy is improving, boosting investor appetite for higher-yielding assets like stocks.
‘Upward Advance’
“In nominal terms it has been a pretty steady upward advance, but it has come off a period prior to 2000 where we basically had 20 years of flat gold prices,” Ben Westmore, an analyst at National Australia Bank Ltd. in Melbourne, said today.
Companies in the U.S. added 201,000 workers in March, a sign the labor market may be strengthening, according to figures from ADP Employer Services yesterday. Employment increased by a revised 208,000 in February, said the report, which is based on payrolls.
Economists project a Labor Department report tomorrow will show the jobless rate held at 8.9 percent. It has fallen by 0.9 percentage point over the last three months, the biggest decline since 1983.
The Standard & Poor’s 500 index rose 0.7 percent yesterday and is up 5.6 percent this quarter. “Buoyant equities and a positive U.S. ADP employment report removed some of the safe-haven premium” in the gold market, Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd., wrote in a note today.
Silver for immediate delivery climbed 0.4 percent to $37.62 an ounce, heading for a 22 percent rise this quarter, the ninth straight quarterly gain. The metal has more than doubled in the past year and reached a 31-year high of $38.165 on March 24. Immediate-delivery platinum was little changed at $1,773.90an ounce and palladium gained 0.7 percent to $758.75 an ounce.
(Bloomberg) -- Six Arrested in Bundesbank Euro Coin-Forgery Scam, Prosecutors Say
Six people were arrested in a probe over 29 metric tons of forged euro coins that were cashed in at the Bundesbank, German prosecutors said.
The suspects received 1-euro and 2-euro coins from workshops in China where destroyed coins were remade, Doris Moeller-Scheu, a spokeswoman for Frankfurt prosecutors, said in an e-mailed statement today. No employees of Germany’s central bank are suspected of wrongdoing.
The Bundesbank is the only central bank in Europe that exchanges damaged coins without charging a fee, according to Moeller-Scheu. The money must be returned in bags that hold 1,000 euros worth of coins.
“The Bundesbank controls the value mainly by weighing, and does occasional visual sample test,” Moeller-Scheu said. “Then the money value is transferred to an account of the presenter or he can withdraw it from a Bundesbank account.”
Four suspects are of Chinese descent, according to the statement. They were helped by flight attendants who transported the coins in their hand luggage, for which no weigh limit applies, Moeller-Scheu said.
Lufthansa was informed that some individual employees are being investigated, Deutsche Lufthansa AG spokesman Peter Schneckenleitner said in an interview. He said the company wouldn’t comment on prosecutors’ probes.
The 29 metric tons of coins were imported between 2007 and 2010, representing a nominal value of 6 million euros, Moeller- Scheu said.
San Francisco Mint to strike silver bullion
To join West Point Mint in striking American Eagles
By Paul Gilkes-Coin World Staff
March 28, 2011 8:00 a.m.
Article first published in 2011-04-11, News section of Coin World
Because of the continued unprecedented demand for American Eagle silver bullion coins and an increased numismatic production load at the West Point Mint, some American Eagle production is being shifted to the San Francisco Mint.
Tom Jurkowsky, director of the U.S. Mint’s Office of Public Information, confirmed March 23 that trial strikes are currently being produced at the San Francisco Mint, with full-scale, temporary production to begin sometime in May.
The trial strikes are being produced to ensure that the quality of the American Eagle silver bullion coins struck at the San Francisco Mint replicate the quality of those produced at the West Point Mint, according to Jurkowsky.
The 2011 production will be the first time in more than a decade that American Eagle silver bullion coins will be produced at both the West Point and the San Francisco Mints. American Eagle silver bullion coins were produced at both facilities from 1989 through 2000 inclusive. All American Eagle silver bullion coin production was moved strictly to the West Point Mint in 2001.
The bullion coins do not bear the Mint mark of the facility where the coins were struck.
The San Francisco Mint’s inclusion in American Eagle silver bullion coin production in 2011 is necessary in part because Mint officials anticipate sales in 2011 being from 28 percent to nearly 43 percent higher than the record 2010 sales of 34,662,500 silver bullion coins. Other contributing factors to the decision are production, at the West Point Mint, of Proof versions of both the 2011 U.S. Army and 2011 Medal of Honor gold $5 half eagles, and of up to 2 million National September 11th Memorial and Museum 1-ounce, .999 fine silver medals authorized under Public Law 111-221.
“Demand for silver bullion remains at unprecedented levels,” Jurkowsky said.
“If it continues at the rate we have seen over the last two months, it could reach a level of between 45 million and 50 million coins in calendar year 2011. The Mint at West Point has done a fantastic job in meeting demand over the last several years and as we made plans for calendar 2011 production, we saw that the legislation in effect for 2011 added additional products to the West Point portfolio (the 9/11 Medal and both the Army and Medal of Honor commemorative coins),” Jurkowsky said.
“So our plan was to see how silver demand played out in the first quarter of calendar year 2011, knowing that we had press capacity available at San Francisco if needed.”
Because the San Francisco Mint is completing its production of coins for 2011 sets containing Proof coins, “there is a window of opportunity to have San Francisco produce some silver bullion before 2012 production begins in late summer 2011, so we are conducting silver bullion trial strikes at San Francisco now,” Jurkowsky said. “Production would include using the same dies, the same methods and same packaging [as used at the West Point Mint]. We do not expect a visible difference between the two coins.
Jurkowsky continued: “If still warranted, we plan to begin production of up to a few hundred thousand per week in San Francisco in late May to early June, running through the summer. Our authorized purchasers have expressed interest in [picking up the coins at a San Francisco location], but the overall allocation methodology will be done weekly and include West Point volumes in the weekly allocation calculation.
“There are several logistical issues to resolve before any final decisions are made to pursue this initiative.
“Simply stepping back, we feel that exploring use of another facility is good management and may be another way to better meet the needs of our customers,” he said. ■
By Paul Gilkes-Coin World Staff
March 28, 2011 8:00 a.m.
Article first published in 2011-04-11, News section of Coin World
Because of the continued unprecedented demand for American Eagle silver bullion coins and an increased numismatic production load at the West Point Mint, some American Eagle production is being shifted to the San Francisco Mint.
Tom Jurkowsky, director of the U.S. Mint’s Office of Public Information, confirmed March 23 that trial strikes are currently being produced at the San Francisco Mint, with full-scale, temporary production to begin sometime in May.
The trial strikes are being produced to ensure that the quality of the American Eagle silver bullion coins struck at the San Francisco Mint replicate the quality of those produced at the West Point Mint, according to Jurkowsky.
The 2011 production will be the first time in more than a decade that American Eagle silver bullion coins will be produced at both the West Point and the San Francisco Mints. American Eagle silver bullion coins were produced at both facilities from 1989 through 2000 inclusive. All American Eagle silver bullion coin production was moved strictly to the West Point Mint in 2001.
The bullion coins do not bear the Mint mark of the facility where the coins were struck.
The San Francisco Mint’s inclusion in American Eagle silver bullion coin production in 2011 is necessary in part because Mint officials anticipate sales in 2011 being from 28 percent to nearly 43 percent higher than the record 2010 sales of 34,662,500 silver bullion coins. Other contributing factors to the decision are production, at the West Point Mint, of Proof versions of both the 2011 U.S. Army and 2011 Medal of Honor gold $5 half eagles, and of up to 2 million National September 11th Memorial and Museum 1-ounce, .999 fine silver medals authorized under Public Law 111-221.
“Demand for silver bullion remains at unprecedented levels,” Jurkowsky said.
“If it continues at the rate we have seen over the last two months, it could reach a level of between 45 million and 50 million coins in calendar year 2011. The Mint at West Point has done a fantastic job in meeting demand over the last several years and as we made plans for calendar 2011 production, we saw that the legislation in effect for 2011 added additional products to the West Point portfolio (the 9/11 Medal and both the Army and Medal of Honor commemorative coins),” Jurkowsky said.
“So our plan was to see how silver demand played out in the first quarter of calendar year 2011, knowing that we had press capacity available at San Francisco if needed.”
Because the San Francisco Mint is completing its production of coins for 2011 sets containing Proof coins, “there is a window of opportunity to have San Francisco produce some silver bullion before 2012 production begins in late summer 2011, so we are conducting silver bullion trial strikes at San Francisco now,” Jurkowsky said. “Production would include using the same dies, the same methods and same packaging [as used at the West Point Mint]. We do not expect a visible difference between the two coins.
Jurkowsky continued: “If still warranted, we plan to begin production of up to a few hundred thousand per week in San Francisco in late May to early June, running through the summer. Our authorized purchasers have expressed interest in [picking up the coins at a San Francisco location], but the overall allocation methodology will be done weekly and include West Point volumes in the weekly allocation calculation.
“There are several logistical issues to resolve before any final decisions are made to pursue this initiative.
“Simply stepping back, we feel that exploring use of another facility is good management and may be another way to better meet the needs of our customers,” he said. ■
Wednesday, March 30, 2011
A Look at Europe and the Collapse of the EU by Nigel Farage
Submitted by: Francis Soyer 3/30/11
Hats off to Nigel Farage for exposing the REAL EU agenda and two key players responsible for the shite show with Portugal, Spain etc.
GOP bill would halt US operations in Libya until Congress acts
GOP bill would halt US operations in Libya until Congress acts
By Mike Lillis - 03/29/11 01:57 PM ET
Two House Republicans introduced legislation Tuesday to force an end to U.S. military operations in Libya unless Congress explicitly authorizes them.
Reps. Timothy Johnson (Ill.) and Justin Amash (Mich.), a freshman, say America's role in the international effort backing Libyan rebels against strongman Moammar Gadhafi is unconstitutional without Congress’s stamp of approval.
Their bill — dubbed the Restoring Essential constitutional Constraints for Libyan Action Involving the Military Act, or RECLAIM — would cut off all funding related to the Pentagon's intervention in the embattled North African country.
Last week, Johnson explained his criticism of President Obama’s decision to enter the conflict.
“Constitutionally, it is indisputable that Congress must be consulted prior to an act of war unless there is an imminent threat against this country. The president has not done so," Johnson said. “Our country has no business enmeshing itself in another country’s civil unrest. We were not attacked. Our national security interests are not at stake.”
Neither Johnson’s nor Amash’s office immediately returned requests for comment.
By Mike Lillis - 03/29/11 01:57 PM ET
Two House Republicans introduced legislation Tuesday to force an end to U.S. military operations in Libya unless Congress explicitly authorizes them.
Reps. Timothy Johnson (Ill.) and Justin Amash (Mich.), a freshman, say America's role in the international effort backing Libyan rebels against strongman Moammar Gadhafi is unconstitutional without Congress’s stamp of approval.
Their bill — dubbed the Restoring Essential constitutional Constraints for Libyan Action Involving the Military Act, or RECLAIM — would cut off all funding related to the Pentagon's intervention in the embattled North African country.
Last week, Johnson explained his criticism of President Obama’s decision to enter the conflict.
“Constitutionally, it is indisputable that Congress must be consulted prior to an act of war unless there is an imminent threat against this country. The president has not done so," Johnson said. “Our country has no business enmeshing itself in another country’s civil unrest. We were not attacked. Our national security interests are not at stake.”
Neither Johnson’s nor Amash’s office immediately returned requests for comment.
Tuesday, March 29, 2011
Today | Nationwide Call-In Day to the Attorneys General
Today, on March 29, we have the opportunity of a lifetime to save millions from losing their homes and hold accountable the big banks that caused this crisis.
Right now, the 50 state Attorneys General are in critical negotiations with the big banks. The outcome of these negotiations could mean the difference between millions of struggling homeowners finally getting the help they need from their lenders, or the big banks continuing with business as usual, foreclosing on families needlessly.
Bank of America, Wells Fargo, JPMorgan Chase, and other big banks could easily walk away scott-free, if thousands of us don’t call our Attorneys General tomorrow.
Read 5 reasons to call your Attorney General today
The time is now to collectively fight back. We can work together to demand that the big banks are held accountable for their crimes.
Your Attorney General needs to make a choice - either side with YOU and be a hero to homeowners and communities by going toe-to-toe with the big banks, OR side with the big banks and let them continue to devastate our communities.
It’s time to demand that our Attorneys General deliver nothing less than a strong settlement against the big banks. Make the call!
Thanks for all that you do,
PICO National Network
Alliance for a Just Society
National People's Action
IAF Southeast
Alliance of Californians for Community Empowerment
STATE AG NAME PHONE
Alabama Luther Strange (334) 242-7300
Alaska John J. Burns (907) 465-3600
Arizona Tom Horne (602) 542-4266
Arkansas Dustin McDaniel (800) 482-8982
California Kamala Harris 510-622-4500
916-323-8270 (main comment voicemail)
Colorado John Suthers 303-866-4500
Connecticut George Jepsen (860) 808-5318
Delaware Beau Biden (302) 577-8338
District of Columbia Irvin Nathan (Acting) (202) 727-3400
Florida Pam Bondi (850) 414-3300
Georgia Sam Olens (404) 656-3300
Hawaii Mark Bennett (808) 586-1500
Idaho Lawrence Wasden (208) 334-2400
Illinois Lisa Madigan (312) 814-3000
Indiana Greg Zoeller (317) 232-6201
Iowa Tom Miller (515) 281-5164
Kansas Derek Schmidt (785) 296-2215
Kentucky Jack Conway (502) 696-5300
Louisiana James “Buddy” Caldwell (225) 326-6000
Maine William Schneider (207) 626-8800
Maryland Douglas F. Gansler (410) 576-6300
Massachusetts Martha Coakley (617) 727-2200
Michigan Bill Schuette (517) 373-1110
Minnesota Lori Swanson (651) 296-3353
Mississippi Jim Hood (601) 359-3680
Missouri Chris Koster (573) 751-3321
Montana Steve Bullock (406) 444-2026
Nebraska Jon Bruning (402) 471-2682
Nevada Catherine Cortez Mastro (775) 684-1100
New Hampshire Michael Delaney (603) 271-3658
New Jersey Paula T. Dow (609) 292-8740
New Mexico Gary King (505) 827-6000
New York Eric Schneiderman (518) 474-7330
North Carolina Roy Cooper (919) 716-6400
North Dakota Wayne Stenehjem (701) 328-2210
Ohio Mike DeWine (614) 466-4320
Oklahoma Scott Pruitt (405) 521-3921
Oregon John Kroger (503) 378-4400
Pennsylvania William H. Ryan, Jr. (Acting) (717) 787-3391
Rhode Island Peter Kilmartin (401) 274-4400
South Carolina Alan Wilson (803) 734-3970
South Dakota Marty Jackley (605) 773-3215
Tennessee Robert E. Cooper Jr. 615-741-3491
Texas Greg Abbott (512) 463-2100
Utah Mark Shurtleff (801) 538-9600
Vermont William Sorrell (802) 828-3173
Virginia Ken Cuccinelli (804) 786-2071
Washington Rob McKenna (360) 753-6200
West Virginia Darrel V. McGraw (304) 558-2021
Wisconsin J.B. Van Hollen (608) 266-1221
Wyoming Bruce A. Salzburg (307) 777-7841
Right now, the 50 state Attorneys General are in critical negotiations with the big banks. The outcome of these negotiations could mean the difference between millions of struggling homeowners finally getting the help they need from their lenders, or the big banks continuing with business as usual, foreclosing on families needlessly.
Bank of America, Wells Fargo, JPMorgan Chase, and other big banks could easily walk away scott-free, if thousands of us don’t call our Attorneys General tomorrow.
Read 5 reasons to call your Attorney General today
The time is now to collectively fight back. We can work together to demand that the big banks are held accountable for their crimes.
Your Attorney General needs to make a choice - either side with YOU and be a hero to homeowners and communities by going toe-to-toe with the big banks, OR side with the big banks and let them continue to devastate our communities.
It’s time to demand that our Attorneys General deliver nothing less than a strong settlement against the big banks. Make the call!
Thanks for all that you do,
PICO National Network
Alliance for a Just Society
National People's Action
IAF Southeast
Alliance of Californians for Community Empowerment
STATE AG NAME PHONE
Alabama Luther Strange (334) 242-7300
Alaska John J. Burns (907) 465-3600
Arizona Tom Horne (602) 542-4266
Arkansas Dustin McDaniel (800) 482-8982
California Kamala Harris 510-622-4500
916-323-8270 (main comment voicemail)
Colorado John Suthers 303-866-4500
Connecticut George Jepsen (860) 808-5318
Delaware Beau Biden (302) 577-8338
District of Columbia Irvin Nathan (Acting) (202) 727-3400
Florida Pam Bondi (850) 414-3300
Georgia Sam Olens (404) 656-3300
Hawaii Mark Bennett (808) 586-1500
Idaho Lawrence Wasden (208) 334-2400
Illinois Lisa Madigan (312) 814-3000
Indiana Greg Zoeller (317) 232-6201
Iowa Tom Miller (515) 281-5164
Kansas Derek Schmidt (785) 296-2215
Kentucky Jack Conway (502) 696-5300
Louisiana James “Buddy” Caldwell (225) 326-6000
Maine William Schneider (207) 626-8800
Maryland Douglas F. Gansler (410) 576-6300
Massachusetts Martha Coakley (617) 727-2200
Michigan Bill Schuette (517) 373-1110
Minnesota Lori Swanson (651) 296-3353
Mississippi Jim Hood (601) 359-3680
Missouri Chris Koster (573) 751-3321
Montana Steve Bullock (406) 444-2026
Nebraska Jon Bruning (402) 471-2682
Nevada Catherine Cortez Mastro (775) 684-1100
New Hampshire Michael Delaney (603) 271-3658
New Jersey Paula T. Dow (609) 292-8740
New Mexico Gary King (505) 827-6000
New York Eric Schneiderman (518) 474-7330
North Carolina Roy Cooper (919) 716-6400
North Dakota Wayne Stenehjem (701) 328-2210
Ohio Mike DeWine (614) 466-4320
Oklahoma Scott Pruitt (405) 521-3921
Oregon John Kroger (503) 378-4400
Pennsylvania William H. Ryan, Jr. (Acting) (717) 787-3391
Rhode Island Peter Kilmartin (401) 274-4400
South Carolina Alan Wilson (803) 734-3970
South Dakota Marty Jackley (605) 773-3215
Tennessee Robert E. Cooper Jr. 615-741-3491
Texas Greg Abbott (512) 463-2100
Utah Mark Shurtleff (801) 538-9600
Vermont William Sorrell (802) 828-3173
Virginia Ken Cuccinelli (804) 786-2071
Washington Rob McKenna (360) 753-6200
West Virginia Darrel V. McGraw (304) 558-2021
Wisconsin J.B. Van Hollen (608) 266-1221
Wyoming Bruce A. Salzburg (307) 777-7841
David Rosenberg On QE3 ETA
As we wave goodbye to David Rosenberg, with his last free Breakfast with Dave issue coming out today, we present his most recent free thoughts on QE3.
QE3 WILL COME BUT NOT AS EARLY AS MR. MARKET WOULD LIKE
Portfolio managers as a group are running their funds overweight equities by an average of 67% relative to their typical benchmarks. And polls show that one-third of them believe QE3 is coming this summer. We already know that this Bernanke-led Fed is willing to be extremely aggressive, but as we saw in 2010, the hurdle is high for quantitative easing. We need (i) signs of a double-dip, (ii) a stock market correction of at least 15%, and (iii) deflation, not inflation. How on earth will the Fed be able to do anything at all by then if headline inflation is running north of 4% and the other central banks of the world are either snuggling policy or moving in that direction ? unless the central bank really wants to trash the dollar. We are certainly not inflationists and still see deflation in credit, real wages and housing prices.
Since the market will have a heart attack unless QE3 resumes on July 1, we tend to agree. July 2 would be quite a delay and certainly "not as early as Mr. Market would like." In the meantime expect a complete washout in all asset classes with an emphasis on commodities, which will allow the FOMC to push the reset button on inflationary expectations, and announce QE3 the very next day.
QE3 WILL COME BUT NOT AS EARLY AS MR. MARKET WOULD LIKE
Portfolio managers as a group are running their funds overweight equities by an average of 67% relative to their typical benchmarks. And polls show that one-third of them believe QE3 is coming this summer. We already know that this Bernanke-led Fed is willing to be extremely aggressive, but as we saw in 2010, the hurdle is high for quantitative easing. We need (i) signs of a double-dip, (ii) a stock market correction of at least 15%, and (iii) deflation, not inflation. How on earth will the Fed be able to do anything at all by then if headline inflation is running north of 4% and the other central banks of the world are either snuggling policy or moving in that direction ? unless the central bank really wants to trash the dollar. We are certainly not inflationists and still see deflation in credit, real wages and housing prices.
Since the market will have a heart attack unless QE3 resumes on July 1, we tend to agree. July 2 would be quite a delay and certainly "not as early as Mr. Market would like." In the meantime expect a complete washout in all asset classes with an emphasis on commodities, which will allow the FOMC to push the reset button on inflationary expectations, and announce QE3 the very next day.
UTAH GOVERNOR SIGNS GOLD & SILVER LEGAL TENDER BILL!
Utah has now become the first State on our list to actually enact a sound money bill into law.
On Friday, March 25th, Gov. Gary Herbert signed HB 317, the "Utah Legal Tender Act," into law.
The law recognizes gold and silver coins issued by the federal government as legal currency in the state. The coins do not replace the current paper currency, but may be used and accepted voluntarily as an alternative.
The law exempts the sale of gold and silver coins from the state capital gains tax, since you would simply be exchanging one form of legal tender currency for another. It also calls for a committee to study alternative currencies for the State and a means for Utahans to pay their taxes with gold and silver coins.
Gold and silver coins issued by the federal government are already legal tender, of course, and can be used to purchase items and pay debts owed. However, they could only be used at the face value of the coins -- which is ridiculously lower than the value of the precious metal content of the coins. If you were to use them at the actual value of the coins, you would face a capital gains tax on the "profit" you gained over the face value.
If nothing else, this law recognizes the inanity of imposing a tax on exchanging one form of legal tender currency for another. By removing that tax and officially recognizing the legal tender status of the gold and silver coins within the State of Utah, the way is now open for good and services to be priced in both Federal Reserve Notes denominations and Gold & Silver Coins denominations; likewise, banks should now be free to offer their customers accounts denominated in legal tender gold & silver coins, so that consumers will be able to make purchases based on those accounts, using their debit cards, checks, ATM cards, etc. Banks should also easily convert FRNs to Gold & Silver Coins and vice-versa, since they will now be treated as simple currency exchanges.
So... what bank will be the first to jump on board here? Because once that happens, the floodgates will open, and billions of dollars in new banking accounts will pour into Utah banks, from people who want to use sound money that keeps its value, rather than nearly-worthless pieces of paper whose purchasing power continues to plummet.
And you know who'll be one of the first in line!
On Friday, March 25th, Gov. Gary Herbert signed HB 317, the "Utah Legal Tender Act," into law.
The law recognizes gold and silver coins issued by the federal government as legal currency in the state. The coins do not replace the current paper currency, but may be used and accepted voluntarily as an alternative.
The law exempts the sale of gold and silver coins from the state capital gains tax, since you would simply be exchanging one form of legal tender currency for another. It also calls for a committee to study alternative currencies for the State and a means for Utahans to pay their taxes with gold and silver coins.
Gold and silver coins issued by the federal government are already legal tender, of course, and can be used to purchase items and pay debts owed. However, they could only be used at the face value of the coins -- which is ridiculously lower than the value of the precious metal content of the coins. If you were to use them at the actual value of the coins, you would face a capital gains tax on the "profit" you gained over the face value.
If nothing else, this law recognizes the inanity of imposing a tax on exchanging one form of legal tender currency for another. By removing that tax and officially recognizing the legal tender status of the gold and silver coins within the State of Utah, the way is now open for good and services to be priced in both Federal Reserve Notes denominations and Gold & Silver Coins denominations; likewise, banks should now be free to offer their customers accounts denominated in legal tender gold & silver coins, so that consumers will be able to make purchases based on those accounts, using their debit cards, checks, ATM cards, etc. Banks should also easily convert FRNs to Gold & Silver Coins and vice-versa, since they will now be treated as simple currency exchanges.
So... what bank will be the first to jump on board here? Because once that happens, the floodgates will open, and billions of dollars in new banking accounts will pour into Utah banks, from people who want to use sound money that keeps its value, rather than nearly-worthless pieces of paper whose purchasing power continues to plummet.
And you know who'll be one of the first in line!
Same Shite Different Day
Submitted by: Francis Soyer 032911
Yes it is another day of bad news. Bad news that Joboma and crew can order attacks on anyone or anything they so desire with impunity. Card blanch to basically do whatever they want. The economic headlines no better or at least the 33% of it in the case of housing as released in the Case Shiller data. So just another day of....
January Case Shiller Data Atrocious: "At Worst, The Feared Double-Dip Recession May Be Materializing"
Case Shiller data is out, and it is as horrible as ever. The Home Price Index came at 140.86 compared to 142.42 previously. Basically the double dip refuses to stop, and that even despite yesterday's "stunning"(ly irrelevant) pending home sales number.“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now. “These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing."
From the release:
"Data through January 2011, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show further deceleration in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the December 2010 report. The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from their January 2010 levels. San Diego and Washington D.C. were the only two markets to record positive year-over-year changes. However, San Diego was up a scant 0.1%, while Washington DC posted a healthier +3.6% annual growth rate. The same 11 cities that had posted recent index level lows in December 2010, posted new lows in January."
The chart above depicts the annual returns of the 10-City and the 20-City Composite Home Price Indices. In January 2011, the 10-City and 20-City Composites recorded annual returns of -2.0% and -3.1%, respectively. On a monthly basis, the 10-City Composite was down 0.9% and the 20-City Composite fell 1.0% in January versus December 2010. Only San Diego and Washington D.C. posted positive annual growth rates in January 2011. These are the only two cities whose annual rates remained positive throughout 2010. Every other MSA has either moved back into or has always been in negative territory during the recent housing crisis. On a monthly basis, Washington DC was the only market where home prices rose in January, but up only 0.1%. The remaining 19 MSAs and both Composites fell during the month, with 12 of the markets and the 20-City Composite down by at least 1.0% versus December 2010.
“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now.
“These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing. A few months ago we defined a double-dip for home prices as seeing the 10- and 20-City Composites set new post-peak lows. The 10-City Composite is still 2.8% above and the 20-City is 1.1% above their respective April 2009 lows, but both series have moved closer to a confirmed double-dip for six consecutive months. At this point we are not too far off, and that is what many analysts are seeing with sales, starts and inventory data too.
From the release:
"Data through January 2011, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show further deceleration in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the December 2010 report. The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from their January 2010 levels. San Diego and Washington D.C. were the only two markets to record positive year-over-year changes. However, San Diego was up a scant 0.1%, while Washington DC posted a healthier +3.6% annual growth rate. The same 11 cities that had posted recent index level lows in December 2010, posted new lows in January."
The chart above depicts the annual returns of the 10-City and the 20-City Composite Home Price Indices. In January 2011, the 10-City and 20-City Composites recorded annual returns of -2.0% and -3.1%, respectively. On a monthly basis, the 10-City Composite was down 0.9% and the 20-City Composite fell 1.0% in January versus December 2010. Only San Diego and Washington D.C. posted positive annual growth rates in January 2011. These are the only two cities whose annual rates remained positive throughout 2010. Every other MSA has either moved back into or has always been in negative territory during the recent housing crisis. On a monthly basis, Washington DC was the only market where home prices rose in January, but up only 0.1%. The remaining 19 MSAs and both Composites fell during the month, with 12 of the markets and the 20-City Composite down by at least 1.0% versus December 2010.
“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20- City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now.
“These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing. A few months ago we defined a double-dip for home prices as seeing the 10- and 20-City Composites set new post-peak lows. The 10-City Composite is still 2.8% above and the 20-City is 1.1% above their respective April 2009 lows, but both series have moved closer to a confirmed double-dip for six consecutive months. At this point we are not too far off, and that is what many analysts are seeing with sales, starts and inventory data too.
Monday, March 28, 2011
US Naval Update: CVN 65 Enterprise Abandons Libya, Reinforces CVN 70 Vinson In Straits Of Hormuz
US Naval Update: CVN 65 Enterprise Abandons Libya, Reinforces CVN 70 Vinson In Straits Of Hormuz
Submitted by Tyler Durden on 03/26/2011 20:22 -0400
Wonder why the administration made such a stink of reducing the US airborne presence around Libya, and handing it off to France, Italy, Canada and Turkey? Here's the answer: the CVN65 Enterprise which last week was within striking distance of Libya, has quietly left the Red Sea and is now virtually swimming in the wake of CVN 70 Vinson in the Strait of Hormuz. Because obviously whatever is about to happen in the Persian Gulf will need not one but two aircraft carrier formations. And meanwhile in Japan the Washington is doing all it can to put radiation free miles between itself and Fukushima, even as the Essex, chock full of marines is sitting on the coast waiting for orders.
Submitted by Tyler Durden on 03/26/2011 20:22 -0400
Wonder why the administration made such a stink of reducing the US airborne presence around Libya, and handing it off to France, Italy, Canada and Turkey? Here's the answer: the CVN65 Enterprise which last week was within striking distance of Libya, has quietly left the Red Sea and is now virtually swimming in the wake of CVN 70 Vinson in the Strait of Hormuz. Because obviously whatever is about to happen in the Persian Gulf will need not one but two aircraft carrier formations. And meanwhile in Japan the Washington is doing all it can to put radiation free miles between itself and Fukushima, even as the Essex, chock full of marines is sitting on the coast waiting for orders.
Thursday, March 24, 2011
Why a No Fly Zone Will Not Work in Lybia
Submitted by: Francis Soyer 03/24/11
Here is a news man from Lybia talking about why the U.N. no fly zone will not be successful in bring Gadafi's leadership to an end.
Wednesday, March 23, 2011
Midday Attitude Adjustment
Submitted by: Francis Soyer
And in the face of doom remember that there is beauty created every day in this world. Of course don't expect to see such posted by our media which is always focused on the negative.
Israel Update: War Next?
Israel Update: War Next?
Submitted by Tyler Durden on 03/23/2011 10:35 -0400
•INTERIOR MINISTER ELI ISHAI SAYS SITUATION DETERIORATING
•ISHAI SAYS ISRAEL MAY HAVE TO ACT IF DETERIORATION CONTINUES
•ISHAI LINKS JERUSALEM BOMBING TO ITAMAR STABBING, GAZA VIOLENCE
•ISHAI SPEAKS ON ISRAEL ARMY RADIO
Submitted by Tyler Durden on 03/23/2011 10:35 -0400
•INTERIOR MINISTER ELI ISHAI SAYS SITUATION DETERIORATING
•ISHAI SAYS ISRAEL MAY HAVE TO ACT IF DETERIORATION CONTINUES
•ISHAI LINKS JERUSALEM BOMBING TO ITAMAR STABBING, GAZA VIOLENCE
•ISHAI SPEAKS ON ISRAEL ARMY RADIO
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