07/11/2011

11/7 AEP: France cuts frantically as Italy nears debt spiral

By John Galt November 7, 2011 – 21:15 ET Ambrose Evans-Pritchard’s latest from the UK Telegraph: France cuts frantically as Italy nears debt spiral From tonight’s article: “We wish to protect the French against the grave problems facing other European countries. Bankruptcy is not an abstract word,” said premier Francois Fillon. The belt-tightening plan — the second package since August, taking total cuts to €112bn — include a 5pc super-tax on big firms, a rise in VAT on restaurants and construction, and cuts on pensions, schools, health, and welfare. It is…


11/7 U.S. Market Preview: The Golden Era Returns and Italy is our Master

By John Galt November 7, 2011 – 08:30 ET The chart of gold this morning speaks volumes about the uncertainty in our world today: The Euro crisis shifts from Greece to Italy as the PIIGS are dominating world financial affairs. To make matters worse, the Italian crisis provides a snippet of what it will look like when Spain decides that they can not pay their bills even though the powers that be continue to insist Spain and Italy can “grow” their way out of the economic dilemma they are in. The…


How the Feds Will take your Gold in a Modern Confiscation

By John Galt November 7, 2011 – 08:00 ET On April 5, 1933, Franklin Delano Roosevelt signed Executive Order 6102. The summary of this act is as follows (from the link in full at the University of California at Santa-Barbara): 34 – Executive Order 6102 – Requiring Gold Coin, Gold Bullion and Gold Certificates to Be Delivered to the Government April 5, 1933 By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9,…


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