By John Galt July 3, 2011 As the coals simmer and the fireworks explode, the rest of the world marches on resulting in tonight’s candidate for: Tonight, courtesy or Reuters, we venture out to the land of the Pharaohs and pyramids where the makeshift military government decided to hold a Treasury auction today and the results were horrific: The bank sold 1 billion Egyptian pounds of 91-day bills at an average yield of 12.112 percent, up from 12.095 percent at last week’s auction. It…
By John Galt July 3, 2011 If any of my readers are total geeks like myself and spend their afternoons debating which caliber to use to shoot their televisions for every huckster and “analyst” that appears on the various Bubblevisions (CNBC, Bloomberg, Fox Business) and proclaims that: “Gold has gone parabolic and will correct severely.” I offer you some solace. You are not alone. If I had one bar of gold given to me for every time I have heard that statement in the…
By John Galt July 3, 2011 Ah yes they are back in the news polluting our waterways but this time they can’t blame it on a drunken ship’s Captain. The story this time is on the formerly pristine Yellowstone River in Montana where a pipeline has ruptured and the oil seepage has created a mess for visitors and critters alike. The Billings Gazette in Montana has been following this story with a special section you can follow online and for those that love that…
By John Galt July 3, 2011 Yeah, the same guys who said this was a AAA company from 2007 until, well, darned near the end. The story coming out of Europe this morning via the British paper the Guardian is: Ratings agencies could wreck Greek rescue by declaring it a default The story by Heather Stewart and Richard Wachman has two very significant statements that should alert everyone that the game is either over or about to be rigged as usual: The debt-swap proposal,…
By John Galt July 3, 2011 As the American stock markets celebrate another episode of “extend and pretend” until January 1, 2012 in the Eurozone’s basket case de jour, the truth is that the Greek housing market is nothing more than a smaller version of my home state of Florida. Thankfully for the United States and European Central Bank, Florida is not a member of the European Union or it would be toast. The funny thing that happened along the way to the huge…
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