by John Galt May 13, 2012 11:30 ET In a move which is designed to rebuff Iran militarily and the West economically, Bahrain is expected to announce a closer political union with Saudi Arabia during a summit of Gulf Cooperation Council (GCC) to be held in Riyadh tomorrow. The approach is expected to be part of a broader GCC initiative to develop a European Union type of political and financial union which will draw on the feelings of the people wishing to re-establish a…
by John Galt May 12, 2012 23:30 ET As if the crisis involving Iran and the world needs any more gasoline to fan the flames higher, MP Heshmatollah Falahatpisheh of the Majlis Foreign Policy Subcommittee of Iran’s Parliament warned that the upcoming negotiations in Baghdad will fail if the West demands the Iranians cease any uranium enrichment activities. The problem with this stance is that if they pursue this course of action it is an almost 100% guaranteed mortal lock that the next sound…
by John Galt May 12, 2012 08:00 ET Much to the chagrin of the PPP (Perpetual Polly Pumpers) of CNBC, China has all but verified that the entire world economy has hit just a wee bit more than a speed bump as it made the following announcement this morning (via Bloomberg): The People’s Bank of China said it is cutting the reserve ratio requirement for banks by 50 basis points starting from May 18, according to a statement on its website today. …
by John Galt May 11, 2012 05:15 ET The nation and government of Greece is in total revolt from the street level to the civil service level now with bureaucrats at the Finance Ministry failing to engage in the Troika required tax collections per an article from the Greek newspaper Protothema. The lack of interest in engaging the citizenry for collection of these taxes, be it income, sales, or VAT indicates that the entire system is now in full collapse. The bureaucracy in Athens…
by John Galt May 10, 2012 22:10 ET The Chinese Communist government is now having to deal with a new problem due to its extremely fast economic expansion and the idea of private property being introduced to the population (from Xinhua): 3 dead, 14 injured in Yunnan blast While the media is China is attempting to downplay this story as the Xinhua story linked above indicates, the BBC has a more accurate version with the background behind the attack develops a shocking…
by John Galt May 10, 2012 20:00 ET AND the hits just keep on coming…. Europe, as Ambrose Evans-Pritchard so brilliantly outlines in tonight’s U.K. Telegraph commentary, is playing Fukushima with the world economy. The measurements of Greek unemployment yesterday were beyond horrific and indicative of a nation in complete disintegration economically. The extremists now hold sway over the future and that is a dark prospect for the people as usually the fringes of the political world lead nations into great darkness and…
by John Galt May 10, 2012 19:10 ET If Jamie Dimon was having a bad day before the conference call and 10Q release this afternoon, add this story from the Wall Street Journal to the mix: Westin Loan Rattles CMBS Market Again After Nearly Four Years Ouch. The money phrase from the article is what the bankruptcy judge did and the pain inflicted on the banksters which could trigger a wee bit of panic in the supposedly “safe” CMBS market: A…
by John Galt May 10, 2012 18:55 ET I swear this is the actual screen print from Google News this evening: I just wonder how they broke the news to their wives and why the two men have a marital spat between themselves already. What a truly monumental waste of bandwidth this entire story manufactured by the MSM has become. Get ready for more fluffernuttery as the economy takes a severe move to the downside.
by John Galt May 10, 2012 18:45 ET As the market appeared to find a footing today, J.P. Morgan Chase (Symbol: JPM) yanked the rug out from the bulls and Bubblevisionistas with an incredible 10Q release and conference call which imploded the market after hours (See Bloomberg News: JPMorgan Reports $2 Billion Loss on Synthetic Positions). the truth though is that before this announcement, enough gasoline was already on the fire to indicate that there is a nasty bear phase approaching which will create…
by John Galt May 10, 2012 18:00 ET Remember the following article and the video over Miami, Florida, the Brickell are to be specific from April of last year? The Largest Detention Camp in World History is Almost Complete Well, here we go again in the Miami area with what was called a “military” exercise but I’m willing to wager if the truth were ever to be revealed that this is part of the U.S. Department of Homeland Securities Special Response…
by John Galt May 10, 2012 05:30 ET The Secretary of Defense, Leon Panetta, has renewed the push to cede American sovereignty with his call for the U.S. Senate to ratify the Law of the Sea Treaty. This treaty which has been discussed for years as a direct assault on America’s rights to use its waterways and coastal resources as we see fit, along with the removal of private property rights of corporations and citizens with the internationalization of water rights, is an abomination…
by John Galt May 9, 2012 19:45 ET The latest from Ambrose Evans-Pritchard in tonight’s U.K. Telegraph highlights the sense of panic the European credit markets are reflecting behind the scenes: Spain nationalises Bankia as euro crisis escalates How bad is it? Amborse hits the high point in this one portion of the story: “The Spanish have denied until now that there was any need for fresh capital so it comes as a surprise. It wasn’t intended, and that is a worry,” said…
by John Galt May 9, 2012 19:00 ET If one is led to believe the usual nonsense on the Bubblevisions, gold, silver, and anything that is considered “real money” will be smoked in the weeks to come. For once, this esteemed, or full of steamed clams, blogger agrees. The markets are indicating the following for long term paper silver bulls (I emphasize PAPER SILVER BULLS) 1. Severe correction. 2. Deliberate price suppression for industrial purposes. 3. A move to…
by John Galt May 9, 2012 18:25 ET From Reuters: Equity funds lose most since start of year -ICI How bad was it? From the article: Oops. So much for the CNBC propaganda.
by John Galt May 8, 2012 19:30 ET Finally, some two years after Zero Hedge and these pages warned about the imposition of capital controls in the United States to prevent the flight of wealth out of our nation, Bloomberg News finally realizes that this de facto capital controls are already in effect. Bloomberg published the following story this afternoon about the dilemma FACTA created: U.S. Millionaires Told Go Away as Tax Evasion Rule Looms When I first published the following article…
by John Galt May 7, 2012 19:25ET The old guy decided to go the movies this weekend and guess what? As an old fart who enjoys the comic book genre, AND as the heroes were from my generation, the enjoyment of watching The Avengers was truly a special treat. However, the funniest scene is reserved to those that pay attention to detail. (Spoiler Alert) After the grand battle scene where the good guys win, there is a scene of…
by John Galt May 7, 2012 05:25 ET With the election results indicating a shift of Greek public sentiment away from austerity and their Euro masters, the investing public (aka banksters) are getting the hell out of dodge. The Athens stock market opened up down 8% but has stabilized at just over 6% down at this time: While that might seem ugly, the nation of Cyprus, whose fortunes are tied to the nation of Greece in more ways than economics but as a…
by John Galt May 6, 2012 19:15 ET US Equity futures as of a 1/2 hour ago: That was not hard to predict. Neither was the emergence of anti-austerity leftist and extreme right wing parties becoming viable in Europe. As a result of the elections in France, Germany (local), Greece, and Serbia, it would appear the Euro will be punished severely and traders have broken out the chairs and whips tonight: That chart looks good compared to the reaction of the…
by John Galt May 6, 2012 15:25 ET Ambrose Evans-Pritchard sounds off in his new commentary in tonight’s U.K. Telegraph with a resounding shot across the bow of continental Europe and what could be an indication that a new wave of capital flight is about to begin. The commentary may well bear some truth sooner than speculated as the investors have been piling monies into the U.S. Treasury market and gold in the face of a slowing U.S. economy. The extract below is…
by John Galt May 6, 2012 12:58 ET From the newspaper Protothema: It does not take much imagination to figure out some of the party symbols such as the Communists K.K.E. or the Neo-Nazi Golden Dawn (XP.AYTH) but here is the breakdown of the poll from the newspaper story which is creating a huge stir in the Greek online community: ND, PASOK and SYRIZA head to head! 06/05/2012 19:00 Unprecedented election thriller show the exit polls. ND, PASOK and SYRIZA move without…
by John Galt May 6, 2012 12:25 ET There are many people willing to deny basic economic reality or the news that the manipulated government data points from around the world are sending, however gold and the gold ETF (GLD) continues to flash a warning clarion that can not be missed by any observer. Unfortunately for the naysayers, gold is still the final resting place for value and is indeed viewed as the alternative world currency by major economic powers such as China and…
by John Galt May 6, 2012 10:45 ET The question for my radio audience is quite simple: Do you prefer the old V of Galt or new OverMountain Radio Format?
by John Galt May 6, 2012 09:50 ET The Israeli TASE Stock Market has followed the Dow and S&P 500 and the downside swoon after Friday’s disappointing NFP numbers with a 1.76% decline of its own today: With the elections in France and Greece along with the instability in U.S. Markets equity trading worldwide could become very volatile as the results are announced tonight. Stay tuned as information begins to fly in from the two European nations in turmoil as election results…
by John Galt May 2, 2012 19:00 ET My God, what have we done. Just click on the banner below to find the various audio players to listen or to participate in the chat room with like minded Americans.
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