by John Galt September 11, 2012 23:00 ET Imagine a world where the average Joe Schlub walks into his favorite coin dealer and asks his friendly retailer, “Hey Mike, can I buy a roll of silver American Eagles off of ya?” Before Joe can whip his wallet out, the retailer slides a government tax form in front of him and states, “Sure, just as soon as you fill this form out, provide two forms of certified identification, fill out this bank statement release…
by John Galt August 6, 2012 21:25 ET For some strange reason, I don’t think Germany and Italy have been barking at each other this much since 1943. And wow, does this dispute make that verbal sparring between Mussolini and Hitler look meek compared to what is going on between Merkel and Monti now. Ambrose Evans-Pritchard covers this dispute tonight in his commentary in the U.K. Telegraph: Germany and Italy near blows over euro How bad is it? Check out…
by John Galt July 23, 2012 05:20 ET The “cured” European Union is experiencing an outbreak of Grecian Flu as now Spain witnesses its 10 year bond yields soaring over 7.5% this morning and the IBEX copying the same pattern of the Athens Stock Exchange with sharp daily crashes and lackluster rallies. This morning it is making a statement along with the EUR/JPY and EUR/USD swaps that this crisis is far from over and unless the U.S. Fed gets involved in coordination with…
by John Galt July 6, 2012 07:45 ET Think Europe is fixed? I’ll let these three charts from Bloomberg explain how this disaster is just now getting started. And it is about to get a whole lot worse. Can you say PAIN boys and girls? The 1 Year yield has bounced off its lows below the 0.00% mark and is now barely in positive yield territory: Meanwhile in the rain in Spain, there is a lot of 10…
by John Galt June 18, 2012 05:15 ET Whew! That was close. Everyone thought that the Greeks would go hard line Marxist and instead continued with their tradition of electing a lightweight Marxist so the market futures shot up last night because nothing was solved and the economy of Greece still sucks. Then the futures minions woke up this morning and remembered that Spain was a much larger problem and the “bailout” there was a joke: (chart from Bloomberg.com) The U.S.…
by John Galt June 13, 2012 11:00 ET The American media’s obsession with ignoring bad news and engaging in propaganda via the art of omission works well for the target audience which is more concerned about Lindsey Lohan or a “yes we can” chant. However when the internet news hounds (my readers) and those concerned about the future of Europe and hence, the U.S. economy start to dig into the severity of the situation in Europe new facts emerge to raise the concern…
by John Galt June 10, 2012 23:58 ET But, but, but, but, it’s no big deal? Right? Well per this article from the English translation of El Confidencial, yup, it could be: Bankia, €19bn may not be enough Uh, oopsies. From the article: Although it sounds incredible, the €19bn that Bankia, the troubled Spanish bank, has requested from the government to sanitize its accounts may not be enough. The Bankia tower, a skyscraper designed by the famous British…
by John Galt June 9, 2012 13:18 ET Per breaking news in El Confidencial in Spain, the maximum amount that Brussels will authorize is € 100,000 million (€ 100 billion) which means that Spain will be left on their own to fund any future or additional bail outs for their banking system. From the article translated using Google Translate(original in Spanish at this link): The total amount of the ransom to Spain could amount to 100,000 million euros, according to sources at…
by John Galt June 1, 2012 05:15 ET (All charts courtesy of Bloomberg.com) Have my readers ever wondered why the financial networks always show 1 year, 6 month, or 3 month charts of stocks, bonds, or indexes whenever possible? Perhaps these seven charts will indicate why they prefer to color the truth and hide the seriousness of the economic realities of Europe. I have posted the charts of the major stock market indexes for the PIIGS plus Cyprus and Hungary to offer…
by John Galt May 30, 2012 19:25 ET Europe’s debtors must pawn their gold for Eurobond Redemption (click on the title above to read the article in full) Ambrose Evans-Pritchard outlines a radical new plan being devised by the technocrats and banksters in Germany to seize control of the Southern European nation’s treasures, gold, and national assets. The first two sentences of the story tell the tale of deceit being concocted by the banksters of Berlin: The German scheme — known…
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 April 18, 2012 23:55 ET Click on any link below to read the full stories covered on the air tonight along with some news that time did not allow to be read on air: PM: Israel obligated to prevent nuclear-armed Iran Secret Service Agents Forced Out Amid Prostitution Investigation Colombian Escort Details Her Encounter With Secret Service Agent National Guard withdrawing 900 troops from U.S.-Mexico border CSX Furloughs Some Employees Due to Weak Coal Shipments Court says Arizona can demand voter identification…
by John Galt March 27, 2012 23:00 ET The saga of the Eurozone is far from over and the latest piece from Ambrose Evans-Pritchard in the U.K. Telegraph tonight says it all: Spain to slash spending as economy slumps back into recession (click on the title above to read the story in full) As the world thinks the Greek disaster is behind them, the lurking nightmares of Hungary, Ireland, Portugal, and Spain along with Cyprus and other Balkan states hangs over the heads of…
by John Galt March 5, 2012 17:40 ET La Revolución ha comenzado The Revolution has begun. A simple, often controversial phrase uttered throughout history in Latin nation as the war against the oppressors start, or worse, the war against a system perceived as unjust by those wishing to install a new more evil system. The story from Spain tonight is one of defiance, the proverbial threat against the banksters that they have been living in fear of hearing since the beginning of the Greek crisis.…
by John Galt February 26, 2012 18:40 ET Just as one nation falls into the abyss and German occupation, Spain explodes for a third week into rage as the idea of submitting to the European Union banksters and creating a new order of serfs to repay a debt created by the Spanish banksters, only wishing to save their own hides and not the nation as a whole. For some strange reason, I detect an ironic note of sarcasm in tonight’s edition from Mr. Pritchard…
by John Galt January 15, 2012 16:15 ET The gloating of the American citizen who reads this story will be quite short lived once the average soul takes a moment to reflect on all of the idiotic projects and empty airports built by the likes of Pelosi, Boehner, Reid, or other Senator or Representative. The problem is, like the European Union, most Americans fail to understand that the problems illustrated by the following absurd story via the Turkish newspaper the Hurriyet Daily News and AFP,…
By John Galt December 19, 2011 – 16:45 ET Tonight’s commentary from Ambrose Evans-Pritchard via the U.K. Telegraph: Spain grits teeth yet again as austerity deepens <click on the title to read the full article> This excerpt really sums up the depth of the crisis about to hit the Spanish people, remainder of the PIIGS, and the European Union as a whole: It may prove harder this time within the euro straight-jacket. “The global economy was much stronger then and they benefitted from devaluation,” said…
By John Galt November 30, 2011 – 12:50 ET If I were to offer an unbiased opinion, I would say that it is too early to tell. However, the lack of a vociferous and solid course of action for the EFSF to bail out anything beyond what has been established for the nations of Portugal,Ireland, and Greece versus the abject panic in Berlin and Paris about the collapse of Italy and Spain tells this blogger that indeed, a decision may have been made to limit…
By John Galt November 23, 2011 – 05:25 ET With this morning’s 6 month T-bill auction providing the highest yields and poorest results in 14 year, all bets are off now as to how much longer the EU can hold this fictitious union together. After yesterday’s poor equity market performance in the U.S. and Europe, odds are of a dead cat bounce today which may even fail during today depending on the news flow. 1220 on the S&P 500 now becomes resistance with 1149-1154 as…
By John Galt November 20, 2011 – 20:28 ET Ambrose Evans-Pritchard’s latest from the U.K. Telegraph: Spain – the fifth victim to fall in Europe’s arc of depression A key excerpt to wet your appetite to read the rest of the story: Philip Whyte and Simon Tilford argue in a paper for the Centre for European Reform (CER) that this is a “damagingly partial and self-serving” version of events. “It wrongly assigns all the blame for peripheral indebtedness to government profligacy; it makes no mention…
By John Galt November 17, 2011 – 05:40ET Nothing like waking up to a failed bond auction. Despite the spin, there is no other way to describe today’s 10 year Spanish bond auction where the target sale allocation was € 4 billion but they were only able to sell € 3.6 billion on weak demand and at a record high median yield of 6.745% and a high end yield of 7.08%. The Reuters headline hits the nail on the head: Spain bond sale costs soar…
By John Galt July 18, 2011 The Prime Minister of Australia was once a conservative gentleman, who believed in free enterprise, capitalism, and a touch of Euro-Socialism to satisfy the population. Of course as the world economies cratered, so did his popularity and the elections swept into office one Julia Gillard, who apparently is one CFL short from getting 10 watts of brain power out of her empty head. The headline from the Monday July 18th edition of The Australian says it all: Global fears…
By John Galt July 17, 2011 Egypt’s Military Aims to Cement Muscular Role in Government -New York Times Heavy casualties reported in Libya -Reuters Yemen army, tribes in offensive on militants in south -Reuters Foreclosure Protesters in Spain’s Cities Now Go Door to Door -NY Times Obama angers China over Dalai Lama -The Australian Tunisian police fire in air to disperse rioters -Reuters Rebekah Brooks arrested over News of the World phone hacking -U.K. Telegraph Real estate: As banks shed debt, investors swoop in -Arizona…
By John Galt June 19, 2011 No sooner did I finish posting more information about the crisis in the Eurozone, the Spanish citizenry are in the streets marching and protesting the excessively high unemployment and austerity measures they are enduring. The report from Ireland’s Journal.ie said that the government hoped the protests would be peaceful after the violence experienced in Barcelona earlier this week. As the government fails to address the larger issues, the issue of solvency, this crisis will continue unabated. The chart…
By John Galt June 19, 2011 Believe it or not, this is not another story about the insipid and stupid “green” movement which is closely intertwined within the Spanish Socialist political elites. The Spanish auto industry is still in a somewhat prolonged slump as sales in May declined 23.3% from depressed 2010 levels (Source: Reuters-EU Auto Sales rose 7.1% in May-ACEA) and the government is still clueless as to how to resolve the perpetually high unemployment levels, the housing disaster, and the overhang of…
By John Galt May 22, 2011 The outcome of today’s Spanish elections after a week of heavy and illegal protesting will tell the tale of the tape for the currency markets and the long festering problems of the PIIGS. With S&P downgrading Italy on Friday night (See WSJ- “S&P Lowers Outlook on Italy to Negative on Debt-Plan Risks”), the outcome of this election could well determine the future of the Eurozone as Spain has been declared the line of demarcation and the banksters know that…
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