By John Galt July 27, 2011
Daily Archives: 27/07/2011
7/27 AEP: Europe’s hot summer as Italy and Cyprus join sick list
By John Galt July 27, 2011 And for tonight’s edition from Ambrose Evans-Pritchard, an almost perfect summary and follow up to the articles I posted earlier about Cyprus joining the PIIGS(c) and Italy’s banking issues causing a nasty equity sell off today. Click on the headline below from the U.K. Telegraph to read the entire story: Europe’s hot summer as Italy and Cyprus join sick list Fears of recession in Italy and the Germans’ reluctance to back the EU’s bail-out fund with real muscle have…
7/27 V of Galt Archive is Now Available
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7/27 V of Galt: It’s FreakOut Wednesday
By John Galt July 26, 2011 News happens. Get the real take tonight on the Voice of Galt only on Just Measures Radio. Especially Tonight. To call into the program dial: (877)213-6404 or (812)307-4363. 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.
S&P Cuts Greece even Further into Junk following Moody’s: CCC to CC
By John Galt July 27, 2011 Translation: Greece is in default and might as well plan on being Europe’s first financial leper colony of many to come. Via from ForexLive.com: Greece cut to CC from CCC by S&P, negative outlook; amounts to a selective default By Jamie Coleman || July 27, 2011 at 16:32 GMT Not much reaction. When ratings are that low, doesn’t much matter…. Debt restructuring plan amounts to a selective default S&P views the EU’s debt restructuring proposal as a “distressed debt…
07/27 11:25 a.m.: Someone Big is in trouble-A Lot of Gold was just Dumped to raise cash
By John Galt July 27, 2011 I’m going to continue sniffing as either someone got an inside tip that a deal was about to be cut in CONgress with a Republican capitulation or someone, somewhere in the world just needed to raise a buttload of cash in a hurry as the sale of gold in the cash market and GLD ETF was huge with an almost $7 swing in less than 10 minutes. The money did not flow into equities but did help it recover…
1,600 Nuke Workers projected over Radiation Limit at Fukushima
By John Galt July 27, 2011 Uh, care to wager on if the Japanese people permit any more nuclear power plants to be built on their homeland? This story is disturbing because if such an accident were to occur in the United States you can count on the Department of Energy and whatever power company was involved, especially if it were a G.E. constructed facility, to cover up the exposure in a blind heartbeat. In fact you could count on not just the exposure to…
Hyperinflation Defined: Zimbabwe Using Diamonds to Fund Pay for Civil Servants
By John Galt July 27, 2011 Think that hyperinflation doesn’t destroy a nation? The communist regime of dictator Robert Mugabe is finding out that just because you murder capitalists and usurp what used to be Africa’s breadbasket in the form of Rhodesia, that it doesn’t mean you can rape and pillage and expect the economy to function. The Keynesian model on steroids where communism meets central banking dictatorship has proven to be a complete failure be it with central planning for agriculture to the corrupt…
Malaysia Goes Old School: Jews And Christians behind recent pro-Democracy Protests
By John Galt July 27, 2011 It’s always a pleasure to see that some old formula can be dusted off from the pages of history and restored for modern political purposes. Why let Hitler and the Arab governments monopolize bigotry and propaganda when shifting it several thousand miles to a Far East nation works just as well, even though many in the Muslim population have lived at relative peace with religious minorities in Malaysia for decades. Before the recent Berish protests (See: The Islamist Summer…
ISDA Says Missed Payment Would Trigger U.S. Debt Swaps
By John Galt July 27, 2011 David Geen, general counsel at the International Swaps & Derivatives Association was on Bloomberg’s “The Pulse” yesterday and what he had to say was very disturbing but in my opinion a non-event. I find it highly unlikely that the U.S. will miss a debt payment or fail to service the debt any time in the near future. The only exception would be a deliberate act by the administration to drive a political stake into the heart of the economy…
Propaganda Hilarity Ensues: Chinese Re-fitting Aircraft Carrier for “Scientific Research”
By John Galt July 27, 2011 Perhaps the Chinese Communist Party has dusted off some of their old news writers for this story out of the state controlled media this morning where the claim has been made that the aircraft carrier they purchased from the Ukraine which is readying for sea trials is being set up for “scientific research.” That reminds me of some of the old time stories you would hear on shortwave via Radio Tirana, Radio Moscow World Service, and currently on Radio…
And another EU Nation gets Downgraded: Cyprus A2 to Baa2 Outlook Negative
By John Galt July 27, 2011 Despite the proclamations of a miracle solution of paying off old debt by creating new debt for the PIIGS, it would appear that the entire European Union is heading for the ultimate destination that the U.S. is on: Mega-Downgrades to Credit Hell Cyprus becomes the latest member of the credit downgrade express and here is part of what Moody’s said in their statement this morning (Click on the title for the full statement): Moody’s downgrades Cyprus to Baa1 from…
Italian Stock Market Zapped Again
By John Galt July 27, 2011 Now off 2.01% or -401.80 as of 0630 ET. The story which is triggering the slump (From CNBC): Italian Banks Slump After Bond Purchase Report By: Antonia van de Velde CNBC Associate Web Producer Italian bank shares were sharply lower in Wednesday morning trade after Reuters reported German Finance Minister Wolfgang Schaeuble said the euro zone’s rescue fund should only purchase bonds on the secondary market in exceptional circumstances. And you thought the bailout meant that it really, honestly,…
While you were sleeping: Another All Time High for Gold at $1628
By John Galt July 27, 2011 But don’t worry, it’s not “real” money according to Bernanke and it doesn’t indicate that there is anything wrong with the world’s fiat currencies if you believe the talking heads on the various Bubblevision financial networks.
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