By John Galt July 8, 2011 And the U.S. employment report did not help. The Italian banking sector is getting slaughtered now. Here is the market update from Bloomberg to give one some idea of the caranage:
Daily Archives: 08/07/2011
See what happens when I make a Happy Happy Prediction: HUGE BLS Miss on Employment
By John Galt July 8, 2011 Uh, sell? Wow, I butchered that prediction but see what happens Mr. President when I try to follow the herd and read into the consensus that you’re BLS is going to fabricate a happy-happy joy-joy number? Only 18,000 net non-farm jobs added but I did nail the unemployment rate of 9.2% per the report from the BLS this morning. Look at the pretty red candlestick on the S&P futures: So much for the ADP report having a clue, once…
Switzerland Sends a Message: Debating creation of a Gold Franc
By John Galt July 8, 2011 The Swiss are sending a message to the world per this article today from by Agnese Smith of Marketwatch: Swiss Parliament to discuss gold franc From the article: ZURICH (MarketWatch) — The Swiss Parliament is expected later this year to discuss the creation of a gold franc — a parallel currency to the official Swiss franc, with the fringe initiative likely triggering a broader debate about the role of the precious metal in the Alpine nation. The initiative is…
My June Employment Prediction: +185K, 9.2% Unemployment Rate
By John Galt July 8, 2011 For my prediction as the financial media is a tingle just waiting to predict Dow 15K and have an Obamagasm over this great economy…. June data will show a +185,000 non-farms increase, mostly in part-time and Birth/Death creation. The unemployment rate will creep up to 9.2% due to a slight increase in the participation rate. Wages up 0.1% and hours worked relatively flat. Buckle up as the insiders are anticipating a strong number also as reflected by the current…
Karachi, Pakistan: Shoot on Sight Orders Issued Due to Violence
By John Galt July 8, 2011 In a politically charged region of Pakistan where the Pakistan’s People Party has had a long standing conflict with the MQM (Muttahida Qaumi Movement) and the latter’s withdrawal from the coalition government, the military has issued shoot on sight orders to stifle further clashes after over 70 people were killed in the last three days per Reuters. For those individuals not familiar with the strategic importance of this port, 90% of all of the fuel and daily use items…
Egyptian Tahrir Square Protests Begin Again-Up to 1 Million expected today
By John Galt July 8, 2011 As of this moment, approximately 5:34 a.m. Eastern Time, hundreds of thousands of people are approaching Tahrir Square in Cairo once again to protest not just the pace of the reforms promised by the military junta, but to demand that the Mubarak cronies be held accountable for their actions. The lack of accountability and prosecutions for decades of corruption plus an extremely severe economic downturn in Egypt has triggered a demand by the people that the military stop delaying…
7/8 V of Galt: Survival Hour on Emergency Construction + Friday News Blitz
By John Galt July 8, 2011 Tonight’s radio show will start with the News Blitz which will clean up uncovered stories from the week and the Friday financial report plus whatever news of the day is worth covering. In hour number two the Survival Hour returns with an impromptu subject: Emergency construction techniques. People often talk about “bugging out” in a massive emergency. One of our listeners got creative and bought an old bus and created a BugOut bus shelter that is mobile, runs on…
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