Monthly Archives: June 2012

MUNICIDE Alert: Stockton to become Largest City to file for Bankruptcy in U.S. History

by John Galt June 27, 2012 05:20 ET As per my original article titled “Municide” from 2008 and the warnings of Meredith Whitney, the specter of a massive wave of municipal bankruptcies may have been delayed by the Federal Government’s largess but the inevitable can never be prevented when the math does not work. With outrageous pension obligations and plunging revenues due to the housing crash in addition to insane spending by city and county governments who think they have little kingdoms impervious…

by John Galt June 26, 2012 19:15 ET I apologize for not hearing of this story sooner, but still this needs to be told. As Stewart Rhodes was kind enough to dedicate several hours of his time on Memorial Day for the cause of our veterans it is time for us to rally to the cause to help Stewart and the Oathkeepers for a noble cause. I must ask my readers and listeners to pick up the cause one more time because an…

by John Galt June 26, 2012 05:25 ET Yesterday in my quick note on the markets I pointed out the key support level of 1296 on the S&P 500. That has not changed but if it does fail to hold in today’s trading AND the move below that mark on the close is with high volume, then the markets will likely capitulate in the weeks ahead. However, if it holds or breaks slightly below that mark on low volume, expect one more rally…

by John Galt June 25, 2012 11:59 ET All one needs to know about today’s disaster markets in one Tweet: I just wonder if he was short the Athens Stock Exchange or any participating financials before he announced the resignation, as the corruption there reigns supreme: (chart from Bloobmerg.com) If anyone thinks this chart is ugly, take a moment, go to Bloomberg and pull up all of today’s European and Middle East indices. It’s a bloodbath.

by John Galt June 25, 2012 10:40 ET The U.S. stock markets this morning are sending a major warning signal this morning and the S&P 500 is screaming the loudest: A break below the 1296 to 1298 with over 1.7 billion shares on the NYSE is one of the most negative signals heading into the end of the month anyone will ever see. It opens the equity markets up for a 10-15% correction, especially if the S&P 500 closes below the…

by John Galt June 25, 2012 10:19 ET Breaking hard on all wires now. In a stunning defeat (again) for the Obama administration, a key portion of the Arizona immigration law, SB 1070, has apparently been upheld by the U.S. Supreme Court in a split decision where the key portion of the law, Section 2b allows state and local police to determine status of a suspected illegal alien. This is a validation of the actions by one Sheriff Joe Arpaio in Arizona. Unfortunately,…

by John Galt June 25, 2012 05:00 ET Isaiah 17 1The burden of Damascus. Behold, Damascus is taken away from being a city, and it shall be a ruinous heap. 2The cities of Aroer are forsaken: they shall be for flocks, which shall lie down, and none shall make them afraid. 3The fortress also shall cease from Ephraim, and the kingdom from Damascus, and the remnant of Syria: they shall be as the glory of the children of Israel, saith the LORD…

by John Galt June 23, 2012 16:15 ET 6/25 10:55 ET: AND NOW, I’m in the Tropical Storm Warning area. But this is a gully washer where rain is just dumping on us non-stop. 6/24 16:45: At least NOW I feel like I’m part of the Hurricane Season with the Tropical Storm Watch extended throughout my area. See details below with the latest advisory packages. 6/24 1500 ET: I’m just sayin’…. 6/24 10:59 ET- It would appear the GFS…

by John Galt June 24, 2012 09:15 ET I am following Al-Jazeera television live along with blogs in two English language newspapers in Cairo awaiting results of the Presidential election announcement which was due at 09:00 ET. As the news breaks, I shall post it here. With the link to this story and the headline below the photo form Ahram Online, I shall be closing my coverage of this event. I expect a period of relative stability in Egypt except for the…

by John Galt June 23, 2012 15:40 ET According to the Egyptian newspaper Ahram, the SCAF has agreed to issue the results of the Egyptian Presidential Elections at 9 a.m. ET (1300 GMT) Sunday morning. The question after that is if the military does in fact verify some rumors on the internet via Egypt on Friday, will indeed the nation descend into total chaos? From Ahram this morning: Egypt’s electoral commission to unveil presidential elections results Sunday 3pm Ahram Online,…

by John Galt June 21, 2012 17:32 ET Click on this link to visit Moody’s webpage for all financial ratings actions. Nothing better than a long day at work and coming home to a nice, toasty, warm bloodbath. Of course that only counts if one is a vampire or short the financials, precious metals, energy sector, and CNBC viewership numbers. The market supposedly had “built this in” and the action was going to be labeled an expected “non-event” if you…

by John Galt June 19, 2012 16:55 ET ********* UPDATED 06.21.12 17:40 ET ******** It only lasted about 6 hours or so as a hurricane but it claims the honor of being the first of the season… FROM THE NATIONAL HURRICANE CENTER: 000 WTNT33 KNHC 212033 TCPAT3 BULLETIN TROPICAL STORM CHRIS ADVISORY NUMBER 9 NWS NATIONAL HURRICANE CENTER MIAMI FL AL032012 500 PM AST THU JUN 21 2012 …CHRIS BEGINS TO WEAKEN…NOW A TROPICAL STORM… SUMMARY…

by John Galt June 20, 2012 21:30 ET Presenting today’s largest nothingburger proving that Ron Paul has been right about the corrupt central banksters direct from the Federal Reserve website: Press Release Release Date: June 20, 2012 For immediate release Information received since the Federal Open Market Committee met in April suggests that the economy has been expanding moderately this year. However, growth in employment has slowed in recent months, and the unemployment rate remains elevated. Business fixed investment…

by John Galt June 20, 2012 19:30 ET Why not? He’s been alive. He’s been dead. He’s apparently alive again. Usually when the dead come to life they start sucking down bath salts and chasing people to eat them on the streets of South Beach. Here’s the latest via the link to a story below from Al-Jazeera: Mubarak in ‘stable condition’ in hospital Oh the skits Chevy Chase could enjoy with this story if he still hosted “Weekend Update.”

by John Galt June 20, 2012 17:15 ET The common speculation, which is all that this is, is a concerted effort for QE or renewal of Operation Twist will be re-engaged by the Federal Reserve in their decision to be released around 12:30 ET today. In reality there are some issues with this and using my magic dartboard I see no reason that I can not engage in the same type of mindless attempts to win the Fed lottery like “real” financial journalists.…

by John Galt June 19, 2012 17:35 ET Per the following Reuters story at the link below: Egyptian ex-president Mubarak clinically dead: sources This wold make for one of the shortest prison sentences for modern day dictators in history and throw the entire mess back into the streets as rumors of the Egyptian elections being rigged by the military are sweeping the crowds in Alexandria and Cairo. Welcome to Obama’s Arab Spring Civil War, Version 2.12, Egyptian style.

by John Galt June 18, 2012 22:30 ET This is getting a little weird. In the dead of summer, suddenly there is a surge in FDIC bank related bank failures and a large number of them continue to be in the Southeastern U.S. despite the fact that Arizona, California, and Nevada were hit just as hard by the real estate collapse. The two charts are feature below illustrate the disparity this year versus the rest of the n ation. Click on this…

by John Galt June 18, 2012 19:15 ET From Al-Jazeera just a short time ago: The full article is available at this link: Egypt’s Muslim Brotherhood calls for protests The full text of the SCAF (Supreme Council of the Armed Forces) statement via Ahram (full story at this link): The new addendum to the 30 March, 2011 military-authored Constitutional Declaration was released late Sunday by the Supreme Council of the Armed Forces (SCAF) in the official state gazette,…

by John Galt June 18, 2012 18:30 ET Rodney King was found dead at the bottom of his swimming pool on Sunday at approximately 5:30 a.m. according to media reports. While the actions of the Los Angeles Police Department in the original beating was inexcusable and sadly repeated on Americans of all races since that time via the taser and the baton, the media created a celebrity for racial division and was one of the primary drivers in causing the massive riots…

by John Galt June 18, 2012 13:05 ET Everyone break out your ASE 1000 party hats because any day now this sucker is going to double! Or not. The massive 3+% rally is on this five year chart, uh, er, somewhere on the chart below provided courtesy of Bloomberg.com; one might want to grab a magnifying glass to find it. To quote Jim Cramer “BUY! BUY! BUY!” Because there are still thousands of suckers dying to sell to anyone…

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 17, 2012 14:35 ET The polls have just closed in Egypt and this election is just as important as the Greek elections despite popular belief. This election could well plunge Egypt either into a military dictatorship under a Mubarak stooge or worse, and Islamist v. secular civil war involving every nation in North Africa and the Middle East. —————————————————————— UPDATE 18:50 ET – From al-Ahram: 12:26 Mursi (56.4 per cent) is now ahead of Shafiq (43.4 per…

by John Galt June 17, 2012 18:30 ET Uh, someone with some money realizes that this is becoming a joke. In the old days, a rigged election or leak about “coordinated bailout” would cause the futures to skyrocket some 300-500 Dow points. Here they are getting “their boy” into office in Athens and this is all they got? (from FinViz.com) Perhaps someone actually looked at a map and realize that Ireland, Hungary, Portugal, Spain, and Italy are still on the “oh…

by John Galt June 17, 2012 12:30 ET It’s going to be a long 48 hours. Buckle up folks. Link to SKAI-TV LIVE from Greece. ———————————————————————————————- FINAL UPDATE 18:00 ET – Last update for this thread as the news now shifts to the markets overnight. Final results via a graphic from the Greek newspaper Tovima.gr: ———————————————————————————————- UPDATE 17:40 ET – Wow, what a powerful entry at the UK Telegraph Greek Election blog: 22.25 Former Chancellor Lord Lamont has spoken to Sky…

by John Galt June 17, 2012 16:50 ET **** UPDATED 17:00 ET – NO 70 MILES from Sendai per Japanese authorities not 95 as originally reported *** No Tsunami warnings as of yet but holy cows the folks working in Fukushima have to be freaking out every time a big one like this occurs. More details at the USGS website at this link.

by John Galt June 17, 2012 15:15 ET And in his usual direct, factual, and intellectual manner, Ambrose Evans-Pritchard delivers a blunt bit of honesty to address the insanity which will follow in the weeks and months ahead in his column from tonight’s U.K. Telegraph: Greece will have to leave EMU whoever is elected (Click on the title above to read the article in full) The following excerpt sums up the instability the world is about to experience quite nicely:…

by John Galt June 17, 2012 09:55 ET It’s just too classic to pass up. Too bad the world doesn’t understand that Merkel is much more like Gorbachev or Brezhnev than Hitler. I’ll begin my live coverage of today’s events after 1 p.m. ET here at Shenandoah.

by John Galt June 17, 2012 08:30 ET With the news of the last week, some of which I have linked to in this piece, it is amazing when one takes a step back and realizes that we truly are witnessing a world in turmoil. This is how it begins with a lack of U.S. leadership as a vacuum creates opportunity for radicals to create problems worldwide, and of course the biggest black hole in the world is in Washington, D.C. where the…

by John Galt June 16, 2012 14:30 ET “We should save our effort for a second revolution.” - Saeed, a butcher in Cairo on today’s Presidential Elections Stability? Peace? An Arab Spring which Conservative commentator Bill Kristol and President Obama agreed on being in the best interest of the region and people of Egypt? It would not be so laughable if it were not for the rapes, murder, torture, religious persecution, and cruelty being inflicted on the citizens of Egypt at…

by John Galt June 16, 2012 07:25 ET The FDIC has been busy this month with a total of 7 failures in just two weeks. The three banks were in Florida, Georgia, and Tennessee with the first two states on the list continuing to be the hardest hit. CalOkie will update my readers on Monday June 18th with his latest series of charts and information as something is amiss for the activity to tank then suddenly take off as it has. To read…

by John Galt June 16, 2012 07:15 ET Prince Nayef bin Abdulaziz Al Saud, who became heir to the throne last year at the age of 78, has passed away. He was also the head of the country’s interior ministry and considered a hard core traditionalist willing to work with Western governments while demanding non-intervention from world powers in Saudi Arabian affairs. The Crown Prince’s passing now brings a wee bit more instability to the region as the new successor must be found…

by John Galt June 14, 2012 22:30 ET From Bloomberg tonight: Ex-Soros Adviser Fujimaki Says Japan to Probably Default by 2017 <excerpted> Investors should buy assets in U.S. dollars and other currencies of strong developed nations because Japan may default within five years, said Takeshi Fujimaki, former adviser to billionaire investor George Soros. “Japan is likely to default before Europe does, which could be in the next five years,” the president of Fujimaki Japan, an investment advising company in Tokyo,…

by John Galt June 14, 2012 19:30 ET Tonight’s commentary and analysis by Mr. Pritchard via the U.K. Telegraph is another home run: Dutch disease The terrifying start of the article is enough to make this piece required reading because it compliments my earlier writings about Austria, Switzerland, etc. and the issues hitting those nations along with the idiocy of the EU/ECB policymakers: As if matters were not bad enough already in Euroland: Dutch retail sales collapsed by 11pc…

by John Galt June 14, 2012 12:00 ET First and foremost, this is just an advisory of what my personal plan of action will be over the next 120 hours and not a recommendation for anyone to repeat or engage in any of these actions, especially if they can not afford to do so. There is not guarantee that this is the weekend where the events in Europe and the Middle East create the ultimate storm of financial disruption which washes over the…

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 13, 2012 05:10 ET Wow. From Bloomberg TV: 1 year (364 day) Italian bond auction this morning- on May 11th auction went off with a 2.34% yield This morning with a 3.972% yield. Can you smell the pizza burning in that Italian kitchen? They may have sold all €6.5 billion put out for bid, but to have yields blow out by over 1.6% is a failure in anyone’s book because it means that increasingly, investors…

by John Galt June 12, 2012 21:35 ET I’ll let the reader decide. The stupid #!&@ing town in Massachusetts gets my vote. Paying for profanity: wwlp.com

by John Galt June 12, 2012 17:50 ET The reports of capital controls being implemented should Greece leave the Eurozone have been flying throughout the internet over the last twenty-four hours, leaving many to wonder if the European Union is about to descend into the status of a large latte sipping banana republic. Switzerland’s central bank (SCB) is already rumored to have a plan in place to freeze all incoming funds at their borders and penalize anyone attempting to convert deteriorating Euros into…

by John Galt June 12, 2012 16:10 ET Uh, paging the Pentagon and Obama regime, your doorbell is ringing. From PressTV in Iran: Iran set to build nuclear-powered submarines: Commander <excerpted> In a Tuesday interview with Fars news agency, Rear Admiral Abbas Zamini pointed to the Iranian Navy’s plan to build super-heavy nuclear-fueled submarines, saying, “Since we possess peaceful nuclear technology, therefore we can also put on our agenda the construction of propulsion systems for nuclear submarines.” Zamini expressed…

by John Galt June 11, 2012 23:30 ET There is this early optimism among the Republicans of this Republic along with the utter disdain and disgust from independents that President Barrack Obama will be departing the White House after the upcoming election. The problem with this line of thinking is that this is no ordinary administration. Obama’s regime was not designed by the typical Democratic Party operatives nor the usual liberal suspects. America was under assault back in the 1980′s the minute Ronald…

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Monthly Archives: June 2012

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