by John Galt May 22, 2012 17:45 ET In a not so subtle article from the newspaper Adnkronos, the crisis in Italy is far from over and might indeed be accelerating: Businesses suffering ‘credit crunch,’ report says This excerpt from the story tells of a tale of woe growing month by month: Italian businesses are facing a credit crunch,” according to a report by the national statistics agency. Last year “modest investment activity was accompanied by a growth in...
by John Galt May 14, 2012 17:35 ET Moody’s unleashed a firestorm with this release today piling on top of the Greece fire: Moody’s downgrades Italian banks; outlooks remain negative Excerpt from the official statement at the link above: The ratings for Italian banks are now amongst the lowest within advanced European countries, reflecting these banks’ susceptibility to the adverse operating environments in Italy and Europe. Today’s rating actions reflect, to differing degrees for each affected bank, the following key...
by John Galt May 13, 2012 14:40 ET As nations and empires decline into economic chaos, one of the major signs of civilian defiance is a refusal to participate in the “normal” or above ground economy and to engage in open acts of defiance towards the tax authorities. The nation of Italy has made finding alternatives to paying some of the most oppressive taxation policies an art form. The defiance however, has been moderated by the European Central Bank’s insistence on usurping the...
by John Galt April 19, 2012 23:40 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: China assisting North Korean missile program: U.S. Defense Secretary China reports bird flu outbreak NATO head calls on China, Russia to help fund Afghan forces Bashir says Sudan to teach South “final lesson by force” Italy tax police seize 20 pct of Premafin capital Forty-nine killed...
by John Galt January 13, 2012 18:00 ET And now, presenting the Tweet of the day courtesy of ZeroHedge: I think old “Tyler Durden” said it without thinking of us minions and our twisted sense of humor. However, here is S&P’s downgrade in full from their website (Click on this link to read the full damage): S&P downgrades Italy rating via Channel News Asia Posted: 14 January 2012 0508 hrs ROME: Standard and Poor’s has decided to downgrade Italy’s credit rating by two...
by John Galt January 10, 2012 05:15 ET Here we go again. The Republicans are holding their primary today in New Hampshire and like good little rally monkeys they will march to the polls and vote for a New England clone of George W. Bush because “this time it’s different” and Romney would never do any of the things that idiot Bush did. At least that’s what they would have you believe. With Alcoa reporting a quarterly loss, Italian 10 year yields over 7.10%,...
JohnGaltFLA Predictions for 2012 By John Galt January 1, 2012 – 17:00 ET I. Geopolitical Predictions 1. The United States constructs a new large military base in Columbia near the Venezuelan border in anticipation of the collapse of the Chavez regime. The new focus on South America is seen as a desire to refocus American foreign policy as the Middle East rejects any further interference from the United States. Columbia welcomes the action as it intertwines the U.S. into their internal conflicts...
By John Galt December 30, 2011 07:50 ET Buckle up. 2012 is almost here. Last year I was so-so in my predictions and for 2012 I probably will be also. If you are meek put on your Depends for this show or just assume the fetal position when the theme music stops. In the first half hour I’ll cover the news of the day, the financial news and then begin the prognostications which cover geopolitics, sports, U.S. politics, the economy, weather, and whatever else...
By John Galt December 30, 2011 – 07:43 ET While many a commentator and bubblevisionista will argue that 2011 was a “safe” year with the Dow up about 6% for the year and the S&P 500 treading water but up slightly, the decline in the NASDAQ is the lesson of the year and a warning sign for stocks in early 2012. Traditionally during an election year markets rally as the election gets closer and I expect 2012 to be no exception. While timing is...
By John Galt December 29, 2011 – 05:25 ET There is nothing Santa can do now but go home to the North Pole and melt the ice with the good Mrs. now, as the markets are totally focused on the reality of the PIIGS problems once again. The Euro is hovering and barely holding the 1.29 level as I type this, gold is moving south once again preparing to make new lows, and the yields on the 10 year Italian bond is well above...
By John Galt December 14, 2011 – 07:15 ET The current European implosion is bringing about a probable once in a lifetime opportunity which sadly might just be the last chance this decade to buy physical gold before capital controls worldwide and within the U.S. make it difficult if not impossible. The history of economic strife and plans by world governments to impose massive restrictions on the flow of funds to prevent internal collapse make gold an attractive target for seizure as political failings...
By John Galt December 4, 2011 -21:00 ET The latest nation being forced by the fiat funny money central banksters to impugn the use of and punish those who dare to use cash or eventually real money in business transactions is the new group of slaves no residing in the former great empire of Rome. From Reuters: Italy PM prepares to adopt crisis measures Think this can not happen in nations not named Zimbabwe? Read this sentence from the story by Guiseppe Fonte: Other...
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...
By John Galt November 29, 2011 – 05:25 ET This is just nasty. Brutal. Horrid. The auction for the 2022 bonds came in with at 7.56% yield and the 2014 auction at 7.89%, both of which are Euro era highs since Italy joined the Union. For Italy and the European Union this is not sustainable and oh, by the way; that’s how the Greek tragedy started. The Italian stock market was not thrilled: This could get interesting as the markets adjust to the new...
By John Galt November 21, 2011 – 07:15 ET With futures looking pretty ugly already, the blame game has begun. Blame the Spanish election. Blame the Italians. Blame the Greeks. Blame the ECB. Blame the extra-Constitutional super-committee. In reality these entities have been the problem all along, creating a nightmarish if not illegal Ponzi economy which as it implodes takes layer upon layer of their citizen’s wealth with them. The desperation expressed by the financial and political elites to preserve their power base and...
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...
By John Galt November 16, 2011 – 07:00 ET If anyone thinks the roller coaster is over with, look at this chart of the S&P futures from last night through the early morning hours and until about 6:50 a.m. EST: (all charts courtesy of ForexPros.com) So the photo at the top of this thread of the Millennium Roller Coaster or the S&P chart are pretty much identical. Please keep your hands and arms inside the car at all times and strap yourself in as...
By John Galt November 15, 2011 -06:00 ET And it’s gone. So much for that. From Bloomberg:
By John Galt November 15, 2011 – 05:15 ET (chart from INO.com) Oops. The European Union’s reserve currency is showing signs of cracking again this morning as it falls back into the 1.35 range once again and the Italian/Greek/Spanish/Irish/Portugal/Hungarian/Austrian/French debt/banking/government crisis (circle all which match today’s news) accelerates into the winter. The only thing missing is a group of alcohol filled or drug induced bums and losers marching on the stock exchanges or city halls of large cities in those nations; er, never mind,...
By John Galt November 13, 2011 – 15:20 ET Ambrose Evans-Pritchard correctly identifies the symptoms of globalist domination but no one cares because it is more important to save banksters than enjoy the freedoms provided by national sovereignty. Click on the title to read the article from tonight’s U.K. Telegraph: The great euro Putsch rolls on as two democracies fall This excerpt should wet the reader’s appetite to read even more as this is an indictment of just how bad the situation in Europe...
By John Galt November 9, 2011 – 21:25 ET From tonight’s UK Telegraph and Ambrose Evans-Pritchard: 11/9 AEP: Europe pushes Italy into the abyss No comment from me is necessary.
By John Galt November 9, 2011 – 07:30 ET Two stories caught my eye yesterday tied directly to the accelerating European crisis and the indicators that the rate of contraction is accelerating. First the U.K. newspaper, The Guardian: Europe’s banks retreat into ‘mini-crunch’ The secondary headline is the one that should raise an eyebrow: Europe’s banks are withdrawing from foreign lending in an echo of 1930s beggar-thy-neighbour economics The story highlighted the coming economic nationalism which might be interpreted as a new isolationist policy...
By John Galt November 9, 2011 – 06:15 ET UH-OH. We have an EAS test at 2 pm but on Wall Street the alarm went off early. S&P 500 futures are down a solid 26.90 as this is being typed and moving south since 0500. Meanwhile, the West’s economic future depends on a bunch of socialists who screwed their economies up to fix their economies and prevent a worldwide collapse. In the mean time, there are idiots who are trying to reassure investors around...
By John Galt November 8, 2011 – 17:30 ET I implore you, if you do have children, if you are easily offended by graphic descriptions of criminal activity involving pedophiles, if you are easily offended or sensitive, do NOT tune into the first half hour of the program tonight as I will be covering the Penn State University controversy from an angle no one in the nation has dared to say, do, or infer. I will be reading from the timeline and the indictment...
By John Galt November 7, 2011 – 08:30 ET The chart of gold this morning speaks volumes about the uncertainty in our world today: The Euro crisis shifts from Greece to Italy as the PIIGS are dominating world financial affairs. To make matters worse, the Italian crisis provides a snippet of what it will look like when Spain decides that they can not pay their bills even though the powers that be continue to insist Spain and Italy can “grow” their way out of...
By John Galt November 6, 2011 – 15:20 ET Italy is toast. The G20 decided to do nothing. The ECB/EU cartel has no definitive funding source to bail out the dying PIIGS. And it is so bad they are turning East to the Bear (Russia) to beg for money. Tonight’s editorial in the UK Telegraph by Ambrose Evans-Pritchard just begins to scratch the surface of just how screwed Italy is. Click on the title to read the article in full: Europe’s rescue fiasco leaves...
By John Galt November 2, 2011 – 08:00 ET Charts from Bloomberg.com and no commentary beyond “the panic is accelerating” is necessary beyond what each nation’s yields are telling you: Greek 1 year soars over a 230% yield this morning: Italian 10 year yield stays stubbornly above 6% despite ECB intervention: Irish 10 year yields creep past 8% again as the idea that the Hellenic contagion will spread: Lastly, French CDS spreads are expanding again and heading towards 200 points which should be a...
By John Galt October 31, 2011 – 18:30 ET Tonight’s entry from the UK Telegraph is a must read. Ambrose Evans-Pritchard reminds us of the 1970′s and 1980′s era when the world thought Europe would erupt into a red revolution and violence became a part of everyday life. Click on the link to the story below to read it in full: Italy, Europe, and Red Brigade terror
By John Galt October 4, 2011 – 16:40 ET No comment necessary other than “Thank You Captain Obvious”… From Moody’s (Click on title/link to read entire downgrade update): Rating Action: Moody’s downgrades Italy’s government bond ratings to A2 with a negative outlook Global Credit Research – 04 Oct 2011 Prime-1 ratings affirmed Frankfurt am Main, October 04, 2011 — Moody’s Investors Service has today downgraded Italy’s government bond ratings to A2 with a negative outlook from Aa2, while affirming its short-term ratings at Prime-1....
By John Galt September 13, 2011 – 05:30 ET So much for the ChiComs bailing another PIIGS nation out. Results from today’s Italian bond auction: Yield results were 5.60%, highest on record with a horrid 1.27 bid to cover. But don’t worry, the results are transitory and the situation is contained to Europe. For now.
By John Galt August 30, 2011 – 05:25 ET Analysts had projected some relief in the European financial system and the Italian markets after today’s bond auctions in Rome, but so much for that: As soon as the results came in, with a higher yield I might add, the FTSE-MIB stock index plunged -109 points after trading modestly higher most of the morning. The snapshot above is only the latest indication that the markets are still roiled over the PIIGS problems and with what...
By John Galt July 11, 2011 – 09:58 ET You would think I was talking about another campaign in the desert against the British during World War II. After all that hard work to rally towards the close on a rumor of victory over the evil banksters, well, boom, is is now down almost 1% or 141.52 as of this entry.
By John Galt July 29, 2011 A fascinating Reuters story crossed the wires this morning raising the very question of the title of this particular piece. According to the article, Italy was supposed to offer a portion of the key tranche from the European Union crisis designed bailout recently constructed for the nation of Greece. The problem with this theory is that one of the “I’s” in the PIIGS does not have an economic structure much healthier than Greece and thus the question arises...
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...
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,...
By John Galt July 25, 2011 Meanwhile in another insolvent nation: Yes, that’s right boys and girls, that is the Italian FTSE MIB Boursa and it’s down 1.27% or 246 points as I type this thanks to the realization by the world that the ECB bailout by creating more debt to pay off more debt doesn’t actually pay off the debt owed. As a result the Italian banking sector is getting whacked again and I doubt that anyone in the U.S. will be paying...
By John Galt July 24, 2011 The news flow has been rightfully focused on the growing U.S. debt ceiling crisis but meanwhile the ocean rats known as pirates continue their plunder. Reuters just published a story recently about an Italian oil tanker with 23 crew members being seized off the coast of Benin in West Africa. The world’s powers have refused to address this issue off of the Horn of Africa beyond concrete steps like those taken by China and Russia, namely termination of...
By John Galt July 5, 2011 Two fascinating stories from the same online periodical New Europe which outline the problems the Italian little PIIGSy is running into: Italy mulls four-year austerity plan EU ‘very concerned’ by Naples trash Both stories are from Sunday July 3rd, but approaching each individually is the best way to demonstrate that Italy might be primed to jump ahead of Spain in the “reasons for the ECB to panic” race to the bottom. The Italian banks were already downgraded by...
By John Galt May 23, 2011 For once, S&P is a little proactive even if they are late to the party. The bigger questions are when do they start downgrading Belgium and the other nations hiding behind the PIIGS crisis. Right now the Italian FTSE-MIB index is down 2.92% which I would consider a major bad meatball in the pasta there. The crisis is just now cranking up and as the Italian market careens towards 20,000 then 15,000 as the economic situation worsens in...
Follow JohnGaltFLA
Read all my posts, updates, Tweets, etc.