We discuss the ‘bad news’ and ‘grave concerns’ in the eurozone leading to big gold buying. In the second half, Max interviews Dan Collins of TheChinaMoneyReport.com about the trade war with China that America has already lost. They also discuss North Korea and what the assassination of Kim Jong-nam means for the region.
We discuss an EU blinded by hate and a currency unpegging from the dollar . . . watch what happens. In the second half Max continues his interview with Nomi Prins, author of ‘All the Presidents’ Bankers’, about Trump’s cabinet and advisers of the Goldman Sachs swamp.
In this episode of the Keiser Report, Max and Stacy discuss the Trump implosion that wasn’t. In the second half, Max interviews Nomi Prins, author of All the Presidents’ Bankers, about Trump’s cabinet and advisers of the Goldman Sachs swamp.
Trump and his spokespeople recently have made their opinions known on a variety of issues on which I hold strong beliefs. The three I will focus on today are: 1) Civil Asset Forfeiture. 2) Private Prisons. 3) Legalization of Recreational Marijuana. On all three of these issues, Trump has taken an authoritarian, unethical and quite unpopular position. Rather than challenge the oligarchs who’ve run this country into the ground, he’s appointed them to be his top advisors. Now he wants to make life increasingly unfree and miserable for average Americans. Not a very populist agenda.
1. Consumerism is psychological/ spiritual junk food (French: malbouffe) that actively reduces well-being (bien-etre) rather than increases it.
2. Better rather than more: well-being is increased by everything that cannot be commoditized by a market economy or financialized by a cartel-state financial machine– friendship, family, community, self-cultivation. The goal of economic and social growth should be better, not more. On a national scale, the cancerous-growth measured by gross domestic product (GDP) should be replaced with gross domestic happiness/ gross national happiness (GNH).
3. A recognition that resources are not infinite, despite claims to the contrary. For one example of many: China Is Plundering the Planet’s Seas (The Atlantic). Indeed, all the evidence suggests that access to cheap energy only speeds up the depletion and despoliation of every other resource.
4. The unsustainability of consumerist “growth” that’s dependent on resource depletion funded by financialization (i.e. the endless expansion of credit and phantom collateral). (This is covered in greater depth in my short book Why Our Status Quo Failed and Is Beyond Reform.)
5. The diminishing returns on private consumption and “bridges to nowhere” (crony-capitalist public consumption).
6. The failure of neoliberal capitalism and communism alike in their pursuit of growth at any cost.
Silver up 1.4% this week and now up 14.3% and is the best performing market YTD
Gold up 9% year to date – fourth consecutive higher weekly close and breaks resistance at $1,250/oz
Gold up 9.4% in euros year to date as Le Pen’s lead in polls widened
Gold up another 6.4% in sterling pounds year to date as ‘Hard Brexit’ looms
French and Dutch elections pose risks to Eurozone itself and the entire European Union project
Euro contagion risk on renewed concerns this week about new debt crisis due to extremely high public debt and very fragile banks in Greece, Italy and Portugal
Gold pushed to near a four month high amid heightened political uncertainty in the U.S. and the EU this morning.
Gold rose another $6.40, or 0.5%, to $1,258 an ounce and is currently set for a 1.5% gain this week. It is higher for a second day today and looks set for a fourth consecutive week of gains which is positive from a technical and momentum perspective.
All precious metals have made gains, gold, silver, platinum and palladium, as both the euro and the dollar weakened.
Silver jumped another 1% to $18.25 an ounce. Silver was set for a weekly gain of 1.3%, a ninth straight week of advances and is now 14.3% higher year to date. The best performing market in the world.
Geo-political worries and political concerns in the EU continue which is leading a flight to safety bid in gold futures market and gold exchange traded funds (ETFs) and demand for safe haven gold bullion.
The dollar looks vulnerable due to the uncertainty about US President Donald Trump and the new U.S. administration’s policies. Overnight Trump attacked China and accused the Chinese of being ‘grand champions’ of currency manipulation (see gold news below).
This alone is quite bullish for gold. It does not create confidence about trade relations between the world’s two biggest economies and it suggests that we may be about to embark on the next phase of the global currency wars.
Reduced expectations of a US rate hike in March following the release of the minutes from the US Federal Reserve’s last meeting are also helping gold.
President Donald Trump’s words, actions, and inactions can move the market – the Trump effect already moves stocks, commodities, forex, and the general economy. The Trump effect is understandable based on the fact that Trump wields huge power as the President of the United States. However, the Trump effect is being amplified in the socio-political, economic, and financial landscapes because Trump seems to thrive on controversy.
In the buildup to the 2016 elections, Trump was a constant feature in news headlines for the most controversial statements. During the campaigns, Trump made some ‘unconventional’ promises that the mass media, his critics, and political elites often dismissed as the ramblings of someone that doesn’t understand the workings of government. However, since taking the Oath of Office on January 20, Trump has set in motion the mechanisms to actualize many of his campaign promises.
Now, economists are scared that Trump could usher in a wave of uncertainty of epic proportions in the global economic and geopolitical landscapes. This post provides insights into some of the reasons economist are worried about how the global economy might fare under Trump.
A rising interest rate environment could be difficult for some bond investors. Assuming everything else remains stagnant, when interest rates rise, bond prices tend to fall, and the opposite is true. Consequently, a bond exchange-traded fund (ETF) or bond portfolios could experience volatility when interest rates are moving. On February 14, 2017, U.S. Treasury ETFs, such as the iShares 20+ Year Treasury Bond ETF (TLT) fell due to Federal Reserve Chair Janet Yellen’s comments in her speech, indicating that the Federal Open Market Committee (FOMC) was open to interest rate hikes.
According to Fed Chair Yellen, “At our upcoming meetings, the Committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate.”Read more ›
BRACE FOR IMPACT – As the DOW Sets Record High After Record High,
Market Expert David Morgan Warns A Market Crash Is Coming…
Silver expert David Morgan warns of a future stock market crash. As the stock market keeps hitting all-time highs, “the strong hands are selling to the weak hands.”
At some point, the insiders will go short, Morgan says, and the weak hands will be left holding the bag.
Morgan is bullish on both silver and gold. In the short term, Morgan is more bullish on gold.
But in the long term, Morgan sees silver bullion outperforming gold three or four to one.
The bond market has peaked, Morgan says, and the Federal Reserve is “frightened.”
There is something intuitively appealing about the idea of a gold-backed currency –money backed by the tangible value of gold, i.e. “the gold standard.”
Instead of intrinsically worthless paper money (fiat currency), gold-backed money would have real, enduring value–it would be “hard currency”, i.e. sound money, because it would be convertible to gold itself.
Many proponents of sound money identify President Nixon’s ending of the U.S. dollar’s gold standard in 1971 as the cause of the nation’s financial decline. If our currency was still convertible to gold, the thinking goes, the system would never have allowed the vast pile of debt to accumulate.
The problem with this line of thinking is that it is disconnected from the real-world mechanisms of capital flows and the way money is created in our financial system.
Oscars have been dipped in 24 karat gold since 1929
If the Oscars were made of solid gold they would weigh 330 ounces
330 ounces of gold is worth $408,210 at today’s prices (nearly €400k & £330k)
Oscars cannot be sold, making them a tricky investment piece
Steven Spielberg keeps his gold Oscar with the Academy for ‘safe-keeping’
Shows importance of owning gold in safest ways
Price of gold has climbed from $20.67 since the first Oscars ceremony to over $1,237 today
‘We All Dream In Gold’ read the strap line for last year’s Academy Awards. This is no doubt still the case for the nominees of the 24 awards set to be given out at this Sunday’s 89th Oscars.
Since the first awards in 1929 nearly 3,000 oscar statues have been awarded to the lucky darlings of the film industry. After the teary speeches, after-parties and press junkets following their win, what is left for those who have achieved the highest-level of recognition in the film industry?
Winning an Oscar is an expensive business, studios spend millions trying to get their hands on at least one, each year. But film and celebrity is a fickle trade and few people can remember who received Oscars last year, let alone when they were first launched in 1929.
Countless observers have noted the obvious fact that the corporate media’s all-encompassing obsession with anti-Russia hysteria is partly just a shameless campaign to prevent change within the Democratic Party by blaming its loss on an outside enemy as opposed to the oligarch-coddling, corrupt disaster it nominated. While true, the strategy is far bigger than that. So called Western elites have failed miserably across the globe, and the only way to retain their undeserved positions of power (many should be in jail), is to create and promote a mindless, highly emotional, non-domenstic distraction. Enter Russia.
As markets in the US continue to hit new all-time highs, Donald Trump sees his own reflection in those ever-rising prices. Double Down talks to market analyst, Karl Denninger of Market-Ticker.org to discuss whether or not markets are euphoric simply because of Trump’s tax promises and whether or not Trump will see his own reflection when markets inevitably come crashing back down to earth. They also discuss the role of the ultimate form of corporate narcissism in the share buyback frenzy and any role this may be playing in the current rally.
Just as the “war on drugs” criminalized and destroyed large swaths of African-American and Latino communities, the “war on cash” will further criminalize the few remaining avenues to financial independence and freedom. The introduction of “entitlement” welfare in the 1960s generated a toxic dependency on the state that institutionalized worklessness, a one-two punch that undermined marriage and family in America’s working class of all ethnicities.
The “war on drugs” launched in the 1970s turned millions of American males into felons with severely restricted rights and opportunities in mainstream America.
Now we see the same destructive pattern repeating with “disability” being the new “welfare” and “legal” synthetic heroin (oxycotin etc.) being the new street-smack that lays waste to entire communities. Once you’re dependent on the state for disability and synthetic smack, you are owned by the government, lock, stock and barrel.
When the temptation to sell your $3 Medicaid prescription for synthetic smack for a quick $1000 becomes too much to resist, bang, you’ve got a one-way ticket into the Hell of America’s criminal “justice” system. Do you see the pattern? Offer the blandishments of “free money” and nearly free synthetic smack, and the vulnerable populace is quickly reduced to a dependent state of worklessness and addiction.
Needless to say, an addicted, ill, workless populace that is herded into the grinder of the criminal justice system isn’t going to create any political resistance. They have their hands full just trying to stay alive and avoid being sucked into the voracious maw of the criminalization meat grinder.