We discuss the hell (of a profit) to be made by killing a man – and his family – as Lockheed Martin assures analysts from Deutsche Bank there is enough fear of war to maintain its deadly sales. In the second half, Max interviews Swiss banker, Egon von Greyerz about QE, gold and the economic and financial disasters wrought by central banks.
We warn against trusting bureaucrats bearing false economy as ‘shocking austerity’ and ‘bed blocking costs more than is allegedly saved. In the second half, Max interviews Daniel Hassan of the Robin Hood Minor Asset Management Cooperative hedge fund which rides the wave of trading whales with the best performance record. Having outperformed the S&P index regularly since its inception, profits are shared between the cooperative members and groups expanding the commons and the public domain.
When the phantom wealth evaporates and risk assets go bidless, cash will once again be king, for the simple reason there will be so little of it.
Occasionally it’s a good idea to step away from the daily grind to consider the larger issues we all face–for example, the future of the money we earn and the bits we invest in something we hope holds or increases its value.
At present, cash is trash: cash earns almost no yield, and in some countries it now earns a negative interest rate, meaning it costs you to park your cash in a bank.
Even cash equivalents such as one-year Treasury bonds pay almost nothing.
“In a potential future ‘cashless society’, I want Bitcoin to exist. I want something that feels roughly like electronic cash, something that can exist as a marginal counterpower outside the walled gardens of mainstream payments… And like coins, I expect Bitcoin will never become a dominant payment system. I expect it will, at most, account for 1 per cent of transactions. But that is fine. 1 per cent privacy is going to be a lifeline in any future world of 99 per cent bank surveillance.”
Many people will read this post, and posts like it, and shrug their shoulders saying that there’s always going to be corruption. True; however, there are degrees of corruption. When empires such as the U.S. attain a certain level of corruption that reaches the point in which it becomes engrained within the fabric of society, and you couple that with zero accountability for the super rich and powerful, you have the ingredients for societal collapse. We are rapidly approaching this point, and I personally don’t think there’s any way to stop it.
With all that in mind, I want to introduce readers to the Overseas Contingency Operations (OCO) account, or what is being referred to as the “war slush fund.” You know something’s bad when even Crazy John McCain calls it a “gimmick.”
- Gold looks set for second consecutive week of gains - Japan’s QE fails – Returns to zero inflation - ‘Master of the universe’ central bank speeches today - ETF and COMEX holdings fall as gold flows East - JP Morgan to be part of new gold ‘fix’ - Greeks pull €8 billion from banks - “No one knows how to solve the situation in Greece” - Bundesbank warns debt in euro zone has entered “danger zone” - UK and Irish house prices are falling … again
Today’s AM fix was USD 1,198.00, EUR 1,106.70 and GBP 805.32 per ounce.
Yesterday’s AM fix was USD 1,209.40, EUR 1,097.26 and GBP 809.23per ounce.
Gold climbed 0.65 percent or $7.80 and closed at $1,203.40 an ounce yesterday, while silver rose 0.47 percent or $0.08 at $17.05 an ounce.
In the end of day trading in Singapore, gold prices climbed 0.3 percent to $1,199.95 an ounce after reaching a high on Thursday of $1,219.40. Gold surged after news of the bombing in Yemen but prices were capped at the $1,220 level prior to a retracement of much of the initial gains.
Oil prices jumped over 6 percent at one stage and stock markets worldwide slumped yesterday after Saudi Arabia and allies carried out air strikes, which fueled worries internationally that global energy shipments may be put at risk. Read more ›