Blog Archives

NAMALEAKS -Set to go LIVE.

‘The independent TD Mick Wallace has claimed that up to 40 different individuals, including developers, solicitors, former Nama -( Opaque Irish National Asset Management Agency)- employees and business people, have contacted him with allegations of serious misconduct involving Nama
The figure may well grow even further in the coming weeks with Wallace’s establishment of Namaleaks, in conjunction with Intercept, the online forum which assisted CIA whistleblower Edward Snowden.’

Setting up of the whistleblowing site prompts fears that underbidders may sue the State

Truth About Markets – 30 July 2016

Max and Stacy in coastal Carolina with our commentary on the political conferences, Hillary Clinton, Donald Trump and more.

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It's Truth About Markets time!

It’s Truth About Markets time!

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[KR947] Keiser Report: Taxation and Comedy

We talk to financial journalist, comedian and presenter, Dominic Frisby about . . . taxation as a source of comedic material for his new stand up show, “Let’s Talk about Tax”. Max and Stacy also interview Anoush Hakimi of TrialFunder.com about crowdfunding justice.

HUGE Pullback in Physical Demand Once Silver Hit $20 – Sunshine Minting CEO Tom Power

Sunshine Walking Liberty Silver RoundSunshine Minting CEO Tom Power Joins Us For An In-Depth Insider’s Look at the Physical Silver Bullion Market.
Tom Offered Precious Metals Investors An Invaluable Look into the Retail Silver Market.
Is the Physical Silver Bullion Shortage Over – Or is This the Lull Before an Unprecedented Shortage? 

Click Here to Listen to Sunshine CEO Tom Power’s Full In-Depth Silver Interview: 

 

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Bitcoin IRA Provider Looks at Bitcoin versus Gold

Bitcoin-vs-Gold-IHB-News

As More Investors are opening up to Bitcoin as a viable option for for their IRA or 401(k)’s, we thought we would take a look at Bitcoin versus Gold when it comes to investing. You can also get our FREE Bitcoin Investor Guide for more information.

Bitcoin as an investment?

It’s natural for economists to give gold a better score when comparing Bitcoin versus Gold for investment purposes. Gold has been studied, traded and invested in for over a thousands of years. It has been an integral part of human civilization for a long time and has an undeniable track record that can be traced to the earliest civilizations on earth.

So it makes sense that a majority of economists (Paul Krugman included) have more faith in the precious metal than the relatively new digital currency.

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Social Fragmentation Suits the Powers That Be

Ours is an Age of Fracture (the 2011 book by Daniel Rodgers) in which “earlier notions of history and society that stressed solidity, collective institutions, and social circumstances gave way to a more individualized human nature that emphasized choice, agency, performance, and desire.”

A society that is fragmenting into cultural groups that are themselves fracturing into smaller units of temporary and highly contingent solidarity is ideal for Elites bent on maintaining political and financial control.

A society that has fragmented into a media-fed cultural war of hot-button identity-gender-religious politics is a society that is incapable of resisting concentrations of power and wealth in the hands of the few at the expense of the many.

If we set aside the authentic desire of individuals for equal rights and cultural liberation and examine the political and financial ramifications of social fragmentation, we come face to face with Christopher Lasch’s insightful analysis on The Revolt of the Elites and the Betrayal of Democracy (1996 book).

“The new elites, the professional classes in particular, regard the masses with mingled scorn and apprehension…. Middle Americans, as they appear to the makers of educated opinion, are hopelessly shabby, unfashionable, and provincial, ill informed about changes in taste or intellectual trends, addicted to trashy novels of romance and adventure, and stupefied by prolonged exposure to television. They are at once absurd and vaguely menacing.”

Though better known for his book on the disastrous consequences of consumerism in an era of economic stagnation, The Culture of Narcissism:American Life in an Age of Diminishing Expectations, Lasch’s The Revolt of the Elites and the Betrayal of Democracy is the more politically profound analysis, as it links Elite dominance of the media, higher education and cultural narratives to the erosion of democracy as a functioning institution.

Extreme concentrations of wealth and power are incompatible with democracy, as Elites buy political influence and promote cultural narratives that distract the citizenry with emotionally charged issues. A focus on individual liberation from all constraints precludes an awareness of common economic-political interests beyond the narrow boundaries of fragmenting culturally defined identities.

In a society stripped of broad-based social contracts and narratives that focus on the structural forces dismantling democracy and social mobility, the Elites have a free hand to consolidate their own personal wealth and power and use those tools to further fragment any potential political resistance to their dominance.

The Elites have successfully revolted against the political and economic constraints on their wealth and power, and now the unprivileged, unprotected non-Elites are rebelling in the only way left open to them: voting for anyone who claims to be outside the privileged Elites that dominate our society and economy.

As long as the American public chooses to focus on individual liberation and consumerist expressions of “freedom,” the Elites will have a free hand politically and financially.

The Powers That Be excel at claiming they are busy reforming a broken system,even as they co-opt, water down or outlaw any real reform that threatens their concentrations of wealth and power: Why Our Status Quo Failed and Is Beyond Reform.

Precisely what does individual “liberation” mean in a neofeudal society of indebted financial serfs?

My new book is #4 on Kindle short reads -> politics and social science: Why Our Status Quo Failed and Is Beyond Reform ($3.95 Kindle ebook, $8.95 print edition)For more, please visit the book’s website.

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Trump, Clinton, “Ugliest” Election Coming – Gold’s “Summer Doldrums” Prior To Resumption of Bull Market

The Trump and Clinton election is set to be one of the “ugliest” and “messiest” U.S. elections ever, astute gold analyst Frank Holmes warned this week. He believes this is a reason to own gold and will be one of the factors that will see a resumption of gold’s bull market after the summer doldrums which we explore below.

CLEVELAND, OH - JULY 21: Republican presidential candidate Donald Trump delivers a speech during the evening session on the fourth day of the Republican National Convention on July 21, 2016 at the Quicken Loans Arena in Cleveland, Ohio. Republican presidential candidate Donald Trump received the number of votes needed to secure the party's nomination. An estimated 50,000 people are expected in Cleveland, including hundreds of protesters and members of the media. The four-day Republican National Convention kicked off on July 18. (Photo by John Moore/Getty Images)

Republican presidential candidate Donald Trump delivers a speech at the Republican National Convention on July 21, 2016 (Photo by John Moore/Getty Images)

Gold is now in the “summer doldrums” prior to the seasonally stronger period of the Autumn when gold tends to perform best – especially in the month of September (see seasonal chart below). Holmes believes the bull market will resume soon due to the very strong fundamentals including “low-to-negative bond yields around the world. (Between $11 trillion and $13 trillion worth of global sovereign debt currently carries a negative yield.)” and of course heightened geopolitical risk including in the U.S.

He writes:

“Looking more Las Vegas casino than Oval Office, the stage Donald Trump delivered his nomination acceptance speech from Thursday was all gold, from the stairs to the podium, completely befitting of his showman-like style. Whether you support or oppose Trump, it’s time to face reality. This is really happening, and we should all brace ourselves for what will surely be one of America’s messiest, ugliest general election seasons.

Only time will tell which candidate will be triumphant in November, but in the meantime, one of the winners might very well be gold, which has traditionally attracted investors in times of political and economic uncertainty. In the United Kingdom, which voted one month ago to leave the European Union, gold dealers are seeing “unprecedented” demand, especially from first-time buyers. Some investors are reportedly even converting 40 to 50 percent of their net worth into bullion, though that’s not advisable. (I always suggest a 10 percent weighting, diversified in physical gold and gold mining stocks.) In Japan, where government bond yields have fallen below zero and faith in Abenomics is flagging, gold sales are soaring.

It’s not unreasonable to expect the same here in the U.S. between now and November (and beyond).”

GoldCore: Seasonality of Gold and Silver

GoldCore have long pointed out that the summer months frequently see seasonal weakness as has been the case in recent years and since gold became a traded market in 1971. Gold and silver often see periods of weakness in the summer doldrum months of May, June and July.

Gold’s traditional period of strength is from early August into the autumn and early winter. Thus, early August is generally a good time to buy after the seasonal dip.

Next week, we commence August trading and August along with September and November, are some of the best months to own gold.

Late summer, autumn and early New Year are the seasonally strong periods for the gold market due to robust physical demand internationally. This is the case especially in Asia for weddings and festivals and into year end and for Chinese New Year when voracious China stocks up on gold.

Gold’s weakest months since 1975 have been June and July. Buying gold in early August has been a good trade for most of the last 40 years and especially in the last eleven years, averaging a gain of nearly 11% in just six months after the summer low.

Thackray’s 2011 Investor’s Guide notes that the optimal period to own gold bullion is from July 12 to October 9.

Holmes is the CEO and chief investment officer of U.S. Global Investors and is one of the better gold analysts out there. He shares our view regarding the summer being an optimal time to buy gold. Read more here.

[KR946] Keiser Report: Global Energy Crisis

We talk to Gregor Macdonald of Gregor.us and the TerraJoule newsletter. We discuss energy transition, San Diego’s 2035 plan, walkable cities, and urban burbs. They also examine Saudi Arabia’s plan to float Saudi Aramco and go solar.

Double Down: Central Banks and the Communist Manifesto

China’s currency, the yuan, has been tumbling, and yet, investors are allegedly ‘unperturbed.’ Are these so-called investors right to put their faith in the new openness of the People’s Bank of China in managing the decline? Whilst financial journalists and the investors who read them may be ‘unperturbed,’ Chinese citizens are preparing for a massive devaluation in the yuan and we can see that in the metals markets. Double Down talks to Valentin Schmid of the Epoch Times about the chances for a big devaluation and about the relationship of central banking to the Communist Manifesto.

Click this image to listen!

Click this image to listen!

Will Any Future POTUS Matter (Other Than Launching More Wars)?

We are already experiencing the powerlessness of POTUS.

We all know the POTUS (President of the United States) has the power as Commander-in-Chief to engage the nation in senseless, costly, needless wars.We also know the POTUS has a media-saturated bully pulpit to set an agenda and fashion a cultural tone for the nation.

But beyond the power to wage war and dominate the media spotlight, does the President have the power to solve the structural problems that are eroding the nation’s economy and social contract?

This chart summarizes one such problem: wage earners are receiving a diminishing share of the nation’s output (GDP):

A second related problem is the national income that is flowing to wage earners is increasingly flowing to the top 5%:

If the president can’t solve the nation’s systemic problems, then he/she no longer matters. The President, outside of declaring war, is nothing but a source of “news” chum for the media feeding frenzy aimed at grabbing eyeballs to maximize advertising revenues for the media’s corporate owners.

Analyst Gail Tverberg explained why the political machinery of POTUS cannot change the downward trends in household earnings in a series of insightful essays, most recently Overly Simple Energy-Economy Models Give Misleading Answers.

Tverberg considers the costs of finance/debt and complex hierarchies in the matrix of energy production and consumption, and references the work of Joseph Tainter on the systemic impact of the rising cost of complexity.

In a similar vein, I have often mentioned The Upside of Down: Catastrophe, Creativity, and the Renewal of Civilization by Thomas Homer-Dixon.

In summary: successful civilizations generate sufficient surplus to invest in complex hierarchical communication-command-control mechanisms which boost productivity and generate additional surplus. The cost of these complex systems continually rises while the increases in production eventually plateau and decline in an S-Curve:

The net result is a society with higher costs and diminishing returns. Eventually the costs of maintaining the status quo exceed the benefits of maintaining the status quo hierarchy and the society decays and collapses.

My own work has focused on two dynamics of the cost of increasingly unproductive complex systems. One is privilege, which can be defined as unearned wealth and power. Privilege is by definition unproductive, and a drain on the economy and society. Once the privileged class (i.e. the protected class that shifts risks and taxes to the unprotected/non-elite classes) expands and social mobility decays, the economy collapses under the dead weight of the privileged class.

I covered the history and dynamics of this process in The Lesson of Empires: Once Privilege Limits Social Mobility, Collapse Is Inevitable (April 18, 2016).

The second dynamic is the destructive consequences of a self-serving political-financial elite that is structurally incapable of real reform because real reform will collapse the high-cost structures that enable the concentration of wealth and power.

I explain these dynamics in Why Our Status Quo Failed and Is Beyond Reform.

I know this runs counter to the media-supported delusion that POTUS is the most powerful person on Earth, but in reality it no longer matters who’s president. The inevitable collapse of a debt-based model of complexity, energy extraction and consumption is already baked in.

The only potentially positive role of any President would be to downsize the unrealistic expectations of the citizenry to align with real-world dynamics. But downsizing expectations doesn’t get you re-elected, so the political reality is that future presidents will no longer matter in terms of solving the critical problems we face in the coming decades.

We are already experiencing the powerlessness of POTUS: the campaign for the office of President has already been reduced to two poor players that strut and fret their hour upon the stage, a tale told by an idiot media, full of sound and fury, signifying nothing.

My new book is #3 on Kindle short reads -> politics and social science: Why Our Status Quo Failed and Is Beyond Reform ($3.95 Kindle ebook, $8.95 print edition)For more, please visit the book’s website.

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Nobody Knows Who’s Paying for the Privately Funded Democratic National Convention

Screen Shot 2016-07-28 at 6.58.37 AM

To get to the Democratic National Convention, you take the subway to the AT&T Station and walk to the Wells Fargo Center. Along the way, you’ll stroll by the Comcast Xfinity Live complex, where delegates and honored guests can booze it up. You’ll also see the “Cars Move America” exhibit, an actual showroom sponsored by Ford, GM, Toyota, and others. Finally, you’ll reach your seat and watch Democrats explain why we have to reduce the power of big corporations in America.

Party conventions have always been collection points for big money. But many major corporations sat out last week’s Republican gathering for fear of Trump contamination. There’s no such reticence here in Philadelphia; in fact, it feels like they’re making up for that lack of investment.

None of this is considered money toward the convention, which is being entirely privately funded for the first time. The donors who are actually paying for the festivities in Philly are anonymous. So God (and Debbie Wasserman Shultz) only knows where it all comes from. And clearly the DNC wants to keep it that way.  

The DNC’s host committee refuses to disclose the names despite a court order, allowing corporate benefactors to hide behind anonymity.

Read more here.

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Gold Bullion Up 1.6%, Silver Surges 3.7% After Poor U.S. Data and Dovish Fed

Gold bullion was up 1.6% and silver surged 3.7% yesterday, their second consecutive day of gains, after U.S. durable-goods orders dropped sharply, adding to speculation that Federal Reserve policy makers will maintain ultra loose monetary policies. Gold and silver consolidated on those gains in Asia and in early European trading.

Silver_Gold_Bullion_July_20162016 YTD Relative Performance

Both precious metals are set for further gains in July consolidating on the gains in the first two quarters. This is bullish from a technical, momentum and sentiment perspective.

Bookings for durable goods, goods meant to last at least three years, fell a very sharp 4 per cent in June, a bigger fall than forecast and the most since August 2014.

Gold moved higher as the Fed concluded a two-day meeting, where policy makers left interest rates unchanged claiming risks to the U.S. economy have subsided.  This means there is still the possibility of very small rate increases this year. The durable goods number though shows that the U.S. recovery remains fragile at best.

Gold has climbed 26 percent this year in dollars terms and silver by 46%. Both have seen even bigger gains in most currencies and especially sterling. This is largely due to continuing ultra loose monetary policies globally and growing concerns about the financial and economic outlook.

The Fed has indicated it will hold interest rates lower for longer. Central banks have pledged even more monetary easing amid concerns over the fallout from the U.K.’s vote to leave the European Union and geopolitical risk globally. Japan Prime Minister Shinzo Abe announced plans for even more QE – 28 trillion yen ($265 billion) to help prop up the very weak Japanese economy. Read the full post here.