130603 – Geithner Is Key

Today’s Items:

Euro-zone Unemployment

At an official 12.2%, the euro-zone unemployment has hit a record high. The deteriorating economic conditions have top Eurocrats backing away from austerity, higher taxes, and regulations in fear of stoking a revolutionary trend among Europe’s PIGS that have the highest unemployment numbers.    So, as Germany sits at the center of this convoluted misery, that country may decide to get the hell out of the euro.

Peak Gold

As of 2010, 40% of physical gold demand was met with recycling.   According to the USGS, since 1997, gold ore grades have fallen 38% for underground gold deposits and 35% for open pit mines.   Only 1 in 6300 gold projects go into production.    This means that physical gold is getting harder and harder to find and as currencies race to the bottom, gold, along with silver, prices will go to the moon.

Physical Gold Trading

Egon von Greyerz believes that the gold price, in paper money terms, is likely to have several zeros after it in coming years.    The LBMA reported plus 25% record physical gold transactions in April – the highest level since gold peaked in September 2011.     He goes on to say that when gold takes off, it will be massive.

Wealth of Most Americans Down

The average U.S. household has recovered only 45% of the wealth they lost since the economic crisis hit in 2007.    This is very different than the Fed report earlier this year.   The Fed’s report stated Americans, as a whole, regained 91% of their losses; however, the data never adjusted for inflation and population growth.    Sadly, the poorest households have felt the sharpest losses.

Police Selling Guns From Buyback Program

In Chicago, about 20 firearms, obtained through a gun buyback program and seized by courts, will be sold to dealers.    Let’s see, they paid pennies on the dollar for the guns from the buyback program and sell them at market value?    Another example of crony capitalism.

IRS Identifies 88

First, we are told that there was no intentional targeting of groups opposing Obama.    Then, we are told that it was a few low-level employees.    Afterwards, we have the 5th being invoked.    Now, we have one of 88 IRS employees of interest, testifying they received their targeting orders from Washington.    This is obvious that the IRS Scandal extends well beyond a few low-life scum.    So, when will little lying Timmy Geithner be dragged into this since the bastard is very likely the key to the IRS scandal?

Finally, please prepare now for the escalating economic and social unrest.     Good Day!

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