Vietnam’s Central Bank War on Gold
While other Central Banks publicly pretend that gold is only tradition, the Vietnam Central Bank has come out and said it is protecting Vietnam’s ever-depreciating currency. Despite their crackdown on gold transactions, at least this Central Bank is more honest with their victims than the Fed or the ECB.
Gold To Explode Higher As US Debt To Be Downgraded
James Turk believes that the Fed is no longer in the driver’s eat. The reality is the Fed is losing control. The 800-pound gorilla in the room is the US government’s horrendous deficits and addiction to debt. Only a spark is needed to get a rocket launch in physical metal prices… Perhaps that spark could come from a downgrade.
Flood of Errant Trades Is a Black Eye for Wall Street
A so-called “rogue” algorithm repeatedly bought and sold millions of shares of companies like RadioShack, Best Buy, and Bank of America. That is the official explanation being put forth by those trying to subdue the renewed attention to manipulation in the markets. Anyone who honestly believes that it was a “technology issue” should have their brains examined. It was a planned manipulation that just went off at the wrong time. The wrong time; in that, everyone was watching.
Major Wave of Municipal Bankruptcies Has Begun
San Bernardino, California, after disclosing a $46 million shortfall in the city’s budget, filed for municipal bankruptcy. One of the main problems is the high cost of the city’s union contracts which set this city, and others in the near future, for failure. Scores of other cities nationwide will eventually do the only thing that makes sense: file for bankruptcy to escape pension promises and union salaries that cannot possibly be met.
The persistent drought across the country has ravaged crops to the extremes that thousands of farmers and ranchers are on the verge of financial ruin. Farmers, who cannot harvest crops, cannot make good on loans. Food supplies across the country – for animals and humans – are literally drying up. Meanwhile, most of the American public is interested in the new Justin Bieber video where he gets beat up.
US Factory Orders Fall Again, Pointing to Softer Outlook
Officials at the Commerce Department stated that new orders for manufactured goods dropped 0.5 percent. The report showed broad weakness across industries making everything from machinery and appliances to cars and electronics. The overall decline was tempered by a 14.2-percent increase in new orders for civilian aircraft.
GM Profits Slip 41%
Now we have a better understanding why Government Motors wants sub-prime car loans. They are sinking and they are sinking fast. Yes, they made $1.5 billion in profit in the second quarter of 2012; however, how much of that was from government subsidies and other government shenanigans? Another reason to never to buy a GM car.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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