Thursday, December 12, 2019

Ahmadinejad Urges End To US Dollar Hegemony: “Current [World] Order Needs To Change”

from ZeroHedge:

As US re-imposes sanctions on Iran, former two-term Iranian President Mahmoud Ahmadinejad has spoken out against the current US hegemony.

As RT notes, Ahamdinejad says the dollar is one of the major pillars of US dominance over global finance and trade; calling for change in the current world order.

Facebook Opens Door to More Federal Probes by Asking Banks for Data

by Pam Martens and Russ Martens, Wall St On Parade:

Facebook is beginning to resemble one of those frat boys at a boozy party who keeps asking guys to punch him in the stomach to prove his masculinity. At a time when it’s under scrutiny on multiple continents for sharing its users’ personal information without their consent, it has decided to ask big U.S. banks to share their customers’ financial transaction information with Facebook, according to a report yesterday in the Wall Street Journal.

The Journal reported that “The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.”

GOLD RISES BY A TINY 75 CENTS TO $1210.35/SILVER WAS UP 3 CENTS TO $15.37

by Harvey Organ, Harvey Organ Blog:

SILVER’S OPEN INTEREST CONTINUES TO RISE AND IT IS CLOSE TO ITS RECORD SET IN APRIL; ALL 3 LATEST SILVER OIL RECORDS HAVE BEEN ACCOMPLISHED WITH A LOWER PRICE/CHINA TRIES TO USE MORAL SUASION IN TRYING TO STOP THE FALL IN THE YUAN/TRUMP SIGNS INTO LAW NEW SANCTIONS AGAINST IRAN AND WARNS THAT THE USA WILL NOT TO BUSINESS WITH ANYBODY THAT DISOBEYS THE GLOBAL SANCTIONS AGAINST IRAN/GOLDMAN SACHS COMMENTS THAT A CURRENCY VALUE OF 7.1 TURKISH LIRA TO ONE DOLLAR WILL CAUSE THEIR BANKS TO IMPLODE/MORE SWAMP STORIES FOR YOU TONIGHT

LBMA at the Movies: Golden Turkeys

by Ronan Manly, BullionStar:

In March of this year, the London Bullion Market Association (LBMA) released a series of short videos about various aspects of the London precious metals markets and the role the LBMA claims to plays in those markets. In the words of the LBMA:

“LBMA, the Global Authority for Precious Metals, has released five short films highlighting the pivotal role it plays in the global wholesale precious metals market by setting standards and developing market services thus ensuring the highest levels of integrity, transparency and quality.”

While calling these short clips ‘films’ is a bit ludicrous, the series of videos – which are indeed very short – are as follows, and they can be seen on the LBMA website as well as on the LBMA’s YouTube channel:

This Economist’s Research Says the Next Crisis Could Be Worse Than the Great Depression

by Jeff Clark, GoldSilver:

Mike Maloney mentioned an economist he was studying as part of his research for a new book, so I ordered one of his books.

The core message in this economist’s book pulls no punches: There is no escaping another debt-related crisis. And while he doesn’t specifically state the crisis will be worse than the Great Depression, the data he shares and conclusions he draws make that clear.

The book is Can We Avoid Another Financial Crisis? by Steve Keen, Professor of Economics at Kingston University in the UK. For those who follow economic theories, he is closely associated with the beliefs of Hyman Minsky, who some credit as providing the best explanations of the causes of financial crises.

According to Mr. Keen, there are two reasons we will have another financial crisis and that it will be nasty. Both are based on debt, but may not come from the angles you expect…

We’ll Pay All Those Future Obligations by Impoverishing Everyone (How to Destroy Our Currency In One Easy Lesson)

by Charles Hugh Smith, Of Two Minds:

The only way to pay all these future obligations is by creating new money.

I’ve been focusing on inflation, which is more properly understood as the loss of purchasing power of a currency, which when taken to extremes destroys the currency and the wealth/income of everyone forced to use that currency.

The funny thing about the loss of a currency’s purchasing power is that it wipes out every holder of that currency, rich and not-so-rich alike. There are a few basics we need to cover first to understand how soaring future obligations–pensions, healthcare, entitlements, interest on debt, etc.–lead to a feedback loop which will hasten the loss of purchasing power of our currency, the US dollar.

Mattress Firm Considers Bankruptcy to Get Out of its Real Estate Scams

by Wolf Richter, Wolf Street:

This is so thick it’s hard to believe. It’s far beyond just a Brick & Mortar Meltdown.

“I recently sold a small strip center with my last Mattress Firm,” a relieved real estate developer told me earlier this year. “It traded at a 7.1% cap rate, which is just astonishing to me. During due diligence, the buyer’s lawyers focused on every minute risk and mentioned nothing about their parent company once. So crazy.”

Mattress Firm’s parent company is Steinhoff, now a familiar name in the Enron lexicon.

Market Tops Take Time

0

by Gary Christianson, Miles Franklin:

Please, God, just one more bubble.” – Bumper sticker, Silicon Valley, 2003.

In early July 2018 I wrote about market parallels between 2000 and 2018. The link is here. The article listed the tops from the 2018 stock market bubble. An updated list follows:

Earth Changes Accelerate: What Is Causing These Record Heatwaves, Massive “Firenadoes”, Giant Dust Storms And Large Earthquakes?

0

by Michael Snyder, The Economic Collapse Blog:

Major changes are happening to our planet, and the experts are groping for answers.  In recent days some have suggested that what we are witnessing is the natural progression of “man-made climate change”, but that explanation has generally been received with a lot of skepticism.  Something truly dramatic appears to be happening to the globe, and it isn’t just because the amount of carbon dioxide in the air suddenly reached some sort of magical “tipping point”.  But without a doubt, temperatures are getting warmer.  In July, Death Valley experienced “the hottest month ever recorded on the planet”.  Over in Europe, Saturday was being billed as Europe’s “hottest day ever”, and temperatures in Lisbon, Portugal were expected to top 107 degrees both Saturday and Sunday.  On the other side of the planet, the crippling drought in Australia is devastating farms “like a cancer”, and things are so hot in North Korea that the government has declared “an unprecedented natural disaster”

GOLD DOWN $5.30 TO $1209.60/SILVER DOWN 11 CENTS TO $15.34 AND YET OPEN INTEREST IN SILVER REMAINS EXTREMELY HIGH

by Harvey Organ, Harvey Organ Blog:

DESPITE THE SILVER WHACKING, SURPRISINGLY THE SLV INVENTORY ADVANCES BY 1.034 MILLION OZ/ THE GLD INVENTORY DECLINES BY 2.06 TONNES.CHINA ANNOUNCES THAT THE GLOVES ARE OFF IN THE TRADE WAR WITH TRUMP/THE CENTRAL BANK OF ITALY HAD TO ACT AHEAD OF THE ECB TO PURCHASE BONDS ON FRIDAY/USA SET TO IMPLEMENT SANCTIONS TONIGHT AS THE IRANIANS UNDERGO MASSIVE DRILLS /LATE TONIGHT THEY STATED THAT THEY MIGHT ENTERTAIN NEGOTIATIONS/TRUMP MAY OVERRIDE ROSENSTEIN AND DECLASSIFY MOST OF THE FISA DOCUMENTS: THAT SHOULD BE INTERESTING