Tuesday, September 28, 2021

“It’s Too Late” – 7 Signs Australia Can’t Avoid Economic Apocalypse

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from Zero Hedge:

AUSTRALIA has missed its chance to avoid a potential “economic apocalypse”, according to a former government guru who says that despite his warnings there are seven new signs we are too late to act.

The former economics and policy adviser has identified seven ominous indicators that a possible global crash is approaching — including a surge in crypto-currencies such as Bitcoin — and the window for government action is now closed.

The Ugly Truth About the Minimum Wage

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by James Corbett, The International Forecaster:
And just to add extra salt to the wounds of those who are fighting for $15, those corporate mega-chains are increasingly turning to a 21st-century option for ridding themselves of the low-wage worker problem once-and-for-all: automation.

OK, here’s an idea no one’s thought of before. You know how fast food workers are organizing in the US right now to fight for a $15/hour minimum wage? That’s stupid. They’re still going to be just scraping by on a wage like that. So why not make it something that’ll really make a difference? Why not $150/hour?

The Inevitability Of DeGrowth

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by Charles Hugh Smith, via Peak Prosperity:
Even though we don’t know precisely how the future will unfold, we know a few things about it:

Of the 7.5 billion humans on the planet, virtually every individual wants to enjoy a high-energy consumption “middle-class” lifestyle. As a generous estimate, 1.5 billion people enjoy a high-energy consumption lifestyle today; the remaining six billion are aspirants hungry for all the goodies enjoyed by the 1.5 billion—all goodies based on affordable, abundant energy.

Keiser Report: Trump’s Agenda (E1094)

from RT:

In this episode of the Keiser Report from Mexico City, Max & Stacy discuss the Democrats lobbying for Trump’s agenda. In the second half, Max interviews economist and journalist Guillermo Barba about Bitcoin, gold, and the Mexican economy.

CHRONIC CRISES NEXT FOR YELLEN AND THE FED

by Egon Von Greyerz, Gold Switzerland:
“The report of my death has been grossly exaggerated” are words that Janet Yellen is likely to utter within the next few years. It was of course Mark Twain who said it over 100 years ago, before the Fed even existed. Yellen has recently stated that there won’t be another financial crisis in her lifetime and she will most likely have to eat those words in coming years. We know that the Fed’s record of economic forecasting has been abysmal. They have never forecast or anticipated a single economic downturn. Here is what Greenspan said in 2010: “We didn’t forecast better because we can’t”.

Well there we have it from the master himself of both Fedspeak and gobbledygook. For over a century the Fed has not anticipated any of the major economic or financial events that have plagued the world. Instead of predicting these events, the Fed has actually caused most of the economic downturns or financial crashes.

US Being Isolated, Petrodollar Ending, + Viewer Questions! | Jim Willie

from FinanceAndLiberty:

A trade conflict is brewing between the U.S. and Germany, Dr. Jim Willie says. “The United States is now a fascist nation.” Fascists cut across party lines and make up 75 percent of the government, Willie says. He says fascists have a tendency to alienate and defraud their allies, and the U.S. is no different. The United States is imposing sanctions on German companies working on a pipeline between Germany and Russia. Willie says these actions have crossed the line for Germany and a trade conflict is ahead. Germany will move East, he forecasts. This will further the United States’s isolation and the destruction of the U.S. dollar.

July 7, 2017 – Weekly Wrap-Up with Eric Sprott

from Sprott Money:
This week, Eric Sprott discusses the latest economic news as well as the ongoing Central Bank market interventions.

Our Ask The Expert interviewer Craig Hemke began his career in financial services in 1990 but retired in 2008 to focus on family and entrepreneurial opportunities. Since 2010, he has been the editor and publisher of the TF Metals Report found at TFMetalsReport.com, an online community for precious metal investors.

Click HERE to Listen

CME Stays Silent on Cause of COMEX Silver Price Glitch

by Ronan Manly, BullionStar:
Silver futures prices on the COMEX futures trading platform briefly plummeted at approximately 7:06am Singapore time yesterday, with the price for the front month (most active) September silver contract falling from a US$16.06 quote down to a low of US$14.34 all within a 1 minute interval. The futures price then recovered nearly all of its losses in the subsequent 2-3 minute period. High to low, this COMEX silver futures contract saw its price fall by just over 10.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, before rebounding nearly 11{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

During this time when the COMEX price crashed, there was nothing fundamentally happening in the wider financial markets, or indeed in the physical silver market, to justify these price gyrations in COMEX silver futures prices. Which all goes to show that the COMEX ‘paper’ futures silver prices is completely detached from the physical silver market, and that COMEX silver futures prices have no anchoring in the real silver market.

Consumers and Businesses Buckle under their Debts

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by Wolf Richter, Wolf Street:
Bankruptcies surge as the “credit cycle” exacts its pound of flesh.

Commercial Chapter 11 bankruptcies – an effort to restructure the business, rather than liquidating it – jumped 16{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year in June to 581 filings across the US. Total commercial bankruptcies of all types, by large corporations to tiny sole proprietorships, rose 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year to 3,385 filings, according to the American Bankruptcy Institute. This was up 39{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from June 2015 and up 18{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from June 2014.

Commercial bankruptcies topped out at 9,004 in March 2010. By that time, credit conditions had been easing for a year, and liquidity was chasing yield. Not much later, even zombie companies – if they were large enough – were able to refinance their debts and borrow more to fund their operations and keep creditors happy. Bankruptcies fell sharply: In September 2015, they bottomed out at 2,217 filings.

JULY 7/RAID!!

GOLD: $1210.40 DOWN $13.40 Silver: $15.43 DOWN 53 cent(s)
from Harvey Organ:

In silver, the total open interest SURPRISINGLY ROSE BY A TINY 344 contract(s) UP to 207,805 WITH THE SMALL RISE IN PRICE THAT SILVER DELIVERED WITH YESTERDAY’S TRADING (UP 8 CENT(S) ON TOP OF THE CONSTANT TORMENT THESE PAST FEW WEEKS including today.

In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0390 BILLION TO BE EXACT or 149{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 292 NOTICE(S) FOR 1,460,000 OZ OF SILVER

In gold, the total comex gold SURPRISINGLY ROSE BY A HUGE 9974 CONTRACTS DESPITE THE TINY RISE IN THE PRICE OF GOLD ($3.40 with YESTERDAY’S TRADING). The total gold OI stands at 472,831 contracts.

we had 3 notice(s) filed upon for 300 oz of gold.

Read More @ Harveyorganblog.com