from The Still Report:
from The Still Report:
by Jim Rickards, DailyReckoning:
Since its beginning in 1999, the G20 had been a mere finance ministers’ meeting. But when the Panic of 2008 hit, President George W. Bush and President Nicolas Sarkozy of France were instrumental in changing the G20 to the leaders’ meeting it is today.
The Panic of 2008 was one of the greatest financial catastrophes in history. In the aftermath of the Lehman Brothers collapse in September 2008, attention turned to a previously scheduled G20 meeting of finance ministers in November.
At the time, the G7 was the leading forum for economic coordination, but China was not in the G7 and its help would be needed to bail out the global economy.
Once China was included, the door was open to other large emerging markets economies, such as India and Brazil. The guest list was expanded and the G20 leaders’ summit was born.
by Alasdair Macleod, GoldMoney:
Gold and silver continued to drift lower this week, with gold falling $20 from last Friday’s close to $1220 in early European trade this morning (Friday), and silver by 75c to $15.87. At this level, silver has lost almost all the gains of 2017, though prices bottomed last December.
The fall in prices has continued after the end of the half year, when the bullion banks have had a history of suppressing prices to window-dress their books. Doubtless a reason will be concocted to justify this price action, and favourite must be the deflationary effects of the Fed running off its mega-balance sheet. But this is to misread the current fragility of the system. We can state categorically that the US and global economies are simply debt junkies, needing increasing amounts of debt, or they die. Does anyone seriously think that the Fed and the other central banks will let this happen?
by Wolf Richter, Wolf Street:
Tougher for workers, rougher for the economy.
The employment data released today beat expectations nicely. In June the economy added 222,000 civilian jobs. April and May numbers were revised up. In total, over the past three months, nonfarm payrolls rose by 581,000 jobs.
This data will do nothing to deter the Fed from proceeding with its tightening plans. The Fed should never have cut its policy rate to zero, or kept it down that long, and it should have never engaged in QE. However, acting as lender-of-last-resort when credit froze during the Financial Crisis — when even GE and IBM had trouble borrowing to meet payroll — was essential to keep the system from collapsing. These short-term loans were not part of QE and were paid back. But the hangover of QE is still on the Fed’s balance sheet.
by S.D. Wells, Natural News:
Modern science and Western medicine can certainly save your life in certain situations, and nobody should take for granted the fact that thousands of American doctors and surgeons save lives every day in hospitals and emergency care facilities. Without hospitals, many life-threatening situations would have much worse odds of survival, especially if you are getting broken bones mended, deep wounds sewn up, having a baby, or emergency surgery for internal bleeding. The scariest part of visiting a hospital, though, is not the problem you checked in to get fixed, but ten other life-threatening “serial killers” that stalk and infect their “prey,” often killing the poorly “defended” patients, who recently checked in, but may never check out again.
We like to think U.S. hospitals are the top in the world regarding technology and safety, but what if you found out that all the advanced technology and doctor expertise in the world is useless when safety gets thrown out the window, and health hazards are coming at you right and left, crippling your immunity and threatening every organ in your body? Most people believe that a hospital is where they should go to be saved from their injuries and sicknesses, but in actuality, the odds of dying in a hospital are far greater than anyone would ever think.
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.