Implode-Explode Heavy Industries news feed

Yet another massive nail in the dollar's coffin

Fri, 06 Dec 2013 20:50:40 GMT

It was a Memorandum of Understanding signed by representatives of the Singapore Exchange and Hong Kong Exchange. Their aim-- to combine their forces in rolling out more financial products denominated in Chinese renminbi.
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We'll soon see more financial products-- oil, gold, Fortune 500 corporate bonds, etc. denominated in renminbi and traded in Asia. And as trade in these renminbi products grows, the dollar will be closer and closer to its reckoning day.

Eyes Turn To The Fed As Unemployment Rate Falls To 5-Year Low

Fri, 06 Dec 2013 20:27:25 GMT

"It's a significant report for the Fed to decide whether to begin winding down its bond-buying stimulus program," NPR's Yuki Noguchi tells Morning Edition. "They've been buying $85 billion a month in mortgage-backed securities, which is basically like a money spigot, putting money back into the economy. And they've been debating when to turn that money spigot off."
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While the November jobs report is largely positive, MarketWatch notes that there are some caveats: "As many as one-fourth of the jobs created last month could reflect seasonal hiring that will dissipate after the holidays. And the number of long-term unemployed -- people out of work for at least six months -- was basically unchanged in November at 4.1 million''

Grant Williams - Twisted (By The Pool) (Gold manip., and much more)

Fri, 06 Dec 2013 16:35:40 GMT

``If we assume it is a given that, when offered an opportunity to manipulate a price in order to generate huge profits, a group of banks will take it; and if we assume that, just as the five-year investigation into silver markets managed to uncover no evidence whatsoever of price manipulation (despite some overwhelming evidence to the contrary, including Andrew Maguire's now-infamous mind-reading exercise), that the investigation into manipulation of the London Gold Fix will also end up without any charges being laid; then one could argue that the manipulation has been proven, along with government complicity. ''

Jim Rickards: Decline of the Petrodollar System is Good for Gold

Fri, 06 Dec 2013 00:48:08 GMT

``There is ... a newly emerging alliance among Saudi Arabia, Israel, Egypt, and Russia. The new alignment will have no particular use for US dollars and no reason to support them. This turn of events marks the beginning of a significant diminution in the role of the dollar in the international monetary system. Since the price of gold is, in large part, simply the inverse of the value of a dollar, the decline of the dollar will presage a major increase in the dollar price of gold.''

Japan Salaries Extend Slide as Inflation Begins to Take Root

Thu, 05 Dec 2013 23:01:17 GMT

``The slide in wages threatens living standards as consumers face the prospect of sustained inflation on top of a sales-tax increase in April next year. As a weaker yen helps boost company profits, the focus is turning to salary talks early next year that may determine the success of Prime Minister Shinzo Abe's bid to reflate the world's third-largest economy.''

SEC is Keeping Shareholders in the Dark on Corporate Political Spending Disclosure

Thu, 05 Dec 2013 23:00:25 GMT

``Last week, the S.E.C. unwisely removed from its regulatory agenda a plan to consider a rule to require public companies to disclose their political spending -- even though the case for disclosure is undeniable... Without disclosure, shareholders have no way to assess whether corporate political spending benefits them, and every reason to believe it is fraught with risks to the corporate brand, business reputation, the bottom line and, by extension, shareholder returns.''

Andy Meisner Takes GSE Tax Fight From The Courtroom To The Halls Of Congress

Thu, 05 Dec 2013 22:13:36 GMT

Other than Ingham County Register of Deeds Curtis Hertel, Jr,.Oakland County Treasurer Andy Meisner is only other politician in the American Midwest that is actually doing something to combat the rigged U.S. housing system that has done absolutely nothing but screw homeowners since the Great Recession began in 2008.

Gold Declines Third Time in Four Days on Fed Taper Speculation

Thu, 05 Dec 2013 21:33:23 GMT

``Gold futures declined for the third time in four days as U.S. economic data reinforced concern that the Federal Reserve will begin trimming stimulus measures, curbing demand for precious metals as a haven. The U.S. expanded at 3.6 percent rate in the third quarter, up from an initial estimate of 2.8 percent, while jobless claims unexpectedly declined to the lowest level in more than two months as of Nov. 30, separate government reports showed today. '' -- The data is probably mostly manipulated, but oh well, it's more important to create a perception of prosperity for just a little longer!

Deutsche Bank quits commodities under regulatory pressure

Thu, 05 Dec 2013 21:09:08 GMT

``Deutsche Bank pulled the plug on its global commodities trading business on Thursday, cutting 200 jobs as it becomes the first major bank to exit the once lucrative sector due to toughening regulations and diminished profits. Germany's largest bank, which was one of the top-five financial players in commodities, will cease energy, agriculture, base metals, coal and iron ore trading, it said in a statement, retaining only precious metals and a limited number of financial derivatives traders.''

US fast-food workers staging nationwide strike

Thu, 05 Dec 2013 19:43:15 GMT

``Fast-food workers across the US are staging a 24-hour strike in protest against low wages, organisers say. Walkouts were reported in New York, Chicago, Washington DC, and also Detroit, Michigan; Raleigh, North Carolina; and Pittsburgh, Pennsylvania.''

JPMorgan Chase Cyberattack: Almost Half A Million Corporate Customers' Data Breached, Bank Warns

Thu, 05 Dec 2013 19:00:37 GMT

Personal information of nearly half a million corporate and government clients who hold prepaid cash cards issued by JPMorgan Chase & Co. (NYSE:JPM) may have been compromised in a cyberattack that took place on the bank's network in July, the bank warned on Wednesday.

Déjà vu: Holder deal risks another mortgage crisis

Thu, 05 Dec 2013 18:59:09 GMT

Administration forcing bank to fund loans people can't afford

New home sales rose 25% in October

Thu, 05 Dec 2013 15:04:11 GMT

New home sales rose 25% in October, suggesting that a critical sector of the economy is continuing to gain strength as the end of the year approaches.
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The question mark is when household formation will rebound, after an extended shortfall, Levenson said. The number of households has historically risen by about 1.5% a year, as young people graduate from school or college and leave their parents' homes, according to Census data. That rate fell by two-thirds during the recession.

Gold as Part of Gresham's Law for Interest Rates - Tom Fischer (interviewed)

Thu, 05 Dec 2013 15:02:04 GMT

``So, gold is in backwardation when its interest rate, which is also called the "gold lease rate", is higher than that of the Dollar. The question is now: why should the interest rate of gold be higher than that of the Dollar? In my opinion, the answer is obvious: gold is the much better currency, so, you should have to pay up to get a loan in it. I would call this a version of Gresham's Law for interest rates.''

Biden gets sharp rebuke in China

Thu, 05 Dec 2013 14:51:48 GMT

``A meeting between Biden and China's President Xi Jinping scheduled for only 45 minutes this week turned into a two hour ordeal and ended with the US senator-turned-second-in-command offering brief remarks but answering no questions before a press scrum in Beijing.''

How to Hide Your Gold and Silver - Mike Maloney

Thu, 05 Dec 2013 04:09:20 GMT

``For gold and silver bullion buyers, the question arises of where to take delivery of and safeguard your precious metals. ''

Grant Williams - Gold "Fix" Investigation Will Precipitate Market "Reset"

Thu, 05 Dec 2013 04:07:25 GMT

``It's not just a slap on the wrist and it's not just a fine that's going to be handed out -- the gold is going to be gone. The gold is not going to be there. The gold is going to be in very, very strong hands. The gold is going to be in China, India, and in wealthy individuals' private vaults. And there is really not much you (the West) can do about that unless you get kind of crazy and start confiscating gold, but that's really not going to work in the East. People aren't going to let governments confiscate their gold in the East. So what do you do? You have to reset this thing (gold) much, much higher, and I suspect ultimately that's what will have to happen."''

Korea Exchange to begin physical gold trading

Thu, 05 Dec 2013 04:04:06 GMT

Korea Exchange Inc. will begin physical gold trading on March 24 as Park Geun Hye's government seeks to wring tax revenue out of a market that's dominated by illegal transactions. The exchange will use 1 gram units of bullion of 99.99 percent purity to spur liquidity and delivery will be in 1 kilogram bars, the bourse said in a statement today
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South Koreans hold seven times as much gold as the 104.4 metric tons in their central bank's vaults and the majority of trading is on the black market to evade import duty and value- added tax, according to government estimates.

OECD educational report: Pisa fever is causing east Asia's demographic collapse

Thu, 05 Dec 2013 04:01:32 GMT

``Education fever causes Korean parents to scrape and save to send their children to private Hagwon schools to push up their grades and give them a chance of a good university. (Sound familiar?) These are notoriously expensive. Social pressure to conform is strong. Parents simply cannot afford large families... Over-schooling is not the only reason why East Asian fertility has collapsed, but it is a big reason. There clearly comes a point when it is unhealthy. So as in all things in life, moderation and common sense are advised. And plenty of play.''

Ukraine President Yanukovych Government Survives No Confidence Vote After Surprise EU Snub, "Russian Turn"

Thu, 05 Dec 2013 03:58:29 GMT

`` the opposition missed the required vote count of 221 by a considerable margin. The Party of Regions remained loyal and defeated the motion. Its deputies all abstained from the vote -- with the exception of the one dissenter. The president's camp thus succeeded in bringing most of the doubters in its own ranks into line in time. Shortly before the vote, it was revealed that the influential head of the presidential office would remain in his post after all.''