Editor, Graeme Irvine
02/24/2012
Baltic Dry Index. 706 +02LIR Gold Target by 2019: $30,000. Revised due to QE programsEuropean creditor countries are demanding 38 specific changes in Greek tax, spending and wage policies by the end of this month and have laid out extra reforms that amount to micromanaging the country’s government for two years, according to documents obtained by the
02/22/2012
Baltic Dry Index. 706 -09LIR Gold Target by 2019: $30,000. Revised due to QE programsOn Tuesday morning, private and official lenders to Greece made extra concessions that should bring down Greeces debts from the levels cited in the report. But that didnt soften criticism that even a glum IMF assessment lacked credibility. Sony Kapoor, managing director of
02/21/2012
Baltic Dry Index. 715 -02LIR Gold Target by 2019: $30,000. Revised due to QE programsFirst they came for the communists,and I didnt speak out because I wasnt a communist.Then they came for the trade unionists,and I didnt speak out because I wasnt a trade unionist.Then they came for the Jews,and I didnt speak out because I wasnt
02/20/2012
Baltic Dry Index. 717 -06LIR Gold Target by 2019: $30,000. Revised due to QE programsThere is no chance that free enterprise can pick up the slack in the foreseeable future as the state is dismantled, even if premier Lucas Papademos reaches a debt deal with Germany’s Wolfgang Schäuble and staves off default in March. Germany loves Greece,
02/17/2012
Baltic Dry Index. 723 -08LIR Gold Target by 2019: $30,000. Revised due to QE programsOne of the queries Quakers are asked to consider, is: Do you maintain strict integrity in your business transactions and in your relations with individuals and organizations? Are you personally scrupulous and responsible in the use of money entrusted to you, and are
02/16/2012
Baltic Dry Index. 731 -03LIR Gold Target by 2019: $30,000. Revised due to QE programsOf all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money. Daniel WebsterGermany seems to be orchestrating the forced exit of Greece from the monetary union. Probably Portugal and Spain
02/15/2012
Baltic Dry Index. 734 +05LIR Gold Target by 2019: $30,000. Revised due to QE programsIf the Greek people or the Greek political elite do not apply all of these conditions, I think they exclude themselves from the eurozone. The impact on other countries now will be less important than a year ago.Luc Frieden, Luxembourgs foreign minister, 14/02/2012.Given
02/14/2012
Baltic Dry Index. 729 +14LIR Gold Target by 2019: $30,000. Revised due to QE programsSAN FRANCISCO (MarketWatch) -- Moodys Investors Service late Monday lowered ratings on Italy, Portugal, Slovakia, Slovenia and Malta by one notch and slashed Spains sovereign rating by two notches. The ratings agency also cut the outlook on France, the United Kingdom and Austria
02/13/2012
Baltic Dry Index. 715 +20LIR Gold Target by 2019: $30,000. Revised due to QE programsGold was not selected arbitrarily by governments to be the monetary standard. Gold had developed for many centuries on the free market as the best money; as the commodity providing the most stable and desirable monetary medium. Murray N. RothbardWith the Greek surrender
02/10/2012
Baltic Dry Index. 676 +16LIR Gold Target by 2019: $30,000. Revised due to QE programs“In short: no disbursement without implementation,” Luxembourg Prime Minister Jean-Claude Juncker said in Brussels late yesterday after chairing emergency talks of euro-area policy makers. He set another extraordinary meeting for Feb. 15. Greece has been saved (again). All that is needed to get
02/09/2012
Baltic Dry Index. 676 +16LIR Gold Target by 2019: $30,000. Revised due to QE programsThe great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice. Henry HazlittPride comes
02/08/2012
Baltic Dry Index. 660 +12 LIR Gold Target by 2019: $30,000. Revised due to QE programsMr Buiter said some creditor powers clearly wish to see Greece thrown out to set an example and teach a sobering lesson in moral hazard.Has Greece been written off by the Eurozone? From London this morning it rather looks like they have
02/07/2012
Baltic Dry Index. 648 +01 LIR Gold Target by 2019: $30,000. Revised due to QE programsWith the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people. F.A. von HayekFor the first time in about 7 weeks the Baltic
02/06/2012
Baltic Dry Index. 647 -04 LIR Gold Target by 2019: $30,000. Revised due to QE programs“But it [the boom] could not last forever even if inflation and credit expansion were to go on endlessly. It would then encounter the barriers which prevent the boundless expansion of circulation credit. It would lead to the crack-up boom and the
02/03/2012
Baltic Dry Index. 651 -11 LIR Gold Target by 2019: $30,000. Revised due to QE programsA single currency is about the politics of Europe. It is about a Federal Europe by the back door. John Major, British Conservative politician, Prime Minister 1991-1997 Another day and more of the same. Europe dithers, Greece gets nearer to exiting the
02/02/2012
Baltic Dry Index. 662 -18 LIR Gold Target by 2019: $30,000. Revised due to QE programsRecent central bank behavior, including that of the U.S. Fed, provides assurances that short and intermediate yields will not change, and therefore bond prices are not likely threatened on the downside. Still, zero-bound money may kill as opposed to create credit. Developed
02/01/2012
Baltic Dry Index. 680 -22 LIR Gold Target by 2019: $30,000. Revised due to QE programsThe European Commissioner has told us this would cost Europe half a million jobs. Now when were all fighting for jobs and for growth, to do something that would cost so many jobs does seem to me to be extraordinary.And in the
01/31/2012
Baltic Dry Index. 702 -24 LIR Gold Target by 2019: $30,000. Revised due to QE programsThe Compagnia dei Bardi was a Florentine banking and trading company which was started by the Bardi family. The Bardi company was one of three major Florentine banking companies (called super-companies by some modern scholars) that assembled large amounts of capital and
01/30/2012
Baltic Dry Index. 726 -27 LIR Gold Target by 2019: $30,000. Revised due to QE programsGermanys demands have sparked fury in Greece, with education minister Anna Diamantopoulou calling them the product of a sick imagination and finance minister Evangelos Venizelos claiming on Sunday that the country, with €350bn debts, was capable of sticking to its promises. Our
01/27/2012
Baltic Dry Index. 784 -24 LIR Gold Target by 2019: $30,000. Revised due to QE programsJohn Bull can stand many things, but he cannot stand two per cent.Walter Bagehot.For more on John Bull and two per cent scroll down to Crooks Corner. Are ultra-low interest rates helping or hurting the global economies? Is ultra-low, too low to
01/26/2012
Baltic Dry Index. 784 -24 LIR Gold Target by 2019: $30,000. Revised due to QE programs640K ought to be enough for anybody.Bill Gates, 1981 Another day, more posturing by Europe’s vainglorious inept politicians, but still no sign of relief for Club Med, nor of Club Med facing up to the reality that either they or Germany must
01/25/2012
Baltic Dry Index. 807 -34 LIR Gold Target by 2019: $30,000. Revised due to QE programsThis sucker could go down.George W. Bush. Is Greece being set up to forced default? It seems that way to me at least. The banksters can run thorugh the numbers as well as anyone, and it’s obvious that Greece has to default
01/24/2012
Baltic Dry Index. 841 -21 LIR Gold Target by 2019: $30,000. Revised due to QE programs“The boom can last only as long as the credit expansion progresses at an ever-accelerated pace. The boom comes to an end as soon as additional quantities of fiduciary media are no longer thrown upon the loan market.”Ludwig von Mises. From the
01/23/2012
Baltic Dry Index. 862 -31 LIR Gold Target by 2019: $30,000. Revised due to QE programsThe paper standard is self-destructive. Hans F. Sennholz It is the first day of the Chinese year of the dragon, and Xinhua informs us that some 30,000 sanitation workers in Shanghai are busy clearing up the rubbish from 1,000 tonnes of fireworks.
01/20/2012
Baltic Dry Index. 926 -48 LIR Gold Target by 2019: $30,000. Revised due to QE programsWhile there is an effort to engage young people via the Global Shapers initiative that will bring 70 individuals under the age of 30 to Davos this year, the forum will remain dominated by a very small slice of the top 1%.
01/19/2012
Baltic Dry Index. 926 -48 LIR Gold Target by 2019: $30,000. Revised due to QE programsThe global economy has entered a dangerous phase. The financial system of the largest economic bloc in the world is threatened by a fiscal and financial crisis that has so far eluded policy-makers’ efforts to contain it, said the bank in its
01/18/2012
Baltic Dry Index. 974 -39 LIR Gold Target by 2019: $30,000. Revised due to QE programsEuropean sovereigns and banks need to find Euro 1.9 trillion to refinance maturing debt in 2012, equivalent to around Euro 7.5 billion each business day.Italy requires Euro 113 billion in the first quarter and around Euro 300 billion over the full year,
01/17/2012
Baltic Dry Index. 1013 -40 LIR Gold Target by 2019: $30,000. Revised due to QE programsLONDON (Dow Jones)--Portuguese borrowing costs rose sharply Monday as some investors were forced to sell their government bond holdings after Standard and Poors Corp. downgraded the country to junk status late Friday. Portugal is now rated as non-investment grade by all three
01/16/2012
Baltic Dry Index. 1053 -52 LIR Gold Target by 2019: $30,000. Revised due to QE programsWhen it becomes serious, you have to lieJean-Claude Juncker. Luxembourg Prime Minister and president of the Euro Group of Finance Ministers. Confessed liar.The existing euro seems doomed this morning with Greece headed towards imminent exit and default. While the USA takes the
01/13/2012
Baltic Dry Index. 1105 -88 LIR Gold Target by 2019: $30,000. Revised due to QE programs[European Monetary Union is] a German racket designed to take over the whole of Europe ... [if you are prepared to give up Sovereignty to the EU] you might just as well give it to Adolf Hitler, frankly. Nicholas Ridley Secretary of
01/12/2012
Baltic Dry Index. 1256 -50 LIR Gold Target by 2019: $30,000. Revised due to QE programsThe finance of the country is ultimately associated with the liberties of the country. It is a powerful leverage by which the English liberty has been gradually acquired. If the House of Commons by any possibility loses the power of control of
01/11/2012
Baltic Dry Index. 1256 -50 LIR Gold Target by 2019: $30,000. Revised due to QE programs“The boom can last only as long as the credit expansion progresses at an ever-accelerated pace. The boom comes to an end as soon as additional quantities of fiduciary media are no longer thrown upon the loan market.”Ludwig von Mises. For the
01/10/2012
Baltic Dry Index. 1308 -39 LIR Gold Target by 2019: $30,000. Revised due to QE programsThe second Greece program has to be implemented soon, otherwise it wont be possible to disburse the next tranche of aid loans, Ms. Merkel told a joint news conference with Mr. Sarkozy after their meeting. Can the Euro survive, asks today’s Telegraph.
01/09/2012
Baltic Dry Index. 1426 LIR Gold Target by 2019: $30,000. Revised due to QE programsFor 2012, in the face of a delevering zero-bound interest rate world, investors must lower return expectations. 2–5% for stocks, bonds and commodities are expected long term returns for global financial markets that have been pushed to the zero bound, a world where
01/06/2012
Baltic Dry Index. 1426 -126 LIR Gold Target by 2019: $30,000. Revised due to QE programsCortina is no different from the rest of the country, a local businessman, Guido Barilla, told Corriere della Sera newspaper. The situation is worse in other parts of Italy. Its not as though tax evaders are all concentrated here. Owners of luxury
01/05/2012
Baltic Dry Index. 1552 -72 LIR Gold Target by 2019: $30,000. Revised due to QE programsFaced with the choice between changing ones mind and proving that there is no need to do so, almost everyone gets busy on the proof. John Kenneth Galbraith Will Hungary beat Greece into a default? The new imposed Greek Premier now says
01/04/2012
Baltic Dry Index. 1624 -114 LIR Gold Target by 2019: $30,000. Revised due to QE programsWe are in a world of irredeemable paper money - a state of affairs unprecedented in history. John ExterStay long physical precious metals, we are in for a year of historic change. Seven great nations plus Finland hold major presidential elections this
01/03/2012
Baltic Dry Index. 1738 LIR Gold Target by 2019: $30,000. Revised due to QE programs---- an opinion poll also due to be published in Sundays Journal du Dimanche showed 50 percent of French people thought the single currency had been a bad idea, compared with 35 percent who approved.A separate article in Saturdays Le Parisien showed the
12/30/2011
Baltic Dry Index. 1738 LIR Gold Target by 2019: $30,000. Revised due to QE programs.A large Bank is exactly the place where a vain and shallow person in authority, if he be a man of gravity and method, as such men often are, may do infinite evil in no long time, and before he is detected. If
12/29/2011
Baltic Dry Index. 1738 LIR Gold Target by 2019: $30,000. Revised due to QE programs.“When it becomes necessary for a state to declare itself bankrupt, in the same manner as when it becomes necessary for an individual to do so, a fair, open and avowed bankruptcy is always the measure which is both least dishonorable to the
12/28/2011
Baltic Dry Index. 1738 -49LIR Gold Target by 2019: $30,000. Revised due to QE programs.It is hard to believe that a bank is telling the truth when you know that you would lie if you were in its place.With apologies to H. L. Mencken. Capital controls, closing borders, mass evacuations of stranded ex-pat populations, these are all
12/27/2011
Baltic Dry Index. 1738 -49LIR Gold Target by 2019: $30,000. Revised due to QE programs.“The boom can last only as long as the credit expansion progresses at an ever-accelerated pace. The boom comes to an end as soon as additional quantities of fiduciary media are no longer thrown upon the loan market.”Ludwig von Mises. With the ECB
12/21/2011
Baltic Dry Index. 1878 -07LIR Gold Target by 2019: $30,000. Revised due to QE programs.A large Bank is exactly the place where a vain and shallow person in authority, if he be a man of gravity and method, as such men often are, may do infinite evil in no long time, and before he is detected. If
12/20/2011
Baltic Dry Index. 1885 -03LIR Gold Target by 2019: $30,000. Revised due to QE programs.There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final
12/19/2011
Baltic Dry Index. 1888 -01LIR Gold Target by 2019: $30,000. Revised due to QE programs.Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort. Antony C.
12/16/2011
Baltic Dry Index. 1889 -23LIR Gold Target by 2019: $30,000. Revised due to QE programs.Q: How do you get a French waiters attention? A: Start ordering in German.Stay long physical gold and silver. Desperation has set in in continental Europe where Germany’s lackey and bag carrier France has launched an attack on Great Britain’s credit rating. Nothing
12/15/2011
Baltic Dry Index. 1912 -10LIR Gold Target by 2019: $30,000. Revised due to QE programs.“Gold is money, everything else is credit”J. P. Morgan. 1912.Our world in crisis is getting worse it seems. The European crisis drags on, with Europe’s ditherers and bunglers unable to address the underlying issue of Club Med insolvency. Judging by this week’s speeches,
12/14/2011
Baltic Dry Index. 1922 -08LIR Gold Target by 2019: $30,000. Revised due to QE programs.When it becomes serious, you have to lieJean-Claude Juncker. Luxembourg Prime Minister and president of the Euro Group of Finance Ministers. Confessed liar. Day 5 and Euroland’s “Plan X” to save the euro is already unravelling. Japan and America are unwilling to let
12/13/2011
Baltic Dry Index. 1930 +08LIR Gold Target by 2019: $30,000. Revised due to QE programs....for, as long as but a hundred of us remain alive, never will we on any conditions be brought under German rule. It is in truth not for glory, nor riches, nor honours that we are fighting, but for freedom – for that
12/12/2011
Baltic Dry Index. 1922 +40LIR Gold Target by 2019: $30,000. Revised due to QE programs.Evidently, all those who have supported the EU in its adventures and urged further integration on us are now worried about Britain being “left behind”. Behind what? A rickety cart drawn by a pantomime horse. The eurocracy and its allies in the Foreign
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