Argentina Thumbs Its Nose @ US Courts, Vulture Funds and White House

Cristina Kirchner, Argentines' President

BRIEF SUMMARY

Argentina has yet another financial debacle on its hands as it has  refused to pay up ransom to the vulture funds that bought up its New York issued bonds at discount prices and it's continued refusal to play ball with the western financial elite.   In my opinion, this is the most significant financial story being played out in the western hemisphere and the US media as usual is not telling the full story.   The same external forces that assisted in creating Argentina's hyperinflation in the early 80's wouldn't blink an eye to do the same.  

After Argentina's 2001 collapse, Argentina sold the bonds as a way to stay out of the claws of the western Anglo run IMF. However, a US Court of appeals has sided with the vulture funds and Argentina must pay-up.   The IMF and the Obimity administration have rescinded their offer to write a briefing on Argentina's behalf for the case that will go to the Supreme Court.

Argentina has no intention of paying the vulture funds and has offered the funds a bond swap from New York issued bonds to Argentina issued bonds with the same terms.  The court has threatened to hold any bank liable that pays interest to other bond holders until Argentina pays the full amount owed to the Vulture funds.  The NYTIMES points out that the case could seriously damage New York as a world financial system.   The courts can rule against the debtor country but cannot force a sovereign entity to make a settlement.  And foreign entities can now issue worthless bonds through New York that neither the courts or the IMF have the authority to enforce short of war. 

The vulture funds have tried to seize Argentina property without too much success when they petitioned a Ghana court to seize an Argentinean military ship which was later released.    Argentina's refusal to pay will have major consequences on it's future ability to have debt restructuring. 

The story that seems to escape the western media including the NYT and WSJ is the informal bilateral trade agreement between Argentina and China, to be denominated in Yuan and payable in it.

Argentina is giving the finger to western oligarchs and they are not looking for dollar bailouts or to payout large sums to vulture funds because it looks like China has it's back especially as more and more China investment moves into Argentina to support Argentina's shale and gas deposits.   With this backing, the western elite might find it difficult to collect on old debts especially by stealing another countries military ships.

CHINA TO THE RESCUE

http://en.mercopress.com/2013/05/13/china-to-the-rescue-of-argentina-with-a-10-billion-dollars-equivalent-swap?utm_source=newsletter&utm_medium=email&utm_campaign=daily

THE BIGGER PICTURE

Argentina political history is a whose who of snake oil salesman who have mastered the art of political pandering to an uninformed underclass.   Like the King float in the Mardi Gras parade, the Argentinean elite throw worthless trinkets to an excited crowd.  The parade watchers fight with one another to catch the worthless doubloons and beads only to realize later, that they were scampering for worthless goods.

A couple of years ago, I was interested in purchasing some products from a business man in Argentina.   He told me that my first purchase included a mandatory first time tax for foreigners as the price of doing business in Argentina.  I made a short snide comment about governments, which went unanswered, and I sent him the cash.  Later, I was exploring the possibility of importing a large shipment of his goods.    I explained to him that my continued business was dependent on the fate of the US economy and I asked him if he was aware of the global financial challenges the US and world markets were facing.   He replied, "I survived the Argentinean inflation and subsequent collapse.   At this point, the only thing that would get me concerned is if a meteor was going to strike the earth."   When I asked him if he was investing in the precious metals he informed me that Argentinean citizens are not allowed to own gold or silver. 

By now the average Argentinean realizes he has been had after years of government corruption, capital controls, pillaging of their retirement accounts, nationalization of large private holdings and having their currency routinely defaulted.   Capital flight has been a problem for the Argentinean government as it's citizens try to preserve their wealth by buying US real estate and trying to prevent the rise of a black market exchange of peso's for US dollars and peso's.  Argentina's capital controls have banned the  US dollar and the ownership of precious metals.  Money changers operate in small alley's where concerned citizens can exchange peso's for the US dollar for a generous fee.

.

Since the election of Juan Peron in 1946, Argentines have experienced an ongoing wave of serious financial crisis's.  Once again, Argentineans must be uttering that famous laurel and hardy line, 'What a fine mess you've gotten us into this time Ollie."  Argentina has once again has found themselves in an international showdown between the western elite run IMF, the US government and vulture capitalist including billionaire Paul Singer.   The outcome of the case could have significant consequences to the US and global markets yet realized.

   

For those of you unfamiliar with the Argentina's here is a very brief flashback on how a country who once sported a gold standard  where it's hard peso weight almost two grams of pure gold got themselves into this international pickle. Argentina has gone back and forth between military and constitutional governments.   The Peron's were a populist government who promised it's citizens everything short of the kitchen sink.  Similar to FDR, they implemented a wide array of social programs through heavy taxation and deficit spending.   However, the real monetary crisis began in 1972 well after the Peron's were out of office when the rate of inflation increased 700% from what it was in 1943! The peso, once one of the world’s strongest currencies, had been significantly depreciated.

In the 1980's Argentina experienced  hyperinflationary episode where the peso shot up over 5000% which was proceeded by a very complex set of events that is wonderfully detailed in a paper by Carlos Escude and Argentine Economics Professor.  

"From Captive to Failed State"

"http://dl.tufts.edu/bookreader/tufts:UP149.001.00061.00007#page/3/mode/1up

This is not light reading and is a serious investigation into the events that led to Argentina's default which included an "intentional" devaluation of the peso by "dropping the peso's dollar peg a fraction of it's previous value" and "according to insiders, with the intent of creating economic chaos"   

In 2001 Argentina would make the history books by defaulting on its $155 billion public debt, the largest such default by any country in history.    Days after the default structural adjustments were put in place and savings accounts were frozen.  The government declared bank holidays depositors  faced restrictions on how much they can withdraw from current accounts and dollar savings had been turned into devalued pesos.   The country saw massive unemployment,  social unrest as protestors turned their anger on politicians  beating them up and abused on the street and banks were boarded up with wood and steel plates to protect them from mob attacks.

The hyperinflationary event began a long battle between Argentina and the IMF.   At first Argentina, accepted loans from the IMF essentially taking away Argentina's financial sovereignty and make it essentially a slave state of the IMF.   The peso was again pegged to the dollar with a 1 to 1 ratio and eventually the peg included the euro, and Argentina no longer had the sovereign right to print it's own money unless each peso was backed by the US dollar or the Euro. The government's key austerity bill is passed. A zero deficit law was enacted and state salaries were slashed and pensions were pillaged.

Eventually, Argentina could not pay back the loans to it's creditors in part due to the rising interest rates fo the petrodollar loans that they were given.   The austerity measures meant that Argentina could not compete in international markets.  Argentina simply got up from the table, stopped paying it's bond holders and walked away from it's debts.  At this point, the Argentinean government did something ingenious, it took what little financial resources it had and began stimulating real GDP.  The economy started growing and the currency became stable again.   Argentina was eventually able to pay back it's 9 billion dollars in debt to the IMF and they began restructuring it's debt.  However, to do this Argentina had to start issuing more peso's.  At first, they were keeping the peso stable by buying US dollar reserves to back the peso.   Both the US dollar reserves and the increased GDP was enough to stimulate growth.  But the problem was that they started printing peso's exceeding their dollar reserves and GDP.

ENTER VULTURE CAPITALISTS. 

To stay out of the claws of the IMF, Argentina began selling it's bargaining it's financial soul to what is known as Vulture Funds aka The Gordon Gekko's of the world.  Vulture funds buy debt at a discounted price to a secondary market thereby putting Argentina in an untenable position where the vultures are able to blackmail the sovereign nation.  

In 2006, Nestor Kirchner, the then President of Argentina ,wanted to pay off the IMF debt by having Argentina's Central bank by using their dollar reserves without printing unbacked peso's.   However, this didn't sit well with the Vulture capitalists and they basically blackmailed the Argentinean government and said if you do so, they will attack the countries bonds by creating speculation against the Peso.   Argentina was forced to begin issuing public debt printing and issue $11 billion to prevent a total devaluation of their currency at the hands of the Vulture funds.

One such vulture is Paul Singer and his hedge fund mob at Elliott Associates. Singer, Republican parties number 1 contributor in the Romney election, has a history of picking injured companies for a song and a dance.   He then turned his efforts to countries on the brink of financial collapse buying up a countries debt at a significant discount, such as he did in the Congo and Peru.   He then essentially holds the national hostage and demands humongous sums of money to not decimate their national treasuries. 

His prizes include $400 million dollars form the Congo for debt he picked up for $10 million and $58 million pillaging the national treasury of Peru from former exiled President Alberto Fujimoi.   It is said that Singer seized's Fujimori's get away plane until he payed up.

Last week,  a U.S. appeals court ruled that Argentina must paying up it's debts to Singer to a tune of $1.3 billion.  Kirchner made an offer of a debt-swapping plan of reissuing new bonds out Argentina in place of bonds that were issued of out New York with the same terms as a way to bypass the US judicial system.   Singer and his bantido's are not having it as the US appeals court upheld a ruling that Argentina is in violation of it's debt contracts and must pay the face value plus interest.  However their is a temporary stay on the ruling as the case has now been taken to the Supreme Court.

Enter stage left, the IMF and the Obama administration which both had initially agreed to support Argentina against the hedge funds by writing a briefing.   However, the last minute both the IMF and the Obama administration rescinded their offer citing it would set a bad international precedent.

Now the case is slated to be heard in the US Supreme Court as we continue to watch what offers the Chinese will offer the Argentineans.   We know one thing, if China is going to rise to the top, it needs to continue it's foreign affairs blitz by making itself invaluable to emerging countries that want to get out of the grasp of the western banking elite.   And Argentina has demonstrated it won't play ball and have it's economic future dictated by US courts, the O' administration or the IMF.

112 Comments

Blankone's picture

Who's Next ???

Just the latest country to show Barry how little they think of his community organizing skills ...

Oh ya......and 1st.......

silver foil hat's picture

No comment needed here in Turdistan....

read the story to the last line.....

Photographer Catches John McCain Playing Poker on iPhone During Important Syria Hearing – Read His Sarcastic Response

As members of the U.S. Senate pressed Secretary of State John Kerry for additional information on potential military action against Syria, Sen. John McCain (R-Ariz.) was apparently caught playing poker on his iPhone.

The photo was snapped by Washington Post photographer Melina Mara during Tuesday’s Senate Foreign Relations Committee hearing:

Sen. John McCain Caught Playing Poker on iPhone During Syria Hearing

Senator John McCain plays poker on his IPhone during a U.S. Senate Committee on Foreign Relations hearing where Secretary of State JohnKerry, Secretary of Defense Chuck Hagel, and Chairman of the Joint Chiefs of Staff General Martin Dempsey testify concerning the use of force in Syria, on Capitol Hill in Washington DC, Tuesday, September 3, 2013. (Photo by Melina Mara/The Washington Post)

Shortly after the Washington Post published the photo, McCain responded with a sarcastic message via his official Twitter account:

Scandal! Caught playing iPhone game at 3+ hour Senate hearing - worst of all I lost!
Sen. John McCain Caught Playing Poker on iPhone During Syria Hearing
@SenJohnMcCain
John McCain

UPDATE: Sen. John McCain (R-Ariz.) appeared on CNN to further explain why he was playing poker on his phone during Tuesday’s Senate hearing on Syria.

“Well, as much as I like to always listen in rapt attention constantly with remarks of my colleagues over a three-and-a-half hour period, occasionally I get a LITTLE bored, and so I resorted–but the worst thing about it is, I lost thousands of dollars in this game,” he said.

McCain went on to tell CNN host Wolf Blitzer that he was playing with fake money.

achmachat's picture

looking forward to this!

more reading material.

boatman's picture

Argentina - a preview

of what's in store for the WEST+JAPAN

and SECOND

Thorus's picture

A good example of what bad decisions can do

"At the beginning of the twentieth century, Argentina was one of the ten most prosperous nations on earth - ahead of Germany or France - but it has long since lost that position." (1)

I was surprised to read how far Argentina had fallen: from being one of the wealthiest countries on the planet to battling massive inflation and debt on a regular basis.

It can happen to the US too, if we decide to give away money to buy votes, and print money without limit.  Hopefully helicopter Ben Bernanke and his buddies will take note.

Regards,

Thorus

(1) Economic Facts and Fallacies, Thomas Sowell, (c) 2008, pg 195

AlienEyes's picture

Red headed puta !!

Who woulda thunk the Argies would roll on yet another debt?

Nick Elway's picture

Syria..It's about the pipeline

http://www.infowars.com/is-the-united-states-going-to-go-to-war-with-syria-over-a-natural-gas-pipeline/

Argentina in 1900 was equivalent in wealth and power to the United States. Then they elected their Barack Obama..

http://en.wikipedia.org/wiki/Hip%C3%B3lito_Yrigoyen

Juan Hipólito del Sagrado Corazón de Jesús Irigoyen Alem (Spanish pronunciation: [iˈpolito iɾiˈɣoʝen]; July 12, 1852 – July 3, 1933) was twice President of Argentina (from 1916 to 1922, and again from 1928 to 1930). His activism became the prime impetus behind the obtainment of universal (male) suffrage in Argentina in 1912. Known as “the father of the poor,” Yrigoyen presided over a rise in the standard of living of Argentina's working class[1] together with the passage of a number of progressive social reforms, including improvements in factory conditions, regulation of working hours, compulsory pensions, and the introduction of a universally accessible public education system.[2]

Turd Ferguson's picture

Gee...where have we heard that before?

MODERATOR

That crazy Jackass!

Btw, everyone should watch this and be sure to note the date:

 

Mantis's picture

Awesome post

Found that very interesting. Thanks GL

I see the metals are down, gold below 1400 again. bah. Back to work..

Green Lantern's picture

I'm posting this against my

Thanks Mantis

___________________________________________________

I'm posting this against my better judgment.   For the record, I don't think I've ever watched a Glenn Beck show or even a full broadcast of the O'Riley factor.    I don't know if Glenn Beck is good or bad and I don't care.   I disconnected our cable over a year ago and my wife and I are happier and more content.  We have basic channels that we get with a digital antenna and the tv goes on in the morning to see the weather and the last think I watched on tv was the US Tennis Open.  Otherwise it stays off.  

Anyway, my 86 year old pops sent me this video.   I don't recommend anybody watch it if you are at all squeamish.   In the slightest bit.  It is gruesome.   I have no idea of it's real but it protrays one of the Syrian anti-gov soldiers cutting open and eating a man's heart.  yes, actually eating it.  My father didn't give me the benefit of the summary before I decided to watch it.  You have a choice.  These are the people we are supporting?

And oh yeah, Argentina and Brazil and I think just about the rest of the world is dead set against a Syrian attack.

http://inserbia.info/news/2013/08/argentina-and-brazil-react-to-possible-us-strikes-on-syria-strengthening-un/

monkry's picture

Bought AG_AU yesterday

You're all welcome for the overnight price drop.

DeaconBenjamin's picture

most prosperous nations on earth

"At the beginning of the twentieth century, Argentina was one of the ten most prosperous nations on earth - ahead of Germany or France - but it has long since lost that position."

I've heard it said that no man living could eat a US dollar's worth of beef in Buenos Aires in the years before WWI.

letey petey's picture

Thanks GL

I just got back from Argentina on Monday.  What a beautiful, sad, F'd up country.   To quote a travelling partner, "Buenos Aires is Paris' little sister with a criminal record".  A majority of locals would happily exchange dollares (like your pic above) at 50-70% above the official exchange rate.  It is going to REALLY suck for them when those dollares are as worthless as their pesos. 

And I agree with Boatman that this will probably (IS ALREADY?!)our future.   BA was a jewel 100 years ago (indeed per capita income of BA was comparable with that of NYC then) and now those beautiful, graceful buildings and boulevards are just falling to shit.  What gets me is that the elite must live in this world too.  And no matter how nice their secreted enclaves, they must travel to some extent to play master of the universe.  I can tell you one thing: if I was part of the EE, I would most certainly want MY surroundings to be up to snuff.  BA is a blight on ALL those who rule this sorry planet.

Rico's picture

Lay off the "vulture funds"!

Lay off the "vulture funds"! All they're doing is using legal means to force sovereign deadbeats to pay their bills. This is wrong? Who's side are you on? Kirchner's??

DeaconBenjamin's picture

Argentina's gold standard

how a country who once sported a gold standard  where it's hard peso weight almost two grams of pure gold got themselves into this international pickle.

I do not see where Argentina minted coinage for common use (e.g., not commemoratives in small numbers) in gold or silver since the 19th century.  Given the richness of Argentinian exports in the early 20th century, the value of the Argentinian peso must have been commodity-based -- reflecting the beef, wheat, etc., which could be purchased with such money.

DeaconBenjamin's picture

Treasure-Hunting Family Strikes Gold Off Florida Coast

Sep 3, 2013 4:02pm

For the Schmitt family, the pirate’s life just might be for them.

This Florida clan unearthed over $300,000 in gold treasures while on a dive off of the coast of Fort Pierce, Fla., over the weekend. The loot consisting of seven gold chains, three gold coins, and a gold ring was unearthed just 150 yards offshore.

“I cried like a baby,” describes Hillary Schmitt, 20, after her brother, Eric, showed her and the rest of the family the handful of gold on the boat. “His pocket was hanging (with gold) about down to the ground… It was an intense moment. We were all just screaming and crying.”

ht treasure florida kb 130903 16x9 608 Treasure Hunting Family Strikes Gold Off Florida Coast

Even for the Schmitt’s, who hunt treasures professionally through their company Booty Salvage, this discovery was enough to send them reeling. Their biggest discovery in the past was a Spanish silver plate priced at $30,000 to $40,000. “It’s a feeling of excitement, joy, feeling, blessed, shocked,” gushes Schmitt. “I just kept saying, ‘there’s gold everywhere!’”

The Schmitt’s loot will be split between their company and Queens Jewels, with 20 percent  donated to the state of Florida.  ”It was a hobby but now it seems like a lifestyle,” Schmitt beams. “We are pirates. It’s what we do.”

http://abcnews.go.com/blogs/headlines/2013/09/treasure-hunting-family-strikes-gold-off-florida-coast/

Yeah, donated.  I bet.

Kerbouchard's picture

@ letey

I was glad to read your post about Argentina.  I was there a few years ago looking at properties at the invitation of a friend of mine.  Also, I'd been reading Doug Casey's glowing reports of the country.

What I found was pretty much what you described.  Half-assed buildings poorly constructed and often unfinished, dogs barking all night, and trash all over the place.  Mind you, I'm talking about a town about 60 miles away from Buenos Aires.  As for BA itself, a sad shell of what it once was.

I did enjoy my visit and met some wonderful people, but in my mind Argentina is off the menu as far as starting a new life there.

Nick Elway's picture

I talked to a Chilean shocked by Argentina's corruption

The person I talked to had just visited Argentina and found bribery was everywhere, not at all like Chile.

For those that think of relocating to South America, Chile and Uruguay have the least corruption (comparable to the United States)

http://cpi.transparency.org/cpi2012/results/

DeaconBenjamin's picture

Indian gold buyers rush to order now import rules are clear

 

Gold buyers rush to order now import rules are clearGold buyers rush to order now import rules are clear

MUMBAI: Gold buyers lined up to restart imports on Wednesday as the customs department clarified new rules, putting the world's biggest bullion buyer back in the market after a six-week gap and threatening government efforts to underpin the rupee. 

About a quarter of a tonne of gold waiting at Mumbai airport should head to India's biggest gold market, Zaveri Bazaar, where sales are nearly $10 million a day, and jewellers said they would place fresh import orders as early as Thursday.  "Around 250 kg of gold, which is stuck at the airport, will get released after the order. New shipments could start within the next 2-3 days," said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation.

The Reserve Bank of India, in a bid to help the government stem the tide of gold imports which had pushed the current account deficit to a record high, told importers on July 22 that a fifth of their purchases would have to be turned around for export.  But the rule's sketchy details caused buyers to hold off and instead use stocks that had piled up in April and May when record imports of 304 tonnes provoked the government into hiking duty to an all-time high of 10 percent.

On Wednesday, the Indian customs department issued its guidelines on how the central bank's call for gold imports to be split 80 percent for domestic use and 20 percent for export would be monitored.

http://economictimes.indiatimes.com/markets/commodities/gold-buyers-rush-to-order-now-import-rules-are-clear/articleshow/22294753.cms

BagOfGold's picture

I too...am posting this against my better judgement!...

Is everyone watching the same news I'm watching?...

PvJmkYV.jpg

Bag Of Gold

abguy4's picture

Kerry an O'Bummer caught lying about Syria

How many times have we seen this now?

( 3 min short video)

http://www.youtube.com/watch?feature=player_embedded&v=c4c4YuAUByw#t=10

The E.E. boyz are denied their typical 'diversion', so they take it out on the PM's.

Like Gerry Celente says;

"When all else fails - they take yah to war."

ancientmoney's picture

@Nick Elway . . . thanks . . .

for the corruption chart.

I wonder how much due diligence the Bush family did when buying their "hobby farm" in Paraguay?  Jenna met with Duarte to seal the deal:

http://www.fourwinds10.net/siterun_data/government/fraud/gw_bush_ghw_bush/news.php?q=1291226489

realitybiter's picture

Insanity of Argentina

I have a family member who is an expert on Argentina history and theater (real theater, not Congressional type...).

What kills me is that for over a hundred years they have been doing the same stupid stuff.  The corrupt political class will always do whatever it takes to keep their ill-gotten position.  They spend, promise, spend, borrow from generations of the future......go BK, destroy currency, repeat, repeat....

This is why the solution cannot come from current politicians.  It can only come from an educated populace that demands an external solution.

I see this Syrian situation and I observe Boehner all of a sudden caving.  Hmmmmm....couldn't be some NSA intel threatened to blackmail him could it?  Nah....that would never happen.

They will blackmail just enough to get enough votes......this has been going on for quite some time.  The 4th amendment is absolutely necessary to keep a democratic republic.  Without it, you essentially have a dictatorship.  Connect the dots.

realitybiter's picture

It is all about moral hazard, money, and politicians

Bankers could not care less about money and capital. They simply want the transactions to occur with them. in perpetuity. Default? So what - make a new loan at a higher rate! It they lost a trillion dollars they would not care, because they know next year they will be making $100 billion on interest payments on the new notes. Politicians don't care about capital. They too, just want to stay in power, make the transaction money, and keep the privileged position rolling. Cheney showed his hand when he said, "deficits don't matter"

It is so simple it is retarded. Should they rename the Country Retardegina?
And who pays? Those in the lower 99%, who are denied access to the bankers club (and by association the media club). You can check out who runs the banks and the media and do your own analysis. But is a group and it not very diverse.

Until folks take back the control and issuance of the money, away from the politicians and the bankers, those outside the club will be subjected to a varying degree of slavery. It is absolutely immoral. And the politicians, bankers, and their controlled media, will call out folks like me, claiming that I am a threat to the state.

Since the magna carte we have been struggling with human rights. The constitution was probably the single best, thoughtful attempt at codifying the basic elements necessary to give all men an opportunity outside of slavery (ironic since those that wrote it owned slaves!)....but the paper essentially abolished the enslavement, both direct and indirect) of man. When Paul Warburg successfully undermined the constitution and created the Fed, this all changed.....

Using Argentina as a great example of limit theory, I would reply that the bankers ARE THE nucleus of all terrorists. They are slave masters. I pray to God that he is a vindictive SOB and these crooks get theirs. Until then, all we can do is think, play their game, and keep your guard up....oh, and you could also do yourself a favor and quit voting for the likes of Diane Fienstein who relentlessly attacks the bill of rights....."only real salaried journalists deserve the first amendment," was her quote

BTW, that terrorist Corzine, is still running loose.....even though they have made me 98% whole. God awaits, you miserable SOS.

"Hi" NSA! love ya. Peace!

ancientmoney's picture

On the precious metals front . . .

my main dealer now has a 3 week delay for ASEs and pre-1965 coins, and a 2-week delay on silver Maples.

No delays on any 1-oz gold coins.

I still believe that the bankers are running a shell game in silver more so than gold.  I don't trust any reports given us by bankers or the regulators they own.

They want to quell silver demand any way possible.

Cleburne61's picture

Good points & Turd...did you see this from Clive Maund?

Green Lantern.  Argentina has the choice of A)having an out and out collapse, or B) going full-retard authoritarian....followed by an out and out collapse.   Come to think of it, this the choice for 95% of the Western world. I love Doug Casey, but no way in the cockles of hell would I ever fly down to "Casey's Gulch" and opt to drink wine and go horse-back riding in that country as a permanent resident til after the Great Reset. I don't care if "no one cares about us out here"...to pretend that a few hundred miles of distance shields you and your community from being victims of the state is textbook denial(but then again, Doug does think the precious metals markets are freely and fairly traded).

Clive Maund: Turd, I happened to see a squib written by our old pal last week.  But get this....it was about Syria(among other things)!  Now, I am NOT addressing my own personal feelings about things like 9/11 here, but I bring this up to show he's more inconsistent than any of us thought.  Not only does Clive assert that 9/11 was the ultimate government false flag, but he says this is standard government operating procedure 101.  Clive, the freely and fairly traded precious metals market guru prognosticator, who says that government manipulating events to suit an agenda is standard MO....calls it "conspiracy nonsense" that ours or any other government would seek to do likewise with timeless money, in order to garner themselves money power.  Ludicrous.  Oh!  And by the end of the article, he speaks to the disaster of nuclear conflict, and makes the exact statement that: "Looking on the bright side, with about 8 billion people in the world (and only about 3,000 tigers), we could certainly do with a cull."

In other words, he's a bigger Delta Bravo than any of us thought!

Lastly, I'll end on a positive note.  I was away with the wife and kids over the Labor Day weekend.  We were off to a mountain getaway, without internet, without TV, and without even air conditioning!  And I loved it!  Twas a reminder of what's really important.  Coming back home to see that not only had we not started dropping bombs on helpless hapless people, but that Congress might actually get a say in it all gave me a renewed sense of hope and joy.

agNau's picture

I see normal market action.....

as I thought would be the case from the turn off the bottom. These lows should be about it.....I don't think it will fly higher from here, just not a lot lower, and likely intraday lows. We have seen nice moves recently....and profits will be taken....by all players.
Important moving averages are giving support.

Down Range's picture

Thread Hijack - A Thought

If you want Syria to come clean, as they say they have nothing to hide,

How about you obama release your BC and college records?

Dawg

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