Awaiting The Bernank

171
Thu, Jun 7, 2012 - 9:18am

Just a couple of items before we get started this morning.

The Ben Bernank is going to be speaking before the Joint Economic Committee of Congress at 10:00 a.m. EDT. Many are hoping/expecting that The Bernank will hint at further easing and "accomodation". We'll see. Personally, I just hope that this site stays up and doesn't crash again. You may recall that the last two times The Bernank has appeared before Congress, TFMR crashed just as he began. Again, we'll see. The backup plan, as usual, is to post at the old blogspot site, should it become necessary.

Two items for your consideration while we wait. First, Jeff Nielson has written a fantastic piece on the BS from the BLS. You've heard me and others discuss the fallacy of the "birth/death model" and other "seasonal adjustments". Please take time to read Jeff's article. Maybe even bookmark it or print it off so that you have it easily accessible on the first Friday of every month.

https://www.bullionbullscanada.com/us-commentary/25559-old-lie-returns-in-new-us-jobs-report

The second piece comes from Patrick Heller at Liberty Coin Service. If you're not familiar with Pat, you should know that he is a well-respected "numismatician". Not prone to hyperbole, Pat is someone whom I've cited here often. Please take time to read this very important article.

https://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=25297

OK, that's all for now. The Bernank speaks in 45 minutes. Let's hope we can meet back here later. TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  171 Comments

silver bullett
Jun 7, 2012 - 9:21am

1st

1 st

Two Gun Tobin
Jun 7, 2012 - 9:21am

First Second or turd?

First Second or turd?

Groaner
Jun 7, 2012 - 9:22am

Another smash of the metals should be order?

no matter what spews from his mouth.

I Run Bartertown
Jun 7, 2012 - 9:26am

Time Discounting/ Delayed Gratification

Stumbled across this study while reading about HBD, not specifically economics. Interesting correlation between this capacity and prosperity. Looks like the stronger economies and the PIGS both came by their status honestly (in the 'apple doesn't fall far from the tree' sense).

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1481443

"Abstract:
We present results from the first large-scale international survey on time discounting, conducted in 45 countries. Cross-country varia- tion cannot simply be explained by economic variables such as interest rates or inflation. In particular, we find strong evidence for cultural differences, as measured by the Hofstede cultural dimensions. For ex- ample, high levels of Uncertainty Avoidance or Individualism are both associated with strong hyperbolic discounting. Moreover, as applica- tion of our data, we find evidence for an impact of time preferences on the capability of technological innovations in a country and on environmental protection. "

Eric Original
Jun 7, 2012 - 9:32am

Terrific article by Heller there, Turd

Excellent discussion of items of interest to stackers. Tungsten in gold, weight of 90% coin, being paramount.

It's a MUST READ.

koan
Jun 7, 2012 - 9:34am

Markets seem to me to be jostling for position at the trough

...and guessing it'll take a lot from Heli Ben to not disappoint them.

Tube
Jun 7, 2012 - 9:36am

To print, or not to print...

NOT much of a question!

pforth
Jun 7, 2012 - 9:36am

Cautiously optimistic...

It wasn't that long ago that every time the Bernanke opened his mouth gold and silver would rise. Although I don't expect a "yes we're doing QE3" message today, based on the price of silver slowly creeping up I'm cautiously optimistic.

We know that the cabal has the inside scoop on what he's going to say before he says it, so if it was hawkish the price would either be diving now due to their selling, or spiking up as they prepared a bull trap. The slight positive upward bias I'm seeing now makes me think we'll hear something that contains very little that's new but has perhaps a slightly dovish slant.

notmessenger
Jun 7, 2012 - 9:37am

Is there a webcast of Bernank?

Anyone have a url?

EDIT: Here is the url to the JEC calendar entry but don't see anything on the site about live feeds - https://www.jec.senate.gov/public/index.cfm?p=Hearings&ContentRecord_id=...

paulindoonnotmessenger
Jun 7, 2012 - 9:39am
Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

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