Important Week Ahead

Sun, Sep 8, 2013 - 11:34pm

I interrupt my regularly scheduled article to bring you more late breaking news. I'll save my historical treatise for another date as everyone seems focused on the events in Syria and whether or not the Fed will continue QE. No sense in fighting the news trend and since many of you are already talking about it, I might as well dedicate this Sunday Evening/Monday Morning post thread to Syria and QE3.

Last week was a pretty intense week with accusations that the administration is committing war crimes, a 100 point plunge in the Dow on Friday morning, and Crude getting a boost on Syria. The Syrian situation is giving a rise to saber-rattling between the US and Russia that we haven't seen since the Cold War of the 1950's and the Gulf of Tonkin. As we learned on Friday courtesy of Jim Comiskey, Russia is sending military ships to the Syrian coast

Will Russia consider a strike against Syria an international violation and act of War against the Russians?

In case you haven't seen it, on Sunday Russia issued a 100 page report saying that the Syrian rebels are behind the Sarin Gas attacks and that John Kerry and the US are liars.

"The Russian statement warned the United States and its allies not to conduct a military strike against Syria until the United Nations had completed a similarly detailed scientific study into the Aug. 21 attack. It warned that what it called the current “hysteria” about a possible military strike in the West was similar to the false claims and poor intelligence that preceded the United States invasion of Iraq."

What I'd like for you to keep in mind about Syria is that Israel has invaded Syrian airspace 3 or 4 times this year and struck surgical targets including anti ship cruise missiles. No fuss was made by US media or much discussion about it in the alternative media. Russia also has already been sending anti-ship and anti-air craft missiles to Syria, and reports indicated that they have been sending in technical experts to set up the system.

So with on going missile attacks between Israel and Syria, continued Russian involvement in the region, why has the threat of a garden variety missile strike by the US become an international incident? Has what has already been going on reached a peak? Or is there a reason the US media wants us focused on this event?

Taper Talk

As most of you have heard by now Friday's nonfarm payroll report showed that while the economy created 169,000 new jobs, the numbers were below expectations and represented a continued drop in labor participation. Remember, the Fed has said that it is decisions regarding taper was predicated on improving unemployment.

Whether or not the Fed tapers , the threat of tapering will certainly continue to build up and any fall in the major stock indices or the metals will surely be attributed to the anticipation of the Fed tapering and it's possible impact on economic activity. As many you have noted, as well as most metal analysts, a taper would have disastrous effects on the economy. In addition, all that money that is sitting in the bank reserves is unlikely to get lent out thereby reducing reserves and threatening bank contagion, and a very inflationary situation that the Fed would find unacceptable.

As I mentioned in a previous article, the Fed has focused it's monetary policy specifically on mortgage backed securities as a swap where the reserves mostly remain with the banks. I suggested that the mantra QE to infinity does not address the ways in which the Fed could begin influencing other area's of the economy if it decided to lessen the amount of MBS it buys. Also the anticipation of what the Fed will do is occurring as the prospective new Fed chairman, Larry Summers, is going through his selection process. Larry Summer's has said that QE3 has had virtual no effect positively or negatively on the economy.

Finally, a lighter piece of news announcing the new Obama Presidential's an outhouse. It has stirred a bit of controversy in this small New Mexico town.

About the Author

Green Lantern


Sep 8, 2013 - 11:41pm



Sep 8, 2013 - 11:41pm

Obama’s full-court press on Syria:

Confidence or desperation?

Pushing his case for a US military response to chemical weapons in Syria, President Obama will do six TV interviews Monday. Other senior administration officials are flooding the airwaves as well.

On Syria and chemical weapons, President Obama has launched a full-court political press rarely seen in Washington.

El Gordo
Sep 8, 2013 - 11:55pm


I've got nothing to say, but what the heck, I should still be recognized for being in the top 10.

Mr. Fix
Sep 9, 2013 - 12:00am

Tonight on Coast to Coat AM - This looks like good one!

tonight's show 1am - 5am ET
10pm - 2am PT Defendng the Constitution Sun 09-08

Joining John B. Wells, Stewart Rhodes, founder and President of Oath Keepers, will discuss military veterans and peace officers who will honor their oaths to defend the Constitution, and who will not "just follow orders." Rhodes will also offer his up to the minute input on the happenings in the Middle East.

First Hour: Political scientist Joel Skousenprovides insights on current events and a possible nuclear war.

More » I know this is a repost from the previous thread, but it looks hugely relevant to this one. It sounds like it will be a very good show, and very much on-topic. And I am number four.
Sep 9, 2013 - 12:11am
Urban Roman
Sep 9, 2013 - 12:12am

What is a "garden variety

What is a "garden variety missile strike"?

Is that where the missiles sprinkle flowers and zucchini?

It's getting so that even the most ardent and clueless watchers of CNN and Fox are not convinced by Milhous' lies.

Sep 9, 2013 - 12:19am

@GL good summary

The media priorities and messaging is directly related to the need for Congress to extend the US debt ceiling and name a new Federal Reserve chairman.

Obviously, Obama doesn't trust Larry Summers. Recall that Summers is a Clinton camp person. The schism in the Democratic Party has been between Clintonistas and Obamabackers. Obama is attempting to write his own legacy and is casting Joe Biden into the role the President wants. Clinton is out.

Benghazi is related GL.

sierra skier
Sep 9, 2013 - 12:19am

Syria is just a mess


Did the Syrian government really do the deed? I'm not convinced at all.

Urban Roman
Sep 9, 2013 - 12:24am

Just finished listening to

Just finished listening to the Jim Willie rant posted on the other thread.
This one:

It's all about stopping the pipeline and Gazprom. Some of the things that JW has said sound wildly speculative or maybe just products of a fevered imagination. But this has the ring of truth. Pepe Escobar talks about "Pipelineistan" as well.

The big oil and gas companies must have the vapors over this Gazprom pipeline.

Sep 9, 2013 - 12:43am

Wiki with stinging summary of Syrian chemical weapons story

Over the past year, the Russians appear to have lied to the White House and the Obama camp took the bait while John Kerry was rolling into the Sec of State position. Hillary left us high and dry again...normal behavior of her camp to only think about her PR position and not the outcome of leaving our nation in a diplomatic quandry.

Not only is Benghazi dragging Clinton down, but now so is Syria. The Syrian regime used chemical weapons on multiple occasions over the past year with the Obama-Clinton team denying that it happened (due to reassurances from the Russians). Now, it turns out that the Russians were wrong and that the Israeli's bombing the Syrian chemical "research facility" was correct. The Syrians were synthesizing the nerve gas components, stocking them on trucks for synthesis and mixing in those trucks during deployment.

The only question is whether or not Syrian rebels go a hold of the trucks and chemical agents or not. Russia and Syria stated earlier in the year that the chemical agents were being moved to holding facilities with greater security in order to keep them out of the hands of Al Qeda factions. The US believed the story and then in August we saw what happened...more and larger chemical weapons use.

That's why they call it "weapons of mass destruction" people.

If AQ gets those chemicals, that would be bad news. If Assad was really being helpful, he'd let the UN in, cooperate with the investigation, and then work with the international community to secure the chemical munition stockpiles. But, he's not being cooperative because he wants those chemical munitions to be held for his use and stockpiling.

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

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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

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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