Rays of Hope (extended)

Thu, Jul 31, 2014 - 7:58pm

I was in high school when I first started working for the powers that be. A helicopter landed in my hometown, carrying a few mid-level military officers (Brits, Dutch, Germans) that worked for the OSCE Special Monitoring Mission. The task force had been charged with setting up a base of operations for monitoring the then-recent ‘civil’ war in Yugoslavia. Desperate for local interpreters, the group was directed by the mayor to my bilingual high school – and in turn, the principal summoned me from class to accompany the delegation, who asked if I would be willing to work for them part-time as a liaison/interpreter/office manager as they set up an office in my town.

Over the years that followed, I worked for the OSCE, then for a military contractor that supplied interpreters to the US Army in Eastern Europe theaters of operation. I worked with Army/AF/Marine units. I recruited a classmate to work for AF Intel, saw bored and listless Marines operate drones (then a relatively novel concept) over Bosnia. Worked with an NGO who had come to my country to teach the locals about the wonders of the US stock market. Met NCOs who had been given a choice: 10 years in Federal penitentiary or 20 years in the Army (my friend had the misfortune of being caught boosting 18-wheeler rigs, and refused to name his fence). He became a heavily decorated gunnery sergeant, veteran of Gulf War I, who taught armored cavalry units how to shoot and maneuver throughout Europe.

My country spent a solid 20 years licking the bootheel of its erstwhile official mortal enemies in an attempt to integrate itself better with the EU and ‘Western values’ -- including ascension to NATO and a boatload of (pointless) military spending. This is all the more laughable as at the time, some military analysts calculated that the military could withstand a full assault from the Yugoslav army for about 30 minutes... The days of military viability were centuries in the past. Our markets were dumped with subsidized EU agricultural products, destroying much of the smaller local agricultural producers. Anyone with any skill/talent/language ability fled the country as soon as they gained their (highly respected and good-quality) university degrees to seek work in the UK, Germany, France, etc.. At least a quarter (if not half) of my high school class are now expats. Whenever I go home, all my relatives lament the distance of my domicile, but take great pains to tell me not to consider moving home.

I am writing this sitting at a newly opened outdoor bar in a small village. The proprietor explained to me that he opened this place not really to make money, but to have a business to give to his son and to try to create something new, something different in this sleepy little corner of the country. He was beset at all steps of the way by regional and local bureaucrats, tax officials and petty neighbors/competitors who continually called the cops on him (who apologetically showed up, conceded that nothing was wrong but they were obliged to respond to a ‘resident report’). Denied a building permit for an establishment in a commercial zone, he converted a railroad restaurant car into a bar and installed portable toilets on an empty lot. The long-established restaurant/bar next door closed at 9 (despite its stated hours through midnight), while he still has several dozen guests right now, well past midnight.

The indomitable spirit of entrepreneurship, innovation and a genuine desire to improve the local/regional/national/continental state of affairs is still flickering. The millions of residents who were suckered into Swiss-franc mortgages (due to the massive appreciation of the CHF versus the local currency, EVERYONE is now deeply underwater, forced to squeeze out monthly payments 2x greater than what they thought they signed up for a few years ago) are about to get some relief as Parliament finalized laws forcing the issuing banks to absorb much of the losses.

This is by no means a panacea. The government is still deeply corrupt, nepotistic and continues to run a fiat Ponzi. Its supermajority in congress was achieved in part by promising/granting social benefits, passports and voting rights to nationals living outside its borders (amounting to almost 50% of in-country population). Imagine the US.GOV granting Social Security and voting rights to all Mexican citizens (a little less than half of US population) on the grounds they shared linguistic and cultural bonds with current US citizens. The Prime Minister continues to grossly enrich his family and friends – his son was among the heads of state / world-class athletes / Pope / etc. in attendance at the World Cup finals in Brazil (guy in crimson tie pensively listening to the Putin-Merkel dialogue, flanked by dude in dopey black-rimmed glasses).

BUT. He is also on record declaring that he intends to use his (ill-gotten) powers to realign the country, to seek closer ties and cooperation with Russia, to emulate the models provided by China, Russia and Turkey, seeking independence from the influence of Western (US)-backed interests, lobbying groups and NGOs. He is taking steps to reduce the prevalence of the Free Shit Army™ by reorganizing benefit programs and Social Security. Yes, this was done in part by nationalizing individual retirement accounts. Yes, this still steers government contracts to cronies and connected oligarchs. Yes, freedom of the press is under attack on a daily basis, independent journalism penalized/persecuted. The Central Bank is no longer ‘independent’ (whatever that means) and is now merely a politicized extension of Treasury. But for better or worse, the country is being steered consciously on a course towards a path that is (IMHO) the direction of the future. A course aligned with a vision of ending the hegemony of Western dominance and USD-rule over the entirety of the globe. Lo and behold, there are ever-growing indications that the Eastern powers seek an avenue of economic cooperation outside the USD umbrella, with India and Russia being only the latest pair of bilateral efforts to this end.

What’s my point, you may rightly ask? If this small, relatively insignificant NATO-member and formerly staunch Keynesian lackey can indeed change, and brave the perilous waters of taking on the Fin_Mil_Industrial_Gov complex, there may yet be hope for the rest of Europe, for the rest of the world. I have no idea whether this truly a real ‘exit’ from the current world order. It would not take much for a false flag, or simple ‘ratfucking’ from the various intel agencies (such as recently seen in Ukraine) to derail the nascent reforms underway here. But perhaps, PERHAPS such an approach – if successful – can serve to light the EXIT sign for others. In and of itself, it is insignificant – but what if Baltic states were to one day overcome their deeply rooted (and justified) phobia of Russia? Romania has twice our population, Poland is four times our size. Austria is seeking an audit of gold reserves, the Swiss have a referendum on the docket for gold reserves in the Swiss National Bank. Norway has actual energy resources to bring to the fray, and might eventually like to be paid in something other than linen-rich coupons.

Maybe all of this is merely part of a pre-ordained and centrally orchestrated charade between the ‘Rocks’ and ‘Roths’, as our friend ivars alleges. And we are all forever doomed to be the serfs (knowing or not) of the banker families seeing all and ruling all. Perhaps this is merely a futile gesture of misplaced patriotism, along the lines of Zrínyi and Dobó.

Perhaps we are, indeed, all destined to be ground down between the cogs of the machine – and the best we can hope for is to profit from the even-greater misfortune of our brethren, and to be ‘greater’ slaves among lesser ones. But my lineage and upbringing dictate that I continue to believe in the indomitability of the human spirit. Light will eventually prevail, and victories that seem pyrrhic may topple symbolsand thus ideologies.

Video unavailable

As always, keep stacking. Choose your battles against the status quo, but choose to battle where possible.

PS: Somewhat (though not really) OT – check out this cartoon-based comparison of Orwell vs. Huxley before it is yet again taken down by copyright protection requests.


Wow. I was a little worried my choice of topic was a little too tangential, obscure and irrelevant. While the following does not prove conclusively that it was NOT, it's still somewhat of a vindication that the next day the same event (Hungarian Prime Minister Orban's manifesto against liberal democracy, delivered as a speech at a Transylvanian university) would be pilloried by both the New York Times, the Washington Post, Wall Street Journal, Newsweek, the Financial Times and in general the entire MSM conglomerate.

'Hungary’s Mussolini' Vows to Make the EU Member an 'Illiberal State' -- Newsweek

"Viktor Orban, the prime minister of Hungary, has just cemented his reputation as the problem child of the European Union with a speech in which he argued that “liberal democratic societies cannot remain globally competitive”. All EU countries are meant to subscribe to a set of values that could broadly be described as liberal and democratic. But Mr Orban suggested that the Hungarian government is now looking elsewhere for inspiration – citing China, Russia, Turkey and Singapore as potential role models." -- FT

"The rise of Putinism" -- WaPo

"The commission could start by reducing the 21.91 billion euros (about $29.33 billion) the European Union has allocated to Hungary to finance infrastructure development from 2014-20. It should also begin proceedings to invoke Article 7 of the Treaty on European Union, which allows the suspension of voting rights of a member state that is at serious risk of breaching the values listed in Article 2, including the rule of law, freedom, democracy and respect for human rights. The commission would diminish its credibility if it fails to take steps to sanction Hungary for systematically breaching these values." -- NYTimes

"Orban, who was re-elected in April for a second consecutive four-year term, has clashed with the EU as he amassed more power than any of his predecessors since the fall of the Iron Curtain in 1989, replacing the heads of independent institutions including the courts with allies, tightening control over media and changing election rules to help him retain a constitutional majority in Parliament." -- Bloomberg

The full text of the speech in question can be found here. Some salient points which, despite my reservations about politicians in general, and THIS one in particular, I found interesting:

"Or to go even further, according to an internationally recognised analyst, the strength of American soft power is in decline and liberal values today embody corruption, sex and violence, and as such discredit America and American modernisation. And then the Open Society Foundation published a report – this happened quite recently – in which it analyses Western Europe and makes statements such as the fact that Western Europe is so busy finding a solution to the situation of immigrants that it has forgotten about the white working class. Or the British Prime Minister says that thanks to the changes that have occurred in Europe, many people have become freeloaders on the backs of welfare systems. Or one of the richest people in America, who was one of the first investors in Amazon, claims that we are living in a society that is less and less capitalist and increasingly feudal, and if the global economic system does not change, then the middle class will disappear and, in his words, the poor will go after the rich with pitchforks. And so instead of an economic model that is built from the top going down, we need an economic model that grows from the middle. [...]

What this means is that we must break with liberal principles and methods of social organisation, and in general with the liberal understanding of society. [...] With regard to the relationship between two people, the starting point of the liberal organisation of society is based on the idea that we have the right to do anything that does not infringe on the freedom of the other party. [...A]lthough this is an extremely attractive idea, it is unclear who is going to decide the limits beyond which someone is infringing on our freedom. And since this is not automatically given, somebody must decide it. And since we have not appointed anybody to decide it, what we experienced continuously in everyday life was that the strongest decided. What we continuously experienced was that the weak were trampled over. Conflicts on the acceptance of mutual freedom are not decided according to some abstract principle of justice, but what happens instead is that the stronger party is always right. [...] The principle around which Hungarian society is organised should not be that everything is allowed that does not infringe on the other party’s freedom, but instead should be that one should not do unto others what one does not want others to do unto you. [...]

And so we can safely make the statement that the liberal democracy also proved to be incapable of protecting the community assets that are required for the self-sufficiency of the nation compared and in comparison to the other states of Europe. The liberal Hungarian state was also incapable of protecting the country from falling into debt. [...] It also failed to prevent families from falling into debt slavery. [...]

And so, if we want to organise our national state to replace the liberal state, it is very important that we make it clear that we are not opposing non-governmental organisations here and it is not non-governmental organisations who are moving against us, but paid political activists who are attempting to enforce foreign interests here in Hungary. [...]

It could happen, Ladies and Gentlemen, that in the United States – and I am referring to a piece of news I read yesterday – that in the United States the Senate, or perhaps it was the Senate and the House of Representatives together, decide to impeach the President of the United States for regularly overstepping his sphere of authority. And when I look behind these pieces of news I see that not only do they plan to impeach him, but the President of the United States has already been convicted of overstepping his sphere of authority on several occasions. Imagine what would happen in Hungary if Parliament took the Prime Minister to court for overstepping his sphere of authority and then the court found him guilty. How long could I remain in office, Ladies and Gentlemen?"

There is also a long passage equating the 2008 global financial crisis with the magnitude of changes the world underwent after WWI, WWII and 1990.

Like I said, words are cheap, and granting (quasi)dictatorial powers to an established demagogue has almost without exception led to tragedy. But when the guy sticks his neck out to defend Christian values, attack large multinational banks and supranational bureaucracies, to denounce the downing of MH17 without blaming Russia, I begin to wonder whether he has a sufficiently potent dossier for publication on deposit attached to a dead-man switch. And whether he spends enough on personal protection...

(photo credit: AFP/Economist)

About the Author


Safety Dan
Aug 1, 2014 - 6:10am

Resolution of the United

Resolution of the United States Senate Targeting China's Artificial Credit Rating and Failure to Disclose its Defaulted Sovereign Debt

Expressing the sense of Congress that the People’s Republic of China and all enterprises owned or controlled by the People’s Republic of China should make proper disclosures with the Securities and Exchange Commission regarding the selective default status of certain bonds

Resolution of the United States House of Representatives Targeting China's Artificial Credit Rating and Failure to Disclose its Defaulted Sovereign Debt

Expressing the sense of the House of Representatives that the People’s Republic of China and all enterprises owned or controlled by the People’s Republic of China should make proper disclosures with the Securities and Exchange Commission regarding the selective default status of certain bonds.

Resolution of the United States Congress to Deny the Communist Chinese Government Access to the U.S. Capital Markets

Concurrent Resolution of the United States Congress condemning the wrongful actions of the government of the People's Republic of China and expressing the Sense of the Congress to bar future issuances of Chinese securities within the United States until such time as the communist Chinese government fully honors the repayment of China's defaulted full faith and credit sovereign debt.

Debt Relief for Companies and Governments Indebted to China

New Program Enables Companies to Extinguish Debt at 70 Percent Savings.

Complaint Alleging Failiure to Disclose the Chinese Government's Defaulted Sovereign Debt by State-Owned Enterprises of the People's Republic of China Listed on the NYSE Euronext and NASDAQ Securities Exchanges

Spartacus Rex
Aug 1, 2014 - 5:12am

"Rays of Hope" (?) Here They Come!

A CME is heading for Earth. The cloud was hurled into space on July 30th when a magnetic filament on the sun erupted, and it appears to be on course to sideswipe Earth's magnetic field. NOAA forecasters estimate a 30% chance of polar geomagnetic storms on Aug. 2nd when the CME arrives.

Safety Dan
Aug 1, 2014 - 5:06am

We Get Bad Analysis when

We Get Bad Analysis when Statists Write Economic History

When major changes occur, especially if they're bad, people generally will try to understand what happened so they can avoid similar bad events in the future. This is why, when we're looking at...


Aug 1, 2014 - 4:58am

Both Orwell and Huxley

Both Orwell and Huxley systems are still at work and were at work. Today it seems it will be Huxley system that is taking over, but we are approaching peak debt, or peak money supply*velocity , with negative real returns on any marginal increase in debt coming on average worldwide, so Huxley system is just not sustainable. Its over.

Either we develop a totally new system of values based on new religion/insights in human destiny or we are doomed to new Dark Ages with both money and population and leisure disappearing in favor of militancy. Human populations and their values (even Christianity was unable to stop usury though it tried hard till 12th century when the monetary cycle turned) , in the West and other Empires, according with money cycle, overshoot when money supply grows exponentially due to compounded interest, and undershoot when it contracts exponentially under negative compounded interest as money disappears and is replaced with barter. Its a 900 year megacycle that has repeated in history many times, but now, for the first time, its truly global and all humanity is into it in sync, with the West and rich nations poised to lose relatively most.

The solution would be an individual and society whose value systems are so strong that these swings does not happen, instead humans develop linearly, in accordance with some natural linear growth median.

But no doubt, todays population numbers are not sustainable in any case. If humanity money supply ( debt- bringing future consumption into today) increase based exponential and super exponential population growth crashes into dark ages and after that goes down exponentially ( as debt is repaid) or it is brought to median by conscious action, current population is at least 2-3 may be 6 times over what would have been median if humanity had developed linearly, without swings into Empires and crashes into falls of Empires.

Safety Dan
Aug 1, 2014 - 3:13am

Maybe Argentina Didn't Default - Like China's Quiet Default

The People's Republic of China's selective default on China's external sovereign debt and subsequent repudiation:


Be sure to check the gold & 100 year bonds listed in the 'index exhibit section' on page 131. Then click to see pictures on page 135. https://www.globalsecuritieswatch.org/DOJ_Antitrust_Complaint

Notice who is paying agent in Exhibit 3. China Claims Settlement in 1979 Exhibit 8, Legal Confirmation to the United States
Congress of the Exclusion of the Subject Debt From the 1979 U.S . – China Claims Settlement Treaty Exhibit 9, House Resolution 1179 of the United States Congress Exhibit 34, U.S. Firms, (JP Morgan & the bunch), Underwrite Chinese Government 100 Year Bond Exhibit 36. Then check page 345 of the Exhibits. Exhibit 40 Underwriting of Chinese Government Debt Offered and Sold Publicly in 2003.

Wondering how China purchased all that Au while in default?


Bankrupt Cities, Municipalities List and Map


It sure looks like a bumpy road ahead....

Safety Dan
Aug 1, 2014 - 2:45am

Over 40 years of silver

Over 40 years of silver prices can be represented by four zones of megaphone shaped price patterns. My interpretation is that zone 4 – a long and aggressive move upward – is still in progress. My round number target is $100 or more in 2016 – 2019. Although I hope that the powers-that-be will not choose to create hyperinflation in the US, if hyperinflation does occur, the $100 target will be easily bypassed and much higher prices will be “in play.”


El Gordo
Jul 31, 2014 - 11:30pm


I don't know whether to shit or go blind.

Jul 31, 2014 - 10:46pm

Harvey's Up! (TFMR)

Harvey's Up! https://www.tfmetalsreport.com/comment/621073#comment-621073

  • Mark O'Byrne: Gold is flat in London this morning after gold in Singapore remained very close to the $1,295/oz level overnight. Asian trade was limited to a range of $6.50 and only 8,500 contracts were traded on Globex. Futures trading volume declined and was 39% below the average of the last 100 days. Traders appear to be waiting for the non farm payrolls data tomorrow.
  • Harvey: Today is the final day for options expiry on the OTC contract. True to form, our bankers again orchestrated a raid to make sure gold stays below $1290.00 and silver below $20.50. Tomorrow is the jobs report so the crooks may continue to whack. The Dow plummeted 317 points today in sympathy with the crash in Portugal's second largest bank, BES, (we may have a systemic default here) and in the other major story, the default of sovereign Argentina. This morning, the Chicago manufacturing PMI fell by 8 standard deviations from 62.6 down to 52.6 as the USA is following in the steps of Europe in a free fall. Silver eagle sales in the USA top 26 million oz for 7 months and thus heading for a total mintage of 44 million oz. The USA produces 34 million oz and thus they need to import silver just to satisfy the mint. Silver demand in the USA for silver energy solar panels, radiology, pharmaceuticals and jewelery continue to explode off the charts.
  • Thomson Reuters: A better than expected jobs number is expected after the positive surprise that was the GDP number. Although, many participants questioned the GDP number as the growth in inventories contributed 1.66 percentage points and likely greatly exaggerated the strength of the U.S. economy in the 2nd quarter. Markets are jittery with European stocks down as tensions over the Ukraine and in the Middle East and the risk of contagion in Portugal and from Argentina’s default weighed. Premiums for gold bars in India have dropped to new lows due to weak domestic demand. The premium on Wednesday fell to $5-$6 per troy ounce compared with $10 per troy ounce during the last week.
  • GFMS: Silver looks better and better technically and fundamentally and was more robust than gold again yesterday. Silver has tested support at the 200 day simple moving average at $20.21 and has rebounded higher again.Below that there is support at the 50 and 200 daily moving averages at $20.19/oz and $19.99/oz respectively. U.S. Mint data regarding bullion coin sales is always an interesting indicator regarding gold and silver store of value demand. U.S. Mint figures show that American silver eagles advanced by 260,000 on Tuesday. This increase meant that Silver Eagle sales are now over 26 million for the year. Sales of silver eagles remain at the second highest in the beautiful coin’s 29-year history. Silver eagle sales had surpassed 29 million through the first seven months of 2013 and had an all time record year in 2013. Indeed, global silver demand rose 13% in 2013 and yet prices were lower for the year.
  • Chris Powell: Victor Sperandeo makes four most important points regarding government:
  1. All government announcements about the economy are lies.
  2. The economy is far weaker than the government acknowledges.
  3. The gold market is manipulated by central banks.
  4. And investors need gold as insurance against the disasters central banks may cause.
  • Hugo Salinas Price: The Powers That Be in the US and its allies seem to be committed to keeping the price of gold below $1320US/oz. Is the US control of the price of gold bad for China? It would appear that since China is purchasing large amounts of gold, keeping the price from rising is in the interest of the Chinese. Is the US control of the price of gold bad for Russia? It would appear that Russia has no urgent reason to see a higher price of gold. Is control of the price of gold considered as a damaging policy by the Rest of the World? The Rest of the World does not seem to be particularly upset by the control of the price of gold. Who is upset that the price of gold is so clearly kept down below $1320US/oz? Answer: the gold miners of the world and those who own gold as financial protection, as well as those who have long positions in the futures markets. All of these actors are limited in number, as contrasted with a world population of some 7.5 billion humans. So it is evident that in reality there are relatively few parties, individuals, and corporations - who care about the price of gold. For the vast majority of people in the West, the price of gold is of no concern whatsoever.
  • Hugo Salinas Price on the gold standard: At some point, impossible to predict, the demand for physical gold will only be satisfied at increasingly higher prices. Gold today has really only one enemy: the Federal Reserve of the US. If the Dollar loses prestige in the world and declines in value against other currencies, the Military loses force. If the Military loses force, the Dollar loses acceptance. If they go, the American Empire is over. On the other hand, the American Empire is not behaving towards them in a friendly manner. For that reason, they will not be collaborating actively to suppress the price of gold. So Russia and China are just going to sit back and watch the gold markets do their work, which will be inexorable.
  • Chris Powell: Egon von Greyerz says economies are crumbling even as governments pretend they're improving, incomes are falling, and the European Central Bank and Federal Reserve will be resorting to more money creation soon. Fed official Andrew Huszar concurs about the longer-term weakness of the U.S. economy, and Singapore fund manager Grant Williams sees black swans flying all around some very complacent markets.
  • Reuters: Barrick Gold Corp, the world's largest gold miner, reported a net loss in the second quarter on the back of a weaker gold price and lower gold and copper sales volumes. Barrick reported a net loss of $269 million, or 23 cents per share, in the three months ended June 30, compared to a net loss of $8.56 billion, or $8.55 a share, a year earlier when it recorded a massive impairment on its Pascua-Lama project.
  • Zero Hedge: It has been a deja vu session of that day nearly a month ago when the Banco Espirito Santo (BES) problems were first revealed, sending European stocks and US futures, however briefly, plunging. Since then things have only gotten worse for the insolvent Portuguese megabank, and overnight BES, all three of its holdco now bankrupt,reported an epic loss despite which it will not get a bailout but instead must raise capital on its own. The result has been a record drop in both the bonds (down some 20 points earlier) and the stock (despite a shorting ban instituted last night), which crashed as much as 40% before stabilizing at new all time lows around €0.25, in the process wiping out recent investments by such "smart money" as Baupost, Goldman and DE Shaw.
  • Tyler Durden: Putin and Merkel have, according to some, been working out an arrangement that is nothing shy of a sequel to the Molotov-Ribbentrop pact: allegedly Germany and Russia have been working on a secret plan to broker a peaceful solution to end international tensions over the Ukraine, one which would negotiate to trade Crimea's sovereignty for guarantees on energy security and trade. The Independent reveals that the peace plan, being worked on by both Angela Merkel and Vladimir Putin, "hinges on two main ambitions: stabilising the borders of Ukraine and providing the financially troubled country with a strong economic boost, particularly a new energy agreement ensuring security of gas supplies."
  • Zero Hedge: The Russian central bank announced that having been increasingly shunned by the West, Russia discussed cooperation with Reserve Bank of India Executive Director Shrikant Padmanabhan. The punchline: India agreed to create a task group to work out a mechanism for using national currencies in settlements. And so another major bilateral arrangement is set up that completely bypasses the dollar.
  • Tyler Durden: We already know that all is not well in US-Israeli relations(despite the ongoing funding) and John Kerry is not helping, but this morning's comments from the White House and Pentagon are concerning. As The BBC reports, the US Defense Dept says civilian casualties in Gaza are "too high" and Israel needs to do more to protect civilian life. Then White House spokesman John Earnest added, "the shelling of a UN facility that is housing innocent civilians who are fleeing violence is totally unacceptable and totally indefensible."
  • Zero Hedge: With Argentine politicians explaining that "Argentina is not in default" and ISDA set to decide if last night's default is an 'official' trigger event for CDS, it appears Kirchner, Kicillof, and their (k)omrades may have found an angel. The initial 'bailout' plan, by which Argentine banks bought the holdouts defaulted debt (then promptly acquiesced to Argentina's old debt-swap agreement), failed last night; but, as WSJ reports, JPMorgan is in discussions to buy the defaulted bonds of Argentina's holdout creditors. While this would not impact the default decision (that is history), it would speed up the exit from default greatly.
  • Dave Kranzler (IRD): Despite the “robustly” rigged GDP number, padded by a dubiously large attribution to construction and home improvement spending, the homebuilder stocks continue their huge sell-off, which started last week. I say that the GDP attribution for construction and home improvement spending is “dubious” because the numbers compiled, massaged and reported by the Government do not correlate with the reports being released by construction industry companies and industry associations or with home improvement/furnishings retailers. Now that everyone is blaming Russia – instead of the weather – for everything that is happening (Adidas blamed Russia for its poor results instead of the fact that its shoes suck) – I’m wondering when Obama is going to come out and tell us Russians killed Jesus.
  • Zero Hedge: So to sum up today - carnage in stocks (DJIA down 317 points)... USD flat, bonds flat... Oil monkey-hammered and PMs dumped. We warned last month that under the covers Chicago PMI looked a lot weaker than the headlines and this morning's collapse confirms that. Against expectations of a small rise to 63.0, Chicago PMI plunged from 62.6 to 52.6 (13-month lows) for the biggest miss on record. According to the release itself, "A monthly fall of this magnitude has not been seen since October 2008." The was an 8 standard-deviation (8-sigma) miss from analyst expectations.

All this and more on...

The Harvey Report!



Mr. Fix
Jul 31, 2014 - 10:30pm

Thank you JY,

I also continue to believe in the indomitability of the human spirit.

It keeps me going in spite of the doom and gloom daily news.

Someday this mess will resolve itself, I plan on living to see it.

In the meantime, life is well worth living,

make the best of it.

Jul 31, 2014 - 10:10pm


and nice design......tp. *I like it. **HT ***Just hit the buy button.

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Key Economic Events Week of 11/30

11/30 9:45 ET Chicago PMI
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Key Economic Events Week of 11/23

11/23 9:45 ET Markit flash PMIs
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11/26 US Market holiday

Key Economic Events Week of 11/16

11/16 2:00 pm ET Goon Chlamydia
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Key Economic Events Week of 11/9

11/9 1:30 pm ET Goon Mester
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11/11 Veteran's Day. Bond market closed.
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Key Economic Events Week of 11/2

11/2 9:45 ET Markit Manu PMI
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11/3 U.S. Election Day
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Key Economic Events Week of 10/26

10/27 8:30 ET Durable Goods
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10/29 8:00 ET ECB monetary policy stmt
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10/30 10:00 ET UMich Consmer Sentiment

Key Economic Events Week of 10/19

10/19 11:45 ET Goon Chlamydia
10/20 8:30 ET Housing Starts
10/20 1:00 pm ET Goon Evans
10/21 10:00 ET Goon Mester
10/21 2:00 pm ET Fed Beige Book
10/22 8:30 ET Initial Jobless Claims
10/23 9:45 ET Markit Oct flash PMIs

Key Economic Events Week of 10/12

10/13 8:30 ET CPI and Core CPI
10/14 8:30 ET PPI
10/14 9:00 ET Goon Chlamydia
10/15 8:30 ET Philly Fed
10/15 8:30 ET Empire State Idx
10/15 8:30 ET Import Price Idx
10/16 8:30 ET Retail Sales
10/16 9:15 ET Cap Ute & Ind Prod
10/16 10:00 ET Business Inv

Key Economic Events Week of 10/5

10/5 9:45 ET Markit Svc PMI
10/5 10:00 ET ISM Svc PMI
10/5 10:45 ET Goon Evans
10/6 8:30 ET Trade Deficit
10/6 10:00 ET JOLTS job openings
10/6 10:45 ET Chief Goon Powell
10/7 2:00 ET Sept FOMC minutes
10/7 3:00 ET Goon Williams
10/8 8:30 ET Initial jobless claims
10/9 10:00 ET Wholesale Inventories
10/9 12:10 ET Goon Rosengren

Key Economic Events Week of 9/28

9/29 8:30 ET Advance trade in goods
9/29 9:00 ET Case-Shiller home prices
9/29 10:00 ET Consumer Confidence
9/30 8:15 ET ADP employment report
9/30 9:45 ET Chicago PMI
10/1 8:30 ET Personal Income and Spending
10/1 8:30 ET Core Inflation
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/2 8:30 ET BLSBS
10/2 10:00 ET Factory Orders

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