Figured it Out - Bail-Ins are for Amateurs

Thu, Aug 7, 2014 - 12:29am

Fiat paper schemes always end with the currency devaluing to zero, worthless. Along the way, though, through the years, history teaches us that those in power, that is, those issuing the worthless colored paper, always resort to trickery, deceit, then war all in an effort to remain in power.

Recently, we have seen, as was done in Cyprus, and has been commented upon by many pundits, and can expect the banking institutions that are too big to fail to resort to outright theft of depositor funds to remain solvent. Remember, to a bank, a deposit is a liability, which must be repaid.

We have also seen countless schemes whereby the big institutions holding onto deposits, or investors' cash, have simply rehypothecated, or pledged the same funds time and time again as collateral for loans, which are then used to speculate in the markets or with exotic derivatives. Anyone need a refresher course need only google MF Global and Corzine for an in-depth lesson.

Of late, there has been open outcry, that it is impossible to earn large, crazy wealthy sums simply from creating a business and selling products. No, something more is required to get one's hands upon generational wealth. That "something more" requires one to embrace the paper fiat scheme, and immerse oneself.

This concept of wealth creation being possible only from immersion into the paper fiat scheme, whether through investment banking, stock trading, hedge funds, buying and selling paper assets, speculating on commodities, what not, has attracted the very best and brightest. There is no comparable upside income potential, aside from crony capitalism and generational wealth that can be earned from political favors. However, that career path and trajectory are beset by extreme odds against success.

As a result of this obvious path to extreme wealth creation, naturally, those seeking such fabulous riches are irresistibly drawn to the financial sector. In this sector, all that matters is "scoreboard." It is not how hard one tries, or that one put in a good effort, or that one acted with high moral character, or honor, or any of the imbedded, traditional values that made the USA great long ago. Instead, the extreme short term time frame, 3 months, and an objective financial bottom line are the measuring sticks of success or failure, where coming in soundly within the bell curve is tantamount to an admission of mediocrity and necessarily, failure, because there is no incentive for any market participant that rewards mediocrity. None. In the end, it is all about the bottom line.

In this paradigm, then, naturally, rewards are doled out to those that succeed, that is, who do better than their peers, some of the best and brightest that have ever lived. Who among such a rarified breed, is going to be content as a middle-of-the-packer, when to enter the industry one must abandon any pretense of morality? Easy! NO ONE!

Based on this reasoning, then, those who do not share the financial industry type value system, cannot fathom the most basic understanding of what is driving the system, nor what to look for in predicting outcomes.

Like Mr. TF, who correctly, and for years, has predicted short and long term physical metals prices, based on his understanding that the commodity spaces are manipulated, once one embraces that concept, radical as it seems, and as unbelievable as it is, then making sense on the charts is, as TF so aptly notes, not too complicated at all.

In that spirit, I offer up a thought experiment that lead me to a conclusion that I believe explains a plausible end-game, slow burn, that is not at all a collapse, but is instead an orchestrated, but not controlled, descent of fiat towards its ultimate value of zero. Of course, this entails substitute currencies, under central control, likely backed by something of value. What that is is uncertain for now, but will reveal itself as time passes.

For now, let us turn to the facts upon which I base this analysis and conclusion.

What started me down this path is the seeming impossibility that regular folks in the USA will tolerate any such bail-in nonsense. I was bolstered in this thinking the other day at a local gun show I attended. I went to get a feel for the mood, and see whether the market had corrected back to normal following the Sandy Hook story. I believe strongly that it was staged, designed to usher in massive gun control, but failed as the powers that be realized that the red states are just not going to part with their guns. The puppet masters misread their abilities, and their puppet politicians could not complete their masters' tasks. Gun control failed for now, but as normal, will creep up time after time, as marginally, regular people lose interest, and the slick politicians erode rights at the margin. As I type this, California is looking to enact laws that allow family members to rat out a loved one, and enable authorities to seize firearms. No due process, screw the Second Amendment. This marginal erosion of gun possession rights is coming to every single place, eventually. Count on it.

Anyhow, back to the story. So, I am at the gun show, and I see table after table of guns, ammo, as far as the eye can see. Production has never abated, and people are buying hand over fist. New market suppliers are springing up in the face of increased demand. Supply and demand forces are working as should be, unlike in the physical precious metal space . . . But, I digress.

As I took this scene in, I became instantly struck by the likelihood of anyone in that building accepting some government decree taking any portion of anyone's hard-earned money, stored at a local bank. Not a chance in hell that the regular folks just meekly take losses like that. No way.

The regular folks are SEETHING. Washington politicians do not see it, nor do they want to see it. When Obummer comes to Los Angeles, traffic is snarled all day. Folks are PISSED OFF. It reminds me of the simmering racial tensions following the Rodney King video beating. It was all there, right out in the open, but most people did not want to talk about it. In mixed company, no one dared mention it. I was lucky, I had friends from all walks of life. I heard a total disconnect between my reality, and the reality of those less fortunate. We all remember the riots in Los Angeles in 1992. Koreans, armed, on rooftops, gangs of black youths rampaging, National Guard, fires, riots, lockdowns. OJ Simpson ripped open the wounds for more pain. Nothing was solved. Look what happened to OJ after a two-bit burglary in Las Vegas? Think the public is dumb, or disengaged? Not a chance. They are just uninformed, because their sources of information have been feeding them a massive daily infusion of brainwashing. Call it MOPE, or spin, or misdirection, whatever, the fact is that the truth has been withheld from the masses, deliberately.

As the truth leaks out, gradually, as it always does, people are slowly, ever so slowly, becoming aware. The gun crowd gets it, for sure, hence the effort to secure firearms and ammunition. Those red state voters understand that their colorful scraps of banker paper do not by as many rounds of ammo as they used to. The solution for them is not to complain about auditing the FED, or of returning to sound money, away from fiat. No, not at all. Heck, most of them know Fiat as a break-down prone Italian sportscar. Audit the FED? FED who? What's an audit? Like the IRS, and produce receipts? What?

Anyhow, the simple fact is that people know to spend their banker paper on durable goods. They got taken to the cleaners on the housing bust, so many people are wary, and renting. People are not foolishly taking on debt to buy the latest consumer good, either. Most people who need a flat screen TV, have one. New car? Maybe, but more likely is they are making do with less, repairing their things that break rather then replacing them with new. So, the people are aware and reacting, just not in ways politicians want them to react.

Which leads to the next huge understanding I reached. It dawned on me that there really are very few retirement options most people have. The wealthy do not worry, as they are invested in paper assets. They, by and large, see nothing, because they have reached success, and will do and say what it takes to keep the status quo operating, as they have benefited from it. They do not want change. The poor have no delusions of "retirement." Every day is a challenge. They are already getting government benefits, and they too want the system to remain intact. These are the great masses that make up the Free Shit Army. These are the voters coddled and coveted by those in elected office. These lower information voters are not at all going to do or say anything that upsets their free government transfer payments. If anything, they will complain and demand more, under various MOPE scenarios based on division and class envy.

The middle classe, though, is wholly dependent upon their pensions, whether from their 401k's, or their union pensions, or their govt pensions, what have you. The days of buying and holding, saving, and living on interest, are long gone, and are never coming back anytime soon. We all know this, as do all the overlords and secret back room meeting bosses. They know full well that the system is collapsing, in real time, and are desperately trying to keep it together.

They have seen fiat paper schemes implode, and are anxiously attempting to find a solution to the existing mess. For this, there is no doubt.

Only recently, though, did I see something that caused me to understand just HOW those banksters are going to pull of the greatest scam ever.

Remember, they cannot simply bail-in the Americans, because there will be massive uprisings, and there will actually be consequences. There are just too many guns, and too many pissed off, seething angry people who will, at the first chance, become active, violent, and will enact real reforms, with death and suffering as a result for many of the wealthy. For this, I have no doubt at all. There are not enough police personnel to quell the uprisings, and further, many of the local police forces will be taking care of their own families. I know this personally, on a big scale, and I also know that the powers that be know this as well. There is no delusion amongst the central planners that massive civil unrest will spell doom for those in charge.

As a result of this, and based on what transpired and is transpiring in Argentina, over the default on bonds, and the financial engineering that underlies that whole mess, I believe with 100 confidence that the end game scenario is going to play out in this fashion, as follows:

(1) Pension funds will be financially engineered such that the workers that have contributed their wages to the pension fund, will be given massive haircuts, on order of at least 50% or greater, both in the holdings of the pension fund, as well as upon payout based on the diminished holdings;

(2) The funds stolen by the pension fund managers, will be used to capitalize the TBTF institutions, keeping the system afloat;

(3) Because the pension funds will be, essentially raided, the workers will demand safeguards in the future, which the politicians will be only too happy to grant, thus requiring pensions to no longer invest in "risky" things like the stock market, or CDO's or any of the wall street financial schemes, but instead to invest in "safe" long term government bonds;

(4) After most of the pensions are looted, and the balance of funds are now invested in government bonds, there will be a currency reset, and the value of the pension funds that were converted to govt bonds will be further eroded, and of course,

(5) None of the pension funds will have invested in hard physical precious metals, which will explode in value to the upside.

(6) Anyone riding the bull this long will have amassed generational wealth, provided their family and friends still even talk to them.

If anyone doubts the premise of the very first point above, that is, that pension funds will be stolen by way of sophisticated financial engineering, then to those people, I ask them to please read this excellent piece over at nakedcapitalism:

The bottom line from the nakedcapitalism piece is that the workers, who contributed to their pension fund, had their funds stolen from them through outright theft by a corrupt fund manager, who also invested the funds in a high yield scheme whereby the pension fund was left holding the bag on worthless CDO's.

See, the crooks at the top are not going to just plainly "take" the money. No. They will use arcane concepts, driven by classic human emotion, like fear and greed (hat tip, Argentus for his great post on this recently), and will engineer turnover of the fund investments such that the poor, dumb workers end up taking the losses. The gains of course, all went to the corrupt, TBTF banks, which silently "hypothecated" the funds in the normal course of business and "thems is the breaks!"

This scenario will take place over years, not days or months. The system will hold together until it doesn't. But so long as it does, it will be a slow, gradual descent, marked by the occasional failed bank, headline, and then back to bread and circuses.

Remember the Greek bailouts? What happened to that? See what I mean?

Please, whatever you choose, prepare accordingly.

About the Author


Aug 8, 2014 - 12:52pm


My daughter calls my wife "Ma" just to annoy her. Mom is the preferred appellation.

Aug 8, 2014 - 12:49pm

procog . . . yup!

I would not ever tell her that she is my ancestor. She once corrected me for calling her "Ma" because it sounded too old . . .

Aug 8, 2014 - 12:46pm

@ancientmoney, I don't know

but I suggest you not call your Mom an ancestor. It makes her sound "really" old.

Aug 8, 2014 - 12:45pm


For every finger I point at you, I point 3 (some say 4) back at myself.

ancientmoneyUnholy Dalliance
Aug 8, 2014 - 12:40pm

Unholy Dalliance re: silver game change . . .

Thanks for the well-thought-out post.

While I haven't had any dreams or other such premonitions, I agree with the gist of what you said.

I believe that Sinclair was right, but the bankers and pols changed things up, and essentially they now play patty-cake with each other; they are the longs AND the shorts on comex, and nobody else who needs phyzz plays there after MFingGlobal.

So, in essence there are no deliveries being made in comex gold and silver. That is why the "inventories" (such as they are) never change.

My guess is that JPM somehow feeds industry what it needs from SLV stocks so as to keep price contained even as the piles dwindle.

It is only when it can no longer be hidden that a new game will emerge; one that sees paper silver die and phyzz prices become real--and much higher.

Unfortunately, nobody knows exactly when that happens; but it not happen until there is no other alternative left in the bankster bag of tricks.

Spartacus Rex
Aug 8, 2014 - 12:07pm
Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Spartacus Rex
Aug 8, 2014 - 12:05pm
Spartacus Rex
Aug 8, 2014 - 12:04pm

Argentina files legal action...

against the US at The Hague over debt default

Argentina asks the international court of justice to act over an alleged breach of its sovereignty after hedge funds dispute

Unholy Dalliance
Aug 8, 2014 - 12:00pm

The Ultimate End Game

I haven't posted here for a while. CL's article seems the perfect place for what I have to say.

I think that the 'game' in silver is about to change in a radical fashion. I base this on a number of things: one is a dream-vision which I have written about on TFMR a few times. In a nutshell, what was reveal was silver trading at $75-77 after the open on Sunday night (if you are on UTC or UTC+1 as I am). My vision didn't show what it closed at the previous Friday so I can't say exactly when this is supposed to happen. (Yes, I hear your howls of derisive laughter but I don't care because the rest of the evidence supports this 'scenario' if you care to read on.) As well as the dramatic move higher, the vision also hinted at something even more dramatic. Silver commentators were reporting that CME had suspended or even cancelled all COMEX silver future contracts (and options as well although no mention was made of these). All this sounds to fantastical to be true, doesn't it, but here's the rub. Jim Sinclair wrote the email blas (below) on July 23, 2013 predicting that within 90 days of that date, COMEX would offer 'cash contracts' for gold and silver only. No future contracts would be written or (presumably) honoured. Here is Jim's email:

My Dear Extended Family,

The cause of today's spectacular rise in the gold price is the reality that with Friday continue large drop in Comex warehouse gold inventory. No cogent argument can be formed against the reality that because of the continue fall in gold inventory that within in 90 days or sooner the Comex must change its delivery mechanism.

The highest probability is that Comex will have to move to cash settlement rather than gold. Part of that settlement could be lots of 100,000 GLD that represents the ability to exchange for gold.

Their problem is that if GLD is part of the settlement mechanism for the spot Comex contract that GLD will be destroyed by the convertibility. It is a truism in gold that which is convertible into gold will in fact be converted over time.

Gold rose today because those knowledgeable know the inevitability of the changing of the Comex contract, as it is today which calls for settlement in gold between contracting parties. There is no question this is the emancipation of physical gold from the fraud of no gold, paper gold. The emancipation will cause physical gold exchanges to take birth and to be the discovery mechanism for the price of gold. This is the end of the ability to use paper gold future contracts as a mechanism to make the gold price sing and dance at the will of the manipulators.

With manipulation coming to an end the true value of gold will be discovered by the cash exchanges that are now taking birth. The advent of the cash spot exchanges around the world is the natural demise of the Comex set up as convertible and now being converted.

As long as one can buy spot, pay insurance, transportation and re-casted by Rand Refinery to Asian products sold profitably, the demands for real gold are ending the hay days or even existence of the futures exchanges.

Gold is headed back to be traded as it was before 1973. Gold will trade well above $3500 and those who have lived in the gold market like me for now 53 years know it.

A price of $50,000 for gold is not out of the question as a result of its emancipation from "fraudulent paper, no gold, paper gold."

GOFO is screaming this truth. The warehouse inventory of every futures gold exchanger is screaming this. The fact that there is no meaningful above ground supply of gold is screaming this. The fact that most of the central banks supply of gold is leased is screaming this.

There is no reason why gold cannot move up hundreds of dollars a day when the Comex changes their spot contract settlement, as they must, as they will, very soon.


Is Jim a visionary, too? No, he is just someone who has spent almost a lifetime around the gold and silver markets. He knows that they cannot continue to issue ANY future contracts if the US commodity markets for gold and silver are to survive! He foretold this over a year ago but unfortunately the 'when' he predicted was 'a bit off the mark'. That doesn't mean it's not going to happen. As we have seen during the year+ since July 23, 2013, the game of 'pass the silver and gold parcel' i.e. leveraged naked short future contracts and derivatives based on those future contracts have continued to suppress commodity exchange prices for gold and, especially, silver.

The next piece of evidence may appear to have little or nothing to do with the above - all you have to do is 'think Russia' or 'think BRICS'. I am not going to spell it out for you.

This is a letter I drafted but never sent to a prominent silver supported with his own TV show. It was written in late 2010 hence the references to events that took place at that time.

In order to understand why silver has been manipulated for such a long period of time, it seems to me it would be helpful to look beyond what so many now agree, thanks in huge measure to your work amongst others, is manipulation by bullion banks on behalf of central banks and governments - chiefly the US Goverment./FRS - by means of outsize naked short positions. No sane person now disagrees with that.

However, it doesn't entirely explain why. Why would governments and their agents want to suppress silver prices in the open market for so long? It is an important question because, as we all know, governments have not considered silver as money for a very long time. Silver coins were 'taken out' of circulation in the USA in 1964 a few months after President Kennedy was murdered for trying to re-introduce silver in the US monetary system by issuing silver certificates redeemable by the US Treasury for physical silver. In early 1964, America had silver reserves of 2 billion ounces. From then on it has been 'merely' an industrial metal.

So why consider it necessary to suppress its price alongside gold, which is the ultimate money and is still used by governments to settle debts arising between them such as balance of trade payments?

I can think of 2 reasons - I'm sure you have more. I have condensed these arguments to 'nutshell' size to save your time.

First - it is used by the military in huge quantities. It seems to me that the major western powers, the ones that make up the NATO alliance conspired to suppress silver prices so that it remained a cheap 'commodity'.

Second - knowing that it has been a monetary metal for thousands of years with a unique relationship to gold, in that, for 2000 years at least, 15 weights or measures of silver gave you one weight or measure of gold, governments conspired, (with such conspiracy intensifying post WWII following the implementation of the Bretton Woods agreement), 'to keep silver out of the monetary loop' forever. It was needed for nuclear and other weapons programmes.

So, in order to achieve this, the natural gold/silver link the ratio of 15:1 or 16:1, which had been scientifically proved by Sir Isaac Newton for the British Royal Mint in 1696, was destroyed - silver was left to 'float', bereft of its numeraire - gold. Investment interest either drifted away or was driven away until silver sank to its historical price nadir below $5.00 an ounce and the ratio soared to as much as 100:1! At $5.00, as much silver could be obtained for military needs as was needed without investment competition. The great silver stockpiles of the world, China, India and the US were used up. Meanwhile, mining for silver couldn't keep up with this demand and so by the beginning of our present century, the price began to rise. Rather than let it rise naturally, a decision was made (US Government/Federal Reserve Board?) to keep the price as low as possible for as long as possible. The mechanism chosen was the bullion banks acting as agents for governments trading on the COMEX and other international exchanges.

It appears 'they' have always known that this price suppression was unsustainable and it appears that their main desire now is a (fairly) orderly retreat from the mayhem they know will ensue (by mayhem, I mean the inevitable and unstoppable price explosion). If they don't get out of silver, all those bullion banks will 'blow up' because their 'masters' dare not attempt another 'rescue' - for political and financial considerations (hyperinflation, for one) - 'QE3' notwithstanding. Of course, they seem doggedly determined to continue to issue more and more unbacked currency as 'There Is No Alternative' - which they keep telling us. Which is true because they have to balance the $600 trillion (conservative estimate) of banks' off-balance sheet derivatives which have accumulated in order to manipulate the US official debt yield to the downside to stop US bond prices from collapsing, thus sending interest rates of all kinds, on goverment. debt and private and commercial debt, too, much, much higher. Higher Interest rates/higher inflation: a pincer movement that they are desperately trying to avoid. They can't succeed by expanding the money supply. They know that.

In the vernacular - it's 'Game Over'. If I am right, the first hypothesis (above) will see a grand reduction in weapons programmes around the world. Britain's new 'Coalition Government.' is already talking of a cutting military spending by 25% to reduce the fiscal deficit 'inherited' from the last Labour Government. I wonder if that is the only reason…

(End of draft letter)

I hope you are following this. I hope, also, that it is beginning to make some sense to you. If you piece those 2 bits of evidence together - even if you reject my 'vision' - you can see that it is now impossible for the 'game' to continue. Plus, there is now another, powerful force pressing against the suppression of gold and silver. It is 'economic warfare' in which one side will benefit hugely from this 'energy release' while the other side will not. Here's your clue again: 'think Russia; 'think BRICS'. I will leave it to you to work it all out.

Here are some more clues. All the work that Jim Willie has been sharing with the general public in the form of articles and radio interviews. Read the former and listen to the latter if you haven't already done so. To a lesser extent, the same applies to the work of Bix Weir although he follows a personal theory which you may or may not subscribe to (and which may or may not be true). Read his public articles at anyway. It all adds to the 'pot' of evidence, I believe.

And lastly, there is Clif High. I hope, sincerely, that is not his real name! In his Asymmetric Linguistics Trends Analysis (ALTA) report which he issued in July 2014, he forecasted that before the end of 2014 silver would be trading between $88.23 and $89.28 an oz. Very precise! However, it does 'chime' with my vision of $75-77 an oz., doesn't it? Significant or not? You decide. The important point here is that precise forecasts (dreamt or arrive at by means of sophisticate software) are immaterial. They are not that important. They only serve as 'pointers' or 'road-signs' to show the way to travel. That way, of course, is to invest (heavily) in gold but, particularly, silver. Note, however, as this is an important clue, that the traditional relationship between gold and silver is fifteen ounces of silver to one of gold - a ratio of 15:1. We currently have a (laughable) relationship of 65 ounces of silver to one of gold! A ratio of 65:1. You work out how many times 15 goes into 65 and let me know! Note (from my draft letter above) than none other than Sir Isaac Newton calculated the correct relationship. This means that those who control these markets 'spit in the face' of one of the greatest mathematicians and physicists who ever lived! Is that exaggeration? You decide.

All I know is, the game cannot continue along the present lines and is, therefore, about to change (or be changed).

Aug 8, 2014 - 11:19am

SLV golden cross

Silver has been hammered harder than gold lately. The need to supress silver compared to gold is evident on the charts.

SLV 50 day MA crossed up through the 100 day MA on July 22 and moved up through the 200 day MA just 2 days ago on August 6. This is the first time the 200 MA was breached to the upside ever since the great massacre.

GLD 50MA ran through the 200 MA back in March 2014 and has been consolidating since then.

I wouldn't be surprised to see silver being beaten back some more, only for the fact that if the SLV 50MA stays above the 200 for any length of time it would confirm the ongoing move in the metals.

Gold seems ok for now. The immediate target will have to be silver.

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Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

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