Bear Market


Max Keiser speaks to Jim Willie (Part 1 of 2)

July 31, 2010 by · Leave a Comment 

Max Keiser speaks to Jim Willie about corruption in the LBMA and COMEX.

Max Keiser speaks to Jim Willie (Part 2 of 2)

July 31, 2010 by · Leave a Comment 

Max Keiser interviews financial analyst Jim Willie

Gold in BIS swaps said to have come from looted bank customers’ deposits

July 31, 2010 by · Leave a Comment 

“… odds are that the gold purchased from or supposedly kept at those commercial banks by gold investors is now being used by the international banking system to suppress gold’s price against the interest of the investors who think they own it.”

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LA Times On Goldline and Gold Investing: Are They Good For Consumers?

July 31, 2010 by · Leave a Comment 

A decent article, tinted with a more than a little pro-fiat bias, but could have been much worse (the following excerpts being fair admissions): Goldline clearly engages in a hard sell, but it may be difficult to prove that they’re deliberately duping people into making unwise investments. Nor is it necessarily misleading to share with customers a sense of urgency about moving money into gold. “We’re in extraordinary times,” Carter said. “There’s a lot of concern about paper currencies.” … As with most investments, there’s a strong element of “buyer beware” at work here. If you bought a home in L.A. around the peak of the housing bubble in mid-2007, you didn’t do particularly well. If you bought more recently, you probably got pretty good value for your money. Yeah, talk about corporate cronyism in misleading people into investments… we’re glad he mentioned real estate! We also wonder if Lazarus has noticed the omnipresent hazard of “subprime” investments of various sorts that have been and most certainly still are floating around the nation’s stock of fiat “paper wealth” (the default alternative to gold). Anyways, for your information, the flagrant propaganda is in this bit: For instance, Beck has cited on his radio and TV shows a 1933 executive order signed by President Franklin D. Roosevelt authorizing the government to buy people’s gold as a way to prevent deflation and put more money into circulation. The order permitted U.S. citizens to keep about 5 ounces of gold in their possession. It also exempted gold used in industry, jewelry, art and antiques, which could include collectible coins. Despite alarmist claims to the contrary circulating online, Roosevelt’s order did not result in Gestapo-style, house-to-house searches for gold, and only one person was prosecuted for violating the order — a New York attorney who failed to register 27 gold bars stored in a bank. Firstly, it is more than a little disingenuous to characterize an executive order that confiscates all except the first 5 ounces of something as “permitting 5 ounces”. Anyone attempting to use gold as a significant store of wealth would likely be more concerned with the confiscation of all ounces from 5 to infinity. More importantly, Roosevelt had little need to “go from door to door”, since most gold holders kept their in bank vaults and deposit boxes, which were shuttered, looted, and then re-opened, with fresh crisp “Federal Reserve Notes” in their place. Finally, since gold-backed US Treasury dollars — the form of money most people held — were actually gold bailment notes, all Roosevelt had to do was make these non-exchangeable, with the stroke of a pen. So the lack of door-to-door busts is wayyyyyyyyyyyy besides the point. More importantly, and totally ignored by Lazarus, is that Roosevelt’s order and the attendant laws outlawed gold clauses in contracts, making it impossible to peg business transactions of any sort of stable monetary anchor. Effectively, the whole economy was forced to use the government’s fiat dollars, a never-before condition in the history of the republic. Despite the quiet restoration of the gold clause in the 70s (even as the final vestiges of gold convertibility for nations were eliminated), we are still reaping that bitter harvest of a shift of the economy into pure fiat.

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Ron Paul Introduces SEC Transparency Act

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“Recent news reports have publicized the little-noticed provision in the recently-passed financial reform package that the Securities and Exchange Commission has used to deny requests for information under the Freedom of Information Act. Paul’s bill would repeal the provision in the newly-passed legislation the SEC has used to deny FOIA requests.”

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Home-Resale Fees Under Attack

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“The fees, also known as re-conveyance fees, are inserted by developers into covenants governing newly built subdivisions and commercial real-estate developments. They require sellers of a property to pay a percentage, often 1%, of the selling price to the original developer of the property every time it changes hands, for up to 99 years.”

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California Forced to Pull Funding for PACE Solar Program

July 31, 2010 by · 1 Comment 

“The California Energy Commission pulled its funding for PACE on Wednesday, a result of a ruling against the popular lending program by the Federal Housing Finance Agency (FHFA). Earlier this month, the FHFA issued guidelines for Fannie Mae and Freddie Mac, the nation’s two largest mortgage lenders, stating that PACE programs could not take precedence over primary mortgages. That dispute has effectively killed PACE financing for the time being.”

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Record Commercial Real Estate Deterioration In June As CMBS Investors Pray For 50% Recoveries

July 31, 2010 by · Leave a Comment 

” total delinquent unpaid balance for CMBS increased by $3.1 billion to $60.5 billion, 111% higher than the $28.6 billion from a year ago, after deteriorations in 30, 90+ Day, Foreclosure and REO inventory. This represents a record 7.7% of total outstanding CMBS exposure. Even worse, total Special Servicing exposure by unpaid balance has taken another major leg for the worse, jumping to $88.6 billion, or 11.3%, up 0.7% from the month before. And even as cumulative losses show no sign of abating, average loss severity on CMBS continues being sky high:”

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New Rules for Mortgage Lenders

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“In some parts of the country, it doesn’t take much to become a mortgage-loan officer. Not a license, not much training. That’s changing.”

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Gold/Silver dinar; against inflation and exploitive banking system

July 31, 2010 by · Leave a Comment 

An elegant video articulating how paper money is an extreme hazard to common people today, and showing the practical advantages of gold and silver substitutes. The interview with the muslim gentleman starting around 55 seconds is great. If only more Americans had his basic insights about money and savings and the hazards of a “normal” fiat banking account. It is ironic hearing someone like this, so far removed from our “leader of the free world democracy”, so powerfully articulate basic facts about freedom and economic justice (when most Americans cannot).

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