Yearly Archives: 2013

“Everyone Is Holding Cash; They Know When It Ends It’s Gonna Get Ugly”

"'The Fed is playing a very dangerous game,' Starwood Capital's Barry Sternlicht warns,'and they need to stop.' Sternlicht has quadrupled his firm's net worth in this time and, to the incredulity of the CNBC anchors, warns, 'this is bad, this is a heroine addiction.. and now they are printing more money than the deficit.' The outspoken CEO of the $29 billion fund, noted 'all my friends who are money managers.. are much closer to the sell button than they ever were before,' adding that 'everyone's holding cash,' since if they start to get nervous 'volatility will come back instantly.' Simply put, he concludes, 'you know when this ends, it's gonna get ugly.'" Continue reading →

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Ron Paul: Fed’s Yellen Dangerous For The Economy

"What does former U.S. congressman Dr. Ron Paul think about Janet Yellen as the Fed Chair? Kitco News caught up with Paul at the Metals & Minerals Conference in San Francisco, where he is a keynote speaker, to discuss monetary policy, gold and the US dollar. 'It's easy to be a critic if you don't believe they should exist,' Paul says in response to his criticisms of the Fed. Having Yellen as the next chair, Paul says not much will change. 'If anything, it'll be slightly worse because she is a very aggressive inflator...I think she'll be dangerous to the dollar and she will not revive the economy.'" Continue reading →

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London Gold Fix Calls Draw Scrutiny Amid Heavy Trading

"Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling the precious metal. The U.K. Financial Conduct Authority is scrutinizing how prices are set in the $20 trillion gold market, according to a person with knowledge of the review who asked not to be identified because the matter isn’t public. The process, during which gold is bought and sold, can take from a few minutes to more than an hour. The participants also can trade the metal and its derivatives on the spot market and exchanges during the calls." Continue reading →

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15 new UK banks in five years, predicts Metro founder

"Mr Thomson, backed by US banking entrepreneur Vernon Hill, launched Metro Bank in 2010. It was the first award of a new full banking licence since the 19th Century, underlining the barriers to entry that new competitors face. New entrants to the market have failed to loosen the grip of the 'Big Five' banks, which includes the taxpayer-owned Lloyds-Halifax brands and RBS-NatWest. It was announced in March that new applicants for UK banking licences would face more 'relaxed' demands on the amount of capital they hold as part of plans to reduce barriers to entry and stimulate competition." Continue reading →

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Banks Warn Fed They May Have To Start Charging Depositors

"A less discussed issue was the Fed's comment that it would consider lowering the Interest on Excess Reserves to zero as a means to offset the implied tightening that would result from the reduction in the monthly flow once QE entered its terminal phase (for however briefly before the plunge in the S&P led to the Untaper). After all, the Fed's policy book goes, if IOER is raised to tighten conditions, easing it to zero, or negative, should offset 'tightening financial conditions', right? Wrong. As the FT reports leading US banks have warned the Fed that should it lower IOER, they would be forced to start charging depositors." Continue reading →

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Bitcoin: Experts clash over the crypto-currency

"Bitcoin is reaching new heights thanks to a combination of speculation on future value and genuine, undeniable usefulness. Think about it: Why can it take days or weeks for banks to send money around the world, when an email travels in seconds? Does the money travel by steamboat? Are they loading gold bars onto the side of a camel and sending it over the mountains of Mongolia? Of course not. The real answer is depressing - banking is a stagnant market running on long-obsolete infrastructure, which improves only when forced to by government. [..] When Metro Bank opened in 2010, it received the first new UK banking licence issued in 150 years." Continue reading →

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Angola says no to Obama’s Islam BS, destroys Mosques.

Angola bans Islam and shuts down all mosques across the country because it ‘clashes with state religion of Christianity’ Minister of culture described Islam as a ‘sect’ which is banned as counter to Angolan customs and culture Nation’s president said: ‘This is the final end of Islamic influence in our country’ By William Turvill PUBLISHED: […]

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American Military, What is wrong with this posting??? The Dumbing down of the Military. UCMJ anyone?

I received this today, and it set me on fire, I like to hear from you vets on this. Bruce BEEN HEARING ABOUT THIS FOR SOME TIME WHO KNOWS > When I asked a friend of mine a very high ranking military retired person why he thinks Obama is doing this, the reply I received […]

Continue ReadingAmerican Military, What is wrong with this posting??? The Dumbing down of the Military. UCMJ anyone?