Filed under: China, Credit Crisis, DEBT, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, Federal Reserve, global economy, gold, gold shortage, Great Depression, Greenback, hyperinflation, imf, India, Inflation, jim rogers, Russia, sri lanka, Stock Market, US Economy, Wall Street | Tags: CNBC, jim rickards
Jim Rogers: Gold Price to Double in Coming Months
CommodityOnline
November 28, 2009
The rally in gold prices has driven several bullion analysts to frenzied forecasts. Some say gold prices will reach $2,000 per ounce soon. Others are predicting big boom for the yellow metal, saying gold prices will zoom to $5,000 and eventually to even $15,000 per ounce in the years to come.
What is happening in bullion market these days? Yes, agreed that weakening dollar, global economic meltdown, shrinking gold supply and increasing cost of mining gold from the earth are all making gold the most-sought after investment these days. That is also driving the yellow metal prices to record highs.
These days, the biggest gold buyers are not individual customers or families, but global central bankers that are vying with each other to accumulate gold reserves in an attempt to get out of their decades-old dependence on the US dollar as the best asset class. India jumped into the bullion fray to buy 200 tonnes of gold from the International Monetary Fund (IMF) early this month. Other countries like China, Russia, Brazil and Sri Lanka are frantically trying to accumulate gold reserves.
Jim Rickards Discusses $4,000 Gold on CNBC
Filed under: DEBT, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, gold, gold bubble, gold shortage, Great Depression, Greenback, hyperinflation, imf, Inflation, jim rogers, peak gold, Stock Market, US Economy, Wall Street
Gold hits record near $1,150/oz as dollar slips
Jan Harvey
Reuters
November 18, 2009
Gold hit a fresh record high near $1,150 an ounce on Wednesday, boosting precious metals across the board, as a dip in the dollar index added to momentum buying as prices broke through key technical resistance levels.
In non-U.S. dollar terms, gold also climbed, hitting multi-month highs when priced in the euro, sterling and the Australian dollar.
Spot gold hit a high of $1,147.45 and was at $1,146.05 an ounce at 0948 GMT, against $1,141.50 late in New York on Tuesday.
U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange also hit a record $1,148.10 and were later up $7.10 at $1,146.40 an ounce.
Filed under: Barack Obama, bernanke, Big Banks, Central Banks, China, Credit Crisis, DEBT, deflation, Dictatorship, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, Empire, Fascism, Federal Reserve, fiat currency, global bankers, global central bank, gold, gold standard, Goldman Sachs, Great Depression, Greenback, hyperinflation, Inflation, International Bankers, internationalist, internationalists, jim rogers, main street, nixon, obama, Oil, private bank, richard nixon, silver, silver shortage, socialism, Stock Market, tarp, UN, US Economy, Wall Street | Tags: Rich Dad Poor Dad
Robert Kiyosaki: Silver Best Hedge Against Inflation
Robert Kiyosaki is a motivational speaker, businessman, investor and author of the Rich Dad, Poor Dad series. In the following interview with Newsmax.tv Kiyosaki explains the reasons why Americans should be investing in silver.
Kiyosaki says silver is the best hedge against inflation and that in many ways the precious metal is a better investment than gold. He is a very strong buyer of silver and has been investing heavily in for over 10 years.
Why Silver Cannot Lose
Robert Kiyosaki
August 20, 2007
I believe the biggest opportunity today is in silver. I think this precious metal is about to become the most spectacular investment in recent history — bigger than oil, even bigger than Google.
Let me give you some reasons why:
Silver is a consumable industrial commodity.
It’s used in computers, cells phones, and electrical relays. This means that as countries like China, India, and Vietnam, and regions like Eastern Europe, become more modernized, the demand for silver will increase.
Silver is also applied in medicine. One little-known use is as a bactericide, a role silver has filled throughout history. Today, medical devices such as catheters and stethoscopes use silver, and every hospital in the western world uses silver sulfadiazine to prevent infections.
Silver is scarcer than gold.
Gold is hoarded. It’s estimated that 95 percent of all gold ever mined is still around. The exact opposite is true of silver: An estimated 95 percent of all silver ever mined has been consumed.
Forty-five percent of all silver mined is burned up in industrial uses. Jewelry accounts for 28 percent, and 20 percent has been consumed in photography. Only 5 percent is in coins.
Silver supplies are down.
In 1900, it was estimated that the world had 12 billion ounces of silver. By 1990 it had dropped to 2.2 billion ounces. By 2007, the supply was down to 300 million ounces.
Some of the more pessimistic forecasts estimate that the world will be out of silver in about 10 years. This could be catastrophic to the world economy. In 10 years, silver might have as much of an impact on the world economy as $200-a-barrel oil.
Filed under: 2-party system, 2008 Election, bailout, Barack Obama, bernanke, Big Banks, brad sherman, Britain, C-Span, California, Chicago, China, chris dodd, citigroup, CNBC, Congress, Credit Crisis, DEBT, Dictatorship, Dollar, Dow, Economic Collapse, economic depression, Economy, Empire, Europe, european union, Fascism, FDIC, Federal Reserve, food crisis, food market, food prices, food shortage, foreclosure, foreign banks, foreign investors, France, general motors, George Bush, Germany, global economy, Globalism, GM, Goldman Sachs, google, Great Depression, Greenback, Harry Reid, henry paulson, House, housing market, hyperinflation, Inflation, interest rate cuts, Japan, jim rogers, joe biden, John McCain, Larry Kudlow, left right paradigm, liquidation, london, marc faber, middle class, mortgage, national socialism, nationalization, neocons, Neolibs, obama, Paulson, Propaganda, Psyops, putin, rate cut, real estate, Russia, Senate, socialism, Stock Market, subprime, subprime lending, Taxpayers, US Economy, US Treasury, Wachovia, Wall Street, wells fargo | Tags: earmarks, financial markets bill, financial terrorism, great britain, hr 3997, mental health bill, pork, pork barrel, pork barrel earmarks, Pork Barrel Spending, shanghai
Bailout Bill Will Help Chinese Banks, Foreign Banks
Congress Approves Bailout Bill
AP
October 3, 2008
With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.
The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.
Dow plummets when bailout passes
List of Representatives who Switched from “Nay” to “Yea”
http://www.campaignforliberty.com/blog.php?view=1087#.
Food Riots Have Already Begun as Global Grain Prices Skyrocket, Supplies Dwindle
http://www.naturalnews.com/024372.html
California may need emergency $7 billion bailout
http://www.reuters.com/article/newsOne/idUSTRE49229820081003
Hoax Bank Closure Story Peddles Bailout Propaganda
http://www.prisonplanet.co..e-story-peddles-bailout-propaganda.html
Fed Officials Considering Further Rate Cuts: Report
http://www.cnbc.com/id/26986621
Former Head of Fed’s Open Market Operations Says Bailout Might Make Things Worse
http://georgewashington2.blogspot.com/2..ad-of-feds-open-market.html
Bailout Would Only Prolong Crisis: Jim Rogers
http://www.youtube.com/watch?v=49SYpcaWHTE
Wells Fargo Buys Wachovia Nixing Citi Deal
http://biz.yahoo.com/..ls_fargo_wachovia.html?.v=8
Report blames U.S. trade gap for 5.6 million lost jobs
http://www.reuters.com/article/ousiv/idUSTRE4913E220081002
Putin blames US for world economy crisis
http://www.presstv.ir/detail.aspx?id=71042§ionid=351020602
Bailout bill is 451 pages long
http://news.yahoo.com/s/a..cnWOA64ch9GkocOsJ0lJv24cA
Who’s profiting from the crisis? Goldman Sachs, of course
http://www.marketwatch.c..CDCB7}&print=true&dist=printMidSection
Paulson Bank Rescue Proposal Is ’Crazy,’ O’Neill Says
http://www.bloomberg.com/apps/ne..mClVjevU&refer=home
France Wants $500B Rescue For Europe
http://business.timesonline.co.uk/tol/business/markets/article4864032.ece
Faber: U.S. Bailout Won’t Stop Slowdown
http://www.bi-me.com/main.php?id=25070&t=1&c=35&cg=4&mset=1011
IMF Adds Pressure On Congress To Pass Bailout
http://www.guardian.co.uk/business/2008/oct/01/banking.useconomy
Google stock plunges more than 93% in “erroneous trading”
http://www.tgdaily.com/html_tmp/content-view-39543-118.html
Ford & GM Auto Sales Drop
http://news.yahoo.com/s/ap/20081001/ap_o..OmxGcLJO8EjS5v24cA
Chicago woman buys a house for $1.75
http://www.presstv.ir/detail.aspx?id=71130§ionid=3510213
Ex-bankers on pushing customers to rack up debt
http://www.cnn.com/2008/LIVING/pers..dex.html?iref=mpstoryview
US economic dominance over – Russia
IMF Warned Of Full-Blown Crisis
September’s ISM Manufacturing Index “Screams Recession,” Economists Say
SEC Extends Ban On Short Selling
Brazilian president: Brazilian economy solid, U.S. should do their homework
Western World Will Become Less Wealthy
’Car sleepers’ the new US homeless
Filed under: Alan Greenspan, bailout, Bank of England, bernanke, Big Banks, BOE, Britain, central bank, CFR, China, CNBC, Communism, Credit Crisis, DEBT, Dow, Economic Collapse, economic depression, Economy, energy, Europe, european union, fannie mae, Fascism, Federal Reserve, freddie mac, George Bush, george soros, global economy, gold, Goldman Sachs, Great Depression, Greenback, henry paulson, housing market, hyperinflation, Inflation, interest rate cut, interest rate cuts, jim rogers, martgage companies, Media, Merrill Lynch, mortgage, mortgage companies, mortgage lenders, Oil, Paulson, rate cut, real estate, Russia, Stock Market, subprime, subprime lending, Taxpayers, United Kingdom, US Economy, US Treasury, Wamu, washington mutual, WW2 | Tags: run on banks
Fannie and Freddie Seized…Cost to Taxpayer: Over $1 Trillion
Contrarain Profits
September 8, 2008
Uncle Sam has finally taken over Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). Yesterday, the Bush administration placed the mortgage giants under a conservatorship, putting billions of dollars of taxpeyers’ money at risk in the process.
The Treasury says it will stump up $200 billion to back the companies in exchange for a 79.9% stake in each. The government is now the biggest player in the US mortgage market.
Don Rich warns that the government’s bailout spells trouble for anyone holding US dollars. A major issue is that the Congressional Budget Office’s estimation of the costs of the bailout is far too conservative…
This from last Thursday’s Daily Reckoning:
A recent study from the Congressional Budget Office (CBO) has zero credibility. It pegged likely taxpayer losses in the Fannie Mae and Freddie Mac bailouts at $25 billion. For those with a sense of history, it is worth remembering that the S&L bailout had a $160 billion price tag. The numbers diverge so far from reality as to be laugh-out-loud funny. Funny, that is, except that the CBO estimate demonstrates a willful disconnect with the actual consequences of federal government actions.
As demonstrated below, the real cost of the bailouts will easily exceed $1.3 trillion. In fact, the real cost is likely to range between $1.3 trillion to $1.6 trillion, and is not unlikely to reach $2.5 trillion.
Between 2001 and 2007, Fannie and Freddie purchased or guaranteed $700 billion of Alt-A and subprime loans. Given the default rates on these loans – and the fact that the price of the housing that is the ultimate security of the loans will, for reasons demonstrated below, fall by at least thirty percent – this alone implies a loss for Fannie and Freddie on the order of $210 billion.
Fannie and Freddie acknowledge already-impaired loans on the balance sheet of $19 billion, which they have used creative accounting to avoid deleting from the shareholder equity account. This means that Fannie and Freddie have a maximum of $64 billion in capital remaining.
Given the inevitable losses on the Alt-A/subprime portion of their portfolio, it must be the case that if the federal government, as it is doing, guarantees Fannie and Freddie’s solvency, the difference between the loss and the capital to be made up by the government (i.e., the taxpayers) must equal, not $25 billion but $147 billion.
That alone would mean that the CBO is blowing smoke with their estimated cost figures, and if you think back to the S&L cost of $160 billion, this is not a surprising result. The real picture is so much worse that it is pretty obvious the CBO is flat out inventing figures just to get the politicians through November.
It doesn’t take a genius to work out how the government is going to get its hands on such money: the Federal printing press…
I don’t know what those people in Washington are taking to sleep at night after all their electorally driven accounting and finance exercises, but I can tell you what they will be doing to keep the government open for business: printing a whole lot of money.
Chairman Bernanke has the discount window open to any collateralization not worth the paper it is written on, so in effect he has the helicopters ready to drop hundred-dollar bills over Wall Street – as he once famously described the ultimate policy instrument of a fiat-money system.
Of course, if he does that, we will have to change his nickname from Helicopter Ben to Hyperinflation Ben, which answers the question of who picks up the tab of bailing out Fannie and Freddie: anyone owning dollars.
Produce a lot of something, and it becomes worth less. And given the losses at Fannie and Freddie, the taxpayer guarantee, and the ongoing initiation of Boomer retirement, only the inflation tax will work to pay for keeping Fannie and Freddie afloat.
Like it or not, we are about to enter interesting times, and it is too bad our supposed professional civil servants at the Congressional Budget Office have failed to tell the emperor the truth: that he is buck-naked bankrupt and getting ready to take a lot of people with him.
P.S Don Rich is an instructor of economics, finance, and political science at Montgomery County Community College in Blue Bell, PA. He also teaches economics, government, and history at Delaware County Community College in Exton, PA. You can leave comments for Don on the mises.org blog.
Greenspan: U.S Economy in ’once-in-a-century’ financial crisis
September 15, 2008
The nationalization of Fannie Mae and Freddie Mac shows that the U.S. is “more communist than China right now” but its brand of socialism is meant only for the rich, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe on Monday.
“America is more communist than China is right now. You can see that this is welfare of the rich, it is socialism for the rich… it’s just bailing out financial institutions,” Rogers said.
Stock markets jumped after the U.S. government’s decision to launch what could be its biggest federal bailout ever, in a bid to support the housing market and ward off more global financial market turbulence.
But Rogers said in the long term the move spelled trouble.
“This is madness, this is insanity, they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I’m not quite sure why I or anybody else should be paying for this,” Rogers told “Squawk Box Europe.”
Soros Compares Mishandling Of Current Crisis To Great Depression
Paul Joseph Watson
Prison Planet
September 17, 2008
Billionaire investor George Soros has slammed US Treasury Secretary Hank Paulson for behaving in the same manner as bankers in the 1930’s and mishandling a financial crisis that threatens a repeat of the Great Depression.
Soros told BBC Newsnight that the world was merely at the beginning of a financial storm and warned, “We mustn’t allow the financial system to collapse as it did in the 1930s.”
Referring to Hank Paulson, the US Treasury Secretary, Soros stated, “The way Paulson is handling the situation is reminiscent of the way the bankers handled it in the 1930s.”
He added: “The financial system has gone overboard and the financial engineering has grown to big, it takes up too big a share in the world’s resources.”
“Now it is shrinking. When it becomes regulated it will be less profitable than the last 25 years.”
Soros, a former member of the Board of Directors of the Council on Foreign Relations, is ranked by Forbes as the 99th richest person in the world with a net worth of around $9 billion.
Ironically, Soros made his name by reaping the dividends of another financial meltdown when he “broke the Bank of England” by short-selling the pound sterling before the currency dropped out of the European Exchange Rate Mechanism in 1992, landing Soros a profit of around $1.1 billion.
In 2006, the highest court in France upheld a conviction that Soros had practiced insider trading when he bought shares in French bank Société Générale after discovering that the bank was on the verge of a takeover.
Soros has repeatedly predicted fiscal armageddon, writing three books about a “superbubble” that is on the verge of collapse.
In response to those accusing him of crying wolf in an effort to panic financial markets and benefit from the fallout, Soros stated, “I have a record of crying wolf…. I did it first in The Alchemy of Finance (in 1987), then in The Crisis of Global Capitalism (in 1998) and now in this book (2008’s The New Paradigm for Financial Markets). So it’s three books predicting disaster. (After) the boy cried wolf three times . . . the wolf really came.”
Respondents to a Daily Mail article about Soros’ comments accused the financier of engaging in wanton hypocrisy.
“I don’t know why on Earth they interview Soros since he has been proven again and again to deliberately spread financial rumour for his own exploitation and gain,” wrote one, “Soros became a multi multi billionaire precisely through manipulating markets like this – if this man says that we are heading for a 1930’s style crash you can guarantee he already has plans to profit from it.”
http://www.reuters.com/article/ousiv/idUSPEK4365020080917?sp=true
US authorities have now spent $900 billion to prop up the financial system
http://www.swissinfo.ch/eng/..d=9736054&cKey=1221686585000&ty=ti
Central banks pump £100bn into money markets
http://www.telegraph.co.uk/money/m..2008/09/17/cncentral117.xml
Treasury announces debt auctions for Fed
http://ap.google.com/article/ALeqM5jnS9Vm..m4iAD938I1A80
Fed Pumps $70B Into Financial System
http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/fed_credit_..E44U6Xfx.Fe7GUOQ.D1v24cA
Run On The Bank? Americans Could Lose Their Deposits
http://www.prisonplanet.com/run-on-the-bank-americans-could-lose-their-deposits.html
Merrill Lynch seals future with Bank of America deal
http://business.timesonline.co.uk/tol/bu.._finance/article4755438.ece
Rogers: Dollar To Lose World Reserve Status
http://www.prisonplanet.com/rogers-dollar-to-lose-world-reserve-status.html
Paulson: Congress Has No Authority Here
http://bigpicture.typepad.com/comments/2008/09/paulson-congres.html
Goldman profit plunges 70 pct amid market slump
http://news.yahoo.com/s/nm/20080916/bs_nm/goldmansachs_dc
August home starts seen at lowest level in 17 years
http://www.reuters.com/article/newsOne/idUSN1638353220080917
Russia halts trading after 17.5% share price fall
http://money.cnn.com/news/newsfeeds/articles..ORTUNE5.htm
Dow closed down 450
http://news.yahoo.com/s/ap/20..er=1;_ylt=Al5VvbZImvYKFj5hEtFaLktv24cA
Is Britain Heading For Worst Recession Since 1929?
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/15/bcnrecession115.xml
Washington Mutual Tumbles 30%
http://news.yaho..CZ6k2k2Rd38VKPgv6b.HQA
Now fear stalks British banks
Inflation rises to 4.7% and FTSE plunges ANOTHER 90 points as global markets tumble in wake of Meltdown Monday
Bush Claims Economy Can Weather Storm
Bailouts Will Push U.S. Into Depression
Filed under: 2008 Election, bailout, Big Banks, China, Communism, Congress, Credit Crisis, DEBT, ecnomic collapse, economic depression, Economy, fannie mae, freddie mac, global economy, Great Depression, Greenback, House, housing market, hyperinflation, Inflation, jim rogers, mortgage, mortgage companies, mortgage lenders, nationalization, north korea, real estate, Senate, socialism, Stock Market, subprime, subprime lending, Taxpayers, US Economy, US Treasury | Tags: Federal Housing Finance Agency, FHFA
Top Investor: Fannie/Freddie Bailout Serves “Bunch Of Crooks And Incompetents”
Rogers says move indicates U.S. is “more Communist than China”
Steve Watson
Infowars.net
September 8, 2008
A leading investor has denounced the government seizure of two of the nation’s largest financial companies as “madness” and says the move will only serve to make the markets more volatile and see house prices continue to go down.
In an interview with CNBC Jim Rogers, CEO of Rogers Holdings, described the move by the Treasury to nationalize Fannie Mae and Freddie Mac as “insanity”.
The Treasury has pledged to provide as much as $200 billion to the companies, replace their chief executives and place them under a conservatorship, giving management control to their regulator, the Federal Housing Finance Agency, or FHFA.
“This is madness, this is insanity,” Rogers said, “they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I’m not quite sure why I or anybody else should be paying for this.”
“America is more communist than China is right now,” Rogers declared. “You can see that this is welfare of the rich, it is socialism for the rich… it’s just bailing out financial institutions,” he added.
Rogers and other critics alike are concerned that American taxpayers, already facing the worst housing bust since the 1930s, will now be saddled with billions of dollars in losses from home loans made by the private sector, radically changing the nature of the crisis. Government officials have justified the move by stating that that the cost of doing nothing would be far greater.
“You’re certainly gonna see a huge jump in any financial institutions which owned a lot of Fannie or Freddie… because they don’t have to worry about going bankrupt all of a sudden,” Rogers said.
“Bank stocks around the world are going through the roof, that’s ’cause they’ve all been bailed out. You don’t see the homeowners in Kansas going through the roof ’cause they’re not being bailed out,” he added.
Other investors have criticized the takeover as a “stopgap” and a “band aid” aimed at keeping the companies going into 2009, leaving the next president and Congress to deal with the fallout.
Jim Rogers commented that neither of the presidential candidates has a solution to the crisis.
“This is a big huge mess and neither one of them has a clue what to do next year. It’s going to be a mess.” Rogers said.
Watch the interview with Jim Rogers:
http://www.youtube.com/watch?v=6gZuG-52js0
http://www.usatoday.com/money/economy/housing/2008-09-07-fannie-freddie-plan_N.htm
Fannie, Freddie rescue binds taxpayers to housing market
http://news.yahoo.com/s//csm/20080909/ts_csm/atakeover
U.S. Seizes Mortgage Giants
http://online.wsj.com/article/SB122079276849707821.html?mod=hpp_us_whats_news
US Government stages world’s biggest bail out
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/09/07/cnfreddie207.xml
Filed under: central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, Federal Reserve, gas prices, Great Depression, Greenback, Inflation, jim rogers, Oil, Petrol, Stock Market, US Economy, Yen
Jim Rogers: Avoid Dollar At All Costs
Bloomberg
June 30, 2008
Investors should avoid the dollar and buy commodities, which is the “best investment’’ for this year, said Jim Rogers, chairman of Rogers Holdings.
Avoid the dollar “at all costs,’’ Rogers said at the opening of an investment club in Shanghai today. “Agricultural prices have much higher to go over the next decade. We have a shortage of everything including seeds.’’
The U.S. currency has slipped 7.6 percent against the euro and 5.1 percent versus the yen this year as the Federal Reserve cut interest rates to stave off a U.S. economic recession. Oil prices in New York have doubled in the past 12 months, while gold futures jumped 41 percent.
Rogers, who put his New York house on the market in 2006 and now lives in Singapore, said last October he planned to shift all his assets out of the dollar. He predicted last month the currency’s decline would pause in the second quarter because it was overdone.
Filed under: bernanke, central bank, CNBC, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Federal Reserve, global economy, gold, Great Depression, Greenback, Inflation, jim rogers, Stock Market, swiss franc, Taxpayers, US Economy, Wall Street
Jim Rogers: Bernanke Should Be Fired
Paul Joseph Watson
Prison Planet
March 20, 2008
http://www.youtube.com/watch?v=ye1u2TgYmXo
Top investor Jim Rogers has publicly called for Federal Reserve chaiman Ben Barnanke to resign, blaming him for destroying the dollar and bailing out his friends on Wall Street at the cost of the American taxpayer, in the latest savage attack on the Fed amidst the latest round of economic turmoil.
“I think the Fed should be abolished, we’d all be better off without the Fed….in my view their day is done,” said Rogers during an appearance on CNBC yesterday.
Rogers pointed out that concerns over a vacuum of power were trite considering America had successfully lived without a central bank before and the first two central banks had failed.
Asked if Bernanke should resign, Rogers responded, “He should be fired, we can’t fire him unfortunately under the terms of his contract he’s there for another 12 years….I think eventually things are gonna get so bad we’re gonna get rid of him one way or the other he’ll resign.”
Rogers said that the Federal Reserve’s mandate was to protect the dollar but that the Fed was “letting the dollar collapse” and “filling the Federal Reserve’s balance sheet with a bunch of garbage.”
Despite the fact that Rogers admitted he was still making money due to his heavy investment in commodities, he said that he didn’t approve of what the Fed was doing.
Rogers has been on a crusade over the past few weeks, slamming the Federal Reserve with every opportunity he gets.
On Tuesday he appeared on Bloomberg News and told viewers that the Fed had “given up” on the dollar, advising people to dump the greenback and buy gold as well as currencies like the Chinese Renminbi and the Swiss Franc.
http://www.youtube.com/watch?v=wXUU_lyb0Lc
He also slammed Bernanke for bailing out his banking friends on Wall Street so they could keep their bonuses at the expense of American taxpayers and the value of the dollar.
During a CNBC appearance last week, Rogers called for the Fed to abolished outright after Bernanke dumped $280 billion in liquidity into the market, a move that put 400 points on the Dow but contributed to the dollar hitting new lows and inflation continuing to skyrocket. Rogers said the action would only cause “a worse recession in the end”.
http://video.google.com/videoplay?docid=-6046520409389956642&hl=en
http://prisonplanet.com/articles/march2008/031908_given_up.htm
Filed under: Britain, comex, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, Europe, food prices, foreclosure, gas prices, George Bush, global economy, gold, Great Depression, Greenback, housing market, Inflation, interest rate cut, interest rate cuts, jim rogers, nymex, Oil, palladium, Petrol, platinum, rate cut, S&P, silver, Stock Market, subprime, subprime lending, tax, United Kingdom, US Economy, Wall Street, wheat, White House, Yen
Gold hits new record at $1,009
Bloomberg
March 14, 2008
Gold surged to a record $1,009 an ounce in New York as the Bear Stearns Cos. bailout and a plunging dollar increased demand for the precious metal. Silver also gained.
Bear Stearns got emergency funding from JPMorgan Chase & Co. and the New York Federal Reserve. The securities firm said its cash position had “significantly deteriorated.” The dollar fell to a record against the euro and a 12-year low against the yen. Gold has jumped 19 percent this year, while the Standard & Poor’s 500 Index fell 13 percent.
“Gold’s assault on $1,000 is happening for a good reason,” said James Turk, founder of GoldMoney.com, which had $337 million in gold and silver in storage for investors at the end of February. “Gold is not only an inflation hedge, it’s a catastrophe hedge. Gold is becoming increasingly important as the credit crunch continues to spiral out of control.”
Gold futures for April delivery rose $5.70, or 0.6 percent, to $999.50 an ounce on the Comex division of the New York Mercantile Exchange. The price reached the highest ever for a most-active contract at 10:45 a.m., topping yesterday’s record of $1,001.50. The metal has tripled in the past five years.
Silver futures for May delivery climbed 23.5 cents, or 1.2 percent, to $20.655 an ounce. The price has gained 38 percent this year.
“Gold at $1,000 is a clear sign of a lack of confidence in the dollar and the Fed’s handling of monetary affairs,” said Adrian Day, president of Adrian Day Asset Management in Annapolis, Maryland.
Oil Hits Record $111, Euro Reaches $1.56
AFP
March 14, 2008
The dollar struck a fresh all-time low against the euro Friday as gold prices traded close to record highs a day after topping 1,000 dollars for the first time on US economic woes.
Oil prices fell on profit-taking after striking an historic peak of 111 dollars per barrel Thursday.
The European single currency reached a record high of 1.5651 dollars in Asian trade Friday, prompting the EU presidency to voice deep concern.
In later European trading the euro stood at 1.5566 dollars, down from 1.5624 late on Thursday in New York.
Jim Rogers: Abolish The Federal Reserve
http://video.google.com/videoplay?docid=-6046520409389956642&hl=en
Recent News:
http://business.timesonline.co.uk/tol/business/economics/article3542775.eceNew dollar low is ‘not good tidings’: Bush
http://rawstory.com/news/afp/New_dollar_low_is_not_good_tidings__03122008.html
White House Urges Consumers To Spend
http://rawstory.com/news/afp/White_House_urges_US_consumers_to_s_03132008.html
Macy’s Grocery Store: Wheat Shortage is Here
http://www.nationalexpositor.com/News/1083.html
New Purple 5 Dollar Bill Goes Into Circulation
http://www.latimes.com/news/nationwo..a-na-fivebill14mar14,1,186638.story
Subprime writedowns could hit $285 billion: S&P; Stocks Fall
http://www.reuters.com/article/gc06/idUSWNA706920080313
Feb. foreclosures up 60 percent over year before
http://www.msnbc.msn.com/id/23601813/
Going, going, gone: a rising auction of scary scenarios
http://www.ft.com/cms/s/0/0e63a..00779fd2ac.html?nclick_check=1
Foreclosure Crisis Has Ripple Effect
http://www.usatoday.com/news/nation/2008-03-11-foreclosures_N.htm
Palladium and Platinum Rise
http://www.bloomberg.com/apps/news?..Uaj5A&refer=commodities
Family forced into bankruptcy by government over unpaid taxes of $1.50
http://www.dailymail.co.uk/pages/li..article_id=528920&in_page_id=1770
Goldcorp Sees Higher Gold Prices
Dollar falls below 100 yen; Euro hits new record high above 1.56 usd
Expert Fears Dollar Crash As Greenback Hits New Lows
Corporate Media Snowjobs Dollar Crisis
Ron Paul: Fed Injection A Disaster
Ron Paul: A Recession is Tough Medicine
Ron Paul Warns Of Economic Worldwide Collapse
$1,000 Gold Has Officially Arrived: A Warning From Ron Paul
Oil price hits new high of $110 a barrel with no sign of a fall
Gas Prices Rise to New National Record
Goldman Sachs: Oil May Reach $200
OPEC: Oil Spike To Last Through 2008
Fed pumps up liquidity in funding markets to ease credit crunch
Dollar Declines, Fed May Cut Rates 75 Points
Faber: Bernanke Will Destroy Dollar
Press Secretary Perino: I’ll Be Fired If I Talk About the Dollar
Filed under: Alan Greenspan, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Federal Reserve, Goldman Sachs, Great Depression, Greenback, Inflation, interest rate cuts, jim rogers, Lehman Brothers, Martin Feldstein, Merrill Lynch, rate cut, Stock Market, US Economy, US Treasury
Goldman Sachs sees recession in 2008
Reuters
January 9, 2008
Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter.
In a note to clients, Goldman said real gross domestic product would contract by 1 percent on an annualized basis in both the second and third quarters. For all of 2008, the investment bank said GDP would rise by 0.8 percent.
The unemployment rate will rise to 6.5 percent in 2009 from the current 5 percent, it said.
The weakening economy will force the Fed to lower policy rates by an additional 1.75 percentage points from the current 4.25 percent. Starting in September, the Fed cut rates at the last three meetings of the Federal Open Market Committee, reducing the target rate on loans between banks by 1 percentage point from 5.25 percent.
Merrill Lynch: Recession “Has Arrived”
BBC
January 8, 2008
The feared recession in the US economy has already arrived, according to a report from Merrill Lynch.
It said that Friday’s employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession.
Its view is controversial, with banks such as Lehman Brothers disagreeing.
An official ruling on whether the US is in recession is made by the National Bureau of Economic Research, but this decision may not come for two years.
The NBER defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months”.
It bases its assessment on final figures on employment, personal income, industrial production and sales activity in the manufacturing and retail sectors.
Merrill Lynch said that the figures showing the jobless rate hitting 5% in December were the final piece in that puzzle.
“According to our analysis, this isn’t even a forecast any more but is a present day reality,” the report said.
It added that the current consensus view on Wall Street that there is a good chance of avoiding a recession is “in denial”.
It also objected to the use of euphemistic terms for the state of the economy.
“To say that the backdrop is ‘recession like’ is akin to an obstetrician telling a woman that she is ‘sort of pregnant’,” the report said.
National Bureau of Economic Research: “Odds Of Recession More Than 50%”
Bloomberg
January 7, 2008
Harvard University economist Martin Feldstein, head of the group that dates U.S. economic cycles, said the odds of a recession have risen to more than 50 percent after a report showing unemployment jumped in December.
“We are now talking about more likely than not,” Feldstein, president of the National Bureau of Economic Research, said in an interview in New Orleans two days ago. “I have been saying about 50 percent. This now pushes it up a bit above that.”
The jobless rate rose to 5 percent in December, the highest in two years, from 4.7 percent in November, a government report showed last week. Payrolls rose by 18,000, the least since August 2003.
The U.S. economic expansion is cooling after a third- quarter surge as the housing slump enters its third year and consumer spending slows. Former Federal Reserve Chairman Alan Greenspan and ex-Treasury Secretary Lawrence Summers are among those raising the prospect of a recession.
The increase in unemployment will hurt consumer confidence, Feldstein said in the interview. He was in New Orleans to speak at an economics panel discussion on productivity that was part of the annual meeting of the Allied Social Science Associations.
“Consumers, with essentially no growth in jobs in December, are going to be more nervous about the future,” said Feldstein, 68. “They are going to be a little more reluctant to spend, and that is going to put a further drag on growth in 2008.”
Jim Rogers Says U.S. to Have Worst Recession `in a While’
http://www.bloomberg.com/apps/..sid=ayq29JCsf65c&refer=home
Filed under: Bank of England, bernanke, Big Banks, Britain, China, Credit Crisis, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, food prices, foreclosure, George Bush, Goldman Sachs, Great Depression, Greenback, Inflation, interest rate cuts, jim rogers, Northern Rock, poll, pound, rate cut, Stock Market, subprime, subprime lending, swiss franc, United Kingdom, US Economy, US Treasury, Wall Street, Yen
Jim Rogers Urges People To Sell Dollars
Bloomberg
November 15, 2007
Nov. 15 (Bloomberg) — Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year.
“If you have dollars, I urge you to get out,” Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. “That’s not a currency to own.”
The dollar fell 9.5 percent this year against a basket of six major currencies as a housing slump slowed the economy and losses stemming from subprime mortgage defaults spread among U.S. banks. Rogers, who said last month he was shifting out of all his dollar assets, plans to buy commodities, Japan’s yen, the Chinese yuan and the Swiss franc.
Interest rate futures traded on the Chicago Board of Trade show a 72 percent chance that the central bank will lower its target rate for overnight loans between banks to 4.25 percent on Dec. 11, its third reduction this year.
Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.
“He is a total fool,” Rogers said. “He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.”
Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be “their buying powers, it makes imported goods more expensive.”
Rogers said that’s not right.
“If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,” he said. “That affects you. He doesn’t understand the economy as far as I can see.”
Pound hits fresh 4-yr low vs euro after weak data
Reuters
November 14, 2007
Sterling fell to a new four-year low against the euro on Thursday, while British shares timmed losses after UK retail sales data showed an unexpected monthly fall in October, boosting the case for Bank of England rate cuts.
Retail sales fell 0.1 percent on the month versus expectations for a flat reading.
“It suggests that the economy is slowing down in the fourth quarter and it’s looking like there is going to be a rate cut in February which will mean cable (sterling/dollar) will go lower,” said Geoff Kendrick, currency strategist at Westpac.
Sterling fell to a session low of $2.0472, down about half a cent from pre-data levels .
The euro rose as high as 71.52 pence, highest since July 2003 .
The FTSE 100 .FTSE trimmed losses, down 0.46 percent after the UK retail sales data.
Gulf states’ dollar peg comes under threat
http://www.ft.com/cms/s/0/14499…9fd2ac.html
Economists in poll expect credit turmoil to continue: WSJ
http://investing.reuters.co.uk/news/articleinves….EY-DC.XML
UK: Fastest rise in food prices for 14 years
http://www.telegraph.co.uk/news/main.jht…s/2007/11/13/ncosts113.xml
Forex – Pound sinks as Oct retail sales show flagging sentiment
http://investing.reuters.co.uk/news/ar….EY-DC.XML
Bank’s grim warning over UK economy
http://www.guardian.co.uk/business/2007/nov/15/economy1
Consumer inflation posts increase
http://biz.yahoo.com/ap/071115/economy.html
Inflation, gold: Back to the 1970s?
http://www.canada.com/nationalpost/colu…dc6fb7b9ca1&p=2
Goldman Sachs bets credit crisis will worsen
http://news.independent.co.uk/business/news/article3157810.ece
British taxpayers face paying £730 EACH to cover Northern Rock in plans to ‘nationalise’ bank
http://www.thisislondon.co.uk/news/article-2342105….nk/article.do
Carnage on Wall Street as loans go bad
http://news.bbc.co.uk/2/hi/business/7086909.stm
Treasury Market Inflation Anxiety Renewed
http://www.bloomberg.com/apps/news?pid…er=home
‘Sub-prime black hole is getting scarier’
http://news.independent.co.uk/business/news/article3155150.ece
California, Ohio, Florida Cities Lead U.S. Foreclosure Filings
http://mparent7777-2.blogspot.com/200….-lead-us.html
US dollar will get stronger: Bush
http://news.yahoo.com/s/afp/2007…113234035
Dollar to stay anchor of China’s reserves: Chinese official
http://afp.google.com/article/ALeqM5ibhPYyc-ifNr4ni18X_R6ekczbuw
When I start seeing Jay-Z flashing euros instead of the dollar, I know our economy is in trouble
http://noworldsystem.com/2007/11/15/is-jay-z-signaling-a-recession/
Talk of Worst Recession Since the 1930s
http://www.nysun.com/article/66268
Recession fears grow as inventories swell
Recession fears grow as inventories swellOECD Says the Full Effect of the Sub-Prime Mess is Still in Front of Us
MBIA, Ambac Downgrades May Cost Market $200 Billion
Paulson Becomes Boxed-in by `Strong’ Dollar Chant
88% Erosion and Purchasing Power
Bear Stearns Cuts Subprime Assets, Limits Writedown
Orlando Foreclosure Filings Up 184%
Judge rules against the banks!?
Crude Oil = $98; Gold = $845
Wall Street Sees Worst Weekly Point Loss Since 9/11
Gold bounces above $800 after 1 percent drop
It’s the FIRE Economy, stupid
Dollar Crisis: None dare call it ‘conspiracy’
Subprime Losses May Reach $300/400 Bil
Sterling falls as risk aversion leads to carry unwind
Time for the White House to Rescue the Dollar?
Bets against the dollar unlikely to slow this quarter
Even a weakened dollar still rules
World stocks hit 8-week low
With the dollar’s fall, intervention idea gains force
Currency Controls Return as Central Banks Fight Gains
The Risk of a Systemic Shock to the System is “Alarmingly High” – Morgan Stanley
Wall Street’s money machine breaks down
Oil Price Rise Causes Global Shift in Wealth
Global credit crisis intensifies
Ron Paul to Bernanke: How can we solve inflation with more inflation?
U.S. Economic Collapse News Archive
Filed under: 2008 Election, California, Economic Collapse, economic depression, Economy, Federal Reserve, Founding Fathers, gold, GOP, Great Depression, Greenback, Income Tax, Inflation, Iraq, IRS, jim rogers, middle class, New Hampshire, private banks, republican primaries, Ron Paul, tonight show, US Economy
Ron Paul Gaining Ground In New Hampshire
New poll proves mainstream dismissal of congressman’s presidential campaign is foolhardy
Steve Watson
Infowars.net
October 29, 2007
A newly released presidential primary preference poll indicates that Ron Paul is gaining significant ground in New Hampshire and dispels the mainstream media myth that the Congressman is not amongst the top tier candidates.
The poll, conducted by St. Anselm College’s Institute of Politics, puts Ron Paul 4th behind Giuliani, McCain and Romney with 7.4 percent. It places Fred Thompson, touted as second favourite to take the GOP nomination, in 6th place.
The poll also shows that 40 percent describe themselves as “independents” who may vote Republican, and 19 percent who will, are still undecided. Ron Paul’s campaign staff are encouraged by these figures as they show that none of the other big name candidates have grasped the imagination of voters, leaving the door very much open for the Congressman.
Paul’s campaign office is about to embark on a major media blitz in New Hampshire, readying phone banks to call potential Ron Paul supporters throughout the state and major TV ads, such as the one below.
http://www.youtube.com/watch?v=ay4vXZWxeuU
Congressman Paul, who filed his declaration of candidacy to run in the New Hampshire presidential primary at the State house in Concord last week, is also scheduled to make an appearance on the Tonight Show with Jay Leno tomorrow night.
Recent poll results from public opinion service Rasmussen Reports also indicate that support for Ron Paul could be much higher nationwide, placing him above Giuliani in some instances.
“By all accounts, Dr. Paul’s support is rising steadily,” said Paul campaign chairman Kent Snyder. “Americans are ready for a change and his unifying message of freedom, peace and prosperity is bringing more people together every day.”
Ron Paul Interview on Economics
http://www.youtube.com/watch?v=Kz689NHcAKo
http://www.youtube.com/watch?v=L_B2STQuUXA
http://www.youtube.com/watch?v=52_SOeDVIQk
Jim Rogers Endorses Ron Paul
http://dailypaul.com/node/4817
Is San Francisco Ron Paul territory?
http://www.latimes.com/new…?coll=la-home-center
Filed under: Bank of America, catastrophic event, central bank, citibank, CNBC, credit card, Credit Crisis, DEBT, Dow, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, gas prices, global economy, gold, Great Depression, Greenback, housing market, Inflation, Iran, jim rogers, liquidation, marc faber, Merrill Lynch, Nasdaq, Oil, Petrol, S&P, Stock Market, subprime, subprime lending, US Economy, Wall Street, Yen
Gloom & Doom Economist Says Worst Is Yet to Come
CNBC
October 22, 2007
Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, thinks the worst is yet to come for the global economy.
Appearing on CNBC’s “Squawk Box,” the economist and managing director of Marc Faber Ltd., explained his bearish outlook — and offered advice for how to play a glum market.
Faber perceives a “battlefield” between the Federal Reserve and other central banks, which had infused billions of dollars into the worldwide system to boost liquidity, and the counter-pressure of illiquidity brought about by market forces such as declining home prices.
Watch It:
http://www.youtube.com/watch?v=isD2aj3wh20
http://www.youtube.com/watch?v=YmORG10k71c
http://www.youtube.com/watch?v=VXsZu9oXCcg
But the economist fears that the Fed’s “throwing money at the system” will not help improve the fundamentals of the real economy. Instead, he believes, excessive monetary growth has merely driven excessive consumption in the U.S., with consumers living beyond their means and speculators “piling one bubble, housing, on top of the Nasdaq [tech] bubble” that popped in 2001-2001.
“The easy money, the easy credit — you can’t solve your problems with what caused them in the first place,” Faber declares.
He posits that a fully-realized recession at the turn of the millenium might have been for the best, restabilizing the world credit markets. “The longer you postpone the hour of truth, the worse it will be,” he augurs. “We will reach ‘zero hour,’ when more debt doesn’t help.”
How should one prepare for the full-fledged global bust Faber predicts?
Precious metals. He points to the traditional safe harbor, gold — but cautions that the precious metal is “a bit over-bought.” Construction-oriented commodities in general will continue to be driven by Chinese demand, he says, making mining companies a good bet. And he the one absolute essential: Food. “We all have to eat.”
Markets. As to national markets, Faber says that Japan and Thailand are “very reasonable.”
Currencies. He foresees the U.S. dollar remaining low against other currencies — but notes that “Euroland” is very expensive compared to the greenback.
Real estate. Faber’s outlook for real estate goes against the grain: Manhattan is the great exception to U.S. trends, continuing to rise in price even when strong U.S. regions show signs of decline. But Faber says that in the bigger perspective, New York property is as vulnerable to a credit bust as any major metropolitan areas, such as “Hong Kong, Zurich and Frankfurt.”
His real-estate advice: “Buy a farm and learn to drive a tractor.”
Related News:
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http://www.bloomberg.com/apps/news?pid=….&refer=home
U.S. “undoubtedly in recession”: Jim Rogers
http://www.reuters.com/article/businessNe….=23&sp=true
Iran Breaks With USD
http://www.presstv.ir/detail.aspx?id=28261§i..351020102
Merrill Lynch Reports Loss on $7.9 Billion Writedown
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What the Citibank, et al $80B Bail-Out Fund is Trying to Avoid
http://commonsenseforecast…80b-bail-out-fund.html
Steep decline in oil production brings risk of war and unrest
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Dollar Slides To Record Low Against Euro
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2011 – The U.S. Dollar: R.I.P.
Paulson warns of damage to come
Greenspan would not be surprised to see a double-digit fall in US house prices nationally from their peak
Wall’s Street’s Rescue Plan: Be Very Afraid
GMAC Expected to Cut 25 Percent of Mortgage Workforce
Southern CA Home Sales Plunge 30%
German bank hit by subprime crisis slashes results, directors leave
The IMF States The US Dollar Still Has Some Downside
Sub-Prime Blow Up In Canada?
It’s Time For The Banks To Face The Hangman
US home foreclosures double
U.S. home starts fall to 14-year low
Experts Fear Repeat Of 1929 Economic Crash
Oil surges near $88 a barrel
Oil Futures Hit New Record Above $86
After a 200-Year Resource Bear Market, Gold Price Could Pass US$2,271
Wall Street Falls Amid Unease Over Bad Debt; Oil Settles Above $86
Gold & Oil Surges Dollar Falls
Treasury Sales May Rise 50% as Deficit Suddenly Grows
Plan to Save Banks Depends On Cooperation of Investors
Big Banks Trying to Avoid Global Economic Crash
Treasury claims power to seize gold and silver — and everything else
Income inequality worst since 1920s, according to IRS data
Man who correctly predicted Black Tuesday makes another prediction in NY Times: ‘Country is facing… a depression’
Oil Futures Hit New Record Above $85
Oil hits record $84
Bill Moyers: Are we heading for another 1929?
London, Not U.S., Controls U.S. Mortgage Crisis
Gold price rockets to 27-year high, platinum nears record
U.S. Foreclosure Filings Nearly Double in September Over Same Month a Year Ago
Strong silence from U.S. on dollar’s weakness
Central Banks Sell 475 Tons Of Gold
Credit card debt is ready to blow
Americans charge it as Bank of Subprime closes
‘The Roof Is Caving In On the Housing Market’; ‘Think Housing’s Bad? You Ain’t Seen Nothing Yet’
U.S. Economic Collapse News Archive
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