noworldsystem.com


Gold Runs Out In Germany

Gold Runs Out In Germany

Allan Hall
London Evening Standard
October 12, 2008

Risk-averse Germans are turning to gold in troubled times – but there’s none left.

German gold dealers say demand has skyrocketed this past week to 10 times normal so no more orders can be taken for the foreseeable future.

“The demand exceeds our capacities by a great deal,” said Heiko Ganss, head of precious metal company Pro Aurum.

“The requests cannot be satisfied right now,” a dealer from the Düsseldorf WGZ Bank confirmed.

“Demand for gold as a conservative investment has risen dramatically,” said stephan Henkel. “right now the demand is about 10 times as high as in normal times.”

Gold deliveries now take between four and six weeks.

The US mint said on Monday it had exhausted some of its supply of bullion coins and was struggling to meet demand for gold, silver and platinum.

South Africa’s Rand Refinery, producer of the world’s most popular gold bullion coin, the Krugerrand, temporarily ran out of the coins in August.

 

Londoners Queue-Up on Sidewalk to Buy Gold in Rush for Money Haven

Bloomberg
October 9, 2008

Londoners stood in line outside the largest gold coin and bar retailer in the city’s West End shopping district, clogging the lobby and trading among themselves as they sought a safe haven for their money.

“People want something tangible, something they can hold on to, something the banks can’t give them,” said Chris Burrow, the owner of ATS Bullion, the gold dealer in the Strand that traces its roots back to the 17th century. “There’s no time to breathe. We’re rushed off our feet. Staff are exhausted.”

As U.K. stocks tumbled to a five-year low, paced by financial-services companies, gold advanced. Since Lehman Brothers Holdings Inc.’s Sept. 15 filing for bankruptcy protection, exacerbating the worldwide credit crisis, gold for immediate delivery has jumped 19 percent.

“Investors are rushing to safe havens and physical gold seems to be the favorite one,” said Frederic Panizzutti, a senior vice president at MKS Finance, one of Switzerland’s four bullion refiners.

British government action to prop up the banking industry has failed to reassure investors. The U.K. on Oct. 8 promised 50 billion pounds ($86 billion) of capital to banks, the same day the Bank of England cut its benchmark interest rate by half a percentage point. Last month, the government brokered a takeover of HBOS Plc, Britain’s largest mortgage lender, and seized control of Bradford & Bingley’s mortgage division.

Read Full Article Here

 

Austria Witnesses New Gold Rush

BBC
October 12, 2008

The financial crisis is prompting people to look for safer forms of investment than stocks and shares.

The interest in gold coins is so great that many of the world’s major mints are struggling to keep up with demand, including the Austrian Mint, which produces the Vienna Philharmonic – one of the best-selling bullion coins worldwide.

Sales of Vienna Philharmonic gold coins have gone up by more than 230% since last year.

Kerry Tattersall, the director of marketing at the mint, says production has gone into overdrive.

“We are running at present something like three shifts on all of the machines, on the presses, producing both gold and the silver bullion coins.

Read Full Article Here

 

Central banks all but stop lending gold

Javier Blas
Financial Times
October 8, 2008

Central banks have all but stopped lending gold to commercial and investment banks and other participants in the precious metals market, in a move that on Tuesday sent the cost of borrowing bullion for one-month to more than twenty times its usual level.

The one-month gold lease rate rocketed to 2.649 per cent, its highest level since May 2001 and significantly above its five-year average of 0.12 per cent, according to data from the London Bullion Market Association.

Gold lease rates for two, three, and six months and for a year also jumped to levels not seen in the last seven years.

Traders said the jump reflects the fact that central banks — mostly European — have almost completely stopped lending gold in the last few days and are not rolling forward old leases after maturity. This is because of fears that some borrowers might not repay their bullion loans if they are engulfed by the financial crisis.

“A number of central banks have been cutting back on their gold lending,” said Tom Kendall, a precious metals strategist at Mitsubishi in London.

John Reade, a commodities strategist at UBS, added that there had been a lot of talk about some central banks being unwilling to lend their gold because of a redoubled focus on the risk of borrowers not returning it.

Read Full Article Here

Bullion Shortage and Spot Prices Tell Two Different Gold Stories
http://seekingalpha.com/article/99680-..ces-tell-two-different-gold-stories

Blatant Banker Manipulation Of Gold Prices
http://www.prisonplanet.com/blatant-banker-manipulation-of-gold-prices.html

No Mass Mania for Gold Yet – Less than 1% of Public in Western World Have Invested in Gold
http://news.goldseek.com/GoldSeek/1224161100.php

Spot Gold Price Is Now Meaningless
http://www.istockanalyst.com/article/viewarticle%2Barticleid_2713209.html

Gold expected to rally above $1000 in Q1 2009
http://network.nationalpost.com/np/b..o-rally-above-1000-in-q1-2009.aspx

What the Pros Say: All that Glitters is Gold
http://www.cnbc.com/id/27095525

Kiener: Gold Prices To Double On Paper Market Default
http://www.prisonplanet.com/kiener-..o-double-on-paper-market-default.html

 



Potential Bailout Cost is $5 Trillion or $43K Per Household

Potential Cost For Bailout is $5 Trillion or $43K Per Household

Steve Watson
Infowars.net
October 15, 2008

The total potential cost of the financial bailout to the U.S. taxpayer is already rapidly approaching $5 trillion, over seven times as much as the meaningless $700 billion bailout bill figure.

Analysts have previously marked out the $5 trillion figure as the actual cost, now those predictions are becoming demonstratively accurate.

Meanwhile, Hank Paulson has defended government intervention, stating “There’s no doubt that the way to get the maximum bang for the taxpayers here was to invest in banks.”

Based on this Reuters summary and the sources linked within the table, here is a breakdown of the bailout’s cost to taxpayers so far.

Bailout Type
Cost To Taxpayers
$300 billion
$250billion
$25 billion
$150 billion
$700 billion+
$29 billion
$200 billion
$85 billion (+ extra request of $35 billion)
$300 billion
$4 billion
$87 billion
$200 billion+
$50 billion
$144 billion
POSSIBLE TOTAL $2.56 trillion+
NUMBER OF HOUSEHOLDS PER
U.S. CENSUS
105,480,101
POSSIBLE COST PER HOUSEHOLD
$24,26

In addition, the U.S. government has said it will temporarily guarantee $1.5 trillion (£856 billion) in new senior debt issued by banks, as well as insure $500 billion (£285 billion) in deposits in non-interest accounts, mainly used by businesses.

These figures take the potential cost to $4.559 trillion+ – or $43, 221 per household.

Furthermore, when you account for the fact that the credit default swap market is around $62 trillion, and that derivatives worldwide are worth between between $1 and $2 quadrillion, the numbers start to become meaningless.

 

Fed To Offer Unlimited Dollars
Bloomberg
October 13, 2008

The U.S. Federal Reserve led an unprecedented push by central banks to flood financial markets with dollars, backing up government efforts to restore confidence in the banking system.

The ECB, the Bank of England and the Swiss central bank will offer unlimited dollar funds in auctions with maturities of seven days, 28 days and 84 days at a fixed interest rate, the Washington-based Fed said today. The Bank of Japan may introduce “similar measures.’’ The dollar declined and some money-market rates fell.

Policy makers from the Group of Seven nations pledged at the weekend to take “all necessary steps’’ to stem a market panic after the MSCI World stock index plunged 20 percent last week. Central banks last week cut interest rates in tandem for the first time since 2001, the U.S. plans to buy $700 billion in distressed assets from banks and in Europe, the U.K. is leading a push to keep lenders afloat with taxpayers’ money.

“By providing unlimited dollar funds they are acting on the back of the G-7 plan to ensure the system is fully liquidized,’’ said Lena Komileva, an economist at Tullet Prebon Plc in London. “We’re going to see even more liquidity provided and more aggressive rate cuts are coming.’’

Read Full Article Here

Banks borrow record $437.5 billion per day from Fed
http://www.reuters.com/article/newsOne/idUSTRE49F97920081017

Millionaire Hedge Fund Trader Thanks Idiot Traders
http://www.guardian.co.uk/business/2008/oct/18/banking-useconomy

Treasury Black Out Key Parts Of Bailout Contracts
http://www.huffingtonpost.com/..136030.html

Wall Street banks in $70bn staff payout
http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking

Homeless Numbers Alarming
http://www.usatoday.com/news/nation/2008-10-21-homeless_N.htm

House prices ‘to plummet by 35%’ – the biggest ever fall in Britain
http://www.dailymail.co.uk/news/..–biggest-fall-Britain.html

Royal Bank Of Scotland Nationalized
http://business.timesonline.co…g_and_finance/article4932250.ece

Switzerland Pumps Billions Into Bank System
http://biz.yahoo.com/ap/081016/eu_switzerland_banks.html?printer=1

UBS Gets Bailout From Swiss National Bank
http://www.chicagotribune.com..7,0,4057853.story

Dow Jones Bloodbath Mirroring 1929 Rout
http://www.prisonplanet.com/dow-jones-bloodbath-mirroring-1929-rout.html

Two More Banks Closed By Regulators
http://money…00397x1211373371x1200675175

U.S. Stocks Plunge Most Since Crash of `87 on Recession Concern
http://www.bloomberg.com/apps/news?pid..er=home

Roubini Sees Worst Recession in 40 Years, Rally’s End
http://www.bloomberg.com/apps/news?..efer=home

JPMorgan Responsible for the Destruction of U.S. Financial System
http://www.marketoracle.co.uk/Article6826.html

World May Be Lucky to Get Worst Recession Since 1983
http://www.bloomberg.com..OAeSWBCY&refer=home

Stocks On Track For Worst Year Since 1937
http://www.chron.com/disp/story.mpl/nation/6050283.html

Former Fed chief says U.S. now in recession
http://www.reuters.com/article/newsOne/idUSTRE49D2QB20081014

U.S. Economy Collapse News Archive

 



John McCain: I’ve Always Aspired To Be Dictator

John McCain: I’ve Always Aspired To Be Dictator

http://www.youtube.com/watch?v=rvqAYW3AV0g

 

McCain Proposes $1 Trillion Bailout Bypassing Congress

http://www.youtube.com/watch?v=SesiK5CpcII

$1.4 Billion In McCain Tax Cuts For ‘Mainstream Media’
http://wonkroom.thinkprogress.org/2008/10/03/msm-mccain-billions/

McCain’s Last Hope Is Osama Bin Laden
http://www.prisonplanet.com/mccains-last-hope-is-osama-bin-laden.html

Pro-McCain Group Offering Cash For Frats To Demonstrate At VP Debate
http://www.huffingtonpost.com/2008.._n_130827.html

 



Chuck Norris: “Ron Paul Is The Only Guy I Trust”

Chuck Norris: “Ron Paul Is The Only Guy I Trust”

http://www.youtube.com/watch?v=e8w_29EJbrY

http://www.youtube.com/watch?v=CXLSZvKaxxY

 



Ron Paul: You’re Going To Guarantee A Depression

Ron Paul: You’re Going To Guarantee A Depression

http://www.youtube.com/watch?v=wK2QjMydQpU

Ron Paul: Buying bad debt is the wrong solution

http://www.youtube.com/watch?v=b_QpkQwOlwI

CNN Misquotes Ron Paul On Bailout Bill
http://www.prisonplanet.com/cnn-misquotes-ron-paul-on-bailout-bill.html

 



Congress Threatened With Martial Law If Bailout Not Passed

Congress Threatened With Martial Law If Bailout Was Not Passed

http://www.youtube.com/watch?v=HaG9d_4zij8

http://www.youtube.com/watch?v=egXhZMaY26w

 



Top contributors to Obama and McCain are big banks

Top contributors to Obama and McCain are big banks