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Fed.(2) 28day RP + 20.00B [Net +7.75B
Note: This repo operation has 1 collateral tranche
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
http://www.ny.frb.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE
Fed. 1day RP + 15.50 [ SoFar +7.75
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
http://www.ny.frb.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE
Gold~ Silver~ HUI~ XAU~ US$~ €uro~ Crude~Pd
Live Charts ~ Bookmark this page –
Refresh anytime during the day.
PoG
PoS
Pd
HUI
XAU
3day $US:
€uro
Crude
Futures (2) + World Indices
http://www.cme.com/trading/dta/del/globex.html
http://money.cnn.com/data/premarket/
World Indices (2) Mini Charts
Updates every 60sec ~ Watch the dates!!
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
Ander:
Deep Down's work and hence its sales is largely insulated from the price of oil. If it's $160 or $100 per barrel the hunt for deep-water oil will go on because the world needs it badly and because that's where the last major pools of the black gold exists.
Try this board, they dig, dig, dig.
http://investorshub.advfn.com/boards/board.aspx?board_id=7181
Thanks to you Doc. 4doing the work
Fed. 3day RP + 6.75B [ All Add ]
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
http://www.ny.frb.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE
Capstone Signs Agreement with Distributor for Alaskan Market
Monday June 30, 5:00 am ET
CHATSWORTH, Calif.--(BUSINESS WIRE)--Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST - News), the world’s leading clean technology manufacturer of microturbine energy systems, today announced the signing of a new distributor agreement with Ecodyne-Pacific Rim, Inc. for all of Capstone’s applications and market segments, except Hybrid Electric Vehicles (HEV), for Alaska.
ADVERTISEMENT
Headquartered in Anchorage, Alaska, Ecodyne-Pacific Rim, Inc., was established to bring the benefits of power security and reliability to communities that do not have access to this vital resource. Their mission is to offer their customers high quality distributed generation and power security related products using suppliers with top quality products and to provide dedicated support and service to them. Through this approach, their goal is to provide affordable, clean and reliable power to remote towns in Alaska.
“Ecodyne-Pacific Rim will cover an impressive list of market segments. Their expertise in the field of distributed generation and reputation throughout Alaska make them an ideal partner for us,” said Jim Crouse, Capstone’s Executive Vice President of Sales & Marketing.
“Our goal is to seek distributors that have business experience and are capable of supporting our growth plans in our targeted markets,” said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. “With the high price of diesel-based power in remote communities in Alaska, we believe it will allow us to expand the use of our products in Alaska,” added Jamison.
“We pride ourselves on providing our customers with a total solution which not only has economic benefits, but also has social benefits,” said Mr. Francis (Frank) L. Avezac, President of Ecodyne-Pacific Rim, Inc. “In addition to providing green and clean energy solutions, Capstone Turbine’s air-cooled design and patented air bearing technology eliminate the high maintenance costs and downtime of traditional power generators. We are excited about our new distribution agreement with Capstone and are looking forward to a long and successful relationship,” added Avezac
http://biz.yahoo.com/bw/080630/20080630005352.html?.v=1
OT: PUT YOUR CAR KEYS BESIDE YOUR BED AT NIGHT
Tell your spouse, your children, your neighbors, your
parents, your Dr's office, the check out girl at the market,
everyone you run across.
Put your car keys beside your bed at night. If you hear a
noise outside your home or someone trying to get in your house,
just press the panic button for your car. The alarm will be set off, and
the horn will continue to sound until either you turn it off or the
car battery dies.
This tip came from a neighborhood watch coordinator. Next
time you come home for the night and you start to put your keys
away, think of this:
It's a security alarm system that you probably already have
and requires no installation. Test it. It will go off from most
everywhere inside your house and will keep honking until your
battery runs down or until you reset it with the button on the key fob
chain.
It works if you park in your driveway or garage. If your car alarm
goes off when someone is trying to break in your house, odds are the
burglar rapist won't stick around... after a few seconds all the
neighbors will be looking out their windows to see who is out there
and sure enough the criminal won't want that. And remember to carry
your keys while walking to your car in a parking lot. The alarm can
work the same way there . This is something that should really be
shared with everyone. Mayb e it could save a life or a sexual abuse
crime.
P.S. I am sending this to everyone I know because I think it
is fantastic. Would also be useful for any emergency, such as a
heart attack, where you can't reach a phone. A friends Mom has suggested to
her Dad that he carry his car keys with him in case he falls outside and she
doesn't hear him. He can activate the car alarm and then she'll
know there's a problem.
OT: PUT YOUR CAR KEYS BESIDE YOUR BED AT NIGHT
Tell your spouse, your children, your neighbors, your
parents, your Dr's office, the check out girl at the market,
everyone you run across.
Put your car keys beside your bed at night. If you hear a
noise outside your home or someone trying to get in your house,
just press the panic button for your car. The alarm will be set off, and
the horn will continue to sound until either you turn it off or the
car battery dies.
This tip came from a neighborhood watch coordinator. Next
time you come home for the night and you start to put your keys
away, think of this:
It's a security alarm system that you probably already have
and requires no installation. Test it. It will go off from most
everywhere inside your house and will keep honking until your
battery runs down or until you reset it with the button on the key fob
chain.
It works if you park in your driveway or garage. If your car alarm
goes off when someone is trying to break in your house, odds are the
burglar rapist won't stick around... after a few seconds all the
neighbors will be looking out their windows to see who is out there
and sure enough the criminal won't want that. And remember to carry
your keys while walking to your car in a parking lot. The alarm can
work the same way there . This is something that should really be
shared with everyone. Mayb e it could save a life or a sexual abuse
crime.
P.S. I am sending this to everyone I know because I think it
is fantastic. Would also be useful for any emergency, such as a
heart attack, where you can't reach a phone. A friends Mom has suggested to
her Dad that he carry his car keys with him in case he falls outside and she
doesn't hear him. He can activate the car alarm and then she'll
know there's a problem.
W@G1 QQQQ 06/30/08 for a 07/02/08 close
47.84 frenchee
46.60 rayrohn
46.50 bob3
Futures (2) + World Indices
Updates every 60sec ~ Watch the dates!!
http://www.cme.com/trading/dta/del/globex.html
http://money.cnn.com/data/premarket/
World Indices (2) Mini Charts
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
The International Forecaster
-- Posted Sunday, 29 June 2008 | GoldSeek.com
The following are some snippets from the most recent issue of the International Forecaster. For the full 27 page issue, please see subscription informBob Chapmanation below.
US MARKETS
Poof!
Virtually all stock market gains for the past two years have just gone up in smoke. That is because all those gains were falsely and fraudulently created and contrived by the President's Working Group on Financial Markets, a/k/a the Plunge Protection Team (PPT), in a deceitful and unprecedented "Puff-the-Fluff" rally extravaganza which pushed stock markets into a state of suspended animation that was both totally unjustified and in complete and utter contravention of every market fundamental known to man. This stock market anti-gravity machine was powered principally by multiple billions of dollars of liquidity provided daily by the Fed through its repo pool. The Fed would pay billions in cash to its primary treasury bond dealers to purchase their securities in return for a repurchase agreement wherein the primary dealers would promise to buy back the securities they just sold to Fed at a specified future date, usually under one month. These primary dealers, being cartel insiders, would then use the liquidity from the Fed to purchase stocks across the board as well as to purchase options, futures and derivatives related to those stocks and to their various indices, thereby driving the stock markets up with the Fed's "mad money."
Other sources powering the PPT's stock market anti-gravity machine were the following: Liquidity provided to yen carry traders through the creation of outrageous and ludicrous yen weakness courtesy of the Illuminist lapdogs occupying the executive suites in Japanese banks; out-of-control, maniacal increases in money and credit by the Fed; ludicrously low interest rates engineered by the Fed that generated cheap funds for stock supportive leveraged buyouts and stock buy-backs as well as for other speculative purposes using leverage factors normally reserved for raving madmen; corporate earnings growth falsely inflated by profligate creation of money and credit, speculation and rampant inflation; continual jaw-boning and disinformation from the Fed, Wall Street, the fane-stream media and our lunatic government; patently false government statistics across the entire spectrum of economic data (known as "hedonics"); market support from Illuminist insiders in the banks and investment banks of Wall Street; the continual execution of short-squeezes by the PPT on all positions across the board which stood to gain if the stock markets declined; and totally contrived asset bubbles that were used to create deceitfully underwritten real estate mortgages and other consumer debt accounts which were then used to generate the overrated, fraudulent asset securitizations, now known as toxic waste derivatives, thus producing gargantuan bank and broker profits that were used by the Wall Street pirates to go on a mad spending spree in the stock markets.
Notwithstanding all of the foregoing, the main PPT weapon, which they count on implicitly, is the oafish and vapid stupidity of non-insider private and institutional traders and investors who gullibly choose to believe the pathological lies emanating from the reprobates and sociopaths on Wall Street, at the Fed, in our corrupt government and/or in the fane-stream media, despite copious amounts of obvious factual evidence to the contrary, evidence which would include their price observations during their weekly trips to their local grocery stores and gas stations! It's time to get a freaking clue, people!!! YOU WERE GIVEN AMPLE, ADVANCED WARNINGS ABOUT WHAT HAS JUST HAPPENED IN PREVIOUS ISSUES OF THE IF!!!
Large specs who took our advice to maintain ample protective derivatives such as stock index puts to cover their precious metals positions have made a fabulous fortune which they can now use to power the current gold and silver rally. Why do you think that gold and silver are going up just as rapidly as the stock markets are coming down? On Thursday, as the Dow was being pile-driven into the earth's bedrock to the tune of 358 points, spot gold had its largest single day increase since 1985 as it ripped the cartel a new one to the tune of $32.85 per ounce!!! That is not the outcome that used to result from a PPT-orchestrated stock market crash, which used to drain large specs of their liquidity. The withdrawal of stock market support by the PPT in order to hit precious metals has completely failed. Remember, gold suppression is JOB ONE for the Fed and the gold cartel. All the Fed and cartel care about is the containment of gold and silver, the rescue of the Wall Street fraudsters and support-at-all-costs for the bond markets. The stock markets can drop into a bottomless pit for all they care as was so amply demonstrated this week.
Because defaults and rampant inflation are driving real interest rates up and bond prices down, and because the Fed funds rate is already ludicrously low, the Fed will now attempt to support the dollar and the bond markets by crashing the stock markets and forcing the proceeds into bonds and treasuries to reduce yields.
Apparently, they have not yet figured out that this will send gold and silver to the moon as investors try to diversify into gold, silver and other commodities to hedge against inflation and to seek safe-havens outside of what could become a bear market in bonds very quickly.
Speaking about bear markets, the Dow crossed into bear market territory on Friday with a loss of over 20% from its peak last October, before a PPT rescue prevented a close that would have technically confirmed the bear market. Of course, we all know that we have been in a bear market since the dot.com bust and the false-flag attack of 911, especially when you adjust for actual, as opposed to official, inflation, and then take into account the rampant and ludicrous upward manipulation by the PPT as discussed above. The Dow peaked at 14,164.53 on October 10, 2007. On Friday, the Dow dropped below the 20% bear market loss marker of 11,331.62 all the way to 11,297.99, before being manipulated back above the 20% loss marker to a close of 11,346.51. But of course we have free markets - yeah, right.
Also powering the precious metals up this week were the dollar, which collapsed, sending the spot USDX to 72.360 on Friday, right on cue just as we predicted (two weeks ago it closed at 74.146), record high oil prices with an all-time high of $142.99 per barrel and the first close above $140 at $140.21, also an all-time high, both set on Friday, and a bevy of bad economic news concerning consumer confidence, which included an all-time low for consumer expectations about the future of the economy. Other factors included a tepid one percent annualized GDP which is actually negative when the hedonics are removed and actual inflation is factored in, as well as profit warnings, negative predictions and/or potential ratings reductions for GM, whose stock hit an all-time low, GM's suppliers, Oracle, Blackberry producer Research in Motion, Citigroup, Merrill Lynch and Morgan Stanley. The resource stocks were the only winners - BIG winners!
Supposedly positive news that was ignored this week included the Fed's rate hold, because everyone knows they are stuck there and don't dare move one way or the other despite their laughable jaw-boning about rate hikes and a strong dollar, a 2% increase in existing home sales in May which is a big whoop considering that April's figure was one of the worst ever and the "experts" were expecting 2.2%, and a .8% growth rate for personal spending, growth which could be totally accounted for by rampant actual inflation which is running at just over 1% per month. Without the stimulus, consumer spending would have been negative, and without another stimulus, it will remain negative. The $168 billion stimulus package therefore produced a big goose egg and nothing was stimulated. Where does that leave us? You don't want to know.
Another supposedly positive factor was an increase in personal income of 1.9% for May from the previous month of April, as well as an after tax increase of 5.7% which was the highest in 33 years. Of course, this sounds great except for the fact that the fane-stream media failed to tell you that this was due solely to the stimulus package. Without the stimulus, the figure would have been a .4% increase for May over April, which is nothing to write home about since this is way behind the actual rate of inflation. We wonder how long it will take to get back into the vicious cycle of pay hikes to keep up with inflation, followed by increased money supply from higher wages, leading to higher prices, which then leads to demands for higher wages, and on and on?
Let's see now. The stock market gains for the past two years or so have just been vaporized. Over the past two years, would you have made more money based on the advice you have received in the IF, to buy gold, silver and their related stocks, or would have made more listening to the inane, jackass pundits of the fane-stream financial media and their tips about the "bargains" that are out there? Let's take a trip down memory lane to find out.
The last time the Dow was at 11,346.51 or lower was on September 7, 2006, when it closed at 11,331.44, which happens to also be almost exactly the precise figure for a 20% loss and the official start of a bear market. So let's use that date for our comparison, and see what the returns look like for the 22 months or so between September 7, 2006 and June 27, 2008.
On September 7, 2006, the Dow closed at 11,331.44 as just stated, the S&P closed at 1294.02 and the Nasdaq closed at 2,155.29. Also on September 7, 2006, spot gold closed at $618.30, spot silver closed at $12.58, the XAU was at 144.95, the HUI was at 347.92.
On Friday, June 27, 2008, the Dow closed at 11,346.51 as stated above, the S&P closed at 1,278.38 and the Nasdaq closed at 2,315.63. Also on Friday, spot gold closed at $928.10, spot silver closed at $17.59, the XAU closed at 194.49 and the HUI closed at 451.06.
First, let's see how the jackasses (not to be confused with Democrats who are Jackasses with a capital "J") in the inane, fane-stream media did. The Dow essentially gets a big goose egg. The S&P posted a loss of 1.2%. And the Nasdaq had a "whopping" gain of 6.9%, or about 3.5% annualized, way behind actual inflation and still short of official inflation.
Now let's see how our subscribers have done. Spot gold is up an impressive 50.1%, which annualized is about 25%, way past inflation with enviable profits to spare. Spot silver is up a very healthy 39.8%, which annualized is about 20%, again way past inflation with goodly profits to spare. The XAU is up 34.2% and still exceeds inflation when annualized with room to spare, as does the HUI, which is up 29.6%.
Now for the kicker. The dismal results posted for the general stock markets occurred despite the full support of the PPT which saved them from collapse numerous times. The incredible results posted for gold, silver and their related shares came despite massive cartel suppression, which has been mercilessly applied to the metals and their shares in the most underhanded and illegal of fashions. If this is what happens when the Goldilocks Matrix created by the cartel is still floating around in the vapid minds of the sheople, just try to imagine and wrap your mind around what will happen when reality finally sets in. We can't wait to find out!!!
Based on the foregoing, we can only conclude that US and foreign traders and investors as a group have become ardent masochists. How they can continue to invest in general stocks and obtain such terrible results when they could be cleaning up in precious metals and commodities is beyond us. They must be world class gluttons for punishment. They must drool and salivate when they are forced to absorb nice, big, juicy losses. The negative rates of return on their bonds and treasuries due to rampaging inflation and the potential losses from such dollar-denominated assets from rising real interest rates and a plummeting dollar must get their hearts pumping in anticipation and fill their souls with unspeakable joy. You just can't make this stuff up. It is simply surreal. It is a combination of The Twilight Zone, Theatre Bizarre and One Step Beyond all rolled into one. It is truly unbelievable.
Precious metals have nothing but positive fundamentals. Stocks, bonds, derivatives and the dollar have nothing but negative fundamentals. Precious metals are trending one way - up, while stocks, bonds, derivatives and the dollar are trending one way - down. The analysis is that simple, and the PPT is powerless to stop it. Their delay tactics are becoming ever more weak and ineffectual. The only thing running counter to these trends is illegal government and cartel intervention, which will soon become superfluous. The de-leveraging has begun in earnest as it has become clear to all that the party is over and that the Fed is nothing but an irrelevant bag of wind.
General stock markets have broken crucial support and will now move sideways before continuing their descent into hyper-stagflationary hell. We may get a dead-cat rally before the USS Titanic enters the briny deep. You will never see 13,000, much less 14,000, on the Dow again. And you will be lucky if you ever see 12,000 again. The elitist gambit for a blow-off top in stocks has been defeated by their own pride, greed, deceitfulness and inept bungling which has led to the real estate, subprime derivative and credit-crunch debacles that have bankrupted the entire financial systems of western nations and which will end in utter destruction with an economy-destroying bear market in bonds and the thermonuclear meltdown of one quadrillion dollars worth of derivatives. Gold and silver will explode before the elitists can bail, reducing the proceeds from their dark pool stock sales to useless dollar-denominated garbage.
As if to emphasize this most dire predicament, the elitists plan to go live on August 18 with the dark pool of liquidity set up as a European trading platform by a group of big investment banks, and known as Project Turquoise, which we have written about extensively in past issues of the IF. And now we have another dark pool being formed which is a joint venture between The London Stock Exchange and Lehman Brothers which are planning to set up a pan-European, off-bourse trading platform called "Baikal" after the deepest, darkest, most voluminous fresh water lake in the world. The elitists are now desperate to bail out of stocks and bonds outside the view of the public before these markets take their final plunge, because they know that utter destruction is at hand. Their desperation could not be more palpable.
You must get out of stocks, bonds and derivative before it is too late. Only Swiss franc government bonds are acceptable due to the substantial amounts of gold bullion held by the Swiss. Buy gold and silver before they explode and you can no longer afford them. Do not use ETF's, mint certificates or futures. Take physical possession of all coins and bullion. Take conservative resource stock positions in the big producers and outstanding juniors we recommend. Get out of as much debt as possible, buy as much freeze-dried food as you can afford, and if you can, acquire some guns and ammunition. Be ready to take the final plunge into the chaos of social unrest, as energy costs bury the economy, as potable water runs dry and as prices of essential goods go out of sight. Then there is the possibility of a war, false-flag attack and/or martial law. So be ready.
and revolution both of which draw nigh as food shortages worsen...
Fuel price Current State Averages [AAA]
http://www.fuelgaugereport.com/sbsavg.asp
Hi Ho Silver;
http://members.tripod.com/~ClaytonMoore/
turn up sound...
Hi Ho Silver;
http://members.tripod.com/~ClaytonMoore/
turn up sound...
Don Coxe: Fridays weekly audio program.
http://events.startcast.com/events/199/B0003/#
run time 40m
food & fuel inflation world-wide, stimulus may hold it a bit but
getting worse & $5.00 gas is here!!
All 3 signals indicate new highs Gold / Silver.
some confusion over oil sands in ground
buy stocks with reserves for more leverage,instead of the bullion.
Don Coxe: Fridays weekly audio program.
http://events.startcast.com/events/199/B0003/#
run time 40m
food & fuel inflation world-wide, stimulus may hold it a bit but
getting worse & $5.00 gas is here!!
All 3 signals indicate new highs Gold / Silver.
some confusion over oil sands in ground
buy stocks with reserves for more leverage,instead of the bullion.
RBK, should be good 4 gold. btw l saw
post on GSS that bot day before sold on downgrade. Hate when that happens.
Not to miss the action l added more calls HL Aug 10s HLHB
ave up a bit on 2nd batch esp since basserdan goes hmmmmmm.
MoneyTalk on the net with Bob Brinker
Brinker -KGO: http://www.kgoam810.com/listenlive.asp#
Show time is 4:00pm EDT Saturday / Sunday sometimes pre-empted 4 local sports event. So l have listed KGO @ same time frame, a Ca station with strong signal.
Fed. Ops: 42.75B Matures this week.
Tue: 7.75B 4day
Wed: 20.00B 28day
Thu: 5.00B 14day
>> 10.00B 7day
========================================================
[ Not updated Yet ]
Temp Ops:
Perm Ops:
========================================================
Public Debt:
Limit ~ $9,815 T
6/26 ~ $9,368 T
=========================================================
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
http://www.ny.frb.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE
Schiff: Intervention Will Not Stop the Dollar's Slide
Bambi vs. Godzilla!
Peter Schiff
Jun 27, 2008
This week the Federal Reserve took a step closer to acknowledging reality. Unfortunately it didn't let that admission move it from a policy course firmly guided by fantasy. In its policy statement, Bernanke & Co. took the important step in noting that inflation expectations had taken hold in the country at large. However, in asserting that it expects inflation to moderate this year and next, the Fed gave no indications that these heightened expectations are gaining traction within the Open Market Committee itself. As a result, it signaled no likelihood that it was actually prepared to do something to fight a problem which it doesn't really believe exists in the first place.
In fact, by indicating that they expect inflation to moderate, the Fed is saying that elevated expectations are unwarranted. In other words, Bernanke claims that despite the fact that so many people are carrying umbrellas, he still believes it will be a sunny day. The takeaway from the statement is that no rate hike is forthcoming. The markets saw this position for what it is... capitulation to inflation and a weakening dollar. No surprise then that the gold responded with the biggest single day gain in more than 20 years!
With the ensuing carnage on Wall Street, many Thursday morning quarterbacks claimed the Fed missed an opportunity to reverse the dollar's slide by either talking tougher or perhaps actually raising rates a quarter point. If the Fed really believed it could talk the dollar up, or that a small rate hike would do the trick, they would have given it a try. I believe they chose a dovish route because of a greater fear of having their hawkish stance casually disregarded. Imagine what would happen if the Fed raised rates and the dollar kept falling? It would be like one of those horror movies where someone holds a cross up to a vampire, and the Count tosses it aside with nary a cringe.
Others claim that now is the time for coordinated central bank intervention to reverse the dollar's decline. Those who place their faith in such a plan, overlook the fact that Asian and Middle East central banks have been unsuccessfully intervening on the dollar's behalf for years. Those nations maintaining dollar pegs must constantly intervene in the foreign exchange markets by buying dollars to keep their own currencies from rising in value. Over the past few years the scope of this intervention has been unprecedented, with foreign central banks accumulating trillions of excess dollar reserves. Yet despite these Herculean and misguided efforts, the dollar has fallen drastically.
Intervention advocates must believe that if the ECB and a few other central banks joined the fray, that a better outcome would be achieved. However any additional efforts to artificially prop up the ailing dollar will be equally ineffective. Even if ECB intervention could slow the dollar's decent, what possible reason would they have for doing so? The ECB is already concerned about inflation and is preparing to raise rates as a result. Intervention to support the dollar will only worsen Europe's inflation problem and run counter to these efforts. This is because to buy dollars the ECB must increase its own money supply. That is exactly what is happening in countries like China and Saudi Arabia, which is why inflation in those nations is already much higher than it is in Europe.
Further, since the ECB is asking Europeans to endure higher interest rates to fight their inflation battle, why should they have to make additional sacrifices to help Americans fight their own inflation? Especially when our own central bank has held interest rates at the ridiculously low level of 2%, and has effectively excused Americans from the conflict.
Since we can't count on any help from our friends, the only option would be for the Treasury to intervene unilaterally. However, the U.S. government should think twice about bringing a knife to a gunfight. The Treasury only has about $75 billion in foreign currency reserves with which to intervene. The war chest is just a spit in the ocean. To put this number in perspective, Poland has $77 billion, Turkey has $78 billion, and Libya has $79 billion. On the other end of the spectrum, China has $1.7 trillion (not counting Honk Kong's 150 billion) Japan has $1 trillion, Russia has $550 billion, India and Taiwan each have about $300 billion. Singapore, a nation with fewer than 5 million people, has $175 billion. In fact, the United States holds just about 1% of the world's $7.6 trillion of foreign currency reserves, and our total position amounts to just 2.5% of the total daily volume of foreign exchange trading. Talk about Bambi vs. Godzilla! In other words, if the dollar is going to fall, the Treasury is completely powerless to do anything to stop it.
http://www.321gold.com/editorials/schiff/schiff062708.html
Shiff: Intervention Will Not Stop the Dollar's Slide
Bambi vs. Godzilla!
Peter Schiff
Jun 27, 2008
This week the Federal Reserve took a step closer to acknowledging reality. Unfortunately it didn't let that admission move it from a policy course firmly guided by fantasy. In its policy statement, Bernanke & Co. took the important step in noting that inflation expectations had taken hold in the country at large. However, in asserting that it expects inflation to moderate this year and next, the Fed gave no indications that these heightened expectations are gaining traction within the Open Market Committee itself. As a result, it signaled no likelihood that it was actually prepared to do something to fight a problem which it doesn't really believe exists in the first place.
In fact, by indicating that they expect inflation to moderate, the Fed is saying that elevated expectations are unwarranted. In other words, Bernanke claims that despite the fact that so many people are carrying umbrellas, he still believes it will be a sunny day. The takeaway from the statement is that no rate hike is forthcoming. The markets saw this position for what it is... capitulation to inflation and a weakening dollar. No surprise then that the gold responded with the biggest single day gain in more than 20 years!
With the ensuing carnage on Wall Street, many Thursday morning quarterbacks claimed the Fed missed an opportunity to reverse the dollar's slide by either talking tougher or perhaps actually raising rates a quarter point. If the Fed really believed it could talk the dollar up, or that a small rate hike would do the trick, they would have given it a try. I believe they chose a dovish route because of a greater fear of having their hawkish stance casually disregarded. Imagine what would happen if the Fed raised rates and the dollar kept falling? It would be like one of those horror movies where someone holds a cross up to a vampire, and the Count tosses it aside with nary a cringe.
Others claim that now is the time for coordinated central bank intervention to reverse the dollar's decline. Those who place their faith in such a plan, overlook the fact that Asian and Middle East central banks have been unsuccessfully intervening on the dollar's behalf for years. Those nations maintaining dollar pegs must constantly intervene in the foreign exchange markets by buying dollars to keep their own currencies from rising in value. Over the past few years the scope of this intervention has been unprecedented, with foreign central banks accumulating trillions of excess dollar reserves. Yet despite these Herculean and misguided efforts, the dollar has fallen drastically.
Intervention advocates must believe that if the ECB and a few other central banks joined the fray, that a better outcome would be achieved. However any additional efforts to artificially prop up the ailing dollar will be equally ineffective. Even if ECB intervention could slow the dollar's decent, what possible reason would they have for doing so? The ECB is already concerned about inflation and is preparing to raise rates as a result. Intervention to support the dollar will only worsen Europe's inflation problem and run counter to these efforts. This is because to buy dollars the ECB must increase its own money supply. That is exactly what is happening in countries like China and Saudi Arabia, which is why inflation in those nations is already much higher than it is in Europe.
Further, since the ECB is asking Europeans to endure higher interest rates to fight their inflation battle, why should they have to make additional sacrifices to help Americans fight their own inflation? Especially when our own central bank has held interest rates at the ridiculously low level of 2%, and has effectively excused Americans from the conflict.
Since we can't count on any help from our friends, the only option would be for the Treasury to intervene unilaterally. However, the U.S. government should think twice about bringing a knife to a gunfight. The Treasury only has about $75 billion in foreign currency reserves with which to intervene. The war chest is just a spit in the ocean. To put this number in perspective, Poland has $77 billion, Turkey has $78 billion, and Libya has $79 billion. On the other end of the spectrum, China has $1.7 trillion (not counting Honk Kong's 150 billion) Japan has $1 trillion, Russia has $550 billion, India and Taiwan each have about $300 billion. Singapore, a nation with fewer than 5 million people, has $175 billion. In fact, the United States holds just about 1% of the world's $7.6 trillion of foreign currency reserves, and our total position amounts to just 2.5% of the total daily volume of foreign exchange trading. Talk about Bambi vs. Godzilla! In other words, if the dollar is going to fall, the Treasury is completely powerless to do anything to stop it.
http://www.321gold.com/editorials/schiff/schiff062708.html
teaparty
Last resort support hit
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=4&mn=8&dy=13&i=p11481284600&a=109189416&r=3034
================================
Posted by: ajtj99 Date: Friday, June 27, 2008 5:45:53 PM
In reply to: teaparty who wrote msg# 121275 Post # of 121277
tea, draw some trendlines from the NYLOW part of that chart. You'll see why we need to go lower. New lows need to expand some more before we see bottom.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30338504
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Gold Heads for Second Weekly Gain as Oil Surges, Dollar Falls
By Feiwen Rong
June 27 (Bloomberg) -- Gold headed for a second weekly gain after oil topped $140 a barrel yesterday and the dollar declined against the euro, boosting the appeal of the precious metal as a hedge against inflation and as an alternative asset.
The dollar fell for the third day yesterday as expectations for a U.S. interest rate hike receded after comments from the Federal Reserve on Wednesday. Crude oil for August delivery surged more than $5 to a record $140.39 a barrel yesterday after news that Libya was considering a production cut.
Gold rallied more than $30 yesterday to a one-month high of $918.09 an ounce ``in response to a tumbling stock market, oil prices surging to a new record high and funds pouring into commodities,'' Darren Heathcote, head of trading at Investec Bank Ltd., said in a report today.
Bullion for immediate delivery was down 0.5 percent to $912.92 an ounce at 9:46 a.m. in Singapore. Silver added 0.3 percent to $17.22 an ounce at the same time.
The dollar declined to the weakest level against the euro in more than two weeks as the Fed left the target lending rate at 2 percent and said in a statement at the end of its two-day meeting that ``uncertainty'' about the inflation outlook remains high.
The dollar traded at $1.5739 per euro at 9:49 a.m. in Singapore, from $1.5757 yesterday when it touched $1.5767, the weakest since June 9.
Crude oil traded at $139.15 a barrel at 9:50 a.m. in Singapore.
``Oil prices at current levels should support precious metal investment interest following the Fed's decision to hold rates,'' Manqoba Madinane, analyst at Standard Bank in Johannesburg, said in a report yesterday.
To contact the reporter for this story: Feiwen Rong in Singapore at frong2@bloomberg.net
Last Updated: June 26, 2008 22:11 EDT
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Crude Oil Rises as Dollar Drops, Libya Warns of Production Cut
By Mark Shenk
June 26 (Bloomberg) -- Crude oil jumped more than $4 a barrel as the dollar weakened, Libya threatened to cut production and OPEC's president said prices may reach $170 by the summer.
Libya may curb output because of U.S. efforts to intimidate OPEC, the head of the national oil company said. The group's president, Chakib Khelil, said crude may surge on a European interest rate increase, France 24 reported. Oil, gold and copper climbed today as the dollar dropped because the Federal Reserve gave no signal of higher interest rates yesterday.
``OPEC's president said prices might be going to $170 at the same time Libya said it may cut output, which touched off buying in a market that was already moving higher on the weak dollar,'' said Jim Ritterbusch, president of Galena, Illinois-based energy consulting firm Ritterbusch & Associates. ``Traders then piled on because they were afraid they missed something.''
Crude oil for August delivery rose $4.09, or 3 percent, to $138.64 a barrel at 11:02 a.m. on the New York Mercantile Exchange, after rising as much as $4.40 a barrel. Prices reached a record $139.89 on June 16.
``These days there are so many people with fingers poised on the trigger that moves are exaggerated,'' Ritterbusch said.
The dollar is also lower on a forecast that the European Central Bank will boost interest rates. The currency's drop against the euro made commodities cheaper for buyers outside the U.S. The dollar was at $1.5737 per euro as of 10:42 a.m.
``There's no reason for prices to rise $4 in 10 minutes,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``Things are very unsettled and now the worry is that the European Central Bank may raise rates, which would be the same as another Fed cut.''
Benchmark Rate
The Federal Reserve yesterday left its benchmark interest rate at 2 percent and said ``uncertainty about the inflation outlook remains high'' as energy and commodity prices continue to rise. Leaving the interest rate unchanged ended the most aggressive series of rate cuts in two decades.
``Commodities are rallying because there's a lack of confidence that the Fed will raise rates,'' said Phil Flynn, a senior trader at Alaron Trading Corp. in Chicago. ``They didn't raise rates yesterday and it doesn't look like they will raise them soon. Their statement yesterday was too wishy-washy.''
A decision by the ECB to increase interest rates in July may cause the dollar to decline and prompt investors to buy more oil, Khelil, who is also the Algerian oil minister, told the Paris- based television channel. Prices would ease toward the end of the year, he said.
Summer Support
Threats against Iran would also support prices during the summer, he said. A political crisis that would stop Iran's oil production would push prices over $200 a barrel, to possibly $400 a barrel, he said.
Saudi Arabia pledged it will pump an extra 200,000 barrels a day next month to calm the oil market at a June 22 meeting. The kingdom hosted the summit of 35 producing and consuming countries in the Red Sea port of Jeddah.
``The Saudis go out of their way to have this specific meeting outside the OPEC frameworks, and if you're the OPEC president, you want to be important, so you come out of it and say $150 to $170,'' said Roger Read, an analyst at Natixis Bleichroeder in Houston. ``He's trying to prove he matters and OPEC matters and the Saudis don't make all the decisions.''
Libya's National Oil Corp. Chairman Shokri Ghanem declined to say when a decision would be made on whether to lower Libyan production or give any indication of the size of the cut under consideration. Libya ranks third in terms of oil production in Africa, behind Angola and Nigeria.
Sanctions
He said the reductions may also be made because of threats of sanctions against Iran and U.S. legislation allowing lawsuits against the Organization of Petroleum Exporting Countries.
``If they want the production capacity of OPEC to increase, they should facilitate foreign investments, not threaten with freezing their assets in the U.S,'' Ghanem said.
President George W. Bush has said he'd veto a so-called NOPEC bill passed in May by the House of Representatives, because it may limit the availability of gasoline and further increase fuel prices.
Brent crude oil for August settlement rose $3.43, or 2.1 percent, to $137.17 a barrel on London's ICE Futures Europe exchange. Prices climbed to a record $139.32 on June 16.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net.
Last Updated: June 26, 2008 11:12 EDT
RCKS, I-Box updates about 11:30am
unless they want to hide something lol
QQQQ ~ FOMOOut ~ SOMA ~ SPX #msg-11379252
clic on now so u can see sofar
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Thanks Ray /e
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Thanks, my only bet today..makt scares me
with more shoes to drop, jmho
Get in line for IPO, lol, right now
just weekend project but made some good $$ on the bus.
Lots of intrest folks want to place orders, key is engine.