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Treasury dips into pension funds to avoid debt

WASHINGTON (Reuters) – The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.

“I will be unable to invest fully” the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.

The House of Representatives is expected to vote on Wednesday on the Obama administration’s request to raise the country’s legal debt limit to $16.394 trillion.

However, unless the lower chamber and the Senate are able to shore up enough votes to block the White House request, the debt limit will be increased by $1.2 trillion next Friday and a repeat of last year’s debt ceiling debacle will be averted.

Geithner said Treasury started suspending reinvestments in a federal pension fund known as the G-Fund — a tool Treasury has had to employ six times over the past 20 years in order to keep the country below the statutory debt limit.

The Treasury Department has already tapped another seldom-used fund in order to allow the government to continue borrowing without running afoul of the country’s laws.

Written by Rachelle Younglai for Reuters and published on Yahoo.com, January 17, 2012.  Continue reading

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January 17, 2012

Gold Trend Forecast for 1st Quarter of 2012
Over the past five months gold has fallen sharply and is no longer headline news which it once dominated back in 2011 when it was making new highs every day. The shiny metal has been under pressure because traders and investors started to pull some money off the table to lock in gains. Gold prices had surged so fast most advanced traders knew that final high volume surge was not sustainable. But the main reason gold topped out in my opinion was because the US Dollar index had put in a bottom and started to build a base. As we all know a rising dollar typically means lower stocks and commodity prices. (Read Full Story)

Will Gold Regain its Safe Haven Status in 2012?
Last year was an eventful one for the gold market.The yellow metal was up 10 percent in 2011 for its 11th consecutive annual gain.But despite… (Read Full Story)

Life, Liberty & All That Jazz…

Financial Clearing Houses: The Next Casualty Of The Crisis?
Clearing houses — the plumbers of high finance — could become the next casualties of the crisis as regulators insist that banks run their riskiest and private trades through them. (Read Full Story)

Lessig: On America’s Lost Ability to Govern, Legalized Corruption, our Broken Republic, and How to Approach Fixing It
There is a feeling today among Americans that we might not make it. The feeling of inevitability of American greatness is gone… that we have become Britain or Rome or Greece. A generation ago, Reagan rallied the nation to deny a similar charge by Jimmy Carter. Reagan was right. But it is different today. Not that we as a people have lost anything of our potential. But we as a Republic have. (Read Full Story)

Obama’s Legion of Unconfirmed Nominees
While Congress bickers, scores of positions go unfilled leaving a swath of high-level vacancies across government agencies. Yeah? Well leave ‘em empty and save the taxpayers some moola. If they have been vacant this long – who in the hell needs them? (Read Full Story)

Gas prices may get close to $5 in some spots
The new year has greeted Americans with the highest January gas prices ever, and some analysts say prices could get close to $5 a gallon in some areas during the warm-weather driving season. Sho’ nuff butz whinz Uncle Ream-US tooks possession ob de White House 3 years ago – gas wuz $1.79 a gallon! Welcome to deez Plantation Mutha Fuggahs! (Read Full Story)

Inflation seen easing, housing improving
In the words of Aretha Franklin,Who’s Zoomin’ Who? (Read Full Story)

Ack! They Are Actually Going To Let Greece Default!
Can they afford K-Y Jelly? (Read Full Story)

Who Really Owns Your Gold Stocks?
Great read – but I covered this story in 1995. Do a Google on the Depository Trust Company and Cede.
(Read Full Story)

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Coins… The Nearest Thing to a Permanent Thing

You can find a coin shop in nearly every town in the United States. The proprietor is unlike any you will find in any other store. He is unusually steeped in history, intensely aware of the larger context of the passing economic and political scene. This is because if it is a good shop, you will find the whole history of modern life on exhibit, and learn more from looking than you find in a multivolume history.

There they are on display: coins from all lands. Why are they worth more than the coins in your pocket? Because they are old? That’s part of it. There are some new coins here that are also just as valuable as the old ones.

What is critical is that they are made of gold and silver. You can pick them up and tell the difference. They are heavy. Stack them and let them fall on each other and they make a different sound from the coins that usually rattle around in your pocket.

It strikes everyone and anyone immediately. Somehow these coins are “real”; the coins we use today are not. But what does this really mean? And what does it imply? Continue reading

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So, Whaddya wanna know ’bout gold?

All The World's Gold
From: Number Sleuth

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January 3, 2012

Silver Over $50 Coming Sooner Than You Think
I still believe that silver is entering a cyclical turning point in which it should begin a significant, but final, rally. The next few months are traditionally quite bullish for the metals. (Read Full Story)

EIGHT SIMPLE TRUTHS YOU NEED TO KNOW ABOUT 2012
Things like a restructuring of public pensions and Social Security in Europe and the US. Western governments blocking Internet and mobile networks. War. The US government being forced to issue debt in a foreign currency. (Read Full Story)

The Possibility of $1,000 Silver before Hyperinflation
2011 was both an amazing and disappointing year for silver investors. The most disappointed of all are those who bought in during the April highs, when silver almost reached $50. However, what these investors need to remember is that not too long ago, people were fretting over changes in prices of ten cents or less. Not too far down the road, the difference between $29 silver and $50 silver will also seem rather minimal. A look at some of the fundamentals which underpin the silver… (Read Full Story)

Life, Liberty & All That Jazz…

The Bear Dines Out
Needless to say, watching (and feeling) your money being eaten alive by a multi-year bear market is not pleasant. In fact it’s the kind of experience that might prompt you to make a change by, say, selling your shares and giving up on the market once and for all. (Read Full Story)

Gold Rallies Most in 10 Weeks on Iran, Dollar; Wien Sees $1,800
Gold futures jumped the most in 10 weeks on demand for a haven following a report that Iran produced its first nuclear-fuel rod. Silver surged the most in five months as the dollar’s decline spurred a commodity rally. (Read Full Story)

2012: More Money-printing Leading to Accelerating Inflation, Rising Interest Rates & Then U.S. Debt Crisis!
Evidence shows that the U.S. money supply trend is in the early stages of hyperbolic growth coupled with a similar move in the price of gold. All sign point to a further escalation of money-printing in 2012…followed by unexpected and accelerating price inflation, followed by a rise in nominal interest rates that will bring a sovereign debt crisis for the U. S. dollar with it as the cost of borrowing for the government escalates… (Read Full Story)

Food Price Volatility Hits the World
Many factors seen over the past decade have produced higher food prices: population growth, urbanization, the decline of arable land per person, and the upgrading of diets for example. But more damaging than food inflation has been the pushing of global food prices out of their long, quiet envelope of stability. Welcome to deez Plantation Mutha Fuggahs! (Read Full Story)

Psychopaths Caused the Financial Crisis … And They Will Do It Again and Again Unless They Are Removed From Power
The Inmates Are Running the Asylum (Read Full Story)

Would A Ponzi By Any Other Name Smell As Bad?
The bond market has always had clever names for bonds in specific markets. Eurobonds, Yankee bonds, Samurai bonds, and now, Ponzi bonds. I’m not sure what else to call these new bonds, but Ponzi bonds seems as good as anything. (Read Full Story)

Any Difference Between Fractional Reserve Banking and Hypothecation?
Even though people are now more aware of what’s going on in the financial industry, the question is are they doing enough to protect their assets from being ‘hypothecated’, like in the case of MF Global. (Read Full Story)

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January 2, 2012

6.3 Trillion Wiped Off Global Markets in 2011
Almost $6.3 trillion was erased from global stock markets this year as the euro zone financial crisis reverberated across the world in the latter half of 2011, calling into question the future of the world’s largest currency bloc. (Read Full Story)

The Number One Catastrophic Event That Americans Worry About: Economic Collapse
Many people expect a “financial collapse” to happen on a particular day. But that is not how it happens usually. Instead, it is often like a snowball that starts rolling downhill very slowly at first but that eventually become a huge… (Read Full Story)

Gold Prices Bounce Back From 6 Month Low
Gold for February delivery climbed $25.90 to settle at $1,565.80 an ounce at the Comex division of the New York Mercantile Exchange to clinch an eleventh straight year of gains. (Read Full Story)

Year end gold and silver price slump overdone?
The U.S. economy is showing signs that the recession may be over, you may say. However this ‘growth’ has been artificially stimulated and as subsidies fall away – some subsidies to companies to buy U.S. capital goods will halve at the end of 2011 – the seeming growth pattern could well yet reverse. Unemployment remains at unacceptable levels – and is almost certainly higher than official statistics claim. The stock market has been shaky despite the various stimuli – and as growth slips again in 2012 some additional form of Quantitative Easing from the Fed looks almost inevitable and if this is seen to come about we are likely to see renewed dollar weakness and gold strength. (Read Full Story)

Gold ends 2011 11% higher
Gold is still up on the year and there are relatively few markets moving in the positive territory, (Read Full Story)

Life, Liberty & All That Jazz…

2011 – CATCH-22 YEAR IN REVIEW
Humans evidently enjoy being embarrassed by how pitiful they are at predicting the future, because we continue to do it year after year. The mainstream media pundits don’t dare look back at their predictions or the predictions of the Wall Street shills that parade on CNBC and get quoted in the Wall Street Journal, eternally predicting 10% to 15% stock market gains. The multi-millionaire Wall Street strategists like the spawn of the squid, Abbey Joseph Cohen, have used all of their Ivy League brain power to predict at least a 10% stock price gain every year since 1999. The S&P 500 stood at 1,272 on January 6, 1999. As of this writing it currently stands at 1,261. ZERO appreciation over the last twelve years. (Read Full Story)

U.S. Mint says has enough gold, silver Eagles coins
The United States Mint said on Wednesday it has enough American Eagle gold and silver bullion coins to meet demand and does not expect to allocate them in early 2012. (Read Full Story)

Why we are sticking with silver as our top pick for 2012
Silver is the most volatile of metals in terms of price and 2011 was no exception to that rule. We have been down 20 per cent, up 67 per cent and will likely end the year just in the positive column. Gold was less volatile ending up almost 20 per cent but well off its high for the year of $1,923 – close to but not above the $2,000 target set by goldbugs and 42 per cent up on prices at the start of the year. It is by far the best performing major asset class this year. … (Read Full Story)

North: You Are Washington’s Collateral
In the South of 1850, a planter could buy slaves on credit. He pledged the future productivity of his slaves as collateral for the loan. He made sure that he extracted sufficient wealth from the slaves to pay off his loans. He lived well. They didn’t. Why did he borrow? In order to buy more slaves. He used leverage. He built his plantation with borrowed money and the heirs of kidnapped victims. It was good business. Welcome to deez Plantation Mutha Fuggahs! (Read Full Story)

Gold Confiscation, a Reality?
Well – if you are that chicken s#*t – then you better call us and sell out! (Read Full Story)

17 States Still Project Budget Deficits (It Will Get Much Worse); Moving Targets and the Slowing Global Economy
Worse yet, there are no rainy day funds anywhere, and many feel states have already cut services to the bone. This time around, don’t expect much help from Congress. It’s simply not coming. (Read Full Story)

New Year Looks No Less Dysfunctional Than The Old
Ring out the new, ring in the old. No, hang on, that should be the other way around, shouldn’t it? Not as far as 2011 was concerned. The year began with a tea-powered Republican caucus taking control of the House of Representatives and pledging to rein in spendaholic government. It ended with … (Read Full Story)

Doubt clouds U.S. outlook
Reports are likely to show the U.S. economy grew in December, but there’s no evidence yet that the recovery can sustain itself in the new year. (Read Full Story)

30 Statistics That Show That The Middle Class Is Dying Right In Front Of Our Eyes As We Enter 2012
Once upon a time, the United States had the largest and most vibrant middle class that the world has ever seen. Unfortunately, that is rapidly changing. The statistics that you are about to read prove beyond a reasonable doubt that the U.S. middle class is dying right in front of our eyes as we enter 2012. The decline of the middle class is not something that has happened all of a sudden. Rather, there has been a relentless grinding down of the middle class over the last several decades. Millions of our jobs have been shipped overseas, the rate of inflation has far outpaced the rate that our wages have grown, and overwhelming debt has choked the financial life out of millions of American families. (Read Full Story)

Russell – We are Watching Market History in Gold
“This year’s close for gold marks the 11th year for higher year end gold closing. To my knowledge this is the longest bull market of any kind in history in which each year’s close was above the previous year. This fabulous bull market will not end with a whisper and a fizzle. I continue to believe that the upside gold crescendo of this bull market lies ahead. We are watching market history.” (Read Full Story)

Rothschild, U.S. Fed, Admit Nothing. Explain Nothing
Undoubtedly the greatest achievement of the FED has been to transform America from being the world’s foremost creditor nation to the world’s largest debtor nation. (Read Full Story)

Life, Liberty & All That Jazz…


We’ve Been Impoverished and It’s Only Going to Get A Whole Lot Worse
While most Americans are scrambling to the perceived safety of things like cash, blue chip stocks and US Treasury bonds, leaving themselves at risk because those assets are denominated in dollars and require exchanges to operate, you can become your own central bank and commodities warehouse by investing in assets like… (Read Full Story)

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