text:
For those who are looking for just one chart with which to summarize the U.S. housing market, here it is courtesy of the NAR, which earlier today reported July existing home sales, which despite beating expectations, were still 4.3% below the 5.38 million annualized homes sold a year ago.
The chart shows that while the housing market for the low-end continues to collapse (the 12.9% drop was "only" -12% three months ago), and the mid-range is virtually frozen, all the upside activity, activity which pushes the median price ever higher ( in July it was $222,900, 4.9% percent above July 2013 and the 29th consecutive month of year-over-year price gains), was in the ultra-luxury segment, or houses which cost over $1 million as the "1%", both foreign and domestic, continues to convert their pieces of fiat paper into hard real-estate assets.
That's all there is to this brief article that appeared on the Zero Hedge website yesterday---and the chart is definitely worth the trip. I thank reader M.A. for today's first story.
Philly Fed has beaten expectations for 6 months in a row with its biggest surge since the 2009 lows. Against expectations of 19.3, Philly Fed printed 28.0 - highest since March 2011 all-time highs. All sounds awesome right? Ummm, no, as 7 of 9 internal declined including - New Orders tanked, Employment tumbled, Prices Paid plunged, and Prices Received slumped.
So, in case you were wondering how it is possible that Philly Fed surged given such shitty internals, the 6-month forecast index ("hope") just surged to 22-year highs. And not only that: put all hopes of that long-delayed CapEx renaissance on hold: "While most broad indicators of future growth have been improving, the survey's future capital spending index has been slipping. Although the index decreased just 1 point this month, its reading, at 17.5, is now the lowest it has been in seven months."
Look forward to Yellen talking soon about lack of capital spending as a pretext to keep ZIRP on for much, much longer.
The three charts embedded in this second Zero Hedge story are also worth a quick look---and today's second story is also courtesy of reader M.A.
In commentary headlined "Mystery of Jackson Hole," The New York Sun today reflects on the wreckage of the United States economy as the annual economic conference of the Federal Reserve Bank of Kansas City convenes at the famous Wyoming resort. The Sun writes:
"Savers have been devastated. The market isn't what it seems. No one wants to lend and no one wants to borrow. Unemployment is still above where it was when Congress gave the Fed a mandate to bring it down. A new Fed chairman has made jobs her signature. But will anyone at Jackson Hole ask whether it is the fiat nature of our money that got us into this hole in the first place?"
This short editorial appeared on The New York Sun website yesterday--and it's definitely worth reading. I found it over at the gata.org Internet site.
A quick word from Lindau, where half the world's Nobel economists are gathered on a beautiful island with cobbled streets on Lake Constance, looking out across the Alps. It is a Wittlesbach jewel.
Christopher Sims – a monetary expert, who now thinks money indicators have been rendered "essentially obsolete" by modern finance – says it may be impossible to reverse deflation in the Western economies by any normal means, in which case we are in trouble.
He argues that the public (including investors) are convinced that there will have to be some sort of payback for all the debts accumulated during the great era of leverage and excess. They have "internalised" the prospect of future tax rises and spending that will make them feel poorer.
"Some 60pc of people in the U.S. say they doubt there will be any government benefits for them when they retire, and 60pc of those already retired think their benefits will be reduced," he said.
This Ambrose Evans-Pritchard blog showed up on the telegraph.co.uk Internet site yesterday sometime---and it's the first offering of the day from Roy Stephens.
Former CFTC Commissioner Bart Chilton, who famously blasted high-frequency traders as "cheetahs" when he was a regulator, has gone to work with a leading high-frequency trading association, the group said Thursday.
The switch is a dramatic example of a regulator becoming a paid consultant for an industry he once criticized—and it says as much about how the high-frequency trading industry is changing its approach as it does about Washington's often-criticized revolving door.
Chilton, who left the CFTC earlier this year, joined the law and lobbying firm of DLA Piper as a senior policy advisor in April. On Thursday, the Modern Markets Initiative announced that Chilton and DLA Piper will work with the association's newly appointed CEO Bill Harts on "regulatory and public policy matters."
Both Ted Butler and I thought he was a good guy until we realized that although he talked the talk, there was no way he was ever going to walk the walk. Now he's just another paid whore for Wall Street. This 2:39 minute video clip, plus transcript, was posted on the CNBC website very early Thursday morning EDT---and I thank Dr. Dave Janda for passing it around yesterday.
U.S. Secretary of Defense Chuck Hagel talks about the "imminent threat" ISIS poses to the US and the World.. .and pulls no punches in his total fearmongering..."ISIL poses a threat greater than 9/11. ISIL is as sophisticated and well funded as any group we have seen. They're beyond just a terrorist group. They marry ideology with a sophisticated strategic and tactical military prowess and they're tremendously well-funded. This is way beyond anything we have seen. We must prepare for everything. Get Ready!"
Time for some QE-funded deficit-busting war spending...
Or maybe it's just a warning for the next big false-flag operation, such as a 9/11 redux---except maybe in several countries at once, dear reader. We'll find out soon enough I would think. This is another Zero Hedge posting---and it appeared on their website at 4:47 p.m. EDT yesterday afternoon. I thank reader 'David in California' for sending it. Then there's this related ZH piece headlined "Rick Perry "ISIS Could Be in U.S., Need to Be Eliminated Now"" that David sent as well.
The only American known to have joined a volunteer unit within the Ukrainian military, fighting the anti-government forces in the country's east, has been killed in action, authorities confirm.
The killed fighter is Mark Paslawsky, a New York-born 55-year-old investment banker and US army veteran who took Ukrainian citizenship just before joining the Donbas battalion - a volunteer unit fighting alongside Kiev troops - in April. He adopted codename 'Franko' there.
News of his death came in an August 20 Facebook post by Ukrainian Interior Ministry adviser Anton Gerashchenko, who said four fighters of the Donbas battalion died in a battle near the town of Ilovaysk, 35km from Donetsk, eastern Ukraine.
"Among those dead is a Ukrainian citizen of American origin, codename 'Franko'," Gerashchenko wrote.
This news item, filed from Moscow, showed up on the Russia Today Internet site at 10:48 a.m. Moscow time on Thursday morning, which was 2:48 a.m. in New York. I thank Roy Stephens for sending it.
The International Committee of the Red Cross (ICRC) on Thursday called on both sides of the conflict in Ukraine to avoid selecting military targets in populated areas and carrying out indiscriminate attacks, the ICRC statement said.
"Equally, each party to the conflict must, to the extent feasible, avoid locating military objectives within or near densely populated areas. Indiscriminate attacks are prohibited, as is the use of weapons which by their nature are indiscriminate, i.e. which cannot distinguish between civilians and objects on the one hand and military objectives on the other," the statement read.
This story, filed from Moscow, was posted on the RIA Novosti website at 8:59 p.m. Moscow time on their Thursday evening---and it's another contribution from Roy Stephens.
Ukrainian border guards began on Thursday to inspect a Russian truck convoy carrying aid earmarked for humanitarian relief in eastern Ukraine that has been stranded at the frontier between the two former Soviet republics for nearly a week.
Kiev believes the convoy of some 260 trucks, carrying water, food and medicines, could prove a Trojan horse for Russia to get weapons to pro-Russian separatists battling Ukrainian forces in the region - a notion that Moscow has dismissed as absurd.
"I can confirm that at 2:15 p.m. (1115 GMT/7.15 a.m. EDT) the Ukrainian side began border-customs formalities relating to the Russian humanitarian cargo," border guard spokesman Andriy Demchenko told Reuters.
Asked on whose territory the cargo was, he replied: "On the territory of the Russian border point."
This Reuters story is datelined 4:42 p.m. EDT yesterday afternoon---so it's obviously been edited, as Roy Stephens sent it to me at 12:55 a.m. EDT.
The Russian Foreign Ministry on Thursday called on all parties concerned to prevent any disruptions in the delivery of Russian humanitarian cargo to eastern Ukraine.
"The most important task for now is to ensure that the convoy reaches its destination point without any disruptions," the ministry said in a statement. "The Russian side reiterates its firm security guarantees. Similar guarantees have also been provided by the Ukrainian authorities and the militia."
The ministry also warned of "possible provocations aimed at disrupting the delivery of aid."
Ukraine's National Security Council spokesman Andriy Lysenko said earlier today that Kiev had no information on when the Russian humanitarian aid convoy can enter the country.
This article appeared on the RIA Novosti website at 8:39 p.m. Moscow time on their Thursday evening---and it's another contribution from Roy Stephens.
A meeting between the Russian and Ukrainian presidents slated for August 26 in the Belarusian capital of Minsk is a step forward in de-escalating the conflict in Ukraine, Russia's lower house speaker Sergei Naryshkin said Thursday.
"The Minsk meeting is one of the stages to de-escalating this conflict," State Duma Speaker Naryshkin said.
Naryshkin stressed that the de-escalation of the Ukrainian conflict requires establishing a dialogue involving "all the political powers and all the regions of the country."
On Tuesday, deputy head of the Ukrainian presidential administration Valeriy Chaliy said the coming two weeks would be decisive for a peaceful settlement in Ukraine, and that Kiev wants to resolve the conflict through diplomacy.
This is another article from the RIA Novosti website. This one showed up at 1:18 p.m. Moscow time yesterday---and I thank reader M.A. for sending it along.
At Alexander Krupetskov's one-window cheese store in central Moscow, sales of products from France have tripled in the past two weeks.
Shoppers are stocking up on foods set to become scarce after Russia banned a range of products from the European Union and the U.S. in retaliation for sanctions over Ukraine. The nation of 143 million has been one of the fastest-growing export markets for French cheesemakers as Moscovites acquire a taste for creamy brie, pungent Camembert and spicy Roquefort.
"The very foundation of the shop has been cast into major doubt," said Krupetskov, who has four weeks of inventory left.
This Bloomberg article, co-filed from Paris and Moscow, appeared on their website at 4:52 a.m. Denver time yesterday morning---and I thank Roy Stephens for sending it our way.
Brazil has not received a request from the E.U. to halt increasing exports to Russia, but if it does, Brasilia wouldn't care, Ambassador Antonio Jose Vallim Guerreiro told a news conference in Moscow Thursday.
"No E.U. official has approached the leadership of Brazil with such an initiative of the sort yet," as ITAR-TASS quotes the ambassador.
Guerreiro is certain that even if there were a request from the E.U., its effects would be "equal to zero."
He said he was aware of reports saying the E.U. leadership might ask Brazil to refrain from taking its share of the Russian market. Brazil's leaders have no leverage to influence businesses or put pressures on them, he added.
This Russia Today story was posted on their website at 11:52 a.m. Thursday morning Moscow time---and it's the second-last contribution of the day from Roy Stephens. RIA Novosti had their story on this issue as well. It's headlined "Brazil Hopes to Increase Trade With Russia – Ambassador"---and this represents the final offering of the day from Roy.
Two Russian-built rocket engines have arrived in the U.S. aboard a giant Antonov cargo plane despite fears that tensions between the U.S. and Russia could disrupt the supply of engines needed to launch U.S. satellites into space.
"Today, United Launch Alliance received two RD-180 engines at our factory in Decatur, Alabama, that will support critical near-term U.S. missions," Jessica Rye, spokeswoman for the joint venture of Boeing and Lockheed Martin Corp, said Wednesday. ULA uses the Russian engines to help launch a range of NASA and other government satellites into space.
Rye said the deliveries occurred as scheduled, bringing the company's current inventory of RD-180 engines to 15. Three additional rockets are due to arrive this fall, she said.
For now, Washington remains dependent on the Russian engines since it could take years and billions of dollars to design and build a U.S.-built alternate engine, according to U.S. government officials and industry executives.
Can you spell hypocrisy? So much for the all that talk from the U.S. government. This Reuters article was picked up by themoscowtimes.com Internet site at 8:55 a.m. Moscow time on their Thursday morning.
We've previously reported that it's the West's encirclement of Russia – breaking a key promise which led to the break-up of the Soviet Union – which is behind the Ukraine crisis.
We've also noted that the U.S. State Department spent more than $5 billion dollars in pushing Ukraine towards the West. The U.S. ambassador to Ukraine (Geoffrey Pyatt) and assistant Secretary of State (Victoria Nuland) were also recorded plotting the downfall of the former Ukraine government in a leaked recorder conversation. Top-level U.S. officials literally handed out cookies to the protesters who overthrew the Ukrainian government.
And the U.S. has been doing everything it can to trumpet pro-Ukrainian and anti-Russian propaganda. So – without doubt – the U.S. government is heavily involved with fighting a propaganda war regarding Ukraine.
Now the news is starting to go mainstream---specifically, the Council on Foreign Relations (CFR) is a very mainstream, hawkish group. CFR's flagship publication – Foreign Affairs – has just published a piece blaming the Ukraine crisis on the West. The piece by John Mearsheimer – in it's September/October 2014 issue.
This commentary appeared on the Zero Hedge website at 12:56 p.m. EDT yesterday---and it's a must read---especially for all serious students of the New Great Game. I thank reader M.A. for bringing this article to our attention.
For centuries, governments told their soldiers and their people to "Know Your Enemy". The problem with the Isis "Caliphate" – and it is a big problem for President Obama after journalist James Foley's murder – is that we don't know who it is. We are told of its butchery, cruelty, its kidnapping of women, its burying alive, its viciousness towards Christians and Yazidis and its public beheadings, but that is all. Even the Isis leader, Abu Bakr al-Baghdadi, comes across as a mad combination of the Mahdi who murdered Gordon of Khartoum, the assassinated Osama bin Laden and Oliver Cromwell, who did to the civilians of Drogheda what the Muslim Lord Protector al-Baghdadi has done to his enemies.
Foley's ritual slaughter is enough to dissuade even the most foolhardy of journalists from seeking an interview with al-Baghdadi. Never before in the Middle East has so much land been out of bounds to the Western media. So ignorant are we of this Islamic State in Iraq and the Levant – a dark land in which the reports we see of it are their own phone videos – that the Obamas, Camerons and Hammonds can only gnash their teeth at this unspeakable enemy. Easy reaction – but not much to go on. Yet Isis knows how to do one thing: confront Obama with his very own hostage problem, the same conundrum Tony Blair faced when Ken Bigley appeared before the video lens. Do you ignore the warnings, thus proving that you don't care about your individual citizens when undertaking military operations – which is the truth – or do you turn into Jimmy Carter, curtsy to every whim of your enemies, go down on one knee and tell the Pentagon to "Hold it right there"?
Now Obama has seen the next American reporter threatened with beheading. Will he blink? He can't, can he?
This opinion piece showed up on the independent.co.uk Internet site on Wednesday---and it's a disturbing read. I thank South African reader B.V. for this contribution to today's column.
1. Egon von Greyerz [#1]: "Swiss Gold Repatriation to Send Shock Waves in Gold Market" 2. Gerald Celente: "E-mail Exposes Scary Economic Collapse in the U.S." 2. Egon von Greyerz [#2]: "We Are Just Beginning to Experience a Global Hyperinflation"
[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests to them, and not to me. Thank you. - Ed]
There's some really gigantic mining equipment out there---and there are four of them presented in this article that showed up on the mining.com Internet site yesterday---and I thank reader M.A. for his final contribution to today's column.
The Transnistrian Republican Bank have announced that they will issue new currency units that will be made of composite materials. The currency items are primarily being issued to commemorate the twentieth anniversary of the national currency. The composite material or Plastic coins will have a different geometric shape and color depending on denomination.
The four coins, from one ruble to ten rubles are to replace the banknotes of the same denomination. The Press office of the Bank have indicated that the new money will combine the best qualities of both coins and banknotes with high wear resistance and a wide range of security features. The Press office have also indicated that the coins for use in Transnistria were developed in Russia.
I thought plastic 'paper money' was scraping the bottom of the barrel, but now this! This article appeared on the coinupdate.com website yesterday---and it's an interesting, but depressing, read. I thank West Virginia reader Elliot Simon for finding it for us.
Five months after the U.S. Mint began producing coins made with platinum, sales have all but collapsed as investors continue to favor gold and silver.
"It's not considered a currency," said Jason Carstensen, a medical-sales representative in Ventura, California, who spends about $2,000 a month on coins. Gold and silver have value as hedges against a devaluation of the dollar, while platinum is viewed as an industrial commodity, he said.
The Mint, which resumed production of platinum coins in March after a six-year halt, has sold 13,600 ounces this year, including zero in July. By comparison, the Mint sold 313,500 ounces of gold coins and 27.71 million ounces of silver, fueled by concern that the Federal Reserve is inflating the economy with paper money to stimulate growth.
Yep, the new 2014 platinum eagle has been a bust. At this mintage rate, they may cancel the program entirely before the years is out---and then it might be a collector's item some day. This Bloomberg article found a home over at the mineweb.com Internet site on Thursday sometime---and it's the second offering in a row from Elliot Simon.
Alasdair Macleod writes the blog financeandeconomics.org. His research aims to explain the relationship between the dollar and gold, and to warn investors about the biggest threats to their wealth from macro-economic events.
Besides what the Fed is doing by printing money, there is another big threat to the dollar, said Alasdair. Countries in Asia are banding together in order to rid themselves of using the dollar in international trade.
He also warned that credible allegation of misconduct at the London bullion exchange could accelerate the trend of Shanghai becoming the world's trading hub for gold.
This short, but very interesting read/interview was posted under the Sprott's Thoughts banner over on the sprottglobal.com Internet site yesterday---and it's worth your while.
Former mob boss Michael Franzese thinks investors should avoid the U.S. stock market, but should you take his investment advice?
"There's a bubble there that's going to burst at some point and when it does it's not going to be good," Franzese, a former mob boss for the Colombo crime family in New York who has become an author and motivational speaker, told CNBC.
It's not just the valuations. He's got another reason for advising investors to keep their money off Wall Street.
"I did a lot of things at times with people on Wall Street," said Franzese, who believes there is still a contract out on his life. "A lot of guys are shady and they did shady things with me and I don't trust them. And I don't like other people that I don't know really well taking care of my money. I think that I can do it better."
What's the difference between Wall Street and this guy? At least he's a reformed crook, something that won't happen to Wall Street. I'll take his word on things any day compared to the usual shills that they have on that network. This very interesting 7:15 minute video clip [plus transcript] appeared on the CNBC website just after midnight on Wednesday morning---and I thank West Virginia reader Elliot Simon for today's first 'story'.
Listening to James Rickards ain't healthy for your stomach.
The American lawyer, economist, and investment banker predicts that the global economy is heading for a disaster which will be even worse than the financial crisis of 2008. At the center of this horrifying scenario is the end of the Dollar as the leading world reserve currency, says the author of "The Death of Money".
He's putting the blame on the massive money printing of the Federal Reserve and on over-reliance on flawed models to manage risk. Rickards is no stranger to financial crises himself: In the fall of 1998, he was the principal negotiator of the rescue of the hedge fund Long-Term Capital Management (LTCM).
An interview is only as good as the questions asked---and the person asking them. This is a great one, as are Jim's answers. It was posted on the Swiss website fuw.ch on Tuesday afternoon---and I thank reader Harold Jacobsen for digging it up for us.
Bank of America has reached a record settlement of nearly $17 billion to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday.
One of the officials, who spoke with The Associated Press on condition of anonymity because the announcement isn't scheduled until Thursday at the earliest, said the bank will pay $9.65 billion in cash and provide consumer relief valued at $7 billion.
The deal is the largest settlement arising from the economic meltdown in which millions of Americans lost their homes to foreclosure. It follows agreements in the last year with Citigroup for $7 billion and with JPMorgan Chase & Co. for $13 billion.
This AP story was picked up by the finance.yahoo.com Internet site early Wednesday evening EDT---and it's another contribution from Elliot Simon. There's another AP story on this subject. It's headlined "Why Bank of America deal might not cost it $17B"---and it's courtesy of Elliot Simon as well.
The same kinds of complex, confusing derivatives that almost brought down the global financial system in 2008 are back in spades, according to the Financial Times. As one trader put it: "We've reformed nothing."
The U.K. newspaper suggested investors may be fooled by a false sense of security, and are therefore "chasing levered returns via certain types of US credit derivatives that Wall Street is willingly providing in the current climate of low interest rates and moribund volatility."
The developments suggest that the financial industry learned little from the 2008 meltdown and that reforms put in place since then are ineffective.
"While standardized derivatives such as interest rate swaps are now transacted in exchange-type venues and centrally cleared, the flourishing area of opaque products are not, and moreover there are few records of activity that regulators can monitor," the Times said.
This Financial Times article appeared on the moneynews.com Internet site at 7:51 p.m. EDT on Tuesday evening---and it's worth reading. I thank Brad Robertson for sharing it with us. There was also a very interesting 6:29 minute video about this derivatives story [featuring Janet Tavakoli] posted on the cbc.ca Internet site on Tuesday as well---and if you read the above story, this video is worth watching as well. I thank Vancouver, B.C. reader 'Ashley D' for bringing it to our attention. The link is here.
The biggest overhaul to the $19 trillion credit derivatives market in more than a decade will seek to solve flaws that have stopped some contracts paying out as buyers anticipated.
The changes come too late for investors in the junior debt of Banco Espirito Santo SA, whose credit-default swaps were devalued this month when the Portuguese lender was rescued and restructured by the government. Since the contracts are tied to the majority of a company's debt, if the borrower is reorganized the swaps don't necessarily stay tied to the securities they're meant to protect.
Investors will start signing up to convert outstanding trades into new contracts as early as this week after the International Swaps & Derivatives Association rewrote the documentation to address the weaknesses. The biggest impact of the shakeup may be in the cost of swaps tied to subordinated bank bonds like those of Banco Espirito Santo, which will be about 50 percent more than existing contracts, according to Citigroup Inc.
This article, filed from London, showed up on the businessweek.com Internet site on Tuesday sometime---and it's another offering from Elliot Simon.
The U.S. Federal Reserve hinted on Wednesday that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating.
At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting.
"Labor market conditions had moved noticeably closer to those viewed as normal in the longer run," the minutes said, adding that policymakers "generally agreed" the job market was healing faster than they had expected.
Since there's nothing the Fed can do, as its hands are tied, it has resorted to talking the markets into doing what it wants. We'll see how well that works out going forward, as a rate increase at this point would devastate the bond market. This Reuters article, filed from Washington, appeared on their website at 4:26 p.m. EDT on Wednesday---and I thank Orlando, Florida reader Dennis Mong for sending it our way.
Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, the economy minister said on Wednesday as the local peso currency weakened to a new historic low.
Defying a U.S. federal court order, Axel Kicillof also said it would be "madness" to pay holdout creditors the 100 cents on the dollar that they were awarded in 2012.
The government has sent a bill to Congress that would replace its New York intermediary bank with state-run Banco Nacion, the latest move in a years-old legal chess game between Argentina and its "holdout" creditors who refused to participate in the restructuring.
Argentina's black market peso reeled on the news, falling 2.0 percent to an all-time low 13.5 to the U.S. dollar. The country's benchmark dollar-denominated bonds due in 2033 slumped more than 2.0 percent in price.
This Reuters story, filed from Buenos Aires, appeared on their website at 2:56 p.m. EDT yesterday---and I thank Dennis Mong for his second contribution in a row. I had several other readers send me stories about this yesterday, but this is the first one where the deal was explained in such a way that I could grasp it. Helping things out is this 3:22 minute CNBC video clip from Tuesday. Jim Rickards explains it all---and the link to that is here. This CNBC video is also courtesy of reader Harold Jacobsen.
The conflict in Ukraine should come to an end, and 16 Russian, Ukrainian and international business leaders are willing to help, said a statement published Wednesday on Virgin Group founder Richard Branson's website.
"As concerned business leaders from Russia, Ukraine and the West we encourage our governments to compromise and find a peaceful solution to the current conflict. If we can help in the process we're happy to do so," the statement said.
"As the world has become more and more interconnected, we have an opportunity to advance peaceful solutions that will bring about a better future for all. As responsible leaders, we must ensure that differences are resolved peacefully, through dialogue and diplomacy, and with respect for both national sovereignty and the right of all human beings to live in peace," the statement read.
The businessmen urged the governments to cooperate to avoid slipping back into the Cold War era past. The statement also appealed to other business leaders around the world to help create ways to resolve the issues peacefully.
Voices of reason at last. This RIA Novosti article appeared on their Internet site at 7 p.m. Moscow time on their Wednesday evening, which was 11 a.m. EDT yesterday morning---and it's the first offering of the day from Roy Stephens.
Having served Washington's propaganda purposes, the downed Malaysian airliner and the alleged Russian armored column that entered Ukraine and was allegedly destroyed have dropped out of the news even though both stories remain completely and totally unresolved.
Washington's stooge government in Ukraine has not released the communications records between Ukrainian air traffic control and Malaysian flight 17, and Washington has not released the photos it claims were taken by one of its satellites, which was directly overhead at the time of the airliner's demise.
We can safely and conclusively infer from this purposeful withholding of evidence that the evidence does not support the story Washington and Kiev want us to believe.
We can also safely and conclusively infer that the Western media's sudden disinterest in the unresolved story and failure to demand the evidence kept secret by Washington and Kiev is in keeping with the Western media's role as a Ministry of Propaganda.
This absolute must read commentary from Paul was picked up by the RIA Novosti website late Wednesday morning Moscow time---and it's courtesy of reader M.A.
Slovakia and Ukraine have laid the preliminary groundwork for a long future in the natural gas sector, the Slovakian minister of economy said from Kiev.
The Ukrainian government this week said testing began to send 70 million cubic feet per day from Slovakia to Ukraine through the joint work of transit companies Uktransgaz and Eustream.
Ukrainian Energy Minister Yuri Prodan hosted Slovakian Minister of Economy Pavol Pavlis in Kiev to discuss the prospects of a new relationship in the natural gas sector.
"Small reverse flow will become a basis for further collaboration between Slovakia and Ukraine," Pavlis said in a statement.
The question that begs to be asked is "Where is the Ukraine going to get the money to pay for this gas when it does finally arrive?" This UPI story, filed from Kiev, was posted on their website at 8:49 a.m. EDT yesterday morning---and it's the second offering in a row from Roy Stephens.
The first 16 trucks with Russian humanitarian aid to the population of violence-torn eastern Ukraine have started movement toward customs office at the Donetsk border crossing point, a RIA Novosti correspondent reported Wednesday.
"The trucks will pass through a special customs scanner at the crossing, which is 100 meters away from their current location," the correspondent reported from the site.
The rest of the 280-truck convoy remains near the Russian town of Kamensk-Shakhtinsky some 20 miles away.
This RIA Novosti article, filed from Donetsk, showed up on their website at at 8:48 p.m. Moscow time on their Wednesday evening---and it's another contribution to today's column from Roy Stephens.
The Russian government published an amended list of embargoed goods Wednesday, which now includes live fish.
The decree also removes lactose-free dairy products from the list of goods banned for import from countries that sanctioned Russia.
Norway is Russia's largest provider of fish, according to the Federal Customs Service. Russia imports up to 60 percent of the fish consumed in the country, especially in large cities.
This is another story from the RIA Novosti website. It was posted there at 5:14 p.m. Moscow time on their Wednesday---and I thank Roy Stephens for sending it our way.
Chinese and Indian meat is to replace banned pork and beef exports from the West, which will not succeed in reclaiming its position on the Russian market if the embargo is lifted, Russia's relevant authority said Wednesday.
"For example, Russia's Far East used to be heavily reliant on meat supplies from the United States and Canada. Now that [we are] actively cooperating with China's veterinary authorities on … pork supplies from certain highly-integrated Chinese enterprises, the U.S. and Canadian suppliers will not be able to come back," Sergei Dankvert, the head of Russia's Federal Service for Veterinary and Phytosanitary Surveillance, said in a statement released on the agency's website.
According to data from Russia's Federal Customs Service, Moscow imported 619,200 tons of pork for $2.13 billion in 2013. Brazil, Denmark, Germany and Canada were the principal suppliers of the meat. Canada exported 79,300 tons of pork to Russia in 2013 for $246.3 million, while U.S. pork exports had reached $19 million per year.
This is another article from the RIA Novosti website. It appeared at 7:43 p.m. Moscow time on Wednesday---and my thanks go out to Roy Stephens once again.
Poland has made a formal request that the EU take Russia before the World Trade Organisation (WTO) to overturn its ban on EU food and vegetables.
Reuters reported on Tuesday (19 August) that Poland's economy ministry had sent a written request for a legal challenge to EU trade commissioner Karel De Gucht.
The move is expected to be confirmed by agriculture minister Marek Sawicki and economy minister Janusz Piechociński at a press conference on Wednesday (20 August).
This article appeared on the euobserver.com Internet site at 7:45 a.m. Europe time on Wednesday morning---and it's courtesy of Roy Stephens as well.
Russia's consumer watchdog has shut down four McDonald's restaurants in central Moscow – including the first-ever outlet in the country – over "administrative violations." More of the company 430 Russian franchises are under investigation.
"Multiple violations of sanitary norms were detected in the sourcing of food and waste disposal in McDonald's restaurants during inspections carried out between the 18th and 20th of August," said an official statement from the watchdog, Rospotrebnadzor.
The company has said that it will study the allegations against its franchises, and "will do everything to ensure that the restaurants open as soon as possible."
"McDonald's main priority is offering its customers quality and safe produce," said a statement on the McDonald's website.
One wouldn't think that there's much wrong with these restaurants, but like everything in Russia involving the West these days, they're caught in the crossfire. This Russia Today story was posted on their Internet site at 3:26 p.m. Moscow time yesterday afternoon---and it's the second-last offering of the day from Roy Stephens.
Construction on a natural gas pipeline meant to feed the Chinese market is set for the beginning of September, a Russia official said Tuesday.
A pipeline contract between Gazprom and China National Petroleum Corp. is for 30 years and calls for 1.3 trillion cubic feet of natural gas per year. Russian energy company Gazprom said it started working on the infrastructure necessary for the pipeline almost immediately after signing a contract for gas to China in May.
A Russian source told state news agency RIA Novosti construction on the pipeline should begin next month.
"Sept. 1 is a tentative date, and it will all depend on the schedules of the country's leaders," the source said Tuesday.
This UPI story, filed from Moscow was posted on their Internet site at 9:31 a.m. EDT on Tuesday---and it's the final offering of the day from Roy Stephens.
Skirmishes broke out Tuesday between Iraqi security forces and militants on the outskirts of Tikrit a day after the Iraqi and Kurdish troops - backed by U.S. airstrikes - dislodged Islamic militants from a strategic dam in the country's north.
The United Nations refugee agency, meanwhile, said it is launching one of its largest aid pushes aimed at helping close to a half million people who have been forced to flee their homes by the violence in Iraq.
The clashes in Tikrit, some 130 kilometers (80 miles) north of Baghdad, began on the militant-held city's southwestern outskirts when a military convoy was travelling along the main highway that links Baghdad with the northern provinces, they said. The Iraqi military shelled militant positions inside and outside the city.
There were no immediate reports of casualties. The local official and resident both spoke on condition of anonymity, fearing for their safety.
This news item was posted on the france24.com Internet site yesterday sometime---and I found it all by myself.
Chinese troops have advanced in recent days into disputed territory claimed by India, echoing a similar incursion last year that raised tensions between the two rival giants, official sources said on Tuesday (Aug 19).
Chinese troops twice crossed over the border into a remote area of the western Himalayas, with some unfurling a banner that read "this is Chinese territory, go back", an official said on condition of anonymity.
Indian border police noticed the troops on Sunday in an unpopulated area of Ladakh during a patrol of the informal border that separates India and China. "It was a temporary peaceful face-off with PLA well inside Indian territory," the official told AFP referring to China's People's Liberation Army.
This news item showed up on the channelnewsasia.com Internet site at 5:37 p.m. local time in Singapore---and I thank Brad Robertson for his second contribution of the day.
China found a dozen Japanese auto-parts makers guilty of price fixing and doled out the biggest antitrust fines in the country since relevant rules came into effect six years ago.
Total fines amounted to 1.24 billion yuan ($200 million), the National Development and Reform Commission, China's main economic planner, said on its website. Sumitomo Electric Industries Ltd. drew the heaviest fine at 290.4 million yuan -- the biggest-ever antitrust penalty for a single company -- followed by Yazaki Corp.
While China follows the U.S., Europe and Japan in punishing parts makers, the fines come as foreign businesses increasingly voice concerns that an era of heightened regulatory scrutiny is dawning on the world's second-largest economy. Global Car manufacturers, technology companies and food companies have faced antitrust probes in the country since last year.
"This sends a warning to companies engaging in global price-fixing that they should beware of China," said Chen Danzhou, a lecturer specializing in anti-monopoly law at the University of International Business and Economics in Beijing. "The government is getting more aggressive as it tries to make a structural adjustment to the market."
This Bloomberg story, co-filed from Shanghai, Tokyo---and Osaka, was posted on their Internet site at 10:39 p.m. Denver time on Tuesday evening---and it's the final offering of the day from Elliot Simon.
1. John Embry: "Coming Crash to Create a Human Tragedy of Epic Proportions" 2. Grant Williams: "Why the Next Mania in Gold Will Be Parabolic" 3. Doug Kass: "The Final Page in an Age of Innocence"
[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests to them, and not to me. Thank you. - Ed]
A Chinese state-run newspaper on Wednesday called on Beijing to "teach Canberra a lesson" after Australian tycoon and politician Clive Palmer labelled the Communist government "mongrels" who "shoot their own people" in a televised tirade.
The flamboyant mining baron, who is locked in a long-running dispute over royalties and port operations with a state-controlled Chinese company, also called the Chinese "bastards" who "want to take over this country".
In an editorial, the Global Times, a newspaper owned by the Communist Party's mouthpiece the People's Daily, urged Beijing to take "solid actions to punish him".
It labelled the billionaire's comments as "rampant rascality" showing "Australian society has an unfriendly attitude toward China".
Open mouth---insert foot. Lots of bucks doesn't necessarily translate into lots of brains, regardless of the nationality.
This AFP article appeared on the france24.com Internet site at 9:05 a.m. Europe time on Wednesday morning---and I thank South African reader B.V. for bringing it to our attention.
Arguably London's most accurate gold forecaster for the past 15 years, Sharps Pixley CEO Ross Norman is warning of single digit gains only for the yellow metal this year, though he has not lost his sights on 'very much higher prices' in 2015-16.
His gold forecast last year suggested that 2014 would be a 'Goldilocks' year – not too hot and not too cold – with rally fade to both the upside and downside as the market reverted to the mean – so far that view appears to have held true.
Speaking from his office in Berkeley Street he told ArabianMoney that gold and silver prices will only really shine again when there is again a perceived serious inflation threat and he just can't see one on the immediate horizon.
It's hard to know if he's being serious or not---as there's not a word about the fact that a small group of Commercial traders have captured the price-setting mechanism for all four precious metals, plus copper, on the Comex. It's also hard to know which of John Embry's three categories Mr. Norman falls. Is he ignorant, naïve---or complicit? Considering his background---and current occupation, I would have to cast my vote in favour of 'complicit'. And if that's the case, he's not exactly telling us the truth in this opinion piece---which I found on the Sharps Pixley website yesterday.
Gokulasthami, one of the major festivals celebrated across Maharashtra and some parts of South India, has now got a touch of gold, underscoring what some expect will be stronger second half for gold demand in India as the festival season ramps up.
If anything attracts Indians, it is gold, and gift prizes of gold pots, and gold coins, and even gold plated decorations rouse the masses.
The tradition of Dahi Handi festival on Gokulashtami, celebrated across India on August 18 and 19 this year, relates to a human pyramid breaking an earthen pot filled with buttermilk suspended high above the ground, sometimes well over 50 feet above the ground.
This very interesting gold-related story, filed from Mumbai, was posted on the mineweb.com Internet site yesterday sometime---and the real 'juice' is in the last half-dozen paragraphs.
A new study suggests that 25 percent of troops in active duty, Guard and the Reserve use food banks to provide groceries and meals for themselves or their families.
The study sponsored by Feeding America, the nation's largest food bank network, is conducted once every four years and was based on data collected in 2012. It found that four percent of surveyed households who used a food bank contained a currently serving military member.
Based on those results, Feeding America officials estimated that 620,000 of their 46.5 million customers, or about 25 percent of the military population in 2012, used food banks.
This article appeared on the military.com Internet site on Monday---and today's first story is courtesy of West Virginia reader Elliot Simon.
The average price for all types of ground beef per pound hit its all-time high -- $3.884 per pound -- in the United States in July, according to data released today by the Bureau of Labor Statistics (BLS).
That was up from $3.880 per pound in June. A year ago, in July 2013, the average price for a pound of ground beef was $3.459 per pound. Since then, the average price for a pound of ground beef has gone up 42.1 cents--or about 12 percent.
Five years ago, in July 2009, the average price for a pound of ground beef was $2.147, according to the BLS. In those five years, the average price has climbed by $1.737 per pound--or almost 81 percent.
This article appeared on the cnsnews.com Internet site at 11:10 a.m. EDT yesterday---and I thank reader M.A. for sharing it with us.
Not all Benjamins are created equal.
For the first time ever, the federal government this year introduced a data series that compares price differences among states and metropolitan areas. Those estimates — regional price parities and real personal income — offer something simple and immensely useful for anyone considering making a move: They allow you to compare how far your money goes in each state.
You'd squeeze the most out of $100 in Mississippi, where you could use it to buy $115.74 worth of goods and services, relative to the national average. Arkansas comes next, followed by Missouri, Alabama and South Dakota. The state where $100 falls flattest is Hawaii, where that same $100 gets you only $85.32. (D.C., though not a state, is even worse: It would buy you just $84.60 in goods.)
This short, but excellent story, contains a not-to-be-missed chart. It appeared on the washingtonpost.com Internet site on Monday sometime. Reader Harry Grant sent it to me in time to make yesterday's column, but I was already 'full up'---so it had to wait until today.
Over a third of all Americans (36%) have not saved any money for retirement, according to a new Bankrate.com report. Sixty-nine percent of 18-29 year-olds haven't saved anything, along with 33% of 30-49 year-olds, 26% of 50-64 year-olds and 14% of people 65 and older.
I would like to take this opportunity to thank my dear mother for insisting that I start putting away money as soon as I got my first job out of college. It certainly has added up over 25+ years and indeed mother knows best.
The good news is that Americans who are saving are starting earlier. Twice as many 30-49 year-olds started saving in their 20s as opposed to their 30s. But 50-64 year-olds were only slightly more likely to have started saving in their 20s than their 30s, and Americans 65 and older were almost evenly split between starting in their 20s, 30s and 40s.
This commentary appeared on the philadelphia.cbslocal.com Internet site at 10:03 a.m. EDT on Monday---and is another story that didn't make the cut for my Tuesday column, so here it is now---and I thank Howard Wiener for sharing it with us.
The good doctor and I spent 25 minutes together on all-talk radio WAAM1600 out of Ann Arbor Michigan on Sunday---and if you have the time and think you might learn something, have at it.
If the banking giant obeys a U.S. judge's order, it risks losing its banking license in Argentina — and the $2 billion it has in local deposits.
But if it follows Argentine law, it risks violating a U.S. federal court order.
Citi finds itself in this precarious position after Manhattan federal court judge Thomas Griesa — who is overseeing the bitter battle between hedge-fund mogul Paul Singer and Argentina over an estimated $3 billion due on bonds defaulted upon in 2001 — ordered the bank not to pay out on some of the country's locally issued bonds.
Griesa initially exempted Citi's Argentine law bonds from his sweeping order — stopping payouts to exchange bondholders unless Argentina also paid Singer and other holdout bondholders who demanded full payment. But Griesa changed his mind last month after learning that some of the bonds for which Citi is custodian were also exchange bonds.
This very interesting "Catch-22" situation appeared on The New York Post website at 10:50 a.m. EDT on Monday morning---and it's courtesy of South African reader B.V.
Airlines are on high alert after geologists warned that an Icelandic volcano may be close to erupting.
Officials issued a 'code orange' to travel firms after intense seismic activity at the Bardarbunga volcano in the island's centre.
It is the second highest level of risk, signalling 'heightened or escalating unrest with increased potential of eruption', according to the International Civil Aviation Organisation.
The alert will raise fears of a repeat of the chaos seen when Iceland's Eyjafjallajokull volcano erupted in 2010.
A dust cloud shut down much of Europe's airspace for six days, affecting more than ten million people and costing £1.1billion. Passengers were stranded as 100,000 flights were cancelled during the Easter holidays.
This article appeared on the dailymail.co.uk Internet site at 11:26 a.m. BST yesterday---and was updated twice since midnight BST on their Wednesday morning. It's definitely worth reading---and although you may be shocked by this, I found this story all by myself!
Records published under Britain's Freedom of Information (FOI) Act have compounded concerns that the U.K. government lobbied U.S. officials to keep Britain's role in CIA torture and rendition out of a soon-to-be published Senate report.
Newly-released data reveals Britain's ambassador to the U.S., Peter Westmacott, engaged in at least 21 separate meetings with members of the US Senate's Select Committee on Intelligence (SSCI) prior to its publication of this report, heightening existing allegations that the British government may be seeking to sanitize the document.
Westmacott met with key Democrats and Republicans on the SSCI throughout the body's investigation of the CIA program, records obtained by the UK legal charity Reprieve reveal.
Of particular note are two separate meetings with Senator Feinstein in the immediate aftermath of the U.S. government's decision to publish what is expected to be a damning report on CIA torture, interrogation and rendition.
This very interesting, but not surprising story appeared on the Russia Today Internet site at 12:55 p.m. Moscow time on their Tuesday afternoon, which was 4:55 a.m. EDT---and it's the first offering of the day from Roy Stephens. It's worth reading if you have the time.
Paul Robson, a former trader at Rabobank, has become the first Briton to plead guilty to being part of the worldwide conspiracy to rig the Libor interest benchmark.
The executive, who worked at the Dutch bank's London office, admitted before a New York court to one count of bank fraud and wire fraud, as part of a conspiracy that also involved the taxpayer-backed Lloyds Banking Group.
The scheme, which was designed to boost profits at the companies involved, which affected mortgage rates and pension payments around the world, estimated to have cost the public trillions of pounds.
According to the Department of Justice, Mr Robson worked with two other named Rabobank traders, as well as unnamed traders at other organisations including Lloyds, to manipulate Yen Libor between 2006 and 2011.
This news item showed up on the telegraph.co.uk Internet site at 11:49 p.m. BST on Monday evening---and I found it in a GATA release yesterday.
The curtain is coming down on Greece's star turn with international equity investors.
Among the best-performing Europe gauges in 2013 after the government carried out the world's biggest-ever debt restructuring, Greece's ASE Index has become one of the worst, slumping 21 percent as lenders from Piraeus Bank SA to Eurobank Ergasias SA tumbled. Drops are trimming returns that approached 200 percent starting in June 2012 amid investments from hedge funds such as Paulson & Co. and Third Point LLC.
Equities with valuations triple the rest of Europe have come too far to be justified by an economy that is poised to emerge from a six-year recession, says Peter Garnry, head of equity strategy at Saxo Bank A/S. Investors are looking elsewhere in emerging markets for bargains as sanctions hitting Russia, Greece's biggest trading partner, disrupt businesses.
"Greece was the trade last year, but I don't think it'll be the trade next year," Garnry said in a phone interview from Hellerup, Denmark. "Investors looking for good returns should look elsewhere."
This news story appeared on the Greek website ekathimerini.com at 10:55 a.m. local time on Tuesday morning---and it's courtesy of Harry Grant.
The European Commission has announced emergency E.U. funding of €125m (£100m; $170m) for fruit and vegetable growers hit by Russia's ban on most imported Western food.
The funding is compensation for fresh produce which will not be sold. Instead it will be distributed free to schools, hospitals and other institutions.
Tomatoes, peppers, cucumbers, grapes and pears are included in the scheme.
Germany's Chancellor Angela Merkel insisted on Monday that the E.U. sanctions must stay in place "in order to show how serious we are" on the Ukraine crisis.
That much money is a drop in the bucket---literally. I posted a story about this in my Tuesday column, but this BBC article is far more comprehensive---and I thank reader B.V. for his second contribution to today's column.
German chancellor Angela Merkel has said NATO will defend Baltic states if need be, but will not build permanent military bases in the region.
She spoke on Monday (18 August) on a visit to Riga in which she also laid a wreath at the Freedom Monument, a memorial to the Latvian War of Independence against Russia in 1918.
"I want to stress that ... Article V of the NATO contract - the duty to provide mutual support - is not something which just exists on paper, but is also something which must be filled with life", she told press after meeting Latvian prime minister Laimdota Straujuma.
She noted that German jets will start NATO air policing operations in Latvia on 20 August and that NATO is to build up a rapid reaction force to be used if Russia tries to destabilise its Baltic neighbours on the Ukraine model.
This news item appeared on the euobserver.com Internet site at 9:21 a.m. Europe time on Tuesday morning---and it's the second offering of the day from Roy Stephens.
The government of the self-proclaimed Donetsk People's Republic (DPR) has guaranteed safe passage for Russia's humanitarian convoy and the International Committee of the Red Cross (ICRC) employees accompanying it, the republic's deputy prime minister said Tuesday.
"Our government thinks that the situation in DPR can be described as a humanitarian disaster. Naturally, we want the convoy to visit not only Luhansk, but Donetsk Region cities as well. To that end, we guarantee safety for the drivers of the convoy and ICRC employees," DPR Deputy Prime Minister Andrei Purgin said.
The prime minister noted that the DPR had already ensured the security of the OSCE mission and international aviation experts on its territory when they arrived in Donetsk to work at the crash site of Malaysia Airlines flight MH17.
"Despite all Kiev's provocations, despite the fact that Kiev started fighting in the area of the crash, we were able to ensure the security of the experts," Purgin said.
This article appeared on the RIA Novosti website at 1:51 p.m. Moscow time on their Tuesday afternoon---and I thank reader M.A. for sending it.
Kiev should make public the records of communications between the Ukrainian air traffic control and the Malaysian Airlines flight 17 in the hours before it was shot down over Ukraine's turbulent east, Russia's UN envoy said.
The issue was among several Russia raised at a U.N. Security Council meeting, which was called by Russia to discuss the progress of the investigation into the tragic incident, which killed 298 people in July, Vitaly Churkin said. Moscow sees the shortage of proper evidence known to the public so far as wrong.
"As far as we know, [UN's civil aviation watchdog] ICAO is being kept on the sidelines of the investigation, which has been conducted for some time," Churkin said.
This news item showed up on the Russia Today website at 11:50 a.m. Moscow time yesterday morning---and it's the second contribution in a row from reader M.A.
The coming two weeks will be decisive for the peaceful settlement in Ukraine, the Kiev government wants to resolve the conflict through means of diplomacy, the deputy head of the Ukrainian president's administration said Tuesday.
"I think that the coming two weeks will be decisive for transforming war into peace. The telephone diplomacy is giving way to direct contacts" Valeriy Chaliy told reporters, commenting on the forthcoming talks due in Minsk and Brussels on August 26 and August 30, respectively.
Earlier the same day, Ukrainian President Petro Poroshenko's press service said officials from Ukraine, the European Union and the so-called 'Eurasian Trio' (Russia, Belarus, Kazakhstan) will meet in Minsk on August 26 to discuss a number of urgent political and economic issues, including Ukraine's European integration, energy security and the stabilization of the situation in Donbas.
The press service also said Poroshenko had accepted the invitation of President of the European Council Herman Van Rompuy and European Commission President Jose Manuel Barroso to visit Brussels on August 30. In addition to the invitation to Brussels, Barroso and Poroshenko discussed by telephone the issues of granting Ukraine the third wave of EU macro-financial assistance.
This is another article from the RIA Novosti website---and this one appeared their at 8:20 p.m. Moscow time on their Tuesday evening, which was 12:20 p.m. in New York. This article is courtesy of Roy Stephens.
It is a thin veneer that separates guests of the Donetsk Park Hotel from the surreal world outside. Inside, we watch BBC in English and ZDF broadcasting news in German. The hotel has electricity and Internet while air conditioning keeps out the summer heat.
OSCE observers sit at the bar drinking Lvivske, a dark Ukrainian beer, for €2.50 ($3.3) a pint, a price that is outrageous for Donetsk. Their shiny white Toyota SUVs are lined up outside, waiting to drive them through the war zone during those moments when it's not too dangerous.
This Thursday is not one of those moments. Shortly before 1 p.m., a salvo of grenades rains down. One's ear quickly gets used to the sounds of war, rapidly learning to halfway reliably tell them apart. This time, though, the detonations are unbelievably loud and very close. Only three minutes after leaving the hotel, I arrive in the midst of misery in this embattled city of Donetsk.
This very interesting boots-on-the-ground commentary was posted on the German website spiegel.de very early yesterday evening Europe time. It's worth reading---and I thank Roy Stephens for finding it.
The Organization for Security and Cooperation in Europe's Special Monitoring Mission working on the Russian-Ukrainian border has not seen any weapons crossing between the countries, an OSCE spokesman working on the Russian side of the border said Tuesday.
"We have not seen any weapons. There was a question of whether we saw military vehicles crossing the border. Yesterday at two [border crossing] points, we didn't see any military vehicles crossing the border," Paul Picard said at a briefing.
On August 15, Ukrainian President Petro Poroshenko claimed Ukrainian artillery destroyed Russian military hardware that had allegedly crossed into Ukraine at night.
The announcement came soon after a number of foreign news agencies reported that a convoy of military vehicles with Russian license plates had crossed into Ukraine via the Izvarino border checkpoint.
I said this story was bulls hit when I posted it last week---and now the OSCE spokesman confirms it. The lies in the Western press are beyond outrageous. This RIA Novosti article appeared on their Internet site at 1:38 p.m. Moscow time yesterday afternoon---and it's another Roy Stephens offering.
Over 53 thousand Ukrainians fleeing the war zone in southeastern Ukraine, 16,000 of them children, found refuge in Russia's Rostov region by August 14.
According to Russian authorities, over 730,000 Ukrainians were forced to flee their homeland because of war and sought shelter in Russia.
About 58 thousand of them currently reside in temporary accommodation centers.
This brief 8-photo presentation was posted on the RIA Novosti website on Monday---and the photos are worth the trip. It's another story that Roy dug up for us.
When even smart people like economist Paul Krugman buy into the false narrative about the Ukraine crisis, it's hard to decide whether to despair over the impossibility of America ever understanding the world's problems or to marvel at the power of the U.S. political/media propaganda machine to manufacture its own reality.
On Monday, Krugman's New York Times column accepts the storyline that Russia's President Vladimir Putin instigated the Ukraine crisis and extrapolates from that "fact" the conclusion that perhaps the nefarious Putin did so to engineer a cheap land grab or to distract Russians from their economic problems.
Or you could look at the actual facts of how the Ukraine crisis began and realize that it was the West, not Russia, that instigated this crisis. Putin's response has been reactive to what he perceives as threats posed by the violent overthrow of elected President Viktor Yanukovych and the imposition of a new Western-oriented regime hostile to Moscow and Ukraine's ethnic Russians.
Robert Parry tells it like it is on this essay posted on the David Stockman website yesterday---and it's the second last offering of the day from Roy Stephens.
If you are playing a game of chess, and the next moves you are considering all inexorably lead to your king falling into checkmate, then you have only two options: you either topple your king and graciously accept defeat, or…
You can kick over the chessboard, refuse to accept defeat, and let all hell break loose...!
Is that what the "four horsemen of the Apocalypse," namely the elites running the U.S., U.K., E.U. and Israel against their own peoples' interests, are thinking of doing?
All parents know that if you allow a young brat to do as he pleases by giving in to his yelling and kicking and sobbing every time he does not get his way it will become increasingly hard to get the little monster to mature and behave in an adult and responsible manner.
This could very well be a metaphor for the way the Western powers have been behaving and acting in recent years, especially since 9/11, which for a while gave them a blank check to run amok throughout the Middle East and beyond.
Including the article posted above this one, if I had to pick one other must read article for you today---this would be it for sure. This is truly what the Ukraine/Russia imbroglio is all about, with all the political niceties stripped away---one of the last puzzle pieces in the New Great Game---and we've just seen 'the flop' with Ukraine---and what the 'turn' and 'river' cards bring, is unknown as of yet. It's the last contribution of the day from Roy Stephens---and it was posted on the Russia Today website at 1:12 p.m. Moscow time on their Tuesday afternoon.
1. Dr. Stephen Leeb: "Russia Continues to Strengthen Ties With Germany and China" 2. Grant Williams: "Why Gold is Headed Into the Stratosphere" 3. Richard Russell: "New, Terrifying Confiscation to Worry About"
[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests to them, and not to me. Thank you. - Ed]
This 2:52 minute video clip with Jim was posted on the dailyreckoning.com Internet site last Friday---and it's worth your time, even though you've probably heard him say all this before.
I thank Harold Jacobsen for sending it our way.
China has allowed three more banks, including a foreign lender, to import gold, sources with direct knowledge of the matter said, as the world's top gold buyer gears up for its strongest effort yet to gain pricing power of the metal.
The move, which brings the number of firms allowed to import gold into China to 15, comes ahead of the launch in September of a new international bullion exchange in Shanghai with which China hopes to become a price-discovery centre.
China and other Asian gold trading centres such as Singapore are calling for more localised pricing of the precious metal as they seek alternatives to the so-called London fix, the global benchmark for spot gold prices, which is being investigated by regulators on suspicion that it may have been manipulated.
This Reuters story, co-filed from Singapore and Shanghai, showed up on their website at 9:08 a.m. BST on Tuesday---and it's something I found on the Sharps Pixley website in the wee hours of yesterday morning. However, because I was already loaded with stories for my Tuesday column, it had to wait until today.
Gold researcher and GATA consultant Koos Jansen reports that off-take from the Shanghai Gold Exchange has been flat for four weeks.
Meanwhile, Jansen writes, "China is developing its market infrastructure not only for physical gold trade but also to expand paper trading to steal pricing power from the dominant forces in the West and to promote the internationalization of the renminbi."
His commentary is headlined "East Asia Geared up for RMB Gold Trading" and it was posted at the bullionstar.com Internet site minutes before midnight local time on Monday. I found this, along with the above paragraphs of introduction, on the gata.org Internet site yesterday.
According to figures released by the government, between April and June it intercepted $44 million worth of smuggled gold at the country's airports. That compares with $82 million in the year ended March 31.
Last year, between April and July, the Mumbai airport customs had seized 61.46 kilograms gold, while this year until July, it had seized 403.52 kilograms. The customs officials at the Chennai airport in the South, have also reported seizing much more gold than last year.
Plainly put, thanks to the high import duty imposed last year on the yellow metal by the Indian Government to bring down the nation's fiscal deficit, gold smuggling is thriving across the country. Last year, the government had hiked the duty to 10 per cent.
Cases of gold smuggling at the two city airports in Mumbai alone have gone up over six times this year, with the customs department recording as many as 497 cases in four months from April, as compared to 79 cases in the corresponding period last year.
This gold-related news item appeared on the mineweb.com Internet site on Monday---and it's worth reading.
The High Pay Centre's research found the widest pay gap at miner Randgold Resources, where boss Mark Bristow earned almost 1,500 times his employees, many of whom are miners based at its sites in Africa.
Bristow received £4.4 million, while his average worker got just £2,968. Second on the list was Sir Martin Sorrell of media giant WPP, who took home a package worth £29.8million – almost 800 times more than his average worker's salary of £38,265.
If you remember, yesterday's column was headlined "Randgold CEO Just Shrugs as Gold Mining Industry Produces More Metal at a Loss." If you want to know one of the reasons that the executives of precious metal miners don't care about the price of the product they mine, or their shareholders---and why they won't pursue the price management scheme, you need to look no further than this. I thank reader 'h c' for digging this story out of the Sunday edition of London's Daily Mail. The first part of the story is worth reading.
This edition of Sprott's Thoughts is an interview of Pierre Lassonde by Henry Bonner over at sprottglobal.com on Tuesday.
Lassonde is another executive who is more than familiar with the precious metal price management scheme---and who is pretty much bought and paid for as well.
So now we have had three days of the new LBMA Silver Price – the new name for the London Silver Fixing given that the term 'Fix' is somewhat discredited in modern-day parlance. The banks involved in the old system, which had fallen to two, wanted to withdraw from it, in part because they felt the process, even if it was a totally honest system, which it probably was, could lay them open to having to defend expensive, and probably spurious, lawsuits and the London Bullion Market Association took upon itself to go out and set up some kind of new silver benchmarking process at very short notice.
And is this new process any more transparent than the old one – one of the main charges laid against the old Silver fixing process. The answer so far is probably not!
Although one assumes it could become more open as the markets get to understand how it operates its new rather obscure process dealing in lakhs of silver rather than ounces, and in converting it back to a per ounce price. (A lakh is a South Asian term for 100,000 units – in this case ounces.) Why on earth such a measure was chosen defeats us – it just seems to be another way to obfuscate what should be a relatively straightforward process.
Amen to that---and everyone is in total agreement. This commentary by Lawrie was posted on the mineweb.com Internet site yesterday---and it's worth the read.
The challenges facing prospective buyers of the least expensive homes in the U.S. are getting harder to overcome.
Already beset by stagnant wages, growing student debt and competition from investors who are snapping up listings, those looking to purchase moderately priced houses must also provide more cash up front. The median down payment for the cheapest 25 percent of properties sold in 2013 was $9,480 compared with $6,037 in 2007, the last year of the previous economic expansion, according to data from 25 of the largest metro areas compiled by brokerage firm Redfin Corp.
The higher bar is a symptom of still-tight credit that is crowding out first-time buyers even as interest rates remain near historical lows. Younger adults, who would normally be making initial forays into real estate, are among those most affected, weakening the foundations of the housing market and limiting its contribution to economic growth.
This Bloomberg news item from last Thursday was picked up by the finance.yahoo.com Internet site on Monday---and today's first news item is courtesy of Orlando, Florida reader Dennis Mong.
PricewaterhouseCoopers LLP was fined $25 million after sanitizing a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd., New York's top bank regulator said Monday.
The bank persuaded PwC Regulatory Advisory Services to change a compliance report related to financial transactions with sanctioned countries including Iran and Sudan between June 2006 and June 2008, according to a settlement with Benjamin Lawsky, superintendent of New York's Department of Financial Services.
"When bank executives pressure a consultant to whitewash a supposedly 'objective' report to regulators, and the consultant goes along with it, that can strike at the very heart of our system of prudential oversight," Lawsky said in a statement announcing the settlement.
PwC was also banned for two years from consulting work with companies regulated by Lawsky and must implement changes to address conflicts of interest in consulting. It's his second suspension of a financial-advisory firm. The Department of Financial Services hit Deloitte LLP's Financial Advisory Services with a one-year ban in 2013 for work performed on behalf of Standard Chartered Bank Plc.
This article appeared on the moneynews.com Internet site at 11:51 a.m. EDT yesterday---and I thank West Virginia reader Elliot Simon for sending it.
Earlier this month, the Russian government seized its citizens' pension contributions. Normally, 6 percent of Russians' salaries is invested in financial markets, earmarked for their retirement. This year that $8 billion in contributions will finance Russian spending instead. Russia is not the first country to confiscate pension assets to pay its bills, and it probably won't be the last. Argentina, Hungary, Poland, Portugal, and Bulgaria have all done the same in the last six years.
This is not only a setback for Russians' retirement accounts; it also harms Russia's financial markets, which count on a steady flow of pension assets each year. The move is expected to further weaken the already fragile Russian economy. Former Finance Minister Alexei Kudrin spoke out against the move, saying "today we are getting a government policy that lowers economic growth, plus a 'shrinking' of the economy's possibilities and increasing uncertainty."
In most countries, it's extremely unlikely that the government will outright seize pensions. In America, it's nearly impossible to change Social Security or Medicare benefits, and the idea of the U.S. government confiscating everyone's 401(k) is unimaginable to all but the most ardent conspiracy theorists. However, it's not unrealistic to think that the American government could take a bigger bite out of individuals' 401(k) assets with higher tax rates: Income taxes are at historic lows, and if the American government needs to raise revenue in the future, taxes on 401(k) withdrawals may be higher (along with taxes on everything else). But at least the account's assets will still belong to you.
This short article appeared on the businessweek.com Internet site on Monday sometime---and it's the second offering of the day from Dennis Mong.
Much of the supposedly godlike power of central banks is participants' faith in their powers to control not just finance but the real world that can be leveraged by finance.
The Grand Narrative of the global economy since the 2008 financial meltdown has been: whatever the problem, zero interest rates and more credit will fix it. Too much debt? Zero-interest rates and more credit will fix that. Government spending far exceeds tax revenues? Zero-interest rates and more credit will fix that. Economy sluggish? Zero-interest rates and more credit will fix that. Few jobs being created? Zero-interest rates and more credit will fix that.
Had a bad hair day? Zero-interest rates and more credit will fix it.
Implicit in this narrative is the notion that there are no hard limits on credit or central bank money creation. If creating $1 trillion in new credit-money and pushing it into the hands of financiers doesn't do the trick, then push $2 trillion more.
This commentary by Charles Hugh Smith appeared on David Stockman's website on Monday---and is worth reading if you have the time. It's the first of many contributions from Roy Stephens.
U.S. lawmakers alarmed by the aggressive police response to protests in Ferguson, Missouri, are pushing for Congress to limit the Pentagon's ability to provide civilian police departments with military equipment such as armored vehicles designed for the battlefield.
Georgia Democrat Hank Johnson wrote colleagues in the House of Representatives this week seeking support for legislation to curtail a program that passes surplus equipment from wars in Iraq and Afghanistan to municipal U.S. police forces, free of charge.
Because of the program "our local police are quickly beginning to resemble paramilitary forces," Johnson said.
Three other Democrats on the House Judiciary Committee wrote to Chairman Bob Goodlatte, a Republican, to ask for a committee hearing on "recent incidents of local law enforcement using excessive force." They pointed to events in Ferguson, where demonstrators have protested the shooting death of an unarmed black teenager by police, and elsewhere.
This article put in an appearance on the newsmax.com Internet site late Friday---and it's the second contribution of the day from reader Elliot Simon.
Should we hold a funeral for American optimism?
In its most pessimistic reading ever, a new Wall Street Journal/NBC News poll indicates that most Americans, 76 percent to be exact, are not sure their children's generation will be better than their own. Less than a quarter (21 percent) believe their children's generation will lead better lives than their own.
What's more, 71 percent think the country is on the wrong track, 60 percent believe the United States is in a state of decline, and 54 percent say the widening income gap is undermining opportunity.
The pollsters say the survey reveals "a strong undercurrent of pessimism about the economy, the political system and the U.S. role in world affairs."
This should surprise no one, as G. Edward Griffin's "Creature From Jekyll Island" is now stalking the world. This article showed up on the moneynews.com Internet site at 7:57 a.m. EDT yesterday morning---and it's another story courtesy of Elliot Simon.
More sellers than buyers, basically.
Property prices in the U.K. can't go on rising forever — and now they're not.
A survey of 90% of the market by Rightmove, a real estate price tracking company, shows that real estate prices fell 2.9% in August, the second consecutive down month this summer.
Prices fell nearly 6% in the overheated London market.
That news dovetails ominously with the rumors of "panic selling" in London as owners try to cash in on their overpriced houses at the very top of the market.
Having spent 27 years of my adult life selling residential real estate, I have first hand knowledge of what happens when a rabid bull bull market in real estate begins to head south. The buyer vanishes---and the market implodes both in price and volume terms. No doubt the drop is exacerbated by the disappearance of the Russian buyer in London---and it couldn't come at a worse time. This Business Insider story appeared on their website around 4 a.m. EDT on Monday morning---and it was picked up by the finance.yahoo.com Internet site. It's definitely worth reading---and it's the third contribution of the day from Dennis Mong.
France has all but abandoned a target to shrink its deficit, as the eurozone endured a turbulent day that raised the prospect of a triple-dip recession.
Figures published by Eurostat on Thursday (14 August) indicated that the eurozone economy flatlined between April and June, while the EU-28 saw 0.2 percent growth.
Latvia was the currency bloc's strongest performer with 1 percent growth, and there was positive data from former crisis countries Spain and Portugal, which both expanded by 0.6 percent.
This story appeared on the euobserver.com Internet site at 7:17 p.m. Europe time last Friday---and Roy Stephens sent it our way on Sunday.
Mario Draghi's promise of cheap cash for banks betting on the euro-area revival is losing its allure.
Economists in the Bloomberg Monthly Survey cut their estimate of the take-up of funds under a program designed to boost bank lending. The reduction signals concern that the outlook for the currency bloc may be too weak to drive demand for loans, undermining a policy the European Central Bank president says is key to restoring the region's health.
An escalating standoff with Russia threatens to worsen the prospects for the 18-nation euro area, where growth has already ground to a halt and inflation is running at the weakest pace in almost five years. That's increasing pressure on the ECB to step up stimulus with radical tools such as quantitative easing to avert the risk of deflation and renewed recession.
"The next step is to see how big the demand is for liquidity," said Peter Dixon, an analyst at Commerzbank AG in London. "If it falls well short of expectations then that's the point at which the ECB may need to think again and start to bring the QE debate back to the table."
This Bloomberg story was picked up by the Greek internet site ekathimerini.com---and it was posted there at 10:55 a.m. local time on their Monday morning. I thank reader Harry Grant for sharing it with us.
Germany's foreign intelligence agency eavesdropped at least one telephone conversation of U.S. Secretary of State John Kerry and spied on NATO ally Turkey since 2009, Der Spiegel newspaper revealed on Saturday.
Germany's Federal Intelligence Service (BND) picked up the phone call "by accident" in 2013, the weekly newspaper reported in a pre-publication citing unnamed sources. Kerry was discussing the Middle East tensions between Israelis, Palestinians and Arab states in a satellite link, according to Der Spiegel.
The new revelation comes after German media - Daily newspaper Sueddeutsche Zeitung (SZ) and regional public broadcasters NDR and WDR – reported on Friday that BND intercepted at least one phone call made by former Secretary of State Hillary Clinton. The date of the call was not given and the media said that it was also picked up "by accident".
The German media retrieved the information of the hacking from documents that were passed to the CIA by one of its moles inside the BND.
This Russia Today article appeared on their Internet site at 10:25 p.m. Moscow time on their Saturday evening---and it's courtesy of Roy Stephens.
All operations on Russia's Gazprom-led project South Stream have been suspended, as they do not meet the requirements of the European Commission, Bulgaria's Ministry of Economy and Energy said on its website.
"Minister of Economy and Energy Vasil Shtonov has ordered Bulgaria's Energy Holding to halt any actions in regards of the project," the ministry said. This specifically means entering into new contracts.
There has been mounting pressure from the E.U. to put the project on hold, and now the European Commission will be consulted each step of the way to make sure it complies with E.U. law.
This very interesting story appeared on the Russia Today Internet site at 9:22 p.m. Moscow time on their Monday evening, which is 1:22 p.m. in New York. Roy Stephens sent it our way---and it's definitely worth reading.
German bond yields plummeted to record lows and stock markets sold off across the world after Ukraine and Russia came to the brink of war, threatening to set off a financial shock and push Europe into deep recession.
Flight to safety sent yields on German 10-year Bunds tumbling to 0.97pc after Ukraine said its artillery had destroyed a "significant" part of a Russian armoured column that crossed the border into the Donbass. Yields on two-year notes turned sharply negative, implying that large investors are willing to pay the German state to look after their money.
NATO chief Anders Fogh Rasmussen said the crisis had reached danger point, but stopped short of calling it an invasion. "I can confirm that last night we saw a Russian incursion, crossing of the Ukrainian border," he said.
European foreign ministers warned that they would tighten the sanctions noose yet further unless Russia draws back. "Any unilateral military actions on the part of the Russian Federation in Ukraine under any pretext, including humanitarian, will be considered by the European Union as a blatant violation of international law," it said.
This Ambrose Evans-Pritchard offering appeared on the telegraph.co.uk Internet site at 8:23 p.m. BST on Friday evening---and before you take it as gospel, I urge you to read the Paul Craig Roberts piece---and RIA Novosti piece linked here---and posted further down in the Critical Reads section. I thank Roy Stephens for sending it.
The preliminary results of an inquiry into the crash of Malaysia Airlines Flight MH17 will be published during the first week of September, Agence France Presse reported Thursday.
The passenger jet is believed to have been shot down over war-torn eastern Ukraine on July 17, claiming the lives of all 298 passengers and crew members on board.
Ongoing fighting between pro-Russian rebels and Ukrainian government forces prevented investigators from reaching the crash site, but Dutch, Australian and Malaysian forensic experts managed to make it to the area to look for human remains and personal belongings.
The investigators have left Ukraine and will resume their probe in the Netherlands, Wim van der Weegen, spokesman for the Dutch Safety Board, or OVV, told AFP, noting: "We have sufficient information to compile a preliminary report."
I found this article posted on themoscowtimes.com Internet site on the weekend. It showed up there at 4:06 p.m. Moscow time last Friday afternoon. There was also a story posted on the RIA Novosti website on Monday about this as well. It's headlined "Russia to Demand U.N. Report on Malaysian Boeing Crash Investigation"---and it's courtesy of Roy Stephens.
Dozens of people, including women and children, were killed as they fled fighting in eastern Ukraine on Monday when their convoy of buses was hit by rocket fire, military spokesmen said.
Ukraine accused pro-Russian rebels of targeting the convoy, which it said was bearing white flags when it was hit near the eastern city of Luhansk. The separatists denied responsibility for the attack and one rebel leader suggested the incident might never have taken place.
"The rebels were expecting the convoy and destroyed it entirely," military spokesman Andriy Lysenko told journalists. "We haven't been able to count the number of victims ... dozens (were killed)."
The convoy had been in an area of fierce fighting between government forces and the separatists when it came under fire from rebel Grad and mortar launchers, the spokesmen said.
This Reuters article, filed from Kiev, is datelined at 7:03 p.m. EDT on Monday evening---which is a little hard to believe, since I received it from reader Dennis Mong a 1:08 p.m. EDT yesterday afternoon---so it's obviously been edited in the interim.
The U.S. State Department condemned the deadly shelling of a convoy in eastern Ukraine on Monday that killed dozens of people, but said it could not confirm who was responsible for the attack.
"We strongly condemn the shelling and rocketing of a convoy that was bearing internally displaced persons in Luhansk and express our condolences to the families of the victims," State Department spokeswoman Marie Harf told a news briefing. "Sadly, they were trying to get away from the fighting and instead became victims of it."
The Ukrainian government accused pro-Russian rebels of targeting the convoy, which it said was bearing white flags. The separatists denied responsibility.
That's all there is to this brief Reuters new item, filed from Washington, that appeared on their Internet site at 2:43 p.m. EDT on Monday afternoon---and it's the second offering in a row from Dennis Mong.
This 1:28 minute video clip showed up on the RIA Novosti website---probably yesterday. In it, Russian Foreign Minister Sergei Lavrov commented on the four-party meeting with his counterparts from Germany, France and Ukraine in Berlin. I thank reader M.A. for sending it our way.
Russian President Vladimir Putin expressed his concern about the humanitarian situation in Ukraine during a telephone conversation with German Chancellor Angela Merkel, as the two leaders sought ways to de-escalate tensions, the Kremlin's press service said Saturday.
"Ways for international community to help de-escalate the situation in Ukraine are under discussion," the press service's statement said.
Putin also informed Merkel of the ongoing cooperation between Russia and the International Committee of the Red Cross (ICRC) on their efforts to provide humanitarian aid to the civilian population of eastern Ukraine.
This RIA Novosti website appeared on their Internet site at 3:16 a.m. Moscow time on their Saturday morning---and it's courtesy of Roy Stephens once again.
Russian humanitarian aid trucks will cross the Ukrainian border in small batches of several dozen vehicles and only after a thorough examination by border guards, Kiev says, following an official acknowledgment of 280 trucks carrying crisis-relief cargo.
"The cargo, in agreement with the mission of the Red Cross, will be delivered to the international crossing point of Izvarino-Donetsk in batches of up to 30 vehicles," the head of the Ukrainian State Fiscal Service Anatoliy Makarenko was quoted as saying by LB.ua.
After clearing customs, the aid trucks will be transferred "only to official representatives of the Red Cross," Makarenko added.
The Red Cross is expected to arrive at the border crossing on Monday to perform the necessary procedures.
This article was posted on the Russia Today website at 11:42 p.m. Moscow time Moscow time on Sunday evening---and it's courtesy of Roy Stephens once again.
Moscow has the right to make decisions on security measures on its territory because hostilities continue a few kilometers away from its border with Ukraine, Russian Foreign Minister Sergei Lavrov said Monday.
"There is war on the other side of the border, with artillery, aviation, multiple-launch rocket systems and, according to some reports, missiles being used to attack Luhansk. It all takes place literally a few kilometers away from our border," he said.
The foreign minister added that many cases of cross-border fire were registered.
"We do not think that this was a deliberate act. Most likely, [the shelling] was a result of either accident or poor training. But this happens. There have been casualties and damage was done to civilian objects on the Russian side [of the border]," he said.
This RIA Novosti news item was posted on their website at 1:18 p.m. Moscow time on their Monday afternoon---and it's another contribution from reader M.A.
NATO's leadership implore the leaders of its member-states to approve the long-term deployment of troops to Eastern Europe during its September summit in Wales, NATO's leaders wrote in an article published by The Wall Street Journal.
"We need the presence of NATO forces in Eastern Europe for as long as necessary; upgraded intelligence gathering and sharing; updated defense plans; and an expanded training schedule with more exercises, of more types, in more places, more often," NATO Secretary General Anders Fogh Rasmussen and Supreme Allied Commander Europe Philip Breedlove said in the article.
NATO members are scheduled to meet in Wales to discuss the alliance's response to Russia, which it accuses of interfering in Ukrainian affairs.
NATO has strengthened its air-policing missions, deployed more ships to the Black Sea and Baltic Sea, and conducted more exercises in Eastern Europe, citing the need to protect nearby countries from Russia after Crimea rejoined the country following a referendum in March.
This article appeared on the RIA Novosti website at 5:49 p.m. Moscow time on their Monday afternoon---and I thank Roy Stephens for bringing it to our attention.
1. E.U. sets aside €125mn to stabilise food prices: E.U. Observer 2. Argentina seeks to export more food to Russia: Buenos Aires Herald 3. Mexico Ready to Increase Food Deliveries to Russia - Ambassador: RIA Novosti 4. China Ready to Expand Agricultural Trade With Russia: RIA Novosti 5. Russia may ban import of cars if West applies new sanctions: Yahoo.com
[The above stories are courtesy of reader M.A., 'David in California'---and Roy Stephens]
The Kremlin's worst clash with the West since the 1991 collapse of the Soviet Union has accelerated the outflow of two of Russia's most prized assets: money and brains.
Vladimir Putin's annexation of Crimea and support for rebels accused of shooting down a passenger plane over Ukraine then hindering the recovery of the 298 bodies have shredded Western hopes of a lasting alliance with Moscow.
Sanctioned by the United States and European Union, Putin's courtiers are under fire, Russia's $2 trillion economy is threatened with isolation and millions of Russians across the world are wondering what next.
Russia is still earning much-needed revenues from pipelines carrying oil and gas to the West, but, less happily for the Kremlin, capital and talent are flowing in the same direction.
This Reuters story, filed from London, appeared on their Internet site at 1:51 a.m. EDT last Thursday morning---and it's the final offering of the day from Dennis Mong, for which I thank him.
Forget Visa and MasterCard. After the two American credit system payment companies froze accounts without notice in March, Russia has been looking for an alternative in China UnionPay.
China UnionPay plans to have 2 million cards in Russia in the next three years.
Instead of seeing the small Visa and MasterCard logo on credits cards, ATMs, and retail outlets, Russians will start to see the three words "China. Union. Pay."
China UnionPay first emerged in 2002 on the domestic Chinese market as an alternative to Visa and MasterCard, but quickly expanded internationally, and now is already number one in terms of quantity of cards in the world.
This really interesting news item showed up on the Russia Today Internet site at 9:29 p.m. on Friday evening Moscow time---and I thank reader 'David in California' for passing it around on Saturday.
As everyone's attention is drawn to the fate of the Russian humanitarian aid convoy at the Ukrainian border, some analysts are noting a shift in the tone of Western coverage of the conflict in the region, namely sociologist Mahdi Darius Nazemroaya, who shared his opinion speaking to Radio VR. Others, including Dennis Small, member of the editorial board of Executive Intelligence Review magazine, say the shift is miniscule, stating what the Western media reports are still a bunch of lies.
The role of media on both sides of the Atlantic has universally been a part of war propaganda, Mr. Small points out, adding it is all about "justifying what is in actual fact an intended war that both the British and U.S. under Obama want to trigger in the region with the purpose of seeking a conflict with Russia."
Mr. Nazemroaya notes the media campaign against Russia and its leadership still exists, but the language and tone are now softer. "The emphasis has also changed, as EuroMaidan is more like a liability, it is forgotten." By changing the narrative, Western media is obfuscating the actual political scene in Ukraine. They are shifting the focus from Ukrainian internal politics to broader geopolitics, to the Middle East and the resumed Iraqi conflict in particular.
This very interesting commentary showed up on the RIA Novosti website at 11:27 a.m. Moscow time on their Sunday morning---and it's the final offering of the day from Roy Stephen, for which I thank him on your behalf. It's worth reading if you have the time.
The Western media have proved for all to see that the Western media comprises either a collection of ignorant and incompetent fools or a whorehouse that sells war for money.
The Western media fell in step with Washington and blamed the downed Malaysian airliner on Russia. No evidence was provided. In its place the media used constant repetition. Washington withheld the evidence that proved that Kiev was responsible. The media's purpose was not to tell the truth, but to demonize Russia.
Now we have the media story of the armored Russian column that allegedly crossed into Ukraine and was destroyed by Ukraine's rag-tag forces that ISIS would eliminate in a few minutes. British reporters fabricated this story or were handed it by a CIA operative working to build a war narrative. The disreputable BBC hyped the story without investigating. The German media, including Die Welt, blared the story throughout Germany without concern at the absence of any evidence. Reuters news agency, also with no investigation, spread the story. Readers tell me that CNN has been broadcasting the fake story 24/7. Although I cannot stand to watch it, I suspect Fox "news" has also been riding this lame horse hard. Readers tell me that my former newspaper, The Wall Street Journal, which has fallen so low as to be unreadable, also spread the false story. I hope they are wrong. One hates to see the complete despoliation of one's former habitat.
The media story is preposterous for a number of reasons that should be obvious to a normal person.
Here's another absolute must read on the same subject, but this one's courtesy of Dr. Paul Craig Roberts, as he tells it like it really is---and I thank reader M.A for sending it along.
Since the U.S. and E.U. began imposing and then widening and tightening sanctions against Russia, some U.S. allies have been getting second thoughts. The latest nation to begin severing ties with the U.S.-dominated Western alliance is arguably the most important yet.
That nation is Turkey, the largest and one of the fastest-growing economies in the Middle East – and most importantly, a long-standing NATO ally. For years Turkey has been slowly drifting away from the West, as its economy and geopolitical influence have grown. It hasn't helped that its accession to the European Union has been repeatedly blocked by countries such as France and Austria, and is now directly opposed by Angela Merkel.
With recent events in Ukraine and the Middle East sending geopolitical shock waves around the world, Turkey's Eastward shift appears to be accelerating. In a harbinger of things to come, Prime Minister Recep Tayyip Erdogan's chief economic adviser, Yigit Bulut, announced that Turkey needs to "strengthen control of its banks and limit foreign ownership."
This article, posted on the wolfstreet.com Internet site on Friday, is courtesy of South African reader B.V.---and it's certainly worth reading if you have any time left.
Kurdish troops backed by US warplanes launched a bid Saturday to recapture Mosul dam, Iraq's largest, from jihadists, a senior Kurdish military official said.
"Kurdish peshmerga, with US air support, have seized control of the eastern side of the dam" complex, Major General Abdelrahman Korini told AFP.
"We killed several members of Daash. We are still advancing and in the coming hours should announce welcome news," he said, using the old Arabic acronym for the Islamic State jihadist group.
Witnesses said the air strikes started early in the morning and reported that fighting was ongoing in the afternoon.
There are reports that the dam is back in Kurdish hands, but ISIS is denying it. As Churchill said, the first casualty of war is the truth. This AFP article was posted on the france24.com Internet site at 6:05 p.m. Europe time on Saturday---and is the second offering in a row from reader B.V.
1. Ronald-Peter Stoferle: "This Will Trigger Major Dislocations in World Financial Markets" 2. William Kaye: "Trip Down the Rabbit Hole of U.S. Lies and Disinformation Agents" 3. James Turk: "The Greatest Fear For Central Planners in Gold and Silver" 4. Grant Williams: "Shocking Truth About the Missing U.S. and German Gold Hoards" 5. Michael Pento: "This is the Worst Nightmare For the United States and the West" 6. Robert Fitzwilson: "Panic Out of Fiat Currencies Accelerating Around the World" 7. The first audio interview is with Bill Fleckenstein---and the second audio interview is with Gerald Celente
[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests to them, and not to me. Thank you. - Ed]
The Colorado State Capitol dome restoration is nearly complete and the final touches to the gold are being applied this week by workers who rappel from the lantern section high atop the building as they wrap up a $17 million project. The observation area, which has been closed for nearly eight years, will reopen to the public on October 2 with a grand celebration.
This very interesting 1:53 minute video clip showed up on The Denver Post website last Wednesday---and I thank "Robert in Denver" for sharing it with us.
Western gold exports to China were down in the first half of this year but the long-term upward trend continues, gold researcher and GATA consultant Koos Jansen reported yesterday.
His commentary is headlined "Global Gold Trade Declines in H1 2014" and it's posted at the bullionstar.com Internet site. I found this embedded in a GATA release yesterday.
Gold purchases by retail customers in Vietnam, the world's seventh-largest gold consumer, fell 42 percent year-on-year to 19.3 tons in the April-June quarter, according to the latest World Gold Council report.
Gold bar sales dropped to 16.5 tons, down 45 percent from the second quarter of 2013 while jewelry purchases hit 2.8 tons, down 17 percent.
Vietnamese investors have tended to store gold as a hedge against inflation. However, with an improving economy and slowing inflation, many are seeking to invest in stocks and property or simply to collect deposit interest, Vietnam News Agency quoted Nguyen Thanh Long, Chairman of the Vietnam Gold Traders Association, as saying.
This gold-related article, filed from Ho Chi Minh City, appeared on the Thanh Nien News website at 2:37 p.m. local time on their Monday afternoon---and I found this story in a GATA release.
AngloGold Ashanti, Africa's gold miner, said it intends to cancel the listing of its shares on the London Stock Exchange to cut costs.
Gold miners have been squeezing costs to cope with a decline in the price of the yellow metal, which has dropped 32 percent since touching $1,900 in September 2011.
AngloGold says the bulk of the trading of its shares is on the Johannesburg Stock Exchange and the New York Stock Exchange. The company added that it "wishes to streamline its administrative procedures and reduce costs arising from listings on multiple stock exchanges."
The miner's shares will stop trading in London on September 22.
The above four paragraphs are all there is to this brief article that appeared in the Financial Times yesterday. It's posted in the clear in this GATA release.
In the report appended here Randgold Resources CEO Mark Bristow complains to Bloomberg News yesterday that the gold-mining industry is boosting supply to the market even while mining the metal at an increasing loss. Overlooking the gold mining industry's silence and the silence of its supposed trade association, the World Gold Council, in the face of the longstanding Western central bank policy of gold price suppression, Bristow seems not to understand even half the problem.
Randgold shareholders might ask Bristow if he's aware of any of the documentation archived by GATA---and if he plans to do anything about it. If he's not and he doesn't, he'll have one more reason to be shaking his head at his brain-dead industry.
As John Embry said more than a decade ago---"The miners are either, ignorant naïve, or complicit." Bristow would definitely fall into the 'complicit' category. This Bloomberg article, along with the above introductory paragraphs, was something I found over at the gata.org Internet site yesterday evening.
Even at the lunch café where we stopped after arriving in Peru's southeastern Amazon region, the family at the next table over looked deeply worried when we asked for directions. "Very dangerous," they said. "A lot of bad people there."
Madre de Dios is the center of illegal gold mining in the western Amazon. The miners' dredging equipment and the mercury they use to tease gold out of alluvial sediments has led to some of the most appalling environmental destruction anywhere in South America, turning lush forests into lunar wastelands.
Photographer Dominic Bracco and I wanted to see it up close. But the jungle camps where the miners work are notoriously lawless and miles from any help. Foreigners -- especially foreigners with cameras -- are not welcome.
This very interesting essay appeared on The Washington Post website at 8:30 p.m. EDT on Monday evening---and it's something else that came our way via a GATA release.
In the new edition of his "Things That Make You Go Hmmm..." letter, Singapore fund manager Grant Williams suggests that Asian central bank demand will be decisive for the gold price eventually, and he extensively praises gold researcher and GATA consultant Koos Jansen for calculating Chinese gold demand better than anyone else.
Williams writes: "If you really want to understand what the reality might very well be, then from time to time you need to take a little leap of imagination when considering the activities of the Chinese central bank and open your mind to possibilities that the mainstream just refuses to entertain.
"Nobody -- and I mean nobody -- does that better than my friend Koos Jansen.
This longish commentary by Grant Williams was posted on the mauldineconomics.com Internet site yesterday---and it's another item I found courtesy of the gata.org Internet site.