muses of the moment

July 11, 2011

Harvey Organ

Harvey Organ’s Saturday post had a lot of very valuable information. Click here.

Here are a few quotes from Harvey’s post and attached news links:

SGS: this is John’s real underemployment if you include all long term discouraged workers who fell out of the work place + part timers who want full time work.  This (unemployment) number increased to 22.7%.  This is the real number which shows that job growth in the USA is non existent.

Also note that the unemployment rate is barely better than it was a year ago. It would actually be worse than a year ago were it not for people dropping out of the labor force.

There is now evidence that the GLD and SLV are paper settling on the comex.
Thus a default at either of the LBMA, or Comex will trigger a catastrophic event.

Early this morning Lee Adler over at zero hedge has shown that the tax receipts for June are 4% behind last year.

Do you want to get even more depressed? How’s this? The employment to population ratio was unchanged from May at 58.2%, its lowest June level since 1984!

Here is the latest on the Greek situation, where the IMF has just approved the 5th
tranche of its 12 billion euro advance.  The sum advanced totaled 3.2 billion euros and the USA share is 780 million dollars.

Credit default swaps are a measure of risk of default. In this zero hedge report Tyler Durden
believes it is Italy that can bring the whole house of cards down. Italy has the largest number of CDS contracts outstanding.
Central banks have pulled 635 tonnes of gold from the Bank for International Settlements in the past year, the largest withdrawal in more than a decade.
The move, disclosed in the BIS’s annual report, marks a sharp reversal from the previous year, when central banks added to deposits of gold at the so-called “bank for central banks” rather than lending it directly to the private sector amid growing concerns over counterparty risk.
Let’s consider this. If you’re a central bank and you actually believe in the value of paper money and your ability to create wealth by printing it…why would you be loading up on Gold?
The answer is simple: you see the writing on the wall.

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