European Crisis Update-from The Slog

The Slog has news from Europe. And it is not good. Click here.

A Swiss-based bank credit specialist I’ve known for some time now insists that it is bank viability, not bonds, that’s kept the EU’s central bankers chained to their Frankfurt desks.

“I think too many observers are underplaying the [Spanish] banking liquidity thing,” he said last night, “Draghi knows what to do and how to do it, but I think only in the last few days has he grasped the size and the inevitability. We’re talking very, very big here: this is going to dwarf anything done for Greece, and it is going to make the bank 200% responsible for stopping the collapse”.

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Local Control

This is the summary of a paid subscription post over at Chris Martenson’s website by Mr. Smith. Very good (brief) analysis. Click here.

Free part one, here.

Here is another report from 2009 on local ownership of rural community resources (44 pages). Although this is about rural communities, it may give you some ideas about what local control of wealth looks like. You will have to put your urban and regional glasses on to translate this to other definitions of “local”.

Latest Release from Martin Armstrong dated August 28, 2012

Click here for Martin Armstrong’s latest release entitle Debt Is Destroying Everything dated August 28, 2012 (16 pages).

More voices join the chorus of $5000 gold

Louise Yamada calls for $5200 gold by 2018. Click here.

Louise is rather conservative in her calls, so consider this a conservative estimate. It also falls in line with Martin Armstrong’s computer model call for $5000 gold between 2017-2018.

gg: we seem to have hit a pause in gold at 1670. This is expected. The more important thing to look at: is 1640 the new support? We shall see.

Keith Fitz-Gerald

Great interview over at Chris Martenson’s website. Click here.

As an expert on Japan with deep personal ties there as well, Keith and Chris also discuss why that country is a great “black swan” candidate for the back half of 2012.