Category: maxkeiser

France in a Nutshell: “The Government Stopped Listening to the People 20 Years Ago”

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A family member who has lived in France for decades summarized the source of the gilets jaunes protests in one sentence: “The government stopped listening to the people 20 years ago. It would be difficult to deny the generalization of this: many if not most governments stopped listening to their people decades ago, preferring instead to listen to financial and political elites and entrenched cultural elites who view commoners with disdain.

Legions of commentators are weighing in on the economic and cultural sources of France’s distemper. Many have characterized the protests as working class, broadly speaking, the multitudes who have seen an erosion in the purchasing power of their wages or pensions while France’s financial, political and cultural elites have feasted on whatever meager gains the French economy has registered in the past 20 years.

The protesters rightly perceive that they are politically invisible: the ruling class, regardless of its ideological flavor, doesn’t believe it needs the support of the politically invisible to rule as it sees fit. The ruling class has counted on the cultural elites to marginalize and suppress the politically invisible by dismissing any working-class dissent as racist, fascist, nationalistic and other words expressly intended to push dissent into the political wilderness.

The cultural elites reckoned their ceaseless depiction of working-class dissent as racist-fascist populism would continue marginalizing the commoners, but the worm has turned: the financially, politically and culturally marginalized classes are fed up.

Despite the usual squabbles between factions, the ruling class has long been united behind a simple tool of control: buy complicity with government benefits. Should dissent boil up in a broad-based movement, the solution is buy the protesters off with some new state subsidy or benefit.

This is one of the essential dynamics of Neofeudalism which are:

1. Debt penury and wage-slave loyalty to the New Nobility that owns the debt.

2. The financial-political nobility maximize their skim and justify this exploitation with airy assurances to the politically impotent debt-serfs that this systemic predation magically offers up the best possible outcome for the peasantry.

3. State benefits are used as bribes to buy the complicity and passivity of the wage-slave debt-serfs.

4. The New Nobility offer politically correct cover stories for their exploitation and predation.

Now that this strategy has failed to silence gilets jaunes, France’s ruling class realizes the situation is serious. And as we all know, the ruling class everywhere follows this dictum: when it gets serious, you have to lie.

The lies are now continuous, hence the explosion of elite concern over fake news. The spark that lit the fuse of the current protests was a lie, of course; the fuel tax wasn’t intended to “save the planet”, it was intended to raise revenue so the elites could continue to extract their skim without endangering the economic order.

The elites’ clever exploitation of politically correct cover stories has enthralled the comatose, uncritical Left, but not those who see their living standards in a free-fall.

My new book Pathfinding our Destiny is available at a discount for the ebook and the print edition through December 15 ($5.95 ebook, $10.95 print). Read the first section for free in PDF format. 

My new mystery The Adventures of the Consulting Philosopher: The Disappearance of Drake is a ridiculously affordable $1.29 (Kindle) or $8.95 (print); read the first chapters for free (PDF)

My book Money and Work Unchained is now $6.95 for the Kindle ebook and $15 for the print edition. Read the first section for free in PDF format.

My new book Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic is discounted ($5.95 ebook, $10.95 print): Read the first section for free in PDF format. 

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

Vía Max Keiser https://ift.tt/2BcZJlY

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‘Gigantic Holes In The System’ Warns Ex Fed Chair

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– ‘Gigantic holes in the system’ warns former Fed Head
– Interest rates will remain lower than they have been in past
– Leveraged loans pose risks and there is unfinished regulation

– “I think things have improved, but then I think there are gigantic holes in the system”
– No new financial crisis in ‘our lifetimes’, Yellen said only last year
– Editors note: Yellen should know as she and her predecessors are responsible for some of the “gigantic holes”


Image Source: Mike Shedlock

Former Federal Reserve Chairperson Janet Yellen told an audience in New York that she fears there could be another financial crisis brewing.

She warned of leveraged loans and the inability for the Fed to bail out banks. She said that banking regulators have seen reductions in their authority to address banking and financial panics and warned of the current push to deregulate.

“I think things have improved, but then I think there are gigantic holes in the system,” Yellen warned Monday evening.

“The tools that are available to deal with emerging problems are not great in the United States,” she said in a discussion moderated by New York Times columnist Paul Krugman at CUNY.

Yellen warned that leverage loans are an area of concern, something also mentioned by the current Fed leadership.

 

Secure Storage Ireland – Click here for information

 

News and Commentary

May Returns to Brexit Front Line After Surviving Tory Ambush (Bloomberg.com)

Gold edges lower, palladium hits record high (Reuters.com)

Asia stocks rally into a second day with Hong Kong markets in the lead (MarketWatch.com)

Gold settles higher as inflation in line and the dollar takes a dip (MarketWatch.com)

Stocks cheered by Trump trade talk; sterling claws off lows (Reuters.com)


Source: Marketwatch

Bitcoin Was a Bubble. And It Popped (IndiaTimes.com)

Bitcoin’s collapse looks familiar to bubble watchers (MarketWatch.com)

S&P 500 lows? We ain’t seen nothing yet, says Gundlach (MarketWatch.com)

Why Gundlach Is “Scared Sick” Of The Global Economy (ZeroHedge.com)

Germany Accelerates Plans For Deutsche Bank-Commerzbank Megamerger (ZeroHedge.com)

Gold Technical Analysis: Gold has formed a bull flag (FXStreet.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA PM)

12 Dec: USD 1,244.75, GBP 993.31 & EUR 1,098.24 per ounce
11 Dec: USD 1,248.25, GBP 988.99 & EUR 1,096.59 per ounce
10 Dec: USD 1,246.80, GBP 980.61 & EUR 1,092.57 per ounce
07 Dec: USD 1,241.20, GBP 972.98 & EUR 1,091.51 per ounce
06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce

Silver Prices (LBMA)

12 Dec: USD 14.66, GBP 11.68 & EUR 12.93 per ounce
11 Dec: USD 14.64, GBP 11.62 & EUR 12.85 per ounce
10 Dec: USD 14.53, GBP 11.48 & EUR 12.73 per ounce
07 Dec: USD 14.49, GBP 11.34 & EUR 12.73 per ounce
06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce


Recent Market Updates

– Gold Krugerrand Coin Worth $1,200 Donated To Charity Again
– EU Recession Imminent – Euro Disunion as Brexit, Italy and End of QE Loom
– Gold and Silver Gained 2% and 3% Last Week While Stocks Dropped Nearly 5%
– Irish Central Bank Refuses To Discuss Gold Reserves In Bank of England Vaults
– “Fake Markets” To Lead to Global Financial Crisis? – Goldnomics Podcast
– Gold Is “Coiled” and Looks Set To Surge Like Natural Gas — Bloomberg Intelligence
– “Collapse Of Civilisation Is On The Horizon” – Attenborough Warns World Leaders
– Deutsche Bank May Cause The Next Global Crisis
– Ireland’s Mr Gold Reveals Nuggets Of Wisdom For When The Next Crash Comes
– BREXIT May Lead to UK Property Crash and Depression

Watch on Youtube here

Vía Max Keiser https://ift.tt/2PAXAG2

Gold Krugerrand Coin Worth $1,200 Donated To Charity Again

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– Gold Krugerrand coin worth $1,200 put in charity kettle – this time in Alaska
– Mystery Salvation Army gold donors keep giving Gold Krugerrands
– Gold, like pounds, euros and dollars can be used for good or ill
– Give the gift of gold in this the Season of Kindness 


Gold Krugerrands (1 oz) being used for good

Salvation Army staff in Alaska got a big surprise while counting change from their red kettles last Friday.

An anonymous donor dropped a gold bullion coin, worth $1,250, into a Salvation Army kettle at a store in Alaska.

“This is so unusual, we were just thrilled,” said Janet Kincaid, who chairs the Mat-Su Salvation Army board and serves on the Anchorage Salvation Army Board.

Kincaid realized the coin was special — it’s a Gold Krugerrand from South Africa — as they were counting out lower-denomination change.

“And I looked at it and I thought, ‘Oh whoa! This is one of those!”

Gold coins show up in the Salvation Army’s kettles every year, usually anonymously and in other parts of the country.

This is the first Gold Krugerrand believed to have been dropped into one of the red buckets in Alaska.

Kincaid said she thought the earthquake might’ve had something to do with the donation, because the area where it was given was hit hard.

And while Kincaid said people have been especially generous this year, the coin is a random gift that tops all others.

“We find all sorts of things, like washers and screws. All other kind of coins. Sometimes we find an alcoholics coin that’s a symbol of their sobriety,” Kincaid said. “You know, men in particular, they just clean out their pockets and drop it in.”

The Gold Kruggerand was likely not the result of someone cleaning out their pockets, or an accident, she said. That’s because it was in a plastic sleeve and came with a note in memory of someone.

Kincaid said she doesn’t want to reveal the name, because it was given anonymously, and she doesn’t know if the person wants their loved one’s name made public.

Source: Alaskapublic.org

Editors note: The Salvation Army Gold Krugerrand story is a heart warming story that we feature every year. It shows how gold bullion is neither good nor bad in and of itself.

How could it be given it is simply a rare, finite precious metal in pure form?

Rather like euros, pounds, dollars and all forms of money and indeed like all finite, natural resources on this small planet of ours, gold can be used for good or for ill.

“The desire of gold is not for gold. It is for the means of freedom and benefit” as Ralph Waldo Emerson pointed out.

 

Secure Storage Ireland – Click here for information

 

News and Commentary

Dow closes lower after swinging more than 500 points in another volatile session (CNBC.com)

Stocks cheered by Trump trade talk; sterling plagued by politics (CNBC.com)

Japan, Hong Kong lead big stock rebound in Asia Wednesday (MarketWatch.com)

Trump threatens shutdown over border wall during heated meeting with Pelosi, Schumer (MarketWatch.com)

After May asks for help, Germany’s Merkel says no more Brexit negotiations (Reuters.com)

South African Gold Output Drops 13th Straight Month in October (Bloomberg.com)


Source: KingWorldNews

Foreign investors spurn U.S. Treasuries as curve threatens to invert (Reuters.com)

News from Euroland – Recession Imminent (MasterInvestor.co.uk)

This is What The “Trade” War With China Is Really All About (ZeroHedge.com)

GE Slumps To Ominous $6.66 March 2009 Lows (ZeroHedge.com)

The Powers-That-Be Were Everywhere Yesterday (GoldSeek.com)

Gold and Global Financial Crisis Redux (GoldSeek.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA PM)

11 Dec: USD 1,248.25, GBP 988.99 & EUR 1,096.59 per ounce
10 Dec: USD 1,246.80, GBP 980.61 & EUR 1,092.57 per ounce
07 Dec: USD 1,241.20, GBP 972.98 & EUR 1,091.51 per ounce
06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce

Silver Prices (LBMA)

11 Dec: USD 14.64, GBP 11.62 & EUR 12.85 per ounce
10 Dec: USD 14.53, GBP 11.48 & EUR 12.73 per ounce
07 Dec: USD 14.49, GBP 11.34 & EUR 12.73 per ounce
06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce


Recent Market Updates

– EU Recession Imminent – Euro Disunion as Brexit, Italy and End of QE Loom
– Gold and Silver Gained 2% and 3% Last Week While Stocks Dropped Nearly 5%
– Irish Central Bank Refuses To Discuss Gold Reserves In Bank of England Vaults
– “Fake Markets” To Lead to Global Financial Crisis? – Goldnomics Podcast
– Gold Is “Coiled” and Looks Set To Surge Like Natural Gas — Bloomberg Intelligence
– “Collapse Of Civilisation Is On The Horizon” – Attenborough Warns World Leaders
– Deutsche Bank May Cause The Next Global Crisis
– Ireland’s Mr Gold Reveals Nuggets Of Wisdom For When The Next Crash Comes
– BREXIT May Lead to UK Property Crash and Depression
– General Motors And General Electric Highlight The Ponzi Scheme That Is The US Economy

Watch on Youtube here

Vía Max Keiser https://ift.tt/2EhvHAx

EU Recession Imminent – Euro Disunion as Brexit, Italy and End of QE Loom

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by John Mauldin

Someone asked recently how many times I had “crossed the pond” to Europe. I really don’t know. Certainly dozens of times. It’s been several times a year for as long as I remember.


Graphic: European Central Bank

That makes me an extremely unusual American. Most of us never visit Europe, except maybe for a rare dream vacation. And that’s okay because our own country is wonderful and has a lifetime of sights to see. But it does affect our perspective on the world.

Many of us don’t fully grasp how important Europe is to the US and global economy.

We may soon get a lesson on that. I’ve talked about Italy’s ongoing debt crisis, which is not improving, but Europe has other problems, too.

Worse, events are coalescing such that several potential crises—all major on their own—could strike at the same time, and not too long from now.

As I’ve been saying for about three years, there is no reason for the US to have a recession on its own. I think events elsewhere will push us into it, and Europe is a really big current risk. I know from my visits to Europe and discussions with friends there, they see all sorts of problems with Trump and particularly his tariffs.

However, another concern is that the various actors in Europe are not playing nice with each other. I tell my European friends the same forces that yielded Trump are coming to a European country near them. In some places, they already have.

So, in my never-ending quest to keep you ahead of the curve, I’ll review what’s happening “over there.” This may be a turnabout for European readers who rely on me to describe what’s happening over here. But as you’ll see, we are far more connected than separated by distance.

(Note: The link is to my favorite version of “Over There” written by George M. Cohan, here sung by James Cagney in 1942 for the film Yankee Doodle Dandy. It was written at the beginning of World War I and quickly became the number one song of not just that era but also the World War II era. Younger generations may not remember music with so much unbridled, enthusiastic patriotism. They can be excused for not quite understanding such feverish intensity. It was a different era.)

Monetary Drug Withdrawal

Last week my British friend Jim Mellon sent me a fascinating article with an alarming title: “News from Euroland—Recession Imminent.” I’m not certain when Jim sleeps, as I get a few emails from him every day at seemingly random times, always with pithy, on-target reading material. (Although I can usually figure out when he is in Great Britain by their timing.)

Now, I am not one who falls prey to click-bait headlines (nor is Jim) and I’m also well aware Europe’s economy is weakening. I would not have said recession was imminent but reading this article left me more than a little concerned. The author, economist Victor Hill, ties events together in ways many haven’t considered.

Hill begins the piece this way.

Across Europe, and particularly in the 18-member Eurozone, the economic news is sobering. It’s now clear that the credit crunch in emerging markets which has played out over most of this year, plus the slowdown in China, are having negative consequences in Europe. Yet, despite the ongoing trauma of Brexit, the UK is cruising along relatively smoothly—for now.

A number of critical events are about to coincide…

The first such event is the impending end of the European Central Bank’s quantitative easing “Asset Purchasing Programme,” which has been propping up asset prices with wholesale purchases of bonds, stocks, and anything else that isn’t nailed down.

Mario Draghi and his crew borrowed our Federal Reserve’s plan and, if possible, made it even crazier. You can see in the chart they have been stepping down purchases. The pace should reach zero in early 2019. But this doesn’t account for assorted other loan programs, which some would like to see continue or even expand. Germany opposes all such policies and I think will get its way, especially since Draghi will be leaving next year.

This means the Eurozone is about to lose a monetary drug on which it has grown highly dependent. But those 18 nations will not be the only ones affected. The larger EU needs a thriving core to stimulate growth for the whole continent.

Note that Draghi will finish his term as ECB president in October 2019. Economists (what do they know?) project he will make his first interest rate increase just one month before he leaves, in September. That means taking rates from -0.40 bps to -0.20, still below zero.

In all likelihood, his replacement will have to be approved by Germany. What will be the new president’s appetite for negative rates even in the face of recession? Will he listen to the Bundesbank? Will the ECB once again expand its balance sheet? What is left to buy? All good questions with no answers yet but potential market dangers.

And if Europe falls into recession earlier in 2019, will Draghi reverse himself and resume expanding the balance sheet, buying yet more assets that are not nailed down? The Italians would certainly like that.

European Disunion and Brexit

Hill’s second “critical event” is Brexit, the latest plan for which is set for a December 11 vote in the UK’s Parliament. As of now its prospects look dim, at least without changes that the EU sidesays it won’t accept. That may not be true because, as we have learned, European officials are masters at vowing inflexibility and then bending when forced.

But let’s have some sympathy for Prime Minister Theresa May. She is dealing with a rebellion in her own party, has lost numerous votes and it is not clear she can force her (let’s call it) Brexit-lite proposal through Parliament. You can read about her troubles here.

This deal has monster implications for economics and investments and you really need to pay attention. I think I would vote against, not that anyone in Great Britain will care, as it seems to me that her compromise leaves Europe with more control over what a “final” agreement would look like. It’s not exactly what the “leave” crowd originally wanted. But in reality there are no good choices. If this is voted down, I see real chances for problems everywhere.

Another national vote might seem sensible, except that would look like the elites keep taking votes until they get the outcome they want. It would make a large part of the country upset no matter what. As I said, no good choices…

Regardless, it is highly uncertain what happens next. The UK gave formal notice it would leave the EU on March 29, 2019, whether terms of separation are reached by then or not. A “hard Brexit” would be chaotic, to say the least, as it would leave businesses trying to operate in a legal vacuum. World Trade Organization rules might serve as a backstop in some matters but the massive trade volume between the UK and EU would certainly slow. Can they walk that notice back? Fudge a little bit on the date? This is the EU. They can do anything they bloody well like. Damn the rules and full speed ahead…

On the other hand, remaining in the EU would enrage the millions who voted to leave and probably bring down the May government. Where it would go from there is anyone’s guess. It is hard to even imagine “democratic socialist” Jeremy Corbin as Prime Minister. So both economies are probably in for a shock unless some miracle produces orderly separation terms in the next three months, which seems unlikely.

The third critical event, says Hill, is the growing Italian crisis, which I’ve been warning about for quite some time. That kettle is getting ready to boil over. Now banks in Italy are having trouble refinancing their bond issues, which is forcing them to curtail lending to an already-weak private sector. Rising mortgage rates are cutting into consumer spending. Italy is arguably already in recession but the situation looks likely to get worse—which is a big problem for its creditors, mainly Germany, which we will discuss in a bit.

But Hill says, I think correctly, that the Italian crisis is no longer just economic, if it ever “just” was. It is emblematic of a culture war that is pitting anti-immigration populist movements against “elites” they believe are hostile to their interests. As happened elsewhere, unemployed and working-class people are losing faith in the system. We see this most recently in the violent gas-tax protests in France.

This protest movement has an altogether different feel when you pay close attention. It is not just about higher fuel taxes. It is about almost half the country being angry at the educated city-dwelling elite while the brunt of increased taxes falls on an increasingly burdened rural middle class. The French government now consumes 46.2% of GDP, making it the most-taxed OECD nation. Even a slight tax increase affects the working class disproportionately. And when it increases taxes on something like diesel fuel, which is critical in rural areas, it is particularly hard.


Image: Mish Shedlock

In Europe and around the world, we see this pushback against what is seen as an elite group at the top (the “Protected”) which pays no attention to the problems of their less successful “Unprotected” brethren. And those brethren are demanding attention.

This “morality play” is spreading through Europe. We now see German political patriarch Wolfgang Schauble backing a candidate to replace Merkel as head of the CDU (Christian Democratic Union), who is openly courting the same voters that have left their party and gone to the anti-immigration and populist Alternative for Germany (AfD). That means a conservative push for Germany and a more populist approach for mainstream parties.

The common thread running through these events is the idea of a united Europe. This idea was a driving force in the foundation of the European Union and is common in the establishment and/or “elite.” Up until a few years ago, the idea was popular across the political spectrum but support has weakened as economic times changed. It was never particularly feasible, but the effort made sense for a continent so damaged by centuries of repeated wars. The problem is that the EU can’t achieve its goals unless it gets stronger and much of the public has had its fill of centralization. I don’t know how they can solve this. Brexit, if it happens, may turn out to have been the test case for a full dissolution.

How that will unfold is hard to predict. For now, there are more immediate problems. Victor Hill thinks “a disorderly Brexit will be the spark that sets the Eurozone tinderbox aflame in the first half of 2019.” The tinderbox is already full in Italy and France. It won’t take much heat for that kettle to boil over.

But that’s not all.

Trade Threats

Speaking of unity, last weekend’s Buenos Aires G20 summit was a chance for world leaders to forge common ground on important global issues. That’s not exactly what happened but President Trump’s trade discussion with Chinese president Xi Jinping looked initially like a bright spot. They agreed to stop making things worse for a few months, at least. Markets were more skeptical after digesting the news—rightly so, at least from my standpoint.

As I’ve said, there are real issues with China on intellectual property and more. It is not unreasonable to ask for an open and fair playing field. China is no longer an emerging market nation. It has emerged, at least the eastern half. Beijing should play by the same rules as the rest of the developed world. But getting agreement with China is going to be a hard slog.

One encouraging but little-reported G20 event: US Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin gathered their peers from the smaller G7 group for an unscheduled dinner. According to Ian Bremmer, they made significant progress on working together to solve the China issues. This should be positive if it continues.

Meanwhile, however, Louis Gave explains why problems with China may be bad news for Europe at a time when Europe doesn’t need any more challenges (bold is mine).

It is no secret that Trump is surrounded by men who want to “take China down,” who have argued at length that China is a house of cards built on unsustainable credit, and that all the US needs to do is give a gentle nudge for the whole edifice to come crashing down. So far, this talk of China’s vulnerability has proved way off-target. For all of the dire predictions of an imminent debt crisis and financial meltdown, China is still standing very much upright.

So, if Trump wants a win, where should he look? If a long cold war of attrition with China doesn’t look promising, perhaps bashing Europe—specifically Europe’s auto industry and lack of defense spending—could prove more attractive, especially as Europe is now politically rudderless and economically slowing. My bet would be that in the coming weeks, Trump stops speaking about China, and instead starts bashing Europe. And doubtless his favorite targets will be France and Germany, perhaps as payback for the slights he endured at last month’s commemoration of the World War I armistice. If nothing else, Trump has shown that he is a firm believer in the old adage that revenge is a dish best served cold.

I pay attention when Louis speaks. He often sees events that happen “around the curve.” His premise is simple: The automotive industry drives the German economy. Germany, in turn, drives the European economy. So if Trump decides to follow through on the car tariffs he’s threatened, it could be a serious blow. German auto executives met with him in Washington this week but the threat is still alive.

Oh, and one more thing. Deutsche Bank, Germany’s financial crown jewel, seems to be in deep trouble. Its shares, which never recovered from the 2007–2008 ugliness, dropped to all-time lows this week after German police raided the bank’s offices in a money-laundering probe. We don’t know exactly what the fire is but there sure is a lot of smoke. Other European banks are not exactly thriving but DB seems to be in particular trouble.

It is hard for us in the US to realize how important European banks are. European businesses, particularly small ones, get almost all their financing from banks. When Italian banks have trouble funding their bonds, that means Italian businesses will suffer.

So add all this up. We could see Europe faced with monetary tightening, hard Brexit, an Italian breakdown, popular unrest not just in France but all over, a trade war and a German/Italian bank crisis all at the same time. Again, this is not a far-off possibility. It could all be happening in the next three or four months.

If some combination of these crises develops into a perfect storm, the pain won’t stay in Europe. US, Canadian, Latin American, and Asian companies that do business with Europe will lose sales and have to lay off workers. Lenders everywhere who own Euro debt will face losses. Highly leveraged derivatives could blow up, forcing bailouts and currency interventions. We don’t know where it would lead but certainly nowhere good.

And it will end up being played out in the equity markets all over the world. Stay tuned…

The markets have been quite volatile for the past few weeks. My preferred ETF trading strategy, called Mauldin Smart Core, has performed well in this environment. Full disclosure, I have recently closed my own personal investment advisory firm down and moved my registration to my longtime friend Steve Blumenthal of CMG. As a personal business strategy, he has all the infrastructure and team to support me, and it really does allow me to spend more time researching and reading and writing. I am co-portfolio manager for the Mauldin Smart Core strategies which is available as a mutual fund or managed accounts.

We have done a report called “Investing During the Great Reset,” which explains our strategy and rationale. If nothing else, it will show you how I want to deal with the risk of a coming potential bear market and give you ideas for doing it yourself or in your own firm. Of course, I hope that some of you will become clients. But I am perfectly willing to help you whether you do or not. I want as many people as possible to get from where we are today to the other side of The Great Reset.

Full article on Mauldin Economics

 

Secure Storage Ireland – Click here for information

 

News and Commentary

Gold gains on weaker dollar, chance of slower US rate hikes (CNBC.com)

Gold is regaining poise in Asia, rising call demand suggests more gains ahead (FXStreet.com)

Dow erases 500-point drop and closes higher in another wild session (CNBC.com)

Apple helps Wall St. pull back after S&P hits eight-month low (Reuters.com)

Fed seen slowing, or even stopping, rate hikes next year (Reuters.com)


Source: KingWorldNews

Gold is looking interesting (Macromon)

Gold will take out 5 years of highs in 50 trading days – Oliver (KingWorldNews.com)

What’s next for global markets? Keep a close eye on the oil price (MoneyWeek.com)

Here’s what mortgage ‘rate lock’ looks like, in one chart (MarketWatch.com)

Switzerland – World’s Biggest Hedge Fund Is Getting Whacked & Why “Moneyness” Matters (DollarCollapse.com)

Bear Markets Everywhere: Over Half The World Is Now Down 20% Or More (ZeroHedge.com)

Australia Warned To Prepare For “Severe Housing Collapse” And “Banking Crisis” (ZeroHedge.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA PM)

10 Dec: USD 1,246.80, GBP 980.61 & EUR 1,092.57 per ounce
07 Dec: USD 1,241.20, GBP 972.98 & EUR 1,091.51 per ounce
06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce
03 Dec: USD 1,231.05, GBP 966.00 & EUR 1,084.92 per ounce

Silver Prices (LBMA)

10 Dec: USD 14.53, GBP 11.48 & EUR 12.73 per ounce
07 Dec: USD 14.49, GBP 11.34 & EUR 12.73 per ounce
06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce
03 Dec: USD 14.39, GBP 11.31 & EUR 12.69 per ounce


Recent Market Updates

– Gold and Silver Gained 2% and 3% Last Week While Stocks Dropped Nearly 5%
– Irish Central Bank Refuses To Discuss Gold Reserves In Bank of England Vaults
– “Fake Markets” To Lead to Global Financial Crisis? – Goldnomics Podcast
– Gold Is “Coiled” and Looks Set To Surge Like Natural Gas — Bloomberg Intelligence
– “Collapse Of Civilisation Is On The Horizon” – Attenborough Warns World Leaders
– Deutsche Bank May Cause The Next Global Crisis
– Ireland’s Mr Gold Reveals Nuggets Of Wisdom For When The Next Crash Comes
– BREXIT May Lead to UK Property Crash and Depression
– General Motors And General Electric Highlight The Ponzi Scheme That Is The US Economy
– A Worldwide Debt Default Is A Real Possibility

Watch on Youtube here

Vía Max Keiser https://ift.tt/2Px8tZd

The Conflicting Forces of Modernism: Kafka and Kierkegaard

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In Kafka’s Nightmare Emerges: China’s “Social Credit Score” (May 7, 2018), I wrote about Kafka’s vision of a bureaucratic nightmare emerging in China’s “Social Credit Score.”

The idea here is the central state sets up a vast, pervasive surveillance system to monitor all its citizens, and assigns a social score to each citizen based on his/her compliance with regulations and social norms as defined by the state.

In Kafka’s nightmarish novels, an opaque, impenetrable and impersonalized bureaucracy controls the social and economic structures of everyday life.

China’s system is based on a social score, but one’s social score has enormous economic consequences: the citizen with a low score can be denied rights to travel, his/her children can be denied access to educational opportunities and so on.

As I noted, there doesn’t appear to be a legal process for challenging one’s low social score, or much transparency on the various violations and weighting of violations that go into calculating each individual’s score.

I’ve often written about the difference between force and power: as per Edward Luttwak, force (coercion) is costly and clumsy, while power works via persuasion, grudging or otherwise.

China is attempting to create a system that is extremely coercive (a low score generates severe punishments) but also seeks to internalize the social scoring system: no authority figure is required to force individuals to comply; each individual internalizes the rules and modifies their own behavior accordingly.

This aligns with China’s historic reliance on internalized social norms to control its vast populace. Even in the Song Dynasty (960 AD to 1279 AD), the central state relied on the internalized social norms of Confucian values to “order society” with minimal coercion. A judiciary system handled gross violations of the legal rules and petitions for redress, but in effect the state ruled through the family and community hierarchies created by Confucianism.

I bring up Kierkegaard in this context as one of the first “modern” philosophers to question state control of the church and religion (the Western analog of Confucianism) and propose the primacy of the individual’s relationship with God and inner moral compass — what he termed the knight of hidden inwardness.

The primacy of the individual is the core of Modernism, as each individual discovers the mysteries of God in their own way and time, and creates their own identity via their own choices and commitments. This is the essence of Existentialism and Modernism, which rejects the ultimate authority of centrally controlled norms.

In art and literature, Modernism frees individuals to work outside of established genres and flout traditional rules governing art and literature, and indeed, the creative process.

We seem to be heading into a confrontation between the two forces of Modernism: the primacy of the individual versus the increasing technological and economic might of the central state. This conflict is largely beneath the surface of everyday life and the “news,” but it may play a key role in the coming Great Crisis that’s due by 2025.

As for those who claim to have refuted or even debunked (heh) concerns about the teleology of China’s social control system, let’s paraphrase Zhou Enlai: it’s too early to tell.

My new book Pathfinding our Destiny is available at a discount for the ebook and the print edition through December 15 ($5.95 ebook, $10.95 print). Read the first section for free in PDF format. 

My new mystery The Adventures of the Consulting Philosopher: The Disappearance of Drake is a ridiculously affordable $1.29 (Kindle) or $8.95 (print); read the first chapters for free (PDF)

My book Money and Work Unchained is now $6.95 for the Kindle ebook and $15 for the print edition. Read the first section for free in PDF format.

My new book Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic is discounted ($5.95 ebook, $10.95 print): Read the first section for free in PDF format. 

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

Vía Max Keiser https://ift.tt/2QqGWhA

Gold and Silver Gained 2% and 3% Last Week While Stocks Dropped Nearly 5%

https://ift.tt/2C242Cj

  Close Gain/Loss On Week
Gold $1248.40 +$10.10 +2.19%
Silver $14.63 +$0.25 +3.25%
XAU 67.94 +2.40% +5.40%
HUI 153.93 +2.58% +6.13%
GDM 560.05 +2.34% +5.32%
JSE Gold 1201.13 -0.09 +9.31%
USD 96.60 -0.14 -0.61%
Euro 114.10 +0.24 +0.80%
Yen 88.80 +0.01 +0.67%
Oil $52.61 +$1.12 +3.30%
10-Year 2.856% -0.031 -4.86%
Bond 143.90625 +0.34375 +2.27%
Dow 24388.95 -2.24% -4.50%
Nasdaq 6969.25 -3.05% -4.93%
S&P 2633.08 -2.33% -4.60%

Weekly Performance (Source: GoldSeek)

 


December’s Month to Date Performance (Source: FinViz)

Gold acted as a safe haven last week and is again acting as a safe haven in December.

It has performed well despite the rout in stocks in Ireland and globally. U.S. stocks including the S&P500 and Nasdaq were down nearly 5% last week, while gold was 2% higher and silver over 3% higher.

Gold and silver saw even larger gains in euros, pounds and most other fiat currencies and are seeing gains in most fiat currencies in 2018.

With the risk of a U.S. recession increasing and U.S. stock indices near record highs, it is a good time to rebalance portfolios.

As is frequently the case, gold can suffer in the initial market sell off and be correlated with risk assets. However, it tends to bottom quicker and bounce and display an inverse correlation to risk assets.

This is especially the case over the long term – on a monthly, quarterly or annual basis.

Gold has consolidated after its recent sell off. Gold ETF and physical demand globally and especially in China remains robust and this should push gold higher in the New Year.

Markets being sentiment and momentum driven this could mean the recent correction in gold is over. Technical driven traders are likely to take signal from the recent price gains, in the face of stock market sell offs, and many will be seeking to reverse short positions and go long gold.

Gold appears to have bottomed and looks set to have a strong 2019 given the increasingly positive fundamentals.

 

 

Secure Storage Ireland – Click here for information

 

News and Commentary

Stocks Fall on Heightened Trade Worry; Dollar Dips (Bloomberg.com)

Asia stocks fall after Chinese trade data misses expectations (MarketWatch.com)

Gold steady near 5-month peak, soft U.S. jobs data supports (Reuters.com)

French central bank and JP Morgan team up to boost Gold Lending (BullionStar.com)

India and United Arab Emirates to stop using U.S. dollars in trade (GulfNews.com)


Source: Bloomberg

All Around the World, Central Bank Independence Is Under Threat (Bloomberg.com)

European Disunion & Monetary Drug Withdrawal – John Mauldin (GoldSeek.com)

BIS gold swaps fall in November but bank continues secret trading (Gata.org)

Stock Selloff Boosting Gold (SeekingAlpha.com)

I Would Not Wait For A Correction To Get Into Gold (SeekingAlpha.com)

South African Gold Industry Enters Final Phase of Slow Death (Bloomberg.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA PM)

07 Dec: USD 1,241.20, GBP 972.98 & EUR 1,091.51 per ounce
06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce
03 Dec: USD 1,231.05, GBP 966.00 & EUR 1,084.92 per ounce
30 Nov: USD 1,220.45, GBP 956.95 & EUR 1,073.75 per ounce

Silver Prices (LBMA)

07 Dec: USD 14.49, GBP 11.34 & EUR 12.73 per ounce
06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce
03 Dec: USD 14.39, GBP 11.31 & EUR 12.69 per ounce
30 Nov: USD 14.24, GBP 11.16 & EUR 12.52 per ounce


Recent Market Updates

– Irish Central Bank Refuses To Discuss Gold Reserves In Bank of England Vaults
– “Fake Markets” To Lead to Global Financial Crisis? – Goldnomics Podcast
– Gold Is “Coiled” and Looks Set To Surge Like Natural Gas — Bloomberg Intelligence
– “Collapse Of Civilisation Is On The Horizon” – Attenborough Warns World Leaders
– Deutsche Bank May Cause The Next Global Crisis
– Ireland’s Mr Gold Reveals Nuggets Of Wisdom For When The Next Crash Comes
– BREXIT May Lead to UK Property Crash and Depression
– General Motors And General Electric Highlight The Ponzi Scheme That Is The US Economy
– A Worldwide Debt Default Is A Real Possibility
– Risk of Lower Lows in Gold Remains Prior to Spectacular Rally to Follow

 

Watch on Youtube here

Vía Max Keiser https://ift.tt/2L9l5VL

[KR1316] Keiser Report: Hold On To Your Private Keys

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In this episode of the Keiser Report, Max and Stacy discuss an analysis of the G20 pointing to the theme of ‘bye, bye, American empire,’ as nations seek to establish boundaries and independence from an increasingly erratic and bullying great power. In the second half, Max continues his interview with 22-year banking veteran turned cryptocurrency advocate, Caitlin Long, about what Wall Street will bring to bitcoin and how the community can keep their crypto assets from being financialized, partly by holding onto their private keys and other simple measures.

Vía Max Keiser https://ift.tt/2EjXcKN

The Everything Bubble Has Popped

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Here’s a new report from Chris Martenson tracking the fast-developing devolution of the macroeconomic landscape.

It appears increasingly clear that the “Everything Bubble” blown by the central banking cartel over the past 8 years has popped, while more and more recession indicators are flashing red.

2019 is looking like it’s going to be an exceptionally painful year.

Read the full article >>

Vía Max Keiser https://ift.tt/2EmB3eV

Irish Central Bank Refuses To Discuss If Gold Reserves Are In Bank of England Vaults

https://news.goldcore.com/ie/wp-content/uploads/sites/19/2018/12/irish-gold-reserves.png

– As Brexit looms, the Central Bank of Ireland has refused to discuss the location and value of Irish gold reserves
– No date given for removal of “commercially sensitive” gold reserves from Bank of England vaults

– Bank of England vaults in London believed to hold almost €200 million of Irish gold
– Ireland’s financial system & economy is hugely exposed to a Brexit downturn

via Irish Independent:

IRELAND’S Central Bank has refused to say if it plans to move almost €200m worth of gold bars from the vaults of the Bank of England as a result of Brexit, insisting that any such move would be “commercially sensitive”.

The gold reserves have been held by its UK counterpart for a number of years, and the Central Bank has traditionally been coy on the precise details of the reserves, and the terms of the arrangement it has with the Bank of England.

It refused to be drawn yesterday on whether the reserves would be removed from the Bank of England either before or after the Brexit deadline of next March.

“It is for the Central Bank to determine how Ireland’s gold reserves ought to be managed,” a spokeswoman told the Irish Independent.

“The Central Bank’s portfolio is managed in line with approved parameters, which are kept under regular review and we report on key activities and developments in our annual report,” she added.

“The Central Bank’s transactions in gold are commercially sensitive and no further comment can be made at this time,” she said.

The latest Central Bank annual report shows that it had €209.3m worth of gold and gold receivables on its books at the end of 2017.

It’s believed that included €193.5m worth of fine gold held as gold bars with the Bank of England, and an additional amount of gold coins held at the Central Bank.

Editors note: This is an important story which we have covered quite frequently over the years and indeed have prompted politicians and journalists to ask questions about. Hopefully, on this occasion the story gets a bit of traction and there is a debate about the location, value and actual ownership of Irish gold reserves.

Ireland’s gold reserves and indeed the private ownership of gold by Irish investors, pension funds etc is important given the risks posed to Ireland today.

Ireland’s financial system and economy is hugely exposed to a Brexit downturn with more than a quarter of lending by main Irish banks to borrowers in the UK as reported by the Irish Independent today.

Institutional gold vaults are now available in Ireland for the first time via GoldCore and its storage partners. We will be giving the Central Bank of Ireland a call to see if we can assist them with repatriating the Irish gold reserves to where they belong – in secure vaults in Ireland.

 

Related Content

Does Bank Of England Hold €235 Million Of Irish Gold Reserves? (GoldCore)

UK bank sits on a pot of €235m in Irish gold (GoldCore via Irish Independent)

 

Secure Storage Ireland – Click here for information

 

News and Commentary

Gold notches a gain as stock market tumbles amid intensifying U.S.-China clash (MarketWatch.com)

Gold notches a gain as stock market tumbles amid intensifying U.S.-China clash (MarketWatch.com)

Gold climbs to near 5-month peak as dollar, stocks decline (CNBC.com)

Gold-backed ETFs up on stock volatility in November (Reuters.com)

Dow rebounds from 780-point plunge, ends day just slightly lower (CNBC.com)

Venezuelan officials seek meeting with Bank of England over gold repatriation (Reuters.com)


Source: Gold.org

Global gold backed ETF flows are now positive in 2018 (Gold.org)

Gold tends to bottom quicker and display an inverse correlation to risk assets. (MarketWatch.com)

Why buy gold now? Because I don’t know (SovereignMan.com)

The Art Of Defaulting (ValueWalk.com)

Panic Buying Hits Palladium Market: What Comes Next? (GoldSeek.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA PM)

06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce
03 Dec: USD 1,231.05, GBP 966.00 & EUR 1,084.92 per ounce
30 Nov: USD 1,220.45, GBP 956.95 & EUR 1,073.75 per ounce
29 Nov: USD 1,226.25, GBP 960.03 & EUR 1,077.87 per ounce

Silver Prices (LBMA)

06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce
03 Dec: USD 14.39, GBP 11.31 & EUR 12.69 per ounce
30 Nov: USD 14.24, GBP 11.16 & EUR 12.52 per ounce
29 Nov: USD 14.26, GBP 11.17 & EUR 12.55 per ounce


Recent Market Updates

– “Fake Markets” To Lead to Global Financial Crisis? – Goldnomics Podcast
– Gold Is “Coiled” and Looks Set To Surge Like Natural Gas — Bloomberg Intelligence
– “Collapse Of Civilisation Is On The Horizon” – Attenborough Warns World Leaders
– Deutsche Bank May Cause The Next Global Crisis
– Ireland’s Mr Gold Reveals Nuggets Of Wisdom For When The Next Crash Comes
– BREXIT May Lead to UK Property Crash and Depression
– General Motors And General Electric Highlight The Ponzi Scheme That Is The US Economy
– A Worldwide Debt Default Is A Real Possibility
– Risk of Lower Lows in Gold Remains Prior to Spectacular Rally to Follow
– Gold and Silver Hold Firm as Stocks and Oil Lower in to US Holiday Weekend

Watch on Youtube here

Vía Max Keiser https://ift.tt/2zIBHPO

“Fake Markets” To Lead to Global Financial Crisis? – Goldnomics Podcast

https://news.goldcore.com/ie/wp-content/uploads/sites/19/2018/12/gold-storage-ireland-irish-times.png

– What are “Fake Markets” and will they lead to another global financial crisis?
– What do fake markets mean for stock and bond market performance in the future? 
– Is this the right time to re-balance portfolios and hold more cash and gold?

In episode 9 of the Goldnomics Podcast, Stephen Flood GoldCore CEO talks to Francesco Filia CEO of Fasanara Capital and regular contributor to CNBC about his take on the ‘Fake Markets’ of today.

Markets are fake today as they are “heavily manipulated by monetary authorities.” 

“Fake markets” mean investors are all on the “same side of the boat and the boat can capsize.”

Listen to the full episode or skip directly to one of the following discussion points:

00:30 – Francesco Filia and Stephen Flood: can the performance of stock markets be trusted as a barometer for economic performance?
01:06 – Stay updated in all developments in precious metals by signing up for GoldCore’s market update on http://www.goldcore.com
01:27 – Meet Francesco Filia, CEO & CIO at Fasanara Capital.
02:28 – Francesco: Understanding fake markets and why you should be concerned.
03:10 – Fake markets today due to complete manipulation of markets by monetary authorities.
05:14 – Francesco: Understanding the difference between passive and active investments.
07:59 – Are ETFs a cause for concern?
10:10 – Swiss National Bank & Swiss equity market: A bubble waiting to burst?
11:40 – How strong is the argument for passive investments
12:19 – Greek Tier One Capital and the assumption of zero default risk: How sustainable is this?
14:08 – The definition of “Fake Markets.”
15:42 – Fake markets, systemic risk and investors: Identifying and avoiding the pitfalls.
17:40 – Are systemic risk indicators better than volatility based indicators?
19:50 – The Rate of Recovery: A good indicator of the temperament of the market?
22:10 – Is complexity theory a better way to understand markets?
24:09 – What can investors do to insulate themselves in Fake Markets?
25:48 – What can gold do to your portfolio in the event of a market correction?
28:03 – How can markets be fixed?
31:44 – Can central banks or official sector intervention fix the market?
32:54 – What can central banks do to protect the market and ensure systemic stability?
34:08 – Has the market bubble created more income inequality?
36:12 – Low rates: can bonds still save the day?
37:28 – Coming market transition: Any need for panic?
38:02 – Is this the right time to rebalance portfolios and hold more cash and gold?

Make sure you don’t miss a single episode… Subscribe to the Goldnomics Podcasts on iTunes, Soundcloud, Blubrry or YouTube

 

Secure Storage Ireland – Click here for information

 

News and Commentary

Gold inches higher as dollar dips amid risk aversion (CNBC.com)

Asian markets plunge, led by tech stocks, after Huawei exec’s arrest (MarketWatch.com)

May’s Brexit deal under fire as legal advice stiffens opposition (Reuters.com)

Gold prices end lower, a day after settling at their highest in over 4 months (MarketWatch.com)

Gold Gets Leapfrogged as Palladium Extends Rally to New Record (Bloomberg.com)


Source: Bloomberg

Market reaction to the French riots goes a long way to explaining them (MoneyWeek.com)

Carnage Continues: US Futures Flash Crash After Huawei CFO Arrest (ZeroHedge.com)

Yield Curve Just Inverted for the First Time in Years. Time to Reconsider Risk? (GoldSeek.com)

Empty Words Are Failing. A Timeline For What Comes Next (DollarCollapse.com)

Story of a Gold Coin (Plata.com.mx)

Is Wall Street still too bullish on FAANG? Some say so (CNBC.com)

Gold Prices (LBMA PM)

05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce
03 Dec: USD 1,231.05, GBP 966.00 & EUR 1,084.92 per ounce
30 Nov: USD 1,220.45, GBP 956.95 & EUR 1,073.75 per ounce
29 Nov: USD 1,226.25, GBP 960.03 & EUR 1,077.87 per ounce
28 Nov: USD 1,213.20, GBP 949.69 & EUR 1,074.77 per ounce

Silver Prices (LBMA)

05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce
03 Dec: USD 14.39, GBP 11.31 & EUR 12.69 per ounce
30 Nov: USD 14.24, GBP 11.16 & EUR 12.52 per ounce
29 Nov: USD 14.26, GBP 11.17 & EUR 12.55 per ounce
28 Nov: USD 14.15, GBP 11.06 & EUR 12.54 per ounce


Recent Market Updates

– Gold Is “Coiled” and Looks Set To Surge Like Natural Gas — Bloomberg Intelligence
– “Collapse Of Civilisation Is On The Horizon” – Attenborough Warns World Leaders
– Deutsche Bank May Cause The Next Global Crisis
– Ireland’s Mr Gold Reveals Nuggets Of Wisdom For When The Next Crash Comes
– BREXIT May Lead to UK Property Crash and Depression
– General Motors And General Electric Highlight The Ponzi Scheme That Is The US Economy
– A Worldwide Debt Default Is A Real Possibility
– Risk of Lower Lows in Gold Remains Prior to Spectacular Rally to Follow
– Gold and Silver Hold Firm as Stocks and Oil Lower in to US Holiday Weekend
– Is Brexit a Massive Threat to Globalisation?

Watch on Youtube here

 

Vía Max Keiser https://ift.tt/2Ei7WZU