Category: maxkeiser

Solutions without Historical Templates: Cryptocurrencies and Blockchains

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We’re accustomed to three basic templates for system-wide solutions or improvements:

1. an individual “builds a better mousetrap” and starts a company to exploit this competitive advantage;

2. a company invents something that spawns a new industry (the photocopier, the web browser, for example) and/or disrupts existing business models;

3. the central government decrees a strategy or investment, i.e. makes something happen (the Interstate Highway system in the 1950s, the space race to the moon in the 1960s, for example).

I don’t think any of these templates really captures the eventual impact of cryptocurrencies and blockchains, which I define broadly as any decentralized, distributed ledger.

As for the better mousetrap– the creators of bitcoin explicitly designed a form of money that they reckoned was superior to centrally controlled fiat currency. A decentralized form of money that isn’t borrowed into existence like fiat currencies is certainly revolutionary, but that is only one aspect of the crypto-blockchain technology.

Since bitcoin and the blockchain technology behind it aren’t owned by a corporation, the template of a company benefiting from disrupting existing business models (for example, Apple’s iPod, iTunes and iPhone) doesn’t fit.

It’s certainly true that cryptos and blockchain are spawning a new industry, much like micro-processors and digital memory launched the computer revolution and the world wide web and its protocols launched the Internet revolution.

There are between 1,600 and 1,900 cryptocurrencies and tokens based on them, and hundreds of enterprises are developing applications for blockchain and related technologies.

The difference between these old templates and the crypto-blockchain technologies is these have explicit social and political applications and ramifications–consequences that cannot be mapped onto consumer product innovation or process innovations such as increasing computational power.

These technologies have the potential to re-order the structure and processes of governance and of social relations. In this way, crypto-blockchain technologies are leveraging the potential of computers and the web for direct political-social innovation.

Here’s an example (described in an email to me from Decred’s lead developer, Jake Yocom-Piatt) of a software platform that is not connected to a cryptocurrency that could be applied to the kinds of decentralized governance, community development, guaranteed paid work and markets that I describe in my CLIME system (community labor integrated money economy):

“The big idea with Politeia was to create a time-anchored filesystem with a minimal on-chain footprint, so you can be certain that the information in the filesystem existed on or before a particular date. Additionally, it includes identity data, so that person/entity X can attest to data Y at time Z in a way that cannot be altered after-the-fact. I felt that having a plain old website for our governance system wasn’t sufficiently censorship resistant.

As I expect you can see, Politeia is an incredibly generic tool, and you can make use of it without holding any Decred.”

This sort of distributed ledger–stripped of the computational weight of the blockchain– could power community democracy, the distribution of a labor-backed currency (as I describe in my book A Radically Beneficial World) and render market transactions transparent to all participants.

These applications don’t enrich a corporation–they re-order the power structure of the economy and society.

I don’t think there are any historical templates that fully capture the potential for such a direct (i.e. not a byproduct or second-order effect) re-ordering of political and financial power.

 

My new 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. 

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/2uPHxf6

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Weekly Gold Digest – News, Market Updates and Videos You May Have Missed

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Charts of the Week


Source: IIF via Bloomberg

 


Source: ZeroHedge

 


Today’s News and Commentary

Gold slips for 6th session as dollar firms (Reuters.com)

Stocks Drop in Asia as Yuan Hits Weakest in a Year (Bloomberg.com)

Gold keeps the red amid Yuan slide (FXStreet.com)

Stock investors confront the once unthinkable: a new world order (MarketWatch.com)

Trump criticizes Federal Reserve interest rate policy despite strong economy (Reuters.com)

‘Shocking’ and ‘bogus’: China’s foreign ministry rebukes Kudlow for trade remarks (CNBC.com)

Investors shunning gold but they may change soon (CNBC.com)

Moscow Mystery: Where Did All Its Treasuries Go? (BloombergQuint.com)

For years, China shied away from global conflicts. Not anymore (CNBC.com)

Prelude to a 2008 event — electronic gold manipulation intensifies – Kranzler (Gata.org)

This Could Be Gold’s Trigger Point – David Jensen (Youtube.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

19 Jul: USD 1,217.40, GBP 936.06 & EUR 1,048.79 per ounce
18 Jul: USD 1,223.45, GBP 938.02 & EUR 1,052.29 per ounce
17 Jul: USD 1,243.65, GBP 938.46 & EUR 1,059.96 per ounce
16 Jul: USD 1,244.90, GBP 938.41 & EUR 1,063.52 per ounce
13 Jul: USD 1,240.50, GBP 945.14 & EUR 1,066.83 per ounce
12 Jul: USD 1,244.85, GBP 942.10 & EUR 1,065.97 per ounce
11 Jul: USD 1,250.00, GBP 943.63 & EUR 1,068.38 per ounce

Silver Prices (LBMA)

19 Jul: USD 15.26, GBP 11.75 & EUR 13.16 per ounce
18 Jul: USD 15.44, GBP 11.85 & EUR 13.29 per ounce
17 Jul: USD 15.77, GBP 11.91 & EUR 13.46 per ounce
16 Jul: USD 15.81, GBP 11.90 & EUR 13.49 per ounce
13 Jul: USD 15.81, GBP 12.04 & EUR 13.60 per ounce
12 Jul: USD 15.84, GBP 12.00 & EUR 13.58 per ounce
11 Jul: USD 15.92, GBP 12.02 & EUR 13.59 per ounce


Recent Market Updates

– Financial Terrorism In The UK – Collusion between Government, Regulators & Two Bailed-Out UK Banks
– “Biggest Bubble in the History of Mankind” Is “Going To Burst” – Ron Paul
– Global Debt Time Bomb Surges To Nearly $250,000,000,000,000 – GoldCore Video
– Trump, Russia, Brexit and the Demand For Gold and Silver – GoldCore Video Interview
– Trump Is Serious About A Global Trade War
– Ponzi Economy Will Lead To Next Global Financial Crisis
– World Cup Is 200 Ounces Of Gold Worth £140,000 – 30% Less Than Harry Kane’s Weekly Wage
– Chaotic BREXIT More Likely: Risk To London, While Frankfurt, Luxembourg, Paris and Dublin Benefit
– VIDEO: Italy €2.4 Trillion Debt To Create Eurozone Contagion and Global Debt Crisis?
– U.S. China Trade War Escalates as Russia and China Accumulate Gold
– Irish Gold Money Rings Found – Mystery Surrounds What May Be Ancient, Pre-Historic Currency
– Gold $10,000 In Currency Reset? Russia, China Gold Demand To Overwhelm Gold Futures Manipulation (GOLDCORE VIDEO)
– Italian Debt – A Financial Disaster Waiting To Happen

Vía Max Keiser https://ift.tt/2zWOqRB

Financial Terrorism In The UK – Collusion between Government, Regulators & Two Bailed-Out UK Banks

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News and Commentary

Gold inches higher as U.S. dollar eases (Reuters.com)

Bernanke, Geithner, Paulson warn U.S. has weaker tools for dealing with crisis (MarketWatch.com)

Wreck of Russian warship found, believed to hold gold worth $130 billion (CNBC.com)

Scientists detect ‘quadrillion tonnes’ of diamond beneath the Earth’s surface (NewsTalk.com)

Sharp slowdown in Dublin house price rises is predicted (IrishTimes.com)


Source: Newstalk

The case for a gold play as the metal loses its shine (MarketWatch.com)

NEVER BEFORE SEEN CHARTS: Gold Mining Industry’s Costs Are Higher Than Market Realizes (SRSRoccoReport.com)

Global Financial Sector is Under Cyber Attack (GlobalBankingAndFinance.com)

Fintan O’Toole: Trial runs for fascism are in full flow (IrishTimes.com)

Deep State Turns on Trump (BonnerAndPartners.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

18 Jul: USD 1,223.45, GBP 938.02 & EUR 1,052.29 per ounce
17 Jul: USD 1,243.65, GBP 938.46 & EUR 1,059.96 per ounce
16 Jul: USD 1,244.90, GBP 938.41 & EUR 1,063.52 per ounce
13 Jul: USD 1,240.50, GBP 945.14 & EUR 1,066.83 per ounce
12 Jul: USD 1,244.85, GBP 942.10 & EUR 1,065.97 per ounce
11 Jul: USD 1,250.00, GBP 943.63 & EUR 1,068.38 per ounce
10 Jul: USD 1,253.70, GBP 946.17 & EUR 1,069.41 per ounce

Silver Prices (LBMA)

18 Jul: USD 15.44, GBP 11.85 & EUR 13.29 per ounce
17 Jul: USD 15.77, GBP 11.91 & EUR 13.46 per ounce
16 Jul: USD 15.81, GBP 11.90 & EUR 13.49 per ounce
13 Jul: USD 15.81, GBP 12.04 & EUR 13.60 per ounce
12 Jul: USD 15.84, GBP 12.00 & EUR 13.58 per ounce
11 Jul: USD 15.92, GBP 12.02 & EUR 13.59 per ounce
10 Jul: USD 15.93, GBP 12.04 & EUR 13.61 per ounce


Recent Market Updates

– Financial Terrorism In The UK – Collusion between Government, Regulators & Two Bailed-Out UK Banks
– “Biggest Bubble in the History of Mankind” Is “Going To Burst” – Ron Paul
– Global Debt Time Bomb Surges To Nearly $250,000,000,000,000 – GoldCore Video
– Trump, Russia, Brexit and the Demand For Gold and Silver – GoldCore Video Interview
– Trump Is Serious About A Global Trade War
– Ponzi Economy Will Lead To Next Global Financial Crisis
– World Cup Is 200 Ounces Of Gold Worth £140,000 – 30% Less Than Harry Kane’s Weekly Wage
– Chaotic BREXIT More Likely: Risk To London, While Frankfurt, Luxembourg, Paris and Dublin Benefit
– VIDEO: Italy €2.4 Trillion Debt To Create Eurozone Contagion and Global Debt Crisis?
– U.S. China Trade War Escalates as Russia and China Accumulate Gold
– Irish Gold Money Rings Found – Mystery Surrounds What May Be Ancient, Pre-Historic Currency
– Gold $10,000 In Currency Reset? Russia, China Gold Demand To Overwhelm Gold Futures Manipulation (GOLDCORE VIDEO)
– Italian Debt – A Financial Disaster Waiting To Happen

Vía Max Keiser https://ift.tt/2muN7zS

“Biggest Bubble in the History of Mankind” Is “Going To Burst” – Ron Paul

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News and Commentary

Gold at one-year low and a record number of investors in survey say it’s a buy (CNBC.com)

Gold prices steady as dollar firms after Fed comments (Reuters.com)

Gold drops more than 1 pct as dollar strengthens during Fed testimony (Reuters.com)

Powell says the ‘best path’ is continued, gradual interest-rate hikes (MarketWatch.com)

Bitcoin surges 10%, blows through $7,000 level (MarketWatch.com)


Source: Bloomberg

Russia Liquidates Its US Treasury Holdings (ZeroHedge.com)

World is on Pace To Consume All the Silver Produced in 2018 (Gata.org)

Gold note: “Our bias is that this is late and exhaustive selling” (KingWorldNews.com)

Good news for markets – fund managers are feeling jittery (MoneyWeek.com)

Titans of junk: Behind the debt binge that now threatens global markets (Bloomberg.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

17 Jul: USD 1,243.65, GBP 938.46 & EUR 1,059.96 per ounce
16 Jul: USD 1,244.90, GBP 938.41 & EUR 1,063.52 per ounce
13 Jul: USD 1,240.50, GBP 945.14 & EUR 1,066.83 per ounce
12 Jul: USD 1,244.85, GBP 942.10 & EUR 1,065.97 per ounce
11 Jul: USD 1,250.00, GBP 943.63 & EUR 1,068.38 per ounce
10 Jul: USD 1,253.70, GBP 946.17 & EUR 1,069.41 per ounce

Silver Prices (LBMA)

17 Jul: USD 15.77, GBP 11.91 & EUR 13.46 per ounce
16 Jul: USD 15.81, GBP 11.90 & EUR 13.49 per ounce
13 Jul: USD 15.81, GBP 12.04 & EUR 13.60 per ounce
12 Jul: USD 15.84, GBP 12.00 & EUR 13.58 per ounce
11 Jul: USD 15.92, GBP 12.02 & EUR 13.59 per ounce
10 Jul: USD 15.93, GBP 12.04 & EUR 13.61 per ounce


Recent Market Updates

– Global Debt Time Bomb Surges To Nearly $250,000,000,000,000 – GoldCore Video
– Trump, Russia, Brexit and the Demand For Gold and Silver – GoldCore Video Interview
– Trump Is Serious About A Global Trade War
– Ponzi Economy Will Lead To Next Global Financial Crisis
– World Cup Is 200 Ounces Of Gold Worth £140,000 – 30% Less Than Harry Kane’s Weekly Wage
– Chaotic BREXIT More Likely: Risk To London, While Frankfurt, Luxembourg, Paris and Dublin Benefit
– VIDEO: Italy €2.4 Trillion Debt To Create Eurozone Contagion and Global Debt Crisis?
– U.S. China Trade War Escalates as Russia and China Accumulate Gold
– Irish Gold Money Rings Found – Mystery Surrounds What May Be Ancient, Pre-Historic Currency
– Gold $10,000 In Currency Reset? Russia, China Gold Demand To Overwhelm Gold Futures Manipulation (GOLDCORE VIDEO)
– Italian Debt – A Financial Disaster Waiting To Happen
– As The Currency Reset Begins – Get Gold As It Is “Where The Whole World Is Heading”
– Buy Gold Or Bitcoin As The “Liquidity Party” Is Ending?

Vía Max Keiser https://ift.tt/2Nm8UoD

Global Debt Time Bomb Surges To Nearly $250,000,000,000,000

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News and Commentary

Gold prices flat as dollar steady ahead of Fed speech (Reuters.com)

Asia Stocks Mixed as Japan Outperforms on Yen Drop (Bloomberg.com)

Traders Exit Gold ETFs as Dollar Leaves Metal `by the Wayside’ (Bloomberg.com)

Empire State Index Falls in July (Investing.com)

Sotheby’s to host first all gold auction after demand surges from Asia and Middle East (Telegraph.co.uk)


Source: Bloomberg

‘Biggest bubble in the history of mankind and it’s going to burst’ – Ron Paul (CNBC.com)

Gold to go lower in short term before going higher – Veteran chartist Yamada (CNBC.om)

How The Trade War Will Hurt The US — And The World (DollarCollapse.com)

No change in BIS intervention in gold in June – Lambourne (Gata.org)

SWOT Analysis: Have We Reached Peak Gold? (GoldSeek.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

16 Jul: USD 1,244.90, GBP 938.41 & EUR 1,063.52 per ounce
13 Jul: USD 1,240.50, GBP 945.14 & EUR 1,066.83 per ounce
12 Jul: USD 1,244.85, GBP 942.10 & EUR 1,065.97 per ounce
11 Jul: USD 1,250.00, GBP 943.63 & EUR 1,068.38 per ounce
10 Jul: USD 1,253.70, GBP 946.17 & EUR 1,069.41 per ounce
09 Jul: USD 1,262.60, GBP 946.95 & EUR 1,072.70 per ounce
06 Jul: USD 1,254.20, GBP 947.55 & EUR 1,071.09 per ounce

Silver Prices (LBMA)

16 Jul: USD 15.81, GBP 11.90 & EUR 13.49 per ounce
13 Jul: USD 15.81, GBP 12.04 & EUR 13.60 per ounce
12 Jul: USD 15.84, GBP 12.00 & EUR 13.58 per ounce
11 Jul: USD 15.92, GBP 12.02 & EUR 13.59 per ounce
10 Jul: USD 15.93, GBP 12.04 & EUR 13.61 per ounce
09 Jul: USD 16.21, GBP 12.15 & EUR 13.76 per ounce
06 Jul: USD 16.00, GBP 12.09 & EUR 13.66 per ounce


Recent Market Updates

– Trump, Russia, Brexit and the Demand For Gold and Silver – GoldCore Video Interview
– Trump Is Serious About A Global Trade War
– Ponzi Economy Will Lead To Next Global Financial Crisis
– World Cup Is 200 Ounces Of Gold Worth £140,000 – 30% Less Than Harry Kane’s Weekly Wage
– Chaotic BREXIT More Likely: Risk To London, While Frankfurt, Luxembourg, Paris and Dublin Benefit
– VIDEO: Italy €2.4 Trillion Debt To Create Eurozone Contagion and Global Debt Crisis?
– U.S. China Trade War Escalates as Russia and China Accumulate Gold
– Irish Gold Money Rings Found – Mystery Surrounds What May Be Ancient, Pre-Historic Currency
– Gold $10,000 In Currency Reset? Russia, China Gold Demand To Overwhelm Gold Futures Manipulation (GOLDCORE VIDEO)
– Italian Debt – A Financial Disaster Waiting To Happen
– As The Currency Reset Begins – Get Gold As It Is “Where The Whole World Is Heading”
– Buy Gold Or Bitcoin As The “Liquidity Party” Is Ending?
– Why Russia and Turkey Diversifying Into Gold May Signal A Bigger Global Shift
– London House Prices Fall 1.9% In Quarter – Bubble Bursting?
– Gold Exports To London From U.S. Surge 152% In 2018

Vía Max Keiser https://ift.tt/2zLuYqN

Our Institutions Are Failing

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The mainstream media and its well-paid army of “authorities” / pundits would have us believe the decline in our collective trust in our institutions is the result of fake news, i.e. false narratives and data presented as factual.

If only we could rid ourselves of fake news, all would be well, as our institutions are working just fine.

This mainstream narrative is itself false: our institutions are failing, and the cause isn’t fake news or Russian hacking–the cause is insider plundering and collusion, aided and abetted by a decline in transparency and accountability and the institutionalization of incompetence.

In other words, the citizenry’s trust in institutions is declining because the failure of institutions is undeniably the fabric of everyday life in America.

When was the last time you heard the top management of a university system take responsibility for the unprecedented rise in the cost of tuition and textbooks? The short answer is “never.” The insiders benefiting from the higher-education cartel’s relentless exploitation of students and their families act as if the soaring costs are akin to cosmic radiation, a force of nature that they are powerless to control.

The same can be said of every other cartel plundering the nation: healthcare (i.e. sickcare, because profits swell from managing chronic illness, not from advancing health); the Big Pharma cartel; the military-industrial complex; banking; student loans; the governance-lobbying cartels; the war-on-drugs gulag, the FBI and so on in an endless profusion of insiders whose self-serving plunder and gross incompetence rarely generates consequences (such as being fired or indicted) due to an absence of accountability and transparency.

Incompetence has been institutionalized, and is now the accepted norm.Schools fail, municipal agencies fail, oversight agencies fail, state agencies fail, and the public feels powerless to effect any systemic change.

Changing the elected officials who are the citizens’ representatives does nothing to rid the system of incompetence or enforce accountability and transparency; the insider elites have wired the system to avoid responsibility and maintain their institutionalized skims regardless of who is in elected office.

Budgets never decline, they only expand. The system is organized to punish frugality and reward incompetence, sweetheart contracts, overtime, and ever higher public spending.

Calls to trim waste are met by gestures of powerlessness: rising costs and institutional failure are presented as the equivalent of gravity: we can’t change the system, it’s unstoppable.

The general public has largely lost the experience of public-sector/institutional competence and accountability. As a result, resignation is now the response. So the public dutifully waits in line for hours to renew a drivers license, despite having made an appointment online, to take one common example in California, which likes to pat itself on the back as the tech / progressive capital of the galaxy, if not the universe.

How is it “progressive” to rob the working stiffs who pay all the taxes hours of their life for something that should be routine and quick? Where’s the Big Data and high tech when it actually counts? If citizens had a choice to renew their drivers license at (say) Amazon or the DMV, do you reckon Amazon might not make everyone cool their heels for hours?

The list of gross institutional incompetence is truly endless in America:Universities that can’t offer enough classes so students can graduate from college in four years (oops, you have to pay another rip-off tuition fee for another semester to get those last few classes you need for your worthless diploma); finance departments that can’t track payments (so here’s your bogus late fees that will take hours to challenge), and on and on.

As for sickcare–how about the evidence-free embrace of synthetic heroin as a “safe” and “non-addictive” pain treatment? Skeptics were bulldozed or marginalized, because there was simply too much money to be made by jumping on the Oxy et al. bandwagon.

As Scientific American reported in its June 2018 issue, “Powerful drug-marketing efforts had somehow swamped science.” When a large study was finally done comparing the effectiveness of opioid and non-opioid drugs, “The results, published in March, were eye-opening. Patients given alternative drugs did just as well as those taking opioids in terms of how much pain interfered with their everyday life. In fact they reported slightly less pain and had fewer side effects.”

Yes, many transactions are more complex now than they were 30 years ago.30 years ago it took less than a day to obtain a building permit for an entire house in the rural county I lived in. Now it takes 3 to 4 months in the same county to get a permit, which must now be stamped by a licensed architect or engineer (at great expense, of course).

OK, we get it– things are more complex now. But how does a one-day process balloon into a 100-day process at best? We can understand a one-day process becoming a 3 day process, but did the complexity really rise 100-fold?

I think we all know the answer is “no.” The vast majority of the wasted time, effort and cost is the result of unaccountable insider incompetence enabled by a complete lack of accountability and transparency.

Conscientious public servants and institutional insiders are thwarted by incompetent managers, lazy co-workers and institutional bloat designed to increase costs and inefficiencies because higher budgets and inefficiencies boost payrolls and thus power. Organizations within the failing institutions are loathe to surrender their gravy trains, so they resist any change, even those which might have saved the institution from its inevitable collapse.

Our institutional failure reminds me of the phantom legions of Rome’s final days. Legions existed in the bureaucracy, and payrolls were sent to the pay masters, but the Legions were mere fictions–there were no soldiers, and no fighting force; there were only a few insiders skimming their take, confident that accountability and transparency had been irrevocably lost.

Systems fail one institution at a time. No wonder the super-wealthy are building bunkers. 

Summer Book Sale: 30% off Kindle editions, 25% off print editions. If you’re interested in real solutions, check these out:

A Radically Beneficial World ($6.95 Kindle, $15 print) 
Read the first chapter for free.

Money and Work Unchained ($6.95 Kindle, $15 print) 
Read the first section for free (PDF).

Resistance, Revolution, Liberation ($6.95 Kindle, $15 print) 
Read the first chapter for free. 

Vía Max Keiser https://ift.tt/2Jtp0dK

Gold And Silver Take A Back Seat To The Dollar This Week (That’s Not A Good Sign For The Metals)

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Monday through Wednesday are going to be busy:

There’s market moving data in Retail Sales, Industrial Production and Housing Starts.

Additionally, twice a year the Fed Chair goes before congress in what is called the Humphrey-Hawkins Testimony, so on Tuesday Powell gets to play tee-ball with the Senate, and on Wednesday he will also be playing tee-ball with the House.

On the economic calendar, the week ends with much less action:

Geo-politically, today is the Trump-Putin Summit.

CLICK HERE TO READ THE REST OF THIS OUTLOOK ON SILVER DOCTORS

Vía Max Keiser https://ift.tt/2LnA3qH

Trump and Russian, German, Chinese and Asian Demand For Gold

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Related Content

U.S. China Trade War Escalates as Russia and China Accumulate Gold

Russia Buys 600,000 oz Of Gold In May After Dumping Half Of US Treasuries In April

 

News and Commentary

Gold prices edge up from 7-month low (Reuters.com)

Gold bid in Asia, attempts break above 50-hour MA (FXStreet.com)

Consumer sentiment hits six-month low on ‘darkening cloud’ of tariffs (CNBC.com)

Gold buying picks up in India on low prices (Reuters.com)

South African Gold Output Falls Most Since February 2017 in May (Bloomberg.com)

India’s Gold Bars Imports Skyrocketed 260% in Q1 (ScrapMonster.com)

U.K. House Prices Fall as London Decline Intensifies (Bloomberg.com)


Source: Bloomberg

Get ready for a US “wage explosion” (MoneyWeek.com)

Debt Train Will Crash (MauldinEconomics.com)

CHINA takes control of GOLD from the COMEX (GoldSeek.com)

Gold Standard Requirements And Currency Crisis (GoldSeek.com)

US Housing Bubble Enters Stage Two (DollarCollapse.com)

Gold-Stock and Gold Summer Lows (SeekingAlpha.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

13 Jul: USD 1,240.50, GBP 945.14 & EUR 1,066.83 per ounce
12 Jul: USD 1,244.85, GBP 942.10 & EUR 1,065.97 per ounce
11 Jul: USD 1,250.00, GBP 943.63 & EUR 1,068.38 per ounce
10 Jul: USD 1,253.70, GBP 946.17 & EUR 1,069.41 per ounce
09 Jul: USD 1,262.60, GBP 946.95 & EUR 1,072.70 per ounce
06 Jul: USD 1,254.20, GBP 947.55 & EUR 1,071.09 per ounce
05 Jul: USD 1,252.50, GBP 946.89 & EUR 1,071.64 per ounce

Silver Prices (LBMA)

13 Jul: USD 15.81, GBP 12.04 & EUR 13.60 per ounce
12 Jul: USD 15.84, GBP 12.00 & EUR 13.58 per ounce
11 Jul: USD 15.92, GBP 12.02 & EUR 13.59 per ounce
10 Jul: USD 15.93, GBP 12.04 & EUR 13.61 per ounce
09 Jul: USD 16.21, GBP 12.15 & EUR 13.76 per ounce
06 Jul: USD 16.00, GBP 12.09 & EUR 13.66 per ounce
05 Jul: USD 15.95, GBP 12.04 & EUR 13.65 per ounce


Recent Market Updates

– Trump Is Serious About A Global Trade War
– Ponzi Economy Will Lead To Next Global Financial Crisis
– World Cup Is 200 Ounces Of Gold Worth £140,000 – 30% Less Than Harry Kane’s Weekly Wage
– Chaotic BREXIT More Likely: Risk To London, While Frankfurt, Luxembourg, Paris and Dublin Benefit
– VIDEO: Italy €2.4 Trillion Debt To Create Eurozone Contagion and Global Debt Crisis?
– U.S. China Trade War Escalates as Russia and China Accumulate Gold
– Irish Gold Money Rings Found – Mystery Surrounds What May Be Ancient, Pre-Historic Currency
– Gold $10,000 In Currency Reset? Russia, China Gold Demand To Overwhelm Gold Futures Manipulation (GOLDCORE VIDEO)
– Italian Debt – A Financial Disaster Waiting To Happen
– As The Currency Reset Begins – Get Gold As It Is “Where The Whole World Is Heading”
– Buy Gold Or Bitcoin As The “Liquidity Party” Is Ending?
– Why Russia and Turkey Diversifying Into Gold May Signal A Bigger Global Shift
– London House Prices Fall 1.9% In Quarter – Bubble Bursting?
– Gold Exports To London From U.S. Surge 152% In 2018

Vía Max Keiser https://ift.tt/2zS8nZV

Big Pharma and the Rise of Gangster Capitalism

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Thanks to decades of gangster films, we all know how gangster capitalismworks: the cost of “protection” goes up whenever the gangster wants to increase revenues, any competition is snuffed out, and “customer demand” is jacked up by any means available– addiction, for example.

This perfectly describes the pharmaceutical industry and every other cartel in America. You might have read about the price increase in Acthar gel, a medication to treat Infantile Spasms. (via J.F., M.D., who alerted me to the repricing of this medication from $40 in 2001 to the current price of $38,892.)

The compound first received approval in 1950, and various branded versions have been approved in recent years. Let’s be clear: this medication did not require billions of dollars in research and development, or decades of testing to obtain FDA approval; it’s been approved for use for the past 68 years.

Yes, you read that correctly: a medication that’s been in use for 68 years went from $40 a dose in 2001 to $38,892 today. Don’t you love the pricing? Not a round 38 grand, but $38,892. You gotta love these gangsters!

There’s another related term to describe this form of capitalism: racketeering.That’s what mobsters do–operate rackets.

The Big Pharma racket enriches a number of gangs practicing gangster capitalism: the drug companies themselves, of course, but some doctors are profiting from the racket, and so are pharmaceutical lobbyists:

Study highlights role of doctor conflicts of interest in Medicare spending on Mallinckrodt drug Acthar Study published in JAMA indicates nearly 90 percent of doctors prescribing HP Acthar Gel took payments from drug’s manufacturer.

Here are the money quotes:

In 2014 Mallinckrodt raised the price of Acthar further to $34,000. The Federal Trade Commission and attorneys general from five states sued Mallinckrodt for anti-competitive behavior with regard to the acquisition of Synacthen Depot and the monopolistic pricing of Acthar, and in January 2017 the company settled, agreeing to pay $100 million and to license Synacthen Depot to a competitor. According to Kaiser Health News, Mallinckrodt responded by increasing its Congressional lobbying to $610,000, and its contributions to Congress members to $44,000, in the first quarter of 2017.

As an off-patent pharmaceutical, a similar drug, differing in formulation, available in Europe, made by a different manufacturer, sells for $8 per vial.

So a medication to treat infants costs $8 per vial in Europe and $38,892 in the U.S. Don’t you just love gangster capitalism to death? Because death and suffering is the gangsters’ ultimate threat: pay up or die.

Here’s another example of Big Pharma gangster capitalism at work: Insulin Drug Price Inflation: Racketeering or Perverse Competition?

Don’t you wish you had a racket where you could raise prices by 10% a year like clockwork, or triple the price of your “product” every decade?

Pfizer just raised prices on 100 medications:

The increases are effective as of July 1. In most cases, the increases are just over 9%, which is in line with the annual 10% price hikes adopted by most drug companies. Putting that number in context, core inflation printed at 2% last week.

Here’s a chart of the net result of gangster capitalism:

Gangster capitalism is the new model of “growth” in America, the model used by every cartel from higher education to Pentagon contractors. Eliminate actual competition, raise prices in lockstep with other cartel members, lobby the government to pay your extortionist prices, and threaten any resisters with severe consequences.

Try resisting your local government’s property tax increases to cover insiders’ pensions and healthcare benefits: it’s always “for the children,” of course, and if you don’t pay up, we’ll just auction off your house.

There’s no difference between that and being told you’re gonna be wearing concrete overshoes if you don’t comply.

The U.S. economy is nothing more than an exploitive jumble of rackets, insider plundering and gangster capitalism. $8 per vial competing developed-world nations and $38,892 in the U.S. That says it all. 

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Trump Is Serious About A Global Trade War

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by John Stepek of Money Week

If you hadn’t realised by now, Donald Trump is serious

The copper price is sliding.

Chinese stocks are sliding.

Oil tanked by 7% at one point yesterday.

It does all rather suggest that maybe investors are really starting to worry about the burgeoning global trade war, and its impact on global growth.

And they’d be right to.

First things first. If you didn’t realise it already, then you need to get this into your head: Donald Trump is serious. He has believed for a long time in an “America First” world where the US stops playing the role of global policeman and instead looks out for itself.

As far as he’s concerned, other countries have been freeloading off the US and taking advantage of its good nature and overweening sense of responsibility for way too long.

Whether you agree with this or think it is deluded, is irrelevant. He’s the president. That’s how he thinks. That’s what his policies are aiming at.

He has also surrounded himself with advisers who agree with him. “Yes” men, you might say. That’s exactly what you’d have expected given his corporate history.

So talk of trade war is not a craft feint, or a bluff, or a tactic in some 3D chess game Trump is playing. It’s just what he wants.

Secondly, other countries are not keen to roll over and play nice or make concessions. National pride is one reason. Another is that they can’t quite believe that the established world order is being overturned. There’s a sense that “you can’t do that”.

He can. He is.

Given all that, then as Paul Ashworth of Capital Economics puts it, “it’s hard to see how a full-blown trade war can be avoided at this stage”. And that’s the reality that we, as investors, have to deal with.

So what does that mean?

Click here to read full story on GoldCore.com.

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