Silver as an investment

Austria: Revenge of the Dispossessed

acting-man.com / Pater Tenebrarum / July 29, 2015

Austria’s Constitutional Court Decides to Uphold Property Rights

To everybody’s vast surprise, Austria’s constitutional court has decided not to side with the government in the infamous Hypo Alpe Adria (HAA) case. The bank went belly-up after the 2008 crisis and slowly but surely it emerged that it represented a financial catastrophe of truly stunning proportions.

Incompetence on a rarely seen scale, but probably also fraud (although that angle has yet to be pursued by the judiciary) ultimately produced the biggest de facto (if not de iure, yet) insolvency in Austria’s history.

One big problem with the HAA case was that the Austrian province of Carinthia had written deficiency guarantees on the bank’s bonds – including its subordinated debt. These guarantees amounted to more than €11 billion, which compares to the province’s total annual budget of about €2.4 billion.

As a result, the Austrian federal government initially felt compelled to bail HAA out. Alas, it soon emerged that the costs of this bail-out would balloon in a nigh endless spiral of new “discoveries” of worthless assets on HAA’s balance sheet. At first it was decided to limit the government’s – and especially Carinthia’s – potential liability by passing a new law governing the wind-down of HAA (in the meantime rechristened “Heta Asset Resolution”).

In this law, the subordinated bonds were simply declared extinguished – along with Carinthia’s “guarantees”. Not surprisingly, this blatant expropriation of bondholders was challenged in court, and Austria’s constitutional court has now decided it is indeed in conflict with fundamental property rights. As Reuters reports:

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What Is The Fair Value Of Gold?

zerohedge.com / by Tyler Durden on 07/29/2015 17:45

Having detailed yesterday the manipulation in the precious metals markets that implies the bear market in bullion is an artificial creation, we thought the following ‘rational’ chart effort at ‘valuing’ gold may provide some frame of reference for the level of riggedness occurring…

Gold fair value, measured by a GDP-weighted average of global central bank’s balance sheet expansion, as of Jul 2015

As we concluded previously,

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What’s Left of the American Dream Withers at Record Pace

wolfstreet.com / by Wolf Richter / 

The current housing boom has Dallas solidly in its grip. As in many cities around the US, prices are soaring, buyers are going nuts, sellers run the show, realtors are laughing all the way to the bank, and the media are having a field day. Nationwide, the median price of existing homes, at $236,400, as the National Association of Realtors sees it, is now 2.7% higher than it was even in July 2006, the insane peak of the crazy housing bubble that blew up with such spectacular results.

Housing Bubble 2 has bloomed into full magnificence: In many cities, the median price today is far higher, not just a little higher, than it was during the prior housing bubble, and excitement is once again palpable. Buy now, or miss out forever! A buying panic has set in.

And so the July edition of D Magazine – “Making Dallas Even Better,” is its motto – had this enticing cover, sent to me by David in Texas, titled, “The Great Dallas Land Rush”:

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Affirmatively Destroying America’s Neighborhoods In The War On Suburbia

Submitted by Bob Livingston via PersonalLiberty.com,

Few of us understand patient gradualism. We live and have our being within a few years and mostly in an unconscious automated state of mind.

But people in power are long-term planners. They absolutely understand human nature and how to channel it to the evolution and refinement of the authoritarian state.

Authoritarianism is based on long-term planning. Authoritarianism is a philosophy of collectivism. Some call it democracy. Some call it communism. Some call it fascism. Some call it National Socialism. But whatever you call it, it is all collectivism or authoritarianism; and in its ultimate form it is globalism.

The goal is perfect docility and perfect harmony with authoritarianism (economic, social and spiritual). Until the people accept collectivism under some pretext, they are not docile and completely subdued. Once they do, rebellion and confrontation are impossible. This is the ultimate goal of the globalists, and the American system is nearing this state. (more…)

This Is Only The Third Time This Has Happened In The Silver Market In The Past Decade!

kingworldnews.com / July 29, 2015

On the heels of the Fed taking no action, today King World News is pleased to share a fantastic piece which gives readers a shocking view of the war in the silver and U.S. dollar markets.  This piece also includes three key illustrations that all KWN readers around the world must see.

King World News note:  This astonishing chart from SentimenTrader shows that the silver hedgers are now in one of the most bullish positions (third largest) in the past decade (see chart below)! 

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If Varoufakis Is Charged With Treason, Then Dijsselbloem Should Be As Well

zerohedge.com / by Tyler Durden on 07/29/2015 16:53

In the aftermath of this weekend’s infamous leak of Yanis Varoufakis audio recording with members of OMFIF in which the former finmin admitted to asset managers that in his tenure as a finmin he had engaged in preparations for a return to the Drachma, Greece has been gripped by a media frenzy debating whether Varoufakis will be charged with treason for daring to even contemplate how an exit from the EMU would take place.

To be sure, Varoufakis may have poured the initial gasoline on the fire when he admitted to Ambrose Evans-Pritchard shortly after the recording surfaced that “the context of all this is that they want to present me as a rogue finance minister, and have me indicted for treason. It is all part of an attempt to annul the first five months of this government and put it in the dustbin of history.”

His concerns were certainly justified: yesterday Kathimerini reported that Greek Supreme Court prosecutor Efterpi Koutzamani on Tuesday took two initiatives in the wake of revelations by former Finance Minister Yanis Varoufakis that he had planned a parallel banking system: she forwarded to Parliament two suits filed against the former minister last week by private citizens and she appointed a colleague to determine whether any non-political figures should face criminal charges in connection with the affair.

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More Evidence Clearly Showing the Midland Walmart Is Transforming Into a FEMA Camp Detention Center

X22Report, Published on Jul 29, 2015

Syriza party now rebelling against Tspiras. Greek parliament new report shows Greece is headed into a depression. Layoffs continue, Chevron, Xerox and others letting people go. Pending home sales implode as the housing recovery collapses. Social Security Disability fund will run out of money in 2016 and congress is going to hide this by combining SSD with SS.White House rejects petition for Edward Snowden, once again government does not care what people want. FBI wants social media to do more to spy on the American people. UK planning to role 5000 soldiers to control the masses. Kiev begs the US for lethal weapons. Turkey signs deal with US to use their airbases to remove Assad. IS makes threats against India to draw the US into war, translation: push the Authorization for War through congress.

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Hackers Claim John McCain Knew ISIS Execution Videos Were Staged

In a rather stunning note, CyberBerkut, a Ukrainian group of hackers, claims to have hacked John McCain’s laptop while he was in the Ukraine, and as Techworm reports, what they have released from his June visit appears to be a fully staged production of an ISIS execution video

 

As Techworm reports, according to the hackers, they broke into the laptop of one of the American politicians, Senator McCain and after found a video with staged IS execution, which they decided to show to the world community.

It so happened that Senator John McCain had visited Ukraine on a official visit somewhere in the first week of June 2015. The hacktivists belonging to CyberBerkut somehow managed to access his laptop.

Here is what CyberBerkut said to John McCain…

“We CyberBerkut received at the disposal of the file whose value can not be overstated!

 

Dear Senator McCain! We recommend you next time in foreign travel, and especially on the territory of Ukraine, not to take confidential documents. In one of the devices of your colleagues, we found a lot of interesting things. Something we decided to put: this video should become the property of the international community!

According to the hackers, they broke into the laptop of one of the American politicians, Senator McCain and after found a video with staged IS execution, which they decided to show to the world community.

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Incongruities in the News — Paul Craig Roberts

Incongruities in the News

Paul Craig Roberts

Jonathan Pollard, a paid spy for Israel described by Michael D. Shear as “one of the country’s most notorious spies,” has been pardoned from his life sentence. It strikes me as hypocritical for the US government to sentence anyone to prison for spying when the government itself spies on everyone everywhere. All Americans including members of the House and Senate, congressional staff, military officers, foreign governments including the leaders of Washington’s closest allies, and foreign businesses are spied upon. No one is exempt from Washington’s spying.

Washington claims that its worldwide spying does no harm. So how did the very limited spying of one person—Pollard—a civilian employee of Naval intelligence do so much harm as to warrant a life sentence? What some of us would like to see is a life sentence for NSA.

What disturbs me about the case is that it is Pollard, who spied for a foreign country, who is released. In contrast, Manning and Snowden who spied for the American people are locked away, Manning in a federal prison and Snowden in his Russian exile. Julian Assange, who merely did his job as a journalist and made available to newspapers documents leaked to him, is confined to the Ecuadoran embassy in London.

It seems to me that if Pollard who spied for Israel can be set free, so ought to be Manning, Snowden, and Assange who spied for the American people and reported the illegal activities of the US government and the dangerous impact of Washington’s illegal activities on the liberty of Americans. Pollard is a hero to Israel, not to America, and it is Pollard who is released. Manning, Snowden, and Assange are heroes to America, and they continue to be confined.

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The Dutch or the Europeans, whoever it is that has responsibility for investigating the downing of the Malaysian airliner, MH-17, is unable to get a report released. What does this tell us? It tells me that the facts don’t support the propaganda that Russia is responsible. You can bet your last dollar that if there was any evidence of Russia’s responsibility, the report would have been out long ago. Only Russia has complied with the evidentiary requirements of the investigation, turning over all evidence in its possession. Washington refuses to release the information from its spy satellite that was directly overhead at the moment of the airliner’s destruction, and Kiev refuses to release its communications with the airliner that directed the airliner to change course and to fly over a combat zone..

In place of the withheld report, there are planted “leaks” in the media claiming that the report has concluded that Russia is responsible. These “leaks” make news everywhere, but the denials of the false leaks by the investigators never receive the same media attention.

Apparently, there is still a mite of integrity left in the Dutch. Washington can block the report but not completely falsify it. So now Washington is pushing a UN International Tribunal on the airliner crash in hopes of getting the result Washington wants.

A person can’t help but wonder why Russia did not conduct the investigation, inviting in the European governments with complete access to all available information. The remains of the airliner fell on territory friendly to Russia. If Russia had conducted the investigation, we would have transparency. Instead, what we have is a report that can’t be issued and Washington calling for a new investigation that it can fully control. To prevent Russia’s frame-up, Russia had to veto today (July 29) the resolution in the UN. Now Russia is accused by the West speaking with one voice of hiding its complicity in the attack on the airliner and opposing justice for Malaysia. At some point the Russian government needs to understand that its faith in the West is a mistake and that when Russia relies on Western good will Russia cuts its own throat.

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We have an economic recovery, allegedly, one ongoing since June, 2009. Tell that to the millions of “discouraged workers” who have been unable to find a job, have given up looking for nonexistent jobs, and are not counted as among the unemployed as measured by the fake 5.3% rate of unemployment.

The stock market, not too far below its highs, is used as evidence of recovery. However, the stock market is supported by companies buying back their own shares and by the liquidity that the Federal Reserve has poured into the financial system. Dan Strumpet reported in the Wall Street Journal that a mere six companies account for more than all of the gain in market-capitalization in the S&P 500. How’s that? We have a recovery in which a mere six companies participate—Amazon, Google, Apple, Facebook, Gilead, and Walt Disney Company.

Sounds like a rip-roaring recovery.

In the second quarter of this year the US economy contracted by 1.4%. Second quarter durable goods orders, minus commercial aircraft orders which are placed years ahead and do not reflect the state of the present economy, are in annual decline. Second quarter new home sales fell 7.3%. And Wall Street still hypes hope and recovery.

* * *

Mike Huckabee, one of the Republican morons running for president described the US agreement with Iran regarding Iran’s nuclear energy program as “marching the Israelis to the door of the oven.” In other words, according to Huckabee, Obama has launched the Second Holocaust.

Rand Paul, the libertarian hope, is not far behind Huckabee in his groveling before Israel: https://www.youtube.com/watch?v=8bOeYFUphWo

My suggestion is: let’s cut out the middleman. Let’s elect Netanyahu or the Chicago gambling king Sheldon Adelson President of the United States and be done with it.

This explanation of the Iran agreement, if correct, means that the Iranian One Percent sold out Iran in order to join forces with the One Percent in the West. http://www.counterpunch.org/2015/07/24/making-sense-of-the-iran-nuclear-deal-geopolitical-implications/

* * *

As for Bill Clinton, so for the British Lords. sex, not mass murder and war crimes, is the punishable offense. http://www.rt.com/uk/310828-lord-sewel-video-resign/

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For those dwindling numbers of progressives and liberals who still wear their gullibility on their sleeves by believing in government, digest this: http://www.globalresearch.ca/gmo-labeling-laws-ditched-the-passage-of-the-dark-act-shows-the-arrogance-of-us-politicians/5464711

And what do we make of this? http://www.globalresearch.ca/is-the-medical-pharmaceutical-regulatory-cartel-assassinating-physicians-seven-doctors-have-died-under-suspicious-circumstances/5464663

* * *

The other day I heard the BBC presstitute Will Grant patronizing Cuba’s newspaper Granma. The presstitute, a mouthpiece for Washington and London, was telling the Cuban journalists that now that relations were normalized with the West, Granma had to toe the Western propaganda line or remain an outcast in the journalism world. The Cuban journalists made an effort to defend their integrity, but one senses that the allure of foreign travel, conferences and awards will spell the death knell of the newspaper associated with the Cuban Revolution. Of course, the Cuban Revolution itself is finished, as the money pouring in from abroad will reconstruct Cuba and make Cuba into a profitable foreign enterprise of the corporatocracy.

* * *

Obama was recently in Ethiopia where he warned the Ethiopian government against violating the rights of journalists. If only Obama had the same sympathy for American journalists. Instead, Obama threatens American journalists with indictments if they do not rat on their whistleblower sources.

* * *

The recent bombings in Turkey. Are the bombings a false flag operation so that Turkey can do what it wants to do anyway?

So often bombings are the work of “security” forces. The bombings are used to blame those whom the security forces wish to discredit. The Tsar’s secret police used bombings in order to arrest labor agitators. As Operation Gladio revealed, Western intelligence services bombed women and children in Europe in order to blame communists and thus reduce their vote in elections

False flag attacks are common throughout history. Those who expose them are labeled “conspiracy theorists” in order to protect governments’ secret agendas from exposure. The gullibility of the population ensures the government’s success.

The post Incongruities in the News — Paul Craig Roberts appeared first on PaulCraigRoberts.org.

Chinese Stocks Open Lower As Margin Debt Tumbles To 4-Month Lows, Regulators Probe Officials’ Sales

Following last night's afternoon session melt-up at the hands of a $100bn injection into China's sovereign rescue fund, Chinese stocks opened higher but faded fast, with no follow-through from yesterday's farce. With Warren Buffett's favorite indicator flashing red for China (and US) stocks, and so many rural Chinese citizens "just hoping to get out at breakeven," any assistance in levitating the nation's stocks are simply being sold into as margined traders unwind their positions. One such leveraged 'citizen' is none other than State-Owned-Enterprise GM Yang Shengjun, whose firm was ironically among the most vocal in blaming the crash on "malicious foreign sellers trying tio start an economic war" and is now under investigation for dumping his own shares… do as I say Chinese people, not as I do.

A reminder of last night's farce…

The good news…

  • *SHANGHAI EXCHANGE MARGIN DEBT DECLINES TO FOUR-MONTH LOW

So at least – whether through forced liquidation or common sense – the leverage is being unwound.

*  *  *

And tonight, for now…

  • *CHINA'S CSI 300 INDEX SET TO OPEN DOWN 0.4% TO 3,915.78
  • (more…)