Wednesday, April 6, 2011
J.P. Morgan China managing director Jin Ulrich, said to Reuters, that it is not the end of gold rally.
Gold is seen as an alternative to paper currencies, he said. Increasing political uncertainties and rising prices would keep gold as a hedge.
June delivery gold on the Comex in New York rose $4.10, or 0.3 per cent, to close at $1433. Yellow metal has jumped 27 per cent in the past year.
Gold rally was termed a bubble when skeptics yelled at gold way back in time, when prices stood at $250 an ounce. This continued for a while and kept on amassing followers even as gold broke through $1,000, $1,200 and now $1,400 an ounce, according to Frank Holmes in IB Times.
The director is also bullish on China, but cautious on investment risks brought forth by social tensions.....read on
This week, Max Keiser and co-host, Stacy Herbert, report on the black hole of bankers' debts in Ireland, virtual pigs in Australia and free workers in America (copy written by me on this very blog, read here) . In the second half of the show, Max talks to Alex Jones about food stamps and financial terror.
PETER HARTCHER April 05, 2011:
The man who brought us the global financial crisis, Alan Greenspan, has spoken out on how to fix the system. Of all the advice he might give, he has given the most unexpected. In essence, he has said: "Don't even try."
In one of the most remarkable statements of our time, the former chairman of the US Federal Reserve has argued that it is inherently impossible to usefully regulate a modern financial system, telling us to relax because "the global invisible hand" of the free market has created a stable economy over the longer run.
Greenspan went further. In an opinion piece in London's Financial Times, he suggested that an ever-growing and unmanageably complex financial system might even be "a necessary condition of growth".
Incredulous, the US congressman who has led the regulatory reform effort, Barney Frank, responded that while many had suggested ways of improving regulations, "until last week no one had seriously suggested that we should have done nothing in response to the financial crisis".
Frank reminded Greenspan of the cost of his failures: "His rosy view overlooks a monumental crisis that threatened the foundations of the American economy, led to soaring unemployment, a continuing foreclosure crisis and weakened economies in the US and Europe."
It is breathtaking audacity that the chief arsonist should scold the fire brigade, saying: "Put away your hoses and enjoy the fire". Even more so because there was a day in late 2008 when he did seem remorseful, accepting that he might have made an ideological error in refusing to adequately regulate banks: "Yes, I've found a flaw. I don't know how significant or permanent it is. But I've been very distressed by that fact."......read on
During the month, according to the Treasury, the federal government grossed $194 billion in tax revenue and paid out $65.898 billion in tax refunds (including $62.011 to individuals and $3.887 to businesses) thus netting $128.179 billion in tax revenue for March.
At the same time, the Treasury paid out a total of $1.1187 trillion. When the $65.898 billion in tax refunds is deducted from that, the Treasury paid a net of $1.0528 trillion in federal expenses for March.
That $1.0528 trillion in spending for March equaled 8.2 times the $128.179 in net federal tax revenue for the month.....read on