Friday, April 27, 2012

Money, Power, and Wall Street Part 1: A Brave New World of Banking

Capital Account with Jim Grant

Lauren interviews Jim Grant, one of the few great US economic analysts. Actually if Ron Paul were to become President Jim is the at the top of the list for Treasury Secretary, yet another reason to support Ron Paul.

Apr 26, 2012 by

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BofA - Gold to $7000

NEW YORK (Commodity Online): 

In one of the highest predictions yet made by an investment bank analyst, Bank of America's MacNeil Curry sees gold prices hitting $7000/oz before ending the uptrend.

According to MacNeil, commodity bull markets end with a massive speculative blow off and they don't end quietly. If gold was topping out, the daily ranges would have span around $200/oz and we have not seen anything like it.

"Until we see price action take some kind of massive speculative blow-off, where prices effectively double in a year or less, I have to maintain a long-term bullish bias. That says to me, we'll probably see a move in gold, before all is said and done, to between $3,000 to $5,000 (per ounce) and potentially $7,000 per ounce”.

S&P cuts Spain's credit rating by two notches to BBB+

From the Telegraph:

Original source

S&P cut the country's rating to BBB-plus and added a negative outlook, saying it expected the Spanish economy to shrink both this year and next, raising more challenges for the government.

Esther Barranco, a spokeswoman for the Economy Ministry, told Reuters: "They haven't taken into consideration the reforms put forward by the Spanish government, which will have a strong impact on Spain's economic situation."

S&P also said that eurozone-wide polices were failing to boost confidence and stabilize capital flows, and that the region needed to find ways to directly support banks so that governments were not forced to take on those burdens themselves.

"We believe that the Kingdom of Spain's budget trajectory will likely deteriorate against a background of economic contraction in contrast with our previous projections," it said in a statement.

"At the same time, we see an increasing likelihood that Spain's government will need to provide further fiscal support to the banking sector."

Keiser Report: Tainted Sinkholes Of Fraud

Apr 26, 2012 by RussiaToday

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In this episode, Max Keiser and co-host, Stacy Herbert discuss the fact that the economy is naked with tainted sinkholes of fraud and ex-Citigroup board member, Richard Parsons, is blaming Glass Steagall. In the second half of the show Max talks to activist Reverend Billy about living in public, taking action and casting out Blythe's demons.