Monthly Archives: August 2012

Spain’s Corruption Capital: Trial Highlights Extent of Building Boom Sleaze

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“Some business owners would call the offices of local politicians to ask where they should drop off the sacks of bribery money. Agreements were reached over cocktails at nightclubs to determine who was to receive concessions for services like garbage collection in the new developments, circumventing the public bidding process — in exchange for small contributions to the local town-hall mafia.  In return for the permits to build oceanfront dream houses, a luxury apartment would occasionally fall into the lap of an official who had signed the papers assigning the land to the developer.”

http://www.spiegel.de/international/europe/isabel-pantoja-trial-hightlights-spanish-corruption-capital-marbella-a-847238.html

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All the Value of Gold in the Palm of Your Hand

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“Government policies across the globe have all but assured that the price of the rare yellow metal is heading much higher. I believe that the price of gold will eclipse $2,000 over the next year. Gold coins are an easy, safe way to add physical gold to your portfolio, and there is still time to buy Eagles or Maple Leafs before the price zooms – consider buying some today.”

http://sovereign-investor.com/2012/08/15/protect-yourself-by-investing-in-maple-leaf-and-eagle-coins/

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Paulson, Soros Add Gold as Price Declines Most Since 2008

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“Billionaire investors George Soros and John Paulson increased their stakes in the biggest exchange- traded fund backed by gold as prices posted the largest quarterly drop since 2008.  Soros Fund Management more than doubled its investment in the SPDR Gold Trust compared with three months earlier, while Paulson & Co. increased its holdings by 26 percent to 21.8 million shares.  Gold prices fell as ECB President Mario Draghi and Fed Chairman Ben S. Bernanke failed to increase stimulus measures.”

http://www.businessweek.com/news/2012-08-14/paulson-soros-add-to-gold-hoard-as-prices-drop-most-since-2008

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Gold Fund’s Collapse Rattles Poland

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“This week’s collapse of a gold-derivatives business has hit tens of thousands of customers and shaken confidence in the effectiveness of the nation’s financial regulation.  The company, Amber Gold, Sp. z o.o., which sold a gold-indexed investment of its own design and offered higher interest rates than banks, pledged eventually to repay about $24 million it said it owed to roughly 50,000 clients in Poland.  Its airline, OLT Express, ceased flights last month and the gold fund unraveled this month after government warnings prompted commercial banks to close Amber Gold’s accounts.” [Regulation is the disease, not the cure.]

http://online.wsj.com/article/SB10000872396390444184704577589202876123794.html?mod=googlenews_wsj

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Esteemed son of the south pleads guilty in $90.1m silver Ponzi scheme

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“A former Anderson County, South Carolina councilman and past national commander of the Sons of Confederate Veterans entered a guilty plea in U.S. District Court in connection with a Ponzi scheme in which an estimated 945 investors in 16 states were duped into investing a total of $90.1 million in alleged silver contracts.  A former member of South Carolina’s State Board of Education, Wilson met with representatives of the State Securities Division in February, testifying under oath that he and his business ‘sell silver to banks in New York and Zurich among other places.'”

http://www.mineweb.co.za/mineweb/view/mineweb/en/page32?oid=156210&sn=Detail&pid=102055

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Marc Faber: Beware, a False Rally May Be Coming

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“Faber is a renowned bear, who first rose to prominence after he correctly predicted the Crash of ’87. Since that time he predicted the rise in the price of oil, precious metals, and other commodities as well as the decline in the dollar and the 2007 Great Recession.  Affectionately named Dr. Doom because his commentary is often negative, it’s fair to say that when Faber speaks the Street listens. And on Wednesday Faber told CNBC’s Fast Money to beware a false rally in the late summer or early fall.”

http://www.cnbc.com/id/48681341

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A Common-Sense View of the Stock Market

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“Active traders and professional money managers already know how the U.S. stock market actually works, but Joe and Jane Citizen, whose pensions generally depend on the market in some way, typically do not. Beneath the surface stability, the Fed, the State and the financial Elites have constructed a terribly unstable system for skimming unearned wealth and propping up a propaganda facade of economic ‘improvement.’  If watching a tiny Elite skim billions of dollars from the real economy with the aid of the Fed is your idea of ‘improvement,’ then by all means, buy the rally. Just be ready to sell in 10 milliseconds.”

 

http://charleshughsmith.blogspot.com/2012/08/a-common-sense-view-of-stock-market.html

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On Wall Street, the Rising Cost of Faster Trades

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“The Wall Street wizards who built a faster, more fragmented stock market justified their creation by pointing to the benefits it yielded for investors in the form of lower trading costs.  But with trade times now measured in millionths of a second, a growing number of studies and market participants suggest that those benefits to investors have stalled or even started to reverse. The advantages of the nation’s increasingly high-speed stock market are under the microscope after a number of recent trading malfunctions underscored the risks and instability that have come with the rapid changes.”

http://www.nytimes.com/2012/08/14/business/on-wall-street-the-rising-cost-of-high-speed-trading.html?_r=4&nl=todaysheadlines&emc=edit_th_20120814&pagewanted=all

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How Wall Street Lawyer Turned Insider Trader Eluded FBI

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“The plan was simple. Kluger, 51, gleaned details of mergers at four of the six law firms where he worked. He discussed the most promising deals with Kenneth Robinson, a mortgage broker and old friend. Robinson then alerted his friend Garrett Bauer, a day trader who bought shares of companies in play. After the deals went public, Bauer sold the stock at a profit. Then Bauer withdrew $50 bills at automated teller machines and paid Robinson, who split it with Kluger. The arrangement worked 30 times between 1994 and 2011.”  [Just legalize it, and end the clearly false sense of security.]

http://www.bloomberg.com/news/2012-07-31/how-wall-street-lawyer-turned-insider-trader-eluded-fbi.html

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“What is the Fed’s Future?” with Roger Garrison

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“Dr. Garrison’s lecture describes how the economic precepts on which the Fed operates are fundamentally flawed, making it only a matter of time before the Fed is the creator of its own demise, by contrasting the Keynesian macroeconomic theory upon which the Fed is based with the Austrian macroeconomic theory. Using this comparison, Professor Garrison provides a simple yet comprehensive explanation of how the Fed’s monetary policy actions created the housing bubble and the subsequent financial crisis. He concludes by highlighting the bleak future for the Fed’s ability to manage the economy.”

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