Monthly Archives: September 2012

Use commemorative coins to pay down deficit, lawmakers suggest

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“Congress is considering commemorative coins to honor the Pro Football Hall of Fame, Mark Twain and the centennial of Mother’s Day. Now a group of lawmakers wants some change.  Under their legislation, Congress could still issue commemorative coins, but any proceeds – after paying for the coin’s production – would go to deficit reduction ‘instead of becoming a money-maker for private entities,’ said Sen. Jim DeMint (R-S.C.), chief sponsor of a Senate bill.”

http://www.latimes.com/news/nation/nationnow/la-na-nn-commemorative-coins-deficit-20120925,0,4217136.story

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Meredith Whitney on the Very Scary Municipal Bond Market

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“Whitney points out that incredibly state spending is at record highs and most muni bond investors are only looking at yield and maturity and, remarkably, none of the fundamentals.  This is not the time to own muni bonds for a number of reasons. Interest rates will soon start on a multi-year climb and there will be many muni defaults which will scare the entire muni sector. The only thing that can prevent the muni bankruptcies is Fed money printing, which will enable governments to pay off debt in cheaper dollars, but this is price inflation, which will mean higher interest rates and declining bond prices.”

http://www.economicpolicyjournal.com/2012/09/meredith-whitney-on-very-scary.html

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Peter Schiff: The Real Fiscal Cliff – How to Spot the Ledge

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“Archived from the live Mises.tv broadcast, this lecture by Peter Schiff was presented at the Mises Circle in Manhattan: ‘Central Banking, Deposit Insurance, and Economic Decline.’ Includes an introduction by Llewellyn H. Rockwell, Jr. Music by Kevin MacLeod.”

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Jim Rogers @ Russia-Singapore Business Forum 25 Sept 2012

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“Jim Rogers, keynote speaker at The Russia-Singapore Business Forum 24-27 September 2012. The Russia-Singapore Business Forum (RSBF) was originally set up with a simple mission to create greater understanding of Russia and the CIS regions. Since its conception in 2006, RSBF has gathered momentum each year, establishing itself as the most effective platform for Singapore and Asian companies to forge B-to-B linkages with their Russian/CIS counterparts.”

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FNN AU: Marc Faber ‘Optimistic Prediction 4 Central Bankers Fate’

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“9/18/2012 – Great interview with Dr. Marc Faber , of Marc Faber LTD and Editor/Publisher of the Gloom, Boom and Doom Report. Australia Financial Radio.”

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Ahmadinejad hopes to expand ties with Argentina

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“‘We see ourselves along the side of the people of Argentina… and much of the same aspirations of the Iranians and the nation and people of Argentina are common aspirations and hopes and dreams. [..] Fortunately the Argentinians have welcomed this proposal. I am hopeful that the dialogues of the two foreign ministers can lay the proper foundation and agenda in order to realize this goal.’  President Cristina Kirchner announced Tuesday she had instructed her foreign minister to hold the talks with his Iranian counterpart at some time in the future at the United Nations.”

http://www.rawstory.com/rs/2012/09/26/ahmadinejad-hopes-to-expand-ties-with-argentina/

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Before UN Speech, Argentine President meets with Soros

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“She is running her country into the ground with money printing, but that doesn’t mean she doesn’t have time for global oligarchs.  President Cristina Fernández de Kirchner met with billionaire investor George Soros at the Mandarin Oriental Hotel in New York, before her speech at the United Nations General Assembly.  Soros is the control shareholder in Adecoagro SA (NYSE:AGRO), a holding company primarily engaged through its operating subsidiaries in South American agricultural and agro-industrial activities. It maintains 23 farms in Argentina.”

http://www.economicpolicyjournal.com/2012/09/before-her-speech-at-un-argentine.html

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Lazio governor Renata Polverini resigns amid Italian scandal

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“The governor of the Italian region of Lazio has resigned over the alleged embezzlement of €1m in public funds, which were reportedly used to buy cars, holidays and expensive dinners.  Calls for her resignation had grown amid public anger after photos were published of a bawdy toga party hosted by a member of Lazio’s regional council, where men wearing pig masks fondled female guests.  The scandal is set to reinforce voters’ views of Italy‘s elected officials as overpaid and corrupt, increasing doubts over their ability to gain office and govern effectively next year, when Italy’s technocrat government headed by Mario Monti is expected to step down.”

http://www.guardian.co.uk/world/2012/sep/25/lazio-governor-resigns-amid-scandal?newsfeed=true

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Be Very Careful, Beloved Spain

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“Do [those advocating military actions] speak for the Armed Forces? One assumes not. One awaits a categorical denial from King Juan Carlos, from premier Mariano Rajoy, and from the cupula of the Armed Forces that such a course of action is being considered.  The Draghi bond plan can certainly put off the day of reckoning. It can lower borrowing costs across the board and cushion the slump. But it cannot in itself stop the slow asphyxiation of these societies. We are moving from the financial phase of this crisis to the full-blown political phase. It really is playing out like the 1930s.”

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100020330/be-very-careful-beloved-spain/

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Valencia: A Spanish city without medicine

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“Whether by corruption – and there has been a great deal of that – maladministration, or pure bad luck, Valencia is littered with vanity projects that tell their own story.   There is the America’s Cup dock, with huge sheds for ocean-going yachts and a massive white control tower. There is the Opera House – 400 million euros to build, 40 million a year to run – 15 performances a year.  The airport that has never seen a single plane land. The theme park built in a place where the summer heat rises above 40C (104F). The land bought at premium prices that is now worthless.”

http://www.bbc.co.uk/news/magazine-19682049

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