Monthly Archives: March 2013

Libor Scandal to Reveal Metals Manipulation?

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“Gold is being sucked directly into the Libor scandal. Of course, we are on record as pointing out that it can hardly be much of a scandal when central banks set the price and volume of money every day. But nonetheless, the mainstream press has been buzzing about the idea that commercial banks were setting LIBOR rates in ways that accommodated their business practices.  It is ultimately all about control. Gold and silver prices are apparently not subject to open marketplace competition for a reason. And now the Libor scandal threatens to unearth the seamy side of metals manipulation from the standpoint of the world’s biggest banks.”

http://www.thedailybell.com/28830/Libor-Scandal-to-Reveal-Metals-Manipulation

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Not Your Father’s Stock Market Anymore

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“Unfortunately, we live in a world where the majority of investors are granting far too much credit to the market data they are being fed. They are making decisions based on faulty premises. They often do not even understand the basics of monetary expansion and how that affects purchasing power.  The most important issue, however, is that the powerful artificial forces affecting stock markets cannot hold free-market adjustments at bay forever. That is why it is important to select stocks based not just on ‘mainstream’ indicators of performance and industry leadership but also on the business cycle, apparent monetary stimulation and other outside forces.”

http://www.thedailybell.com/28831/Edward-Karr-Not-Your-Fathers-Stock-Market-Anymore

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Fraud in the Financial Markets: Are You Vulnerable?

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“It can be hard for investors to defend themselves, especially because we judge other professions similarly. You go to a doctor with a good reputation for helping patients; you don’t assume that he was lucky. But in finance, someone with a good reputation might – believe or not – just be lucky, or worse yet, fraudulent.  My advice for avoiding many problems is simple: don’t focus on someone’s net worth for your investment decisions. Instead, consider their ideas and pretend that you heard them from the intern just starting his first day on the job. Does the idea still sound like a logical and reasonable investment plan?”

http://www.caseyresearch.com/node/41664

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Has the bull market in stocks become ‘too big to fail’?

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“Officially, the Federal Reserve isn’t supposed to worry about keeping stock prices flying high.  But when Fed Chairman Ben S. Bernanke was asked about the market’s outlook last week on Capitol Hill, he sounded like a lot of bullish Wall Street investment strategists.  ‘I don’t see much evidence of an equity bubble,’ he told the Senate Banking Committee in his semiannual testimony on Fed policy. Stocks ‘don’t appear overvalued given earnings and interest rates.’  More important for the markets, Bernanke pledged to continue the Fed’s policy of pumping colossal sums into the financial system to support the economic recovery.”

http://articles.latimes.com/2013/mar/03/business/la-fi-0303-bull-market-20130303

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Alan Greenspan on Dow Jones All-Time High: No Irrational Exuberance Here

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“At the end of the interview, Greenspan expresses hope that Bernanke will remain Fed chairman beyond January 2014.”

http://bastiat.mises.org/2013/03/no-irrational-exuberance-here/

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Treasury chief Jacob Lew not worried about financial bubble

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“US Treasury Secretary Jacob Lew said Thursday that he was not worried about a potential financial bubble forming as Wall Street stocks racked up record highs.  ‘The analysis that I’ve seen doesn’t give me reason to be worried right now,’ Lew said in an interview on US business news channel CNBC.  Lew nevertheless called for monitoring of the situation in order to avoid another crisis like the 2008 Wall Street crash that led to the Great Recession.  The blue-chip Dow Jones Industrial Average on Thursday closed at a record high for the eighth day in a row, though the US economy remains sluggish and massive government spending cuts kicked in on March 1.”

http://www.rawstory.com/rs/2013/03/14/treasury-chief-jacob-lew-not-worried-about-financial-bubble/

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Land prices rising even after year of record drought

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“American farmers may have suffered an historic drought last year, but the price of their land is skyrocketing.  In Iowa, the land prices jumped 24% in 2012 and and have gained 63% over the last three years, according to a study by Iowa State University.  Last year, farmers recovered some $14.7 billion in insurance payments for crop damage, a record sum.  US government forecasters expect overall farming income to gain 14 percent this year.  ‘Farmers have cash on hand and with low interest rates, the best place to make investments is to buy more land that they can farm to be more profitable in their operation,’ said Lyle Hansen, a real estate agent.”

http://www.rawstory.com/rs/2013/03/13/land-prices-rising-even-after-year-of-record-drought/

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Private equity crash could trigger next wave of financial crisis, Bank of England warns

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“The Bank of England warned on Thursday that the next phase of the UK’s six-year financial and economic crisis may be triggered by the collapse of debt-laden companies bought by private equity firms in the boom years before the crash.  In its latest quarterly bulletin, Threadneedle Street said the need over the next year to refinance firms subject to heavily leveraged buyouts posed a systemic threat.  The Bank added that it would use its new role as the watchdog of the City to monitor private equity deals in future ‘episodes of exuberance’ to prevent a repeat of the debt-driven takeover boom in the run-up to the banking crisis.”

http://www.guardian.co.uk/business/2013/mar/14/private-equity-financial-crisis-bank-of-england

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Euro woes not over, says crisis-wary Bundesbank

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“A wary German central bank said on Tuesday it had set aside billions more euros against what it deems risky European Central Bank moves, and criticized France directly for “floundering” in its reform drives.  Presenting Bundesbank 2012 results, Jens Weidmann, the bank’s chief, said the euro zone crisis, which has eased as a result of ECB funding promises, was not over.  Weidmann, a member of the ECB’s Governing Council, opposed the bank’s yet-to-be-used bond-buy plan agreed last September and believeseuro zone governments must shape up their economies to exit the crisis rather than looking to the ECB for help.”

http://www.reuters.com/article/2013/03/12/us-ecb-crisis-weidmann-idUSBRE92B0BD20130312

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150,000 Greek Public Sector Job Cuts Pending As Greece Launches Another Grexit “Plan B” Movement

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“Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing. Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets a 2.8 billion-euro ($3.6 billion) aid installment due this month. More than a week of talks on that has so far failed to clinch an agreement.”

http://www.zerohedge.com/news/2013-03-12/150000-greek-public-sector-job-cuts-pending-greece-launches-another-grexit-plan-b-mo

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