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U.S. Mint Raises Premiums On Silver Coins

That’s quite a picture, isn’t it? Since 2000 silver has outperformed the S&P fourfold. Now apparently due to increased demand and supply problems, “the U.S. Mint announced today that it is significantly raising the premium on all Silver American Eagle coins. Obviously, every dealer will have to increase their premiums on Silver American Eagle coins.” What you own is more valuable and what you buy in the future will cost you more above spot. And you ain’t seen nothing yet!

Plunge Blamed On A Large Order Of E-minis

A report may be released tomorrow by the Securities and Exchange Commission and Commodity Futures Trading Commission alleges that one trade brought down the market in a mini-crash on May 6th.

A single trade by Waddell & Reed Financial Inc (WDR.N) helped spark the cascade of market selling on May 6, said a source familiar with regulators’ report on the so-called flash crash.

Waddell, which sold a large order of e-mini futures contracts during the plunge, will not be named in the report, according to the source, who requested anonymity because report has not been made public.

Something smells! If you are telling me that our markets are that vulnerable what’s to prevent anyone from doing it again and profit with huge short positions? I don’t buy it!

Tags: Mini Crash May 6th SEC Waddell & Reed Financial

Greg Giraldo R.I.P.

Comedian Greg Giraldo is dead at the age of 44. His death comes just five days after he was hospitalized for an apparent drug overdose.

Giraldo had been admitted to a hospital in New Jersey last weekend after overdosing on prescription pills last weekend. One source indicated that the overdose was not a suicide attempt, however.

Greg Giraldo was a judge on the show Last Comic Standing.

Tags: Greg Giraldo Last Comic Standing

Is America Pissed?

We’ll find out on November 2nd!

Fiat Empire – The Federal Reserve is Unconstitutional Part 1


DOJ lawyer who prosecuted former Sen. Ted Stevens commits suicide

Prosecutors Brenda Morris, Nicholas Marsh, left, and Joseph Bottini leave the U.S. District Court in Washington Wednesday Oct. 1, 2008, after the trial of Alaska Sen. Ted Stevens. (AP Photo/Jose Luis Magana)

One of the lead federal prosecutors in former Sen. Ted Stevens’ 2008 corruption trial, Nicholas Marsh, committed suicide this weekend.

A jury in Washington D.C. found Stevens guilty in October 2008 of lying on financial disclosure forms covering six years in office. The trial, though, was marred by allegations that prosecutors and investigators in the case failed in their constitutional obligation to turn over evidence that might have helped Stevens with his defense. At the request of Attorney General Eric Holder, Sullivan in April 2009 dismissed the charges against Stevens, based on the potential prosecutorial misconduct. That effectively voided the jury’s verdict.

Tags: Nicholas Marsh Sen. Ted Stevens prosecutorial misconduct.

Beginning Of Trade War???

Last Thursday Obama met with Chinese Prime Minister Wen Jiabao to lecture him in a two hour meeting at the UN and demand that the Renminbi be allowed to float higher against the USD. Economist Antel Fekete says Obama warned that Democrats in the House were likely “…to pass legislation before the midterm elections that would put huge punitive tariffs on Chinese goods, thus plunging the world into trade war.”

Fekete says

It is most undiplomatic, not to say arrogant, for a head of government to engage another in a in a tête-à-tête confrontation, to discuss technical currency problems that should first properly be sorted out at a lower level by experts.

It appears that China has not given into the demand by raising tariffs on U.S. chicken imports by 50.3% to over 100%.

China was the largest importer of U.S. chicken in 2009 at $752.5 million but has been embroiled for months over duties imposed on U.S. chicken producers. The Chinese government said the new duties will replace ones imposed in February after preliminary results of the probe showed U.S. chicken was being sold at low prices — a process called “dumping.”

Fekete writes that history repeats. Japan was in the same position in 1980 as China is in today vs a vs the U.S.

Japan had a huge pile of U.S. Treasury paper as a result of several decades of trade surpluses — fruits of Japanese thrift and good husbandry. As the yen was floating upwards, Japan took enormous losses on its holdings of U.S. paper, since its gold value was no longer guaranteed after Nixon’s default of 1971. For an American eye these losses were invisible, because Americans blithely assumed that everybody would carry his books in dollar units. But the Japanese carry them in yen units. As the yen was floating upwards from a little over 25 cents to over $1 per 100 yen, the Japanese were forced to take a loss on their savings to the tune of over 75 cents on every dollar of American debt held.

We want the Chinese to do the same thing as the Japanese and take the losses. The Chinese seem to have learned the lesson and now we are verging on Trade War. Too bad our country is run by children!

Tags: aObama Chinese Prime Minister Wen Jiabao Antel Fekete Trade War Renminbi

Earthquakes Measured at Iceland’s Vatnajökull


Grímsvötn on Vatnajökull. Photo by Páll Stefánsson.

Geophysicist Páll Einarsson stated in a recent presentation that an eruption in Grímsvötn is highly likely within the next months.

What A Strange Day!

First, Rumor Mill News has a thread about UFO’s over our nuke missiles. I clicked on it and found it originated with Fox News. No disrespect of Fox, but I didn’t take it seriously. Then I read that there will be a presser today, according to the Daily Mail, in Washington that will “… highlight testimony from retired U.S. Air Force Captain Bruce Fenstermacher, whose security team saw a cigar-shaped UFO hovering above FE Warren nuclear base in Wyoming in 1976.” They want us to be aware that “…UFOs have long monitored and sometimes tampered with our nukes.”


Apology: France’s former Justice Minister Rachida Dati made the unfortunate mistake on national radio

Then there’s this story about Glamorous French politician Rachida Dati who got confused. Apparently, this is not the first time she’s gotten in such a state. “Asked about overseas investment funds profiteering during a period of economic uncertainty, she said: ‘I see some of them looking for returns of 20 or 25 per cent, at a time when fellatio is almost non-existent.’

Can’t you just hear Roseanne Roseannedana say, “What’s all this talk about fellatio growing at 5% to 7% a year? Why I think fellatio is almost non-existent!

“Roseanne, that’s inflation. Inflation is almost non-existent. Inflation, not fellatio. Fellatio since Bill Clinton is growing at 5% to 7%.”

“What? Inflation? Nevermind!”

Tags: UFOs U.S. Air Force Captain Bruce Fenstermacher FE Warren nuclear base Fellatio Inflation Rachida Dati

Global Cooling

Good god man, at their last meeting the Bilderbergs were worried about Global Cooling!

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