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Monday 05.14.2012
Rosenberg Says Gold 'Will Go to $3,000 Per Ounce'
BY MARK O'BYRNE - FinancialSense.com
Gold's London AM fix this morning was USD 1,580.75, EUR 1,221.69 and GBP 980.98 per ounce.
Yesterday's AM fix was USD 1,590.00, EUR 1,228.37, and GBP 987.39 per ounce.
Gold rose $3.00 or 0.18% in New York yesterday and closed at $1,594.00/oz. Gold ticked lower in Asia and in Europe and breached yesterday's intraday low of $1,580/oz.
Margin related selling occurring in Gold, Silver
LONDON (Commodity Online): Gold sometimes falls with other markets on selling by investors who need to raise cash to meet margin calls, and newsletter writer Dennis Gartman suggests margin-related selling may be happening again.
He cites a Wall Street saying: "Sometimes it is not what you want to sell but what you can sell that counts." Gartman says "with the J.P. Morgan story on the front pages and with the margin clerks in high spirits as their duties are now front and very center, gold, silver et al are being sold because that is what can be sold and there is where liquidity lives."
Some physical buying emerges as Gold prices retreat
LONDON (Commodity Online): Some physical buying has occurred on gold's pullback, helping the market bounce from its weakest levels early in the day, said Afshin Nabavi, head of trading at MKS Finance.
"Since yesterday, we've been seeing some physical buying and physical shipments going through" although "nothing huge yet," he added.
EU leaders set for showdown on fate of euro as crisis deepens
Angela Merkel and François Hollande to have first face-to-face talks in Berlin after eurozone finance ministers meet in Brussels
By Ian Traynor - Guardian.co.uk
Europe is braced for a crucial 48 hours of high-stakes summitry likely to decide whether Germany and France can strike a grand bargain aimed at dispelling growing pessimism over the chances of the single currency surviving in its current form.
While eurozone finance ministers are to meet on Mondayin Brussels, apparently at a loss over how to respond to political paralysis in Greeceand a worsening crisis in Spain, all eyes are on François Hollande, the new French leader, who is to go to Berlin for his first face-to-face meeting with the German chancellor, Angela Merkel, as soon as he is sworn in as president on Tuesday.
European Political Extremists Demand Authoritarian State
The discontent that is currently simmering in Europe will soon prove to be the catalyst that leads to the ascension of a dictator.
BY ANDREW MIILLER - theTrumpet.com
A spirit of extremism is sweeping across Europe. As deteriorating economic conditions and German-led austerity programs take hold in almost every nation of the eurozone, parties on both the far-left and the far-right are rising. These worrying trends will only intensify as anger and resentment continue to build.
In France, over one third of voters cast a ballot for either far-left Trotskyites or far-right nationalists in the first round of voting last April. In Greece, the situation is even worse, with a full 70 percent of voters supporting either radical left-wing socialists or far-right xenophobes.
How do you spell D-E-F-L-A-T-I-O-N?
EU urges more cuts, despite eurozone recession
BY VALENTINA POP - EUObserver.com
BRUSSELS - The EU commission on Friday (11 May) confirmed earlier predictions that the eurozone economy will contract by 0.3 percent this year, with worsening forecasts for Greece, Spain and the Netherlands.
In its so-called spring economic forecast, the commission expects the euro area economy to stay in a 0.3 recession this year whereas the EU as a whole will have zero-growth, as predicted in an "interim" forecast published in February.
Europe: Big Problems Remain for Markets
BY CHRIS CIOVACCO - FinancialSense.com
In December 2011, the European Central Bank (ECB) attempted to paper over the debt crisis. As noted by the Wall Street Journal on April 18, "Europe's bold program to defuse its financial crisis by injecting cash into the banking system is running out of steam".
Since the credit markets in Spain and Italy have shown renewed signs of strain, the timing for elections in France and Greece was less than ideal for policymakers. On Friday morning, there were rumblings from Europe giving some basis for optimism to the post-election situation in Greece.
Keiser Report: Central Bank Monarchs (E287)
In this episode, Max Keiser and co-host, Stacy Herbert discuss the alleged meritocracy of old Etonians running the world (into the ground) while the rest of us remain wards of the state - from the President of France to PhDs on foodstamps. In the second half of the show Max talks to John Titus, producer of the new documentary, Bailout.
Greece will run out of money soon,
warns deputy prime minister
Greece's deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal.
By Andrew Gilligan, Athens - Telegraph.co.uk
Speaking exclusively to The Sunday Telegraph, Theodoros Pangalos said he was "very much afraid of what is going to happen" after Greek voters rejected the deal in elections last Sunday.
"The majority of the people voted for a very strange mental construction," he said. "We want to be in the EU and the euro, but we don't want to pay anything for the past."
If Greece goes ...
With an exit looking possible, policymakers
and investors are shifting focus to the consequences
By Chris Giles, Peter Spiegel and Kerin Hope - FT.com
The idea of a Greek exit from the eurozone is no longer fanciful. After 70 per cent of voters in elections on May 6 supported parties that rejected the terms under which €174bn of international bailout loans were offered to Athens, many investors now see a fissure in the 17-member eurozone as increasingly likely. European governments are furiously thinking through the various scenarios, while still urging Athens to stick to its agreements on austerity and reform. If those hopes are dashed and Greece goes, what happens next?
1. Is Greece serious about quitting the eurozone?
Who knows? Opinion polls showing 80 per cent of Greeks in favour of staying in the euro combine with the election result to offer a scene of confusion.
Greece's European partners say Athens cannot have it both ways. But the siren call from the radical left coalition Syriza, that Greece is safe in the eurozone with its creditors poised to ease the harsh bailout, is music to the ears of hard-pressed citizens.
Greece would face dire consequences
from a euro exit – as its people know
Reinstating the drachma is not in the interests
of the Greek electorate or the rest of the eurozone
By Vicky Pryce - Guardian.co.uk
Far from revealing that Greeks want to exit the euro, the election results send out a clear signal that the policy framework imposed since the crisis began has been wrong and needs to be rethought.
The majority of the electorate supported parties that would prefer to keep Greece in Europe, while delivering a strong rebuke to the two traditional parties of government, New Democracy and Pasok, for having brought Greece to bankruptcy and then being associated with the "austerity memorandum" – the terms of the troika bailout packages.
Euro Officials Begin to Weigh Greek Exit From Common Currency
By Patrick Donahue - Bloomberg.com
Greece's possible exit from the euro area moved to the center of Europe's debt-crisis debate, with officials beginning to weigh the fallout of a withdrawal even as authorities in Athens struggled to form a government.
Meetings brokered by Greek President Karolos Papoulias are set to continue today after Syriza, the largest anti-bailout party, rejected a unity government following last week's inconclusive elections. The country where the 2 1/2-year-old crisis began moved closer to a new vote, and to the possibility of a euro-area exit that was once a taboo among policy makers.
It's too late for Germany to save the euro
Despite belated gestures from Berlin,
the single currency cannot survive
if and when Greece leaves it.
By Jeremy Warner - Telegraph.co.uk
For all the latest news on the escalating situation in the eurozone read our debt crisis live blog
Greece's motorcycling Marxist, Alexis Tsipras, makes an unlikely champion, with his commuter leathers and largely unrealistic Left-wing views, but he seems to be about the best of a bad bunch right now. As far as I can see, he's the only member of the Greek political class who makes any kind of sense, albeit only marginally so and with one rather important deficiency.
Germany: eurozone would survive Greek exit
BY HONOR MAHONY - EUObserver.com
BRUSSELS - German finance minister Wolfgang Schauble has said the eurozone would survive if Greece left it, with the single currency structures more robust than two years ago.
"We want Greece to remain in the eurozone. But it also has to want this and to fulfil its obligations. We cannot force anyone. Europe will not sink that easily," he said in an interview with Friday's edition of the Rheinische Post.
Greek leftist leader rejects coalition government
By William Spain, MarketWatch.com
CHICAGO (MarketWatch) — The leader of Syriza, a Greek radical left party, on Sunday said it would not join a coalition government to help put in place a harsh and deeply unpopular austerity program, Dow Jones Newswires reports.
The statement from Alexis Tsipras came shortly after a meeting with Greece's president and other political parties that it was hoped would forge an alliance to run the troubled nation.
And how much will the US chip in to save Greece?
Britain to share costs of Greek exit
Germany has drawn up plans to make Britain pay a share of the multi-billion pound clean-up costs if Greece is ejected from the euro, risking a clash with Downing Street.
By Ambrose Evans-Pritchard - Telegraph.co.uk
A finance ministry draft shows that Berlin is preparing a fresh bail-out to stabilise the Greek economy and stem EMU-wide contagion after a return to the drachma, should the country reject EU austerity demands.
The funds would come from Europe's rescue machinery but costs would be shared among all 27 EU members – not just the eurozone – on the grounds that Greece has a right to Brussels crisis funds, like any other member state with its own currency.
11 Quotes That Show How Worried
The Financial World Is About Europe Right Now
By Michael Snyder - TheEconomicCollapseBlog.com
The recent elections in France and in Greece have thrown the global financial system into an uproar. Fear and worry are everywhere and nobody is quite sure what is going to happen next. All of the financial deals that Greece has made over the past few years may be null and void. Nobody is going to know for sure until a new government is formed, and at this point it looks like that is not going to happen and that there will need to be new elections in June. All of the financial deals that France has made over the past few years may be null and void as well. New French President Francois Hollande seems determined to take France on a path away from austerity. But can France really afford to keep spending money that it does not have? France has already lost its AAA credit rating and French bond yields have started to move up toward dangerous territory. And Greek politicians are delusional if they think they have any other choice other than austerity. Without European bailout money (which they won't get if they don't honor their current agreements), nobody is going to want to lend Greece a dime.
World edges closer to deflationary slump
as money contracts in China
All key indicators of China's money supply are flashing warning signs. The broader measures have slumped to stagnation levels not seen since the late 1990s.
By Ambrose Evans-Pritchard - Telegraph.co.uk
Narrow M1 data for April is the weakest since modern records began. Real M1 deposits – a leading indicator of economic growth six months or so ahead – have contracted since November.
They are shrinking faster that at any time during the 2008-2009 crisis, and faster than in Spain right now, according to Simon Ward at Henderson Global Investors.
China Lowers Banks' Reserve Requirements to Support Growth
By Bloomberg News
China cut the amount of cash that banks must set aside as reserves for the third time in six months, pumping money into the financial system to support lending after data showed a slowdown in growth is deepening.
Reserve ratios will fall 50 basis points, effective May 18, the People's Bank of China said on itswebsite yesterday. The level for the nation's largest lenders will decline to 20 percent based on previous statements.
Selling out US oil & gas deposits...
new way to balance trade deficit?
Why Is The Obama Administration
Allowing The Chinese Government To Buy Up
U.S. Oil And Gas Deposits Worth Billions Of Dollars?
By Michael Snyder - EndOfTheAmericanDream.com
If we are trying to become independent of foreign oil, then why is the Obama administration allowing the Chinese government to buy up U.S. oil and gas deposits worth billions of dollars? This makes absolutely no sense whatsoever. The United States desperately needs to maintain control over its own domestic energy resources so that we can end our addiction to foreign oil. As I have written about previously, the United States actually has plenty of oil. If we would simply use the resources that we already have, we would never have to import a single drop of foreign oil. But instead, we continue to be the largest importer of oil on the planet and we are allowing China to rapidly buy up oil and gas deposits inside the United States. This is fundamentally wrong and it is a serious threat to our national security. But apparently everything is for sale in the United States today, and that includes our precious energy resources.
* * * * *
Lindsey Williams warned us about a 'crack' in the derivatives market... here it is via JMP.
Chaos, Derivatives, and Quantum Physics
BY CRIS SHERIDAN - FinancialSense.com
Every day the financial markets get more chaotic—a fact that couldn't be made any more clear than with a recent revelation given by ex-physicist and author, Nick Dunbar, in describing a new level of complexity facing banks and derivatives. Ironically, Thurdsay night's emergency conference call by JP Morgan of a massive $2 billion unavoidable loss is perhaps a confirmation of what banks are now starting to grapple with.
After attending a recent conference in Barcelona featuring some of the top thinkers in quantitative analysis, Dunbar says that the financial crisis has now left "quants grappling with a new landscape...that has turned the old world upside down."
Bank fraud?
SEC Tells JP Morgan Enforcement Action Coming
over Bear's Mortgage Backed Securities Violations
Posted by Teri Buhl
Fallout from JP Morgan trading losses, which led to rater Fitch downgrading their debt yesterday, aren't the only financial worries the banking behemoth is facing. Nestled in that shocking 10-Q filed Thursday is an admission that their regulator, the Securities and Exchange Commission, thinks some of the details that lead to the explosive Ambac mortgage security fraud suit against the naughty stepchild of JPM, Bear Stearns/EMC, are worthy of an enforcement action. Yep- the SEC is giving or finally gave them a Wells Notice, which means according to their 10-Q (and their 10-K) in January 2012 the SEC's investigation into the sins of Bear's Mortgage team run by Tom Morano, Jeff Verschleiser, Mike Nierenberg and the subsequent cover up by JPM was worthy of a civil suit along with some penalties.
Elizabeth Warren Calls for Dimon
to Resign From New York Fed
By C. Thompson - Bloomberg.com
Elizabeth Warren, a Massachusetts candidate for U.S. Senate, called for JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon to resign his position as a director at the Federal Reserve Bank of New York.
Dimon, who disclosed a $2 billion trading loss by his bank last week, shouldn't stay on the board of the New York Fed because "he advises the Federal Reserve on the oversight of the financial industry," she said in an e-mail release.
JPMorgan probe into London role in loss
Senior members of trading division to leave
By Tom Braithwaite in New York
and Shahien Nasiripour in Washington - FT.com
JPMorgan Chase is investigating whether London-based traders hid the extent of losses on credit derivatives positions, according to people familiar with an internal probe following last week's revelation of $2bn losses.
The investigation comes as Jamie Dimon, chief executive, took to US television to say he was "dead wrong" to have dismissed questions over the risk-taking of his chief investment office.
After JPMorgan loss, a call for stricter oversight
AP - WSJ.com
WASHINGTON — JPMorgan Chase faces intense criticism for claiming that a surprise $2 billion loss by one of its trading groups was the result of a sloppy but well-intentioned strategy to manage financial risk.
More than three years after the financial industry almost collapsed, the colossal misfire was cited as proof that big banks still do not understand the threats posed by their own speculation.
"It just shows they can't manage risk — and if JPMorgan can't, no one can," Simon Johnson, the former chief economist for the International Monetary Fund, said Friday.
JPMorgan Executives Said to Prepare Exits After Loss
By Dawn Kopecki - Bloomberg.com
JPMorgan Chase & Co. (JPM) executives in the bank's chief investment office will leave as early as this week after the firm suffered a $2 billion trading loss, according to a person familiar with the matter.
Ina Drew, who oversees the unit, is among three executives set to leave, the Wall Street Journal reported today, citing unidentified people familiar with the situation. Chief Executive Officer Jamie Dimon previously resisted accepting her resignation, said the person, who requested anonymity because the discussions were private. Drew didn't immediately respond to a message seeking comment.
After JPMorgan's Huge Loss, Is More Regulation Needed?
Shares in JPMorgan Chase fell 9 percent Friday on news that the bank lost $2 billion over six weeks due to "self-inflicted" mistakes. Jeffrey Brown, The Wall Street Journal's Liz Rappaport, Michael Greenberger of the University of Maryland School of Law and consultant Bert Ely discuss the details and calls for more regulation.
Does JP Morgan Have Staying Power?
BY BRADY WILLETT - FinancialSense.com
News that JP Morgan lost $2 billion trading synthetic credit securities is spreading like wild fire. Shares of JPM are deeply in the red. The stench of Volcker is in the air:
"It's a pretty stunning admission for a company that prides itself on its risk management systems and the strength of its balance sheet. The timing couldn't be worse for the industry. At the end of the day, it will have ramifications across the broker-dealer community." Sterne Agee analyst Todd Hagerman.
Banks sink on JPMorgan loss; tech stocks gain
By Joshua Freed - AP - WashingtonTimes.com
JPMorgan's surprise $2 billion trading loss prompted a sell-off in financial stocks Friday, but the broader market rose as investors decided this was a problem for investment banks and not other industries.
The Dow Jones industrial average rose 31 points in morning trading after bouncing back from a 76-point decline. The Standard & Poor's 500 index rose four points to 1,362. The Nasdaq composite index, which is heavily weighted with technology stocks, was up 20 points at 2,954.
Bank Stocks Take Hit on JP Morgan Blunder
JP Morgan trader 'London Whale'
blows $13bn hole in bank's value
Shockwaves spread across markets after $2bn trading loss at US bank, which had campaigned to water down regulations
By Simon Neville and Jill Treanor - Guardian.co.uk
The City trader at the centre of a $2bn trading loss at JP Morgan Chase had returned to his home in Paris on Friday as the repercussions of the loss spread across the markets.
Some $13bn was wiped off the value of America's largest bank after it admitted the scale of the trading activities of Bruno Iksil – nicknamed the London Whale for his bullish trading – and his colleagues in the bank's little known "chief investment office". The US Securities and Exchange financial watchdog was said to have begun reviewing the losses, the rating agency Standard & Poor's revised its outlook on the bank from stable to negative and Fitch Ratings downgraded it from A-plus to AA-minus.
JP Morgan's "Unicorn Hedge" Fairy Tale
Harpoons the London Whale!
JP Morgan's $2 Billion Loss
Was 4X the Alleged Cost of Financial Regulation
By Derek Thompson - TheAtlantic.com
Here is Barney Frank's statement on JP Morgan's of $2 billion loss in derivatives:
This regrettable news from JPMorgan Chase obviously goes counter to the bank's narrative blaming excessive regulation for the woes of financial institutions. Interestingly, in the Economist's long attack on the financial reform bill, one of their leading examples of the harm the bill is doing was JPMorgan Chase's assertion that complying with the new rules will cost $400 to $600 million at the outset (a number which will obviously go down as compliance processes are set in place). In other words, JP Morgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them.
Jamie Dimon: Hero Or Goat?
WSJ's Robin Sidel and Liz Rappaport visit Mean Street to examine how J.P. Morgan CEO Jamie Dimon had been built up in recent years to hero-like status by the media.
An economy more Clark Kent than Superman
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — A recent Newsweek magazine cover story argues that the economy is secretly Superman, but, at the same time, some economists are warning of a coming recession.
Would the real economy please stand up?
At the moment, economists don't seem to know what to make of the start-and-stop nature of the data.
Obama pushes billion-dollar stimulus plan
By Dave Boyer - The Washington Times
Putting pressure on Congress to approve parts of his latest economic stimulus plan, President Obama urged Americans Saturday to push lawmakers to approve his multibillion-dollar "to-do list" for creating jobs.
"Each of the ideas on this list will help create jobs and build a stronger economy right now," Mr. Obama said in his weekly address. "Let's pushCongress to do the right thing. Let's keep moving this country forward together."
Top JP Morgan Chase exec to resign over loss
Michael Greenburger (CBS News report on JPM)
...."This kind of trade would have been banned" under a fully-implemented Dodd-Frank, Greenberger said. "JP Morgan Chase has been arguing that these kinds of trades should go forward. But (some of the rules) on Dodd-Frank, the way they were written, these kinds of risky, complex trades would be banned."
What's scary about the situation is how likely it is to happen again.
"Of course it could happen at another bank next week," Greenberger said. "JP Morgan Chase and Jamie Dimon are the brightest guys in the room. If they have this problem, god knows how many other people have these problems. And this could lead us right back to where we were in 2008."
Home Not So Sweet:
Foreclosure & debt push Americans to extremes
More than 2.5 million houses in the United States have been repossessed by banks since the economic crisis struck the country. But the impact isn't only financial. Many forced out of their homes are taking drastic measures - with some even choosing to take their own lives when faced with eviction. RT's Madina Kochenova reports.
After Obamacare
By Edwin J. Feulner - PatriotPost.us
Who should be in charge of your health care -- you, or the government? That, in a nutshell, is what the debate over Obamacare is about.
True health care reform is needed. Unfortunately, the president's signature law is the wrong medicine. Which is why, if the Supreme Court affirms that the law is unconstitutional and overturns it, we shouldn't consider the problem solved. Not at all. We will simply have stopped applying a treatment that was making the problem worse.
Slippery-Slope Logic, Applied to Health Care
By RICHARD H. THALER - NYTimes.com
THERE are lots of important things to worry about these days: terrorism, the economy, climate change and, for Yankee fans, the loss of Mariano Rivera. But worry is a scarce commodity. Even a mother — Jewish or not — can't worry about everything. So it is important that we limit our worries to real as opposed to imaginary risks.
One pernicious category of imaginary risks involves those created by users of the dreaded "slippery slope" arguments. Such arguments are dangerous because they are popular, versatile and often convincing, yet completely fallacious. Worse, they are creeping into an arena that should be above this sort of thing: the Supreme Court, in its deliberations on health care reform.
3.6 Million Taxpayer Dollars Being Used To Support The Lavish Lifestyles Of Former Presidents Such As Bush And Clinton
By Michael Snyder - TheEconomicCollapseBlog.com
You are not going to believe how much money is being spent on our former presidents. At a time when U.S. government spending is wildly out of control, a total of 3.6 million dollars is being used to support the lavish lifestyles of former presidents such as George W. Bush and Bill Clinton in 2012. For 2013, the plan is to increase that amount to 3.7 million dollars. But do any of them really need this kind of welfare? The truth is that all of them are very wealthy. So what justification is there for giving them so much money? You can see the GSA budget proposal for former presidents for 2013 right here. The 3.7 million dollars for 2013 does not even include the cost of Secret Service protection. Rather, it only covers expenses such as office rentals, travel, phone bills, postage, printing and pension benefits. Certainly it is not unreasonable to grant former presidents a small pension, but should we be showering them with millions of dollars each year? At a time when the federal government is drowning in so much debt, the fact that these former presidents are willing to take such huge amounts of taxpayer money really does make them look like parasites.
All GOP Delegates Are Free To Vote
For Front-Runner Ron Paul
Obama's Second Term Transformation Plans
By Steve McCann - AmericanThinker.com
The 2012 election has often been described as the most pivotal since 1860. This statement is not hyperbole. If Barack Obama is re-elected the United States will never be the same, nor will it be able to re-capture its once lofty status as the most dominant nation in the history of mankind.
The overwhelming majority of Americans do not understand that Obama's first term was dedicated to putting in place executive power to enable him and the administration to fulfill the campaign promise of "transforming America" in his second term regardless of which political party controls Congress. That is why his re-election team is virtually ignoring the plight of incumbent or prospective Democratic Party office holders.
Degrees of Debt
A Generation Hobbled by the Soaring Cost of College
By ANDREW MARTIN and ANDREW W. LEHREN - NYTimes.com
ADA, Ohio — Kelsey Griffith graduates on Sunday from Ohio Northern University. To start paying off her $120,000 in student debt, she is already working two restaurant jobs and will soon give up her apartment here to live with her parents. Her mother, who co-signed on the loans, is taking out a life insurance policy on her daughter.
"If anything ever happened, God forbid, that is my debt also," said Ms. Griffith's mother, Marlene Griffith.
Ms. Griffith, 23, wouldn't seem a perfect financial fit for a college that costs nearly $50,000 a year. Her father, a paramedic, and mother, a preschool teacher, have modest incomes, and she has four sisters. But when she visited Ohio Northern, she was won over by faculty and admissions staff members who urge students to pursue their dreams rather than obsess on the sticker price.
California Deficit Swells to $16 Billion, Governor Says
By Michael B. Marois - Bloomberg.com
California's budget deficit has swelled to $16 billion after tax collections trailed projections amid the tepid economic recovery, Governor Jerry Brown said in a comment on his Twitter post.
The shortfall has widened from the $9.2 billion Brown estimated in January, after lawmakers resisted the Democrat's call for cost cuts, the federal government blocked other reductions and April income-tax revenue missed budget forecasts by $2 billion. On May 14, he's set to unveil a revised spending plan and to say how he would erase the gap.
California facing higher $16 billion shortfall
By Judy Lin - WashingtonTimes.com
SACRAMENTO, Calif. (AP) — California's budget deficit has swelled to a projected $16 billion — much larger than had been predicted just months ago — and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday.
The Democratic governor said the shortfall grew from $9.2 billion in January in part because tax collections have not come in as high as expected and the economy isn't growing as fast as hoped for. The deficit has also risen because lawsuits and federal requirements have blocked billions of dollars in state cuts.
$1 billion 'ghost town' to be built in New Mexico
A $1 billion (£620 million) 'ghost town'
is to be built in the United States
in the name of scientific research.
By Mark Hughes, New York - Telegraph.co.uk
The town, which will be modelled on a town of 35,000 people, will have roads, houses and commercial buildings, but will have no residents.
It will be built in New Mexico about 15 miles west of the nearest town, Hobbs, which has a population of about 40,000.
Scientists hope to use the new 'town' to research innovations in renewable energy as well as intelligent traffic systems and next generation wireless networks.
Gerald Celente - The Jeff Rense Show - 10 May 2012
Obama's Soros-Controlled Energy Council
By Ken Blackwell - PatriotPost.us
When politicians want to look busy while avoiding tough decisions during an election year, what do they do? They form commissions and councils.
And when President Barack Obama saw Americans struggling with higher gasoline and home energy prices, did he encourage more domestic oil exploration, off-shore drilling, or coal production, while lowering taxes on energy? Of course not. After all, with political observers expecting a close presidential race this year, Obama needs the financial and institutional support far-left environmental groups. The result has been the President anointing certain energy sources - such as wind and natural gas - as energies of the future, while implementing regulatory hurdles for more dependable fuels like oil and coal.
Wallpaper That Protects You From Identity Theft
BY NATHAN HURST - Wired.com
There's that guy again, cruising down the block, scanning the airwaves for an open Wi-Fi network named "LINKSYS" or "NETGEAR" that the owner didn't bother to password-protect. Maybe he's just a freeloader. But what if he's an identity thief out to view your browsing history and — gasp — maybe even your bank statements! Wouldn't it be nice if you could both beautify your home and make your Wi-Fi network just disappear?
French researchers from the Grenoble Institute of Technology and the Centre Technique du Papierhave developed a way to do both, with a wallpaper that shields your home from Wi-Fi signals — incoming or outgoing.
What to Expect From the Maps App
if Apple Ditches Google Maps in iOS 6
By Christina Bonnington - Wired.com
Apple will reportedly ditch Google's backend for the built-in Maps app in iOS 6, according to sources with9to5Mac. The app is said to be faster and more reliable, and will come with a few shiny new features that users should eat right up.
"This move is entirely expected," Forrester analyst Charles Golvin told Wired via e-mail. "The relationship between Apple and Google has been moving steadily from one of partners to competitors, and Apple has increasingly sought to displace Google technology whenever possible."
Dr. Bill Deagle w/ Jeff Rense 2012/05/08 - Multiple Updates
On Defense Cuts, Both Parties Are Far Out of Step With Voters
By R. Jeffrey Smith - TheAtlantic.com
While politicians, insiders, and experts may be divided over how much the government should spend on the nation's defense, there's a surprising consensus among the public about what should be done: They want to cut spending far more deeply than either the Obama Administration or the Republicans.
That's according to the results of an innovative, new, nationwide survey by the Center for Public integrity, the Program for Public Consultation, and the Stimson Center. Not only does the public want deep cuts, it wants those cuts to encompass spending in virtually every military domain -- air power, sea power, ground forces, nuclear weapons, and missile defenses.
Expert Warns:
100% Certainty of Total Catastrophic Failure
of the Entire Power Infrastructure Within 3 Years
The-Coming-Depression.blogspot.ca
As smart grid metering systems expand across the developed world, many are starting to ask whether the threats posed by the new devices, which officials promise will save energy and reduce end user utility costs, outweigh their benefits. In addition to documented health concerns resulting from radiation emissions and no cost savings being apparent, opponents of the technology argue that smart meters are violative of basic privacy rights and give the government yet another digital node of unfettered access to monitor and control personal electricity consumption.
Cyber expert on SMART GRID:
massive vulnerability, who's accountable?
Echoes of '67: Israel Unites
By Charles Krauthammer - PatriotPost.us
WASHINGTON -- In May 1967, in brazen violation of previous truce agreements, Egypt ordered U.N. peacekeepers out of the Sinai, marched 120,000 troops to the Israeli border, blockaded Eilat (Israel's southern outlet to the world's oceans), abruptly signed a military pact with Jordan and, together with Syria, pledged war for the final destruction of Israel.
May '67 was Israel's most fearful, desperate month. The country was surrounded and alone. Previous great-power guarantees proved worthless. A plan to test the blockade with a Western flotilla failed for lack of participants. Time was running out. Forced to protect against invasion by mass mobilization -- and with a military consisting overwhelmingly of civilian reservists -- life ground to a halt. The country was dying.
Two Prime Ministers, Two Americas
By Ken Blackwell - PatriotPost.us
Editor's Note: This column was coauthored by Bob Morrison
Winston Churchill became Prime Minister of an embattled Great Britain on May 10, 1940. At last, his political exile was over. Also that day, Adolf Hitler launched his blitzkrieg against Belgium, Netherlands and Luxemburg, and his armored panzer divisions ripped through the Ardennes forest.
Churchill had been warning against this outcome for a decade. It was Churchill, after all, who foresaw the possibilities of tank warfare in the darkest days of World War I. Surely, Churchill pleaded, there must be a better way to employ brave soldiers than having them "chew barbed wire in Flanders."
....Prime Minister Netanyahu warns us. Soon, the Iranians may have enough of their nuclear weapons program deep within mountains so they cannot be stopped in their headlong quest to dominate. Then, we will see the ultimate weapons in the hands of the ultimate terrorists.
Fukushima Threatens The Continuation of Life as We Know It
Mike Adams presents a Fukushima mega-meltdown special on the Friday, May 11 edition of the Alex Jones Show. Adams talks with Arnie Gundersen, the chief engineer of energy consulting company Fairewinds Associates and a former nuclear power industry executive. Mr. Gundersen continues to warn about the cataclysmic potential of the damaged Fukushima nuclear plant and is now warning about serious problems at the San Onofre nuclear plant in San Diego.
Fukushima Worsening! Tim Rifat
on Jeff Rense Show 2012 May the 9th
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