Goooooood Morning Fiatnam!

Friday, December 19, 2014

Gold: Elliott Wave update for week ending 12/12/2014

Gold: Elliott Wave update for week ending 12/12/2014

Fed's Plosser: New 'patient' language on rates still not data specific


In a statement, Philadelphia Fed President Charles Plosser explained why he dissented at Wednesday's Federal Open Market Committee, saying new language still stresses the passage of time, rather than being data specific. "While the expansion of the balance sheet ended in October, the forward guidance regarding the likely path of the federal funds rate has remained essentially unchanged since last March. By stating that the new language is consistent with prior guidance, the statement makes no change in forward guidance despite the significant economic progress. I do not view this as appropriately data-dependent policy," he said. Each of the regional presidents who dissented -- Narayana Kocherlakota, Richard Fisher, and Plosser -- have plans to step down that make the December vote their last.

Army building an airport just for drones


The complex will include a 50,000-square-foot unmanned aircraft maintenance hangar and more than a mile of runways, aprons, and taxiways, according to an announcement from the company. The runways will include a 5,000-foot runway for the Gray Eagle and a 1,000-foot runway for the smaller Shadow. In addition to maintenance shops, administrative space and storage space in the hangar, the facilities also will have a 5-ton bridge crane, oil/water separator, aircraft container and forklift storage, taxiway, access apron, oil and hazardous waste storage buildings, vehicle storage facilities, organizational vehicle parking, and overhead protection/canopy.
The airport will be fenced and secured, and the Army said all operations will take place in restricted airspace.

Non-dollar trading is killing the petrodollar

 Non-dollar trading is killing the petrodollar – World Post

A profound transformation of the global monetary system is underway. It is being driven by a perfect storm: the need for Russia and Iran to escape Western sanctions, the low interest rate policy of the U.S. Federal Reserve to keep the American economy afloat and the increasing demand for Middle East oil by China.
The implications of this transformation are immense for U.S. policy in the Middle East which, for 50 years, has been founded on a partnership with Saudi Arabia. 

Merry X-MAS!
Oh the economy outside is frightful
But my 80 inch Big Screen is so delightful
And since our economy’s got no place to go
Let It Blow! Let It Blow! Let It Blow!!

Oh, the collapse doesn't show signs of stopping
And I've brought some credit card debt for popping
My Obamaphones are turned way down low
Let It Blow! Let It Blow! Let It Blow!

When we finally kiss our economy goodnight
How I'll hate going out in the storm!
But if Obama really tells me everything’s alright
All the way home I'll be warm!

The economy is slowly dying
And my dear we're still denying
But as long as you love me so
Let It Blow! Let It Blow! Let It Blow!

The Social Function of Economic Inequality


The unhampered market creates economic inequality. Free marketeers tend to concede this fact as an unfortunate defect in an otherwise laudable system. F.A. Hayek, however, in a chapter from The Constitution of Liberty, argued that inequality is fundamental to a society's progress. Hayek explained how, by purchasing luxuries unimaginable to the average man, the rich unwittingly perform a vital public service. Indeed so fundamental is inequality to economic progress that egalitarian societies, Hayek concluded, would be faced with no choice but to deliberately re-inflict upon themselves the very class systems they had sought to escape, should they wish to achieve well-directed economic advancement.

Russia Is Not Selling, But Accelerating Gold Purchases


`The rumors about Russia selling gold were spread by Yahoo, Business Insider, and Zero Hedge/SocGen. Two other bloggers already did the debunking for us; Market Update wrote about Yahoo's article and Bron Suchecki just published a must read on Zero Hedge/SocGen/Business Insider.'' -- How are they doing this? 

If you are confused, you must have missed this analysis, from late Nov...

BASF, Gazprom scrap asset swap deal

 BASF, Gazprom scrap asset swap deal

Biggest economic story in the world is about deglobalization, IMHO. All foreign companies will leave offshore and keep shrinking offshore operations and large business deals will be scuppered. Like the German company BASF lost a deal with Russian giant Gazprom today.

Russia's richest man responds to Putin's call to bring assets home

 Russia's richest man responds to Putin's call to bring assets home

Even Russian billionaire businessmen are responding to President Putin & bringing assets back home. This will help Russia insulate from any foreign crisis or collapse of a foreign bank, when they have the lowest foreign debt & have the highest gold & capital as a percentage of their  Central Bank's holdings. This will also remove the risk of sanctions or freezing of assets by US/EU/UK while strengthening their economy. In fact, the loss will be felt by EU/UK who will lose Russian business.

DIA: North Korea Planned Attacks on US Nuclear Plants


North Korea dispatched covert commando teams to the United States in the 1990s to attack nuclear power plants and major cities in a conflict, according to a declassified Defense Intelligence Agency report.
The DIA report, dated Sept. 13, 2004, reveals that five units of covert commandos were trained for the attacks inside the country.
According to the report, the “Reconnaissance Bureau, North Korea, had agents in place to attack American nuclear power plants.”

"Shadow CIA" Stratfor: Ukraine Coup is US Revenge Against Russia for Syria


`Russia has repeatedly said that the coup in Kiev was organized by the US, Friedman told Kommersant newspaper. Indeed, it was the most overt coup in history, the political analyst stressed.''