by Pam Martens and Russ Martens
Wall Street on Parade
At 10 a.m. this morning, Federal Reserve Chair Janet Yellen will take her seat before the U.S. Senate Banking Committee to deliver her semi-annual testimony on monetary policy. She’ll perform the same task tomorrow before what is likely to be a far more hostile House Financial Services Committee, based on the fireworks that were flying in her last testimony there in February.
There will be a shadow wafting over Yellen at both hearings. The shadow is being cast by Neel Kashkari, who took the reins as President of the Federal Reserve Bank of Minneapolis this past January and has effectively transferred the debate on too-big-to-fail banks from the hands of Yellen to his own regional institution. Kashkari has been conducting symposiums and delivering speeches on the issue and has promised a formalized plan to deal with the problem by the end of this year.
The Imperial City deserves to be sacked by insurgent politicians of the very ignorant kind. That is, outsiders unschooled in its specious groupthink and destructive delusions of grandeur.
I’ve always been pretty bad with birthday and anniversaries. Even my own.
Every month I get together with Financial Repression host Gordon Long for a video conversation of the latest global macro news.
I recently visited Eastern China and stayed for a week. It was a work trip and there is a strong possibility I will be back for a longer stay in the future. I wanted to share some my thoughts in a quasi-organized manner, I’m sure I will forget details and keep in mind my “evidence” is anecdotal from a very short stay, I may add further details at a later date if I remember them. Much thanks to my hosts, they could not have been nicer.
George Soros has warned that a vote to leave the European Union will create a ‘Black Friday’ far more damaging than when he bet against sterling and forced the UK out of the European Exchange Mechanism in 1992.
Gold fell again today despite very robust physical demand in western markets and especially the UK. Gold fell to a ten-day low as the recent global share rally showed signs of exhaustion.
I recently sat down for an interview with TDV Offshore‘s Managing Director Paul Seymour to discuss the worsening worldwide situation for financial privacy and economic survival. Topics included the Panama Papers, precious metals, self-directed IRAs, 401Ks, The Foreign Account Tax Compliance Act (FATCA) , offshore bank accounts, offshore corporations and Paul’s belief that a financial catastrophe may loom as soon as October 2016.
Some 50 State Department officials have signed a memo calling on President Obama to launch air and missile strikes on the Damascus regime of Bashar Assad.
Punch drunk speculators gave world markets a shot in the arm to start the week, gobbling up anything in sight as the mainstream media declared that Britain probably won’t vote to leave the rest of Europe holding the bag…
The gold ETF produced an outside reversal this week on very heavy volume, suggesting liquidation.
I see traders everywhere worrying about how the Brexit vote will effect gold. Folks, forget about the Brexit. By this time next week the Brexit will already be fading into memory and the market will go back to doing what it was doing before the vote.
Good Day… And a Tom Terrific Tuesday to you! A very strange day yesterday for yours truly… Not only was my A/C still out (getting fixed today) but my TV was not working correctly, so I had to resort to watching my beloved Cardinals on my iPad! Aggravation… This is something I complain about all the time, and get this from my dad… He used to say, “Chuck, here I am, sick with cancer, and I have to put up with this aggravation. I don’t understand the aggravation, do you? But he would never stop to listen if I had an answer, to which I didn’t, and still don’t, for now I have the same feelings! Sam & Dave greet me this morning with their song: Soul Man… I know the Blues Brothers redid this song, but the original by Sam & Dave is the best!