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Monday, 3 October 2011
Felix Zulauf talks to James Turk
Uploaded by GoldMoneyNews on Oct 3, 2011
Subscribe to our newsletter at http://www.goldmoney.com/goldresearch. Felix Zulauf, Chairman of Zulauf Asset Management, and James Turk, Director of the GoldMoney Foundation, talk about the debt crisis spreading from Greece to the rest of Europe. Felix is very euro-sceptic because of the imbalances between saver nations of the euro-core and the debtor nations of the euro-periphery. Felix sees politicians lagging reality, always two steps behind and how this will put the entire banking system at risk. This will also have political consequences.
They talk about the ECB. They explain how its sovereign bond buying has left its balance sheet in disarray, with negative equity capital. Felix believes that in theory a central bank can survive without equity capital, but from the point of view of credibility a solid balance sheet is a must. A possibility would be for the ECB to increase its gold reserves.
They explain that given the huge outstanding debt austerity measures will not be enough and governments will resort to more money printing. More printing and more debt will not lead to a solution. Felix sees deflationary pressures but expects monetary policy overreaction and currency debasement, as well as negative interest rates to push gold prices much higher.
They discuss the current economic situation and similarities with 2008. Felix explains that Greece is bigger than Lehman and thus we can expect more market turmoil than in 2008. Felix also explains that he expects higher gold prices in the coming months. Felix quotes Einstein's definition of insanity: "doing the same thing over and over again expecting different results".
This interview was recorded on Septemeber 30th 2011 in Vienna.
Gold update { Eastern Numismatics quotes about gold }
Uploaded by cvenzke410 on Oct 2, 2011
Here is my latest upload upon an e-mail I recieved from Eastern Numismatics and their thought on gold, the markets and where the gold market currently is right now.
Sunday, 2 October 2011
Max Keiser & Roseanne Barr Discuss "Occupy Wall Street," and Banksters
Russia Today—Oct. 1, 2011--Max Keiser interviews actress, comedian, producer, director and writer, Roseanne Barr, about #occupywallstreet and about her plans for bankers in a Barr administration.
QE3 in UK? - Bank of England expected to release another £50bn in quantitative easing
Bank of England expected to release another
£50bn in Quantitative Easing
Double-dip recession fears may lead monetary policy committee to act this week
http://www.guardian.co.uk/
Click here for the full article
£50bn in Quantitative Easing
Double-dip recession fears may lead monetary policy committee to act this week
http://www.guardian.co.uk/
The Bank of England will agree this week to spend another £50bn of electronic money in a bid to boost bank lending and aid the recovery, City experts predict.
The threat of a double-dip recession will force the bank's monetary policy committee (MPC) to set aside fears about inflation to increase its programme of quantitative easing (QE) from £200bn, with the possibility of rising to £300bn if the economy fails to improve in 2012.
Phil Shaw, of Investec Securities, said the MPC would support £50bn this month and £50bn more in February. "There is a very good case for being bold and acting promptly. The downside risks posed by the tightness of markets calls for action now … we suspect that the run of international meetings in Washington has impressed on the global authorities the severity of the situation," he said.
But he warned that delays to publication of GDP data by the Office for National Statistics could encourage a majority of members to postpone a decision until November.
Lloyds Bank Corporate Markets, and the US investment bank Citi said further QE was likely. Michael Saunders, chief economist at Citi, expects the Bank will have to spend up to £300bn in additional QE to provide an "adequate stimulus".
Some of Britain's biggest business lobby groups have urged the MPC to guard against complacency while the UK economy is suffering and the eurozone is still in the throes of its debt crisis.
Several MPC members have indicated recently that the depressed UK economy could demand a further round of QE, which involves the bank buying government bonds from banks to boost their finances and improve lending rates.
The external MPC members Martin Weale, David Miles and Ben Broadbent are expected to join the US economist Adam Posen in voting for more QE, with the bank's chief economist, Spencer Dale, Charlie Bean and Paul Tucker arguing for a delay until November. In this case, the governor, Mervyn King, would need to vote against his central bank colleagues for QE to go ahead.
The threat of a double-dip recession will force the bank's monetary policy committee (MPC) to set aside fears about inflation to increase its programme of quantitative easing (QE) from £200bn, with the possibility of rising to £300bn if the economy fails to improve in 2012.
Phil Shaw, of Investec Securities, said the MPC would support £50bn this month and £50bn more in February. "There is a very good case for being bold and acting promptly. The downside risks posed by the tightness of markets calls for action now … we suspect that the run of international meetings in Washington has impressed on the global authorities the severity of the situation," he said.
But he warned that delays to publication of GDP data by the Office for National Statistics could encourage a majority of members to postpone a decision until November.
Lloyds Bank Corporate Markets, and the US investment bank Citi said further QE was likely. Michael Saunders, chief economist at Citi, expects the Bank will have to spend up to £300bn in additional QE to provide an "adequate stimulus".
Some of Britain's biggest business lobby groups have urged the MPC to guard against complacency while the UK economy is suffering and the eurozone is still in the throes of its debt crisis.
Several MPC members have indicated recently that the depressed UK economy could demand a further round of QE, which involves the bank buying government bonds from banks to boost their finances and improve lending rates.
The external MPC members Martin Weale, David Miles and Ben Broadbent are expected to join the US economist Adam Posen in voting for more QE, with the bank's chief economist, Spencer Dale, Charlie Bean and Paul Tucker arguing for a delay until November. In this case, the governor, Mervyn King, would need to vote against his central bank colleagues for QE to go ahead.
Click here for the full article
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