The Great Deceiver — The Federal Reserve - By Paul Craig Roberts & Dave Krantzier (14/5/14) PDF Print E-mail
Paul Craig Roberts & Dave Krantzier   
Wednesday, 14 May 2014 07:05

PaulCraigRoberts.org

Is the Fed “tapering”? Did the Fed really cut its bond purchases during the three month period November 2013 through January 2014? Apparently not if foreign holders of Treasuries are unloading them!

From November 2013 through January 2014 Belgium with a GDP of $480 billion purchased $141.2 billion of US Treasury bonds. Somehow Belgium came up with enough money to allocate during a 3-month period 29 percent of its annual GDP to the purchase of US Treasury bonds.

Certainly Belgium did not have a budget surplus of $141.2 billion. Was Belgium running a trade surplus during a 3-month period equal to 29 percent of Belgium GDP?

No, Belgium’s trade and current accounts are in deficit.



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The Dollar 15-Year Cycle Decline Should Favor Gold - By Trader MC (14/5/14) PDF Print E-mail
Trader MC   
Wednesday, 14 May 2014 07:02

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The Hazardous Hunt For Carry—Why The EM Rebound Isn’t Real - By David Stockman (14/5/14) PDF Print E-mail
David Stockman   
Wednesday, 14 May 2014 07:01

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Washington Is Flailing; The Ukraine Is Failing; And The World Is Sailing Into An Unscheduled Crunch - By James Howard Kunstler (14/5/14) PDF Print E-mail
James Howard Kunstler   
Wednesday, 14 May 2014 06:58

Contra Corner

My country can cry all it likes about yesterday’s referendum vote in eastern Ukraine, but we set the process in motion by sponsoring the overthrow of an elected Kiev government that was tilting toward Russia and away from NATO overtures. The president elected in 2010, Viktor Yanukovych, might have been a grifter and a scoundrel, but so was his opponent, the billionaire gas oligarch Yulia Tymoshenko. The main lesson that US authorities have consistently failed to learn in more than a decade of central Asian misadventures: when you set events in motion in distant lands, events, not policy planners at the State Department, end up in the driver’s seat.

And so now they’ve had the referendum vote and the result is about 87 percent of the voters in eastern Ukraine would prefer to align politically with Russia rather than the failing Ukraine state governed out of Kiev. It’s easy to understand why. First, there’s the ethnic divide at the Dnieper River: majority Russian-speakers to the east. Second, the Kiev government, as per above, shows all the signs of a failing state — that is, a state that can’t manage any basic responsibilities starting with covering the costs of maintaining infrastructure and institutions. The Kiev government is broke. Of course, so are most other nations these days, but unlike, say, the USA or France, Ukraine doesn’t have an important enough currency or powerful enough central bank to play the kind of accounting games that allow bigger nations to pretend they’re solvent.



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China’s $50 Billion Asia Bank - By Bloomberg News (13/5/14) PDF Print E-mail
Bloomberg News   
Monday, 12 May 2014 21:14

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