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Last Update:
12/15/2010 05:17 AM
SCHEDULE: 1st Pass: 5:30AM EST, 2nd Pass: 8:00 AM, 3rd Pass 10:30
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EU SOVEREIGN DEBT CRISIS |
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The eurozone is in bad need of an undertaker |
Pritchard |
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Fringe nations face huge cuts to living standards |
Independ. |
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A European Economic Tsunami? |
NY Times
Lachman |
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How a mini fiscal union could end instability |
Munchau |
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Eurozone crisis: Structural reforms and country risk |
VOX |
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PORTUGAL |
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Portugal PM pushes to reassure investors |
FT |
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GERMANY |
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BIS, EIB say Germany aggravated euro crisis |
Reuters |
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ITALY |
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Italy: Roman showdown |
FT |
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Berlusconi Warns of Crisis Ahead of Crucial Vote |
Reuters |
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UK |
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What is Plan B-Philip Stephens on UK economy doubts |
FT |
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Lenders want to charge for accounts |
FT |
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IRELAND |
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Irish Debt Default Would Be Far From Armageddon |
Hassett |
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ECB bond buying hits highest level since June |
FT |
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10-Year Yield Jumps; Futures Imply 2012 Rate Hike |
Reuters |
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Say goodbye to the bond bull market |
MSN Fleck |
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Market alarm as US fails to control biggest ever debt |
Telegraph |
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Expect Bankruptcy, Massive Municipal Bond Turmoil in 2011 |
Mish |
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Yields on US munis highest for year |
FT |
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BIS Quarterly Review, December 2010 |
BIS |
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Barnier accuses bankers of ‘blackmail’ |
FT |
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2011 risks |
Keenan |
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Matt Taibbi's Great Squid Hunt |
The Nation |
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Fewer Homes `Underwater' Last Quarter as Foreclosures Rose |
Bloomberg |
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More housing-market pain coming in 2011 |
MW |
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Housing Shaky as Lenders Tighten |
WSJ |
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Number of the Week: 1.6 Million Put Off Retirement |
WSJ |
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Filing bankruptcy in retirement may not be such a bad idea |
USAT |
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Grocery Store Chain A&P Files for Bankruptcy Protection |
Reuters |
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China vows more policies to curb inflation |
China Daily |
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As China Rolls Ahead, Fear Follows |
NY Times |
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If China Blows Up, So Will Every Other Market |
Lenzner |
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Where will the world's liquidity head to next? |
China Post |
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Investment speculators enter market in bigger numbers |
China Daily |
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50% housing bubble looms over 7 major Chinese cities |
People's Daily |
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Hong Kong Home Prices Entering Bubble, JPMorgan Says |
BW |
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China's real estate bubble economy is in big trouble: Chanos |
IB Times |
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China’s era of easy growth gone? |
CNN |
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Default Swaps Jump Most Among BRICs as Inflation Breaches 5% |
Bloomberg |
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Jim Rogers Bets on China's Renminbi |
TheStreet |
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Senate nears vote on Obama tax package |
MSNBC |
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Federal Judge to Rule on Health Law's Constitutionality |
WSJ |
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Judge Rejects Key Part of Obama Healthcare Law |
Reuters |
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U.S. Officials Don't Get It, We're At Economic War With
China |
BI |
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Bloomberg |
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Reviving Consumers Snap Up Tiffany Keys, Blue Nile Pearls |
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CENTRAL BANKING & MONETARY POLICY |
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Fed remains in the hot seat |
CNN |
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In Fed We Trust, Sometimes |
Newsweek |
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This Is The Ship Bernanke Is Desperate To Turn Around, And
We'll Soon Learn If He Pulled It Off |
BI |
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GENERAL INTEREST |
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Warning: An Updated Who's Who of Awful Times to Invest |
Hussman |
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In search of real money |
Price |
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No New Normal for 2011 in Forecasts for 11% S&P 500 Gain |
Bloomberg |
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Block Those Metaphors |
Krugman |
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Wall Street Sees Record Revenue in '09-10 Recovery From
Bailout |
Bloomberg |
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MARKET WARNINGS |
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Adens: “Huge” stock market decline coming, but not yet |
Brimelow |
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CURRENCY WARS |
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Currency exchangeThe Chinese renminbi is going global |
FT |
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Capital inflows to Turkey spur rate cut plan |
FT |
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| MARKET
& GOLD MANIPULATION |
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JPMorgan cuts back on US silver futures |
FT |
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HK gold exchange to launch renminbi contract |
FT |
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All about gold with John Hathaway, Peter Munk, & James Grant |
Rose |
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Gold May Beat Silver, Lifting Ratio by as Much as 20% |
Bloomberg |
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SPDR Gold Trust holdings fall by 3.95 tonnes |
Reuters |
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| VIDEO
TO WATCH |
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Complete Legend to the Right, Top Items below.
Articles with
highlights, graphics and any pertinent analysis found below.
|
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LATEST RESEARCH PUBLICATIONS |
RSS
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COMMENTARY for all articles by
Gordon T Long
|
CURRENCY WARS: Debase, Default, Deny!
 In
September 2008 the US came to a fork in the road. The Public Policy
decision to not seize the banks, to not place them in bankruptcy court
with the government acting as the Debtor-in-Possession (DIP), to not split
them up by selling off the assets to successful and solvent entities, set
the world on the path to global currency wars.
By lowering interest rates and effectively guaranteeing a weak dollar, the
US ignited an almost riskless global US$ Carry Trade and triggered an
uncontrolled Currency War with the mercantilist, export driven Asian
economies. We are now debasing the US dollar with reckless spending and
money printing with the policies of Quantitative Easing (QE) I and the
expectations of QE II. Both are nothing more than effectively defaulting
on our obligations to sound money policy and a “strong US$”. Meanwhile
with a straight face we deny that this is our intention.
Though prior to the 2008 financial crisis our largest banks had become
casino like speculators with public money lacking in fiduciary
responsibility, our elected officials bailed them out. Our leadership
placed America and the world unknowingly (knowingly?) on a preordained
destructive path because it was politically expedient and the easiest way
out of a difficult predicament. By kicking the can down the road our
political leadership, like the banks, avoided their fiduciary
responsibility. Similar to a parent wanting to be liked and a friend to
their children they avoided the difficult discipline that is required at
certain critical moments in life. The discipline to make America swallow a
needed pill. The discipline to ask Americans to accept a period of intense
adjustment. A period that by now would be starting to show signs of
success versus the abyss we now find ourselves staring into. A future
that is now massively worse and with potentially fatal pain still to come.
READ MORE |
|
CURRENCY WARS: Misguided Economic Policy
 The
critical issues in America stem from minimally a blatantly ineffective
public policy, but overridingly a failed and destructive Economic
Policy. These policy errors are directly responsible for the opening
salvos of the Currency War clouds now looming overhead.
Don’t be fooled for a minute. The issue of Yuan devaluation is a political
distraction from the real issue – a failure
of US policy leadership. In my
opinion the US Fiscal and Monetary policies are misguided. They are wrong!
I wrote a 66 page thesis paper entitled “Extend
& Pretend” in the fall of 2009 detailing why the proposed Keynesian
policy direction was flawed and why it would fail. I additionally authored
a
full series of articles from January through August in a broadly
published series entitled “Extend & Pretend” detailing the predicted
failures as they unfolded. Don’t let anyone tell you that what has
happened was not fully predictable!
Now after the charade of Extend & Pretend has run out of momentum and more
money printing is again required through Quantitative Easing (we predicted
QE II was inevitable in
March), the responsible US politicos have cleverly ignited the markets
with QE II money printing euphoria in the run-up to the mid-term
elections. Craftily they are taking political camouflage behind an
“undervalued Yuan” as the culprit for US problems. Remember, patriotism is
the last bastion of scoundres
READ MORE
|
READER ROADMAP
- 2010 TIPPING POINTS aid to
positioning COMMENTARY
|
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|
1
|
1-SOVEREIGN DEBT |
|
2-EU BANKING CRISIS |
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3-BOND BUBBLE |
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4-STATE &
LOCAL GOVERNMENT |
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5-CENTRAL & EASTERN EUROPE |
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6-BANKING CRISIS II |
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7-RISK REVERSAL |
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8-COMMERCIAL REAL ESTATE |
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9-RESIDENTIAL REAL ESTATE -
PHASE II |
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10-EXPIRATION FINANCIAL
CRISIS PROGRAM |
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11-PENSION CRISIS |
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12-CHRONIC
UNEMPLOYMENT |
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13-GOVERNMENT BACKSTOP
INSUR. |
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14-CORPORATE
BANKRUPTCY |
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TODAY'S TIPPING POINTS UPDATE |
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RED ALERT |
AMBER ALERT |
ACTIVITY |
MONITOR |
|
Click to Enlarge
|
|
12-14-10
|
1-
SOVEREIGN DEBT & CREDIT CRISIS |
ECB bond buying hits highest level since June
FT
10-Year Yield Jumps; Futures Imply 2012 Rate Hike
Reuters
| “Many investors are now saddled with
unrealized losses, which points to strong pressure for more
selling” |
Say goodbye to the bond bull market MSN
(Fleck)
Market alarm as US fails to control biggest ever debt
Telegraph
| US Treasuries last week suffered their
biggest two-day sell-off since the collapse of Lehman Brothers in
September 2008. |
|
4- STATE
& LOCAL GOVERNMENT |
Expect Bankruptcy, Massive Municipal Bond Turmoil in 2011
Mish
Yields on US munis highest for year FT
|
5-
CENTRAL & EASTERN EUROPE |
BIS Quarterly Review, December 2010 BIS
Barnier accuses bankers of ‘blackmail’
FT
2011 risks Keenan
Matt Taibbi's Great Squid Hunt TheNation
|
8-
COMMERCIAL REAL ESTATE |
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9-RESIDENTIAL REAL ESTATE - PHASE II |
Fewer Homes `Underwater' Last Quarter as Foreclosures Rose
BL
More housing-market pain coming in 2011 MW
Housing Shaky as Lenders Tighten WSJ
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10- EXPIRATION FINANCIAL CRISIS PROGRAM
|
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11- PENSION & ENTITLEMENTS CRISIS
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Number of the Week: 1.6 Million Put Off Retirement
WSJ
Filing bankruptcy in retirement may not be such a bad idea
USAT
|
13- GOVERNMENT BACKSTOP INSURANCE |
|
14- CORPORATE BANKRUPTCIES |
Grocery Store Chain A&P Files for Bankruptcy Protection
Reuters
China vows more policies to curb inflation China Daily
As China Rolls Ahead, Fear Follows NYT
If China Blows Up, So Will Every Other Market Lenzner
Where will the world's liquidity head to next? China Post
Investment speculators enter market in bigger numbers China Daily
50% housing bubble looms over 7 major Chinese cities People’s Daily
Hong Kong Home Prices Entering Bubble, JPMorgan Says BW
China's real estate bubble economy is in big trouble: Chanos IBTimes
China’s era of easy growth gone? CNN
Default Swaps Jump Most Among BRICs as Inflation Breaches 5% BL
Jim Rogers Bets on China's Renminbi TheStreet
|
19- PUBLIC POLICY MISCUES |
Senate nears vote on Obama tax package MSNBC
Federal Judge to Rule on Health Law's Constitutionality
WSJ
Judge Rejects Key Part of Obama Healthcare Law
Reuters
U.S. Officials Don't Get It, We're At Economic War With China
BI
OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE
24-RETAIL SALES
Reviving Consumers Snap Up Tiffany Keys, Blue Nile Pearls BL
GENERAL INTEREST
Warning:
An Updated Who's Who of Awful Times to Invest Hussman
In search of real money Price
No New Normal for 2011 in Forecasts for 11% S&P 500 Gain BL
Block Those Metaphors Krugman
Wall Street Sees Record Revenue in '09-10 Recovery From Bailout BL MARKET WARNINGS
Adens: “Huge” stock market decline coming, but not yet Brimelow
CURRENCY WARS
Currency exchangeThe Chinese renminbi is going global FT
Capital inflows to Turkey spur rate cut plan FT
MARKET &
GOLD MANIPULATION
JPMorgan cuts back on US silver futures FT
HK gold exchange to launch renminbi contract FT
All about gold with John Hathaway, Peter Munk, & James Grant Rose
Gold May Beat Silver, Lifting Ratio by as Much as 20% BL
SPDR Gold Trust holdings fall by 3.95 tonnes Reuters
AUDIO / VIDEO
QUOTE OF THE WEEK
"Gold as money is incompatible with
unlimited majority rule and scoffs at the idea that money is just
'credit'. It negates any rationale, however farfetched, for the
existence of central banks. It precludes 'fractional reserve
banking' or any other method of debasing its utility as a medium
of exchange. Last and most important, it SEVERELY curbs the power
of government to interfere in the lives of its citizens. No
assembly of national “leaders” brought together to “modernize” a
financial system will ever agree to its use as money. But let one
nation anywhere implement it, and the lid blows off."
William A Buckler
Publisher:
The
Privateer
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BUY ANY BOOK
GET 2 MONTH SUBSCRIPTION TO MONTHLY
MARKET COMMENTARY |
BOOKSTORE
PROMOTION DETAILS |
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Gordon T Long is not a registered advisor and
does not give investment advice. His comments are an expression of opinion
only and should not be construed in any manner whatsoever as
recommendations to buy or sell a stock, option, future, bond, commodity or
any other financial instrument at any time. While he believes his
statements to be true, they always depend on the reliability of his own
credible sources. Of course, he recommends that you consult with a
qualified investment advisor, one licensed by appropriate regulatory
agencies in your legal jurisdiction, before making any investment
decisions, and barring that, we encourage you confirm the facts on your
own before making important investment commitments.ont>
© Copyright 2010 Gordon T Long. The information
herein was obtained from sources which Mr. Long believes reliable, but he
does not guarantee its accuracy. None of the information, advertisements,
website links, or any opinions expressed constitutes a solicitation of the
purchase or sale of any securities or commodities. Please note that Mr.
Long may already have invested or may from time to time invest in
securities that are recommended or otherwise covered on this website. Mr.
Long does not intend to disclose the extent of any current holdings or
future transactions with respect to any particular security. You should
consider this possibility before investing in any security based upon
statements and information contained in any report, post, comment or
recommendation you receive from him.
|
|
TIPPING POINTS |
|
1-SOVEREIGN DEBT &
CREDIT CRISIS |
|
2-EU BANKING CRISIS |
|
3-BOND BUBBLE |
|
4-STATE & LOCAL
GOVERNMENT |
|
5-CENTRAL & EASTERN EUROPE |
|
6-BANKING CRISIS II |
|
7-RISK REVERSAL |
|
|
8-COMMERCIAL REAL ESTATE |
|
9-RESIDENTIAL REAL ESTATE -
PHASE II |
|
10-EXPIRATION FINANCIAL
CRISIS PROGRAM |
|
11-PENSION CRISIS |
|
12-CHRONIC
UNEMPLOYMENT |
|
13-GOVERNMENT BACKSTOP
INSUR. |
|
14-CORPORATE
BANKRUPTCY |
|
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15-CREDIT CONTRACTION II |
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16-US FISCAL IMBALANCES |
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17-CHINA BUBBLE |
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18-INTEREST PAYMENTS |
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19-US PUBLIC POLICY MISCUES |
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20-JAPAN DEBT DEFLATION SPIRAL |
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21-US RESERVE CURRENCY. |
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22-SHRINKING REVENUE GROWTH RATE |
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23-FINANCE & INSURANCE WRITE-DOWNS |
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24-RETAIL SALES |
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25-US DOLLAR WEAKNESS |
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26-GLOBAL OUTPUT GAP |
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27-CONFIDENCE - SOCIAL UNREST |
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28-ENTITLEMENT CRISIS |
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29-IRAN NUCLEAR THREAT |
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30-OIL PRICE PRESSURES |
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31-FOOD PRICE PRESSURES |
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32-US STOCK MARKET VALUATIONS |
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33-PANDEMIC |
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34-S$ RESERVE CURRENCY |
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35-TERRORIST EVENT |
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36-NATURAL DISASTER |
READING
THE RIGHT BOOKS? NO TIME?
WE HAVE IT ANALYZED
& INCLUDED IN OUR LATEST RESEARCH PAPERS!
ACCEPTING
PRE-ORDERS
Book Review- Five Thumbs Up for Steve Greenhut's
Plunder! Mish
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