Oldtent Archives 2010

I suppose you’ve been lining up for the odd BHP put in the last few days !

Yo Sinbad ..get down here for a Fri.. Sat casting call…..Wanka they need Pirates too…Belcha and Burpa are shoe in’s for the brothel scene…
AuGirl can be the Italian siren that was picked up along the way//as the adventure starts….

Goldrunner wants to be” key gripp” on the brothel scene…

well put….thats a real man

7:05 U.S. dollar buys 90.33 yen vs 90.50 late in NY
7:01 Japan’s Nikkei down 1.1% at 10,752 in early trade
7:02 March crude falls 46 cents to $75.62/bbl on Globex
7:02 Feb. gold down $10.60 at $1,092.60/oz on Globex
7:01 Japan’s Topix Index falls 1.4% to 942.50

“Australian stocks off sharply, miners lead retreat (AWCMF, AWC, NCMGF, RTP, LIHRF)

LOS ANGELES (MarketWatch) — Australian shares moved sharply lower in early Friday trade, weighed by weakness in the resource sector and an overnight sell-off on Wall Street. In the early minutes, the benchmark S&P/ASX 200 fell 2% to 4,732.9, with miners leading the retreat on commodity weakness and a report that tax changes may be in the works. Alumina Ltd. (AU:AWC)(AWCMF)(AWC) and Newcrest Mining Ltd. (AU:NCM)(NCMGF) each fell 2.6%, and Rio Tinto Ltd. (AU:RIO)(RTP) lost 3.4%, after a report in The Age newspaper said Australia may scrap its state-by-state mining taxation in favor of a single nation tax, likely to be 40%. Also in the mining sector, Lihir Gold Ltd. (AU:LGL)(LIHRF) dropped 2.9% after a disappointing production report.”

Dow Jones World Stock Index

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JBI

I have bronchitis that I just can’t seem to shake off. I understand that you might have some helpful knowledge that you might be willing to share. If you are so inclined, would you shoot me an email ?

Thanks for weighing in on the NIA’s opinion editorial.

As for me, I just don’t trust so many bowing and smiling in unison so often. I say ying yang my foot!

JBI

They don’t explain how releasing the yuan from its dollar peg will help the 1.1bn chinese who still live in poverty buy more home produced goods.  They only have yuan to spend, and the goods are priced in yuan, so; how the benefit?

“China has been rapidly increasing exports to countries like Australia,”.  True.  But only at the expense of Japan, Korea, Thailand etc.  And Oz has a pop’n of only 22m, compared to >300m for the US and about 400m for the eurozone.  How much of their shortfall do you think we can mop up?

“It is impossible for China’s economy to be a bubble when the Chinese stock market is still about 50% lower than its all time high.”  Wow!!  What an inane statement!  If, at it’s all time high, it was 90% overvalued, then it is still in a bubble.  I don’t know if it is overvalued or not, but their phrasing is really misleading.  Maybe they write for Obama in their spare time.  What I do know is that nobody knows, as auditing standards in China are pathetic.

China’s GDP has grown by 250% since 2004 (if the figures are correct):

http://www.dfat.gov.au/geo/fs/chin.pdf

Sorry.  That’s a bubble.

If Banks are going to be back stopped by the Taxpayer, then banks should be in partnership with the Taxpayer with profits.

Its not a TAX ,its a partnership !  Its Risk Sharing !  The Banks can have access to all the credit and cash they want ,in exchange they can pay off the National Debt . They will become the hired GUNS FOR the Taxpayer. They are so good at extracting money from the public via Wall St.,they should be made to work for the Public Taxpayer. No need for the IRS anymore ,No Income Taxes …Wall st. is our Partner THEY should pay off the National Debt,they can even deduct it as an Expense .They work for us NOW ! ITS Obamas” NEW DEAL” !    The Taxpayer funds them up front and Taxpayer gets % of NET SMELTER just like a ROYALTY  GOLD company ! (For the life of the mine <country>naturaly).!

tinyurl.com/yesblns

“China’s Economy is Not a Bubble”

“It was announced today that China’s GDP grew 10.7% last quarter over a year ago, its fastest pace since 2007. There is now speculation that China’s central bank will start raising their benchmark interest rate in order to tighten lending in the country. In fact, China’s central bank last week raised reserve requirements and Chinese authorities have ordered some of China’s largest banks to curb lending for the rest of January.

NIA believes China’s moves to tighten bank lending will strengthen the long-term future of their economy. In the short-term, interest rates will inevitably rise and their GDP growth will decline, but we won’t see a collapse in asset prices in China.

Certain pockets of the Chinese economy may have mini-bubbles, such as the Real Estate markets in Hong Kong and Shanghai. However, even if Real Estate prices in certain major Chinese cities were to decline substantially, it won’t be enough to send China’s economy into a tailspin like Dubai. Dubai’s economy was built on Real Estate speculation, while China’s economy has been built on a solid foundation of manufacturing and savings.

There are some claims being made by people like James S. Chanos that China is in danger of producing huge quantities of goods that it will be unable to sell. NIA believes China’s population of 1.3 billion people will be perfectly capable of purchasing their own goods that they produce, if the Chinese government abandons their currency peg to the U.S. dollar and allows the yuan to appreciate. China’s currency peg is responsible for most of the global economic imbalances that exist today. It is forcing the Chinese to acquire U.S. treasuries, fueling the ‘dollar bubble’ in the U.S. and artificially suppressing the standard of living of Chinese citizens.

When China first chose to peg their currency to the U.S. dollar in 1994, China had a much smaller, less-mature economy. Due to a lack of population centers and distribution networks, China was dependent on the strength of its exports. Today, China is investing heavily into its infrastructure by building high-speed rail lines, dozens of new airports, and high-tech power distribution systems and electricity grids. At the same time, our infrastructure in the U.S. is decaying and we don’t have any savings to repair it.

China is not trapped into maintaining its currency peg to the U.S. dollar. China’s exports to the U.S. and Europe now account for less than 1/2 of their total exports. China has been rapidly increasing exports to countries like Australia, that can purchase their goods by trading valuable commodities instead of printed money.

It is impossible for China’s economy to be a bubble when the Chinese stock market is still about 50% lower than its all time high. There are many Chinese stocks that have 20%+ revenue growth and trade with price/earnings ratios below 10, with comparable companies in the U.S. that have zero or negative revenue growth yet trade with price/earnings ratios of 20. These valuations should be the other way around, but the perception today is that China is still a “risky” emerging market.

China’s economy is still in its infancy. China’s oil consumption per capita is less than 1/10 the U.S. and most Chinese households don’t own a car, while the average American household has 2.3 cars. China has saved and lived below its deserved standard of living, allowing Americans to live beyond their means for an extended period of time. This imbalance must soon be dramatically corrected.

China has many of the same characteristics the U.S. had just before it took its world superpower status from the U.K. in the 1920-30s. The U.S. was propelled to its superpower status because it was the world’s largest exporter of goods and the world’s largest creditor nation. Today, China exports the most goods and is the world’s largest creditor nation with $2.3 trillion in foreign currency reserves. China will have many ups and downs in the decades ahead, but over the long-term we believe China is positioned to capture the U.S.’s status as the world’s superpower.

Please spread the word about NIA and have your friends and family subscribe for free at: inflation.us ”

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JBI

shoshone silver (shsh) a small north idaho miner is up 18% today on twenty times the avg daily volume. i can’t find any news, is it a sleeper awakening? or just rolling over in bed? anybody know anything?

“Good God, did you miss the news?”

Are you refering to the perfectly choreographed propaganda to allay the wants of the people while really meant to distract the people from what is really going on?  No, I just kinda rejected it as BS.

Greeny and da boyz removed all of the restraints from the banks and investment banks so they could take all of the fruit off of the tree when it was ripe.  Now, after all of the fruit is one, they are going to put restraints back in place.  Oh, I’d certainly cheer that on………..till next time they do it, again.  They are simply placating the sheep to distract them from seeking to get their hard earned fruit back.  What you saw and what you bought on TV was “Volker the prop”, used to blacken your eyes to the reality of today.  And, you bought it hook, line, and sinker.  Why do you think Volker has been hanging around all of this time.  He is a play toy for da boyz……………..as he probably always has been.  Ask Irish about Chicago.  Obammer goes to Washington, and the boy toy in IL goes to jail to take the fall.  BTW, political science is the biggest bunch of bullsheet I have ever seen.  It is a bullsheet study of bullsheet that politicians create to do the dastardly things they do.  Couldn’t you smell it when you had your nose in those books, son?

And Volker is nothing special.  He was just the guy in the right place at the right time many years, ago, that did the only thing he had any choice to do………..after the fruit trees had already been raided under his watch (?).  He is probably as green as old Greeny.

And Barney Frank- what a joke.  Last week he was on CNBC with one of the honey bunnies repeatedly asking him what if any accountability that Congress had over spending.  BF repeatedly told the honey bunny that there is no accountability because we have things like wars to deal with.  So, HB asked him how they could run the finances for a country if they have no idea how much money goes where.  And BF repeated the “war card.”  To which the HB told him that her household would be a mess if she did not keep track of where money was going…………..and asked if he really did not have a problem running a country with absolutey no accountability of where money want………………..He said, “No!”    We have no accountability whatsoever in this country……………

What just took place

by kitcoblows @ 16:30 pm.

Good God, did you miss the news?

Are you unclear that this is former chairman Volcker running the show? Where was Geithner standing relative to Obama and where was Volcker. Volcker is on record as stating the best financial engineering out of the banking sector came via the ATM machine.

The news is the prop desk and while Barney Frank showed up intra-day to calm the markets, Barney’s not running the show. Banks in the United States will shrink, you can be 100% certain of that. This was the Democrats daring the Republicans to vote this down.

If they do, the Democrats dominate November on this issue alone.

Yes, I did not expect a C wave down..readily admit this,. still not sure  this down move qualifies just yet.. but, not looking good at all for my technical judgement. I have been as ice since the Gold  $1000 breakout, last September …at least with the ST tops…bottoms I have managed to nail (to the day.)

There is really nothing personal in my posts to you and, in fact, I have enjoyed many of your posts. None of us are infallible but, together we add  to the common collective, here on the tent.

Next time, when you choose to Joust…expect at least a few minor flesh wounds.  Sam.

Good God, did you miss the news?

Are you unclear that this is former chairman Volcker running the show? Where was Geithner standing relative to Obama and where was Volcker. Volcker is on record as stating the best financial engineering out of the banking sector came via the ATM machine.

The news is the prop desk and while Barney Frank showed up intra-day to calm the markets, Barney’s not running the show. Banks in the United States will shrink, you can be 100% certain of that. This was the Democrats daring the Republicans to vote this down.

If they do, the Democrats dominate November on this issue alone.

compliment coming from you. The same person that said no wave C down. How’s the portfolio?

Yes, I read constantly, especially politics and yes, Obama is going after the banks. Volcker is running the show. What part of that do you not get?

Great Chart.

Growth in the money supply, meantime – while not quite negative, which is required for the technical text-book definition of “deflation” – has slumped to a 5-year low. But not without the Bank of England doing its damnedest to reverse course…

http://articles.mercola.com/sites/articles/archive/2010/01/21/European-Parliament-to-Investigate-WHO-and-Pandemic-Scandal.aspx

Just another promise from a politician to keep control.  Same good cop/ bad cop baloney.

Great to hear.  All of the parts keep fitting better and better all of the time.   BTW, you have very good insight into most things in general………………..you tain’t fooling me.