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Monday, July 2, 2012 – Barclays Rate Rigging

Barclays Rate Riggingby Sinclair NoeDOW – 8 = 12,871SPX + 3 = 1365NAS + 16 = 295110 YR YLD -.08 = 1.58%OIL -.06 = 83.69GOLD – 2.20 = 1597.00SILV +.03 = 27.62PLAT + 7.00 = 1461.00The Institute for Supply Management’s index of national factory activity fell to 49.7 from 53.5 the month before. It was the first time since July 2009 that the index has fallen below the 50 mark that separates expansion from contraction. Manufacturing has been one of the drivers of the U.S. economic recovery, this is the biggest sign yet that the US is catching the slowdown that is well under way in Europe and China. So, with growth and inflation slowing  the ISM report increased the odds the Federal Reserve will step in with a third round of bond buying – known as quantitative easing, or QE3 – to prop up the economy. Oh yeah, unemployment is still high; that’s another good reason to have the central bank pass out free money. Of course, there is little to indicate QE3 will help the economy but it is a great justification. Banksters love free money. If the Fed won’t give it to them, they’ll create their own little scams – case in point:The Barclays rate rigging scandal is all the outrage in London. We’ve been a bit slow to ignite a spark of indignation on this side of the pond. Legislators in the UK are calling for the resignation of Bob Diamond, the CEO of Barclays. The …

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Wednesday, June 27, 2012 – To Your Health; Spanish Junk; Barclays Bad; Falcone Flunks; Bhopal Veggie Garden; Goodnight Stockton

To Your Health; Spanish Junk; Barclays Bad; Falcone Flunks; Bhopal Veggie Garden; Goodnight Stockton – by Sinclair NoeDOW + 92 = 12,627SPX + 11 = 1331NAS + 21 = 287510 YR YLD -.01 = 1.62%OIL +.27 = 80.48GOLD + 1.60 = 1575.20SILV – .17 = 27.04PLAT – 18.00 = 1415.00According to the Centers for  Medicare and Medicaid Services, health spending accounts for about 18% of the GDP of the United States. So, tomorrow’s ruling by the Supreme Court on President Obama’s health care plan is pretty important, but so far the economists can’t seem to figure out the implications. This is not to say I have any advance info on the Supreme Court decision. They might say the Act is fine as it is, they might say they will eliminate the mandate but leave the rest unchanged, they might throw out the whole thing.  If they vote against Obamacare it will be seen as a highly partisan act. What better way to show the Court’s impartiality than to affirm the constitutionality of legislation that may be unpopular? That might be a stretch; I think I’ll stick with the idea that we’ll have to wait till tomorrow.The only safe bet is that there will be unintended consequences. For example, what if the Supremes strike down the mandate portion but leave the rest intact? The Obama administration put a mandate in the Affordable Care Act because the law requires insurers to charge the same premium regardless of health status. Without a mandate, it would …

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March, Friday 02, 2012

DOW – 2 = 12,977SPX – 4 = 1369NAS – 12 = 297610 YR YLD -.05 = 1.99%OIL – 2.34 = 106.50GOLD – 6.70 = 1712.00SILV -.78 = 34.83PLAT – 2.00 = 1703.00 Ben Bernanke has wrapped up his semiannual testimony on Capitol Hill. There was a total of 83 questions asked by the 61 members of the House Financial Services Committee, only seven questions were about Bernanke’s actual job: monetary policy. Many, if not most, members used their 5 minutes for statements rather than questions. It’s an election year. So, we can pretty much break down all the worthwhile comments from Bernanke in four categories, and cover it all in a couple of minutes: Bernanke on QE “If you look back at Quantitative Easing 2, so called, in November 2010, concerns at the time were that it would be a high inflationary environment, it would hurt the dollar, it would not have much effect on growth, etcetera. “But since November 2010, we have had since then the QE2 and the so-called Operation Twist, we have had about 2-1/2 million jobs created, we have seen big gains in stock prices, we have seen big improvements in credit markets, the dollar is about flat, commodity prices excluding oil are not much changed, inflation is doing well in the sense that we are looking for about a 2 percent inflation rate this year. “And one other point, in November 2010, we had some concerns about deflation, and I think we have sort …

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