Posts Tagged Economy

Hyper Report 08/08/2012 – Feds Brainwashing Scheme

via: HyperReport
August 8, 2012

Source Links and video text for Today’s Items are located at:

http://hyperreport.org/2012/08/08/120808/

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Be Careful What QE You Wish For #2467: Gas Prices Surging Again

via: ZeroHedge
by: Tyler Durden
August 8, 2012

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After a drop of more than 20% from late April to mid June in wholesale gasoline prices which was heralded as the great savior of a slowing global economy – all those implicit tax cuts… the hopes and dreams of the next great unsterilized money-printing has not only floated equity asset valuations to near multi-year highs but energy prices across Europe and the US are soaring once again. This ‘transitory’ 25% surge in wholesale gasoline prices in the US in the last two months - now back above $3/gallon implies (given the lag in transmission) that retail gas prices (which historically peak around July 4th) are set to rise notably above last year’s summer peak - back up near record highs and eating into that ever so happy to spend consumer’s pocketbook once again. Meanwhile, Europeans are seeing near-record highs in retail gas prices once again andBrent priced in EUR (which remember is what they ‘care’ about) is now back above 2008 highs and within a few euros of all-time record highs – up almost 30% since Mid-June. Deflationary? Recessionary?

US Crude, Wholesale Gasoline, and Retail Gas Prices are charging higher…

Continue Reading At: ZeroHedge.com

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Mandate by Congress Forces Post Office Into Default

via: ActivistPost
by:  Brandon Turbeville
Wednesday, August 8, 2012

On Friday, August 3, 2012, the United States Postal Service experienced its first-ever default on a Congressionally-mandated payment of $5.5 billion for the retirement benefits of future employees.

Although USPS is claiming that, for now, the default will have “no material effect” on the operation of the Post Office and that the agency will continue to deliver mail and pay employees, the fact is that this financial quandary has raised new questions regarding just how long the agency will be able to operate.

After all, the USPS is expected to default on the second half of this payment – another $5.6 billion – in September.

Congress is now debating what to do about the default and the question of how or if the USPS will continue to function in the future. FOX News reports that;

While the Senate passed a bill in April that provides an $11 billion cash infusion to help the mail agency avert a default, it would also delay many of the planned postal cuts for another year or two. The House remains stalled over a measure that allows for the aggressive cuts the Postal Service prefers, in large part due to concerns among rural lawmakers over cutbacks in their communities. 

The Postal Service originally sought to close low-revenue post offices in rural areas to save money, but after public opposition it agreed to keep 13,000 open with shorter operating hours. The Postal Service also is delaying the closing of many mail processing centers, originally set to begin this spring. The estimated annual savings of $2.1 billion won’t be realized until the full cuts are completed in late 2014.

Continue Reading At: ActivistPost.com

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Gregory Mannarino – Bursting Of The Debt, Dollar, and Bond Market Bubbles

via: GregVegas5909
August 8, 2012

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If The World Is Ending, Here Is What Smart Money Is Doing

via: KingWorldNews
August 8, 2012

Today 40 year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News.  Fitzwilson, who is founder of The Portola Group, put together a fascinating piece which takes covers everything from Art Cashin, the 70s, and what the smart money is doing right now.  Below is Fitzwilson’s piece.

“The great Art Cashin once said that he was counseled as a young man “not to plan for the end of the world as it is a one-off event”.  As we try to divine our investment future, it is helpful to keep that sage advice in mind.

When I started my career in the early ‘70s, my singular goal was to graduate from a certain business school.  It was the crowning achievement of my young life.  Graduating in 1973, I took a job with an investment firm, eager to learn the business.  Unfortunately, I parachuted right into one of the worst bear markets in history.  It was so bad that we were forced to retreat to libraries to read books about how to invest.

The answer, though, was simple.  Everything was going down.  It did not matter what theory one employed.  The Dow Jones had peaked in January of 1973 at 1067, and dropped like a stone to finally bottom out at 570 at the end of 1974.  Needless to say, my eagerness and budding love of the business was greatly diminished.

I thought it was cruel that I had achieved the crowning achievement of my young life only to find out that the world was going to end.  This was the age of the long gas lines.  To even get gas, one had to have a friend who knew a friend.  You then had to get in line, usually when nobody was looking….

Continue Reading At: KingWorldNews.com

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Knight Capital: Just a Warm-Up for the Big One?

via: RickAckerman.com
by: Rick Ackerman
August 8, 2012

Anyone betting that the global financial system will continue to muddle along indefinitely deserves to reap the whirlwind that’s coming.  As the rest of us well know, the international banking system is being kept afloat solely by political lies, stupidity, corruption, greed and, most of all, egregiously misplaced confidence. It would seem to be only a matter of time before the rotted timbers of this belief system give way.  But what will be the catalyst?  The possibility or even likelihood that the financial system will be toppled by some event no one was expecting was an implicit theme of Nassim Taleb’s widely read 2004 book, Fooled by Randomness.  In the New York Times, Taleb asserted the following:  What we call here a Black Swan (and capitalize it) is an event with the following three attributes. First, it is an outlier, as it lies outside the realm of regular expectations, because nothing in the past can convincingly point to its possibility. Second, it carries an extreme impact. Third, in spite of its outlier status, human nature makes us concoct explanations for its occurrence after the fact, making it explainable and predictable.

Continue Reading At: RickAckerman.com

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Greece Zinged again: S&P Confirms Horrid Rating and moves to Negative Outlook

via: JohnGaltfla
by: John Galt
August 7, 2012

Or it could be actually worse than anyone, as usual, wishes that poop can be turned into gold well, still smells like and looks like poop. S&P has acted and for anyone who thinks that the Greek situation is “under control” or that the nation has been saved. Because it is game over soon.

From Reuters & S&P:

S&P revises Greece’s outlook to negative

5:18pm EDT

Overview

– Following delays in implementing budgetary consolidation measures and a worsening Greek economy, we believe Greece is likely to require additional financing for 2012 under the EU/International Monetary Fund (IMF) program (EU/IMF Program).

– We consider the Greek government will find it difficult to make further cuts to meet the conditions to secure the next disbursement of the next tranche of funding from the EU/IMF Program.

– We are revising the outlook on the long-term ratings on Greece to negative, reflecting the possibility of a downgrade if Greece fails to secure the next disbursement of the EU/IMF Program.

Continue Reading At: JohnGaltFla.com

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