Michael B. Duff

Lubbock's answer to a question no one asked

links for 2010-10-14

  • "Since then, big banks such as Bank of America, JP Morgan Chase, GMAC, PNC and others have suspended foreclosures or foreclosure sales. These banks are still claiming that the massive fraud they have perpetrated amounts to nothing more than a series of technical mistakes. This is absurd. This is deliberate, systemic fraud, and it is a crime."
  • Since the outbreak of the financial crisis in 2008 Keynes' proposal is winning in importance: In a speech delivered in March 2009 entitled Reform the International Monetary System, Zhou Xiaochuan, the governor of the People's Bank of China called Keynes' bancor approach "farsighted" and proposed the adoption of IMF SDRs as a global reserve currency as a response to the financial crisis of 2007–2010. He argued that a national currency was unsuitable as a global reserve currency because of the Triffin dilemma – the difficulty faced by reserve currency issuers in trying to simultaneously achieve their domestic monetary policy goals and meet other countries' demand for reserve currency.
  • Mr. T pities the fool who does not buy gold. And having been gobbling up the shiny metal since 1977, Mr T's cumulative return puts about 90% of the hedge fund managers currently in the business to shame, and proves, once and for all, that to be an uber-successful asset manager, a mohawk and a unique sense of jewelry is all that matters. No seriously, Mr T presents what is probably the best defense for gold we have ever heard (just be sure to ingest a lot to quite a lot of booze first), and why it is headed to 5, 6, and more digits very soon. That said, Mr. T, and Gold Promise, will gladly buy your gold.
  • The government, which says 1.23 million marchers took to the streets yesterday compared with union estimates of 3.5 million, said it would press ahead with a reform its says is needed to restore state finances to health and retain France's AAA credit rating.
  • Gold futures climbed Thursday in Asia's morning trading to touch a high of nearly $1,378 an ounce on Globex. Expectations for another round of quantitative easing from the U.S. Federal Reserve had fueled a rise in prices Wednesday in New York, which marked the 16th record high in five weeks. In Asia's morning trading, December gold was up $6.10 at $1,376.60 an ounce on Globex after trading as high as $1,377.90. On Wednesday in New York, it settled at $1,370.50, up $23.80.
    (tags: economics gold)

Written by Michael B. Duff

October 14, 2010 at 23:01

Posted in Uncategorized

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