Gordon T Long

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INNOVATION: America has a Structural Problem

gave President Barrack Obama six months to roll-out his doomed Keynesian policies, twelve months to discover they were flawed and eighteen months to realize that the solution to America’s problems must lie within a different economic framework. I had hoped by the end of twenty-four months to see new policies closer to an Austrian economic philosophy emerge. I was wrong.

 

Though, even the Wall Street Journal recently featured an article on the re-emergence of the Austrian School of Economic philosophy, it would appear that President Obama’s administration still neither gets it, nor I am afraid ever will.

Key defections by his leading economic advisors, talk of the need for QE II and a Stimulus II, and a political collapse in public confidence suggests a growing awareness that Keynesian policies are not working, as many predicted they wouldn’t. Obama's exciting rhetoric of Hope and Change has left myself and the majority of recent polled Americans disillusioned and disappointed. What I see the administration failing to grasp is twofold:

 

I-America has a Structural problem, not a cyclical business cycle problem. Though the cyclical business cycle was greatly worsened by the financial crisis, I would argue that the structural problem facing the US is actually a contributor to what caused the financial crisis.

 

II- America has a Credit demand problem, not a Credit supply problem. It isn’t that the banks won’t lend, but rather that few can any longer afford or qualify (on any reasonably and historically sound basis) to borrow. READ MORE

   

 

PRESERVE & PROTECT: Mapping the Tipping Points

The economic news has turned decidedly negative globally and a sense of ‘quiet before the storm’ permeates the financial headlines. Arcane subjects such as a Hindenburg Omen now make mainline news. The retail investor continues to flee the equity markets and in concert with the institutional players relentlessly pile into the perceived safety of yield instruments, though they are outrageously expensive by any proven measure. Like trying to buy a pump during a storm flood, people are apparently willing to pay any price.  As a sailor it feels like the ominous period where the crew is fastening down the hatches and preparing for the squall that is clearly on the horizon. Few crew mates are talking as everyone is checking preparations for any eventuality. Are you prepared?

 

What if this is not a squall but a tropical storm, or even a hurricane? Unlike sailors the financial markets do not have the forecasting technology to protect it from such a possibility. Good sailors before today’s technology advancements avoided this possibility through the use of almanacs, shrewd observation of the climate and common sense. It appears to this old salt that all three are missing in today’s financial community.

 

Looking through the misty haze though, I can see the following clearly looming on the horizon.

Since President Nixon took the US off the Gold standard in 1971 the increase in global fiat currency has been nothing short of breath taking. It has grown unchecked and inevitably became unhinged from world industrial production and the historical creators of real tangible wealth.  READ MORE


READER ROADMAP -  2010 TIPPING POINTS aid to positioning COMMENTARY

 

 

 

POSTS:  TUESDAY 09-14-10

Last Update: 09/14/2010 09:20 AM

SCHEDULE: 1st Pass: 5:30AM EST, 2nd Pass: 8:00 AM, 3rd Pass 10:30 AM. Last Pass 5:30 PM

ARTICLE SOURCE 1 2 3 4 5 6 7 8 9 10
                       
Europe's 'PIIGS' Get Battered and Fried ... Again: Is America Next? TTicker X                  
Greek Debt Crisis - Apocalypse Later CFR X                  
Germany's Investor Confidence May Decline to 18-Month Low as Economy Cools Bloomberg X                  
The UK economy won't rebalance until we recognise the world has changed Independ. X                  
Germany's Investor Confidence May Decline to 18-Month Low as Economy Cools Bloomberg X                  
Japan Renews Intervention Threat WSJ X                  
Research - US: Slowdown, but no recession Danske X                  
Citigroup Sinks in European Investment Banking as a Dozen Dealmakers Exit Bloomberg   X                
Yields Fall to Eisenhower Low in Pimco-BofA View of Fed Easing Bloomberg     X              
A Japanese lecture for bond investors FT     X              
US state steps in to meet city’s debt cost FT       X            
Broke Los Angeles Spent $578 Million On This Extravagant Public School BI       X            
Losing Faith in the Zombie-Run Government Daily Reckoning       X            
The Subprime Of Europe May Be About To Blow, And Once Again Banks Are Caught Red-Handed BI         X          
BASEL III                      
Banks told to double their cash reserves Telegraph           X        
Bank of International Settlements BIS           X        
Basel III eases Asia bank capital raising fears Reuters           X        
Bankers fear race to overtake Basel III FT           X        
Regime will reshape business models FT           X        
Bank Rules Win Muted Praise WSJ           X        
Basel Rules Unlikely to Force Capital Raising WSJ           X        
Resale Fees That Only Developers Could Love NYT               X    
˜Future shocks’ forecast for Canadian housing market G&M                 X  
Institute report refutes housing bubble trouble Calgary Sun                 X  
                       
ARTICLE SOURCE 11 12 13 14 15 16 17 18 19 20
                       
1 out of 7 Americans living below the poverty line Examiner   X                
China has reached the Lewis turning point IFPRI             X      
A cold dose of reality from a stimulus cynic G&M                 X  
Economic Docs Find Remedy Amid Bubble Rubble Baum                 X  
Geithner says China has done "very little" on yuan Reuters                 X  
REMAINING                      
Global Production Is Now Bigger Than At Any Time In Human History BI                   26
The backlash begins against the world landgrab Telegraph                   31
                       
BP OIL                      
                       
CENTRAL BANKING & MONETARY POLICY                      
Waiting for the Fed's next big blunder MSN                    
Should the Fed try to depress long-term yields further? Econbrowser                    
San Francisco Fed Warns Of Sluggish Growth, Weak Wages, And Falling Inflation BI                    
GENERAL INTEREST                      
Convenient Timing- FINRA's Quote-Stuffing Fine Comes Two Weeks Before Big Schapiro Announcement BI                    
Here's Why The Price Of A College Education Makes No Sense Anymore BI                    
How to Play the Tax Wars WSJ                    
FLASH CRASH                      
Convenient Timing- FINRA's Quote-Stuffing Fine Comes Two Weeks Before Big Schapiro Announcement BI                    
MARKET WARNINGS                      
Doomsday warnings of US apocalypse gain ground AFP                    
414 mutual funds have vanished in the past year USAT                    
Can DJIA Maintain Perch Above 200-Day Moving Average? Schaeffers                    
MARKET & GOLD MANIPULATION                      
Gold Wars Hinde Cap.                    
VIDEO TO WATCH
Llink to Pento post-mortem on King World News King                    
                       

Complete Legend to the Right, Top Items below.
Articles with highlights, graphics and any pertinent analysis found below.

1

         

1-SOVEREIGN DEBT

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

TODAY'S TIPPING POINTS UPDATE

RED ALERT

AMBER ALERT

ACTIVITY

MONITOR

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09-14-10

 

1- SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

 

Europe's 'PIIGS' Get Battered and Fried ... Again: Is America Next? TTicker

 

 

GREECE

Greek Debt Crisis - Apocalypse Later CFR

 

GERMANY

Germany's Investor Confidence May Decline to 18-Month Low as Economy Cools  BL

 

UK

The UK economy won't rebalance until we recognise the world has changed Independent

 

IRELAND

Germany's Investor Confidence May Decline to 18-Month Low as Economy Cools  BL


JAPAN

Japan Renews Intervention Threat  WSJ

 
Japan threatened again to intervene in the foreign exchange market after the yen pushed to a fresh 15-year high against the dollar.

 

 

USA

 

 

Research - US: Slowdown, but no recession Danske

 

2- EU BANKING CRISIS

   

Citigroup Sinks in European Investment Banking as a Dozen Dealmakers Exit  BL

 

3- BOND BUBBLE

 

Yields Fall to Eisenhower Low in Pimco-BofA View of Fed Easing BL

 

A Japanese lecture for bond investors FT (Complete via Google)

 

4- STATE & LOCAL GOVERNMENT

 

 

 

 

US state steps in to meet city’s debt cost FT

 
Ed Rendell, the governor of Pennsylvania, said missing the bond payment was “not an option”.

 

Broke Los Angeles Spent $578 Million On This Extravagant Public School  BI

 

Losing Faith in the Zombie-Run Government  Daily Reckoning

 


5- CENTRAL & EASTERN EUROPE

 

The Subprime Of Europe May Be About To Blow, And Once Again Banks Are Caught Red-Handed  BI
Homeowners across Europe's periphery are saddled with mortgages denominated in foreign currencies -- like the Swiss Franc -- and could easily explode in expense as their home currencies fall. So, for example, Hungarian homeowners are in big trouble if the Forint falls hard against the Swiss Franc, since that sends the cost of mortgages soaring. At VoxEU, Martin Brown Karolin Kirschenmann Steven Ongena have published a study of 100,000 foreign currency mortgage made at a Bulgarian bank between 2004-2007.

What they've found is that banks aggressively pushed these loans:

Looking at the supply of FX loans we find striking evidence that our bank is “pushing” euro loans. Roughly one-third (32%) of all loans extended in euros in our sample and nearly one-quarter of the euro loan volume (23%) are loans that were initially requested in lev. Examining the sub-sample of loans which were requested in lev, we find that the bank is more likely to switch the loan to euros if the firm is of lower observable credit risk. Worryingly though, we also find that the bank is hesitant to offer large and long-term loans in local currency. Further, the bank is more likely to switch a loan to euros after it has received additional customer funding in euros. However, we do not find that the bank pushes FX loans after it has received more wholesale funding in euros. The latter results suggest that while FX lending may be driven by customer funding in FX, the causality between FX lending and wholesale FX funding might go the other way.

The whole thing echoes subprime -- you have a cheap method of funding, and banks eager to push those loans over more traditional mortgages.

Here's the breakdown of FX mortgages in the countries looked at



Anyway, this whole thing has a subprime-ey feel to it in the sense that the story has been around for awhile, but nothing's really blown up yet. However, if we continue to see the economies of these periphery countries weaken -- and their currencies weaken agaisnt the Fran and the euro -- then watch out.


6-BANKING CRISIS II

 

BASEL III

 

Banks told to double their cash reserves Telegraph 

 

Bank of International Settlements  BIS

 
“The Committee's package of reforms will increase the minimum common equity requirement from 2% to 4.5%. In addition, banks will be required to hold a capital conservation buffer of 2.5% to withstand future periods of stress...”

 

Basel III eases Asia bank capital raising fears Reuters

 
Fears that lenders might be forced into fresh capital raising were put to rest.

 

Bankers fear race to overtake Basel III  FT

 

UK, US and Swiss institutions await tougher measures

 

Regime will reshape business models  FT

 

Bank Rules Win Muted Praise  WSJ

 
Some hail the deal on bank capital as improving on the status quo. Others see continued risk.

 

Basel Rules Unlikely to Force Capital Raising  WSJ

 

7- RISK REVERSAL

 

 

8- COMMERCIAL REAL ESTATE

 

 Resale Fees That Only Developers Could Love  NYT

 

9-RESIDENTIAL REAL ESTATE - PHASE II

 

˜Future shocks’ forecast for Canadian housing market G&M


Institute report refutes housing bubble trouble Calgary Sun  PDF File

 

10- EXPIRATION FINANCIAL CRISIS PROGRAM

 

 

11- PENSION & ENTITLEMENTS CRISIS



12- CHRONIC UNEMPLOYMENT


1 out of 7 Americans living below the poverty line  Examiner

Report Released Saturday, One Day After President Obama Touted His Anti-Poverty Plans

Since the inauguration of President Obama, the U.S. economy has shown few signs of climbing out of the nosedive that has been called the worst since the Great Depression. In actuality, despite huge amounts of  spending by the Obama administration including close to $1 trillion dollars in a stimulus program and ballooning budget deficits, unemployment has risen to an official number of 9.6%, although the unofficial numbers places it closer to 20%.

2009 Census Data To Be Released Thursday Expected To Show That 1 in 7 Americans Are Considered Poor, Jumping A Record Amount

This estimate by the Associated Press is based on an analysis done by interviewing six separate census-tracking demographers. The poverty level in 2008 as set by the federal government was $22,025 for a family of four.

What the report found is that a projected 45 million Americans, or 15% of the population, are living below the poverty line compared to 13.2% in 2008. This jump of 1.8% represents the largest year over year increase since these records began to be tracked in 1959.

With the greatest increase since 1965, 12.4% of working age Americans, or those between 18 and 64 years old, were poor in 2009, compared with 11.7% in 2008.

On Friday, President Obama said, "The most important anti-poverty effort is growing the economy and making sure there are enough jobs out there. If we can grow the economy faster and create more jobs, then everybody is swept up into that virtuous cycle."

While this is common sense, his administration has come up painfully short in both areas.


13- GOVERNMENT BACKSTOP INSURANCE

 

 

14- CORPORATE BANKRUPTCIES

 

 

17- CHINA BUBBLE


China has reached the Lewis turning point IFPRI

19- PUBLIC POLICY MISCUES

 

A cold dose of reality from a stimulus cynic G&M

 
Das: “All this stimulus stuff has got nothing to do with economics. It’s all about political survival”

 

Economic Docs Find Remedy Amid Bubble Rubble Baum

 
I’ve identified five areas where policy makers need to reexamine their recommendations or do a better job of explaining why yesterday’s mistakes will be tomorrow’s remedies.

 

Geithner says China has done "very little" on yuan Reuters

 
Geithner is due to testify before the House of Representatives on Thursday...



 


OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

26-GLOBAL OUTPUT GAP

 

Global Production Is Now Bigger Than At Any Time In Human History  BI

 

 
One comes from the Netherlands Bureau of Economic Policy Analysis (via Carpe Diem) and it highlights the fact that the global economy is now producing output at a greater level than it ever has in history.Mark J Perry at Carpe Diem calls this a sign that the world has fully recovered. We're not sure this will sit comfortably with the unemployed in the U.S. and parts of Europe   From Carpe Diem:

 

31-FOOD PRICE PRESSURES

 

The backlash begins against the world landgrab  Telegraph

 

The neo-colonial rush for global farmland has gone exponential...

 

32-US STOCK MARKET VALUATIONS

 




BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

------------

 






   

CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES

------------

 

Waiting for the Fed's next big blunder   MSN (Fleck)


Should the Fed try to depress long-term yields further? Econbrowser

San Francisco Fed Warns Of Sluggish Growth, Weak Wages, And Falling Inflation  BI

 

 GENERAL INTEREST

 

Convenient Timing- FINRA's Quote-Stuffing Fine Comes Two Weeks Before Big Schapiro Announcement  BI

 

If you're a big blue-chip, you can borrow money for free to buy back stock

 

Here's Why The Price Of A College Education Makes No Sense Anymore  BI

 

And herein lies the dirty little truth about an advanced degree – it doesn’t always do much advancing.

“Sometimes things we believe for good reason our whole lives turn out one day to no longer be true, because circumstances have changed,” writes Jack Hough in a delightful little article for SmartMoney. “Consider two childhood friends, Ernie and Bill. Hard workers with helpful families, each saves exactly $16,594 for college. Ernie doesn’t get accepted to a school he likes. Instead, he starts work at 18 and invests his college savings in a mutual fund that tracks the broad stock market.

“Throughout his life,” Hough continues, “Ernie makes average yearly pay for a high school graduate with no college, starting at $15,901 after taxes and peaking at $32,538. Each month, he adds to his stock fund 5% of his after-tax income, close to the nation’s current savings rate. It returns 8% a year, typical for stock investors.

“Bill has a typical college experience. He gets into a public college and after two years transfers to a private one. He spends $49,286 on tuition and required fees, the average for such a track. I’m not counting room and board, since Bill must pay for his keep whether he goes to college or not. Bill gets average-size grants, adjusted for average probabilities of receiving them, and so pays $34,044 for college.

“He leaves school with an average-size student loan and a good interest rate: $17,450 at 5%. The $16,594 he has saved for college, you see, is precisely enough to pay what his loans don’t cover.

“Bill will have higher pay than Ernie his whole life,” Hough relates, “starting at $23,505 after taxes and peaking at $56,808. Like Ernie, he sets aside 5%. At that rate, it will take him 12 years to pay off his loan. Debt-free at 34, he starts adding to the same index fund as Ernie, making bigger monthly contributions with his higher pay. But when the two reunite at 65 for a retirement party, Ernie will have grown his savings to nearly $1.3 million. Bill will have less than a third of that.

“How can that be?” Hough asks rhetorically. “College degrees bring higher income, but at today’s cost they can’t make up the savings they consume and the debt they add early in the life of a typical student. While Ernie was busy earning, Bill got stuck under his bill.”

“The great enemy of the truth,” John F. Kennedy declared in a 1962 commencement address at Yale University, “is very often not the lie – deliberate, contrived and dishonest – but the myth – persistent, persuasive and unrealistic.”

Fifty years later, a Yale education, itself, may be one small part of a vast American myth. Send your kids to Yale if you want; but don’t be surprised if the grads over at New Haven High are faring better financially a few years from now.

As a well-heeled acquaintance from Manhattan quipped recently, “Hey it’s gonna cost me $250,000 to send my kid to an Ivy League school. I’d rather just use the money to buy him a business, and let him figure it out in the real world.”

 

 

How to Play the Tax Wars  WSJ

 

FLASH CRASH - HFT - DARK POOLS

Convenient Timing- FINRA's Quote-Stuffing Fine Comes Two Weeks Before Big Schapiro Announcement  BI

 

FINRA's fining of Trillium, a small New York brokerage firm that trades high frequency and allegedly tried to exploit other HFT firms, comes at a crucial time in the HFT regulation process.

Later this month Mary Schapiro will announce the SEC's conclusion about what caused the May 6 "Flash Crash" and it's expected that she will, at the same time, propose new regulations on high frequency trading.

Whatever she says - everyone's waiting to hear it. She could propose a number of new regulations which we go into detail about here. Or she could totally vindicate high frequency trading and say it had nothing to do with the Flash Crash.

We expect neither - we think she will propose a limit on the price parameters that a bid can fall between, because she more or less said as much.

But the point is, there's a lot on the line for high frequency trading right now.

 

MARKET WARNINGS

 

Doomsday warnings of US apocalypse gain ground AFP

 

414 mutual funds have vanished in the past year USAT

 

Can DJIA Maintain Perch Above 200-Day Moving Average? Schaeffers

 

MARKET & GOLD MANIPULATION

 
Gold Wars  Hinde Capital  

 

 

AUDIO / VIDEO

 

Llink to Pento post-mortem on King World News

 

Zero Hedge Commentary on CNBC Interview: For some, this week's incident on CNBC where Michael Pento was kicked off CNBC for daring to question the basic assumption that his host Erin Burnett presented as fact, was perplexing (to others, who are well aware of the modus operandi of the TV station is, not so much). In a follow up interview that was uninterrupted by commercial breaks and octoboxes, with King World News, Michael Pento gives a post-mortem of just what transpired: "I looked at it 4 times and I don't when I went off the rails, I thought it was a bit unwarranted. All I was doing was being very passionate about an issue I feel very strongly about." The core of the disagreement of course, is the underlying assumption which CNBC takes as gospel, which is that no matter what, interest rates will not, are not allowed to rise (which together with a failed treasury auction, will be the key indicators of the "beginning of the end"). And Pento is completely right to question this as the underlying "factual basis" of any rhetorical question: "We as Americans have no right to believe that interest rates on the 10 year, which are far below their historic 49 year average, 7.31%, are now on 2.7%, so the onus is not on me that interest rates will rise. The onus is on other people to convince me and the investing public that the US bond market will always be in a perpetual bubble that will never burst. And if you look at the data, it shows that this can not be a sustainable situation." Pento then goes on to highlight all the facts that certainly make his case, but that ultimately all collapse into one thing: that the Fed will be able to continue to control, and frankly, manipulate the rate market for perpetuity. This is a flawed assumption and sooner or later Ben Bernanke will lose control as with every system which is in disequilibrium, the snapback to a sustainable balance will occur, and the longer it is kept away from its natural state, the more violent the snapback will be.

One point that Pento discusses that bears further attention, is his argument that governmental investment in the economy should decline and the private sector should be encouraged to pick up the slack. Of course, with the Balance of Payments equation which is now on the forefront of public attention, this means that unless the Current Account goes positive, the private sector is unlikely to be able to pick up the slack from a collapse in endless governmental stimulus (and thus constant debt creation). Which goes to the crux of the Keynesian-Austrian debate. Many would say here that instead of having funded the government apparatus, which as even Mort Zuckerman points out is beyond unwieldy and has grown excessively, the government should have instead have focused on making the US competitive from an international trade standpoint, a topic even Warren Buffett lamented in his non-corrupt days, when he was actually a voice of reason, and not just unbridled, government captured greed. Alas, that would mean a total break from the current Chinese trade surplus hegemony and realigning the US economy in a way that would result in a dramatic shock to millions of people who realize they are simply uncompetitive in the global picture (and thus redundant in the job market) but which would serve as another much needed reset to get America off on a way to long-lost prosperity with an attempt to reincarnate the American manufacturing sector while gradually phasing out the service sector (and especially its "financial innovation" component) . Yet as Gorgon T. Long also pointed out a few days ago, America is now dead set on repeating the destructive Keynesian mistakes of the past, and will continue to fund a broken model until one day, as Michael Pento all too correctly points out, it all snaps, and the "shocking" death of Keynesianism, as described a month ago by Eric Sprott, catches all so many completely unaware.

Of course to explain all this to Erin Burnett, who still believes that the government has done a great job with the "fastest" recovery in the past 20 years, which would be correct if one could eliminate those little pesky things known as "facts", is beyond folly. All those who are invited to CNBC, and dare to explain the truth: you have been warned.

 

QUOTE OF THE WEEK

 

“The great enemy of the truth,” John F. Kennedy declared in a 1962 commencement address at Yale University, “is very often not the lie – deliberate, contrived and dishonest – but the myth – persistent, persuasive and unrealistic.”


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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.

 

         

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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
 

15-CREDIT CONTRACTION II

16-US FISCAL IMBALANCES
17-CHINA BUBBLE
18-INTEREST PAYMENTS
19-US PUBLIC POLICY MISCUES
20-JAPAN DEBT DEFLATION SPIRAL
21-US RESERVE CURRENCY.
22-SHRINKING REVENUE GROWTH RATE
23-FINANCE & INSURANCE WRITE-DOWNS
24-RETAIL SALES
25-US DOLLAR WEAKNESS
26-GLOBAL OUTPUT GAP
27-CONFIDENCE - SOCIAL UNREST
28-ENTITLEMENT CRISIS
29-IRAN NUCLEAR THREAT
30-OIL PRICE PRESSURES
31-FOOD PRICE PRESSURES
32-US STOCK MARKET VALUATIONS
33-PANDEMIC
34-S$ RESERVE CURRENCY
35-TERRORIST EVENT
36-NATURAL DISASTER

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Review- Five Thumbs Up for Steve Greenhut's Plunder!  Mish

 

 

   

 

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