Gordon T Long

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PRESERVE & PROTECT: The Jaws of Death

 

The United States is facing both a structural and demand problem - it is not the cyclical recessionary business cycle or the fallout of a credit supply crisis which the Washington spin would have you believe.

 

It is my opinion that the Washington political machine is being forced to take this position, because it simply does not know what to do about the real dilemma associated with the implications of the massive structural debt and deficits facing the US.  This is a politically dangerous predicament because the reality is we are on the cusp of an imminent and significant collapse in the standard of living for most Americans.

 

The politicos’ proven tool of stimulus spending, which has been the silver bullet solution for decades to everything that has even hinted of being a problem, is clearly no longer working. Monetary and Fiscal policy are presently no match for the collapse of the Shadow Banking System. A $2.1 Trillion YTD drop in Shadow Banking Liabilities has become an insurmountable problem for the Federal Reserve without a further and dramatic increase in Quantitative Easing. The fallout from this action will be an intractable problem which we will face for the next five to eight years, resulting in the “Jaws of Death” for the American public.  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:  FRIDAY 09-24-10

Last Update: 09/26/2010 05:18 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
                       
U.S. Storms Out of Ahmadinejad Speech WSJ                    
                       
Challenges for a Squabbling Europe - Part I Yale X                  
Euro Zone Private-Sector Growth Slumps WSJ X                  
El-Erian on an interesting week FT Alpha X                  
Eurozone crackdown on public finances FT X                  
One on One with George Papandreou Prime Minister of Greece NBR X                  
Irish, Portuguese Bond Selloff Fans EU Debt Fears AP X                  
Spain Under Pressure to Show `Hair Shirt' Budget as Yields Rise Bloomberg X                  
Dubai plans to sell $1bn in bonds FT X                  
Bubble or not, Canadian markets in for rude awakening G&M X                  
IRELAND                      
Ireland's GDP Drops Unexpectedly WSJ X                  
Forget Austerity, Only Stopping The Bailout Or A New Currency Can Save Ireland BI X                  
Why The Irish Debt Crisis Could Be Worse Than Spain, England, And Even Iceland BI X                  
Ireland faces double dip, mulls restructuring of junior bank debt Prichard X                  
Research Ireland: A costly affair Danske X                  
Ireland Credit Risk Jumps to Record on Anglo Irish Bond Repayment Concerns Bloomberg X                  
JAPAN                      
Yen Weakens on Speculation Japan Is Intervening to Curb Gains Bloomberg X                  
Residential land prices down for 19th straight year in Japan AP X                  
USA                      
Demand for U.S. Capital Goods Rebounds as Spending Holds Up Bloomberg X                  
New U.S. Home Sales Hold at Second-Lowest Level Ever Bloomberg X                  
Warren Buffett to CNBC: "We're Still In a Recession" CNBC X                  
North American Outlook: Slow, Slow, Slow Your Boat BMO X                  
Deutsche Bank warns on Basel capital race FT   X                
Cost to hedge against losses on U.S. government debt rose to the most in six weeks Bloomberg     X              
Rosenberg: The Bond Rally Can Last Two More Years, And Yields Will Go To 2% BI     X              
The stock-bond disconnect Salmon     X              
Refis Will Hasten the Debt Service Decline Berner                 X  
We Are About Midway Through the Downturn, If That Far ZH                 X  
US Home Prices Fall Again Bloomberg                 X  
                       
ARTICLE SOURCE 11 12 13 14 15 16 17 18 19 20
                       
Pension Shell Games Threaten Market: Arthur Levitt Bloomberg X                  
If You Want To Reduce Unemployment, Then Rebuild This Real Estate GSE Nightmare BI     X              
Microsoft Now Issues Debt Almost As If It Were The U.S. Government BI       X            
Microsoft learns to love leverage Saft       X            
Bristol-Myers to Cut Work Force by 3% WSJ       X            
Big Yuan Rise Would Mean Bankruptcies: Chinese Premier CNBC             X      
The White House Admits The Recovery Will Take Years (And Why Obama Won't Get Re-Elected) BI                 X  
Exodus Could Shift White House Tone WSJ                 X  
Cleaning House Starts at 1600 Pennsylvania Ave. Baum                 X  
REMAINING                      
Global food risk from China-Russia pincer Telegraph                   31
                       
                       
BP OIL                      
                       
CENTRAL BANKING & MONETARY POLICY                      
Central Banks Struggle for Exit as Recovery Weakens Bloomberg                    
Turk: Central banks, not gold, are the barbaric relics !!! G&S Video                    
Stealth Monetization in the U.S.A ZH                    
GENERAL INTEREST                      
Confronting Our Complicity Simple Planet                    
Deflation: The Trend That's Become Too Obvious To Ignore EWI                    
Interview With Marc Faber: It Is Not A Matter Of If With Hyperinflation, But When BI                    
Baltic index at 5-week low, ore buying dives Reuters                    
                       
CURRENCY WARS                      
Foreign Currency Wars Fuel Gold's Rally to $1,300 /oz Dorsch                    
Currency trading gets a retail investor following MW                    
El-Erian on an interesting week (currencies) FT Alpha                    
MARKET WARNINGS                      
Anemic volume stirs fears of Street bloodbath NY Post                    
'Macro' Forces in Market Confound Stock Pickers WSJ                    
Dollar's rise helps Germans Detr. News                    
MARKET & GOLD MANIPULATION                      
Once Again, Gold Confirms Its Uptrend M&M                    
VIDEO TO WATCH                      
Hunt's Deathbed Confession Reveals JFK Killers Rense                    
JFK ASSASSINATION: E. Howard Hunt's Confession Before Its News                    

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

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AMBER ALERT

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09-24-10

 

GEO-POLITICAL TENSIONS - ISRAEL / KOREA / IRAN

 

IRAN

U.S. Storms Out of Ahmadinejad Speech  WSJ

The U.S. delegation walked out of the U.N. speech of Iranian President Ahmadinejad after he said most people believe the U.S. was behind the Sept. 11 attacks.

 

1- SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

Challenges for a Squabbling Europe - Part I YALE

 

Euro Zone Private-Sector Growth Slumps  WSJ
The euro zone's private-sector output growth slowed sharply to a seven-month low in September and is likely to decelerate further in the fourth quarter, a survey showed Thursday. The flash euro-zone composite-output index, a measure of private-sector activity based on about 85% of replies from a monthly survey of firms, dropped to 53.8 in September from 56.2 in August, according to preliminary results from financial-information company Markit.

The reading above the neutral 50 level indicates output is growing. Economists were expecting a drop to 55.9 in September.

"Although the survey suggests that [gross domestic product] will have risen by around 0.6% for the third quarter…the weak September reading sets the scene for a further slowing in the final quarter of the year to a pace more in the region of 0.3%," said Chris Williamson, Markit's chief economist. German output growth slowed to an eight-month low in September while France decelerated to a six-month low, Markit said.

"However, outside of these two countries, double-dip recession fears will be heightened by a renewed contraction of economic activity and accelerating job losses in September," Mr. Williamson said.

 

 El-Erian on an interesting week FT Alphaville

Solvency concerns are again on the rise there (Europe).

Last week’s catalyst was Ireland where banking issues are a serious worry. But the underlying problems are deeper and more complex.

Market measures of risk for peripheral European countries (Greece, Ireland, Portugal and Spain) are at or near danger levels… despite exceptional support from the ECB, EU and IMF, and despite the implementation of adjustment measures on the part of some.

The failure to reduce risk spreads means that the public sector bailout is not working. Rather than provide assurances of better times ahead and, thus, encourage new investments, ECB/EU/IMF support funding is being used by existing investors to exit their exposures to the most vulnerable peripheral European countries.

This situation cannot be sustained forever. It undermines any chance that the most vulnerable countries (e.g., Greece) have of limiting the collapse in their GDP and maintaining social cohesion; it contaminates the balance sheet of the ECB; it exposes the revolving nature of IMF resources to considerable risk; and it raises the risk of renewed contagion.

 

Eurozone crackdown on public finances FT

 

GREECE

One on One with George Papandreou Prime Minister of Greece NBR Transcript
“We`ve ruled out the option of default. If we were going to default, we would have done so early on...”

PORTUGAL

Irish, Portuguese Bond Selloff Fans EU Debt Fears AP

 

SPAIN

Spain Under Pressure to Show `Hair Shirt' Budget as Yields Rise BL

DUBAI

Dubai plans to sell $1bn in bonds  FT

 

 

CANADA

Bubble or not, Canadian markets in for rude awakening G&M (Rosenberg)

 
By my calculations, every basis point of the Canadian economic recovery was the result of the boom in the housing sector. That goose is no longer laying any golden eggs.

IRELAND

Ireland's GDP Drops Unexpectedly  WSJ

 

Ireland's economy contracted in the second quarter, startling investors worried about the country's banks and fueling fears that Prime Minister Brian Cowen's government may need even tougher austerity measures to tackle a massive budget deficit. On Thursday, Ireland's Central Statistics Office said gross domestic product, a broad measure of the value of goods and services produced by the economy, dropped 1.2% from the first three months of the year. Economists had forecast a 0.5% growth rate, which would have extended a brief expansion of the Irish economy that began in the first quarter.

To borrow from the capital markets, Ireland now pays an interest rate that is 4.25 percentage points higher than Germany, the euro-zone's benchmark—the highest so-called risk premium since the introduction of the euro in 1999.

Ireland's gloomy prospects mean the government may have to make even deeper cuts this winter to reduce its budget deficit, which is expected to surpass 25% of GDP this year, the biggest in the 16-nation euro area by that measure. The possible doubling in the deficit—now about 12% of GDP—is due largely to the cost of bailing out its most troubled bank, Anglo Irish Bank Corp.

Ireland is struggling to recover from one of Europe's messiest real-estate busts, which has left its banks awash in souring loans to property developers that likely won't be paid.

It now costs roughly $475,000 a year to insure $10 million of Irish bonds for five years, according to data provider Markit. Earlier Thursday, Ireland's credit-insurance costs hit $500,000 for the first time.


 

Forget Austerity, Only Stopping The Bailout Or A New Currency Can Save Ireland BI

 

Why The Irish Debt Crisis Could Be Worse Than Spain, England, And Even Iceland  BI

 

Ireland faces double dip, mulls restructuring of junior bank debt Pritchard

 

Research Ireland: A costly affair Danske


Ireland Credit Risk Jumps to Record on Anglo Irish Bond Repayment Concerns BL


JAPAN

Yen Weakens on Speculation Japan Is Intervening to Curb Gains BL

Residential land prices down for 19th straight year in Japan AP

 

USA

 

FRIDAY, SEPT. 24
8:30 am Durable goods orders Aug. -1.3% -1.4% 0.7%
10 am New home sales Aug. 288,000 300,000 288,000

Demand for U.S. Capital Goods Rebounds as Spending Holds Up  BL

Bookings for goods like computers and communications gear climbed 4.1 percent after a 5.3 percent decline in July that was smaller than previously estimated, figures from the Commerce Department showed today in Washington. Total orders dropped 1.3 percent, depressed by volatile demand for aircraft, and bookings excluding transportation equipment rose more than forecast.

Manufacturing, which led the U.S. out of the worst recession since the 1930s, may hold up as companies use the surge in profits to replace outdated equipment. The figures may ease concern at the Federal Reserve, which this week citied a slowdown in business investment in announcing they were willing to take additional measures to spur the economy.

“This is reassuring news,” said Dean Maki, chief U.S. economist at Barclays Capital Inc. in New York. “Capital goods spending still seems to be on a very solid underlying trend.”

New U.S. Home Sales Hold at Second-Lowest Level Ever  BL

Fewer U.S. new homes than forecast were sold in August, signaling the housing market remains depressed even as mortgage rates dropped.

Purchases were unchanged at a 288,000 annual pace, matching July as the second-lowest in data going back to 1963, figures from the Commerce Department showed today in Washington. The median price fell to the lowest level in more than six years.


Warren Buffett to CNBC: "We're Still In a Recession" CNBC

North American Outlook: Slow, Slow, Slow Your Boat BMO

 

 

2- EU BANKING CRISIS

   

Deutsche Bank warns on Basel capital race  FT

 

3- BOND BUBBLE

 

Cost to hedge against losses on U.S. government debt rose to the most in six weeks  BL
 Credit-default swaps on U.S. Treasuries climbed 1.7 basis points, the biggest increase in more than three weeks, to 49.4, according to data provider CMA. The Fed said Tuesday that slowing inflation and sluggish growth may require further action.  The statement positioned the central bank to expand its near-record $2.3 trillion balance sheet as soon as their November meeting - just in time for a Santa Clause boost for the markets

 

Rosenberg: The Bond Rally Can Last Two More Years, And Yields Will Go To 2%  BI

 

David Rosenberg renews his argument for being long bonds:

Take a look at Chart 1, in this post-bubble credit collapse everything is mean reverting from P/E ratios, to savings rates, to debt/income ratios, to homeownership rates and the process is going to take more time and extract more domestic demand growth and pricing power out of the economy. We closed the 1930s with a 2% long bond yield, which makes perfect sense to us since the typical spread between the 30-year and the overnight rate is around 200 basis points. It won’t be a straight line, and based on past long interest rate cycles, which can last up to 32 years, we could be looking at a bottom roughly two years from now. So we wouldn’t quibble with the view that the secular bull market in bonds is in the mature stage. But it ain’t over yet.

 

The stock-bond disconnect Salmon

 

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

 

Refis Will Hasten the Debt Service Decline Berner

 

We Are About Midway Through the Downturn, If That Far  ZH

 

As a matter of fact, things are so bad that I believe banks will have a perverse incentive to actually walk away. Now wouldn’t that be something??? Next, we take a look into the home builder that makes more money doing distressed investing than it does building and selling homes.

 

US Home Prices Fall Again  BL

U.S. home prices dropped 3.3 percent in July from a year earlier, the eighth consecutive decline, as foreclosed properties flooded the market.

Prices fell 0.5 percent from June, the Federal Housing Finance Agency in Washington said in a report today. Economists had projected prices to fall 0.2 percent from the previous month, based on the average of 15 estimates in a Bloomberg survey. The agency revised the previously reported May-to-June decline to 1.2 percent from 0.3 percent.

Foreclosures are boosting the supply of available properties and reducing prices, even as mortgage rates tumble to record lows. The time it would take to clear the market of homes for sale was 12.5 months in July, the highest in more than a decade of data, according to the National Association of Realtors. Banks seized a record 95,364 properties from delinquent borrowers in August, according to RealtyTrac Inc., an Irvine, California-based seller of housing data.

 

10- EXPIRATION FINANCIAL CRISIS PROGRAM

 

 

11- PENSION & ENTITLEMENTS CRISIS


Pension Shell Games Threaten Market: Arthur Levitt BL

12- CHRONIC UNEMPLOYMENT



13- GOVERNMENT BACKSTOP INSURANCE

 

If You Want To Reduce Unemployment, Then Rebuild This Real Estate GSE Nightmare  BI

 

14- CORPORATE BANKRUPTCIES

 

Microsoft Now Issues Debt Almost As If It Were The U.S. Government  BI

 

Microsoft just issued some ridiculously cheap debt. Investors only asked to receive 0.875% in interest per year to lend money to Mr. Softy for three years.

Yet Econompic takes it a step even further... The chart below shows that Microsoft issues debt almost as cheaply as the U.S. government does, even for longer maturity bonds. Microsoft's 30-year bonds tie with those of Johnson & Johnson as having the lowest coupons of any corporate debt on the market, at just 4.5%.

Our MSFT analysis from yesterday explored how Microsoft could potentially buy itself back out of the stock market with just ten years of cash flow.... and yet bond markets are betting that Microsoft can comfortably last thirty.

(The chart below comes from Econompic and shows U.S. government bond yields vs. those of Microsoft.)

 

Microsoft learns to love leverage Saft

If you thought the era of better living through financial engineering died with Lehman Brothers, have a look at Microsoft.

 

Bristol-Myers to Cut Work Force by 3%  WSJ

 

17- CHINA BUBBLE


Big Yuan Rise Would Mean Bankruptcies: Chinese Premier  CNBC

An appreciation of 20 percent in China's currency would cause widespread bankruptcies in China's export sector, where firms operate on thin margins, Chinese Premier Wen Jiabao said on Wednesday.

"The conditions for a major appreciation of the renminbi do not exist," Wen said in a speech to U.S. businessmen in New York. He said the appreciation of China's currency demanded by U.S. lawmakers would not bring jobs back to the United States because U.S. firms no longer make such labor-intensive products.

The Premier is in New York to get his ass kissed by Obama while we pretend to get tough on Chinese currency. China has stopped buying US Treasuries and, for the moment, Japan is filling the gap - but how long will that last as Japan is pressured to apply more stimulus at home? 


19- PUBLIC POLICY MISCUES

 

The White House Admits The Recovery Will Take Years (And Why Obama Won't Get Re-Elected)  BI

Steven Thomma of McClatchy news asked Gibbs to specify what he meant by an “enormous mount of time.”

“On the economy,” said Thomma, “you said earlier this is going to take an ‘enormous amount of time.’ How long?”

“Well,” said Gibbs, “I think it’s going to take several years from–I think getting through a recession as deep as the one that we were faced with, the sheer amount of job loss, the shock to the system, shock to our financial system, the change in our housing market. We’re dealing with, in many ways, if you look at what happened and what cascaded downward all at a certain period of time, you’re dealing with sort of the perfect storm.”

If that's true, then Obama is toast in 2012. He can't win with the economy still not "recovered" for most people.

Exodus Could Shift White House Tone WSJ 

Cleaning House Starts at 1600 Pennsylvania Ave. Baum



 


OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

19-US PUBLIC POLICY MISCUES

 

 

24-RETAIL SALES

 

 

26-GLOBAL OUTPUT GAP

 

 

31-FOOD PRICE PRESSURES

Global food risk from China-Russia pincer Telegraph

 

32-US STOCK MARKET VALUATIONS

 




BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

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

 






   

CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES

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


Central Banks Struggle for Exit as Recovery Weakens BL

Turk: Central banks, not gold, are the barbaric relics !!! G&S Video

Stealth Monetization in the U.S.A  ZH

 

 GENERAL INTEREST

 

 Confronting Our Complicity Simple Planet

 

Deflation: The Trend That's Become Too Obvious To Ignore  Elliot Wave International

Here are a few recent comments about the new economic reality:

  • "[New Jersey Governor] Christie spelled out the details of his proposal Tuesday. They include: repealing an increase in benefits approved years ago; eliminating automatic cost-of-living adjustments; raising the retirement age to 65 from 60 in many cases; reducing pension payouts for many future retirees; and requiring some employees to contribute more to their pensions." -- Associated Press (Sept. 15)
  • "U.S. Home Prices Face Three-Year Drop as Inventory Surge Looms" -- Bloomberg (Sept. 15)
  • "Atlanta Awash in Empty Offices Struggles to Recover From Building Binge" -- Bloomberg (Sept. 14)
  • "The world economy faces a long, hard slog toward recovery and could slide into deflation and financial instability if leaders fail to deliver on promises of reform." -- Reuters (Sept. 10)
  • "Deflation seems to have the upper hand lately in the debate among investors about inflation versus deflation." -- Marketwatch (Sept. 8)
  • "With the release of the August sales figures, one thing is clear for car shoppers -- it's a buyer's market." -- Edmunds (Sept. 2)
  • "20 Funds to Guard Against Deflation" -- Smartmoney (Aug. 29)
  • "Dividend-Yield Signal Screams Deflation" -- Forbes (Aug. 25)

 

Interview With Marc Faber: It Is Not A Matter Of If With Hyperinflation, But When  BI

 

Gonzalo Lira- What Hyperinflation Will Look Like In America  BI

 

Baltic index at 5-week low, ore buying dives Reuters

 

CURRENCY WARS

Foreign Currency Wars Fuel Gold's Rally to $1,300 /oz Dorsch

 

Currency trading gets a retail investor following MW

Stocks’ lost decade raises appeal; a new market for U.S. day traders

 El-Erian on an interesting week (currencies) FT Alphaville

 

Last week, Japan intervened massively to stop its currency from appreciating. It did so in a unilateral fashion and, immediately, faced criticisms from Europe and the US.

Meanwhile, in a sharply-worded testimony to Congress, Treasury Secretary Geithner provided lots of data to those that feel that the US should have already labeled China a currency manipulator. And while China has recently accelerated the rate of its managed appreciation — 1% in the last week compared to just 1.6% since the country declared great “flexibility” back in June — this is proving insufficient to counter growing currency tensions.

These latest foreign exchange developments bring to the fore an inconvenient reality. While not all industrial countries wish to make it explicit, they are happy (indeed eager) to see their currencies depreciate. They see this as helping them address the extremely difficult challenges associated with a protracted period of low growth, high unemployment, and limited policy effectiveness.

The list of industrial countries wishing to depreciate their currencies is not matched by a list of emerging economies happy to let their currencies appreciate significantly. As a result, foreign exchange tensions are mounting, and the price of gold has been driven to a new record level.

This week will shed light on whether policymakers can do anything to deal with these two issues. If they continue to stumble and hesitate, what has been simmering may well come to a full boil in the next few months.

MARKET WARNINGS

Anemic volume stirs fears of Street bloodbath NYP

 

'Macro' Forces in Market Confound Stock Pickers WSJ
Bianco: “Stock picking is a dead art form...Macro themes dominate the market now more than ever."

Dollar's rise helps Germans Det News

 

MARKET & GOLD MANIPULATION

Once Again, Gold Confirms Its Uptrend  M&M
Here we are in a 10-year old gold bull market, but only a very small minority of investors is participating!

AUDIO / VIDEO

 

Hunt's Deathbed Confession Reveals JFK Killers  Rense

 

JFK ASSASSINATION: E. Howard Hunt's Confession  Before Its News

 

 

 

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.

 

         

TODAY'S NEWS

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ARCHIVAL

 

READING THE RIGHT BOOKS?  NO TIME?

 

WE HAVE IT ANALYZED & INCLUDED IN OUR LATEST RESEARCH PAPERS!

 

 

ACCEPTING PRE-ORDERS

 

 

 




 

         

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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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, we recommend 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.

Copyright and Disclaimer

© Copyright 2010, Gordon T Long. The information herein was obtained from sources which the Gordon T Long. believes reliable, but we do 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 the Gordon T Long. or its principals may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Gordon T 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 us.