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NOVEMBER ISSUE - 40 PAGES

Integrating Macro Research

& Technical Analytics

Gordon T Long

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READ ALL THE

"EXTEND & PRETEND" SERIES

 

 

Stage I Comes to an End!

 

A Matter of National Security

 

A Guide to the Road Ahead

 

Confirming the Flash Crash Omen

 

Its either RICO Act or Control Fraud

 

Shifting Risk to the Innocent

 

Uncle Sam, You Sly Devil!

 

Is the US Facing a Cash Crunch?

 

Gaming the US Tax Payer

 

Manufacturing a Minsky Melt-Up

 

Hitting the Maturity Wall

 

An Accounting Driven Market Recovery

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER 


 

 

 


 

READ ALL THE

"SULTANS OF SWAP"

 

ACT I

Sultans of Swap: Smoking Guns!

 

ACT II

Sultans of Swap: The Sting!

 

ACT III

Sultans of Swap: The Get Away!

 

 

ALSO

SULTANS OF SWAP: Explaining $605 Trillion in Derivatives!

 

SULTANS OF SWAP: Fearing the Gearing!

 

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

 

SULTANS OF SWAP: Gold Swaps Signal the Roadmap Ahead

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 


 

 

 

 

READ ALL THE

"EURO EXPERIMENT" SERIES

 

 

 

EURO EXPERIMENT: German Steel or Schmucks?!

 

 

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 

 

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Current Thesis Advisory

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Published November 2009

 

EXTEND & PRETEND

 

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READ ALL THE

"INNOVATION" SERIES

 

Innovate or Die

 

INNOVATION: America has a Structural Problem!

 

INNOVATION: What Made America Great is now Killing Her!

 

America - Innovate or Die!

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 


 

 

 

READ ALL THE

"PRESERVE & PROTECT" SERIES

 

 

 

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 

 

 

 

 

 

 

 

POSTS:  TUESDAY 11-23-10

Last Update: 11/25/2010 01:18 PM

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
                       
Why North Korea Attacked BI                    
North Korea Nuclear Fears Grow WSJ                    
North Korea Shells South Korea Island WSJ                    
S. Korea Scrambles Jets, Returns Fire After North Shells Island Bloomberg                    
                       
PORTUGAL / SPAIN                      
Portugal next as EMU's Máquina Infernal keeps ticking Pritchard X                  
CDS chart of the day, Portugal edition Salmon X                  
Spain and Portugal reject talk of bail-outs FT X                  
After Ireland, spotlight on Portugal, Spain MW X                  
If Portugal is small enough to rescue, Spain may be "too big to save" Independ. X                  
                       
IRELAND                      
Deal will have conditions RTE Ireland X                  
Public and private in the Ireland bailout FT X                  
Irish PM defiant as coalition cracks FT X                  
Q+A: How will Ireland's bailout work? Reuters X                  
Ireland Is Second Euro Nation to Seek Aid as Banks Wobble Bloomberg X                  
Irish Banks Need $6.8 Billion in Cash Immediately, Analysts Say Bloomberg X                  
Anglo Irish chairman says more nationalisations likely Reuters X                  
Ireland’s Lehman moment Elliott X                  
Ireland’s Paradise Lost NY Times X                  
Ireland's just an inevitable victim of the euro project Bootle X                  
                       
USA                      
Economy in U.S. Grew 2.5% in Third Quarter, Revised From 2% Bloomberg X                  
Sales of Existing Houses Fell More Than Forecast in October Bloomberg X                  
Record U.S. Exports Reflect Midwest Boom With 3.7% Unemployment Bloomberg X                  
Incoming Tea Party Republicans Will Go to the Mats on the Debt Limit Comments Feed FDL X                  
                       
The Beginning Of The Ponzi End- As Of Today, The Biggest Holder Of US Debt Is Ben Bernanke ZH     X              
US banks face $100bn Basel III shortfall FT           X        
Australian Housing Slump Gathers Pace Money Morning                 X  
                       
ARTICLE SOURCE 11 12 13 14 15 16 17 18 19 20
                       
Lack of Hiring to Restrain U.S. Economy in 2011, Survey Shows Bloomberg   X                
China Set to Continue Raising Rates: Experts CNBC             X      
China swaps at 2-year high, more tightening seen Reuters             X      
Property market set to make soft landing: Report China Daily             X      
Who needs who? America and China must avoid making past mistakes again King             X      
Our burgeoning budget and the politics of avoidance Samuelson                 X  
America's budget deficit: Speak softly and carry a big chainsaw Economist                 X  
                       
CENTRAL BANKING & MONETARY POLICY                      
Fed minutes: Officials clashed over bond purchases AP                    
Outside the Oval / The Case Against the Fed Hussman                    
The Fed v. inflationistas: Who’s right? G&M                    
Michael Dell Shows Why Ben Bernanke Is Impotent Pesek                    
I'd Sign Any Letter to Avert Inflation Crisis Hassett                    
Economists worried about U.S. inflation: survey Reuters                    
'Credibility of the Fed' Under Historic Attack: Mishkin CNBC                    
                       
GENERAL INTEREST                      
For Rome to prosper it must first burn Fabius Maximus                    
“No problem” Smith                    
The Rising Frustration with the Debt Crisis Armstrong                    
Data Birth Economist                    
Why Your Stock Portfolio Is Acting Like a Commodity Basket WSJ                    
The One Chart That Explains America's Recession-Recovery Paradox Smith                    
                       
MARKET WARNINGS                      
Don't Take Your Eye Off The Ball Here: Keep Watching The Shanghai/Hong Kong Crash BI                    
Back to Overbought BeSpoke                    
Insider Selling To Buying Ratio Approaches Five Digits, Hits Record 8,280x In Week Ending November 19 ZH                    
                       

CURRENCY WARS

                     
China Inflation May Be Too Hot for Controls Amid Cash Glut Bloomberg                    
                       
Q3 EARNINGS                      
HP sales climb 8% in fourth quarter FT                    
MARKET & GOLD MANIPULATION                      
Soros Gold Bubble Expanding as ETPs Hold 9 Years of U.S. Output Bloomberg                    
                       
VIDEO TO WATCH                      
                       

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

 

 

 

                    LATEST RESEARCH PUBLICATIONS

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COMMENTARY for all articles by Gordon T Long

 

CURRENCY WARS: Debase, Default, Deny!

 

In September 2008 the US came to a fork in the road. The Public Policy decision to not seize the banks, to not place them in bankruptcy court with the government acting as the Debtor-in-Possession (DIP), to not split them up by selling off the assets to successful and solvent entities, set the world on the path to global currency wars.

 

By lowering interest rates and effectively guaranteeing a weak dollar, the US ignited an almost riskless global US$ Carry Trade and triggered an uncontrolled Currency War with the mercantilist, export driven Asian economies. We are now debasing the US dollar with reckless spending and money printing with the policies of Quantitative Easing (QE) I and the expectations of QE II. Both are nothing more than effectively defaulting on our obligations to sound money policy and a “strong US$”. Meanwhile with a straight face we deny that this is our intention.  

 

Though prior to the 2008 financial crisis our largest banks had become casino like speculators with public money lacking in fiduciary responsibility, our elected officials bailed them out. Our leadership placed America and the world unknowingly (knowingly?) on a preordained destructive path because it was politically expedient and the easiest way out of a difficult predicament. By kicking the can down the road our political leadership, like the banks, avoided their fiduciary responsibility. Similar to a parent wanting to be liked and a friend to their children they avoided the difficult discipline that is required at certain critical moments in life. The discipline to make America swallow a needed pill. The discipline to ask Americans to accept a period of intense adjustment. A period that by now would be starting to show signs of success versus the abyss we now find ourselves staring into.  A future that is now massively worse and with potentially fatal pain still to come. READ MORE

   

 

CURRENCY WARS: Misguided Economic Policy

 

The critical issues in America stem from minimally a blatantly ineffective public policy, but overridingly a failed and destructive Economic Policy. These policy errors are directly responsible for the opening salvos of the Currency War clouds now looming overhead.

 

Don’t be fooled for a minute. The issue of Yuan devaluation is a political distraction from the real issue – a failure of US policy leadership. In my opinion the US Fiscal and Monetary policies are misguided. They are wrong! I wrote a 66 page thesis paper entitled “Extend & Pretend” in the fall of 2009 detailing why the proposed Keynesian policy direction was flawed and why it would fail. I additionally authored a full series of articles from January through August in a broadly published series entitled “Extend & Pretend” detailing the predicted failures as they unfolded. Don’t let anyone tell you that what has happened was not fully predictable!

 

Now after the charade of Extend & Pretend has run out of momentum and more money printing is again required through Quantitative Easing (we predicted QE II was inevitable in March), the responsible US politicos have cleverly ignited the markets with QE II money printing euphoria in the run-up to the mid-term elections. Craftily they are taking political camouflage behind an “undervalued Yuan” as the culprit for US problems. Remember, patriotism is the last bastion of scoundres  READ MORE


  BRIEFS  

Obama's 'Hail Mary' Export Strategy
   
     

 READER ROADMAP -  2010 TIPPING POINTS aid to positioning COMMENTARY

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

Click to Enlarge





11-23-10

 

GEO-POLITICAL TENSIONS - ISRAEL / KOREA / IRAN

 

KOREA

 

 

Below you can find the Yeonpyeongdo Islands, the source of artillery fire. It's the small chain labeled 3 (via Wikipedia).

 

 

Why North Korea Attacked BI

 

 

North Korea's reason for going on the offensive seems to be anger over a military drill it said was "simulating an invasion of the North," according to the NYT.

The military drill, called Safeguarding The Nation, is a annual exercise involving 70,000 troops along with some American forces.  60-70 houses on the island were destroyed at the military facility and at least two Korean soldiers was killed.

 

At first glance, this bears much in common with the sinking of the Cheonan warship last May, which everyone short of China blamed on North Korea. In that attack and the weeks that followed, Pyongyang showed itself ready to respond to any and all militaristic gestures. North Korea may have been emboldened after getting away scot free.

 

What else do we know?

 

Last weekend a uranium enrichment facility was discovered in the North, sparking concern over a nuclear threat

 

North Korea is also in the midst of a change of power, as Kim Jong un replaces father Kim Jong il. Geopolitical analysts have warned of an internal power struggle that may result.

 

North Korea Nuclear Fears Grow WSJ

 

North Korea Shells South Korea Island  WSJ


S. Korea Scrambles Jets, Returns Fire After North Shells Island BL

South Korea scrambled fighter jets and returned fire after North Korea lobbed dozens of shells into its waters and an island, injuring 14 soldiers according to the government and YTN reports.

 

1- SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

 

SPAIN/PORTUGAL

Portugal next as EMU's Máquina Infernal keeps ticking Pritchard

 

Portugal will have a current account deficit of 10.3pc of GDP this year, 8.8pc in 2011, and 8.0pc in 2012, according to the OECD. That is to say, Portugal will be unable to pay its way in the world by a huge margin even after draconian austerity.

 

Portugal has the eurozone’s most rigid labour markets, and that social transfer costs have risen to 22pc of GDP from 18.5pc in 2005. Productivity is stuck at 64pc of the eurozone average, unchanged since the early 1990s. The promised EMU catch-up effect never occurred.

 

The origins of this crisis go back to Portugal’s fateful decision to push for euro membership at least 20 years before it was ready. Lisbon then failed to tighten fiscal and credit policy enough to offset a fall in interest rates from 16pc to 3pc as Portugal prepared to join in the 1990s – if it is possible to offset monetary error on such a scale.

 

Portugal saw its competitiveness destroyed by the boom, and has never been able to get it back. The country has been in perma-slump ever since with a Teutonic currency that raises the bar ever higher.

 

CDS chart of the day, Portugal edition Salmon

 

The CDS curve for Portugal has changed this year from a normal slope (the black line), to a an inverted slope (green line), meaning imminent default, to the current square-root shaped slope (the red line).

 

What's it mean? It means the market is confident Europe can prevent a Portugal default... for now. But all it will succeed in doing is kick the can down the road and push a default a few years back.

 

 

Spain and Portugal reject talk of bail-outs  FT

 

After Ireland, spotlight on Portugal, Spain MW
Lisbon vulnerable to vigilantes, but Madrid may put up a fight

 

If Portugal is small enough to rescue, Spain may be "too big to save" Independent

IRELAND

Deal will have conditions RTE Ireland

The financial rescue package is estimated to be worth in the region of €80-90 billion and its terms will be negotiated over the coming weeks.

 

Meanwhile, RTÉ News understands that the Minister for Finance Brian Lenihan thanked the German and French finance ministers for softening their stance on Ireland's low rate of corporate tax during last night's teleconference between euro zone finance ministers which approved Ireland's request for a bail-out.

The €15 billion adjustment will consist of €10 billion of spending cuts and €5 billion of tax increases. Mr Lenihan told RTÉ this morning that there was no question of changing the 2011 Budget, which will frontload much of the cuts.

 

European Commissioner for Economic and Monetary Affairs Olli Rehn this morning repeated his earlier comments that Ireland would no longer be a low tax economy.

 

The Government's plan would meet the target of reducing the budget deficit to 3% of GDP by 2014.

Public and private in the Ireland bailout   FT

From a fundamental macro perspective, we would stress that Ireland and Greece are in a very different solvency boat to Portugal and Spain.

Irish PM defiant as coalition cracks  FT

Anger grows at EU-IMF plan as contagion fears spread

Q+A: How will Ireland's bailout work? Reuters

Ireland Is Second Euro Nation to Seek Aid as Banks Wobble BL

Irish Banks Need $6.8 Billion in Cash Immediately, Analysts Say BL

 Anglo Irish chairman says more nationalisations likely Reuters

Ireland’s Lehman moment Elliott 

Ireland’s Paradise Lost NYT

Ireland's just an inevitable victim of the euro project Bootle


JAPAN

 

USA

 

time (et) report period Actual Consensus
forecast
previous

Tuesday, Nov. 23
8:30 am GDP revision Q3 2.5% 2.4% 2.0%
10 am Existing-home sales Oct. 4.43 mln 4.45 mln 4.53 mln
2 pm FOMC minutes 11/3      

 

Economy in U.S. Grew 2.5% in Third Quarter, Revised From 2% BL

Sales of Existing Houses Fell More Than Forecast in October BL NAR

 

Record U.S. Exports Reflect Midwest Boom With 3.7% Unemployment BL

Incoming Tea Party Republicans Will Go to the Mats on the Debt Limit Comments Feed  FDL

As FDL notes, several incoming Tea Party members are vowing to hold firm on not raising the debt ceiling, which could ,eventually put the US into self-induced crisis.

We don't think this is likely, but outside tail risk?  Definitely. Robert Rubin recently warned of a bond market meltdown as the world watches in horror while the US Congress dithers on this issue.

 

 

2- EU BANKING CRISIS

   

 

3- BOND BUBBLE

 

The Beginning Of The Ponzi End- As Of Today, The Biggest Holder Of US Debt Is Ben Bernanke  ZH

 

Well, folks, it's official - mark November 22, 2010 in your calendars - today is the day the Ponzi starts in earnest. With today's $8.3 billion POMO monetization, the Fed's official holdings of US Treasury securities now amount to $891.3 billion, which is higher than the second largest holder of US debt: China, which as of September 30 held $884 billion, and Japan, with $864 billion. The purists will claim that the TIC data is as of September 30, and that as the weekly custodial account shows UST buying continues the data is likely not correct. They will be wrong: with the Fed now buying about $30 billion per week, or about $120 billion per month, for the foreseeable future and beyond, it would mean that China would need to buy a comparable amount to be in the standing. It won't. In other words, the Ponzi operation is now complete, and the Fed's monetization of US debt has made it not only the largest holder of such debt, but made external funding checks and balances in the guise of indirect auction bidding, irrelevant. For what tends to happen next in comparable case studies, please read the Dying of Money. And congratulations to China for finally not being the one having the most to lose on a DV01 basis on that day when the inevitable surge in interest rates finally happens. That honor is now strictly reserved for America's taxpayers.

 

4- STATE & LOCAL GOVERNMENT

 


5- CENTRAL & EASTERN EUROPE

 


6-BANKING CRISIS II


US banks face $100bn Basel III shortfall FT

7- RISK REVERSAL

 

 

8- COMMERCIAL REAL ESTATE

 

 

9-RESIDENTIAL REAL ESTATE - PHASE II

 

Australian Housing Slump Gathers Pace Money Morning

 

10- EXPIRATION FINANCIAL CRISIS PROGRAM

 

 

11- PENSION & ENTITLEMENTS CRISIS



12- CHRONIC UNEMPLOYMENT


Lack of Hiring to Restrain U.S. Economy in 2011, Survey Shows BL

13- GOVERNMENT BACKSTOP INSURANCE

 

 

14- CORPORATE BANKRUPTCIES

 

 

17- CHINA BUBBLE


China Set to Continue Raising Rates: Experts CNBC Caixin

China swaps at 2-year high, more tightening seen Reuters

Property market set to make soft landing: Report China Daily

Who needs who? America and China must avoid making past mistakes again King

19- PUBLIC POLICY MISCUES

 

Our burgeoning budget and the politics of avoidance Samuelson

 

America's budget deficit: Speak softly and carry a big chainsaw Economist


 


OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

24-RETAIL SALES

 

 

26-GLOBAL OUTPUT GAP

 

 

31-FOOD PRICE PRESSURES

 

 

32-US STOCK MARKET VALUATIONS

 

 




BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

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

 






   

CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES

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

 

Fed minutes: Officials clashed over bond purchases AP Minutes

 

Outside the Oval / The Case Against the Fed Hussman

The Fed v. inflationistas: Who’s right? G&M

Michael Dell Shows Why Ben Bernanke Is Impotent Pesek

I'd Sign Any Letter to Avert Inflation Crisis   Hassett

Economists worried about U.S. inflation: survey Reuters

'Credibility of the Fed' Under Historic Attack: Mishkin CNBC

 

 GENERAL INTEREST

For Rome to prosper it must first burn Fabius Maximus

 

“No problem” Smith

 

 The Rising Frustration with the Debt Crisis Armstrong

 

Data Birth Economist

Why Your Stock Portfolio Is Acting Like a Commodity Basket WSJ

The One Chart That Explains America's Recession-Recovery Paradox  Smith

 

The top 20% are prospering and spending money; the bottom 80% are not, but thanks to vast wealth disparity, the top slice of households can keep consumer spending aloft. This provides an illusion of "recovery" that masks the insecurity and decline of the bottom 80%.

 

There is statistical and anecdotal evidence supporting both a "we never left recession" and "the economy is recovering" interpretation. The key to making sense of the conflicting data is to understand that there are Two Americas.

 

Roughly speaking, we can divide the U.S. economy into

1- "Wall Street"--the financialized part of the economy which encompasses the FIRE (finance, insurance and real estate) economy and its bloated partner in predation, the Federal government--and

 

2- "Main Street," the looted, overtaxed remainder of the "real economy" which isn't a Federally supported corporate cartel (i.e. the military-industrial sector, the "healthcare"/sickcare sector, Big Agribusiness, etc.). "Main Street" --  is small business, entrepreneurs, shopkeepers, small property owners (independent motels, vineyards, truck farms, etc.) and local service providers (dentists, accountants, etc.). This class of small business and their employees is in decline: Few Businesses Sprout, With Even Fewer Jobs (WSJ.com)

 

Needless to say, the Federal/financialized/corporate cartel tranch of the economy is doing very, very well, thank you. The number of Federal employees pulling down $150,000 annually is skyrocketing, hundreds of billions in revenues slosh into National Security and sickcare cartels, and Wall Street bonuses are in the tens of billions.

 

A thin, overhyped tranch of the tech economy is also doing well--Google employees just got a 10% raise, for example--but this overhyped tranch includes a razor-thin share of the 130 million person U.S. workforce. Google's global workforce is about 23,000, Twitter has a staff of roughly 300 and Facebook employs about 1,500 people.

 

There are two Americas in terms of wealth and income:

1- In terms of income, the top 10% earn about half the total income, and in wealth,

2- the top 5% own roughly 70% of all financial wealth.

3- The top 5% of Americans by income are responsible for 37% of all consumer spending-- about the same as the entire bottom 80% by income (39.5%).

4- the top 1% of Americans received two-thirds of the gain in national income from 2002 to 2006.

5- As consumers, the top 5% carry the same weight as the bottom 80%

6- the top 20% paid 86.3% of all Federal income taxes, 43.6% of Social Security, 87.8% of corporate taxes and 34.1% of Federal excise taxes.

7- After including earned-income tax credits, the bottom 60% of households paid less than 1% of all Federal income taxes, and the households between 60% and 80% paid 13%.



That's how you get a statistical "recovery" that masks the recessionary misery of the bottom 80%--the "real economy" left to rot as the Federal government channels the national income into politically powerful corporate cartels, Federal fiefdoms and Financial Elites.

 

MARKET WARNINGS

Don't Take Your Eye Off The Ball Here: Keep Watching The Shanghai/Hong Kong Crash  BI

Keep paying attention to China and Hong Kong, which are calling the shots right now, especially in the commodity markets. Both markets fell hard last night, bringing commodities sharply lower, particularly the industrial ones (copper, palladium, oil, etc.). Shanghai is now off 10% from recent highs.

 

Back to Overbought BeSpoke

 

Insider Selling To Buying Ratio Approaches Five Digits, Hits Record 8,280x In Week Ending November 19  ZH

 

CURRENCY WARS

China Inflation May Be Too Hot for Controls Amid Cash Glut  BL
Standing near his 12-table noodle shop on Beijing’s Yonghegong Avenue, owner Liu Heliang says meat and vegetable prices have climbed 10 percent in a year and staff wages are up 40 percent.

 

Q3 EARNINGS

HP sales climb 8% in fourth quarter  FT

 

MARKET & GOLD MANIPULATION

Soros Gold Bubble Expanding as ETPs Hold 9 Years of U.S. Output BL

 

 

AUDIO / VIDEO

 

 

QUOTE OF THE WEEK

“The thought that you can create a prosperous economy by inflating is an illusion”
Volcker

“We sure have to maintain some confidence in the dollar or none of this would work"
Volcker


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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

TUESDAY

11-23-10

NOVEMBER

S M T W T F S
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7 8 9 10 11 12 13
14 15 16 17 18 19 20
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22 23 24 25 26 27
28 29 30        

ARCHIVAL

 

 


 

         

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

 


READING THE RIGHT BOOKS?  NO TIME?

 

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

 

 

ACCEPTING PRE-ORDERS

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

   

 

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