In our February Newsletter we discussed the bankrupt UK econony. MEP (Member of European Parliament) Daniel Hannan makes a scathing attack on Gordon Brown and his failure in running the UK economy, in the video clip below. This is an outstanding and extremely articulate speech accusing a devalued Prime Minister for having run the UK out of money. A MUST SEE!
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Archive for March, 2009
A Devalued Gordon Brown
Friday, March 27th, 2009Bankers beware
Sunday, March 22nd, 2009by Egon von Greyerz
The incitement to violence is gaining momentum and the latest example is an article in the Daily Mail:
Seize their Porches and throw them in jail! Shameless bankers are worse than Train Robbers
By Max Hastings
21st March 2009
“The best suggestion of the past week about how to punish Sir Fred Goodwin is that he should be obliged to report personally at an RBS branch to collect his pension cheques. If customers do not lynch him, staff will.
But too much attention has focused on Goodwin.
Of course, he is contemptible. But he is only one among thousands of monstrously over-rewarded merchants of failure.
At least the former RBS chief executive
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Quantitative easing = Unlimited printing
Thursday, March 19th, 2009by Egon von Greyerz
The Fed decided yesterday to spend another $ 1.15 trillion to try to save the financial system. They will spend $ 750 billion to buy mortgage backed securities and $ 300 billion to buy long term Tresuries.
These purchases will make the Fed’s balance sheet baloon to $ 4 trillion. Most of their assets will consist of worthless and unmarketable paper.
The total committed spending by the Fed and US treasury is now approaching $ 13 trillion. This amount is higher than US GDP for 2009!
But this won’t be enough. We have previously forecast that total support or money printing will reach $20-30 trillion. We now ask ouerselves if
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The alchemist invests in gold
Thursday, March 19th, 2009by Egon von Greyerz
Everything the world’s most successful hedge fund manager has touched in the last couple of years has turned to gold. Now he is also investing in gold. This will be the first of many fund purchases of undervalued gold shares.
Paulson said in a recent interview:
John Paulson: We believe one of the asset classes to benefit from the very expansive fiscal and monetary policies in the U.S. and other countries will be gold. The rapid expansion of U.S. sovereign debt and monetary supply may lead to diminished confidence in the U.S. dollar as a reserve currency.
As investors lose confidence in the U.S. dollar and other paper currencies, gold
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G20 meeting will fail
Monday, March 30th, 2009This week there will be a meeting between G20 leaders and central bankers in London to save the world economy.
Let us make it very clear – the meeting is bound to fail. There is no chance that the G20 leaders will reach an agreement that will save the world economy. Even two world leaders can’t agree on how solve the biggest global financial crisis that the world has ever encountered, never mind twenty. Each one of twenty leaders has a different political agenda and they will all blame each other, so there is no possibility whatsoever that the meeting will result in more than the normal platitudes about cooperation to
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