KING WORLD NEWS - BLOG
BROADCAST../../../../Broadcast/Broadcast.html../../../../Broadcast/Broadcast.htmlshapeimage_6_link_0
HOME../../../../King_World_News.html../../../../King_World_News.htmlshapeimage_13_link_0
BUSINESS../../../../Business.html../../../../Business.htmlshapeimage_14_link_0
GREEN../../../../Green.html../../../../Green.htmlshapeimage_15_link_0
HEALTH../../../../Health_1.html../../../../Health_1.htmlshapeimage_16_link_0
ENERGY../../../../Energy.html../../../../Energy.htmlshapeimage_17_link_0
SPORTS../../../../Sports.html../../../../Sports.htmlshapeimage_18_link_0
GOLD+../../../../Gold.html../../../../Gold.htmlshapeimage_21_link_0
 
 
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
KWN BLOGhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlshapeimage_24_link_0shapeimage_24_link_1

© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast,

rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

Subscribe to RSS
CLICK HEREhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlshapeimage_27_link_0shapeimage_27_link_1
KWN Blog
Archiveshttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlshapeimage_28_link_0shapeimage_28_link_1

By Robert Fitzwilson of The Portola Group

December 8 (King World News) - “Gold, Silver & The Desperation Of Western Governments”


Someone unknown author, somewhere in the shadows of history put the following poem to pen and paper:


I'M SO TIRED OF IT ALL


I'm so tired - Oh so tired - of the whole New Deal; Of the juggler's smile; the barker's spiel.
Tired of taxes on my ham and eggs;
Tired of payoffs to political yeggs.


I'm tired of farmer's goose-stepping to laws; Of millions of itching job-holder's paws;
Of Fireside Talks over commandeered mikes; Of passing more laws to stimulate strikes.


I'm tired of the hourly-increasing debt;
I'm tired of promises still to be met;
Of eating and sleeping by Government plan; Of calmly forgetting the Forgotten Man.
I'm tired of every new brain-trust thought;
Of the ship of state - now a pleasure yacht. I'm tired of cheating the courts by stealth; And terribly tired of sharing my wealth.
I'm tired and bored with the whole New Deal; With its juggler's smile and barker's spiel.


It is not the 1930s anymore, but the frustrations expressed in the poem sure resonate with our current state of affairs. While this poem references President Roosevelt's New Deal, there are hundreds of millions of people throughout the Globe that can relate to the emotional state of the author....


Continue reading the Robert Fitzwilson piece below...  




Advertisement


UPDATE: To hear the man with over 40 years of experience in the resource

markets and how he is positioning his clients to weather

the current financial storm click on the logo:






Last week saw the continuation of multiple tectonic plates determining our economic and political future inexorably grinding into each other. The first is the deterioration in the underlying macroeconomic picture. We were bombarded by seemingly positive economic statistics. When the statistics are analyzed in depth and the inevitable "revisions" and "seasonal adjustments" are made, the reality is something quite different from what we were told.


True unemployment is much higher than the official number as is inflation. The number of unemployed continues to be transfixed at an outrageous level, yet we are told that in the United States, the unemployment rate is declining. We were told that GDP soared, yet well over half of the gain came from increased inventory. Year-over-year sales on "Black Friday" declined. Job creation was better than expected, but much of the increase was in government hiring.


The second tectonic plate is the approach of "the numbers". We and others have reported to KWN readers and listeners the indisputable fact that the math does not work when you look at almost any problem that we and most other countries face. We are at the end of the rope on decades of over committing, under funding and under saving. The clock is about to strike 12, and nothing can change that fact.


The third is the desperation of governments to maintain power. We see it in the manipulation of the economic statistics. We see it in the carefully orchestrated public relations statement emanating from Wall Street, the central bankers and the governments. As their actions become more frequent and outlandish, one can sense desperation in the air. Loss of control means chaos. Chaos means loss of power. Not for Wall Street. They make their money no matter who is in control.


The fourth is the currency battle. Competitive devaluations are in process. It was reported recently that Russia is considering a devaluation of the Ruble by as much as 50%. Despite being rich in natural resources, Russians have also succumbed to massive credit creation and see devaluation as a solution. Everyone else will, too, before this is over.


The intensity of the data manipulation and comments this week suggests that a case is being made for tapering. While that might be their intention, we know that their constraints and other objectives are in conflict with tapering, so it will be seen for the charade that it is. The numbers suggest even greater monetization of debt unless unpalatable and extraordinary measures are invoked.


In the meantime, renowned strategists are lining up to capitulate on equities as the only allocation that makes sense. It is a sign of a looming top and not a bottom. It could be a spectacular top as those on the sidelines pile in, but the subsequent decline will be ever more spectacular. Central banks will continue to promote this concept as headlines of stock indexes making new highs anesthetize people as to the reality surrounding them, but the tectonic plates cannot be stopped.


Oil appears to have bottomed and precious metals and the miners are in the process of doing so. The paper manipulation was in evidence during the latter part of the week, but there were sharp reversals to the upside, too. You could sense the Friday directive that gold must be negative at the close and stocks must soar. The reality for stocks on the week was they were flat despite the headlines.


Unless all of human history is to be reversed, gold, silver and the mining companies will skyrocket before this is over. Patience is the watchword, not selling deeply undervalued holdings for greatly overvalued equity indexes as the herd piles in.


IMPORTANT - Due to recent events, KWN will be releasing interviews all day Sunday.


© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with Bill Fleckenstein, Eric Sprott, Grant Williams, Egon von Greyerz, Dr. Paul Craig Roberts, William Kaye, Michael Pento, Andrew Maguire, David Stockman, Art Cashin, John Hathaway and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

To return to BLOG click here.


 
http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html