This is from Krieger's blog.
This story from Bloomberg is one of the most gold bullish items I have read in the last 12 months. While many pundits like to get on their soapboxes and spout about how gold is in a “bubble” merely due to the fact that it has soared so much and they are bitter they didn’t see it coming, this article demonstrates quite clearly that gold is in the opposite of a bubble. Let’s take a few quotes from the article:
Paulo Oliveira and his wife sold their wedding rings to pay the rent after he lost his job as a builder last month. They were the couple’s last pieces of jewelry.
“We have no more gold to save us from being kicked out this month,” the 46-year-old said as he stood in the area of downtown Lisbon popular with cash-for-gold stores. “Everyone I know is struggling, even the gold stores are empty because nobody has any more gold left to sell.”
“Business has gone from great to terrible in a matter of months,” Luis Almeida, whose family has owned a gold store near Lisbon’s Rossio Square for more than 40 years, said in an interview. “The sad truth is that most of my clients have already sold all of their gold rings.”
Portugal’s gold exports increased by more than five times to 519.4 million euros last year from 102.1 million euros in 2009, according to data published on the Lisbon-based National Statistics Institute’s website.
Oliveira said he now makes as little as 15 euros a day polishing shoes on a wooden stool in Lisbon’s central Barros Queiroz street, where gold traders complain competition is eating profit.
This all very much reminds me of an article I posted several months ago about how pawn shops in the U.S. were running out of gold. Seems the U.S. serfs got fleeced a couple months earlier. Good thing we have EBT cards and disability checks though!
The big macro point here is obvious. Despite a depression and euro weakness, the Portuguese are not only unable to buy gold as protection, they are being forced to sell what little real wealth they have just to survive. It is all going straight out the back door to China and others. This is just a massive transfer of wealth away from Europe and once the metal dries up (which appears to be happening now), the gold price will resume its march toward much higher levels. I believe this march is beginning now and will be very powerful over the next 3-6 months.
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This article about Obama not helping his own family is pretty funny.
How I Became George Obama's Brother
A few days ago I received a call from a man I recently met named George. He was a bit flustered, and soon informed me that his young son was sick with a chest condition. He pleaded with me to send him $1,000 to cover the medical bills. Since George was at the hospital I asked him to let me speak to a nurse, and she confirmed that George’s son was indeed ill. So I agreed to send George the money through Western Union. He was profusely grateful. But before I hung up I asked George, “Why are you coming to me?” He said, “I have no one else to ask.” Then he said something that astounded me, “Dinesh, you are like a brother to me.”
Actually, George has a real life brother who just happens to be the president of the United States. (George Obama is the youngest of eight children sired by Barack Obama Sr.) George’s brother is a multimillionaire and the most powerful man in the world. Moreover, George’s brother has framed his re-election campaign around the “fair share” theme that we owe obligations to those who are less fortunate.
One of Obama’s favorite phrases comes right out of the Bible: “We are our brother’s keeper.” Yet he has not contributed a penny to help his own brother. And evidently George does not believe, even in times of emergency, that he can turn to his brother in the White House for help.
Obama’s refusal to help George is especially surprising because George doesn’t just live in American-style poverty but rather in Third World poverty. He lives in a shanty in the Huruma slum in Nairobi. He gets by on a few dollars a month. Obama also has an aunt named Hawa Auma, his father’s sister, who ekes out a living selling coal on the streets of a small village in Kenya. She says she would like to have her teeth fixed, but she cannot afford it. Obama hasn’t offered to help her either.
What’s going on here? Why is President Obama so hesitant to help family members in need?
A couple of years ago, George teamed up with a British journalist Damien Lewis and the two of them published George’s story in a book called "Homeland." Yet according to Lewis, shortly before the book’s publication in America, the publisher Simon & Schuster decided to shred the entire print run, more than 20,000 copies. Lewis tried unsuccessfully to get an explanation from Simon & Schuster but to no avail. He now suspects that the White House convinced Simon & Schuster that George’s story might prove embarrassing to the president.
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West Nile Virus Found in Most Mosquitos in Illinois
WAUKEGAN, Ill. (CBS) - Officials were spraying to kill mosquitos in Skokie on Wednesday, as part of a continuing effort to contain the spread of the West Nile Virus.
CBS 2’s Marissa Bailey reports August is prime time for mosquitos, and if you’re sitting home thinking that you haven’t seen many mosquitos around, experts say they’re out there and you should take precautions.
In north suburban Skokie, where two people have been put into nursing homes after being becoming ill from the West Nile Virus, local leaders are saying close up your screen doors and windows to keep mosquitos out.
Throughout the past three weeks, the North Shore Mosquito Abatement District has seen 90 percent of the mosquito samples its collected test positive for West Nile Virus.
So far this year, there have been at least 12 confirmed human cases of West Nile, including two cases in Skokie.
Dusk and dawn are prime time for mosquito activity. Experts say you should check your own back yard for possible breeding sources for mosquitos.
The bloodsuckers thrive in stagnant water, so you should eliminate any standing water in pet dishes, bird baths, children’s toys, buckets, empty tires, or other places where water can pool and grow stagnant.
Officials said, if you leave your garbage can lid flipped upside down for a few days, it can become a breeding ground for mosquitos. So turn it over, clean it out, and close it up.
Meantime, Lake County reported its first confirmed human case of West Nile since 2010.
A 68-year-old Buffalo Grove man tested positive for West Nile encephalitis, according to the Lake County Health Department. He was hospitalized, but has since been released.
It takes about 3 to 14 days for symptoms of West Nile Virus to develop. When going outdoors, people should use insect repellant, especially around dawn and dusk when West Nile mosquitos are most active. Officials also advise wearing long sleeves and pants to avoid mosquito bites.
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One of the funniest videos I've ever seen.
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