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PFTF June 4 2012 Enslaved by the beasts system of banking
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Post PFTF June 4 2012 Enslaved by the beasts system of banking
Enslaved by the beasts system of banking the name of Mondays thread....

We have all heard of the expression "dead cats bounce " when it comes to the stock market, but today we are looking at something that is so unsurereal that we have no idea what way this beast will turn...if they do another round of printing invisible money then we the people will pay for it by higher prices....if they decide to roll the invisible dice and shot for craps and don't do anything they we start on a new journey of deflation...both of these could lead to either hyper-inflation or depression...watch out for the dead dog bounce which is the opposite of a dead cat bounce...if they decide to roll the dice we may start to see inflationary prices go down...it will seem that our incomes are equal to the cost of living, but what will happen when it goes further down, banks contract their money supplies,bussiness start to lay of more employee,s...again the elite will have managed to fool the sheeple in to believing all is ok...when in reality it is not...we sit today on the brink of no return, and it is not a question of what,how,what or where...but WHEN?...and as we watch, we need to prepare for the worst and pray for the best..

folks get er in and get er done...


SEC Approves Proposals to Address Extraordinary Volatility in Individual Stocks and Broader Stock Market
uuu uuu


One initiative establishes a “limit up-limit down” mechanism that prevents trades in individual exchange-listed stocks from occurring outside of a specified price band. When implemented, this new mechanism will replace the existing single-stock circuit breakers that the Commission approved on a pilot basis after the market events of May 6, 2010.

The second initiative updates existing market-wide circuit breakers that when triggered, halt trading in all exchange-listed securities throughout the U.S. markets. The existing market-wide circuit breakers were adopted in October 1988 and have been triggered only once, in 1997. The changes lower the percentage-decline threshold for triggering a market-wide trading halt and shorten the amount of time that trading is halted.

The exchanges and FINRA will implement these changes by February 4, 2013. On Thursday, the Commission approved both proposals for a one-year pilot period, during which the exchanges, FINRA, and the Commission will assess their operation and consider whether any modifications are appropriate.

“The initiatives we approved are the product of a significant effort to devise a sophisticated, yet workable and effective way to protect our markets from excessive volatility," said SEC Chairman Mary L. Schapiro. “In today’s complex electronic markets, we need an automated and appropriately calibrated way to pause or limit trading if prices move too far too fast. The Commission, along with the exchanges and FINRA, will be closely monitoring the operation of the new limit up-limit down and market-wide circuit breaker processes during the pilot period to make sure any rules approved on a permanent basis are as effective as they can be."

“Limit Up-Limit Down” Plan for Individual Securities

The “limit up-limit down” mechanism, established jointly by the exchanges and FINRA, prevents trades in individual listed equity securities from occurring outside of a specified price band, which would be set at a percentage level above and below the average price of the security over the immediately preceding five-minute period. For more liquid securities — those in the S&P 500 Index, Russell 1000 Index, and certain exchange-traded products — the level will be 5 percent, and for other listed securities the level will be 10 percent. The percentages will be doubled during the opening and closing periods and broader price bands will apply to securities priced $3 per share or less.

To accommodate more fundamental price moves, there would be a five-minute trading pause, similar to the pause triggered by the current circuit breakers, if trading is unable to occur within the price band for more than 15 seconds.

Under the new plan all trading centers, including exchanges, automated trading venues, and broker-dealers executing trades internally, must establish policies and procedures to prevent trades from occurring outside the applicable price bands, honor any trading pause, and otherwise comply with the procedures set forth in the plan.

Updated Market-Wide Circuit Breakers
The revised market-wide circuit breaker rules update the existing rules by:

Reducing the market decline percentage thresholds needed to trigger a circuit breaker to 7, 13, and 20 percent from the prior day’s closing price, rather than declines of 10, 20, or 30 percent.

Shortening the duration of trading halts that do not close the market for the day to 15 minutes, from 30, 60, or 120 minutes.

Simplifying the structure of the circuit breakers so that there are only two relevant trigger time periods, those that occur before 3:25 p.m. and those that occur on or after 3:25 p.m. The two periods replace the current six-period structure.

Using the broader S&P 500 Index, rather than the Dow Jones Industrial Average, as the pricing reference to measure a market decline.

Requiring the trigger thresholds to be recalculated daily rather than quarterly.
The market-wide circuit breakers were not triggered during the severe market disruption of May 6, 2010, which led the exchanges and FINRA, in consultation with SEC staff, to assess whether the circuit breakers needed to be updated in light of today’s market structure. In addition, the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues recommended in February 2011 that the SEC and CFTC review the current operation of the market-wide circuit breakers, and consider appropriate modifications.

Additional Measures
In addition to the single-stock circuit breaker pilot program, the SEC has undertaken other initiatives in the wake of May 6, including:

Approving new exchange and FINRA rules clarifying how and when erroneous trades would be broken.

Approving new exchange and FINRA rules to strengthen the minimum quoting standards for market makers and effectively prohibit “stub quotes” in the U.S. equity markets.

Adopting a rule requiring broker-dealers to have risk controls in place before providing their customers with access to the market.

Adopting a rule establishing a large trader reporting system to enhance the Commission’s ability to identify large market participants and collect information on their trading activity.
The SEC staff also is considering what additional measures may be needed, including establishing a consolidated audit trail system to better track orders and trades in securities across the national market system.



http://sec.gov/news/press/2012/2012-107.htm



Regulators Delay Mortgage Rules



Federal regulators delayed new rules to establish standards for the mortgage-lending industry, a move that could further hold back the thin market in mortgage-backed securities not supported by the federal government.

The rule delay marks another setback in Washington's attempts to redesign the $10.3 trillion U.S. mortgage market, years after the onset of the housing woes. The Consumer Financial Protection Bureau had hoped to finish the rules this summer but now says it intends to do so by the end of the year, just before a deadline, to allow time for public comment on new mortgage data.

Mandated by the 2010 Dodd-Frank financial overhaul, the consumer bureau's rule for "qualified mortgages" will eventually outline what types of loans are available to most borrowers and provide some lawsuit protection to banks. The agency is seeking to balance the need to keep the housing market afloat with its own mandate to protect consumers from the kinds of risky loans that spurred the housing bust and financial crisis.

The Dodd-Frank law mandates the consumer bureau's mortgage rule exclude many types of loans that helped fuel the financial crisis. These include loans in which borrowers make only interest payments for a set period and loans in which the principal balance can grow. Banks say they will make few loans outside the new standard.

Loans that meet this standard are expected to have some level of protection against lawsuits, though how much is in dispute.


Meanwhile, another set of mortgage rules mandated by law also appears to be stalled. Those rules, proposed more than a year ago, outline new standards for high-quality mortgages that would be exempt from new requirements requiring banks to keep some of the risk on their books when they sell mortgage-backed securities. Known as the "qualified residential mortgage" proposal, it ran into loud complaints from mortgage-industry groups and consumer advocates that it would hurt the housing market.

Currently, around nine in 10 new mortgages are issued with some form of federal guarantee, and establishing clear guidelines for the industry could boost appetite for mortgage securities sold without federal backing.

http://finance.yahoo.com/news/regulator ... 00238.html

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Fri Jun 01, 2012 6:40 am
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Post Re: PFTF June 4 2012
'Beware a rerun of the Great Panic of 2008': Head of World Bank warns Europe is heading for 'danger zone' as world markets suffer bleakest day of the year so far


The head of the World Bank today warned that financial markets face a rerun of the Great Panic of 2008 on the bleakest day for the global economy this year.

Robert Zoellick, who stands down at the end of the month after five years in charge of the high-respected watchdog, said crisis-torn Europe was heading for the 'danger zone'.

He also said it was 'far from clear that eurozone leaders have steeled themselves' for the impending catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain.

It came as a raft of dismal economic news from around the world wreaked havoc on the financial markets on a Black Friday for the global economy.
Manufacturing output crashed in Britain and Europe, unemployment jumped in the eurozone and America, and fast-emerging economies such as Brazil and China showed signs of running out of steam.
Mr Zoellick warned that the coming months could be as bad as the build-up to and aftermath of the collapse of US investment bank Lehman Brothers in 2008.

'Events in Greece could trigger financial fright in Spain, Italy and across the eurozone,' he said. 'The summer of 2012 offers an eerie echo of 2008.

'Markets are signalling anxieties. In this round, eurozone sovereign debt has replaced mortgages as the risky investment. Banks are under stress.


Read more: http://www.dailymail.co.uk/news/article ... z1wYost3hf

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Fri Jun 01, 2012 11:41 am
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Post Re: PFTF June 4 2012
Last month's solar flare created a mysterious pulse on Earth that seemed to 'answer' sun's blast

After an unusually long quiet period, the sun unleashed a solar flare on May 17 this year - but scientists are now puzzling over what happened on Earth.
Neutron monitors all round the world lit up in response to the blast for the first time in six years, despite the fact it was an M-Class, or moderate, flare.

The 'answering' pulse shouldn't have happened at all. Now scientists are trying to unravel what happened - and why our planet 'pulsed' in response.


Read more: http://www.dailymail.co.uk/sciencetech/ ... z1wYpXUIL1

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Fri Jun 01, 2012 11:43 am
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Post Re: PFTF June 4 2012
Syrian factory workers ordered off bus and executed in third massacre in a week... as Hague warns country is hurtling towards 'all-out civil war or a state of collapse'

Syrian troops brutally slaughtered 13 factory workers after forcing them off a bus in the third massacre in less than a week, it has been claimed.

Two videos showing the aftermath of yesterday's killings in the western village al-Buwaida al-Sharqiya, between Qusair and the city of Homs, were posted online by activists last night.

It shows a group of bodies with hideous injuries. Many have been shot dead at close range in the head or stomach.


Bodies are also laid out on the floor of a building, with relatives grieving over them.

Activists said the victims worked at a fertiliser factory and their bus was intercepted by militias, who robbed them, forced them to chant pro-regime slogans and then killed them.

A pro-government Facebook page, the Homs News Network, posted photos of 11 men on the floor of what appeared to be a classroom.


Read more: http://www.dailymail.co.uk/news/article ... z1wYqmm7Rh

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Fri Jun 01, 2012 11:48 am
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Post Re: PFTF June 4 2012
Irish people grudgingly accept EU treaty with referendum 'yes' vote that opens way for further cuts in debt-ridden countries

Ireland's voters gave a grudging seal of approval to an EU treaty that paves the way for further austerity measures across the continent in a desperate attempt to fight the debt-crisis that threatens the existence of the euro.

The treaty's approval, to be declared officially later today, relieves some pressure on EU financial chiefs as they battle to contain the eurozone's debt crisis.

But critics said the tougher deficit rules would do nothing to stimulate desperately needed growth in bailed-out Ireland, Portugal and Greece nor stop Spain or Italy from requiring aid too.

Around 60 per cent of those polled are believed to have backed the austerity plans. The first constituencies to return a result were Tipperary South and Galway East.
They declared an overall 62 per cent majority in favour as campaigners on both sides accepted victory for the Yes campaign.
Irish Prime Minister Enda Kenny said his government was relieved that voters have approved the European Union's deficit-fighting treaty, and now must work with EU partners to build a plan to boost growth prospects across the debt-battered eurozone.

Ireland's Socialist Party leader Joe Higgins, who opposed the treaty, said: 'The 'yes' side is going to win.



Read more: http://www.dailymail.co.uk/news/article ... z1wYrYQjLr

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Fri Jun 01, 2012 11:51 am
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Post Re: PFTF June 4 2012
2,000 jobs cut as GM to close Oshawa plant


The Canadian Auto Workers union says General Motors is going ahead with plans to close its consolidated plant in Oshawa, Ont.

The union says it's been told the facility — the older part of the Oshawa car plant — will close by June 2013 and says that could mean 2,000 layoffs.

President of CAW Local 222 president Chris Buckley says GM gave the union notice today.

The plant produces the Chevrolet Impala and the Equinox. It was originally slated to be closed in 2008 before a series of extensions due to the popularity of those vehicles squeezed more years of life out of it.

GM also has a flex assembly plant in Oshawa that is getting a share of the production of the new Chevy Impala. That flex line currently employs 2,000 people and currently makes the Chevy Camaro, Buick Regal and soon, the Cadillac XTS. If Impala production moved there, it could add another 500 jobs, Buckley said.

The Impala will also be built at GM's Detroit-Hamtramck assembly plant in Michigan. "What we find extremely troubling is as of today GM will still not tell us how many Impalas will be produced in Oshawa," Buckley said.

Starting in the fourth quarter of this year, GM's third shift at the consolidated plant will be removed, followed by an elimination of the second shift in the first quarter of next year. By June 2013, production will completely stop.

Gradual slowdown

GM is scaling back its overall operations in Canada as part of a North American restructuring begun two years ago under bankruptcy court protection. Part of that process was an $8-billion cash injection from the governments of Ontario and Ottawa for ownership stakes in the new GM, something the union was eager to discuss on Friday.

http://www.cbc.ca/news/business/story/2 ... plant.html

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Fri Jun 01, 2012 7:52 pm
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Post Re: PFTF June 4 2012
GDP numbers reveal Canadian recession recovery weak

The new numbers were in line with analyst estimates, but much lower than Bank of Canada's forecast.




Economy grew by annualized 1.9 per cent in Q1, says StatsCan


Statistics Canada says the economy grew at an annualized rate of 1.9 per cent in the first quarter, matching the previous quarter's growth rate and indicating that the recovery from the last recession has been weaker than hoped.

The report was in line with analyst estimates for the quarter, which were less optimistic than the Bank of Canada's most recent forecast, which suggested the country's central bank was looking for 2.5 per cent annuallized growth.

On a monthly basis, real GDP by industry edged up 0.1 per cent in March — which was below expectations.

The Canadian dollar fell sharply after the report, which was released in Ottawa at the same time as an unexpectedly weak U.S. non-farm payrolls report was issued in Washington, D,C.

The loonie tumbled 0.94 of a cent to a six-month low of 95.87 cents US.

BMO Capital Markets economist Robert Kavcic says the March GDP report from Statistics Canada "doesn’t provide a great handoff to the second quarter," noting the U.S. payroll report and the European debt crisis make the situation worse.

The U.S. Labor Department reported Friday that American employers created only 69,000 jobs in May, the fewest in a year and far below private-sector forecasts. The government also that U.S. economy created far fewer jobs in the previous two months than first thought.

"Against this backdrop, the Bank of Canada will likely be on hold for the remainder of the year," Kavcic wrote in a commentary.

The central bank makes its next rate announcement next week. While it was expected to keep its key rate at 1.0 per cent in the short term, there has been much debate about how soon Gov. Mark Carney will be able to raise the rate.

Carney, among others, has said the relatively low interest rates that have been in place for several years now,
in order to help the economy, has encouraged consumers to increase household debt to unsustainably high levels.

http://ca.finance.yahoo.com/news/econom ... 52536.html

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Sat Jun 02, 2012 4:58 am
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Post Re: PFTF June 4 2012
TSX sinks as growth fears intensify


Canadian stocks tumbled on Friday, led by energy and financial issues as economic data on both sides of the Atlantic raised fears of a global slump and sent investors out of riskier assets into gold and other safe havens.

After one of the worst Mays in recent years for equity markets, June began badly on a backdrop of euro zone debt worries, a tentative recovery in the United States and more moderate growth in China.

Markets extended losses after U.S. jobs growth in May was the weakest in a year, suggesting a faltering U.S. economic recovery.

"Today's jobs number was just the tipping point and the markets just went into full pessimism mode," said Philip Petursson, managing director of the portfolio advisory group at Manulife Asset Management.

Nine of Canada's 10 main sectors finished in the red. Losses were sharpest among the oil and gas group, which dropped 3.3 percent as U.S. crude oil futures settled at its lowest level in nearly eight months.


http://ca.finance.yahoo.com/news/tsx-ma ... nance.html

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Sat Jun 02, 2012 5:00 am
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Post Re: PFTF June 4 2012
Stocks slammed as Dow erases 2012 gains


-- Wall Street suffered its bloodiest day of the year Friday as U.S. stocks sank more than 2% following an ugly jobs report. The Dow erased all its gains for the year, and the S&P 500 and Nasdaq moved into correction territory, down more than 10% from the year's highs.

The sell-off was broad, with all 30 Dow components ending in the red, and 97% of the S&P 500 closing lower.


As jittery investors fled stocks, they plowed into the safety of U.S. government debt, pushing the yields on the 10-year Treasury note and the 30-year Treasury bond to fresh record lows.

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


The U.S. employment report was simply terrible," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

The May jobs report showed only 69,000 jobs were added to payrolls, less than half the 150,000 jobs forecast by economists surveyed by CNNMoney. The unemployment rate ticked higher for the first time in a year, rising to 8.2%.

The CNNMoney Fear and Greed index showed investor confidence sliding even farther into "extreme fear" territory on the news.

Investors run for cover as fear intensifies

"The move in bond markets is even more telling," said Joe Saluzzi, co-head of equity trading at Themis Trading. "A 1.5% 10-year yield? That's fear."

Bond yields have been in record low territory for the past couple of weeks, as fears of Europe's escalating debt crisis have been building. A report on Friday showed the eurozone unemployment rate at a record high of 11%. (Unemployment rate - explain it to me)

Concerns about slowing growth in emerging markets, including China and India, have also put investors on edge. Two reports out of China Friday morning showed that the manufacturing sector contracted more than expected in May, fueling investors' concerns that the country may be headed for a hard landing.

As global economic growth has slowed in the last year, exports to Europe -- China's largest foreign market -- have taken a hit as the debt-ridden region teeters on the brink of recession.

"We've got concerns about Europe, China, India, the United States -- this is a global problem," said Saluzzi. "Investors have no place to hide."

Given the growing fears, and fragile market and economic environment, Saluzzi said central banks around the world -- particularly the European Central Bank and the Federal Reserve -- will likely come out with plans to help stimulate the global economy.

Speculation that the Fed will launch a third round of bond buying, or QE3, which is meant to keep long-term interest rates low, has been growing, but Saluzzi is not convinced that it's the right solution.

"Interest rates are already low, and that hasn't worked," he said. "I'm sure the Fed will try something, because that's what it does, but it needs to attack from a different angle."

http://money.cnn.com/2012/06/01/investi ... /index.htm


Wall Street Week Ahead: Time for some more stimulus?


Things are shaping up for another hot summer on Wall Street, and there is a long, long way to go yet.

Federal Reserve Chairman Ben Bernanke will be back on Capitol Hill on Thursday to testify before a congressional committee about the state of the U.S. economy. He's not going to get an easy ride.

The blue-chip Dow average (.DJI) of stocks is now negative for the year. Employment appears to be slowing to a snail's pace and Europe remains mired in crisis.

"This puts the Fed firmly in play and they will likely feel compelled to respond," said Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York, after data on Friday showed U.S. job growth in May was the weakest in a year.

"The missing ingredient preventing the Fed from action had been the equity market, but now we are seeing it softening," he said. "Equities are falling and that was the last hurdle for Fed policy action because all the other criteria have been met."

For the week, the Dow Jones industrial average fell 2.7 percent, the Standard & Poor's 500 index (.SPX) was down 3 percent and the Nasdaq composite index (.IXIC) fell 3.2 percent.

The Fed's next policy meeting occurs on June 19-20. A Reuters poll of 15 dealers gives a 35 percent chance of the Fed extending its stimulative operating twist at that meeting. The poll showed that dealers expecting further quantitative easing, or QE3, rose to 50 percent from 33 percent in May.

Stock market rallies in each of the past three years were fueled by combinations of massive central bank and government stimulus spending. That maybe the only hope for equities this year, too.

The world's economic outlook darkened on Friday as reports showed as well as slowing U.S. employment growth, Chinese factory output barely grew and European manufacturing fell deeper into malaise.

"It certainly suggests that perhaps the softness in Europe is either influencing the U.S. or that the U.S. recovery may not be strong enough to overcome the softness in Europe," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

"I underestimated the relationship or the alignment of the world markets to the European markets," he said. "I felt that Europe could potentially proceed in their own little corner of the world. For right now anyway it just doesn't seem that way."

Nothing tells the story of the global economy at the moment better than the world's equity markets.

Bear markets are raging in Spain, Italy, Brazil and Russia. Asian stocks have been weak. Most of Europe's other markets are negative for the year, and that is where U.S. stocks are going - and fast.

"I don't see any compelling reason to think that we are going to have any sustained recovery absent new fiscal, monetary stimulus, not only here in the United States but perhaps even more importantly elsewhere around the world," said Clark Yingst, chief market analyst at Joseph Gunnar.

Yingst said that signs of more stimulus may be a compelling reason to get bullish.

We will be "watching very closely for new fiscal and monetary stimulus from a variety of countries. I think the source will be important, I think the magnitude, the scope will be important," he said.

http://finance.yahoo.com/news/wall-stre ... 44240.html

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Sat Jun 02, 2012 5:48 am
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Post Re: PFTF June 4 2012
Cyprus next country to seek euro bail-out, president suggests

Cyprus could be the next eurozone country to seek an emergency bail-out, its president Dimitris Christofias has suggested.


The tiny country, with less than 1m population, joined the euro in 2008 and is heavily exposed to the Greek banks.


Mr Christofias said he wouldn't rule out the possibility that the government may tap the European Union's bail-out fund to recapitalise the island's second-largest lender, Cyprus Popular Bank, which is the most heavily exposed to Greece.


"Certainly, I don't take it as a given that we will negotiate our induction into the support mechanism. But I don't want to exclude it entirely," Christofias said.


Cyprus Popular, which sustained record losses after taking a 74pc write down on its Greek government bond holdings, is struggling to meet a June 30 deadline to replenish its capital reserves.


Cyprus, faced with soaring bond yields hovering around 14pc on the 10-year bond, and with its debt considered junk status by two of the world's leading ratings firms, has few places to turn to cover its financing needs. Late last year, the country negotiated a €2.5bn (£2.02bn) bilateral loan from Russia. Now, Cyprus is in talks with China for another bilateral loan, of an undisclosed amount.

http://www.telegraph.co.uk/finance/fina ... gests.html

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Sat Jun 02, 2012 6:16 am
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Post Re: PFTF June 4 2012
Dar to import food to curb inflation


Alarmed by skyrocketing inflation, the Bank of Tanzania (BoT) says the government may be forced to import food, mainly rice and sugar, to curb surging prices.

The importation of food would be done to meet shortages in the local market, which BoT fears could worsen the situation, especially if the harvest season yields low farm produce.

According to the bank, inflation minus food prices is just 8 per cent, which means that a surge in food prices accounts for over 80 per cent of the inflation rate. With the production of food declining due to inadequate rainfall and lack of effective measures to boost agriculture, especially in the key producing regions, Tanzanians have literally been abandoned to deal with the spiralling food prices.

Official statistics released last month put inflation at 24 per cent - the highest in the past fifteen years.

BoT says it is closely monitoring the trend of outputs from the harvest season countrywide before deciding on the necessity to import food items in order to bridge the shortfall caused by low harvests.

During a live interview with the state-owned television (TBC) in Arusha yesterday, central bank governor Professor Benno Ndulu said: “We are monitoring the food situation countrywide, especially rice. We are optimistic that the situation will not be as bad as last year”.

He said his office was striving to ensure that inflation was drastically cut down to single digit.

The BoT chief noted: “Inflation owing to food products, especially rice and sugar, accounts for about 65 per cent, while 11 per cent is due to oil. This means an intervention to bring down food prices is crucial as we are aware that the prices of rice and sugar in some countries are as low as 50 per cent compared to the prevailing domestic prices”

However, Prof Ndulu could not provide indicative figures on the possible quantities of food to be imported. The BoT governor told this paper recently that the bank expected the inflation rate in the country to fall to a single digit towards the end of this year.

He said then that it was in the nation’s capacity to arrest inflation caused by internal factors, adding that it was difficult to deal with inflation caused by a fluctuation in oil prices, which is determined by external factors.

Currently a kilogramme of rice is sold between Sh 2,200 and Sh 3,000/- at retail shops in most urban areas.

BoT’s latest monthly economic review issued last April shows that the national average wholesale price of a 100kg bag of rice was Sh 191, 658. This implies that the retail price will definitely be higher than the wholesale one.

The report also reveals a significant rise in the price of the same food item from the month of February, during which the same bag (100kg) was sold at Sh 178, 627, registering a 7.3 per cent increase within a month.

But the report shows a huge difference in rice prices within the year, as it reveals that the national average price average in March 2011 was Sh 93, 358, implying more that a 100 per cent increase within 12 months.

There is also a significant disparity between the price increase of rice and maize during the said period, with the price of maize, a staple food in Tanzania, increasing by a mere 1.1 per cent – from Sh 42, 449 to Sh 42, 918. The prices of other selected food items, such as beans, sorghum and potatoes, were on the decrease - between 1.4 and 4.3 per cent.

http://www.ippmedia.com/frontend/index.php?l=42196

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Sat Jun 02, 2012 6:29 am
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Post Re: PFTF June 4 2012
Gas prices went up here...when I went out on Friday for my prep run...I decided not to put gas in my car in hopes that gas prices would drop soon...to my surprise gas prices went up instead of down...I will go and put 20 dollars in the tank today...

I googled to find out what is going on and found out that Canadian dollar is being de-valued so the price of everything will be going up instead of down to reflect what is happening in the commonities market


hold on to your hats folks the roller coaster ride is starting its descent into the abyss...as I ready myself for another prep run to get in the deals while my dollar power is still worth something

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Sat Jun 02, 2012 8:51 am
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Post Re: PFTF June 4 2012
yup a one world system


Spain wants euro zone fiscal authority


Spain on Saturday proposed the set up a new fiscal authority in the euro zone which would control and harmonize national budgets and manage the European debts.

Prime Minister Mariano Rajoy said the authority was the answer to the European debt crisis and would go a long way in alleviating Spain's woes as it would send a clear signal to investors that the single currency is an irreversible project.

Overspending in the regions and troubles with a banking sector badly hit by a property crash four years ago have sent Spain's borrowing costs to record highs and pushed the country closer to seeking an international bailout.

The risk premium investors demand to hold Spanish 10-year debt rather than German bonds rose to its highest since the launch of the euro - 548 basis points - on Friday.

The Spanish authorities, which have hiked taxes, slashed spending, cut social benefits and bailed out troubled banks, argue that there is little else they can do and the European Union should now act to ease the country's liquidity concerns.

In private, senior Spanish officials have said this could be done by using European money to recapitalize directly ailing banks or though a direct intervention of the European Central Bank on the bond market.

They have also said the euro zone should quickly move towards a fiscal union to complete its 13-year monetary union but Rajoy went a step further by making a formal offer.

"The European Union needs to reinforce its architecture," Rajoy said at an event in Sitges, in the north-eastern province of Catalonia. "This entails moving towards more integration, transferring more sovereignty, especially in the fiscal field.

"And this means a compromise to create a new European fiscal authority which would guide the fiscal policy in the euro zone, harmonize the fiscal policy of member states and enable a centralized control of (public) finances," he added.

BANKING UNION

He also said the authority would be in charge of managing European debts and should be constituted by countries of the euro zone meeting strict conditions.

Earlier this week, ECB President Mario Draghi said the bloc should break away from the incremental approach that has failed to get ahead of the euro zone debt crisis for more than two years and quickly clarify their vision for the future of the currency.

Adding to growing pressure for dramatic policy action at this month EU leaders' summit, he warned that the Central Bank could not fill the policy vacuum.


http://ca.finance.yahoo.com/news/rajoy- ... iness.html


Spain calls for new euro fiscal authority

Spain, the latest combat zone in Europe's long-running debt wars, urged the euro zone to set up a new fiscal authority to manage the bloc's finances and send a clear signal to markets that the single currency project is irreversible.

Prime Minister Mariano Rajoy said the authority would also go a long way to alleviating Spain's woes which, along with the prospect of a Greek euro exit, have threatened to derail the single currency project.

It is not the first time a European leader has proposed creating such an authority but the problems and the size of Spain - a country deemed too big to fail - have prompted EU policymakers to hurriedly consider measures such as creating a fiscal and banking union ahead of a EU summit on June 28-29.

Germany, the paymaster of the euro zone, and others insist such a move can only happen as part of a drive to much closer fiscal union and relinquishing of national sovereignty.

Overspending in the regions and troubles with a banking sector badly hit by a property crash four years ago have sent Spain's borrowing costs to record highs and pushed the country closer to seeking an international bailout.

The risk premium investors demand to hold Spanish 10-year debt rather than German bonds rose to its highest since the launch of the euro - 548 basis points - on Friday.

The Spanish government, which has hiked taxes, slashed spending, cut social benefits and bailed out troubled banks, argues that there is little else it can do and the European Union should now act to ease the country's liquidity concerns.

In private, senior Spanish officials have said this could be done by using European money to recapitalize directly ailing banks or through a direct intervention of the European Central Bank on the bond market.

They have also said the euro zone should quickly move towards a fiscal union to complete its 13-year monetary union but Rajoy went a step further by making a formal offer.

"The European Union needs to reinforce its architecture," Rajoy said at an event in Sitges, in the north-eastern province of Catalonia. "This entails moving towards more integration, transferring more sovereignty, especially in the fiscal field.

"And this means a compromise to create a new European fiscal authority which would guide the fiscal policy in the euro zone, harmonies the fiscal policy of member states and enable a centralized control of (public) finances," he added.

NO TABOOS

He also said the authority would be in charge of managing European debts and should be constituted by countries of the euro zone meeting strict conditions.

Earlier this week, ECB President Mario Draghi said EU leaders should break away from the incremental approach that has failed to get ahead of the euro zone debt crisis for more than two years and quickly clarify their vision for the future of the currency.

Adding to growing pressure for dramatic policy action at this month EU leaders' summit, he warned that the ECB could not fill the policy vacuum.

http://ca.finance.yahoo.com/news/rajoy- ... iness.html


Spanish premier Mariano Rajoy calls for eurozone 'centralised control' authority

Mariano Rajoy, the Spanish prime minister, has called for the eurozone to have “centralised control” over the budgets of all the countries using the euro.


Mr Rajoy has become the latest European politician to call for countries to, in effect, abandon their sovereignty in a last-ditch attempt to save the beleaguered currency


Mr Rajoy said a new central authority would go a long way to alleviating Spain’s economic crisis as it would send a clear signal to investors that the single currency is an irreversible project.


He said: “The European Union needs to reinforce its architecture. This entails moving towards more integration, transferring more sovereignty, especially in the fiscal field.


“And this means a compromise to create a new European fiscal authority which would guide the fiscal policy in the eurozone, harmonise the fiscal policy of member states and enable a centralised control of [public] finances.”


Mr Rajoy is not the first to propose creating such an authority but the fact that Spain – a country deemed too big to fail – is backing the move may now accelerate talks.

http://www.telegraph.co.uk/finance/fina ... ority.html



Spain is in 'total emergency’, the EU in total denial

After a Spanish exit from the euro, there would be nothing left to exit from.


I’ve never actually heard the term “total emergency” before, at least not in the context of global economics. It sounds like the title of a disaster movie. When it is uttered in sober tones by the elder statesman of an advanced democracy to describe his country’s financial condition, the effect is rather startling.


The man who delivered this apocalyptic judgment, former Spanish prime minister Felipe González, being a socialist, might be expected to detest austerity programmes that require cuts to government spending. But there seemed to be few disinterested observers of Spain’s economy prepared to quibble with his assessment.


Forget Grexit. Greece’s teeny, tiny economy is a footnote now. As is Ireland’s decision – which seemed more like a sigh of resignation than a plebiscite – to engage in however much self-flagellation the EU gods insist on, for however long it takes. What might have seemed dramatic a week or so ago has now shrivelled in importance by comparison to the realistic possibility of a spectacular crash in the fourth largest economy in the EU. Spexit (and Spanic) are lodged in the lexicon, and have become part of the psychological reality that moves markets. The equivalent of more than £55 billion was withdrawn and transported out of Spain last month – and that was before the country’s largest bank was nationalised. No one seems to be kidding himself that the collapse of the Spanish economy could be somehow weathered and overcome, as the default of Greece might be.


There is no talk of firewalls, or of simply letting Spain go, or of the European banking system being re-capitalised to compensate for the losses that it would suffer. Nope. This is it. The cancer has now spread to the vital organs of the EU. Spain is not a peripheral Mediterranean country. It is not an insignificant player in the political project. It is not a marginal going-along-for-the-ride-and-the-free-money passenger on the euro train. Not only is its economy so large as to be indispensable, but its ties with Italy mean that the Italian economy (which is the third largest in the EU) would be fatally compromised by its fall. “Itexit” is almost unpronounceable, so perhaps it’s fortunate that it will never be required: after Spexit, there would be nothing left to exit from.


With Spain’s “total emergency”, the point at which denial and bluster become absurd has been well and truly reached, but this being the EU, the gamesmanship goes on. Still the pointless demands for “decisive action” continue, even though the only action that would possibly constitute a remedy is politically untenable if member states are to maintain any pretence of democratic accountability.


To repeat (sorry, but it does seem necessary) what I have said before on these pages: however much she is beaten about the head by blowhards in Brussels, Rome, London and Washington, Angela Merkel cannot let the ECB (in effect, the Bundesbank) print money to soak up the debts of Spain, Greece or Italy. To do that would not simply be to fly in the face of her own electorate’s wishes. (What the hell, you might say – every European political leader is doing that.) It would be to contravene the constitution which was enforced upon Germany by the post-war settlement. In other words, it would be both undemocratic and illegal within the terms of the German nation state which, for all the hokum about European political union, still exists. And there it is.

This is the heart of the irreconcilable contradiction on which the euro is being broken. As everyone has been saying, in order to be viable in the face of market pressures, a genuine currency (as opposed to a pretend one) must have a “lender of last resort” – a true central bank like the US Federal Reserve System. But this is impossible within the EU because the constitutions of member states are not compatible with each other or with the principle of underwriting debt across national boundaries (as the states of the US are under their genuinely federal system). So, either the existing democratic institutions and historical principles of all EU countries must be forcibly reconciled in a Year Zero political reconstruction, or there can never be a monetary union (let alone fiscal union) that will be sustainable. This is where we are.

What would such a reconstructed political entity look like (assuming that someone in the delusional European political class should think of trying it)? Presumably it would involve wealth redistribution on an epic scale – since the most urgent problem to be remedied is the disparity between the poor, indebted states and the rich, thrifty ones. Fiscal transfers (meaning Germany pays for everybody) would be an accepted, perhaps automatic, mechanism, thus creating more or less permanent dependency of the less productive on the more productive. We have grown accustomed in Britain to this form of cross-subsidy, in which wealth produced in the South East is channelled to the North. Even within one country with a shared identity and linguistic culture, it breeds some resentment and resistance.

Applied across the boundaries of nations whose peoples have profoundly different historical experiences and social attitudes – and whose democratic institutions have been shaped by their collective memories – it would be incendiary. And it is worth saying that there is nothing invidious in this. For Germans to refuse to bend in the face of shrill demands to (as they see it) debauch the currency is a sign of conscience: an unwillingness to forget the shame and criminality into which such a process led them in the last century. It is ironic that Germany itself was one of the great drivers of economic union, and specifically of the democratic socialist model in which “the rich nations help the poor ones” as José Manuel Barroso (who seems less and less capable of remaining in touch with reality) likes to put it.

Now the “socialist” and the “democratic” sides of this utopian vision are heading for a collision: the EU can embrace wealth-redistribution wholeheartedly – with the full works of a central bank, fiscal uniformity and no nonsense about the will of the people – or it can accept the separate, and morally defensible, differences between its member states which will mean thinking seriously about other options than browbeating Germany. Generally, when given a choice, Europe ditches the democracy and keeps the socialism – so I wouldn’t get your hopes up.

http://www.telegraph.co.uk/finance/fina ... enial.html



"Big Four" to audit Spain's banking sector


MADRID (Reuters) - Spain has picked the "Big Four" accounting firms KPMG (KPMG.UL), PwC (PWC.UL), Deloitte (DLTE.UL) and Ernst & Young (ERNY.UL) to carry a full, individual audit of its ailing banks, a source with knowledge of the decision told Reuters on Saturday.

The review, which should take a few months, will complement an ongoing exercise to stress test Spain's banking sector by consultors Oliver Wyman and Roland Berger, whose first results are expected around mid-June.

"I can confirm (the names)," the source said.

Spain's Prime Minister Mariano Rajoy on Saturday said his government would have a clear view of how much money will be needed to recapitalize troubled lenders by the end of June.

He also said the government would make clear by then how it intends to inject the money.

Economy Minister Luis De Guindos said earlier this week that Spain would likely go to the markets to find the 19 billion euros ($23.5 billion) nationalized lender Bankia (MCE:BKIA.MC - News) said it would need to be cleaned up but investors are doubtful it can manage to prop up the entire sector

http://finance.yahoo.com/news/big-four- ... 16156.html

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Sat Jun 02, 2012 9:02 am
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Post Re: PFTF June 4 2012
From Steve Quayles site



Acceleration Of Financial Meltdown Can't Be Stopped / From International Banker Friend



May 31, 2012

Steve,

The Iron boot has been firmly planted to the pedal of this runaway tractor trailer that is heading off the cliff. All of the Euro banks including my former associates at the Royal Bank of Scotland (RBS) are all prepped and ready for the Euro collapse. What we in the inside are calling "Spanish Flue" is now running hot with temperatures that are setting ten year yields sky high. What many do not realize is that Bankia's demise has started a breach in all the firewalls and safety measures that are in place in the Eurozone. This had an immediate effect on the Italian markets as you can now see the pandemonium that is there.

We keep hearing reports of massive bank runs that are occurring across many of the PIIGS but is not just limited to them. As I stated many times the UK and France are the most vulnerable to the Eurozone collapse, many of their populace are cashing out of their equities though there is a massive media blackout about this. European contacts report that there is a flight to German bonds, UK and a mass migration to the US dollar. But these currency life preserver jumps will not help as the contagion in all FIAT markets are affected. It is a game of hot potato that the investors are playing, jumping from one asset to the next and again before the one that they just jumped to burns. A juggling act with fire that cannot be quenched. Gold jumped over $40, it is telling us something.

Many banks in the Eurozone are stuffed with US Bonds/TBills as a hedge, this will not work for them for the following reasons:

1- The American TBTFs (Too Big to Fails) are filled to the brim with T-Bills, so are many banks in the Eurozone, the backroom deal was take the bills, bolster your balance sheets, dont sell them and We (Federal Reserve) will help you out. Why do you think the details of a Fed bailout of Eurobanks were never fully divulged? It is because they are being propped up by any means possible including American Treasuries that can not be dumped.

2- They cannot dump them, the main reason is that the Fed is THE # 1 buyer of American Debt. Yes that is correct #1 not #2 we have surpassed the Chinese, since the ChiComs did not show for many of the last bond auctions and are stealth dumping US Debt Obligations. This has caused the balancing act to begin...Fed is Printing, at the same time buying what it prints, thus the banks can't lend causing a solvency crisis the likes of which we have not seen and killing all credit markets like a ELE (Extinction Level Event) This will create a hyper Velocity Parabolic crash.

There is no stopping this...We are still on track as I have been predicting for a while now for a fall/winter collapse of the Eurozone and naked exposure of all derivative markets the world over. Europeans will go through a major reset, after time they will recover as Europeans do not carry the type of personal debt that Americans do. It is for America that I worry. Look for these signs next:

1- JPM will be bailed out again but it will not stop the coming market crash. More details will emerge about their derivative swap failure $150 billion and counting.

2-BOA (BAC Bank of America) will fold and be absorbed into JPM as a way to prop up the bleeding Giant. JPM will get the best picking of this deal just like they got with Bear Stearns.

3- Massive layoffs at Citigroup and Wells Fargo

4- Goldman Sachs finally pays the piper, look for massive cuts there as well as BIG Losses

5- Bond market bust which leads to freeze of all bond sales

6- Derivative bust the next one will be BOA followed by Citigroup

7- All CDS shorts and swaps will freeze.

8- Total Meltdown

Those who are ready begin to implement GOOD (Get Out Of Dodge) Plan. Keep what you need in paper and what you can afford to lose in banks in order to pay day to day expenses/bills. The rest of your investments/retirements should NOW be pulled from the market and moved to safe haven assets like Precious metals, farmland, fire arms and food. Prepare to ride out what we are calling the coming RESET BUTTON.

GodSpeed,

V.

http://www.stevequayle.com/News.alert/1 ... pdate.html

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Sat Jun 02, 2012 9:17 am
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Post Re: PFTF June 4 2012
WORLD BANK BOSS: We're Headed For "Impending Catastrophe" -- "A Rerun Of Great Panic Of 2008"

The head of the World Bank, Robert Zoellick, is about to step down after a 5-year term.

That means he can say what he really thinks.

Here, via the Daily Mail, is what he really thinks about what's going on in Europe and the global financial markets:
financial markets face a rerun of the Great Panic of 2008.

It's ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain.


‘Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008.... ‘If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences.’



'There will not be time for meetings of finance ministers to discuss the outlook and debate the politics.... 'In panicked markets, investors flee to safe assets, sparking other flames.’


Cheery stuff.

Zoellick's recommendation?

Huge, quick government bank bailouts.

In the meantime, the world, waits...


Read more: http://www.businessinsider.com/world-ba ... z1weQEEHLc

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Sat Jun 02, 2012 10:40 am
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