17 June 2012

Greek Election Final Results - A House Divided


Click here for igraphics.gr

The pro-austerity party did not receive enough votes to promote a stable government without making significant coalition arrangments with one or more of the other parties. And it appears that none of the others will join with them on their austerity platform.

So as we suggested, nothing has been resolved for now.

The Guardian UK

"Syriza's Alexis Tsipras has called to give his congratulations but has warned of the dangers of not having popular support. He said the party would begin a strong position as opposition from Monday

Pasok has said it won't form a government without Syriza. Syriza has indicated that it would prefer a spell in opposition. The Independent Greeks, who were one option for New Democracy, have said they keen to support a government that will condemn the bailout agreements."


16 June 2012

In memory of Journalist Carl von Ossietzky


"We cannot look to the conscience of the world when our own conscience is asleep."

Carl von Ossietzky


"Only one who spent the years following the First World War in Germany can fully understand how hard a battle it was that a man like Ossietzky had to fight. He knew that the tradition of his countrymen, bent on violence and war, had not lost its power. He knew how difficult, thankless and dangerous a task it was. to preach sanity and justice to his countrymen who had been hardened by a rough fate and demoralizing influence of a long war.

In their blindness they repaid him in hatred, persecution and slow destruction; to heed him and to act accordingly would have meant their salvation and would have been a true relief for the whole world.

It will be to the eternal fame of the Nobel Foundation that it bestowed its high honor to this humble martyr and that it is resolved to keep alive the memory of his work. It is also wholesome for mankind today, since the fatal illusion against which he fought has not been removed by the outcome of the last war.

The abstention from the solution of human problems by brute force is the task today as it was then.

Albert Einstein, Out of My Later Years, 1956

In memory of Carl von Ossietzky, an investigative journalist and editor of Die Weltbühne who died in hospital in Gestapo custody after being held in various prisons and concentration camps.

He was awarded the Nobel Peace Prize in 1935. The award was controversial because von Ossietzky had been imprisoned for revealing the illegal steps the German government had been taking to rearm militarily.

There are those who believe that no matter what a country may do, it is the duty of its citizens to obey their laws without objection. And there are those who hold the primacy of natural law and private conscience and moral duty to resist evil even when it has been declared by a temporal authority to be legal.



Carl von Ossietzky was born in Hamburg, the son of Carl Ignatius von Ossietzky (1848–1891), a Protestant from Upper Silesia, and Rosalie (née Pratzka), a devout Catholic and Social Democrat. His father worked as a stenographer in the office of a lawyer and senator, but died when Carl was two years old.

During the years of the Weimar Republic (1919 – 1933), his political commentaries gained him a reputation as a fervent supporter of democracy and a pluralistic society. He was convicted in 1931 of revealing state secrets, the illegal German militarization, and served 18 months in prison. He was released in 1932.

Ossietzky continued to be a constant warning voice against militarism and Nazism when, in January 1933, Adolf Hitler was appointed Chancellor and the Nazi dictatorship began. Even then, Ossietzky was one of a very small group of public figures who continued to speak out against the now ruling Nazi Party.

On 28 February 1933, after the Reichstag fire, he was taken by the police and held without trial in 'protective custody' in Spandau prison. Ossietzky underestimated the speed with which the Nazis would go about ridding the country of unwanted political opponents. He was detained afterwards at the concentration camp KZ Esterwegen near Oldenburg, among other camps.

He was visited while in the camp by Swiss historian Carl Jacob Burkhardt, as a representative of the International Red Cross. Burkhardt described Ossietzky as “a deadly pale broken creature, who seemed numb, with one eye swollen over, and his teeth broken.” Ossietzky said,
“Tell my friends that I have come to the end, soon it will be over and that is good. I hear my wife tried to visit me. I only wanted peace.”
Ossietzky's international rise to fame began in 1936 when, already suffering from serious illness that was not being treated, he was awarded the 1935 Nobel Peace Prize after an international campaign of people who hoped to achieve his release through this recognition and honor. Despite intimidation and protests directed against the Norwegian government, the Nazis had been unable to prevent this, but they now refused to release him so that he could travel to Oslo to receive the prize.

In an act of civil disobedience, after Hermann Göring, then Minister of the Interior for Prussia and head of the police, prompted him to decline the prize, Ossietzky issued a note from the hospital saying that he disagreed with the authorities who had stated that by accepting the prize he would cast himself outside the deutsche Volksgemeinschaft (community of German people).
'After much consideration, I have made the decision to accept the Nobel Peace Prize which has fallen to me. I cannot share the view put forward to me by the representatives of the Secret State Police that in doing so I exclude myself from German society. The Nobel Peace Prize is not a sign of an internal political struggle, but of understanding between peoples. As a recipient of the prize, I will do my best to encourage this understanding and as a German I will always bear in mind Germany's justifiable interests in Europe.'
The award divided public opinion, and was generally condemned by conservative forces. The leading conservative Norwegian newspaper Aftenposten argued in an editorial that Ossietzky was a criminal who had attacked his country "with the use of methods that violated the law long before Hitler came into power" and that "lasting peace between peoples and nations can only be achieved by respecting the existing laws".

Ossietzky's Nobel Prize was not allowed to be mentioned in the German press, and a government decree forbade German citizens from accepting future Nobel Prizes.

The Nobel Peace Prize money was sent to Germany where it was stolen by Ossietzky's Nazi 'defense attorney.'

In May 1936 he was sent to the Westend hospital in Berlin-Charlottenburg because of his tuberculosis, but under Gestapo surveillance. He was largely forgotten during the period of favorable international regard for the Third Reich, sparked in part by the massive public relations campaign surrounding the 1936 Berlin Olympics and the German 'economic miracle.'

Ossietzky died in the Nordend hospital in Berlin-Pankow, still in police custody, on 4 May 1938, of tuberculosis and from the after-effects of the abuse he suffered in the concentration camps. In 1938 Time Magazine named Adolf Hitler as their "Man of the Year."

In November of that year, the Reich entered a new phase of their oppression of dissent and undesirables and those to be cast outside the community of the German people, such as the mentally ill, the disabled, Gypsies, homosexuals, socialists, and trade unionists, with Kristallnacht.

In 1991, the University of Oldenburg was renamed Carl von Ossietzky Universität Oldenburg in his honor. This could be seen as a political statement, as Ossietzky's case was being decided upon by the German courts at the time. In 1992 the Federal Court of Justice upheld his 1931 conviction.
“Never forget that everything Hitler did in Germany was legal.”

Martin Luther King

Remember.
"I visited the Esterwegen camp a first time at a re-union of Ossietzky's old friends at the Carl von Ossietzky University in Oldenburg. We all went to the old concentration campsite,  now a memorial park,  and Chancellor Willy Brandt spoke to us and former inmates. Many came from the Netherlands since Dutchmen were imprisoned. Esterwegen and Oldenburg are close to the Dutch border.

We learned then that Esterwegen had no gas chambers because the stench and smoke would have disturbed the Oldenburg citizens. On my second visit to Esterwegen in 1990 I found a small memorial museum on the old camp grounds and the curator told me that most inmates were German and Dutch socialists, communists and intellectuals."

Carl von Ossietzky: The Peace Hero In the Concentration Camp by Kurt Singer


Bill Moyers and James K. Galbraith Talk About the Financial Crisis and John Kenneth Galbraith











15 June 2012

Gold Daily and Silver Weekly Charts - Market Manipulation and Special Message from Jim Sinclair


A Few Questions, One Answer
By Ted Butler
June 15, 2012

Please read this article carefully because I’m disclosing for the first time that the U.S. government has given JPMorgan the green light to manipulate the silver market. This fact explains the shenanigans in the silver market. It answers all the questions and exposes this tawdry affair for all to see.

The scandal recently became more outrageous. The June Bank Participation Report, as of Tuesday, June 5, along with the COT confirmed that JPMorgan’s silver short position has increased by at least 5,000 contracts in the past two reporting weeks. That is the equivalent of 25 million ounces of silver, truly an enormous amount in a two week period and about equal to all the silver produced and consumed in the world in the same period. I calculate JPMorgan’s net short position in COMEX silver futures to be between 16,000 and 17,000 contracts. JPMorgan has been the sole net commercial silver short seller over the past two weeks. That is the clearest proof yet of manipulation. A market dominated by one buyer or seller is the ultimate definition of manipulation...

The President’s Working Group on Financial Markets answers all my questions. It explains why JPMorgan and the CME remain silent about allegations of manipulation. They have been given legal cover by the Working Group. This also explains why the CFTC says they are conscientiously investigating silver when it is clear they are not. The agency can’t come out and disclose silver was smashed with the full knowledge of the Working Group, so it pretends to go through the motions of investigating. What is going through Gary Gensler’s mind? Is he not tormented by the blatant silver manipulation which runs contrary to all his public utterances? Commodity law is being broken.

If my analysis is correct, what does this mean for silver from here? It will prove to be wildly bullish for the price; maybe not immediately, but on a long term basis. It sets the stage for the really big move in silver. This overt government interference in the silver market will boomerang at some point, just as every attempt at artificial price setting has failed...

Read the rest here

This is an interesting piece by Ted Butler and well worth reading in its entirety. But he does not paint the complete picture for the circumstantial case, which includes motive. GATA does a much better job in their detailed analysis of government interference in the gold market. But Ted's added voice is welcome.

The Greek elections will be Sunday and it is unlikely that any party will win enough votes to establish a stable government on their own, making a difficult coalition a requirement.

The markets were banking on massive and decisive action by the central banks early next week.

Let's see if that is what happens.

Later: A Special Message From Jim Sinclair:
Have you had enough of the manipulation of your gold and silver shares? The more noise we make the closer we come to getting the light shined on these evil people.

Complain about the raids of your investments by short sellers if you have witnessed it.
Hi Jim,

Looking at quite a few issues this afternoon, this same phenomenon occurred with huge volumes right at the close or even trading after the close. THIS is the biggest, most blatant and in your face manipulation since this whole fiasco started. I entered the PM arena in 1998 and thought that I had seen it all. Apparently not! Of course, we will not hear anything from the regulators but we must yell louder and louder. To suffer in silence is madness and cowardly.

CIGA Bill

Dear Bill,

I am asking my readers that if any gold shares they hold were sneak attacked after the close tonight that they raise total hell with both the regulators and the exchange.

I am asking for 400,000 complaints on Monday morning. Suffering in silence is madness. These people do not want sunlight on themselves so our only weapon is to turn as much light on as we can.

Dear Friends,

Please complain about the blatant manipulation of your company today to the following:

SEC – http://www.sec.gov/complaint/select.shtml


Amex – http://usequities.nyx.com/customer-support