Der Spiegel: Ex-President Jimmy Carter Condemns Surveillance State, Praises Snowden

This is a rough translation of an article that appears in Der Spiegel.

NSA affair: Ex-President Carter Condemns U.S. Snooping
By Gregor Peter Schmitz, from Atlanta
17.07.2013 – 13:59 Uhr

Ex-President Carter: "The invasion of privacy has gone too far"

The Obama administration has tried to placate Europe's anger over their spying programs. Not so ex-President Jimmy Carter: The Democrat Carter sharply criticized U.S. intelligence policy. The disclosure by the whistleblower Snowden was "useful."

Former U.S. President Jimmy Carter was in the wake of the NSA spying scandal criticized the American political system. "America has no functioning democracy," Carter said Tuesday at a meeting of the "Atlantic Bridge" in Atlanta.

Previously, the Democrat had been very critical of the practices of U.S. intelligence. "I think the invasion of privacy has gone too far," Carter told CNN. "And I think that is why the secrecy was excessive."

With regard to the NSA whistleblower Edward Snowden, Carter said his revelations were "likely to be useful because they have informed the public."

Carter has repeatedly warned that the moral authority of the United States has declined sharply due to excessive curtailment of civil rights. Last year he wrote in an article in the "New York Times" that new U.S. laws have allowed "never before seen breaches of our privacy by the government."

The entire article in German can be found here.

Here is the only article I was able to find in English that discusses the same interview I believe.  There were some others but they only talk about Carter's comments on the Zimmerman trial.

Gold Daily and Silver Weekly Charts

Benny made it perfectly clear in his Humphrey Hawkins testimony today that QE, in whatever forms and permutations, is here to stay at least for this year. And when the Fed expands its Balance Sheet, it is most certainly 'creating money,' although as I have said often enough 'printing' is a colloquial expression of the same sentiment.

Thank you very much for clarifying that for all the learned economists Ben.  Your occasional honesty in Congressional testimony is a nice change of pace for a disgraced profession.

• Q: Are You printing money?
• Bernanke: Not literally.

and

• Bernanke: If the Fed were to tighten policy, the economy "would tank."

Ben tended to point a finger at the inept and ideologically purblind Congress for the obstacles to growth.  And in addition to a hearty 'hear, hear,'  I would certainly include the Obama Administration.  The lack of genuine reform is appalling.  But what else can we expect from those stewards of bad governance caught up in a credibility trap which they helped to create.

Gold and silver were obviously hit with a bear raid in honor of Bernanke's testimony. What else would we expect from a thoroughly corrupted financial system? Intraday commentary on that here.

SP 500 and NDX Futures Daily Charts - Earnings With Revenue Misses

After the bell Intel and Amex and IBM all hit their earnings but missed on revenues.

Look for that to be a recurrent theme given the lax accounting standards and weak aggregate demand in the US economy.

I think we are in for some downside in stocks, but perhaps not yet.

NAV Premiums of Certain Precious Metal Trusts and Funds

Just another Humprhey-Hawkins day.

Interesting comments from Ben.

• Q: Are You printing money?
• Bernanke: Not literally.

and

• Bernanke: If the Fed were to tighten policy, the economy "would tank."

I particularly enjoyed that first comment, in the light of all the economic sophists who keep insisting that 'the Fed is not printing money.'

With regard to the second, it is QE as far as I can see. And the hedge funds are wriggling on the precious metals hook.

The Gold/Silver ratio is back to 65.