01 May 2014
Follow the Money: The Failure of Corporately Owned Journalism in a Crony Capitalist System
"I have been told by multiple members of the media that JP Morgan Chase has called them and stated that if their media outlet has me on television again, that JP Morgan Chase will pull their advertising from the offending network."
James Koutoulas, Founder of Commodity Customer Coalition and advocate for victims of MF Global
"The crisis blew into public view last November when The New York Times, followed by the Financial Times and others, reported that a big, new enterprise project from Bloomberg, said to have documented an extensive web of corrupt ties between one of China’s wealthiest businessmen and elite politicians, had been spiked at an unusually late stage in the editing process.
The reported spike came after an extensively footnoted version of the story had been fact-checked and pored over by company lawyers, and after members of the reporting team had been praised internally for yet more stellar work. The Times reported that Winkler, in a conference call with reporters, defended the decision not to publish the story by likening the situation to the need for self-censorship by foreign bureaus in Nazi Germany to preserve their ability to continue reporting there.
That reasoning was controversial enough, but a Bloomberg executive would later let slip a motive that was even more problematic...The defining moment, however, the one that has dealt the deepest shock to Bloomberg and may affect it for years, was a widely reported speech by the company’s chairman, Peter T. Grauer, who in March said, in effect, that Bloomberg had gotten carried away with its investigative journalism in China to the detriment of its true vocation: selling computerized terminals that provide financial information.
“We have about 50 journalists in the market, primarily writing stories about the local business and economic environment,” Grauer said in answer to a questioner after a speech at the Asia Society in Hong Kong. “You’re all aware that every once in a while we wander a little bit away from that and write stories that we probably may have kind of rethought—should have rethought.”
Howard W. French, Bloomberg's Folly, Columbia Journalism Review, May 1, 2014
Read the entire story here.
Category:
censorship,
corporate media,
Crony Capitalism
India Gold Premiums 20% With Effective Price of $1,554
The premium includes a 10% gold import duty being imposed by the government, which is twice what it had been in 2012.
Gold demand in India remains strong despite the efforts of the sahibs to dampen access to imports to please the Western banking cartel at the expense of their own people.
When market forces are restrained by artificial pricing and market gaming for long periods of time the resolution of the divergence between supply and demand can be impressively 'energetic.'
Category:
India Gold Premiums
30 April 2014
Gold Daily and Silver Weekly Charts - Light Hit in the After Hours On an FOMC Day
"There is not a crime, there is not a dodge, there is not a trick, there is not a swindle, there is not a vice, that does not live by secrecy."
Joseph Pulitzer
"The power which the moneyed interest can exercise, when concentrated under a single head and with our present system of currency, was sufficiently demonstrated in the struggle made by the Bank of the United States...It is one of the serious evils of our present system of banking that it enables one class of society, and that by no means a numerous one, by its control over the currency, to act injuriously upon the interests of all the others and to exercise more than its just proportion of influence in political affairs. The agricultural, the mechanical, and the laboring classes have little or no share in the direction of the great moneyed corporations."
Andrew Jackson, Farewell Address
The price of gold and silver were hit in the after hours taking gold down a bit from largely unchanged.
I have included a chart below that shows the two moving averages of 100 and 200 days, so you can see how 'channeled' gold has become just under 1300.
So we say goodby to April delivery. The big contract now is June.
Have a pleasant evening.
SP 500 and NDX Futures Daily Charts - Oh the Weather Outside Is Frightful
Oh the weather outside is frightful, but inside it's all delightful.
And the economic elite are all inside, and well sheltered if not pampered, so it doesn't matter.
The GDP report for the 1Q this morning was awful, barely finishing negative and most likely to be revised lower as the GDP deflator rises to something a little more realistic.
The markets followed the Fed's lead and disregarded that number, choosing to 'look forward' and not worry about the weather.
So we are now looking forward even hard to the Non-Farm Payrolls report on Friday.
Have a pleasant evening.
29 April 2014
Gold Daily and Silver Weekly Charts - The Fruits of Currency War - FOMC Tomorrow
"A great war leaves the country with three armies; an army of cripples, an army of mourners, and an army of thieves."
German proverb
I would imagine that the proverb can be figuratively applied to a currency war. We certainly are seeing an increase in the economically crippled, the financially devastated, and of course, plenty of thieves who continue to operate with impunity.
Today is the last position, last notice day for the April gold contract.
Gold and silver continue to chop sideways in a narrow range.
Tomorrow is 1Q GDP in the morning, and the FOMC rate decision announcement in the afternoon.
Non-Farm Payrolls on Friday.
Over 500,000 ounces of gold have been 'claimed' on the April delivery, but the warehouses reflect little movement of physical bullion.
Have a pleasant evening.
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