Saturday, July 28, 2012

Video for you

Since maybe I'm a bit heavy on the vitriol recently, thought I'dd mellow it out with a nice video of a kitten falling asleep while eating.

Here you go.



AWWWWWWWW!

Actually he's probably choking on something and trying to get it out of his throat, but anyway....


Weekend news

As Noam Chomsky pointed out, sometimes the plutocrat-controlled capitalist mainstream media has to give you the truth; some very rich and important people's livelihoods depend on being allowed to see behind the veil.

So hey... wanna eliminate Greece's deficit? Now now, stop laughing... really? Well, how about if you eliminate Greek defense spending? They've been spending a fortune on military equipment, which they buy from - drum roll - the Germans. No shit, eh? All to defend themselves from... from... future fellow Eurozone members Turkey? Well then, from who?

Wanna go bearish Bunds? Seems the German banks are insolvent, and there is utterly no reason for Bunds to yield so low.

Speaking of which, that's exactly what Draghi was referring to in his statement "when the monetary policy transmission mechanism fails, damn right we can get involved to change that". The ECB is tasked with setting rate targets - but the German-Spanish spread makes that impossible. Of course, the better idea would be for Germans to run a stimulus deficit - then Spain and Italy could still pursue some mild austerity, but have their economies propped up by cross-border demand from Germany. Unfortunately, Germans are pig-headed racist cunts.

So... Switzerland, the bastion of ultra-conservative libertarianism, is printing money with abandon? Really?

And in more important news, female weightlifters can be so cute and cuddly. No, really they can!


Friday, July 27, 2012

Friday videos - Chromatics

Yet more really brilliant stuff. Here's Chromatics.




Also covering Neil Young:



And Donna Summer:



And here they're not covering Jesus & Mary Chain, but it still sounds just like they are:

Thursday, July 26, 2012

Yet more snark, this time for JP Morgan

Here's another example of utter fucking noise. This time, the obfuscating jerk is Brendan Conway from Barron's Focus on Funds. Title, in case you don't bother to follow the link? "Gold Versus Dollar: Goldbugs Should Be Cautious, Says JPMorgan".

What's the story? Apparently, the entirety of the reason for killing a trillion bytes of bandwidth on the internet was that some idiots from JP Morgan said:

"Gold equities are in a difficult place with their supporters looking forward to long-term metal prices above $2000/oz, but in the short term declining inflation rates are not consistent with the case that previous monetary stimulus will drive gold prices higher. While we wait, investor confidence is under pressure. The latest issue was the lower guidance forGoldcorp. We continue to believe gold is an important asset class in a world where return of capital has become more important that return on capital. Gold has been the ultimate wealth preserver for millennia while currencies have tended to have shorter lives. Gold equities are more complex."

There's a load of obsequious truisms there.

"Declining inflation rates are not consistent with the case that previous monetary stimulus will drive gold prices higher." Huh? People buy gold based on the US inflation rate? Huh? Really? Who? China? India? That's 50% of world gold demand there.

"Gold has been the ultimate wealth preserver for millennia while currencies have tended to have shorter lives." Huh? You guys Ron Paul supporters now? Are people really buying gold because they think the USD and Euro are kaput? Who? China? India? That's 50% of world gold demand there.

And here's more:

"Both gold and silver prices are making triangles on their respective chart. We’d be careful entering this reporting season, since any further dollar strength could push the metal prices down through support."
Ho.

Ly.

Fu.

U.

Ck.

JP Morgan, world-renowned investment house and heir to the name of one of the great investors of all time, John Pierpont Morgan, the founder of NYSE:X, the man who singlehandedly stopped the panic of '07, hires gold analysts who supposedly make decisions on strength of gold price not only on the nominal US dollar price for gold, instead of a blended currency model for gold price which is what you should do given the crazy recent USD strength and the fact that most gold is bought by foreigners; they also supposedly make their investment decision based on whether or not to invest in gold based on a triangle showing up in a chart.

Ho.

Ly.

Fu.

U.

Ck.

Either the story is a plant, and JP Morgan the Lizard People & the Joos want the peons out of gold before they take it to $5000 like ZeroHedge and Turd Ferguson want you to believe; or alternately, more likely perhaps, these two bozos who were interviewed are the only two people at JPM stupid enough to talk publicly about their predictions.


Daily snark via FT

Here's a fantastic piece of snark from FT (no paywall) on that idiot John Mauldin.

I've never liked him, always thought he's almost as bad as Hussman. But when you go through the comments in the FT article, you find a lot of the City folk go one step further and identify him as just another lunatic ZeroHedger.

The point of Hussman's original article is that France is going to go the way of Greece: this is hilarious, considering France's bondds have skyrocketed since the election of that rabid socialist Hollande. I assume that a socialist in power, instead of (say) another fucking Merkel puppet like Marshall Petain Sarkozy, is what really gets Mauldin's goat.

Here are some of the delicious comments from the FT readership, interesting bits bolded:

  • "Sad to witness what was once a good analyst falling into the low level fear mongering camp and completely losing touch with reality. I followed his newsletters for years but cancel my subscription last year. His view has become entirely skewed by his political connections."
  • "In defense of Maudlin, he is proudly a Texas Republican and his audience must be at least as much political as financial. I'm sure when he saw that chart he choked on his freedom fries and had to alert his readers to what the Frenchies were up to now. After all, he tells us 'everybody knows France has too much government', whatever that means."
  • "While I respect Mauldin for his humble approach to the economic and financial analysis, I can't refrain myself from putting him, sometimes, in the same league as zerohedge and almost all of the US financial blogosphere. Best case, they're all Malthusians and expect a momentary difficulty to expand and persist forever, discounting ANY possible or innovative action by the powers in charge."
  • "Amazed that such an obviously flawed piece of analysis was given such a lengthy, albeit eminently readable, airing. Maudlin is notorious for using distant forecasts and oft decries forecasts of a duration of 1 year or less. Frankly I'd read tea leaves before his jibberish. Shame LP, Shame!"
  • "So Mr Mauldin sits firmly in the austerity camp from where he views the world in this one dimensional way. What a poor piece of analysis. I see he employs himself."

Definitely, read the article. There is too much fucking noise out there right now; most of it is coming from idiot American commentators who are mindlessly spouting off their idiotic political ideologies instead of contributing real data for us. Some of them even get reposted by Ritholtz, in an attempt to waste our fucking time even more. I personally intend to dump half my newsletter subscriptions and RSS feeds after reading this.

Maybe Ritholtz will be one to get dumped - I have to spend the next few days seeing if I actually get any useful info from him. I like his own viewpoint, and he says he likes to post "differing viewpoints to his own" - that's nice and all, but it's also a distracting noise. I want more Ritholtz and less Zerohedgers.

There's too much fucking bullshit noise from idiots who don't know anything.

(Yes, I know even less than these loudmouth bloggers, I know. But at least I know that, and I do think that once it a rare while I'm able to see through all the bullshit. But it requires me filtering out the fucking noise.)


From Peruchocanuck, a big article on Yanacocha/Newmont/Cajamarca

Peruchocanuck posted a link in the comments section to this writeup on Yanacocha, very much worth a read if you're one of those Peru junior mining types.


Ottotrans: Hecla vs USA edition

From the HL/USA news release:

"the all-cash Hecla Offer will provide certainty of value and immediate liquidity at an attractive valuation for U.S. Silver shareholders...."

Translation:

"We know you're kicking yourself for buying miners, and you were scared USA would go to $0.00, and you desperately want out of your underwater position, so we'll give you 20% to just walk away."

Fuck, they didn't even try to hide it, they put it right in paragraph 2.

A few good junior miners going 2SD up



Argo is +2SD up. wanna still buy it? It should go back to $9, except there's that guy who posted on IKN blog that they got a pol risk problem at one of their supposed mines. Then again, I assume the problem was already baked in to the Jun 1 price.

Anyway, just cos it's gone 2SD up, do you think it stops? Maybe it depends on that SLV/USD triangles question in the previous post.




Same with BTO. Thankfully when things looked promising yesterday morning, I bought some at a god low price. It's got a fantastic organic growth profile and great development properties (including a big chunk of CXB that they bought for >60% above today's price), and it's run by people who aren't morons or scum. So does it stop at the previous high of $3.38? Or $3.61 or $3.76? Why not $4.55?

Or does it turn around and go back down today? I still think the SLV/USD triangle question will give us the answer.





DPM has had some good news recently regarding their dirty smelter in Namibia... they're finally bringing it back to capacity. The Namibian government have been nice about it - maybe not accommodating or fawning, but certainly not dicks. Basically "if you stop poisoning the population for 100 miles around with toxic airborne byproducts, we'll let you continue to do business in our country." So DPM, I'd think, can run a lot higher than $7.80. I don't recall exactly, but I think the Namibian smelter shutdown happened around end of April - so shouldn't this go back to $8.71 or so?

Oh, and BTW, BTO's also got some good properties in Namibia, including Otjikoto which is the next producing mine in their development pipeline; so the revelation that you can do business with the Namibian government should also reflect well on BTO's price.


Anyway, DPM is a nice upward-sloping channel supported by EMA(16); maybe you can buy it in a few days for $6.90-$7.20 or so. Then again, maybe you can go in now if you're an impatient idiot, and just use the EMA(16) as your stop loss.

Or you could buy some utter crap like SBB, which has exploded upward recently. Meh. Too exposed. Staying with producers.


The triangle - shall it be broken?


The top of the SLV triangle is approximated by the SMA(45). Here you can see we're at the limit. What happens when the triangle is broken?



Then again, the US dollar might suggest we're already at that limit. If today's like the other days, the USD will go back up, then markets and PMs will go back down.

Apparently some nice Italian fellow said "we're going to do whatever it takes to shut up the fucking German cunts save the Euro."

Which reminds me of the famous line uttered by PET, back when the FLQ terrorist movement was around. Someone asked him, "how far are you going to go to stop this?" And he replied,






Wednesday, July 25, 2012

Gold Report on Peru

Maria Belen Vega and Ricardo Carrion from Kallpa were interviewed in the Gold Report today, on a bunch of Peru miners and explorecos.


El Comercio editorial on Cajamarca and so on

Here's a nice editorial from El Comercio.

Poorly translated excerpt:

"According to the survey that El Comercio published the previous Sunday, 56% of respondents felt that most of the protests are the result of manipulation by leaders with political ambitions. Respondents also believe that the first three responsible for violence in Cajamarca are Mr. Gregorio Santos, other anti-mining leaders in the region, and Mr. Marco Arana, leader of Tierra y Libertad. Furthermore, 61% believe that these protests are no intervention of extremist groups. While the survey is only urban, it is strong evidence that the majority of Peruvians do not identify these protests as peaceful and legitimate."

So go kick some more ass, Ollanta!

Of course they'd bring it up now....

With a few weeks left before the US government is shut down for a stupid election campaign, Business insider reports that some of the scumbag puppets of Wall Street are now discussing the reinstatement of Glass-Steagall.

Like I said, it won't go anywhere, because there's an election campaign on the horizon. But it is nice to see that even a few Rethuglicans are in favour of bringing it back.


Gold looks good


Gold is actually bottomed out nicely, if you factor out US dollar effects.


CAT on the state of the world economy

If you want a good roundup on the state of the world economy, Business Insider has a writeup on Caterpillar's outlook for 2012 and beyond.

Especially nice for miners, of course, since CAT cares about mining.

Basically, politicians are stupid, the US isn't going into a recession, and CAT even picks up on how the miners are running into permitting and execution problems that will keep soft and hard rock output prices relatively firm.


Tuesday, July 24, 2012

Why German politicians should learn to keep their damn mouths shut

Here's why German politicians should learn to shut the fuck up and get with the fucking program.


The yellow bit on the right hand side, and the brown bit on top, is money not yet spent which the Eurozone can't afford to commit. It's money they're supposed to keep in their pocket "just in case"; when that money disappears, Deutschebank and ING will collapse and Germany becomes a smoking ruin.

Unfortunately, when German politicians open their ignorant fat mouths, they push Spain into needing a sovereign bailout as the nation's short-term yields explode.

So, as I'm saying, German politicians should shut the fuck up. Nobody needs to hear their opinions, despite what the average pompous self-important German thinks.

Premarket news

New Deal Democrat points out the US long leading indicators are still positive. So, no US recession.

Who woulda thunkit? Austerity movements are championed by the capitalist plutocrats - and who do you think wins from austerity? Yup - the plutocrats.




Monday, July 23, 2012

Moody's downgrades the core. Take that, bitches.


Say goodbye to your negative yields and your false racialist theories of political economy, you Teutonic fucks. Moody's has figured out that if Spain goes under, you go under too.




Moody's changes  the outlook to negative on Germany, Netherlands, Luxembourg and affirms Finland's Aaa stable rating

London, 23 July 2012 -- Moody's Investors Service has today revised to negative from stable the outlooks on the Aaa sovereign ratings of Germany, the Netherlands and Luxembourg. In addition, Moody's has also affirmed Finland's Aaa rating and stable outlook.

All four sovereigns are adversely affected by the following two euro-area-wide developments:

1.) The rising uncertainty regarding the outcome of the euro area debt crisis given the current policy framework, and the increased susceptibility to event risk stemming from the increased likelihood of Greece's exit from the euro area, including the broader impact that such an event would have on euro area members, particularly Spain and Italy.

2.) Even if such an event is avoided, there is an increasing likelihood that greater collective support for other euro area sovereigns, most notably Spain and Italy, will be required. Given the greater ability to absorb the costs associated with this support, this burden will likely fall most heavily on more highly rated member states if the euro area is to be preserved in its current form.

These increased risks, in combination with the country-specific considerations discussed below, have prompted the changes in the rating outlooks of Germany, the Netherlands and Luxembourg. In contrast, Finland's unique credit profile, as discussed below, remains consistent with a stable rating outlook.

RATIONALE FOR OUTLOOK CHANGE

Today's decision to change to negative the outlooks on the Aaa ratings of Germany, the Netherlands and Luxembourg is driven by Moody's view that the level of uncertainty about the outlook for the euro area, and the potential impact of plausible scenarios on member states, are no longer consistent with stable outlooks.

Firstly, while it is not Moody's base case, the risk of an exit by Greece from the euro area has increased relative to the rating agency's expectations earlier this year. In Moody's view, a Greek exit from the monetary union would pose a material threat to the euro. Although Moody's would expect a strong policy response from the euro area in such an event, it would still set off a chain of financial-sector shocks and associated liquidity pressures for sovereigns and banks that policymakers could only contain at a very high cost. Should they fail to do so, the result would be a gradual unwinding of the currency union, which Moody's continues to believe would be profoundly negative for all euro area members. The rating agency has reflected this risk by raising the score for the "Susceptibility to Event Risk" factor in its sovereign rating methodology from "very low" to "low" for these three countries.

Secondly, even in the absence of any exit, the contingent liabilities taken on by the strongest euro area sovereigns are rising as a result of European policymakers' continued reactive and gradualist policy response, as is the probability of those liabilities crystallising (as Moody's already observed in a recent Special Comment, entitled "Moody's: EU Summit's Measures Reduce Likelihood of Shocks but at a Cost", published on 5 July 2012). Moody's view remains that this approach will not produce a stable outcome, and will very likely be associated with a series of shocks, which are likely to rise in magnitude the longer the crisis persists. The continued deterioration in Spain and Italy's macroeconomic and funding environment has increased the risk that they will require some kind of external support. The scale of these contingent liabilities is of a materially larger order of magnitude for these countries due to their size and their debt burdens; for example, the size of Spain's economy and government bond market is around double the combined size of those of Greece, Portugal and Ireland. Although the rising likelihood of stronger euro area members needing to support other sovereigns has not yet affected Moody's assessment of these sovereigns' "Government Financial Strength" in its rating methodology, the rating agency nevertheless believes that it needs to take some account of the impact that additional financial commitments would have on the assessment of their financial strength, given the material deterioration in these countries' fiscal metrics since 2007. Over the long term, Moody's believes that institutional reforms within the euro area have the potential to strengthen the credit standing of most or all euro area governments; however, over the transitional period (which could last many years), the additional pressure on the strongest nations' balance sheets will increase the pressure on their credit standing.

Accordingly, Moody's now has negative outlooks on those Aaa-rated euro area sovereigns whose balance sheets are expected to bear the main financial burden of support -- whether because of the need to expand the European Stability Mechanism (ESM) or the need to develop more ad hoc forms of liquidity support. These countries now comprise Germany and the Netherlands, in addition to Austria and France whose rating outlooks were changed to negative on 13 February 2012. The credit profile of these sovereigns is most affected by the policy dilemma described above.

Finland, with its stable outlook, is now the sole exception among the Aaa-rated euro area sovereigns. Although Finland would not be expected to be unaffected by the euro crisis, its net assets (Finland has no debt on a net basis), its small and domestically oriented banking system, its limited exposure to, and therefore relative insulation from, the euro area in terms of trade, and its attempts to collateralise its euro area sovereign support together provide strong buffers which differentiate it from the other Aaas.

Today's actions on the four sovereigns' outlooks incorporate the implications of certain euro area developments, such as the rising risk of a Greek exit, the growing likelihood of collective support for other euro area sovereigns, and stalled economic growth. By the end of the third quarter, Moody's will also assess the implications of these developments for Aaa-rated Austria and France, whose rating outlooks were moved to negative from stable in February. Specifically, Moody's will review whether their current rating outlooks remain appropriate or whether more extensive rating reviews are warranted.

***

MOODY'S CHANGES OUTLOOK ON GERMANY'S Aaa RATING TO NEGATIVE

In the context of today's rating actions, Moody's has changed the outlook on Germany's Aaa government bond ratings to negative from stable. The Aaa rating itself remains unchanged.

The key drivers of today's action on Germany are:

1.) The rising uncertainty regarding the outcome of the euro area debt crisis given the current policy framework, and the increased susceptibility to event risk stemming from the increased likelihood of Greece's exit from the euro area, including the broader impact that such an event would have on euro area members.

2.) The rising contingent liabilities that the German government will assume as a result of European policymakers' reactive and gradualist policy response, which comes on top of a marked deterioration in the country's own debt levels relative to pre-crisis levels.

3.) The vulnerability of the German banking system to the risk of a worsening of the euro area debt crisis. The German banks' sizable exposures to the most stressed euro area countries, particularly to Italy and Spain, together with their limited loss-absorption capacity and structurally weak earnings, make them vulnerable to a further deepening of the crisis.

In a related rating action, Moody's has today changed the outlook to negative from stable for the long-term Aaa rating and short-term P-1 rating of FMS Wertmanagement. Like Germany's Aaa rating, the ratings of this entity remain unchanged.

FMS Wertmanagement is a resolution agency or "bad bank" scheme for 100% state-owned Hypo Real Estate (HRE) Group created under the Financial Market Stabilisation legislation in Germany ("Finanzmarktstabilisierungsfondsgesetz" -- FMStFG). The German government has a loss compensation obligation via the government's Financial Market Stabilisation Fund (SoFFin) who owns FMS Wertmanagement.

Moody's views FMS Wertmanagement's creditworthiness as being linked to that of the German government because the government remains generally responsible for any losses and any liquidity shortfalls of FMS Wertmanagement.

--RATIONALE FOR NEGATIVE OUTLOOK

As indicated in the introduction to this press release, the first rating driver underlying Moody's decision to change the outlook on Germany's Aaa bond rating to negative is the level of uncertainty about the outlook for the euro area and the impact that this has on the country's susceptibility to event risk. Specifically, the material risk of a Greek exit from the euro area exposes core countries such as Germany to a risk of shock that is not commensurate with a stable outlook on their Aaa rating. The elevated event risk in turn increases the probability that the contingent liabilities will eventually crystallise, with Germany bearing a significant share of the overall liabilities.

The second and interrelated driver of the change in outlook to negative is the increase in contingent liabilities that is associated with even the most benign scenario of a continuation of European leaders' reactive and gradualist approach to policymaking. The likelihood is rising that the strong euro area states will need to commit significant resources in order to deepen banking integration in the euro area and to protect a wider range of euro area sovereigns, including large member states, from market funding stress. As the largest euro area country, Germany bears a significant share of these contingent liabilities. The contingent liabilities stem from bilateral loans, the EFSF, the European Central Bank (ECB) via the holdings in the Securities Market Programme (SMP) and the Target 2 balances, and -- once established -- the European Stability Mechanism (ESM).

The third rating driver is based on the German banking system's vulnerability to the risk of a worsening of the euro area debt crisis.

German banks have sizable exposures to the most stressed euro area countries, particularly to Italy and Spain. Moody's cautions that the risks emanating from the euro area crisis go far beyond the banks' direct exposures, as they also include much larger indirect effects on other counterparties, the regional economy and the wider financial system. The German banks' limited loss-absorption capacity and structurally weak earnings make them vulnerable to a further deepening of the crisis.

--RATIONALE FOR GERMANY'S UNCHANGED Aaa RATING

Germany remains a Aaa-rated credit as its creditworthiness is underpinned by the country's advanced and diversified economy and a tradition of stability-oriented macroeconomic policies. High productivity growth and strong world demand for German products have allowed the country to establish a broad economic base with ample flexibility, generating high income levels. Germany's current account surplus supports the resiliency of the economy. Moreover, Germany enjoys high levels of investor confidence, which are reflected in very low debt funding costs, leading to very high debt affordability.

--WHAT COULD MOVE THE RATING DOWN

Germany's Aaa rating could potentially be downgraded if Moody's were to observe a prolonged deterioration in the government's fiscal position and/or the economy's long-term strength that would take debt metrics outside scores that are commensurate with a Aaa rating. This could happen if (1) the German government needed to use its balance sheet to support the banking system, leading to a material increase in general government debt levels; (2) any country were to exit the European monetary union, as such an event is expected to set off a chain of financial-sector shocks and associated liquidity pressures for sovereigns that would entail very high cost for wealthy countries such as Germany, and cause contingent liabilities from the euro area to increase; (3) debt-refinancing costs were to rise sharply following a loss of safe-haven status.

--WHAT COULD MOVE THE OUTLOOK BACK TO STABLE

Conversely, the rating outlook could return to stable if a benign outlook for the euro area, reduced stress in non-core countries and less adverse macroeconomic conditions in Europe in general were to ease medium-term uncertainties with regard to the country's debt trajectory.

***


(and nobody cares about the Netherlands and Luxembourg so we'll leave those out....)

Someone wants to buy SWD for some reason

Weird. There's iceberg accumulation in SWD today. Morgan Stanley is buying one lot per minute, and they're even hitting the asks. On a 5-cent spread. On a down day when everyone is "o teh Euroz feer".

UPDATE: ahh, that's it. They just put out a news release with a bunch of drill hole thingies.

UPDATE 2: Morgan Stanley is still happy to accumulate after someone from TD bid it up to $1.49. Might just be a dumb bot.

Dear Germany

Hey Germany,

Your politicians and press shooting their mouths off hasn't only tanked the markets in Spain and Italy. Your market is down almost 3% as of right now.

Have you figured out yet that being a bunch of assholes isn't going to end well for your own economy either?

No, that's right; Germans are pigheaded thick-skulled ignoramuses.

Have fun with that new smoking ruin of a continent you're creating. Again.

Sunday, July 22, 2012

Mitt Romney one-a-day?

I was thinking about posting a Mitt Romney meme once a day til the stupid US election.

It seems a waste of time.

Then again, it could be funny.


And there'll definitely be a lot of material for me to use. There's like, one new meme a week.



Not a new jpg every week - but a whole new meme every week.


But it's just too easy.


How the fuck stupid can a country be to have a guy like this running for president?


And we should consider ourselves lucky that we didn't end up with this?



Or this?



Or even this?


Or even this guy?


Or even... look, I tried to find a Ron Paul meme, but all I could find was fucking libertarian bullshit jpgs that glorify the retarded fucking lunatic old fool. Sure, he's not a woman-hating rape-loving fornicating jesus-Nazi, but two days after he puts your retarded country on the gold standard you'll be begging for a jesus-Nazi to put you out of your misery.

Anyway.

One of the two serious US political parties had these fucking idiots as their main contestants for the nomination. Gone are the days when the only fucktards in the running were Pat Robertson and some guy from a chimp movie.

I dunno why I even waste time on US politics.

Oh yeah - it's because one of these fools might fucking destroy the entire world.


Top ten coming silver mines, and comex inventory scare

I stole this blatantly from my own bank, which doesn't see fit to actually provide me this information:


I think it's funny to see Hackett there... that still going to be a mine? Might want to tell the SBB shareholders.

Man, Pascua Lama is huge.

Is Corani still going to be a mine? In 2014? Really? Might wanna tell the BCM shareholders.

The bank in question also thinks there's going to be a huge silver supply glut in coming years. And if you really want to throw up in your mouth, check out this:


I guess you could say that it's nice that silver's managed to hold $26 while all this was going on....

My father risked his life to defend your stupid country from the Nazis so you could WHAT?

OK, Otto's got me pissed off now.

Apparently the London 2012 Olympic logo is meant to represent the screams of an abbatoir full of retarded children.

Seriously, I had to read the article to realize that there's even a "2012" in there.

The graphic design is utter bullshit. Is that the best you could come up with? "Ey-oop mite, t'Olympics 'appen in 2012, roit, so let's mike thet the lowgow!" A country with 1000 years of tradition and glory, and you couldn't maybe just put on a fucking manticore, or a knight, or a galleon, or a pint of beer, or Ena Sharples?

How is Ena Sharples not English enough to represent the 2012 Olympics?


The article above also notes a graphic design flub that I saw, but couldn't put into words myself (since my only real experience with graphic design is having sex [if you call it that] with a graphic design student): the font for "London" commits the cardinal sin of combining straights and circles.

I mean, fuck! Look at these pictures! Does that font make this look like the capital of glorious Brittania, the last world-spanning empire? - or does it instead make the country look like some central Asian backwater where the entire population suffers from the neurological after-effects of goitre and lead poisoning?

Even worse: the Olympic mascots are a pair of one-eyed "terror sperm". The photoshoppers of the world had a field day - 17 pages of sarcasm at this one link alone.

But my favourite photoshop was this:


Because that's really what it's all about.

McDonalds has signed a deal that means nobody else in England is allowed to sell chips.

Visa has signed a deal that means nobody else in England is allowed to use Mastercard.

In addition, during London 2012 businesses can’t have these banned words in their advertising: “gold”, “silver”, “bronze”, “summer”, “sponsors” and “London”.

Cost to the UK taxpayer to subsidize the jackboot of Fascism? Ten billion quid. They are paying ten billion quid to enslave themselves under a new corporate plutocracy.

Now listen up you stupid English fucks.

My father volunteered to fly in a fucking bucket of bolts over Germany, shot at by big flak guns, at night, in a tiny little cabin with a small window. One time they got their front landing gear shot off. Another time the bomb bay got hit and the destroyed equipment meant they had to land with all their bombs still loaded. Another time, after landing, he lifted up his seat to find out that the fuselage underneath it had been blown away. And then there was the time his plane lost 2 engines and he ended up over a German airbase at dawn, under attack by 3 ME262s.

He volunteered to do this shit, to save your shitty little country from the Nazis, and you reward the world with this garbage? A totalitarian state with mutant sperm mascots, where all freedom of speech has been handed over to the corporations?

Fuck you, England*. Fuck you*, fuck yourselves*, nobody from my family is ever going to volunteer to help you out ever again.

Plus your food and beer is too fucking expensive, given what I get for the money. 6 pounds for a fucking pint you'd think they could use a fucking fridge, and 10 pounds for a shitty meal of sheep grogans you think they'd be able to include a fucking vegetable.



* - note that this doesn't include Scotland or Northern Ireland. Or Wales I guess. Or Man. Or probably Guernsey. But I do also specifically fucking hate Jersey, the tax-dodging cunts.** 



** - But not Jimmy Carr, he's funny. Seriously, if the UK spends 10 billion pounds on this bullshit, then I applaud Jimmy Carr for not paying any taxes. At least now he can say he's not to blame for the fucking 2012 London Olympics.


Outperformance of LQD? India monsoon? And so on.

Someone points out in their newsletter today that LQD, corporate bonds are outperforming JNK. Funny that LQD gets a strong bid, eh?

Well, maybe the outperformance of LQD has to do with Euro Doom 2012? After all, everyone in the financial industry leverages their play money off of a stable of bonds; and if you can't leverage off Eurozone bonds due to the higher risk and credit downgrades, why not switch to top-tier corporates? Especially if they yield better than Treasury bonds.

So I wouldn't say that corporate bonds flying high is a sign of a bond bubble; rather, it's a sign that, given you've taken a large supply of Euro bonds out of the top-rated tier of all available bonds, the money still wants other bonds.

Another thing I note in his letter is the CCI/$WTIC/grains data. I see a lot of reference to this in various blogs. Grains? You've got a dustbowl in the US, and I think I've read that the Ukraine is dry too. And people worry about India!

$WTIC dropped a bit too far, and though I'd like to see it drop again, and supposedly the Saudis are going to make it drop further, it's caught a reaction bid at the same time the grains caught a bid. And maybe the speculative capital is rushing into oil, as they've been confused by the CCI number? CCI is not oil is not grains is not copper.

But then again, if my theory is correct that the grains' effect on CCI is dragging speculators back into the other commods and boosting the speculative premium, that's a bad thing - because coal and copper and $GYX are not showing a speculative premium. And that is scary for me, cos it means something bad re: China.

Anyway.... Here is some more India monsoon news for you.

And here's a graphic (from Rooters) showing you just how much the output changes in a bad monsoon season, like the drought of 2009: