Thursday, February 21, 2013

Evening newsbits

Beyond Brics - India seeks to block tax-dodging on Thai gold imports. With this quote: "But jewellery consumers are not at all price-sensitive. Any impact is on the quantity demanded but they spend the same amount of money." - Yamana doesn't suck. But they're still only one in a large group of generally-sucking miners.

BI - The poor are getting slammed by tax hikes while the rich spend with wild abandon. New Deal Democrat thinks the payroll tax cut is killing the consumer, thus the poor numbers at Walmart that contradict spending surveys; meanwhile the rich are spending like crazy cos they got their gigantic bonuses early, in advance of Obama's supposed tax hike on the rich. Oh well; history tells us it'll ever be so, until we start murdering the rich.

Related to that,

FT Alphaville - tax avoidance: it's close to home. Miami is where the Latin American crooks go to launder their wealth, Delaware is where you incorporate to keep your company secret, and even those fascist neoliberal scum U2 relocated their band to the Netherlands to avoid paying taxes on royalties. Again, history proves it'll ever be so until we murder a few thousand rich people.

BI - Obama to give amnesty to 11 million undocumented immigrants. Good. Americans need more hard-working people and fewer fat white trash.

And for comedy/tragedy, - Peter Schiff says the gold bull market is far from dead. Here's a quote that sums up the level of his complete ignorance:

“People who are saying there is no reason to buy gold now, never understood the reason people were buying it in the first place. People weren’t buying gold because they were worried about a crisis in the Eurozone or weak US stocks. People were buying gold because central banks were printing too much money. It’s inflation that drives the gold train, not political uncertainty.”

No, Peter, you ignorant fucking useless cunt. People were buying gold because their daughter Parvinder was marrying a nice boy named Sandeep, or because they wanted to hide the money they had stolen from their government, or maybe even because they are a central banker diversifying out of US dollars and Euros.

You, Peter Schiff, have obviously never even picked up the World Gold Council's report, and have never bothered to educate yourself about where gold is bought. Therefore the media should tell you to fuck off back to your Tea Party pump and dump newsletter with the rest of the goldbugs.

Speaking of which,

BI - some ultra-bullish gold price targets. Some crazier targets are derived by extending the Bretton-Woods peg formula through today - which again begs the question, why? Why is this valid? Why the fuck is the United States important at all to the price of gold? Is it because gold is the only true currency under the law of Jesus, and Jesus is an American? Is that it? I wish the Americans would all please just fucking shut up about their supposedly being the only fucking country in the world.


  1. Just one question IWNATTOS....what do you think drove the last Gold bull and subsequent price blow off in the 70's? Was it that India had a massive shopping spree and the Chinese were hoarding? No it wasnt. It was Western buying due to inflation fear. India and China may well be price supportive for Gold but they sure as fuck aint gonna push it to ever new highs.

    1. There won't be inflation this time.

      And I don't want to invest in a blow off top anyway.

  2. Coffin joins the junior death watch: