Réforme Obama : la colère populaire passe un cap

source : http://www.solidariteetprogres.org/article6473.html

25 mars 2010 (Nouvelle Solidarité) – L’adoption de la réforme de la santé par les dirigeants démocrates du Congrès et le Président Obama, a signé leur arrêt de mort politique. Comme l’a montré la victoire de la démocrate larouchiste dans les élections primaires du Texas, les citoyens américains, qu’ils soient affiliés démocrate, républicain ou indépendant, soutiendront désormais tous ceux qui s’opposeront ouvertement au fascisme financier incarné par cette réforme durcissant l’accès aux soins pour les plus démunis. Les réactions recueillies sur le terrain par les militants du Comité d’action politique de LaRouche (LPAC) depuis le vote de dimanche au Congrès, montrent que la colère populaire entre dans une nouvelle phase.

Par exemple. Dans la région de Detroit, Michigan, une des zones urbaines les plus touchées par l’effondrement économique, les membres du LPAC qui tenaient un stand militant devant un bureau de poste ont été assaillis sans interruption du matin au soir, même après la fermeture du bureau puisque de nombreuses personnes appelaient des amis avec leur téléphone portable pour leur dire de passer. Les gens faisaient la queue pour leur parler, prendre leur carte de membre ou faire une contribution financière. Qu’est-ce qui les attirait ainsi ? « Qui veut expulser Hitler de la Maison Blanche ? » demandait un panneau, les militants abordant les gens au son de : « Il n’y a que LaRouche qui dise franco qu’Obama et sa réforme sont fascistes ». Démocrates comme républicains, tous étaient furieux contre le Président et les représentants de leur parti au Congrès – les uns ayant capitulé, les autres n’ayant rien entrepris de sérieux pour s’opposer – et nombre d’entre eux se sont immédiatement portés volontaires pour rejoindre le combat du LPAC. Comme le disait Lyndon LaRouche lundi : « Pas besoin d’être un vétéran de la Deuxième Guerre mondiale pour savoir reconnaître un fasciste », expliquant que la révolte contre la politique imposée par Londres et Wall Street ne saurait tarder.

Autre signe, le coup de colère de Jane Hamsher, la fondatrice du blog démocrate progressiste FireDogLake.com (extraits) :
« En réalité, plutôt que d’aider les pauvres, cette loi est un pas dangereux et sans précédent vers la domination du gouvernement par des intérêts privés voulant éliminer toute concurrence et assurer leurs profits – la définition même du fascisme.
« En juin dernier, à l’époque où nous avons lancé notre campagne en faveur de la « public option » [une clause initiale de la réforme qui devait créer une assurance publique concurrençant le privé, sur laquelle il aurait dû s’aligner – ndlr], je supposais plusieurs choses.
« D’abord, qu’au bout du compte, la Maison Blanche aurait préféré préserver la majorité démocrate que d’adopter un renflouement des intérêts privés lorsqu’elle aurait à choisir entre les deux. Ensuite, que les membres du Congrès chercheraient avant tout à préserver leur siège et qu’ils ne voteraient pas une loi qui le compromettrait.
« Mais j’ai eu faux sur toute la ligne : les congressistes votant pour la réforme préparent déjà leur retraite et négocient leur siège contre un poste ou une sinécure au gouvernement (…) Il est à la fois écœurant et édifiant de réaliser que les membres du groupe parlementaire progressiste n’ont en fait aucun engagement pour rien et préfèrent simplement jouer un rôle dans le spectacle politique.
« Si cette loi est adoptée, les Américains devront réexaminer les bases sur lesquelles ils fondaient leur vision de la politique. J’ai réalisé au cours de cette campagne que le contrôle du gouvernement par des intérêts privés est bien plus vaste que je ne l’imaginais, et que les moyens à notre disposition sont inefficaces pour combattre leur influence.
« Nous devons trouver de nouveaux partenaires pour mener le combat, car il y a une réelle volonté populaire de résistance et on ne peut faire confiance aux têtes connues. Il nous faut aussi développer un nouveau langage pour l’expliquer car le vieux paradigme droite-gauche est à côté de la plaque pour lutter contre notre véritable adversaire.
« Le combat contre cette réforme survivra à la défection de Dennis Kucinich [un des leaders du groupe progressiste à la Chambre des représentants qui s’est rallié à Obama à la dernière minute – ndlr], bien que cet évènement signe la mort de la résistance progressiste au Congrès.
« Au final, nous avons appris qu’il ne faut rien attendre d’aucun congressiste, quel que soit son parti, car ils ne font rien d’autre que de jouer un rôle dans le « manège des opposants » - ce qu’ils ne peuvent faire que tant qu’on les laisse faire. Il revient à chacun d’entre nous de remettre en cause ses propres conceptions et de créer de nouvelles manières pour trouver ceux qui veulent véritablement s’opposer au contrôle des intérêts privés sur notre système politique et les y aider. »

Un message pas si américain que cela…

Whistleblower Exposes JP Morgan's Silver Manipulation Scheme

by Tyler Durden on 03/25/2010 21:49

source: http://www.zerohedge.com/article/whistleblower-exposes-jp-morgans-silver-manipulation-scheme 

Earlier today the CFTC held a sham hearing in which, among other thing, the organization discussed position limits in PM speculation, because, you know, it's the mom and pop speculators that destroy the precious metal market (not JP Morgan or the New York Fed mind you). The hearing could not have come at a more opportune time. GATA has just broken a major story, in which a London metals trader-slash-whistleblower exposes JP Morgan's silver price suppression/manipulation scheme. At this point none of this should be at all shocking, and the only thing that matters is when CFTC's ex-Goldmanite Gary Gensler will be fired for allowing hundreds of billions of dollars to be sucked out of the PM market on behalf of such major market manipulating entities as JP Morgan and the New York Federal Reserve, for whom it transacts. Don't worry - the answer to that rhetorical question is "never", as it is the administration's goal to make all the millionaires among the bulge bracket firms billionaires, via legalized theft from honest investors. Furthermore, if indeed the CFTC is complicit in these manipulative events, as GATA suggest, we hope our objective mainstream media readers enjoin GATA in seeking justice for this criminal breach of proper regulatory enforcement.

From GATA:

Additional Statement by Bill Murphy, Chairman
Gold Anti-Trust Action Committee

to the U.S. Commodity Futures Trading Commission
Washington, D.C., March 25, 2010

On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.

In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.

On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.

It would not be possible to predict such a market move unless the market was manipulated.

In an e-mail on February 5 Maguire wrote: "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue."

Expiry of the COMEX April call options is tomorrow, March 26. There was large open interest in strikes from $1,100 to $1,150 in gold. As always happens month after month, HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted by GATA, the manipulation started on March 19, when gold was trading at $1,126. Last night it traded at $1,085.

This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in London are able to brag that they manipulate the market.

This is an outrage and we are making available to the press the e-mails from Maguire wherein he warns of a manipulative event.

Additionally Maguire informed us that he has tape recordings of his telephone communications with the CFTC, which we are taking the appropriate legal steps to acquire.

* * *

From: Andrew Maguire
Sent: Tuesday, January 26, 2010 12:51 PM
To: Ramirez, Eliud [CFTC]
Cc: Chilton, Bart [CFTC]
Subject: Silver today

Dear Mr. Ramirez:

I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will.

These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too.

Please ignore the last few slides as they were part of a training session I was holding for new traders.

I brought to your attention during our meeting how we traders look for the "signals" they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress.

As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals.

This kind of trading can occur only when a market is being controlled by a single trading entity.

I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position.

I am sure you are in a better position to look into the exact details.

It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity.

Kind regards,
Andrew Maguire

* * *

From: Ramirez, Eliud [CFTC]
To: Andrew Maguire
Sent: Wednesday, January 27, 2010 4:04 PM
Subject: RE: Silver today

Mr. Maguire,

Thank you for this communication, and for taking the time to furnish the slides.

* * *

From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]
Sent: Wednesday, February 03, 2010 3:18 PM
Subject: Re: Silver today

Dear Mr. Ramirez,

Thanks for your response.

Thought it may be helpful to your investigation if I gave you the heads up for a manipulative event signaled for Friday, 5th Feb. The non-farm payrolls number will be announced at 8.30 ET. There will be one of two scenarios occurring, and both will result in silver (and gold) being taken down with a wave of short selling designed to take out obvious support levels and trip stops below. While I will no doubt be able to profit from this upcoming trade, it is an example of just how easy it is to manipulate a market if a concentrated position is allowed by a very small group of traders.

I sent you a slide of a couple of past examples of just how this will play out.

Scenario 1. The news is bad (employment is worse). This will have a bullish effect on gold and silver as the U.S. dollar weakens and the precious metals draw bids, spiking them higher. This will be sold into within a very short time (1-5 mins) with thousands of new short contracts being added, overcoming any new bids and spiking the precious metals down hard, targeting key technical support levels.

Scenario 2. The news is good (employment is better than expected). This will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered, again targeting key support levels.

Both scenarios will spell an attempt by the two main short holders to illegally drive the market down and reap very large profits. Locals such as myself will be "invited" on board, which will further add downward pressure.

The question I would expect you might ask is: Who is behind the sudden selling and is it the entity/entities holding a concentrated position? How is it possible for me to know what will occur days before it will happen?

Only if a market is manipulated could this possibly occur.

I would ask you watch the "market depth" live as this event occurs and tag who instigates the move. This would surly help you to pose questions to the parties involved.

This kind of "not-for-profit selling" will end badly and risks the integrity of the COMEX and OTC markets.

I am aware that physical buyers in large size are awaiting this event to scoop up as much "discounted" gold and silver as possible. These are sophisticated entities, mainly foreign, who know how to play the short sellers and turn this paper gold into real delivered physical.

Given that the OTC market (where a lot of the selling occurs) runs on a fractional reserve basis and is not backed up by 1-1 physical gold, this leveraged short selling, where ownership of each ounce of gold has multi claims, poses a very large risk.

I leave this with you, but if you need anything from me that might help you in your investigation I would be pleased to help.

Kind regards,
Andrew T. Maguire

* * *

From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 2:11 PM
Subject: Fw: Silver today

If you get this in a timely manner, with silver at 15.330 post data, I would suggest you look at who is adding short contracts in the silver contract while gold still rises after NFP data. It is undoubtedly the concentrated short who has "walked silver down" since Wednesday, putting large blocks in the way of bids. This is clear manipulation as the long holders who have been liquidated are matched by new short selling as open interest is rising during the decline.

There should be no reason for this to be occurring other than controlling silver's rise. There is an intent to drive silver through the 15 level stops before buying them back after flushing out the long holders.

Regards,
Andrew

* * *

From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]; GGensler [CFTC]
Sent: Friday, February 05, 2010 3:37 PM
Subject: Fw: Silver today

A final e-mail to confirm that the silver manipulation was a great success and played out EXACTLY to plan as predicted yesterday. How would this be possible if the silver market was not in the full control of the parties we discussed in our phone interview? I have honored my commitment not to publicize our discussions.

I hope you took note of how and who added the short sales (I certainly have a copy) and I am certain you will find it is the same concentrated shorts who have been in full control since JPM took over the Bear Stearns position.

It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue.

Bart, you made reference to it at the energy meeting. Even if the level is in dispute, what is not disputed is that it exists. Surely some discussions should have taken place between the parties by now. Obviously they feel they can act with impunity.

If I can compile the data, then the CFTC should be able to too.

I would think this is an embarrassment to you as regulators.

Hoping to get your acknowledgement.

Kind regards,
Andrew T. Maguire

* * *

From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 7:47 PM
Subject: Fw: Silver today

Just logging off here in London. Final note.

Now that gold is undergoing short covering, please look at market depth right now in silver and evidence the large selling blocks in a thin market being put in the way of silver regaining the technical 15 level, which would cause a short covering rally and new longs being instigated. This is resulting in the gold-silver ratio being stretched to ridiculous levels.

I hope this day has given you an example of how silver is "managed" and gives you something more to work with.

If this was long manipulation in, say, the energy market, the shoe would be on the other foot, I suspect.

Have a good weekend.

Andrew

* * *

From: Andrew Maguire
Sent: Tuesday, February 09, 2010 8:24 AM
To: Ramirez, Eliud [CFTC]
Cc: Gensler, Gary; Chilton, Bart [CFTC]
Subject: Fw: Silver today

Dear Mr. Ramirez,

I hadn't received any acknowledgement from you regarding the series of e-mails sent by me last week warning you of the planned market manipulation that would occur in silver and gold a full two days prior to the non-farm payrolls data release.

My objective was to give you something in advance to watch, log, and follow up in your market manipulation investigation.

You will note that the huge footprints left by the two concentrated large shorts were obvious and easily identifiable. You have the data.

The signals I identified ahead of the intended short selling event were clear.

The "live" action I sent you 41 minutes after the trigger event predicting the next imminent move also played out within minutes and exactly as I outlined.

Surely you must at least be somewhat mystified that a market move could be forecast with such accuracy if it was free trading.

All you have to do is identify the large seller and if it is the concentrated short shown in the bank participation report, bring them to task for market manipulation.

I have honored my commitment to assist you and keep any information we discuss private,however if you are going to ignore my information I will deem that commitment to have expired.

All I ask is that you acknowledge receipt of my information. The rest I leave in your good hands.

Respectfully yours,

Andrew T. Maguire

* * *

From: Ramirez, Eliud
To: Andrew Maguire
Sent: Tuesday, February 09, 2010 1:29 PM
Subject: RE: Silver today

Good afternoon, Mr. Maguire,

I have received and reviewed your email communications. Thank you so very much for your observations.

As The Fed Runs Out Of Low-Rate Options, The UST Is Likely Considering An Orchestrated Move Of Risky Asset Into Bills

Submitted by Tyler Durden on 03/24/2010 15:16 -0500

source: http://www.zerohedge.com/article/fed-runs-out-low-rate-options-ust-must-be-considering-wholesale-shift-out-risky-assets-bills 

A recent detailed analysis of the composition of US Federal debt has made us question just how much dry powder the Fed has left to manipulate interest rates. We ignore all tangential issues such as what the end of QE will mean on MBS, and by implication 10 Year, rates, and focus purely on the structural composition of the curve, which leads us to some very troubling observations. In summary: the Treasury is running out of time in which to orchestrate a massive rush away from risky assets into the sweet spot for UST interest rates: risk-free Bill holdings. In other words, a stock market crash is long-overdue if the Treasury does not want to face a major spike in rates and drop in Treasury demand in the immediate future.

First, and this is no surprise to anyone, the US is on collision course with an unmitigated funding disaster. As the chart below demonstrates, the US has been issuing roughly $147 billion a month for the past 17 months, in a period in which total US Federal debt has increased from $10 trillion to $12.6 trillion. With recently passed healthcare reform, look for the red line indicating total debt to go increasingly exponential.

Like we said, nothing surprising here as we spend ourselves into bankruptcy. The only reason why this has not escalated yet has been the Fed's ability to keep rates low on the short end, translating into modest low long-end rates as well, despite the curve being at record wides. The progression over time of average interest rates by Bills, Notes and Bonds, as presented by Treasury Direct, is shown below. This should also not come as much of a surprise, as it has been well known that the Fed's only prerogative in the past two years has been to buy every yielding security in sight to keep rates low.

Now where it gets quite interesting is an analysis of the composition of the total components of the debt, on a relative basis. The chart below demonstrates the amount of various pieces of debt by tenor as well as the inclusion of non-marketable debt and trust funds held by the Treasury.

Recreating the chart above, but focusing exclusively on Marketable debt, yields the following chart:

We wrote recently that while China may or may not be bailing on US debt, one thing that is certain is that it is not rolling, and in fact may well be selling, its Bill exposure, i.e., short-term Treasuries that mature within a year.

Indeed, the recent scramble away from Bills is confirmed by the prior two charts which indicate that the portion of Bills as percentage of total marketable debt has fallen from 30.1% in February 2009 to just 21.8% in February 2010. The reason for this is that the Fed had been previously posturing that it is attempting to push the average debt maturity from 4 to 6 years and over. In order to do this the Fed needs to issue less net Bills. And therein lies the rub.

As rates have fallen, the average interest on Bills has dropped from 1.4% in October to essentially zero over the past several months (0.2% to be precise). In effect, the Treasury gets the benefit of holding $1.7 trillion in debt which pays no interest. Yet as its rolls out of Bills, its ability to take the implicit benefit of the Fed's ZIRP disappears. As the Fed's monetary policy impacts most of the the interest rate on Bills, with Bonds and Notes much more a function of medium- and long-term inflation/deflation expectations (and with the yield curve at record levels, the expectations see some less than smooth sailing down the line), as the Treasury rolls down its Bill holdings, as it has been doing, the Fed's ability to influence rates is getting progressively less and less. Couple this with an ever increasing record amount of total US debt, and you have a recipe for disaster, or as we call it, the curve Black Swan.

In fact this can be seen in the chart below: a comparison of average blended interest rates, and overall (accrued) implied monthly interest, demonstrates that even as the blended interest rate has dropped to an all time low of 2.57%, the actual annualized cash out on marketable debt (excluding the Trust Fund shell game), has returned to levels last seen in December 2008, of about $204 billion per month. The last time the annualized interest was this high, the actual interest rate was 3.2%, or 60 bps higher! Furthermore, even as rates have been declining, actual interest expense has been increasing consistently since May of 200 (and all this even as the actual blended interest rate is at an inflection point: it will likely trough in the mid 2.5% range as the low hanging Bill fruit has been plucked away).

The reason for this: 1) rates on Bills can only go 0.2% lower before hitting zero, and 2) nobody wants Bills anymore. China certainly has been selling Bills, and US citizens, balking at money market rates, are definitely not going to lock their money into Bills which yield the same if not less. The Treasury's natural response - bringing back the SFP 56-Day Cash Management Bills back. Today, the Treasury auctioned off the 5th $25 billion SFP chunk, on its way to filling up the $200 billion CMB tank full. Yet this is merely a stop-gap measure, and it is responsible for the slight bump higher in February Bill holdings compared to January. Alas, the Treasury will need to generate wholesale interest for Bills in some way in the near future, or else it will drown itself in the vicious cycle combination of increasing interest payments pushing rates higher, etc. And what creates a scramble for Bills better than anything?

Why a massive market crash of course.

Are we predicting one will happen? Of course not; in this market what is expected to happen is that last thing that will happen. We merely point out the logic and what the empirical evidence is demonstrating. Either the Treasury will need to expand the SFP program to far beyond the $200 billion cap, or it will need to get rates on Notes and Bills even lower at a time when the broader market is already expecting a rise in Rates. And in the meantime, it will continue issuing roughly $150-200 billion in debt each and every month to fund in increasingly bankrupt government.

What we can predict with certainty, is that the Treasury is on an inevitable collision course with insolvency, courtesy of a government run amok. And absent a major shift in capital out of risky assets into risk-free equivalents, it is going to get increasingly more difficult to control the runaway beast of rabid and uncontrollable deficit spending.

Gordon Brown told to explain why he sold Britain’s gold reserves

source:

http://uk.finance.yahoo.com/news/explain-why-you-sold-britain-s-gold-gordon-brown-told-tele-2a118e333dd2.html?x=0

Holly Watt and Robert Winnett, 12:18, Wednesday 24 March 2010

Gordon Brown has been ordered to release information before the general election about his controversial decision to sell Britain's gold reserves.

The decision to sell the gold taken by Mr Brown when he was Chancellor is regarded as one of the Treasury's worst financial mistakes and has cost taxpayers almost £7 billion.

Mr Brown and the Treasury have repeatedly refused to disclose information about the gold sale amid allegations that warnings were ignored.

Following a series of freedom of information requests from The Daily Telegraph over the past four years, the Information Commissioner has ordered the Treasury to release some details. The Treasury must publish the information demanded within 35 calendar days by the end of April.

The sale is expected to be become a major election issue, casting light on Mr Brown's decisions while at the Treasury.

Last night, George Osborne, the shadow chancellor, demanded that the information was published immediately. " Gordon Brown 's decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds," he said. "It was one of the worst economic judgements ever made by a chancellor.

"The British public have a right to know what happened and why so much of their money was lost. The documents should be published immediately."

Between 1999 and 2002, Mr Brown ordered the sale of almost 400 tons of the gold reserves when the price was at a 20-year low. Since then, the price has more than quadrupled, meaning the decision cost taxpayers an estimated £7 billion, according to Mike Warburton of the accountants Grant Thornton.

It is understood that Mr Brown pushed ahead with the sale despite serious misgivings at the Bank of England. It is not thought that senior Bank experts were even consulted about the decision, which was driven through by a small group of senior Treasury aides close to Mr Brown.

The Treasury has been officially censured by the Information Commissioner over its attempts to block the release of information about the gold sales.

The Information Commissioner's decision itself is set to become the subject of criticism. The commissioner has taken four years to rule on the release of the documents, despite intense political and public interest in the sales. Officials have missed a series of their own deadlines to order the information's release, which will now prevent a proper parliamentary analysis of the disclosures.

It can also be disclosed that the commissioner has held a series of private meetings with the Treasury and has agreed for much of the paperwork to remain hidden from the public. The Treasury was allowed to review the decision notice when it was in draft form and may have been permitted to make numerous changes.

In the official notice, the Information Commissioner makes it clear that only a "limited" release of information has been ordered.

Ed Balls, who is now the Schools Secretary, Ed Miliband, now the Climate Change Secretary, and Baroness Vadera, another former minister, were all close aides to the chancellor during the relevant period.

If the information is not released by the end of April, the Treasury will be in "contempt of court" and will face legal action. A spokesman said last night that the Treasury was not preparing to appeal against the ruling.

How auctions cost taxpayer £7bn

*The price of gold has quadrupled since Gordon Brown sold more than half of Britains reserves. *The Treasury pre-announced its plans to sell 395 tons of the 715 tons held by the Bank of England, which caused prices to fall. *The bullion was sold in 17 auctions between 1999 and 2002, with dealers paying between $256 and $296 an ounce. Since then, the price has increased rapidly. Yesterday, it stood at $1,100 an ounce. *The taxpayer lost an estimated £7 billion, twice the amount lost when Britain left the Exchange Rate Mechanism in 1992. *The proceeds from the sales were invested in dollars, euros and yen. In recent years, most other countries have begun buying gold again in large quantities.

Europe : En route pour la Crise . La chute de la dictature Européenne et sa monnaie au profit de la souveraineté des Etats nations ?

C'est fait le coups d'envoie est donné : on commence par le Portugal apres la cacophonie pour l'aide de la Grèce !

Rappel : PIIGS (portugal Irlande Italie Grèce et Spain(espagne) 

Il y a bien une chose que je ne comprends pas c'est l'Allemagne (enfin si mais enfin elle perd beaucoup!)... alors que la France essaye par tous les moyens d'aider la Grèce en vaine parole comme d'habitude, l'Allemagne se refuse catégoriquement d'aider la Grèce (à cause de la pression populaire?) alors que les 2 pays ont intéret à ce que la Grèce soit renflouée par une aide quelconque(FMI ou "Solidarité Euro") car ils détiennent tous les 2 des dettes que la Grèce "doit".

La difficulté , ici, c'est que les Autres pays comme l'Espagne, le Portugal etc doivent aussi rembourser les détenteurs de leurs propres dettes... devinez qui : la France  et l'Allemagne... si personne aide personne, le recouvrement ne se fera pas et la faillite risque d'arriver pour toute l'Europe... La zone Euro est déjà dans le rouge quand à son existence déjà par le déficit d'AIDE, l'effet domino aura une conséquence simple : Chute de l'Europe et par la même, chute de l'€uro.

Mais la "Zone Euro" est tout de même en bien meilleure posture que les USA et leurs dettes.

Ben Bernanke joue de la planche à billets jusqu'à faire pleuvoir des montagne de billets verts, une richesse illusoire où la valeur de cette monnaie de mafieux bankster ne vaut déjà plus rien, et essaye de tenir artificiellement les marchés boursières avec de la liquidité. Si USD remonte  face à l'€uro c'est bien de façon artificielle, une illusion pour faire vendre le dollar, alors que tout le monde sait pertienement qu'il ne vaut rien ! La valeur refuge n'est pas le Dollar, mais bien l'once d'or qui malgré quelques variations légères ne fait que croitre en terme de valeurs.

Oui comme le suggere le GEAB 42 , 43 etc... la Crise systémique est sur le point d'arriver.

Non, elle est arrivée, Olivier Delamarche le sait, il le dit lui même vu que la dette américaine n'a déjà plus de valeur et qu'il y a plus de chomeurs qu'avant et que ces mêmes chomeurs ne vont pas acheter comme des fous la crise n'a jamais été pire qu'aujourd'hui , tout le monde le sait, sauf que personne ne veut le dire... à un moment faudra juste regarder la vérité en face, la valeur monnaie n'existe déjà plus !

Les variation de la Bourse ne signifient plus rien depuis longtemps, il suffit de regarder comment les creux des hausses et des baisses ne changent rien à la donne! Merci Ben Bernanke pour le cadeau de liquidité, mais ça ne fait rien que de retarder l'inévitable, donc stop tes illusions!

Mais bon la la guerre est déclarée, ca commence par le Portugal

Fitch Downgrades Portugal Debt Rating to AA-; Outlook Negative 

http://www.bloomberg.com/apps/news?pid=20601087&sid=a02DCYEFIxuk&pos=2 

March 24 (Bloomberg) -- Portugal had its debt rating lowered one notch to AA- by Fitch Ratings, the ratings company said today in a statement.

To contact the reporter on this story: Daniel Tilles in London at dtilles@bloomberg.net
Last Updated: March 24, 2010 06:07 EDT