The Swiss have spoken and the results are in...sort of. The survey results, that is. Let me back up. On November 30th the Swiss will head to the polls to exercise that characteristically Swiss democratic institution, the referendum initiative.
There are three offerings on the plate for the Swiss this time around: The first is a call to further tighten the country's already notoriously strict immigration policies to allow just 0.2% of the resident population (about 16,000 people) to enter the country each year. (Interestingly, this initiative is being done under the title “Stop overpopulation – safeguard our natural resources.”) The second initiative would abolish the flat tax system and require wealthy ex-pats in the country to be taxed only on income and assets. But the third initiative, the “Save Our Swiss Gold” initiative, may prove the most sensational.
If passed, the Swiss National Bank would be required to hold the equivalent of 20% of its assets in gold. It would also require the SNB to stop selling its gold (it has sold an average of one ton per day for the past five years) and require that the gold be stored in Switzer...
So, let me understand... Shutting off the Iranian banking system from the outside world and depriving huge swathes of that population with access to the global economy is fine and dandy because of that country's nuclear research, but the new boogeyman-du-jour can't be sanctioned because of concern for the civilians?
In essence, despite a zero interest rate policy that mainly helps the wealthy; struggling families with falling incomes ought to take steps to accumulate "considerable assets," as retirees take part-time jobs to make ends meet. Let them eat cake, indeed.
...all the reports about this supposed epidemic are based on faulty data provided by governmental agencies that have admittedly lied and covered up such data in the past to promote fear and terror for political and economic ends... ignore it. Tune it out. Turn off the TV and observe the actual world around you.
This does not seem to be the end of the track for the Fed's gravy train just yet, though. The Monday sell-off was not based on any new data or earnings reports, just a general spookiness working its way through the markets...
...no executives will suffer so much as a sleepless night over the massive, systemic manipulation of the Libor rate and whatever system is brought in to take its place will be gamed in another way somewhere down the road.
As the long-term store of value that most gold investors understand their gold holdings to be, nothing has happened to change the bigger picture for gold.
Given the high stakes these agreements involve, why have we heard almost nothing about them? The obvious answer is that the rich and powerful interests that stand to benefit the most from these treaties are in bed with the interests that own the media outlets most people rely on for daily news.
Like Bob Chapman who passed away before him, Doctor Stan was part of a generation of pioneers who laid the groundwork for the modern alt media movement.
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The creator of the International Forecaster, Bob Chapman.