Authentic Earth

44% jump in property listings points to price falls in 2011: Australia

2011-01-11T08:29:00.000+08:00

The property market could be set for early-year price falls due to a build up of unsold properties, with new figures by property research company SQM Research showing the number of listings swelled 44% over 2010.
Managing director Louis Christopher says while a short-term monthly slowdown in the capitals can be attributed to the Christmas period, (online listings dropped 1.9% in December), overall the huge number of listings means prices are now hanging by a thread and a market downturn is imminent.

http://www.smartcompany.com.au/economy/20110110-44-jump-in-property-listings-points-to-price-falls-in-2011-expert.html

Sarkozy takes G20 case to Obama as food prices soar

2011-01-10T19:21:00.002+08:00

French President Nicolas Sarkozy takes his campaign for greater global food price and currency stability to Washington this week when he seeks Barack Obama's support for France's goals as head of the Group of 20 powers.

http://uk.reuters.com/article/idUKTRE7091D220110110

Deepening crisis traps America's have-nots

2011-01-10T19:17:00.002+08:00

The US is drifting from a financial crisis to a deeper and more insidious social crisis. Self-congratulation by the US authorities that they have this time avoided a repeat of the 1930s is premature.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8249181/Deepening-crisis-traps-Americas-have-nots.html

Inflation flies up, up and away

2011-01-06T16:34:00.002+08:00

Food prices, utility bills, clothing and other costs are soaring, and thanks to the rise of the developing world, things won't be getting better any time soon

http://www.telegraph.co.uk/finance/economics/8242213/Inflation-flies-up-up-and-away.html

Coking Coal Contract Price May Rise 33% on Australian Floods

2011-01-06T16:31:00.002+08:00

Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years in Australia’s Queensland state disrupted output from the world’s biggest shipper of the fuel.
Prices may increase to between $270 and $300 a metric ton, analysts from Macquarie Group Ltd., Morgan Stanley and Daiwa Capital Markets said. Steelmills agreed to pay $225 a ton for the three months starting Jan. 1, Bank of America Merrill Lynch analysts said last month.

http://www.bloomberg.com/news/2011-01-05/coking-coal-contract-price-may-rise-33-on-australian-floods.html

2011: Year of the bank run?

2011-01-05T21:07:00.000+08:00

Irish bank deposits declined in November for the fourth straight month, the central bank said last week. Overseas deposits fled the country at their fastest pace in more than a year.

The deposit flight compounds the stress on a financial system whose massive property-lending losses already have driven the government to accept an unpopular bailout from the European Union and the International Monetary Fund.

http://finance.fortune.cnn.com/2011/01/03/2011-year-of-the-bank-run/

NIA's Top 10 Predictions for 2011

2011-01-05T14:30:00.002+08:00

The American National Inflation Association is pleased to announce its top 10 predictions for 2011.

Try this for some scary reading:

http://inflation.us/top10predictions2011.html

Nudge, nudge, wink wink... How the Government wants to change the way we think

2011-01-04T10:54:00.002+08:00

Shame, vanity, laziness and the desire to fit in are all to be used as tools of Government policy by ministers acting on the advice of a new psychology unit in Whitehall.

The first glimpse into the confidential work of the Cabinet Office's Behavioural Insight Team came on Tuesday when ministers suggested members of the public should be able to make small charitable donations when using cashpoints and their credit cards.

http://www.independent.co.uk/news/uk/politics/nudge-nudge-wink-wink-how-the-government-wants-to-change-the-way-we-think-2174655.html

$A hits new highs as equities strengthen

2011-01-04T07:49:00.002+08:00

The Australian dollar was higher this morning after a hitting new record high over the weekend as equity markets strengthen.
At 7am eastern daylight time, the local unit was trading at 101.91 US cents, up from 101.64 cents on Friday.
It was also buying 83.17 yen, 76.22 euro cents and 65.75 pence.
Since 5pm Friday, the Australian dollar reached a high of 102.53 US cents, its highest since the currency was floated in December 1983. Its lowest point since Friday was 101.64 cents.

http://www.smh.com.au/business/markets/a-hits-new-highs-as-equities-strengthen-20110104-19e3o.html

Australia Heads For Economic Crunch; Similarities Between Australian and Chinese Stock Markets; Global Property Bubble Cycles

2011-01-03T21:19:00.002+08:00

The party is over in Australia. Many anti-dollar investors and Pollyannas living down under just don't realize it yet. Nonetheless, Australia faces an economic crunch as family finances collapse under the burden of record debts, rising interest rates and utility bills.

http://globaleconomicanalysis.blogspot.com/2011/01/australia-heads-for-economic-crunch.html

The Future Is Pulled Resources – Forget State Help And The Status Quo

2011-01-03T16:42:00.002+08:00

My prediction for 2011 and in to 2012 are as follows.

With the world banking system and global economics about to collapse in the following 24 months, then we shall have to rely on each other more and more, and forget what our government and society can do for us. There is NO society or greater overall community now – There are only pockets of small groups of like minded souls regardless of colour or creed who can now work together to benefit themselves.

It is time for us all to take charge of what we want from our futures. For too long now we have believed that the “system” will provide a safety net for us all should we hit hard times? Give up this out-dated idea now! as you will only get a level of disappointment in the end!

The chances of you getting your pension in your old age have now gone completely.

The real victims in this tragedy are our children, they will not see the level of support we have grown up with and accustomed to (but not in all cases used) that we have believed we have earned (Social security, free medical help, child benefit, pensions, etc). So the upcoming generations of 20-30 year olds will suffer the most as there will be “Nothing” in the pot for them.

The chances of you getting your social benefits or your pension money whether from the government or from a private pension are now zero, despite what you have paid in to a fund over the last 20 years or so – and you should now just deal with it and move on. This money is now lost and has been stolen by the corrupt banks and finance sector!!!! You are NOT going to get it, EVER!!!

The future is in now for closed communities, whether virtual or physical, a kind of modern day “kibbutz”. Small groups of individuals will now have to come together to pull resources to see themselves through. This might be in purchasing, finance, food, child care, housing or all of the above, but the chances of your elected representatives or the banking industry extending you credit and or support to allow you to live a life of consumerism has now gone forever.

I know that my comments will upset many, but hope it will cause a “few” to think. To those of you who think 2011/12 will somehow be just the same as the last 20 years or before then good luck, I hope it works out for you. To those of you who “FEEL” that something is not right, then it’s time to start planning and make sure that you and yours are looked after going forward.

I await the “many” possible comments that this might generate!!!

The Present: On the Brink of Disaster

2010-12-31T08:59:00.004+08:00

The global economy is in crisis. Government intervention on a multi-trillion dollar scale is the only thing preventing a worldwide collapse into a new great depression.
This crisis is structural, not cyclical. At its core is the fact that global production, swollen by limitless credit denominated in fiat money, greatly exceeds the consumption that can be financed by the income of the individuals who comprise the world’s population. Governments around the world are borrowing, printing and spending on an unprecedented scale to absorb the global excess capacity (and to prevent asset prices from deflating), but these measures cannot continue indefinitely. The structure of the global economy is unstable and unsustainable. A catastrophic economic breakdown may be unavoidable.
Read more: http://www.businessinsider.com/the-present-on-the-brink-of-disaster-2010-12#ixzz19e9XjgGD

China makes Skype illegal

2010-12-31T08:41:00.002+08:00

In the latest move dashing Western internet company hopes of breaking into China, it was announced that all internet phone calls were to be banned apart from those made over two state-owned networks, China Unicom and China Telecom

http://www.telegraph.co.uk/technology/internet/8231444/China-makes-Skype-illegal.html

750,000 welfare claimants 'refuse work', UK figures show

2010-12-31T08:39:00.000+08:00

Ministers said the data from the Department for Work and Pensions, suggest that over the past decade, thousands of people have attempted to “play the system” and avoid work.

The figures show that over the last decade, 744,000 people were “sanctioned” and had their benefits reduced for refusing to comply with rules meant to push them towards employment.

http://www.telegraph.co.uk/news/newstopics/politics/8231748/750000-welfare-claimants-refuse-work-figures-show.html

Wall Street Journal Aids Silver Price Suppression

2010-12-30T19:43:00.002+08:00

I'm called upon by my regular readers to refute, rebut, and rebuke this bad article on silver from the Wall Street Journal.
Price of Silver Soaring
Investor-Fueled 74% Gains Dwarf Gold; Race to Open MinesBy CAROLYN CUI And ROBERT GUY MATTHEWS
DECEMBER 26, 2010

Regarding (RE) the WSJ comment: "unexpected surge in investor demand."
Really? Unexpected, you say? But precious metals bulls have been predicting explosions in the price for ten years based on irrefutable fundamentals and unsustainable market manipulation!

How can investor demand be unexpected when the price of precious metals has been going up continuously for ten years now since the year 2000? Don't investors like to buy things that are rising in price? Don't investors also try to predict things that will rise in price, and buy them before they really rise? Does the WSJ know anything at all about investing?
Unexpected? Really? When the numbers of silver Eagle 1 oz. coins produced by the US Mint has been increasing steadily for the past 3-4 years, up from 10 million oz. to nearly 40 million oz. this year? How can a single year's investor demand be unexpected, when its increase is already a steady trend?

http://silverstockreport.com/2010/refute-wsj.html

Italy's debt costs approach red zone

2010-12-30T14:55:00.000+08:00

Italy's borrowing costs have jumped to the highest level since the financial crisis over two years ago, raising concerns that Europe's biggest debtor may slip from the eurozone's stable core into the high-risk group on the periphery.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8230413/Italys-debt-costs-approach-red-zone.html

China preparing for armed conflict 'in every direction'

2010-12-30T14:49:00.000+08:00

China is preparing for conflict 'in every direction', the defence minister said on Wednesday in remarks that threaten to overshadow a visit to Beijing by his US counterpart next month."In the coming five years, our military will push forward preparations for military conflict in every strategic direction," said Liang Guanglie in an interview published by several state-backed newspapers in China "We may be living in peaceful times, but we can never forget war, never send the horses south or put the bayonets and guns away," Mr Liang added

http://www.telegraph.co.uk/news/worldnews/asia/china/8229789/China-preparing-for-armed-conflict-in-every-direction.html

Fed Can’t Prop Up Stock Market Forever

2010-12-30T13:44:00.000+08:00

From the very beginning of QE2, it was no secret the Federal Reserve wanted the stock market to rise. The Fed got its wish. Many people see the stock market increase of nearly 20% in a few short months as a sign things are turning around. The turnaround is really a mirage of the printing press. Even so, some pundits think the economy is on the mend. Maritime News reported last week, “It has been successful,” Peter Hooper, chief economist at Deutsche Bank Securities Inc. in New York, said of Bernanke’s policy of pumping money into the financial system, dubbed QE2. “It’s contributed to the rally in the stock market” and has “been important in reducing substantially the downside risk of deflation. Pumping money into the stock market to get stocks to go up is not the same as hiring people and making products so share prices grow. With the stubbornly high unemployment rate of 9.8% , this is just one of the dismal facts of this economy. Other gloomy indicators are the million plus foreclosures this year and next. The auto industry just had its fourth month of decline in new orders. The FDIC has shut down 157 banks so far this year, and all the banks look solvent only because of rule changes that amount to government sanctioned accounting fraud. You cannot have the banks, housing and auto sales all tanking at the same time and expect the party to last. See Full Stor Here:

http://usawatchdog.com/fed-can%E2%80%99t-prop-up-stock-market-forever/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+UsaWatchdog+%28Greg+Hunter%E2%80%99s+USAWatchdog%29

$A soars to record against $US, euro

2010-12-30T09:07:00.002+08:00

The Australian dollar's record-breaking run continued overnight, with the currency touching a fresh high against the greenback and the euro.
The dollar hit 101.95 US cents at about 11.30am eastern daylight time, the highest level since the currency was floated in the early 1980s.

http://www.smh.com.au/business/markets/a-soars-to-record-against-us-euro-20101230-19ant.html?from=smh_sb

Beijing city to raise minimum wage 21%

2010-12-30T08:52:00.002+08:00

Beijing city is to raise its minimum wage by 21 per cent next year, the second such rise in barely six months, amid rising inflationary pressure and growing concern over China’s widening wealth gap. [..]

Every province and municipality in China has announced a rise in its minimum wage this year, with increases ranging from 12 per cent to Beijing’s 41 per cent. The official measure of annual consumer price inflation in China hit 5.1 per cent in November, up from 4.4 per cent in October, with food prices jumping 11.7 per cent in November from a year earlier.

The government is worried about the disproportionate burden of rising food costs on low-income households, which spend a larger share of their income on basic necessities. It also fears that persistent price rises could stoke social unrest, as they often have in the past.

"While China’s living standards have dramatically risen over the past 30 years, the gap between rich and poor has sharply widened," Yu Yongding, an influential former adviser to China’s central bank, wrote in an editorial last week. "With the contrast between the opulent lifestyles of the rich and the slow improvement of basic living conditions for the poor fomenting social tension, a serious backlash is brewing."

Nationwide increases in minimum wages are part of the government’s plan to reduce income disparity and the Chinese economy’s heavy reliance on investment and promote greater consumption by middle- and low-income households. But with many businesses already being squeezed by rising input costs, wage increases come at a difficult time and are likely to lead to higher overall inflation.

"In just the last three months we’ve already had to raise entry-level starting wages 60 per cent just to get people to come to a job interview," said Jade Gray, CEO of Gung Ho Pizza, a Beijing-based gourmet pizza delivery service. "With rising rents, the much higher cost of ingredients and now wage inflation, many businesses in the services industries are going to find it impossible not to pass on much higher costs to consumers."

Oil Juggernaut Unleashed

2010-12-29T19:49:00.000+08:00

The prevalence of crude is undeniable. You might dabble in green-think cultism or you might drive an obnoxious monolith of a Hummer (what I like to call an “overcompensation-mobile”), but neither philosophy of consumption dares to contradict that this world runs on oil. Petroleum is used in the manufacture or shipping of almost every industrial product on the planet, and even many agricultural goods. Therefore, it behooves the public to seriously consider the ramifications of oil price and its underlying effect on the entirety of our economy. Even minor increases holding over an extended period of time cause economic reverberations that can be felt for years afterwards

http://www.zerohedge.com/article/guest-post-oil-juggernaut-unleashed

China's rare earths export cut raises trade concerns

2010-12-29T17:37:00.002+08:00

China, which produces about 97 percent of the global supply of rare earth minerals, cut its export quotas by 35 percent for the first half of 2011 versus a year ago, saying it wanted to preserve ample reserves, but warned against basing its total 2011 export quota on the first half figures.
The U.S. Trade Representative's office was "very concerned" about China's export restraints on rare earths and had raised its concerns with China, a spokeswoman said on Tuesday.

http://www.reuters.com/article/idUSTRE6BR0KX20101229?feedType=RSS&feedName=topNews

Europe’s Economic Pain Awakens Old Arguments

2010-12-29T14:54:00.000+08:00

When the treaty establishing Europe’s common currency was approved in the early 1990s, Europe’s political and business elite had high hopes that it would bind the Continent’s disparate economies and often bickering nations as never before. And as the euro made its debut in the early 2000s, there was an outpouring of support from many citizens pleased that they would no longer have to change Spanish pesetas to French francs or Dutch guilders to German marks as they crossed borders from one country to another.
But not everybody was caught up in the celebration. A noisy band of dissenters, many of them economists from outside the Continent, issued a warning: the euro was doomed to struggle, they proclaimed, maybe not immediately but certainly before long. Different countries would pursue such different economic policies, they argued, that it would ultimately place an unbearable strain on the currency and some of its members.

http://www.nytimes.com/2010/12/29/business/global/29euro.html?src=busln

Gold price to continue rally in 2011

2010-12-29T14:42:00.003+08:00

The gold price is likely to continue rallying into next year as investors seek an alternative reserve currency to the US dollar.
Most analysts expect the precious metal's value will rise moderately in 2011 after punching through a record $US1430 per ounce in late 2010 on continued weakness in the greenback, which shows no sign of abating.
UBS has forecast a 2011 gold price of $US1550 and Morningstar expects it will stay at about $US1400 while Ord Minnett senior resources analyst Peter Arden has tipped $US1450 to $US1500.

http://www.smh.com.au/business/markets/gold-price-to-continue-rally-in-2011-20101229-199xg.html

Pimco says 'untenable' policies will lead to eurozone break-up

2010-12-28T10:35:00.000+08:00

Andrew Bosomworth, head of Pimco's portfolio management in Europe, said current policies are untenable in the absence of fiscal union and will lead to a break-up of the euro.

"Greece, Ireland and Portugal cannot get back on their feet without either their own currency or large transfer payments," he told German newspaper Die Welt.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8215358/Pimco-says-untenable-policies-will-lead-to-eurozone-break-up.html

China's food crisis spells end of record highs

2010-12-28T10:19:00.002+08:00

Rampant food price inflation – of more than 10pc last month – is causing extreme concern and radical action from the Chinese authorities while the world's political and economic attention has been on Ireland, Spain and Portugal.

This appears to be the discouraging investors from piling into the alternative asset class of commodities for all their nervousness about European sovereign debt.

http://www.telegraph.co.uk/finance/economics/8166298/Chinas-food-crisis-spells-end-of-record-highs.html

China interest rate rise to hit miners, global commodities

2010-12-28T10:18:00.000+08:00

Chinese Premier Wen Jiabao said on Sunday he had “confidence” that the measures will dampen the economy, which has seen inflation jump to the highest level in two years.

The People’s Bank of China increased interest rates by 25 basis points to 5.81pc on Christmas day, spurred by fears of social unrest over high food prices.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8226150/China-interest-rate-rise-to-hit-miners-global-commodities.html

Hormone beef off the shelves at Coles in 2011 - ABOUT TIME!!!!

2010-12-27T16:31:00.001+08:00

BEEF pumped with growth hormones will be banned by supermarket giant Coles from New Year's Day in an Australian first, sending shock waves through the meat industry.
Industry experts predict higher beef prices as more customers demand hormone-free meat, which makes up about half of all beef sold in Australia.

http://www.perthnow.com.au/business/news/hormone-beef-off-the-shelves-at-coles-in-2011/story-e6frg2qu-1225976597767

How long does it take a cop to kill an innocent man? 8 seconds

2010-12-27T16:24:00.001+08:00

Here’s the just-released, 17-minute video taken from the dashboard camera of Seattle Police Officer Ian Birk’s patrol car before, during, and after he fatally shot John T. Williams:
Just after 1:00 minute, the video shows Williams shuffling across the street—carrying a board and minding his own business—in front of Birk’s squad car. Birk jumps out and yells, “Hey, put the knife down.” Then Birk follows Williams out of the frame. After two more commands (audible while the men are off screen) there are shots fired that killed Williams. A woman is also shown crossing the street who appears to witness the whole thing from maybe 20 feet away.

http://www.infowars.com/how-long-does-it-take-a-cop-to-kill-an-innocent-man-8-seconds/

Banks saved Australia says NAB boss Michael Chaney - Yeah Right!!!

2010-12-27T11:48:00.001+08:00

NAB was the biggest user of the FEDS emergency facility among local banks, borrowing $US4.5 billion from the US central bank. NAB, which operates a small US bank, turned to the Fed three times as the crisis intensified. Surprise then that NAB made a profit this year of $4.5billion

HEADLINE SHOULD READ: "FED SAVES AUSTRALIA BY PRINTING MONEY FOR NAB"

Read The Banks Propaganda Here

China rate hike weighs on Aussie, commodities

2010-12-27T11:18:00.002+08:00

(Reuters) - The Australian dollar and commodity prices slid on Monday following an interest rate hike by China's central bank over the Christmas weekend, but volumes were light due to holidays in the final week of 2010.

http://www.reuters.com/article/idUSTRE69K04L20101227

The UK inflation genie is out of the bottle

2010-12-27T10:51:00.000+08:00

the UK is in for a difficult 2011, This article paints a very grim picture.

http://www.telegraph.co.uk/finance/comment/liamhalligan/8224342/The-UK-inflation-genie-is-out-of-the-bottle.html

China raises interest rates on Christmas Day

2010-12-26T08:47:00.000+08:00

The People's Bank of China said in a brief one-line statement that it will raise the one-year lending and deposit rates by 25 basis points each. The move takes the rates to 5.81pc and 2.75pc respectively from Sunday.

Full Story Here

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8225044/China-raises-interest-rates-on-Christmas-Day.html

My Blackberry Is Not Working

2010-12-26T08:37:00.000+08:00

Classic, must see video

Yet Another Country Printing Money To Get Out The ****

2010-12-26T08:34:00.001+08:00

Japan agrees record 92.4 trillion yen draft budget,

The Japanese government has approved a record level of spending of 92.4 trillion yen ($1.1tn; £711bn) for the next financial year.The cabinet agreed the draft budget, which must still be approved by parliament before 31 March.Japan's economy has suffered from deflation, a high yen that hurts exports, weak domestic demand and poor consumer confidence.The budget is aimed at boosting the economy, but adds to public debt. And some analysts have said the programme was unlikely to offer a big economic boost.

http://www.bbc.co.uk/news/business-12074304

House Prices Predicted To fall By 90% In Canada! Yes You Heard Right 90%

2010-12-24T08:32:00.001+08:00

Our economies run on credit, it's their lifeblood. Take it away, and they will stop running. Not altogether, but to a very large extent. Shipping letters of credit are getting harder to procure; the Baltic Dry Index is once more tumbling as we speak. Nearly everything you find in your stores is bought with credit; if storeowners would have to pay in advance for what they haven't sold yet, they wouldn't be able to.

See Full Story Here

http://theautomaticearth.blogspot.com/2010/12/december-23-2010-about-that-90-drop-in.html

Aussie Luck Could Be Running Out!

2010-12-24T08:21:00.001+08:00

The "Lucky Country" might now be running out of luck. Read this interesting article from the US about Australias economy and how it could be on the slide.

http://www.zerohedge.com/article/john-taylor-says-play-coming-end-global-reliquification-shorting-australia

Drugging Our Children: Side Effects & Death

2010-12-24T07:58:00.000+08:00

We need to wake up to the effects of prescription drugs, watch this video it's a must see.

Quantitative Easing Explained

2010-12-23T21:07:00.002+08:00

This video is superb if you want to know what QE is all about!!!

Why Do Aliens Visit NZ?

2010-12-23T20:12:00.000+08:00

NZ has become the latest hot bed of UFO news, but WHY?

The Risk Of Prescription Drugs

2010-12-23T16:55:00.002+08:00

Just read this book, found out that 2 of the drugs my Doctor has put me on are listed as TOXIC and are in the process of being removed in the US, WHO can you trust these days when it comes to your health?

Few people realise that prescription drugs have become a leading cause of death, disease, and disability. Adverse drug reaction is now the No 4 Killer in the US

See Link Below

http://cup.columbia.edu/book/978-0-231-14692-0/the-risks-of-prescription-drugs

RAF cuts 'worry' senior commander

2010-12-23T16:28:00.000+08:00

A senior Royal Air Force commander has said the prospect of a reduction in the number of UK fast jet squadrons "worries the hell" out of him

http://www.defencemanagement.com/news_story.asp?id=15045

Jailed counterfeiters aren't a patch on the Bank of England

2010-12-23T14:05:00.000+08:00

You may have missed an intriguing case at Leeds Crown Court last week. It ended with four men being jailed for a remarkable counterfeiting operation. The gang’s plan was to print more than £5 million and flood the country with fake currency. Sentencing them, the judge acknowledged that their sophisticated scheme had produced high-quality notes on a commercial scale. He explained that long custodial terms were appropriate because the offences undermined confidence in the economic system and could have “caused a lot of people to lose their money” (forged £20 notes were trading for just £2).

full story here
http://www.telegraph.co.uk/finance/comment/jeffrandall/8147849/Jailed-counterfeiters-arent-a-patch-on-the-Bank-of-England.html

A quick guide to why SILVER might be the next GOLD

2010-12-23T13:45:00.002+08:00

Bank Of America In Firing Line

2010-12-23T09:45:00.000+08:00

Good old Max Keiser Gives it to BOA, classic