World War III is close.
It was only a month ago when we learned that JPM was planning to exit the physical commodity business, and today we know that the firm is set on disposing of its one crowning asset in the commercial gold vaulting industry. This begs the question: is JPM set to fully and completely exit the precious metals vertical which it inherited when it was handed Bear Stearns on a $10 platter (together with the now defunct firm's legacy short positions)? If so, is it also in the process of unwinding any and all legacy precious metals exposure including rumored "whale-sized" shorts in the paper silver and/or gold axes, and what happens to the price of silver and gold when a massive stock position becomes "flow" in the other direction (i.e., short covering)?
The Destruction of America's Middle Class - video in under 7 minutes ~ link ~ While hardly news to frequent visitors, especially those who recall the following list, anyone who needs a 7 minute refresher into why the US middle class is on collision course with extinction is urged to watch the following brief video which highlights all the salient facts such as:
- 76% of Americans live paycheck to paycheck
- 27% of American have no savings at all
- 46% of Americans have less than $800 in savings
- The conversion of America into a part-time working society and the country's second largest employer - a temp agency.
- The college trap and the student loan bubble
- And of course, foodstamps, foodstamps, foodstamps and the nearly 50 million poverty-level Americans who need them to survive
With thousands already affected, the flooding in Russia’s Far East is expected to reach its peak next week as emergency workers and local residents step up efforts to tackle the disaster, officials said on Saturday.