hollandecheekFrancois Hollande: viewing news with tongue in cheek

Glitches, Gold and Gaul: the truth will out

“I’ve been monitoring this for some time,” a NYSE contact told me last Monday, “and just about the only time these electronic glitches occur is when the market looks ready to choke.”

Now today a Greek contact sends me a guest piece at Paul Craig Roberts: note the uncanny resemblance:

‘Every time the S&P 500/Dow are in a free-fall, one of the big HFT electronic commications networks (ECNs) mysteriously “breaks”…today the S&P 500 was down 16 points and falling quickly. Then the BATS ECN announced that it had to suspend trading in all of its trade routing systems to the NYSE. It just so happens that BATS is one of the largest, if not the largest, electronic communication networks in the world. This happens every time the stock market goes into cliff-dive mode. How come it NEVER happens when the S&P 500 is going parabolic to the upside?’

A few years back, this would’ve been dismissed as conspiracy NVE drivel, but not today: being prepared to report these things in 2015 is no longer the ‘pilots won’t report UFOs’ thing: after Libor, the RBS repossession scam – and some pretty crude gold manipulation – even the fans of bourse monopolism accept that the unmentionable solids come in all the sizes, all the shapes, and profusion down there in the deep liquidity pools of light-speed trading.

Talking of gold, I posted recently about gold continuing its steady value destruction process. Yesterday afternoon it challenged $1200 a couple of times. This morning at 8.00am and 11.35am CET it tested the same level again. In the context of current events, this is so ludicrously counterintuitive, it would be funny if lots of not that wealthy retired folks weren’t getting so monumentally screwed.

But some fundamentals simply can’t be ignored forever. Today, the French government released statistics showing that the country has a quite astonishing level of unemployment: 10.4%. At this rate, France will soon be applying for official membership of ClubMed. The French press have used the term “highest for 17 years”, but even this is putting a brave face on it: it’s 17 years since new and incomparable records began to measure ‘real’ French unemployment. The chances are this is the hexagon’s worst set of figures since the late 1940s.

Yesterday at The Slog: World in shock as Cameron doesn’t give job to shady banker


  1. Another reason why Crash2 is eluding us. They are not about to let that happen again, if for no other reason than stopping a twat like Broon from saying we ‘Saved the World’.
    Now, the SFO is launching an investigation into the BoE’s auctions amid rigging fears. If they find any evidence they will destroy it no doubt. Same old same old. It’s all a rigged game.


  2. kfc,
    “That which cannot continue, won’t”.

    There was a time when the Berlin Wall was going to be there forever.



  3. I don’t doubt that it can’t continue, nothing lasts forever but, we might have a different opinion on timescales. I now believe that it will all evolve into something entirely different from what we are experiencing now but, without the ‘crash’.


  4. ” if for no other reason than stopping a twat like Broon from saying we ‘Saved the World’.” Much as he was a twat, is it possible he did actually save the known universe at that time?


  5. Even the mainstream press is dropping hints now. Yesterday in The Telegraph Jeremy Warner wrote that only a mass default on debt will sort out the world’s economies.


  6. A mass default of debt and then a proper accounting for externalities:

    Everyone on the planet is getting poorer every day because the natural resources we have used for “free” for so long are now declining at measurable, increasing rates and the pollution and waste we generate is costing more and more to deal with. Externalities matter, ignoring them doesn’t make them go away.

    Collapse Now (and avoid the rush!!)


  7. This wont appear in the mainstream media:

    Gold is being suppressed to preserve the value of the almighty $ petrodollar.

    Libya, Iraq, Ukraine are invaded, a Central bank is established, gold reserves are stolen & used to make delivery of solid rather than paper gold, when such is demanded.

    The banksters are going shit or bust for a chip implanted currency, of course having put aside some of the shiny yellow stuff for themselves, just in case. :)


  8. Cheer up, and Francois as well. It is estimated that during the nineteenth century the ‘ENSO’ –El Nino Southern Oscillation — wreaked more death, destruction and famine than several world wars by visitations which saw several of the massive Asian monsoons utterly collapse. No one had any bloody idea of what was causing it till well into the 20th century. President Grant, freshly retired and on a world tour with his wife, saw much of it first hand. He suggested railroads as remedy, by which in America famines could easily be overcome, except in the case, he said, of a general famine.


  9. That’s a new one on me, KFC. Got a reference?
    What I had in mind was this:
    Or, put in search box: AAron Russo, exposes the Rockefeller’s

    This is a 10 minute excerpt from the full 1 hr 10 min interview.
    It refers to FRID chips implanted in humans, as money, 9/11, women,s lib, bankster’s world domination plan & more.


  10. You might recall a few years back there was a major heist, I think it might have been in Belgium or Holland, they robbed a vehicle carrying cash, took all the other currencies other than the hundreds of thousand of Euros and Dollars. The left that cash for good reason and it wasn’t that they didn’t have plenty of time.


  11. Interesting link, Rowan. I particularly liked the invitation to ’embiggen’ underneath the microcharts. Not sure if that neologism is entirely cromulent, or if someone just has an enlarged sense of humour..


  12. Pingback: John Ward – Gold Still Testing $1200 As New York Traders Start Losing Faith In ‘Glitches’, And French Unemployment Hits 10.4% – 5 March 2015 | Lucas 2012 Infos

  13. Good point Rowan, and not made often enough. Just today China has announced that they cannot continue to poison their environment just to produce growth of 9+% and must instead settle for less and take better care of their natural resources. We have simply exported the pollution and CO2 production to China, in doing so we ruined our economy and their eco system. The reckoning will be severe.


  14. The price of gold ,historically, has tended to rise when crude oil goes up. Or, when Russia invades a neutral country like Afghanistan. Both Brent and WTI are going down this summer, and unless Vlad has a swing at the Baltic members of NATO, you can expect that investing in gold will remain a dismal investment, as it has been since 1979.. You may have noticed that Stanchart maintained their dividend and denied the need to have a rights issue,. A bid from JPM in the autumn is coming.


  15. China’s growth rate is slowing as it approaches middle income levels and demand in some of it’s markets slackens. Li’s setting of a 7% target would appear to be pragmatic rather than altruistic. It’s going to take more than persuasion based on environmental considerations to raise the consciousness of those driving the global juggernaut, much as we might wish otherwise.


  16. Think the French unemployment @ 10.4% is probably similar to ours minus our politician’s fiddles , such as getting people to register as self employed , or disabled ( that gets rid of 2 you and your registered minder ) , getting ATOS etc to drive them to kill themselves, driving anyone with a market-able skill abroad, stopping job seekers via sanctions hence not being included in figures, etc etc.
    But never mind we had Mr Alexander on BBC Scotland tonight telling us how he brought about our economic miracle, in spite of Osborne’s efforts, you could not make it up.


  17. Here’s a chap with as low an opinion of Draghi as JW.

    David Stockman was a contemporary of Paul Craig Roberts in the Reagan Treasury, & seems to know his onions.
    Deranged, villain & crank are some of the adjectives used, re Draghi.


  18. Ha, ha .. ‘pilots won’t report UFOs’ thing: after Libor, the RBS repossession scam – and some pretty crude gold manipulation.

    Funniest news I read all week (front page of FT) is that Barclays / RBS were pulling out of investment banking to be replaced by ??? JPMorgan … = the fed if you control that then the rest it trivial along the lines you just print what you want.

    This dollar reserve currency owns everything and like the Greeks and the euro, if you are not prepared to give it up then you become its slave.


  19. China has excess CO2 ?

    Send it down under and we , with our irreducibly pluvial climate ,will turn it into food for Asia.
    As long as air and rainfall are free , that is.


  20. The Euro has killed the French economy . What happened in Spain and Italy is happening in France albeit at a slower pace . Car production has halved since the introduction of the Euro ( same for Italy ) . Iran now produces more cars than Italy does .As long as France stays in the Euro unemployment will rise .. just look at any econmic statistic pre 200 and post 2000 .Its actually ‘brutal’ as the Germans say . And don(t forget the real level of unemployment is rigged here ( France ) too , lots of non -jobs included in the job numbers . And yet prices of basic goods are still 25/30 pct higher than in Germany .


  21. At this stage, I don’t see how leaving the euro would particularly help France. Interest rates are down to nothing (or less) and the euro has lost more than 20% to the dollar and other currencies in recent months, so there’s no problem exporting outside the eurozone. Compared to Germany (France’s no. 1 export nation), their labour rates are low anyway so leaving the euro would just saddle them with (even more) unpayable debt.


  22. Pingback: John Ward – Greece: Is This The Syriza Game Plan? – 6 March 2015 | Lucas 2012 Infos

  23. If Greenspam had done his job in 2003, we wouldn’t be in this mess today. And I didn’t get where I am today by not knowing why we’re in this mess today.


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