Withering Wednesday

Well, we survived another, full-on EE Wednesday beatdown. Lots of new paper metal created from whole cloth today by Blythe and The Monkeys but, as you can see below, 1325 continues to provide solid support and the gold chart is forming a beautiful base form which it will start its inexorable climb to $1600 by 6/10/10.

Silver, too, performed admirably in the face of the EE attack. It is actually trending higher while Blythe and her minions are selling which only goes to show just how solid the underlying fundamentals are.

I understand that many of you are dealing with some harsh, winter weather today. If you are snowbound, you might appreciate some fine reading/discussion material to help you pass the time. First up, ponder this. I received this note from one of my favorite "turdlings". He is a longtime member of the U.S. military which means he qualifies for some serious, government-sponsored retirement "benefits". Some of you may be in the same boat as public sector employees. The "Colonel" makes some interesting points:


"All pension funds today are ponzi schemes, anybody still putting $$ in them is an idiot, in my opinion. You know they are just funding immediate liabilities on the short term before they are bankrupt and changing laws to continue their life, at a steep discount I might add... That said, I will tell you what I did and maybe if you feel it is of merit then you can share with others. It is not new or illegal!

The largest  pension fund in the world, which makes it the largest underfunded one as well is the TSP/gov't one, which I belong to. The gov't is adding more jobs so they can rob employees to pay their un-funded obligations and seduce the new employees with a "MATCHING"contribution, yeah right, that is BS. You put your money in there so they can rob it and they put nothing in and give you a statement each month that says you have x# of $$. Bull Shit!

Here's what I did and advised all my friends to do in state/gov't pensions. Your feedback from turdites claim "I wish I could buy more bullion". We know JPM uses gov't $$ from us, bastards- to do the same thing. OK, just fiat $$ but we can f-them and do the same. I suggest, and I did this, to tell all gov't/civilian employees to liquidate as much of their pension as they can as a  personal loan. I can take 50% of my TSP; and I did at 3%. I bought eagles by the 500 case, it has almost doubled. I pay my acct back @ 3%. BTW I am giving Uncle Sam his $$, not mine. I know this may x-the line as financial advice so defer to your expertise. But let's use our inflated profits to do what those assholes are doing without cashing out  needed cash to profit from this situation. BTW, Egypt is lost, F-it, prepare for doomsday. Just a thought for some of your readers who probably have a huge worthless pension nest egg and will watch it disappear in a couple of years. Do what you can ... I did. Colonel."


Next, I've received quite a few emails asking which other blogs I read. No, I don't read FOFOA, though maybe I should, and I don't follow any TA-oriented blogs, either. I do, however, think that the following are worth your time and effort to check on a regular basis:

Of, course, there's Santa:
http://174.133.72.211/
And Harvey:
http://harveyorgan.blogspot.com/
But there's also Gonzalo Lira:
http://gonzalolira.blogspot.com/
And Max Keiser is kind of fun:
http://maxkeiser.com/
My old ZH friend, Mr Jimi Lennon Hendrix always has some valid opinions:
http://lhmarketwatch.blogspot.com/
And I'll be checking the new silvergoldsilver blog quite often, too.
http://silvergoldsilver.blogspot.com/

That's it for now. Beware a EE sneak attack on the Globex today as Blythe is surely getting desperate. Maybe Ruprecht needs to scrape her bunions again soon.


And this is interesting:
http://www.debka.com/article/20623/

As is this, from Joel Rosenberg:

The Obama administration is playing with gasoline near an open flame. As lawlessness and violence continues to spread through Cairo and other cities, senior White House and State Department officials are inexplicably indicating that they are now interested in welcoming the Muslim Brotherhood and other “non-secular” groups into whatever new government is created once Hosni Mubarak leaves office, as he has indicated he is now willing to do. Note: As of 2pm eastern Wednesday, 1 Egyptian had died and at least 600 were wounded in violent clashes in Cairo.

• The Los Angeles Times reports, “The Obama administration said for the first time that it supports a role for groups such as the Muslim Brotherhood, a banned Islamist organization, in a reformed Egyptian government…..White House spokesman Robert Gibbs said that a reformed government ‘has to include a whole host of important nonsecular actors that give Egypt a strong chance to continue to be [a] stable and reliable partner.’”
• The New York Times reports: “White House staff members ‘made clear that they did not rule out engagement with the Muslim Brotherhood as part of an orderly process,’ according to one attendee [to a meeting of Mideast experts with three officials of the National Security Council], who like others interviewed for this article spoke on condition of anonymity because he did not want to talk publicly about the meeting. The Muslim group had been suppressed by Mr. Mubarak, and Bush administration officials believed it was involved in terrorist activities. It renounced violence years ago. Several times, two other attendees said, White House staff members said that Mr. Obama believed that Egyptian politics needed to encompass ‘nonsecular’ parties: diplomatic-speak for the Muslim Brotherhood.”

Few moves could be more disastrous. Does the administration not understand who they are dealing with?

• The Muslim Brotherhood’s stated mission is as follows: “Allah is our objective. The Prophet is our leader. The Qur’an is our law. Jihad is our way. Dying in the way of Allah is our highest hope.”
• According to a blue-ribbon group of national security experts that include former CIA Director James Woolsey, former Delta Force commander Lt-Gen (ret) Jerry Boykin, and former Defense Dept. official Frank Gaffney, a group convened by the Center for Security Policy and called ”Team B-II”: “The Muslim Brotherhood was founded in Egypt in 1928. Its express purpose was two-fold: (1) to implement shariah worldwide, and (2) to re-establish the global Islamic State (caliphate).  Therefore, al Qaeda and the MB have the same objectives.  They differ only in the timing and tactics involved in realizing them.”
• Former Brotherhood Supreme Guide Muhammad Akef declared in 2004 his “complete faith that Islam will invade Europe and America.” In 2001, the Muslim Brotherhood’s publication in London, Risalat al-Ikhwan, featured at the top of its cover page the slogan: “Our Mission: World Domination.” This header was changed after 9/11.

Meanwhile, Mohammed ElBaradei continues to prove he is a wolf in sheep’s clothing by continuing to deny that the Muslim Brotherhood is an extremist Radical group intent on building an Islamic caliphate. Instead, he says they are a peaceful group and should be included in national politics in Egypt just like evangelical Christians are including in the U.s. and Orthodox Jews in Israel. In an interview picked up by Politics Daily, ElBaradei “said the Muslim Brotherhood, which had the largest organized opposition to the government, did not pose the threat of turning Egypt into another Iran. ‘This is totally bogus,’ ElBaradei said. ‘They are no way extremists. They are no way using violence. They are not a majority of the Egyptian people. They will not be more than maybe 20 percent of the Egyptian people. You have to include them like, you know, new evangelicals, you know, groups in the U.S., like the orthodox Jews in Jerusalem.’


Turd out.