Hope you enjoy the new site.

rno

LOL! I’ve often suspected as much! 🙂

Yawn. More fiat backed by nothing is doomed to failure IMHO.

BRICS Announce $100 Billion Reserve To Bypass Fed, Developed World Central Banks

Submitted by Tyler Durden on 07/15/2014 14:38 -0400

As we suggested last night, the anti-dollar alliance among the BRICS has successfully created a so-called “mini-IMF” since the BRICS are clearly furious with the IMF as it stands currently: this is what the world’s developing nations just said on this topic “We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF’s legitimacy, credibility and effectiveness.”

http://www.zerohedge.com/news/2014-07-15/brics-announce-100-billion-reserve-bypass-fed-developed-world-central-banks#comment-4960732

 

as it should have after such a dismal report. INTC reported blowout earnings mostly the result of wonderful stock buybacks. This market is going to look really ugly when these companies resume issuing more shares. Just sayin’.

but be very careful about who you claim to be your friends, unfortunately all us diehards know Wanka all too well. 🙂

Glad to have you with us despite your association with Wanka! 🙂

Just kidding of course, Wanka is da man around these parts. 🙂

BRICS Announce $100 Billion Reserve To Bypass Fed, Developed World Central Banks

Tyler Durden’s pictureSubmitted by Tyler Durden on 07/15/2014 14:38 -0400

As we suggested last night, the anti-dollar alliance among the BRICS has successfully created a so-called “mini-IMF” since the BRICS are clearly furious with the IMF as it stands currently: this is what the world’s developing nations just said on this topic “We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF’s legitimacy, credibility and effectiveness.”

As Putin explains, this is part of “a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies.” Initial capital for the BRICS Bank will be $50 Billion – paid in equal share among the 5 members (with a contingent reserve up to $100 Billion) and will see India as the first President. The BRICS Bank will be based in Shanghai and chaired by Russia. Simply put, as Sovereign Man’s Simon Black warns, “when you see this happen, you’ll know it’s game over for the dollar…. I give it 2-3 years.”

•BRICS MINISTERS SIGN DEVELOPMENT BANK AGREEMENT
•INITIAL SUBSCRIBED CAPITAL OF BRICS BANK IS $50 BLN: STATEMENT
A quick take on existing monetary policy.

•MONETARY POLICY MUST BE CAREFULLY CALIBRATED: BRICS STATEMENT
The punchline, however, is that using bilateral swaps, the BRICS are effectively disintermediating themselves from a Fed and other “developed world” central-bank dominated world and will provide their own funding.

We are pleased to announce the signing of the Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion. This arrangement will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements…. The Agreement is a framework for the provision of liquidity through currency swaps in response to actual or potential short-term balance of payments pressures.

Incidentally, the role of the dollar in such a world is, well, nil.

more

Imagine what would happen to a pm stock if they missed on revenues and EPS?

Crocodile Gold reported increased production and was slammed for a 15% loss. Unbelievable.

Any friend of Wanka’s is a friend of mine.

welcome, if you’re the same guy I remember you had some good thoughts on pm’s. I wish I could remember the forum I used to post on. Easily 7-8 yrs ago. Were you ever from the CA. area?

BTW – I used to post on another board years ago and there was a guy with the “Dutch” handle. I think he was from CA.

Are you the same guy?

We hit the downside rail on you 60 minute HUI chart. So far we’ve held but I’m not sure it will hold if we hit it again. 🙁

Seems like pm’s pretty much always have 3 waterfall declines. It could be worse I guess, we could be in oil.

The weakness in commodities is a little disconcerting.

UGH

Spoke too soon, hammer down ……. again

Winedoc

yeah, especially when it’s in front of the bought and paid for Senate. There’ll be no hard questions, just praise and honor.

giving the Humphrey Hawkins today if I remember correctly. Generally not good for us, OTOH, we rallied after the last Fed meeting so ya never know. She could say something wildly dovish.

Hope you’re right about the backtest. At least we’re not getting a second day waterfall down. Maybe there’s hope.

Welcome to the Oasis! 🙂

Hope yesterdays plunge was just a backtest of sorts and we break out soon

Winedoc

Winedoc is glad to be serving  up coffee  at the Oasis.

I have contributed to every single fundraiser at “the old site”, so I was disappointed to hear how the funds were being used

Cheers to all new members

Winedoc