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Derivatives are financial instruments whose values depend on the value of other underlying financial instruments. The main types of derivatives are futures, forwards, options and swaps. The main use of derivatives is to reduce risk for one party. The diverse range of potential underlying assets and pay-off alternatives leads to a wide range of derivatives contracts available to be traded in the market. Derivatives can be based on different types of assets such as commodities, equities (stocks), residential mortgages, commercial real estate loans, bonds, interest rates, exchange rates, or indices (such as a stock market index, consumer price index (CPI) — see inflation derivatives — or even an index of weather conditions, or other derivatives). Credit derivatives have become an increasingly large part of the derivative market. So, derivatives come in many flavors.
Gold Market Illusion, Confusion and Conclusion Over the past year, Jim Rickards has been promoted as a high profile personality on both internet and television business media. In particular he has been portrayed as an expert on a variety of matters and specifically in the gold market. In case you forget who Jim Rickards is – he was the legal counsel for failed Long Term Capital Management Inc. Here are a few highlights of the latest Jim Rickards interview at: Jim Rickards lays out a plan to commandeer Germany’s and all foreign depositors of sovereign gold at the New York Fed as currency wars heat up and the ‘nuclear option’ of hoarding and raising the price of Gold is contemplated by an embattled Fed as a way to force down the exchange value of the US dollar. At “KingWorldNews.com“, Eric King published today an interview with James G. Rickards regarding present and future developments in the gold market. Rickards is a writer, lawyer and economist with over 30 years experience in global capital markets.
He is Senior Managing Director at Omnis, Inc., a consulting firm in McLean, VA and is the leading practitioner at the intersection of global capital markets and national security. In the interview, Mr. Rickards states “that the U.S. Is the Saudi Arabia of gold.” The Private Federal Reserve: Connecting Dots First reported by Dawn Kopecki back in 2006 when she reported in BusinessWeek Online in a piece titled, “President George W. Bush has bestowed on his then intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye.” What this means folks, if institutions like J.P. Morgan and others that are deemed to be integral to U.S.
National Security could be “legally” excused from reporting their true financial condition. THE FEDERAL RESERVE is SELLING PAPER GOLD and BUYING PHYSICAL GOLD the good ole ‘American way’ – through proxies A couple of weeks ago, I pitched an idea to some associates of mine who are involved in SERIOUS tonnage PRECIOUS METALS procurement – physical metal only – let’s just say HUGE money. I asked them if they would be interested in purchasing an “option” – cash up front - for the exclusive rights first right of refusal on off-take of a gold producer miner for a set number of ounces for 3 – 5 years “at the market” – using LBMA pricing a.m. Fixes in the future. The answer I got back from my associates was “show us a terms sheet, we definitely have interest”. Important News Re: Physical Bullion A couple of weeks ago, I pitched an idea to some associates of mine who are involved in SERIOUS tonnage PRECIOUS METALS procurement – physical metal only – let’s just say HUGE money.
I asked them if they would be interested in purchasing an “option” – cash up front - for the exclusive rights first right of refusal on off-take of a gold producer miner for a set number of ounces for 3 – 5 years “at the market” – using LBMA pricing a.m. Fixes in the future. The answer I got back from my associates was “show us a terms sheet, we definitely have interest”. Treating Symptoms, Ignoring the Root Cause Anyone who reads a newspaper, speaks with their family or associates or has tuned into mainstream financial television over the past 3 years is acutely aware that “things” are not right. So, in a financial sense, what is it that really ails us?
The usual suspects folks routinely hear runs the gamut from burgeoning health care costs to profligate government spending/deficits to credit default swaps to high frequency trading to claims that interest rates were left too low for too long. Then there’s the “China card”. Who hasn’t heard the rhetoric about trade imbalances being the fault of the Chinese and their reluctance to allow their currency to ‘strengthen’ against its U.S. All these issues are valid and worth of health public debate. None of them explicitly deal with the root cause of our economic malaise – exactly because they are ALL symptoms of ‘the root of our real economic problem’ – THE MONEY, namely, irredeemable fiat money. The Longest Fix AKA The Rudest Rig For anyone who cares, here’s a on how the price of gold gets “fixed” in London each and every day; LONDON - The financial district known here simply as The City is a hotbed of the loyal Order of the Masons, who have a penchant for strange rituals. But Masonry has nothing to do with an odd little ceremony performed twice every day in an office at N.M.
Rothschild & Sons Ltd. Five men talk on their phones for 10 minutes or so, and then lower tiny Union Jacks sitting on their desks.
And that's it. The London gold fixings is complete. It takes place at 10:30 a.m.
And 3 p.m., like clockwork. The same ceremony has been performed the same way, in the same place, and with mostly the same firms participating since the first gold fixing was enacted at Rothschild in St. Swithin's Lane on Friday, Sept. Follow Up to Extinction of the Bond Vigilantes A couple of weeks ago I was exchanging barbs with Jim Willie, Catherine Fitts and a couple of others in a group with whom I regularly exchange private thoughts. The topic du jour was interest rates. Specifically, someone mentioned there was a proposed Federal program to give homeowners broad based interest rate relief on their mortgages.
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They felt this might bring some welcome relief. Jim Willie stated very loudly that, in his opinion, lowering interest rates would have NO EFFECT and that interest rates levels were irrelevant – stating that it’s a solvency thing. I responded to the group with this which, by the way, was the inspiration for the last article I wrote: The Extinction of the Bond Vigilantes With interest rates having been at or near zero for close to three years, a deeper look at what historically drives interest rates is in order. Specifically, it invites the questions: Historically how are interest rates determined and what should bond yields long term interest rates really be?
Historically, it is said that the Federal Reserve has the power to “mandate” or set short term interest rates through their influence over the trend setting Fed Funds sometime referred to as the Over-night or Inter-bank Rate. At the same time it is widely accepted that longer term rates are set “in the bond market” by a group of professionals known as bond vigilantes. Toronto G20 Summit: Facts and Figures The latest G20 Summit is scheduled to take place in Toronto, June 26 – 27, 2010. The event is being held at the Toronto Convention Centre – adjacent the CN Tower and the Rogers Center, home of the Toronto Blue Jays baseball team - in the city’s downtown core. Slippery Business Back in 2008 in an article titled, I documented how the U.S.
Government specifically, the Dept. Of Energy (DOE) “released” crude oil from the Strategic Petroleum reserve to help precipitate the collapse in oil prices from close to 150 dollars per barrel: Un-Graceful Exit or Revolving Door? Back on April 5, 2010 in an article titled, Un-Graceful Exits, we juxtaposed the “vertical” growth of the monetary base against the “collapsing” monetary aggregate known as M3. Spinout at Government Motors Is there anyone who hasn’t noticed the television advertising blitz begun by G.M. Over the past week – how they’ve repaid all of their government loans? That’s right folks – Ed Whitacre – Government Motors’ Chairman turned pitchman has taken to the airwaves in both Canada and the United States boldly announcing that his beleaguered company had repaid ALL OF THEIR LOANS five years ahead of schedule, with interest!
Admissions and Denial Last week Robert Shiller appeared on Bloomberg News and made a proclamation that there was a ’50 – 50’ Chance of another slump in the housing market. You can watch the interview. It is interesting that Bloomberg would pick this Shiller nugget up and report it as “news” when one stops to consider this April 8, 2010 article: Big Banks Prepare for Major Rise in Foreclosures Ending 2010 by JON PRIOR Two major banks are expecting major increases in foreclosures, by the end of 2010.
According to the, Bank of America (BAC: 19.48 +0.41%), which currently forecloses on 7,500 homes every month will see that number rise to 45,000 by December 2010 as one senior executive pointed out at a recent trade show. However, a spokesman for BofA told HousingWire, he could not confirm the numbers and they do not reflect a public position of the bank. Un-Graceful Exits On March 25th, 2010 Federal Reserve Chairman Ben Bernanke gave testimony before the House Committee on Financial Services regarding the Fed’s “Exit Strategy”. Here is a brief summary of Mr.
Bernanke’s testimony: “Broadly speaking, the Federal Reserve’s response to the crisis and the recession can be divided into two parts. First, our financial system during the past 2-1/2 years experienced periods of intense panic and dysfunction, during which private short-term funding became difficult or impossible to obtain for many borrowers. The pulling back of private liquidity at times threatened the stability of financial institutions and markets and severely disrupted normal channels of credit. In its role as liquidity provider of last resort, the Federal Reserve developed a number of programs to provide well-secured, mostly short-term credit to the financial system. These programs, which imposed no cost on taxpayers, were a critical part of the government’s efforts to stabilize the financial system and restart the flow of credit to American families and businesses.
To link to this poem, put the URL below into your page: Song of Myself by Walt Whitman Walt Whitman: Song of Myself The DayPoems Poetry Collection, editor Click to submit poems to DayPoems, comment on DayPoems or a poem within, comment on other poetry sites, update links, or simply get in touch. Poetry Whirl Indexes Poetry Places Nodes powered by Open Directory Project at dmoz.org DayPoems Favorites, a huge collection of books as text, produced as a volunteer enterprise starting in 1990. This is the source of the first poetry placed on DayPoems., exactly what the title says, and well worth reading.: 'If a guy somewhere in Asia makes a blog and no one reads it, does it really exist?' , miniature, minimalist-inspired sculptures created from industrial cereamics, an art project at Lewis and Clark College in Portland, Oregon., More projects from Portland, Furby, Eliza, MrFriss and MissFriss., a Portland, Oregon, exhibit, Aug. 5, 2004, at Disjecta. D a y P o e m s. D a y P o e m s.
D a y P o e m s. D a y P o e m s. D a y P o e m s. D a y P o e m s. D a y P o e m s Won't you help support DayPoems? Song of Myself By 1819-1892 1 I celebrate myself, and sing myself, And what I assume you shall assume, For every atom belonging to me as good belongs to you. I loafe and invite my soul, I lean and loafe at my ease observing a spear of summer grass.
My tongue, every atom of my blood, form'd from this soil, this air, Born here of parents born here from parents the same, and their parents the same, I, now thirty-seven years old in perfect health begin, Hoping to cease not till death. Creeds and schools in abeyance, Retiring back a while sufficed at what they are, but never forgotten, I harbor for good or bad, I permit to speak at every hazard, Nature without check with original energy. 2 Houses and rooms are full of perfumes, the shelves are crowded with perfumes, I breathe the fragrance myself and know it and like it, The distillation would intoxicate me also, but I shall not let it. The atmosphere is not a perfume, it has no taste of the distillation, it is odorless, It is for my mouth forever, I am in love with it, I will go to the bank by the wood and become undisguised and naked, I am mad for it to be in contact with me.