Geithner to Move Forward with Closing FNH/FRE To Help Bankster Kin
USA Factory Orders rise 1.1 pc
WASHINGTON (MarketWatch) – Factory orders rose 1.1% in December, the Commerce Department reported Friday. Economists polled by MarketWatch had expected a 1.4% rise. But the report was bolstered by an upward revision to November, where orders were revised to a 2.2% increase from an initially reported 1.8% rise. In December, shipments rose 0.7%, the biggest gain since July and the seventh consecutive monthly increase. Unfilled orders rose 1.4% in December, the largest gain since March 2008. Inventories increased a slim 0.1%. Durable goods rose 3.0% in December, unrevised from the initial estimate last week. Nondurable goods orders fell 0.4% in the month. Orders for capital goods excluding aircraft and defense, so-called “core” capital equipment, rose 3.1% in December, and were up 10% in the past year. Shipments of core capital equipment, a key component of investment in the gross domestic product calculations, rose 3.1% in December, and were up 9.1% compared with a year earlier. There are already signs that the strength in the factory sector is continuing into 2012. The Institute for Supply Management reported earlier this week that its gauge of manufacturing activity expanded to 54.1 in January, the fastest pace in seven months.
Hit Job on Gold Bugs-NYT
The ZGR does not endorse a gold standard but a tri-metal standard of gold/silver and copper along with paper certificates for redeeming such metals as to be held by the UST and to be surrendered upon demand, and allowing said paper trimetal money to be controlled by the UST to trade alongside the FRN and to nationalize the FED, then audit it and make it the Bank of the UST. Using gold alone would be foolish as RR have a corner on it.
“Hard money is a discipline,” he added. “It is very important for us to understand in finance that the entire contraption that has been built up over the last thirty or forty years has so much paper in it, so much debt, so much leverage, that we probably have a fifteen- or twenty-year period of working our way out of it. And yet, the alternative is to get sicker and sicker and sicker.”
That call may have helped him in South Carolina, where he scored a victory over Mitt Romney, but it did not do much for him in Florida, where he finished a distant second in this week’s primary. His strategy now is to present himself as the only conservative with a chance, and thereby persuade supporters of Rick Santorum and Ron Paul to unite behind him. Support for a gold standard is a major part of Mr. Paul’s platform.
Mr. Gingrich, it should be noted, did not promise to support a gold standard, only to appoint a commission. If he is serious about following Mr. Reagan’s precedent, there may be little chance of a move to gold even if Mr. Gingrich does win the Republican nomination and the November election. In office, Mr. Reagan showed no inclination to buck the collected wisdom of most economists, whether Keynesian or monetarist…
At the Congressional hearing in July, Mr. Paul pointed out that the gold price had doubled over the previous three years. “When you wake up in the morning,” he asked Mr. Bernanke, “do you care about the price of gold?”
“I pay attention to the price of gold,” the Fed chairman replied, “but I think it reflects a lot of things. It reflects global uncertainties. I think the reason people hold gold is as a protection against what we call tail risk — really, really bad outcomes — and to the extent that the last few years have made people more worried about the potential of a major crisis, then they have gold as a protection.”
Mr. Bernanke has a point. The price of gold in recent decades has been a reflection of the waxing and waning of fears of “really, really bad outcomes.” When the Reagan gold commission issued its report in March 1982, the economy was in a severe recession but gold cost about half what it had gone for when the 1980 Republican platform was being written. The country was regaining its confidence.
In the current cycle, gold peaked at $1,900 an ounce last fall amid worries that the American economy was headed for a double-dip recession and that the euro zone would collapse. Those fears have since receded, although gold has climbed back over $1,700 since Mr. Gingrich called for a gold commission.
You don’t have to be a conventional economist to hope that gold prices are going to decline over the next few years, just as they did after the 1980 peak.
USA Brokerages Closing Shop
A Sobering Look at Facebook
Bernanke Warns Congresss
Canada Jobless Rate Rises to 9 Month High
ISM Services Gauge Rise s to 56.8
Service industries in the U.S. expanded in January at the fastest pace in almost a year, pointing to strength in the biggest part of the economy.
The Institute for Supply Management’s non-manufacturing index rose more than forecast, to 56.8 from 53 in December, the Tempe, Arizona-based group’s data showed today. Readings above 50 signal expansion and the median forecast of 77 economists surveyed by Bloomberg News was 53.2.
A 243,000 increase in January payrolls reported earlier today signals an improving labor market that will help sustain household demand, which accounts for about 70 percent of the economy. Together with gains in manufacturing, the strength in service industries will help the U.S. mitigate the risks from Europe’s debt crisis.
“Growth continues to accelerate,” Joel Naroff, president of Naroff Economic Advisors Inc. in Holland, Pennsylvania, said before the report. “The economy is moving forward” as “economic conditions are slowly on the rise.”…
Job growth surges, jobless rate drops to 8.3 percent
Reuters) – The economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to a near three-year low of 8.3 percent, providing some measure of comfort for President Barack Obama who faces re-election in November.
Nonfarm payrolls jumped 243,000, the Labor Department said on Friday, as factory jobs grew by the most in a year. The gain in overall employment was the largest since April and outpaced economists’ expectations for a rise of only 150,000.
The report pointed to underlying strength in the economy, despite expectations that growth will slow in the first quarter.
Economists had expected the jobless rate to hold steady at 8.5 percent. The rate is the lowest since February 2009 and has dropped 0.8 percentage point since August.
The decline last month reflected large gains in employment in the separate household survey from which the unemployment rate is derived.
“It’s certainly supportive of the U.S. recovery and suggests that momentum is gathering pace,” said Brian Dolan, chief market strategist at FOREX.com in Bedminster, New York…
Canada to Sell Minority Interest in Shale Oil Project to Petrochina for Technology Transfer
Ukraine Turning Into Zionist Patsy State as MSFT Demands Popular File Sharing Site be Closed Down. Kim Dotcom , Ukranian style
All based upon specious allegations by the RIAA, aka the Hollywood Ziothugs.
Mittens Pratt says No Concern for the Poor
FED Still Divide on QE3 Claims Newsfakers
AUSTIN, Texas | Thu Feb 2, 2012 11:44pm EST
(Reuters) – A third round of large-scale asset purchases by the Federal Reserve is not needed and would compound the difficulties of tightening monetary policy when the time finally comes, a top Fed official said on Thursday.
“Personally I don’t see how you can justify it given the state of the current economy,” Dallas Federal Reserve President Richard Fisher said in remarks that underscored the sharp divide within the U.S. central bank over what to do in the face of an uneasy economic recovery.
Earlier Thursday, the head of the Chicago Fed, Charles Evans, advocated a much more forceful approach in tackling unemployment, even if it means jumping into a potentially controversial new round of so-called quantitative easing, or QE3…
Verisign and Others Covering Up Hacker Attacks and Penetrations
I could see these guys all morning today trying to hack into this 2nd rate web software package I licensed, largely as I rolled a new version in and that seemed to spur them. It looked like it was going to hold but they got me at the very last 2nd of the last post the ZGR. I wonder what this blog really costs the tax payers. The truth has many enemies a lie many friends. Needless to say I plugged the hole in the wall the rats gnawed through.