Peso del Pacifico #4

25th May approx 0600GMT

Today, 30th May 0330GMT.

1. Overbought on Techs.
2. At declining Resistance.
3. Poor economic data on Australia starting yo filter in ( AUD Economic Data this week )
4. European woes point to 'risk off'.

Letter from a Fukushima Mother

From ZeroHedge. Hiroko Tabuchi is reporter with the New York times.

Letter from a Fukushima mother

When Tomoko-san, a mother of two in Fukushima City, heard from an NGO worker that I was going to be in Fukushima to report on a story about radiation levels at local schools, she was kind enough to volunteer her time to speak to me – and handed me this letter. I promised to translate it and share it with you. So here it is:

To people in the United States and around the world,


I am so sorry for the uranium and plutonium that Japan has released into the environment. The fallout from Fukushima has already circled the world many times, reaching Hawaii, Alaska, and even New York.


We live 60 kilometers (37 miles) from the plant and our homes have been contaminated beyond levels seen at Chernobyl. The cesium-137 they are finding in the soil will be here for 30 years. But the government will not help us. They tell us to stay put. They tell our kids to put on masks and hats and keep going to school.


This summer, our children won’t be able to go swimming. They won’t be able to play outside. They can’t eat Fukushima’s delicious peaches. They can’t even eat the rice that the Fukushima farmers are making. They can’t go visit Fukushima’s beautiful rivers, mountains and lakes. This makes me sad. This fills me with so much regret.


Instead, our children will spend the summer in their classrooms, with no air conditioning, sweating as they try to concentrate on their lessons. We don’t even know how much radiation they’ve already been exposed to.
I was eight years old when the Fukushima Daiichi plant opened. If I had understood what they were building, I would have fought against it. I didn’t realize that it contained dangers that would threaten my children, my children’s children and their children.


I am grateful for all the aid all the world has sent us.


Now, what we ask is for you to speak out against the Japanese government. Pressure them into taking action. Tell them to make protecting children their top priority.


Thank you so much,


Tomoko Hatsuzawa
Fukushima City
May 25, 2011
[Translated by Hiroko Tabuchi]

You can get the official latest update on the Tepco and Japanese govts mismanagement here.

Also recent Iodine131 plume updates from http://www.zamg.ac.at/wetter/fukushima/

The Pain in Spain

Unemployment stats for the PIGS and Germany.

Youth unemployment.

Spanish youth unemployment >45%. Greek >35%. Ireland >30%. This is before austerity measures start to really bite.

So far the Spanish protests are peaceful but the policia appear a little too enthusiastic with their batons.

• Youth unemployment soaring past 45%,
• General unemployment soaring past 20%,
• A police force with a penchant for jackbooted club wielding,
• Voter backlash over austerity measures. (a few days ago)

Powderkeg?

For those that can't remember beyond last weeks footy round, When the Spanish revolt, they don't hold back.

Banking exposure? French and German banks @ 162B and 182B a piece are the big winners. UK banks get the bronze with a lazy 111B in the pot.

Wonder how our bank's overseas borrowing efforts will go (to fund the property ponzi) when the Eurozone's shit really starts to hit the fan?

Pop Pop Pop

I've put a new blog link on the right: http://popping-bubble.blogspot.com/

Brilliant stuff.

I've taken this graph from the 20th April post (click to enlarge).

If that doesn't demonstrate to the spruikers and denialists that unemployment FOLLOWS housing crashes and slashing interest rates once the tumble begins has no effect...nothing will.

I dips m'lid Raveswei.

Peso del Pacifo #3a (24 hours later)

Just under 24 hours ago I posted the post below.

 I expect* a small rally to the mid to high 1.05s then a leg down etc. I've also circled oversold indicators.

Yesterday

Today

Zoom In

Yesterday

Today

With $1000 margin (on $100K), your (mine, actually) trade has grown to $2400. Thats a return of 140% in 22 hours.

I've moved my "StopLoss" to 1.055 so I have guaranteed a gain of 100% (a TrailingStop actually).

Its not rocket science.



Peso del Pacifico #3

Risk off as folks around the world notice smelly brown stuff is building on the fan.

But one thing to note. Markets rise and fall in waves (two steps down the stairs one up, two down etc etc).

Note 1 month of the AUD (price as of 1 hour ago as I write this post) below.

Down  then slightly up, further down etc. I expect* a small rally to the mid to high 1.05s then a leg down etc. I've also circled oversold indicators.

(Click on graph to enlarge)

*The party pooper though, could be the Greek PM saying something really dumb this evening (Australian time).

Then, it could PLUNGE! And, all bets are off!

When the Greek PM (like Bernanke) speaks, he often sounds muffled.

Famous Quotes from The Bernank[e]

7/1/05  – Interview with CNBC

“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.”

10/20/05 –  Testimony before the Joint Economic Committee

“House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.”

11/15/05 -  Nomination of ben s. bernanke, of new jersey, to be a member and chairman of the board of governors of the federal reserve system

“With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly. The Federal Reserve’s responsibility is to make sure that the institutions it regulates have good systems and good procedures for ensuring that their derivatives portfolios are well-managed and do not create excessive risk in their institutions.”

2/15/06 – Hearing before the Committee on Financial Services

“Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.”

2/15/07 -  Semiannual Monetary Policy Report to the Congress

“Despite the ongoing adjustments in the housing sector, overall economic prospects for households remain good. Household finances appear generally solid, and delinquency rates on most types of consumer loans and residential mortgages remain low.”

3/28/07 -  Testimony before the Joint Economic Committee

“At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency.”

5/17/07 -  At the Federal Reserve Bank of Chicago’s 43rd Annual Conference on Bank Structure and Competition

“All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.  The vast majority of mortgages, including even subprime mortgages, continue to perform well.  Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable.”

8/31/07 -  At the Federal Reserve Bank of Kansas City’s Economic Symposium

“It is not the responsibility of the Federal Reserve–nor would it be appropriate–to protect lenders and investors from the consequences of their financial decisions.”

1/10/08 -  Q&A after speech

“The Federal Reserve is not currently forecasting a recession.”

2/27/08 -  Q&A after testimony to Senate Banking Committee

“I expect there will be some failures [referring to smaller regional banks]. Among the largest banks, the capital ratios remain good and I don’t anticipate any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.”

6/10/08 -  Boston Federal Reserve’s 52nd annual economic conference

“The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

If you prefer video (and roller coasters):

This is the f*cking tool with his hand on the world's economic tiller and engine throttle control. But is he an idiot?

He is either a totally myopic and inflexible idiot or a pawn of Kleptocrats.

Here is the income of the top 500 CEO's in the USA for 2009 (GFC in full roar and failures and falling assets everywhere). CEO's income 2009.