Greece at the forefront of economic negativity as the Greeks refuse the austerity measures proposed. The Greek government has been forced to sell a 10% stake in its telecom company to raise capital. Unfortunately it is a third less than what was offered originally. This stalemate may cause Greece to default on its debt and send many European Institutions to their knees. The Euro continues to melt away. The G20 was supposed to bring the world banks under financial regulations managed by Canada and the headquarters in Toronto, Ontario. Consequently the objections were loud by the European and American Bankers that were confident that they could pull out of this mess without regulations and being policed. Is it not the lack of rules and regulations that got the world in this mess to begin with? Why do the politicians continue to trust the real criminals of our world, the Bankers? New Zealands, Christchurch was hit again be another earthquake, flattening any remaining standing buildings. China growth and inflation was well above expectations giving a boost to the markets yesterday. Inflation is worrisome as they again increased bank reserves to limit spending and money supply. The Rapture was delayed until October 21, 2011, it will give us all a little more time to prepare.
Commodities Report
Gold reacts positive to fear as it rises $6.30 @ $1,530.00. Silver also jumps 0.36 cents @ $35.75USD/oz, still very volatile, Range $49-$32.30. Oil positive $0.24 @ $99.61/USD/Barrel. Global economic concerns and fears of inflation make a recovery suspect at best. Is Ben Bernake the right man at the helm? Can the Federal Reserve continue to print money without consequences? Canadian dollar will remain between the 0.9650-.9825 range and the Euro will retest the 1.4000USD level once reality sets in and the lies are confirmed. Tonight the NHL delivers its hardware, The Stanley Cup. Note: Movements based on Previous Days Market Close.
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