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What was that again?

 

To give you a hint of how bad it is in Europe today, the most recent retail sales out of Netherlands showed a decline of 8.7% year-over-year in April.23 In Spain, retail sales fell 9.8% year-on-year in April, which was 6% greater than the revised drop of 3.8% in March.24 Declines of this magnitude are not normal occurrences and signal a significant shift in spending within those countries. We fear this is a sign of things to come within the broader Eurozone, which will only serve to complicate an already dire situation that much more.

 

The G6 central banks are out of conventional tools to solve this financial crisis. With interest rates at zero, and the thought of further stimulus rendered politically unpalatable for the time being, we cannot see any positive solutions to this problem other than debt repudiation. We continue to note the contrast between the reporting companies who by law cannot lie about their fiscal realities, versus the central planners who admit that they MUST lie to preserve calm and control. We’ll leave it to you to decide whose version of the truth you want to believe.-wrote Eric Sprott to his investors

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What was that again?

 “In a bull market, who needs ’em? And in a bear market, they’ll kill ya.” – commented Roy Neuberger on equity analysts

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What was that again?

“We’ve sold everything we had, we’ve borrowed money on everything we owned,and all we have to show for it is three dead children.”-said Mrs.Jatolia, mother of TB infected children

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What was that again?

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” -Napoleon Bonaparte, 1815

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What was that again?

“If we don’t manage to put in reform, even a few small ones, the political chances of re-election will go down.So in the next six months, I’m actually pretty optimistic – actually, I would say very optimistic.”said Kaushik Basu, Chief Economic Advisor, Ministry of Finance