We Are Running Out of Gold. Holy Fuck.

Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run.

"There is a strong case to be made that we are already at 'peak gold'," he told The Daily Telegraph at the RBC's annual gold conference in London.

"Production peaked around 2000 and it has been in decline ever since, and we forecast that decline to continue. It is increasingly difficult to find ore," he said.

Ore grades have fallen from around 12 grams per tonne in 1950 to nearer 3 grams in the US, Canada, and Australia. South Africa's output has halved since peaking in 1970.

The supply crunch has helped push gold to an all-time high, reaching $1,118 an ounce at one stage yesterday. The key driver over recent days has been the move by India's central bank to soak up half of the gold being sold by the International Monetary Fund. It is the latest sign that the rising powers of Asia and the commodity bloc are growing wary of Western paper money and debt.



I don't want to panic anyone....especially the poor fucks who have been sitting on the sidelines since gold was a steal at $400/oz but WE ARE RUNNING OUT OF FUCKING GOLD!!! Yes, they have to take about SEVEN TONS of ore out of the ground to retrieve an ounce of metal. This is a full-on, bust-out, melt-up, five-alarm gold buying emergency. Thank the Sky God above I bought years ago. Everyone else should be freaking out...and/or stealing from their neighbor.

As you read this article, paper dollars are being churned out at millions per minute and gold is almost impossible to find. If I were you, I'd sell everything and put it all in gold. Every last fucking cent. Buy some tulip bulbs as well.

Drunk and Sentimental

I have just been reading comments and I think I might...what do you call it when the water hits the eyes? Cry?

I am constantly amazed at the people who write in and tell me they're from the Philippines or from Australia....or saw me on TV in Chicago, or live in London or Canada. It is cool as shit.

I'm not in this for the money, obviously...and I know that only 5 people in 100 aren't immediately offended by what I have to say, so I am constantly blown away by my readers. I am also given hope that the entire planet isn't populated by mindless worker drones who worship the Messiah and clamor to hand over their money to the state.

Anyways...I obviously just got home drunk from a dive bar where the spitting image of Harvey Keitel got mad because I said "you fucking look like Harvey Keitel...did anyone ever tell you that?"

He yells in my face "Yes! All the fucking time!"

So I scream back at him....

"We had just gotten away from the cops. He just got shot. It was my fucking fault he got shot. He's a fuckin' bloody mess - he's screaming. I swear to god, I thought he was gonna die right then and there. I'm tryin' to comfort him, tellin' him not to worry, he's gonna be okay, I'm gonna take care of him. And he asked me what my name was. I mean, the man was dyin' in my arms. What the fuck was I supposed to tell him? Tell him - Sorry, I can't give out that fucking information? It's against the rules? I don't trust you enough! Or maybe I should've, but I couldn't! Fuck you and fuck Joe"



I mean...fuck you dude. You played Mr White. Arguably one of the coolest characters in one of the coolest movies ever made. And you are bitching at me? Did you know Keitel was a Jew? Probably the coolest Jew ever to walk the planet?

States in Dire Straits

In Arizona, the budget has grown so gloomy that lawmakers are considering mortgaging Capitol buildings. In Michigan, state officials dealing with the nation's highest unemployment rate are slashing spending on schools and health care. Drastic financial remedies are no longer limited to California, where a historic budget crisis earlier this year grew so bad that state agencies issued IOUs to pay bills.

A study released Wednesday warned that at least nine other big states are also barreling toward economic disaster, raising the likelihood of higher taxes, more government layoffs and deep cuts in services.

The report by the Pew Center on the States found that Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin are also at grave risk. Double-digit budget gaps, rising unemployment, high foreclosure rates and built-in budget constraints are the key reasons.

You forgot New York - who says they'll be broke by Christmas.

How can this be? The market is doing fine! Too bad they can't just print money like the Feds. Oh well. I'm sure Christmas will prove to be a huge success as the tens of millions of people on food stamps and 99 weeks of unemployment spend their federal money gifts on new computers and dishwashers.

And if things are still in the shitter and the muni-bond market flat-lines with failed auction after failed auction, then the Feds will buy up all of those issues too! No worries.

Oh - and gold at fresh record highs....$1118 an ounce. And rising.

Study Slams Military Spending

America's massive military spending on unnecessary and unpopular wars actually lowers GDP and increases unemployment:

Defense spending means that the government is pulling away resources from the uses determined by the market and instead using them to buy weapons and supplies and to pay for soldiers and other military personnel. In standard economic models, defense spending is a direct drain on the economy, reducing efficiency, slowing growth and costing jobs.

A few years ago, the Center for Economic and Policy Research commissioned Global Insight, one of the leading economic modeling firms, to project the impact of a sustained increase in defense spending equal to 1.0 percentage point of GDP. This was roughly equal to the cost of the Iraq War.

Global Insight’s model projected that after 20 years the economy would be about 0.6 percentage points smaller as a result of the additional defense spending. Slower growth would imply a loss of almost 700,000 jobs compared to a situation in which defense spending had not been increased. Construction and manufacturing were especially big job losers in the projections, losing 210,000 and 90,000 jobs, respectively.

The scenario we asked Global Insight to model turned out to have vastly underestimated the increase in defense spending associated with current policy. In the most recent quarter, defense spending was equal to 5.6 percent of GDP. By comparison, before the September 11th attacks, the Congressional Budget Office projected that defense spending in 2009 would be equal to just 2.4 percent of GDP. Our post-September 11th build-up was equal to 3.2 percentage points of GDP compared to the pre-attack baseline. This means that the Global Insight projections of job loss are far too low.

The projected job loss from this increase in defense spending would be close to 2 million. In other words, the standard economic models that project job loss from efforts to stem global warming also project that the increase in defense spending since 2000 will cost the economy close to 2 million jobs in the long run.

Note 1: Global Insight is:

Recognized as the most consistently accurate forecasting company in the world.

Note 2: I am for a strong defense. That's not what I'm talking about.

But we got into the Iraq war based on the false linkage of Saddam and 9/11, and false claims that Saddam had WMDs. Nobel prize winning economist Joseph Stiglitz says that the Iraq war will cost $3-5 trillion dollars.

And experts say that the Iraq war has increased the threat of terrorism. See this, this, this, this, this and this.

(Incidentally, torture also reduces our national security).

From Zero Hedge

Lopez Tonight Sucks

I actually wasted 9 minutes of my life tonight watching George Lopez. I suffered this indignity so that what I make the statement: "George Lopez is an untalented, unfunny, douchebag," and some idiot tries to tell me otherwise - I can say I witnessed it personally.

According to Wikipedia, his Dad abandoned him at birth and his mother followed suit ten years later. Dad was obviously the brains of the operation but methinks TBS will smarten up somewhere in between...like at the one month mark.

As expected, his entire audience was filled with people of very similar appearance. I don't mean they were all Mexican. They were actually a good representation of average America...by which I mean they were all extremely fat and stupid. You should have seen them all out in the audience. Clapping and barking like gold-chain-wearing walruses.

Anyways, I didn't see any interviews. I did see the opening monologue. It included "jokes" about Mini Me (Verne Troyer) and references to OJ Simpson. Nothing like dusting off decades-old references to kick off your hip and edgy new TV show.

Lopez (as usual) drifted in and out of speaking with an accent. News flash to George Lopez: YOU WERE NOT BORN IN MEXICO, you fuck head. You have brown skin and a Mexican name. That's it. It would be like me drifting in and out of a French accent because somewhere back along the line, there are frogs in my family and my Dad is fluent. Fuck you George, for using the Latino card to try and get ahead.

He also made repeated reference to the fact that he is the FIRST Latino late night host and also mentioned that this year also saw the first Latina Supreme Court Justice with Sotomayor. No mention of any skill on either one of their parts. Just that they were first. You know what George? I just went into my bathroom and took a shit while dribbling a basketball and whistling Dixie while chewing five pieces of Bubblecious. I was probably the first in Texas to do so. Doesn't make it impressive.

You are so late to the fucking party it's ridiculous. Ever hear of Desi Arnaz? He was actually born in another country and had talent. He beat you by 70 years. You are a fake. A floozie. A fucking pinata filled with bad jokes, hot air and rotting kidneys.

Do you hear O'Brien yammering about the fact he's Irish and speaking with a fake accent? Do you ever hear Leno or Letterman or Kimmel or any other harp constantly on their heritage? Nobody cares. Get to your supposedly revolutionary comedy and late night act.

It's actually kind of pathetic that it took so long for Latinos to get their shit together. You are hardly a minority. You're the largest non-white "minority" in the country and growing like a weed. I think I saw a study that says Latinos will outnumber whites in the next couple of decades so save the I'm-a-poor-minority crap for the Asians, Jews, Blacks, Indians, and every other color under the sun who numbers fewer than you do.

In short, fuck you George. I hope your kidneys fail and you spare planet Earth any more of your "I got pulled over on the way to the show" bullshit jokes. You suck.

Gorby Lectures Obama on Afghanistan

Former Soviet President Mikhail Gorbachev, drawing on his experience of military failure in Afghanistan in the 1980s, said the U.S. can’t win the conflict there and should begin pulling out its soldiers.

Afghanistan, where U.S. and NATO forces are battling a Taliban-led insurgency, is too fragmented between clans to be controlled militarily, Gorbachev, 78, said in an interview today in Berlin. While he said President Barack Obama would be unlikely to take his advice, Gorbachev said he saw no chance of success even with more U.S. troops.

“I believe that there is no prospect of a military solution,” Gorbachev said in Russian through a translator. “What we need is the reconciliation of Afghan society -- and they should be preparing the ground for withdrawal rather than additional troops.”

Oh, what the fuck do you know, old man? You only spent nine years over there and lost 20,000 troops or something. Not to mention killing about a million Afghans. This is America! Whether it's the lessons of the Great Depression or the Soviet Vietnam War, we will steadfastly REFUSE to learn anything from past fuckups. It's different this time! All we need is more money and more human lives!

America! Fuck yeah!

Dumb Blonde Sues Cool Dude

A blonde executive who claims she was hounded from her job by a hedge fund boss who openly used prostitutes and made her visit strip clubs is suing him for £4million.

Jordan Wimmer, 29, felt 'completely soiled' after Mark Lowe, 55, made a string of degrading jokes about blondes and brought high-class escorts to business meetings.

She had to watch in a strip club as her boss enjoyed two explicit lap dances, a tribunal heard.

She claimed Mr Lowe, a married father of two with a reputed £100 million fortune, had a penchant for Asian women and told her he did not find her attractive.

Oxford-educated Mr Lowe, she said, once allegedly employed an Oriental member of staff 'because he had taken a fancy to her in the airport queue'.

Mr Lowe, now based in Switzerland, is also alleged to have said he couldn't believe there was a 'nigger in the White House' after Barack Obama was elected U.S. president.

Miss Wimmer, told the Central London Employment tribunal she was hired on the spot after a hotel interview by Mr Lowe in 2004 in London.

She said 'alarm bells should have rung' after Mr Lowe spoke of 'the perils' of employing women and asked whether she wanted to have children.

But she said: 'Mark was one of the biggest players in the industry at the time and it is probably fair to say that I was in awe of him.'

She was immediately offered a job with a salary of £50,000 and a guaranteed £10,000 bonus.

This rose to more than £577,000 in her last full year of work. One of four employees, Miss Wimmer said her role was to get wealthy investors to invest in hedgefunds.




So let me get this straight: you were hired on the spot for almost $100,000 per year for no legitimate reason whatsoever and then you are surprised when the guy is bringing escorts to business meetings and going to titty bars? How funny she is offended by high-class escorts, because from her salary and job description, that's what she herself sounds like to me - without the fucking. She was worse looking, cost more, and fucked less than the whores....and she is complaining?

I might also add that hookers are legal in the UK and titty bars show off the very tits you have sitting on your own chest and see every day in the mirror! Oh...the horror! I think about a million women would gladly listen to blonde jokes, go to titty bars and watch their boss sit next to whores for a million bucks a year, you ingrate.

And you gladly suffered for five fucking years before complaining? I thought America had the market on frivolous lawsuits cornered. I guess I was wrong. Our friends across the pond are gaining fast.

The crime here is that this hideous beast was ever paid a million dollars for just sitting around! Does this guy realize how many Asian whores he could have had for that money? Whores who would lick his asshole clean and certainly would never sue over degrading comments.

Apparently after five years, the realization that her looks are sub-par was no longer worth the money her paid her to be arm candy anymore. She should have been happy she got paid ridiculous sums for five years and just quit. What an ungrateful bitch!

She's like the Hooters girl who gladly rakes in the heavy tips from all the slobbering drunks for 5 years and then when her run is over, she sues the restaurant for making her feel cheap. You can't have it both ways, you nitwit.

I'm actually surprised a British chick would be this uptight at all. I lived in London for 2 months and found pretty much every chick gets hammered, likes to fuck and uses the word "cunt" in every other sentence.