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Wow, LOTS of important events occurred yesterday – all of them bad.  For one, mortgage applications plunged yet again – whilst “Existing Home Sales,” care of the same biased National Association of Realtors that last year dramatically lowered its prior year data, somehow rose.

Meanwhile, following the 2:00 PM EST publication of the FOMC Minutes from the long-ago July 31st meeting – during which NOTHING incremental was learned relative to its initial statement that QE will NOT be tapered any time soon – the all-important 10-year Treasury yield surged from 2.83% to a new two-year high of 2.90%; and as I write this morning at 7:00 AM EST, it’s up to 2.91%.  Thus, based on the chart below, tell me what you think existing home sales are likely to do in the future.


Source: Zero Hedge
As for the ongoing “Indian Implosion,” the situation gets more ominous each day.  As the government screams like Kevin Bacon in Animal House that “all’s well,” they are issuing new Capital Controls each day; and today, the rumor is that to obtain dollars to support the collapsing Rupee (down another 1.2% this morning, to yet another ALL-TIME LOW), they’ll lease the very 200 tonnes of gold they just bought in 2009 from the IMF!  Not only is this the dumbest idea in the history of dumb Central banking ideas – as it could well set off a citizen PANIC – but said “gold” likely never existed anywhere but in an electronic ledger.  Jim Sinclair says it best below, and hopefully you’ll realize the ramifications of what is going on there; i.e., an upcoming tsunami of panicked Indian gold demand.

Gold is a religion in India that is deeply seated in their spiritual and economic history with an impenetrable tie to the national culture that no government or political group will ever break if the government wishes to remain the government.

Indians, wisely, have no trust in the rupee, and less in banks. In God and Gold is their only trust!

-Jim Sinclair, In the News Today, August 21 2013

And finally, lest anyone still believes Obamacare is not the dumbest idea in the history of dumb government ideas, international freight carrier UPS announced last night it is dropping 15,000 spouses from its employee health insurance plan – specifically citing Obamacare, and claiming it believes at least one-third of ALL U.S. companies will follow suit.  This implies a MASSIVE tax on tens of thousands of households; and clearly, a secondary implication that they’d prefer not to hire new healthcare-eligible employees; which is clearly why, with a mid-term election year upcoming, Obama decided to push off the mandatory employee healthcare provision until January 1st, 2015.

PROTECT YOURSELF, and do it NOW!

Call Miles Franklin at 800-822-8080, and talk to one of our brokers.  Through industry-leading customer service and competitive pricing, we aim to EARN your business.