For the lovers of the poetic tradition, the week promises to be an experience of a lifetime as over 38 poets from 20 Indian languages come together for a unique festival to celebrate Indian poetry.Presented by Delhi Government’s Department of Art, Culture & Languages and Hindi Academy, the ‘Bhartiya Kavita Bimb’ will be inaugurated by Chief Minister of Delhi Sheila Dikshit on 6 September, in the presence of Prof Kiran Walia, Minister for Education, Social Welfare, Women & Child Department, Languages and Prof Ashok Chakradhar, eminent Hindi poet and Vice President, Hindi Academy. Also Read – ‘Playing Jojo was emotionally exhausting’The ‘Festival of Indian poetry’ is an attempt to celebrate the richness of Indian languages and the compositions they are producing in an era of globalization and exchange when the West has had a major impact on the culture of the world.Eminent Hindi poets like Shri Arun Kamal, Shri Mohan Singh, Shri Rajkumar ‘Krishak’, Dr Prabha Pant, will share the festival stage with poets of all Indian languages including the likes of Dr Madan Gopal Ladha (Rajasthani), R Meenakshi (Tamil), Shri Shoaib Eaza (Urdu), Dr Kamini Kamayani (Maithili) and Sadhna Sanyal (Assamese), among several others. Also Read – Leslie doing new comedy special with NetflixThe festival will be held over two days and four sessions during which the poets will come together and recite some of their best works.The festival is a twin celebration of poetry and the emotions it evokes as well as the poetic evolution of various Indian languages and how they complement each other.’Be it in Hindi, English, Urdu or Tamil, poetry evokes a sea of emotions. With greater interactions and exchanges between different languages, poetic traditions also evolve over time and grow richer and more beautiful. It has been a tradition of our composite culture that every segment of it has imbibed values from parallel traditions. Put in a nutshell, the different languages and cultures in India are so different, yet in a way they are also reflections of each other. This is what we are celebrating,’ says Dr Harisuman Bisht, renowned author and Secretary of Hindi Academy.In a way, the festival is also an attempt to present Indian poetry as a collective unit, rather than classify it into categories of Hindi, Tamil, Malayalam, Manipuri or Bhojpuri languages. In the opening session of the festival, noted critic Dr. Devendra Chaubey will also present his reading and vision of what Indian poetry as a collective will evolve into over the coming years.So, if you love the poetic traditions of India, do not miss the festival. It is a rare confluence of diversity and richness.
Loneliness can trigger a vicious cycle by making people more selfish which in turn leads to further social isolation, say scientists.The findings show that such effects create a positive feedback loop between the two traits.As increased loneliness heightens self-centredness, the latter then contributes further to enhanced loneliness.”If you get more self-centred, you run the risk of staying locked in to feeling socially isolated,” said John Cacioppo, professor at the University of Chicago in the US. Also Read – Add new books to your shelf”Targeting self-centredness as part of an intervention to lessen loneliness may help break a positive feedback loop that maintains or worsens loneliness over time,” researchers said.The outcome that loneliness increases self-centredness was expected, but the data showing that self-centredness also affected loneliness was a surprise, said Stephanie Cacioppo, assistant professor at University of Chicago. In previous researches, scientists had reviewed rates of loneliness in young to older adults across the globe. Also Read – Over 2 hours screen time daily will make your kids impulsiveFive to 10 per cent of this population complained of feeling lonely constantly, frequently or all the time. Another 30 to 40 per cent complained of feeling lonely constantly.The new findings published in Personality and Social Psychology Bulletin, are based on 11 years of data taken from 229 individuals who ranged from 50 to 68 years of age at the start of the study.They were a diverse sample of randomly selected individuals drawn from the general population who varied in age, gender, ethnicity and socioeconomic status. Early psychological research treated loneliness as an anomalous or temporary feeling of distress that had no redeeming value or adaptive purpose. In 2006, researchers proposed an evolutionary theory of loneliness based on a neuroscientific or biological approach.In this view, evolution has shaped the brain to incline humans toward certain emotions, thoughts and behaviour.”A variety of biological mechanisms have evolved that capitalise on aversive signals to motivate us to act in ways that are essential for our reproduction or survival,” researchers said.From that perspective, loneliness serves as the psychological counterpart of physical pain.”Physical pain is an aversive signal that alerts us of potential tissue damage and motivates us to take care of our physical body,” researchers said.Loneliness, meanwhile, is part of a warning system that motivates people to repair or replace their deficient social relationships. “Humans evolved to become such a powerful species, in large part due to mutual aid and protection and the changes in the brain that proved adaptive in social interactions,” John Cacioppo said. “When we don’t have mutual aid and protection, we are more likely to become focused on our own interests and welfare. That is, we become more self-centred,” he said.
Maya Art Space has been one of the pioneer organizations in promoting art and culture across Bengal. Starting from hosting some of the best contemporary and veteran artists, organizing workshops to promote various forms of art, felicitating the luminaries of the art world, getting associated with a magazine called Art East whose Chief Editor is Jogen Chowdhury, Maya Art Space is a forerunner in the artistic diaspora of Bengal.Presently Maya Art Space has ideated ‘Artalk’, a series of films on the contemporary, veteran and young artists of Bengal. The first film of this series featuring Jogen Chowdhury was launched on September 24, at Nandan 2, in the presence of Ganesh Halui, Sanath Kar, Indranil Sen, Minister of state for information and cultural affairs, Vivek Kumar, Principal Secretary, Information and Cultural Affairs along with other luminaries from different walks of life. Also Read – Add new books to your shelfMadhuchhanda Sen, the brain behind the organization is doing this documentary series to archive the experiences of the living stalwarts like Jogen Chowdhury, Ganesh Haloi, Sanat Kar who would talk about their unique techniques, innovations, improvisations, and philosophy of life. This is for the first time, any independent organization is venturing into such an archiving initiative. Directed by Sourya Deb, who heads the Film division of Genesis Advertising and has made around 50 documentaries, and cinematographed by Mrinmoy Mondal, the celebrated DoP of the national award-winning Bengali film ‘Sahaj Pather Goppo’, these films will capture the candid moments of the artists as they talk about their vivid experiences and struggles. The music of the series has been done by independent musician Samantak Sinha.
In This Issue. * Dollar bias is changed to buy. * Lawmakers to extend negotiations? * China signs swap agreement with Eurozone! * Aussie labor prints weaker than expected And, Now, Today’s Pfennig For Your Thoughts! China Takes Another Step. Good day. And a Tub Thumpin’ Thursday to you! We were doing some Tub Thumpin’ here in St. Louis last night, as our Cardinals won Game 5 and move on to the next round of the playoffs! Our Blues beat the rival Blackhawks too, so that was worth an extra round of Tub Thumpin’! My kids made me feel guilty about going to bed before the end of the game, so I stayed up way past my bedtime. Thus I’m getting started a little later than usual this morning, but I think you’ll forgive me for that! The dollar bias to sell dollars that has held a tight grip on the currencies since the Gov’t announced their partial shutdown (PS), finally loosened up yesterday, and has moved to a “buy” bias overnight. It’s not a strong buy bias, for most of the currencies that we follow are flat to down just a smidgen. But the Dollar Index has climbed back above 80, so the dollar has that going for it! The dollar sure doesn’t have the news from the Eurozone going for it! OK, let me set this up for you. Recall, that I’ve kept you abreast of the moves that China takes to replace the dollar standard, which includes signing currency swap agreements with countries around the world that removes the dollar from the middle of the terms of trade between the two countries. What China achieves by signing these currency swap agreements is two-fold. 1. They get to gain a wider distribution for their currency, and 2. The remove one more block in the dollar’s foundation as a reserve currency. So. Guess who is the newest member on the roster that makes up countries that have signed a currency swap agreement with China? Well, I kind of gave it away above, but it’s the Eurozone! The European Central Bank (ECB) announced this morning that they have signed a bilateral currency swap agreement with China to bolster trade financing. Now, Eurozone companies don’t have to change their euros to dollars first to settle the terms of trade with China, they just deliver euros, or receive renminbi. This is HUGE folks! China now has nearly all of Asia on their roster, along with Australia, and New Zealand, Russia, Argentina, Brazil and now the Eurozone! Talk about gaining a wider distribution of their currency! This will strengthen the international use of the renminbi/ yuan. And that’s what China wants! They want to keep removing the dollar’s relevancy in the terms of trade throughout the world, one country at a time. But the Eurozone is HUGE, folks. Remember, the recent (June 28th) talk by People’s Bank of China (PBOC) Gov. Zhou, where he pledged to expand cross-border use of the renminbi / yuan, and he encouraged multinational companies to include the Chinese currency in their asset portfolios. When China decides to all direct trading between their currency and other foreign currencies, convertibility will occur, and when all that happens, it’s game over for the dollar as the reserve currency folks. I don’t know how else I can say this to make it any clearer. I told you earlier this week that we would see the color of the latest jobs report from Australia later in the week, and last night it printed. The Headline Employment report was weaker than expected, as only 9,000 jobs were created in September, while 15,000 were expected. And much like the goings on with the U.S. Unemployment Rate, The Aussie Unemployment Rate fell from 5.8% to 5.6%, but the move was tied to a drop in the participation rate, which fell to a 2006 low. None of this signaled to the markets that the Reserve Bank of Australia (RBA) has put the last nail in the rate cut coffin, and so the pressure returned to the Aussie dollar (A$). In New Zealand, their latest manufacturing index dropped from 57.1 to 54.3, still above 50, but a significant drop nonetheless. Given the weakness in the A$ that carried over to kiwi, this data made things even worse for kiwi. Give it a day, and all will be forgotten. Well, I guess all the focus and the reason the bias has switched to dollar buying is tied to the news that there could be an agreement on a short-term extension so that negotiations can continue here in the U.S. I find this to be just plain ridiculous. These guys have had plenty of time leading up to this to “negotiate” and now they will move the goal posts to give them some extra time? Simply ridiculous! But. It is what it is, right? And if it means that the negotiations bring about major deficit spending cuts it might turn out to be OK. But you and me and the guy down the street that gets mad when someone parks their car in front of his house, know that’s not going to happen. That in the end, they make up some story about how what they did was significant, but no one will be able to figure it out, and they’ll raise the Debt Ceiling, and the National Debt will continue to move toward $20 Trillion.. We only have one more week to the 17th, when the extraordinary measures to keep paying the bills (read take money from some other place in hopes of paying it back) run dry. I think these lawmakers love all the attention they get on this PS and Debt Ceiling. Why else would this be such a big deal? I’m telling you this so you can hear me now, so you can listen to me later. (in my best Arnold voice) We will not default (now that is) and the Debt Ceiling will be raised, and we will go merrily down the road to ruin. So. I’m sitting here this morning, listening to a CD that was burned by a Pfennig reader a year or so ago, with songs that he liked, and thought would be good tunes to write the Pfennig each day. I have to say that the music taste is bang on with me, but needing more variety on a daily basis, I only play it every once in a while, and. some of the songs on the CD are on my IPod anyway! But one of the songs got me thinking. The song is Freedom Rider by Traffic. For the longest time when I was a young man, and the internet was galaxies away, for me to look up the lyrics. I used to think that Steve Winwood was saying Freedom Writer. And so when I hear the song, I think about a Freedom Writer! Which is what I believe I am! I talk about our freedom to invest in currencies outside the dollar! OK, I know that’s stretching it a bit, but that’s how my mind works, always stretching things a bit. Shoot Rudy, just ask the people that cringe at everything I write or say! The Fed’s FOMC meeting minutes printed yesterday. I didn’t see any sign of the infighting over whether or not to taper occurred, which was reported at first to have happened. What I mostly saw was a group of Fed Heads that are straining their eyes to find “economic growth” they all did admit that the “economic activity expanded at a moderate pace, albeit somewhat more slowly than earlier anticipated.” Now tell me, does this validate my call a few months ago, that the Fed Heads were being overly optimistic about the economy? Why yes, Chuck it does! So, tell me Chuck, how did you know that they were being overly optimistic about the economy 6 months ago? Ahhh grasshopper, it was easy. The Fed Heads have been wrong about the economy 4 years in a row. Why would I think that they would be right this time? And now with this PS going on here in the U.S. what will the Fed Heads think about their call for 2nd Half of the year economic growth pick-up? I know what I think, and you know all too well, that when I think something, I’m going to share it with you, whether you want to hear it or not! This PS is going to play hell with the economy’s attempt to grow. But in the end, and I’ll say this now for probably the 100th time. Whatever growth the economy has, is all stimulus driven. Take the stimulus away, and let’s see what we have then. Frankly, I would prefer this to be our choice of swords to fall on, for at least 6 months to a year later, it would all be in our rear-view mirror and we would be on our way to real economic growth! And then before I head to the Big Finish today. Brazil’s Central Bank raised interest rates again yesterday, pushing their internal rate up 50 Basis points to 9.5%… The Central Bank Gov. Tombini, also signaled that he will continue to keep raising interest rates higher to combat inflation. You see, the Brazilian Central Bank (BCB) is a prime example of what I always complain about with Central Banks. They arbitrarily move interest rates in one direction to achieve an internal goal, but don’t consider the unintended consequences. Remember when the BCB and the Brazilian Gov’t was going hog wild with their attempts to weaken the real? They made huge cuts in their interest rates to make the real less attractive, but once the real was very weak, the weak currency invited inflation into the Brazilian economy. And before the BCB could say “rate hike” inflation was everywhere in Brazil. So the BCB had to break from the Brazilian Gov’t who still wanted to play the Currency Wars game and keep the real weak, and the BCB decided that inflation was a more bitter pill to swallow than currency appreciation. So, now the BCB has been frantically raising interest rates to combat the inflation that they, themselves invited into the Brazilian economy! Stupid Central Bank pet tricks. They ought to go on Letterman! And here’s a line, sent to me from my good friend Rick, that’s from one of my fave comedians, Ron White. “I tried on the tux from my high school prom and found a $20 bill in the pocket. I was excited until I realized it’s now only worth $4.25.. For What It’s Worth. Well. You know how I carry on and yell at the walls and all that, when it comes to price manipulation. We’ve seen it in LIBOR. We’ve seen it in Treasuries (with QE). We’ve seen it elsewhere, and most obvious is the price manipulation in commodities, namely Gold and Silver. I saw this story on Bloomberg yesterday and thought it played well with these thoughts that I’ve shared with you these past years. “In a Bloomberg News survey conducted during the past eight weeks, 85 traders and analysts said they have little confidence in the assessed prices of crude, metals and iron ore. Regulators, including European Union Competition Commissioner Joaquin Almunia, may examine commodities markets, having already increased investigations of manipulation of benchmarks for interest rates, derivatives, foreign exchange and oil. Five years after the global credit crisis prompted more regulation of banks, benchmark prices for hundreds of commodities are determined through surveys of anonymous traders who may have a stake in the outcome of the assessments. Unlike stock prices, available in real time at regulated exchanges for all investors to see, many raw materials that go into food, clothing and power are bought and sold in private. “There will be growing pressure for more regulation,” David Wilson, director of metals research and strategy at Citigroup Inc. in London, said by phone Sept. 3. “Commodities markets have traditionally been a backwater that only specialists would have been involved with. Clearly these markets haven’t changed with the times.” Chuck again. I’ve got a novel idea. how about we don’t make more regulations, but instead enforce the regulation that exist? To recap. The bias to sell dollars shifted to a buy dollars bias albeit a muted one, all because there are rumors that the lawmakers will announce an extension so that we don’t default and they can continue to negotiate. Now? Really? They’re going to negotiate now? Oh well, we carry on despite our lawmakers. Aussie labor was weaker than expected, and China took another step toward removing the dollar standard by signing a currency swap agreement with the Eurozone. Currencies today 10/10/13. American Style: A$ .9435, kiwi .8255, C$ .9625, euro 1.3535, sterling 1.5955, Swiss $1.0990, . European Style: rand 9.9625, krone 6.0515, SEK 6.5185, forint 218.25, zloty 3.1005, koruna 18.8570, RUB 32.28, yen 97.80, sing 1.2500, HKD 7.7545, INR 61.36, China 6.1452, pesos 13.14, BRL 2.1975, Dollar Index 80.39, Oil $102.06, 10-year 2.71%, Silver $21.96, Platinum $1,385.38, Palladium $707.38 That’s it for today. So, hooray for my beloved Cardinals! I had a friend in Toronto and on in Carlsbad Ca, texting me last night during the game. It was a nail biter for awhile, but then the Cardinals finally blew it open, late. The Cardinals now face the Dodgers in the NLCS. The Dodgers have all that pitching. UGH! Alex got his results from the ACT the other day, he scored big time on it! I sure hope that helps with the college costs! He only has 1 more month to fill out his applications. Chris just told me that he’s going to be on the Street.com this morning, so look for that. Watching the parade pass me by. Oh well, he’s got a tie on, and I don’t! HA! Now let’s go have a Tub Thumpin’ Thursday! Chuck Butler President EverBank World Markets 1-800-926-4922 1-314-647-3837
It was the second day in a row where the dollar index didn’t do much, as it traded sideways in a very tight range once again. It closed in New York at 79.21, which was down 7 basis points from Wednesday’s close.The gold stocks gapped up about 3% at the open, and then climbed to their high of the day shortly after 12 o’clock noon in New York, which was gold’s high tick. After that they chopped sideways for the remainder of the New York trading session. The HUI finished up 4.11%.As has been the case all week, the silver shares have underperformed their golden cousins. Nick Laird’s Intraday Silver Sentiment Index closed up only 3.33%, and it didn’t even gain back all of Tuesday’s losses.The CME’s Daily Delivery Report showed that 29 gold and 11 silver contracts were posted for delivery within the Comex-approved depositories on Monday. JPMorgan was the only long/stopper of note in both. The link to yesterday’s Issuers and Stoppers Report is here.For whatever reason there was another withdrawal from GLD yesterday. This time it was 57,909 troy ounces. And as of 9:21 p.m. EDT yesterday evening, there were no reported changes in SLV.Joshua Gibbons, the “Guru of the SLV Bar List” posted his weekly commentary on the in/out action for the week that was in SLV. Here’s what he had to say. “Analysis of the 23 October 2013 bar list, and comparison to the previous week’s list. 3,661,880.2 troy ounces was removed (all from Brinks London), and none had a serial number change. The bars removed were from: Solar Applied Materials (1.3M oz), Aurubis AG (0.6M oz), Nordeutsche (0.6M oz), Inner Mongolia Qiankun (0.2M oz), and 17 others.As of the time that the bar list was produced, it was over-allocated 68.6 troy oz. There was a withdrawal of 770,883.6 oz on Tuesday and deposit of 2,408,785.0 oz on Wednesday (that nets to +1,637,901.4 oz) that have not yet been reflected on the bar list, that should appear on the next bar list (as it normally takes a day or two for the bar list to get updated).” The link to his Web site is here.I also noted that the folks over at the shortsqueeze.com Internet site updated their Web site with the latest changes in the short positions for both GLD and SLV for mid-October. The short position in SLV rose by 7.19%, and the total number of shares/ounces sold short now stands at 17,775,400. GLD‘s short position increased by 8.90%, and it’s short position is up to 2.40 million troy ounces. In tonnes, that’s 553 tonnes of silver and 74.5 tonnes of gold. One can only imagine what the prices of gold and silver would be if those holding short positions in both these ETFs were required to purchase the metal on the open market to cover them.The U.S. Mint had a tiny sales report yesterday. They sold 500 ounce of gold eagles, and that was it.Over at the Comex-approved depositories on Wednesday, they reported receiving 32,075 troy ounces of gold, and shipped 64,009 troy ounces out the door. The link to that activity is here.As is always the case, it was much busier in silver, as 639,533 troy ounces were shipped in and 235,623 troy ounces were shipped out. The link to that action is here.It was another slow news day again yesterday, and I hope you find something of interest in what I did manage to cobble together.In a nutshell, the coming influence of monetary expansion on gold and silver prices will be due to the great inflation already witnessed in other asset classes. At some point, it is inevitable that there will be some switching of funds from bonds, stocks and real estate to precious metals. There always is such switching as asset classes come in and go out of favor on a recurring basis. Someday, something will spook the bond, stock or currency markets and there will be some rush to precious metals. Because the growth of other asset classes has been so monumental, even the smallest amount of switching to precious metals will have a profound impact on gold and, especially, on silver prices. – Silver analyst Ted Butler: 23 October 2013There’s not much to add to my comments at the top of this column regarding yesterday’s price action in both gold and silver. It was nice to see the rallies in both metals, along with the commensurate rallies in their associated equities. One can only hope that this trend will continue.As of yesterday’s close, both gold and silver are slightly above their respective 50-day moving averages. It will be interesting to see whether prices power higher from here as the technical funds move to cover their short positions, or will prices “fail” at this point, as they have done in the past at this juncture?Today we get the October Bank Participation Report, along with some sort of Commitment of Traders Report. The only thing I know for sure is that the COT Report won’t contain data up to the last cut-off date, which was Tuesday, October 22. Even before I check the numbers, I’ll be looking for the cut-off date at the top of the web page. And in some respects, without the data being current, it won’t mean a lot. The Bank Participation Report data will also be a month out of date as well, and in some ways what it contains will be of more importance than the COT Report itself.But whatever they show, I’ll be commenting on it at length in Saturday’s missive.All four precious metals were under a little selling pressure during Far East trading on their Friday, but it was silver that really got clubbed going into the 8 a.m. BST London open. The CME low print was $22.325, which was down 40 cents from yesterday’s New York close. Obviously there was nothing free market about that. Gold volume [as of 3:56 a.m. EDT] was pretty light, but silver’s volume was [not surprisingly] very decent. And also not surprisingly, it was mostly of the HFT variety.The dollar index took a 20 basis point nose dive around lunchtime in Hong Kong, but there was a buyer in the wings waiting to catch that particular falling knife at the 79.02 mark. There was no sign of that currency move in any of the precious metal prices at the time.And as I hit the send button on today’s column at 5:15 a.m. EDT, three of the four precious metals have recovered off their lows at the London open, and are rallying unsteadily higher, but none are back above their New York closes from yesterday. Volumes are about average in gold, and still slightly elevated in silver. The dollar index is down about 11 basis points.Since today is Friday, I’m wide open to any price scenario that presents itself when I power up my computer later this morning.Enjoy your weekend, or what’s left of it, and I’ll see you here tomorrow. Both gold and silver are slightly above their respective 50-day moving averagesAs has been the case for what seems like forever now, there was no price activity worthy of the name during the Far East trading session on their Thursday. But a rally commenced at 11 a.m. BST in London which ran into the obligatory not-for-profit seller at the Comex open in New York, and this sliced ten bucks off the price in about 30 minutes. But the rally continued shortly before 9 a.m. EDT, and topped out a few minutes after 12 o’clock noon. After that it traded more or less sideways until the 1:30 p.m. Comex close. Then it got sold down a bit into the close of electronic trading.The CME reported the low and high price ticks at $1,330.20 and $1,352.30 in the December contract.Gold closed in New York at $1,347.30 spot, which was up $13.60 from Wednesday’s close. Volume, net of October and November, was decent at 148,000 contracts.The price pattern in silver was pretty much the same as the price pattern in gold. The only two differences were the fact that the high tick came shortly after 11:30 a.m. in New York, and the sell-off in electronic trading was a little more pronounced than it was in gold.The CME recorded the low and high ticks as $22.51 and $22.91 in the December contract.Silver closed at $22.72 spot, which was well off its high, and up only 16 cents from Thursday’s close in New York. Volume, net of October and November, was on the lighter side at 34,000 contracts.Platinum closed back above its Tuesday close, and palladium finished the day flat. Here are the charts.