點解少年唔講理？ 研究指腦部控制情緒區失控

on.cc東網專訊

【on.cc東網專訊】 成年人總認為青少年不講理，小小事也能挑起其神經，原來有證據可尋。科學家研究發現，少年被母親教訓後，控制情緒的腦部區域活動大幅下降，形同關掣。科學家表示，研究或能解釋為何父母，和年輕子女間較多爭執。
美國多間大學的神經科學專家，讓32名平均14歲的少年，聽其母親兩段長半分鐘的批評聲帶，發現他們作負面反應的腦部區域特別活躍，控制情緒及理解別人觀點的區域活動大幅下降，有如關閉掉社交功能，故未會留意發脾氣或會影響父母感受。

阿蓋德密謀聖誕施襲 圖炸飛歐洲大城市客機

on.cc東網專訊

【on.cc東網專訊】 英國傳媒引述消息指，恐怖組織阿蓋德計劃於聖誕前，在5架飛往歐洲主要城市的客機上放置炸彈，繼而引爆客機。各國政府考慮各種措施，包括禁止乘客攜手提行李及電子器材上機，但都難以實行，恐怕難以避過大災難。
英國《星期日快報》引述機場安全消息報道，美國情報人員2個月前揭發，阿蓋德密謀恐襲5架客機，以引來世界注目。聖戰分子圖謀於於聖誕前，把炸彈偷運上飛往歐洲大城市的客機。消息稱各國政府展開討論，提出多種建議，包括禁止乘客攜帶手提行李與所有電子器材上機，但至今未有實質行動。消息人士指禁止乘客攜帶手提行李上機難以執行，大家都預期即將會有災難。專家指出，發動恐襲的很可能是改信回教的白人武裝分子，甚至出動女人彈，令人防不勝防。遜尼派回教極端組織伊斯蘭國(IS)早前與阿蓋德結盟，IS的37歲英籍成員塔里克在網上宣稱，IS從伊拉克摩蘇爾大學取得40公斤放射性鈾，已製造出1枚骯髒彈。塔里克恐嚇稱，如果在倫敦引爆骯髒彈，將會造成可怕的破壞。

逾28萬長者活在貧窮綫以下

hk.news.yahoo.com

(綜合報道)(星島日報報道)

長者未來會否獲全民退休保障仍是未知之數，但最新數據顯示，大約每三名長者中，便有一人是窮長者，去年有逾二十八萬五千五百名貧窮長者，四成人住公屋。自長者生活津貼去年推出後，共四十二萬人受惠，拉低長者貧窮率，政府認為長津大見功勞。

去年本港六十五歲及以上長者有九十三萬四千六百人，經政府政策介入後，有二十八萬五千五百名貧窮長者，貧窮率達百分之三十點五，即三個長者中，有約一人是貧窮長者，長者貧窮率較前年下跌二點八個百分點。
　　二十八萬名貧窮長者中，兩成人領取綜援、逾三成七人領取長者生活津貼、兩成二人領生果金、不足百分之四人領傷殘津貼，同時有一成七人沒領任何保障；他們當中，七成半人是獨居或二人家庭，貧窮率高達百分之四十三點二，四成長者更住公屋。
　　報告指出，長者生活津貼對扶貧效果顯著，至今有四十二萬人領取長津，已佔全港約四成長者，政府開支近一百零一億元，把六萬九千八百名長者推上貧窮綫之上，減低長者貧窮率達七點四個百分點，亦拉低全港貧窮率一點六個百分點，刺激貧窮長者人口首次錄得下跌。
　　政務司司長林鄭月娥表示，有逾八成長者受惠長津、生果金、傷津等不同社會保障計畫內，但人口老化下，退休長者趨增，貧窮綫不會考慮資產，無可避免有「低收入、高資產」長者也在貧窮綫下，明年會加強諮詢長者退休保障問題。
　　早前完成長者退保研究報告的港大社工及社會行政學系榮譽教授周永新指，長津確令很多長者受惠，但知悉大批商界人士「一步都不讓」，大力反對全民退保，估計政府推行機會似乎已「無可能」，如果連設多層審查形式的退保也不願推出，他真的感到好失望。

　　勞福局局長張建宗說，新一屆扶貧委員會暫定下月十二日再討論全民退保，他認為建議對政府財政有深遠影響，會繼續聆聽社會意見及與立法會保持溝通。

卡梅倫推限制移民措施 半年內無業即趕走

on.cc東網專訊

【on.cc東網專訊】 英國首相卡梅倫在11月28日宣布一系列限制歐盟國家移民的措施，包括規定新移民來英後必須在半年內找到工作，否則會被驅逐出境。卡梅倫又威脅，若歐盟無 視英國的要求，不排除將脫離歐盟。英國10月才明言拒絕向歐盟多交額外預算，今次加推新移民措施勢必雙方關係進一步惡化。
英國將於15年5月舉行大選，爭取連任的卡梅倫為挽回民意，宣布收緊歐盟移民政策，並指一旦連任，便會推行相關改革，以解決國內近年因移民湧入令公共開支大增的問題。他在講話中指，英國受惠於移民，但移民必須受到管制。在新措施下，來自歐盟其餘27國的移民入境時必須到警局進行登記，若果在半年內沒找到工 作，當局有權將其遞解出境。此外，新移民在英國生活滿4年，才能獲得免稅等社會福利及房屋津貼。除非移民下一代也來英居住，否則不會獲得兒童生活津貼。其他有提及的措施，包括嚴格控制歐盟經濟弱國的公民來英工作，及限制移民申請家庭成員來英等。卡梅倫表示，有信心新政策能減輕過多移民對英國造成的社會財政負擔。但由於改革內容涉及修改歐盟條約，須得到其他成員國一致同意才能通過。他暗示，一旦歐盟對限制移民計畫作出阻撓，英國將不排除脫離歐盟的可能性，這是迄今卡梅倫在英國是否脫歐問題上的最強硬表態。卡梅倫發表新措施後，德國總理默克爾透過發言人回應，指歐盟公民自由流動是「不可觸動」的權利，警告英國不要試圖改變基本原則。歐盟發言人亦表示，希望英國 能冷靜及謹慎地討論限制歐盟國家移民計劃。10月時，歐盟曾要求經濟狀況較好的英國多付210億港元作預算，但被卡梅倫斷言拒絕，新的移民計劃勢必令雙方關係更差。

普選爭議：匿名者挑戰警方 不停止驅散即炸警總

on.cc東網專訊

【on.cc東網專訊】 旺角佔領區「重光」後，連續兩晚均有滋事分子在旺角進行「流動佔領」行動，警方動員大批警力驅趕，有人疑不滿警方的行動，竟公然挑戰警方，向警方作出炸彈恐嚇。
消息指，警方今午收到有匿名人士的電郵「警告」，內容以英文書寫，要求警方立即停止驅趕示威者，否則於11月30日晚上11時，灣仔警察總部及旺角警署將會「發生爆炸」，並限警方1日內回覆有關要求。警方正就事件展開調查。據悉，警方接獲電郵後大為緊張，立即派出人員到場搜查。警員在警總內搜查，警總外則一切如常，亦未見有封鎖和疏散人群。暫時未發現有爆炸品。

on.cc東網專訊

【on.cc東網專訊】 鑑於雙學號召明日聚集金鐘，加上旺角連日有大批青年集會，警方預料最壞情況是明晚兩區或同時「開戰」，下午開始將派出歷來最高7000警力戒備，其中金鐘及旺角平均各佔一半，但會因應兩區戰況作出調配，在有必要時可抽調地區警力支援。

此外，警方亦在港島區部署多部曾在旺角派上用場的移動高台車，一旦有大批群眾聚集，可使用催淚水劑驅散示威者。

on.cc東網專訊

【on.cc東網專訊】 有浸會大學學生早前在畢業禮奏起國歌期間，在台下舉起黃雨傘並背向典禮台，其後更有畢業生撐着黃傘上台準備接受畢業證書，但遭浸大校長陳新滋拒絕即場頒授。陳新滋今早出席電台節目時解釋，畢業禮是很莊嚴的儀式，大學殿堂乃神聖不可侵犯，不希望被政治搞亂。他又指，學校包容政治想法，但當在畢業禮如此莊嚴 的場合，有小部分人作出擾亂儀式的行為，在典禮上撐傘，會讓人覺得是對儀式不尊重。
陳新滋表示，畢業禮前一日，學生會發公開信籲學生杯葛畢業禮，他當時得知此事時感不開心；他又認為若教育失敗，他負有最大責任，亦感對不起家長。他指若社會無規範，便會很亂，帶頭人若無道德，鼓動老百姓做不對的事，將會是很危險的。

Gold Shortage, Worst In 21st Century, Sends 1Y GOFO To Lowest Ever... And India Just Made It Worse

www.zerohedge.com

While we have covered the aberration that is a negative gold GOFO rate previously and in extensive detail in this post, an abridged version of what negative GOFO means comes courtesy of Deutsche Bank's recent discussion on what a successful Swiss gold referendum. To wit: "It is interesting to note that benchmark gold-dollar swap rates have recently traded negative, meaning investors are paying to borrow gold. This is unusual as gold is traditionally used as a source of collateral for cash financing.... [A] number of factors may play a role, such as excess dollar liquidity or an increased demand for collateral on the back of the global regulatory developments." In short a gold shortage at the institutional, read commercial and central bank, level. And not just a shortage but the biggest shortage in history, judging by today's latest plunge in the 1 Month GOFO which just dropped to -0.5% and , worse, 1 Year GOFO that just hit its lowest print in the 21st century, and is also about to go negative: something that has never happened before further suggesting the gold shortage could go on for a long, long time! 

Negative GOFO

To be sure, GOFO has printed negative in the past, although the two most prominent historic plunges were due to acute events which promptly renormalized, and were not the result of what has now become a chronic gold collateral shortage via the swaps market.
The best known example of a complete collapse in the GOFO rate, is the September 1999 Washington Agreement on Gold, which was an imposed "cap" on gold sales (mostly European in the aftermath of Gordon Brown's idiotic sale of UK's gold) to the tune of 400 tons per year. The tangent of the Washington Agreement is quite interesting in its own right. Recall the words of Milling-Stanley from the 12th Nikkei Gold Conference:

"Central bank independence is enshrined in law in many countries, and central bankers tend to be independent thinkers. It is worth asking why such a large group of them decided to associate themselves with this highly unusual agreement...At the same time, through our close contacts with central banks, the Council has been aware that some of the biggest holders have for some time been concerned about the impact on the gold price—and thus on the value of their gold reserves—of unfounded rumours, and about the use of official gold for speculative purposes.

"Several of the central bankers involved had said repeatedly they had no intention of selling any of their gold, but they had been saying that as individuals—and no-one had taken any notice. I think that is what Mr. Duisenberg meant when he said they were making this statement to clarify their intentions."

Of course, this happened in a time long ago, when the primacy of Fractional reserve banking was sacrosanct, when the first Greenspan credit bubble (dot com) was yet to appear, and when barbarous relics were indeed a thing of the past, only to be proven oh so contemporary following not one, not two, but three subsequent cheap-credit bubbles which have vastly undermined the religious faith in fiath and central banking, sending the price of gold to all time highs as recently as 2011.

Another subsequent negative GOFO episode occurred in early 2001, which coincided with what has been rumored to be a speculative attack and reversal of the futures market. However, while pushing 1 month rates negative, 3 month rates remained well positive.
The only other time when both 1M and 3M GOFOs were both negative or almost so (3M touched on 0.05%) was in the aftermath of the AIG bailout following the Lehman collapse in November 2008, which reset the GOFO rate to just barely above 0% where it has traded for most of the time, at least until last summer when in a widely documented episode of negative GOFO rates, GOFO went negative in July of 2013 and remained in negative territory for over a month.
Which brings us to today, when not only is the 1 Month GOFO rate the most negative it has been since 2001, not only is 2 through 6 Month GOFO also negative, and in fact the 6 Month GOFO is now negative for the longest stretch in history clocking in at 11 consecutive days, but, strangest of all, the gold curve backwardation is about to become absolutely historic with 1 Year GOFO just a whisper away from hitting negative territory for the first time ever at 0.02667%.

But how is it possible that there is a shortage of gold when gold prices keep tumbling day after day, the skeptics will ask? Simple: the shortage involves gold "available" in the repo market, i.e., gold that already has been rehypothecated one ore more times. Keep in mind that central banks rarely if ever purchase gold outright in the open market, unlike Russia of course (and perhaps China), which has been engaging in an unprecedented gold buying spree over the past year. The rest of the commercial and central banks merely rely on shadow banking conduits and other repo channels to satisfy their gold needs, all of which merely demand the "presence" of synthetic, if not actual physical gold.
It is this synthetic "shadow" gold that is now actively disappearing from the system.Of course, if and when central banks were to tip their hand and reveal the unprecedented synthetic shortage to the physical market, the actual cleared market may well go bid only.

India shocks observers by scrapping gold import rule

One event that may stretch the already ridiculous disconnect between physical and swap-based gold, is the announcement earlier today by India which just scrapped a rule mandating traders to export 20 percent of all gold imported into the country, in a surprise move that could cut smuggling and raise legal shipments into the world's second-biggest consumer of the metal after China.

As Reuters reports, "along with a record duty of 10 percent, India introduced the so-called 80:20 import rule tying imports to exports of jewellery last year to bring down inbound shipments and narrow the current account deficit that had hit a record.
"It has been decided by the Government of India to withdraw the 20:80 scheme and restrictions placed on import of gold," the Reserve Bank of India (RBI) said on Friday, without giving a reason for the change in the rule.
The reason today's announcement was stunning is that only days ago there were talks between officials of the Mumbai-based central bank and the finance ministry in New Delhi to bring back curbs on some trading houses following a surge in imports over the past few months.
Traders said before the decision on Friday that India's gold imports could climb to around 100 tonnes for a third straight month in November as dealers bought heavily on fears of curbs on overseas purchases, especially as the wedding season picks up.
The government's latest move came as a surprise even to some officials.
A policymaker associated with India's gold import policy said the government instructed the RBI at 1830 local time on Friday to urgently change the rule. A notification was posted on the central bank's website two hours later.
"We were not informed about the reason for scrapping this rule. The restrictions on who all can import who can't are still valid," said the policymaker, declining to be named as he is not authorised to talk to media.
And while those in control are unhappy that India's relentless appetite for gold is about to return, and in the process slam the country's current account deficit, at least one group is happy: "the rule change was a relief to jewellers facing difficulties in sourcing gold during the key festival and wedding season that started in October."

Bachhraj Bamalwa, director of the All India Gems and Jewellery Trade Federation, said the 80:20 rule was not only encouraging smuggling but was also misused by many traders.

From getting human mules to swallow nuggets to hiding gold bars in dead cows, smugglers had raised their activity since the middle of last year after the import curbs.

Following the disbanding of the 80:20 rule, the government may place a monthly or yearly quota for traders, said Sudheesh Nambiath, a senior analyst at consultancy Thomson Reuters GFMS.

"Quota is a more logical and simple way of monitoring and limiting gold imports," Nambiath said.

Bottom line: one can again add India to the list of end-market where hundreds of tons of physical gold will end up, never to be heard from again.
And then there is of course the wildcard of the Swiss gold referendum on Sunday, where a "Yes" vote would lead to the immediate collapse of the gold price suppression mechanism as the swap-based gold shortage breaks through merely shadow conduits and finally makes its way to the real market. Which, of course, is why it will never be allowed to happen.

俄羅斯央行干預外匯市場應對油價下跌

money18.on.cc

石油輸出國組織(OPEC)不減產，拖累俄羅斯盧布匯價再創新低。美元兌盧布大漲2.29%，報50.27盧布的歷史高位。

為應對油價下跌所引起的經濟波動，俄羅斯央行宣布，將對外匯市場交易額進行臨時限制，由下月1日起至14日，外匯市場每天交易總額度不得超過20億美元。

通告指，國際油價變化對俄羅斯盧布匯率波動產生重大影響，央行對外匯市場進行管制是為了限制投機行為以保持外匯市場穩定。

去年貧窮人口跌至97萬 港府稱扶貧工作奏效

on.cc東網專訊

【on.cc東網專訊】 扶貧委員會舉行會議回顧去年香港貧窮情況，身兼扶貧委員會主席的政務司長林鄭月娥表示，去年的貧窮人口是97萬，為近5年首次跌破100萬，貧窮率是 14.5%，認為與政策介入前的數據比較，減貧效果更加顯著，反映扶貧工作有成效。
她重申，就業仍是脫貧最好方法，而受惠於經濟穩定增長，2至6人家庭的貧窮線門檻分別上升6.5%至8.7%；其中以4人家庭為例，貧窮線門檻由 14,300元升至15,400元，反映住戶收入有明顯改善；她又指，貧窮線上升反映政府推出的政策到位，例如在推出長者生活津貼後，長者貧窮人口由平均 2人有1人貧窮，減至每3人才有1人貧窮。另外，勞工及福利局局長張建宗回應全民退休保障的訴求時表示，扶貧委員會在周永新教授提交全民退保建議報告後，已投放很多時間討論，但受佔領行動影響，委員會於本周一才進行第二次全民退保會議，新一屆委員會暫定下月12日再討論；張認爲全民退保是對財政有深遠影響，因此需繼續聽社會意見，並會繼續與立法會保持溝通。

on.cc東網專訊

【on.cc東網專訊】 身兼扶貧委員會主席的政務司司長林鄭月娥表示，香港去年貧窮人口是97萬，是首次跌破100萬關口，貧窮率是14.5%，為近5年最低；她指，政府於去年推出2項有關長者及低收入家庭的扶貧政策，其中長者生活津貼令42萬人受惠，令貧窮長者比率由2012年的33.3%，下跌至去年的30.5%，跌幅 2.8%，為整體貧窮下降率0.7%的4倍。但她指，另一項低收入家庭津貼措施，至今仍未獲立法會通過，相信措施最終落實，會令貧窮率再下降2.1%。
另外，特首梁振英表示，本港貧窮問題確實存在，港府早前已制訂貧窮線，稍後會推出相關扶貧措施，冀將貧窮問題逐一改善。

內地合成假金儀器都呃埋

太陽報

內地高科技合成假金殺入本港！國際金價雖然今年自高位回落，內地假金黨仍四出「搵食」，有本港當舖八個月內兩度遇上內地人手持逾四両重的合成假金鏈典當， 成色及重量與「九九九九」足金非常接近，普通噴槍焚燒、驗金機難分真偽，須以千度高溫燒熔才「現真身」。港澳半年內多達十間當舖及珠寶金行相繼中招，商會嚴陣以待，免成為假金黨的提款機！

「八個月前有內地人拎咗一條佛珠鏈嚟當，顏色同重量都冇異樣，點知後來先發現係假金。」資深當舖朝奉強哥（化名）直言，假金鏈為佛珠頸鏈，重達四両一錢，當時參考市價典當，給予該內地人三萬五千元。「條鏈戴到舊晒，應該係戴咗一段時間，用放大鏡係可以睇到有內地金行嘅商號及千足金字樣，當時冇乜懷疑。」

斷當前難細驗

惟四個月典當期過去，強哥再仔細檢查這件「斷當」金鏈時，才發現上當。他估計假金鏈的含金量只有三成，損失約二萬五千元。在一個月前，再有另一名內地人手持同款佛珠金鏈到店內典當，強哥於是將他拒諸門外。

強哥指客人典當後，可在四個月內贖回，當舖不能破壞金飾作詳細檢驗，僅憑肉眼及經驗判斷。他補充，雖然有登記典當人資料，但由於對方並無明言金飾真偽，即使報警亦難以追究，故只能自行承擔損失。他指現時會盡量小心查證，但不會因假金鏈而暫停金飾典當。

從事黃金回收業近三十年的忠記負責人鍾琅音直指，過去半年，該店已回收近十條來自當舖及金行的假金鏈。他指款式與過去流行的扁手鏈不同，多為長身佛珠形頸鏈，表面鍍厚金，大多刻有內地金行或簡體字的商號，部分刻有千足金字樣。

鍾指這批假金鏈無論成色及重量均與九九九九足金非常接近，不但肉眼難以分辨，普通的噴槍燒亦不會令假金變黑，甚至放進驗金機測試，亦顯示「含金量達百分之九十幾」，「連驗金機都呃埋。」他指，只能以千度高溫熔金後再放回驗金機測試，才可使其「現真身」。

為了解假金鏈的成分，記者邀請鍾以驗金機測試由假金鏈熔解而成的金塊。熔解後的金塊顏色明顯轉淡，測試後發現含金量只得百分之六點六五， 其餘成分有百分之六十四的銅（Copper）、約百分之二十九為鋅（Zinc）及少量的鉻（Chromium）及鎳（Nickel）等。鍾指這批假金佛珠鏈的含金量，較早年達五成的假金手鏈更低，反映造假手法更趨成熟。

金行嚴陣以待

澳門亦遭假金黨攻陷。今年三月至今，澳門司警接獲八宗假金鏈詐騙的舉報，七宗涉及當舖，一宗涉及金行。澳門司警在八月拘捕一名涉及七宗詐騙案的內地人，涉款逾三十萬元。疑犯明言受僱於詐騙集團，更透露每成功典當一條假金鏈，可獲五千元報酬。

高科技合成假金不僅令當舖朝奉人心惶惶，連帶金行亦嚴陣以待。香港金銀首飾工商總會副主席陳榮欣指，今年七月已收到消息，內地及澳門一帶出現一批像真度極高的高科技合成假金鏈，包括頸鏈及手鏈等不同款式的假金，商會內部會議時公告會員，需多加提防。

警方發言人指無假金鏈詐騙的分類數字。執業大律師陸偉雄指，若當舖在典當時無向客人確認金鏈真偽，則有機會因證據不足而難以處理。陸偉雄又表示，若當舖朝奉盡查證工作，對方仍然聲稱典當物為真金，並造成當舖的財物損失，涉事人則觸犯行騙罪，最高刑罰為十年；若朝奉被騙前揭發罪案，涉事人有 機會觸犯詐騙罪，最高刑罰為十四年。

太陽報

原來不止真金不怕火煉，今年在本港肆虐的假金亦不怕火煉。香港大學化學系副教授馮應昇表示，坊間發現的假金相信以包金方法製成而非電鍍，假金表面的真金有一定厚度，或以包糉子形式包裹黃金替代品，非熔金式的火燒亦不會變色。

「真金包假金需一定技術，並非家庭式製作。」假金火燒不會變色，亦避過驗金機的測試，馮估計假金製造者已按照真金的重量及密度，計算假金 的合理體積，先從外觀模擬真金；再以真金包裹混雜其他熔點高的物料如稀土類化學品等，避免火燒變色。他估計假金曾經過儀器測試，才可避過驗金機。但他指若 經高能量射線的檢查，假金仍會無所遁形。

高盛匯豐遭控 操縱金屬價格

hk.news.yahoo.com

（法新社紐約26日電） 根據本週在美國提出的1起訴訟，高盛（Goldman Sachs）、匯豐（HSBC）、標準銀行（Standard Bank）與化工業者巴斯夫（BASF）子公司共謀操縱白金和鈀金的價格。 昨天在紐約提起的這樁集體訴訟指出，這4個被告共享關於客戶採購及銷售訂單的非公開資訊，以操控價格圖利自身，但傷害告訴人的利益。 訴狀提及，資訊非法分享「使他們能夠...在（價格）波動之前執行交易」。 「這種不法行為讓被告賺取可觀獲利，而包括原告與提起集體訴訟的成員等未獲內線消息的業者則受損。 」 訴狀指出，提告的美國珠寶及其他金屬生產商 Modern Settings指稱，這項串謀行為導致該公司在「 數萬筆交易」中蒙受損失。 原告委任的律師事務所Labaton Sucharow聲明指出 ，這些商品的投資人「由於這項行為而損失數百萬美元 」。 訴狀宣稱，操縱價格最早始於2007年，直到現在仍 進行中。 4家被告公司每天舉行兩次電話會議，「設定」白金和鈀金的價格。這些金屬的定價過程由倫敦白金鈀金 交易市場（London Platinum & Palladium Market）於 1987年制定。（譯者：中央社徐崇哲）

OPEC出狠招 要埋葬美頁岩油業

hk.news.yahoo.com

（法新社紐約28日電） 石油輸出國家組織（OPEC） 昨天出乎市場意外，決議維持現有生產目標不變，此舉不啻加劇導致油價崩跌的供應過剩問題。 但對多數分析師來說，OPEC熱衷低油價似乎不是那麼令人意外。反觀，隨著美國頁岩油產業大爆發，OPEC 為捍衛市占，才會使出殺手鐧。 普萊斯期貨集團（Price Futures Group）資深市場分析師佛林（Phil Flynn）說：「OPEC將傾全力、同 時也將繼續向全球供油，希望藉此葬送美國頁岩油業者 。」 他指出：「這是一場貨真價實的產油大戰，全球已油滿為患，OPEC不是生就是死。」 紐約油價今天重摔超過7美元，每桶跌至66.15美元 ，寫下2009年9月來最低價位。OPEC昨天在維也納的集會，有研究機構稱是攸關油價走勢的重要「分水嶺」。 不僅油價崩跌，石油股也血流成河，能源巨擘艾克 森美孚（ExxonMobil ）與雪弗龍（Chevron）的股價分別慘跌4.5%與5.5%。 儘管油價跌跌不休，美國石油產業官員認為，美國頁岩油產業將不至脆弱到不堪一擊。 美國獨立石油協會（IPAA）副總裁勞倫斯（ Fred Lawrence）表示：「這確實是一大試煉，但美國頁岩油業不會輕易被打垮。」 他表示：「美國油業的抗壓能力超過OPEC想像。」 （譯者：中央社趙蔚蘭）

印度取消黃金出入口限制

money18.on.cc

全球第2大黃金消費國印度公布，為消除貿易扭曲及抑止走私活動，在20:80條例下，取消20%黃金出口限制，並即時生效。印度政府取消限制或可助金價走勢。

所謂的20:80條例，是要求印度進口商必須將其20%的進口黃金用作加工再出口。

今年較早時間，印度政府曾放寬限制，允許更多貿易商在20:80條例下進口黃金，以滿足節日需求。然而，鑒於過去幾個月印度黃金進口飆升，導致經常帳赤字再度膨脹，印度財政部此前表示將在10月份排燈節過後再次收緊黃金進口。

通脹預期驟降 期金急挫1.8% 銀瀉6%

on.cc東網專訊

【on.cc東網專訊】 受累油價低迷及美元持續強勢，通脹預期急降令投資者對黃金需求下滑，紐約期金收市下跌22美元或1.8%，報每安士1,175.5美元。這是自11月13日收於每安士1,161.5美元以來的最低收市價。
有分析指出，由於原油價格低迷，製造業成本勢必會降低，運輸業和公用事業成本也會隨之下降，投資者對黃金避險需求更低。同時，美元強勢也令金價受壓。衡量美元兌一籃子國際貨幣的美匯指數近期從87.93升至88.15。市場正等待11月30日瑞士黃金公投，預計會在當天晚上11時半左右有結果。另外，期銀收市暴跌6.3%，創2013年6月份以來最大單日跌幅，報每安士15.556美元。

普選爭議：數百人瘋狂過馬路 警拉封鎖線阻鬧劇

香港瘋了 !

on.cc東網專訊

【on.cc東網專訊】 警方於早上近7時公布，直至早上6時，警方在旺角區一帶共拘捕27男1女，年齡介乎16至52歲，他們涉嫌「非法集結」、「襲警」、「藏有攻擊性武器」、 「藏有工具可作非法用途」、「妨礙警務人員執行職務」、「管有第I部毒藥」及「公眾地方行為不檢」等。行動中，有8名警務人員受傷，當中2名因被示威人士投擲硬物而擊中受傷。
警方發言人表示，昨晚有大批示威人士在西洋菜南街、山東街及豉油街一帶聚集及阻塞道路，警方曾多次在現場透過廣播及展示警告橫額，作出勸喻及警告，但他們拒絕聽從，並到處流竄及製造混亂，更有示威人士向警務人員作出挑釁行為及投擲硬物，衝擊警方防線。警方遂採取行動，施放胡椒噴劑及使用警棍，驅趕及拘捕有關 人士。發言人亦指，有示威人士在登打士街介乎花園街及彌敦道一帶放置大型物件如垃圾桶及環保回收箱等，企圖堵塞道路。警方隨即將有關物件移除，並拘捕相關人士。警方對上述行為予以譴責。

on.cc東網專訊

【on.cc東網專訊】 周六凌晨，旺角亞皆老街有居民向警員投訴，指警察不讓其過馬路，等了逾半小時仍未能回家，有人憤怒地用力敲打垃圾筒，不斷高叫「我要返屋企」，又指「等咗咁耐做乜唔畀我返屋企」。有示威在警員面前崩潰痛哭，也有人向警員表示，「其實你可以拉晒佢哋」。

on.cc東網專訊

【on.cc東網專訊】 周六凌晨，逗留在旺角亞皆老街過路處的市民再次與警員發生衝突。示威者邊喝罵警員，然後紛紛張開手上的雨傘，圖衝擊警方。警員立即施放胡椒噴霧，並連忙戴 上頭盔防備。期間警員至少3次出示紅旗，警告集會人士切勿衝擊，否則使用武力。
混亂期間，有集會人士向警員擲雞蛋和水樽等雜物，有警員「中招」。數十名警員立即趕到現場增援，並廣播呼籲走出馬路的示威人士返回行人路。

on.cc東網專訊

【on.cc東網專訊】 入夜後的旺角，示威人士陸續增加。周五晚上約11時，近千名參與佔領運動的市民站滿亞皆老街至豉油街一帶的彌敦道行人路，不停來回走動，高呼要「鳩嗚」 （購物）。警方在場實施人流管制，要求想過馬路的人士必須經地鐵站或使用行人隧道。警方排出3重人牆，又在亞皆老街拉起封鎖線，防止混亂發生，暫未見有人與警員發生衝突。
另外，有示威者不停用粗口辱罵警員，高叫「警察正X街，好仔唔當差」，又對警員唱生日歌，以及大叫「窩打老道」，未知是否企圖佔據該條馬路。

on.cc東網專訊

【on.cc東網專訊】 晚上9時許，原本沿彌敦道往太子道方向前行，聲稱要去「鳩嗚(購物)」的數百名市民，行至彌敦道及亞皆老街交界十字路口時，開始不停來回「過馬路」。由於突然有大批市民在十字路口出現，警方頓時大為緊張，派出約200名警員趕往現場把守，並且拉起封鎖線。
與此同時，警方亦於彌敦道及亞皆老街交界的十字路口，實施人流管制，所有路人需以行人隧道或經港鐵站橫過馬路。直至大約9時半，數百市民原路折返，調頭往奶路臣街方向進發。

on.cc東網專訊

【on.cc東網專訊】 晚上8時45分，旺角聚集的市民愈來愈多，估計有近千名市民在西洋菜南街近豉油街行人路上聚集，警方部署的警力亦大為增加，幾乎「3步1警」，沿行人路旁 把守，防止有人將馬路堵塞。部分市民不斷高呼「鳩嗚(購物)」，亦不停在該路口行人過路處不停「來回過馬路」及「跌錢」，令該路口非常擠塞。
警方作出廣播，呼籲市民盡快過馬路及紅燈時不要橫過馬路，大多市民都聽從警方指示，惟由於現場有大批人群，途經車輛需要慢駛。

Gold – A Revival?

突然又說升 ?

armstrongeconomics.com

The Swiss referendum will be the this weekend to prevent the central bank from selling its gold. While Swiss sources say this is really about a protest against the central bank policy since they pegged the Franc to the Euro incurring tremendous losses, the Swiss are now watching their currency decline with the Euro. There are still concerns rising within Europe that individual central banks should bring their gold home. This was done in the Netherlands. To some degree it is rising anti-Americanism. Additionally, what is really behind this trend is the collapse in the confidence in the whole EU thing and the survival of the Euro. We should see a pop in gold going into next week.

The resistance stands at 1255-1275. A closing for November above 1256 will signal a strong rally is possible. A closing above 1241 will shift it into neutral for the seasonal rally. Of course the fundamentalists will be projecting the new bull market as always so hurry up and jump in selling everything you own.
The timing is still unfolding as laid out and the real turn should unfold with the Benchmarks. We need the entire landscape to unfold to set the stage for the sustainable turn.

阿蘇火山噴出岩漿 數十航班取消

on.cc東網專訊

【on.cc東網專訊】 周二起開始噴發的日本熊本縣阿蘇火山，周五繼續噴發並噴出岩漿，為22年來首見。
日本氣象廳指，阿蘇山噴發熔岩流和濃煙，火山灰直竄天際，高達一公里，附近熊本縣數十個航班要取消。當局警告民眾要遠離火山口，但氣象廳預期火山爆發的規模不會增大。

"Panicking" Ukrainians Face Soaring Prices, Warn "Inflation Is War"

www.zerohedge.com

With Ukraine, according to President Poroshenko, on the verge of World War III, it appears the people of the divided nation face another all too familiar war... on their living standards. As Hyrvnia continues to collapse to record-er lows, Ukraine's Central Bank warns of further stress and FX (think USDollar or EUR) demand because the "population is in panic." With a 19.8% inflation rate last month and a 48% devaluation in the currency this year, Bloomberg reports the costs of imported goods from gasoline to fruit and from medicine to meat is soaring. One store-owner reflected that she "feels the hryvnia devaluation everywhere," and another noted "I can't imagine how people survive on a single pension. We can’t even go to the drug store. We try to use herbs instead." The Central bank expects inflation to keep rising (having previously peaked at 10,256% in 1993 as the Soviet economy was dismantled). "Inflation is the same as the war," warns one analyst, "it may lead to protests if people blame the authorities for failing to conduct proper policies."

As Bloomberg reports,

[Ukrainians] are cutting back because of this year’s 48 percent plunge in the hryvnia, a decline that’s eroded purchasing power. The inflation rate spiked to 19.8 percent last month as the currency’s slide boosted the costs of imported goods from gasoline to fruit.

...

Valentyna is thankful for the two pensions she and her husband share, even if Ukraine’s inflation shock means they’re no longer enough to buy medicine and meat.

“We have some potatoes, tomatoes and cucumbers from our dacha,” said the 72-year-old pensioner as she made her way through the city of Zhytomyr, a two-hour bus ride west of Kiev. “I can’t imagine how people survive on a single pension. We can’t even go to the drug store. We try to use herbs instead.”

...

“I watch the dollar rate all the time because for me it’s the best indicator of poverty,” said the 29-year-old mother of a son in first grade. “I buy less sweets and fruit because of the astronomical costs. We used to save some money. Now, we can’t save anything.”

It's gonna get worse...

Inflation will probably speed up to 25 percent this year, compared with the 19 percent forecast earlier, central bank Governor Valeriya Gontareva said today.

Ukrainians are no strangers to inflation. Price growth peaked at 10,256 percent in 1993 as the Soviet economy was dismantled. Having subsided, the rate jumped to 31.3 percent in 2008, shortly before the hryvnia last sank.

...

“I’m ready to tolerate the current economic situation as long as the war is on,” said Hanna Hryhoriyeva, 67, a teacher at a culinary college who backed the protests’ anti-corruption message. “I won’t go onto the streets tomorrow because of inflation and the devaluation but my patience isn’t infinite.”

Others are less understanding.

Valya, a pensioner who declined to give her last name, said she’d just bought 2 kilograms (4.4 pounds) of grain that should last a month, along with potatoes and beetroot from the market. While she doesn’t drink alcohol or smoke, she can’t afford the bus to visit relatives’ graves in the Lviv region.

“Glory to Ukraine?” said Valya, 76, referring to a slogan of the street uprising. “Glory for what? Higher prices? The war? We’re just tolerating the authorities.”

And may end badly...

“Inflation is the same as the war,” Valchyshen said. “It may lead to protests if people blame the authorities for failing to conduct proper policies.”

*  *  *
Is it any wonder Poroshenko is talking up the war and hoping for more aid/loans from The West to subordinate his nation...
And then this happens...

• *MEDVEDEV, YATSENYUK TALKED ABOUT FINANCIAL-ECONOMY TIES
• Russian Prime Minister Dmitry Medvedev on Thursday held a phone conversation with Ukrainian Prime Minister Arseniy Yatsenyuk, the Russian government press service reported Thursday.
• “Medvedev and Yatsenyuk discussed issues of financial-economic cooperation between the two countries,” the statement said.

年輕員工難留 零售轉聘中年

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【經濟日報專訊】臨近聖誕、新年零售旺季，零售及飲食僱主急增人手，普遍要聘請逾百名臨時員工，有年輕服裝品牌慨歎年輕員工難以挽留，未來會「主動出擊」轉聘中年員工，皆因他們的穩定性夠高。

昨日佐敦招聘會現場，提供近3,000個職位空缺，求職者多為20出頭的年輕人。然而，有零售及飲食業僱主指「年輕人流動性太高」，開始轉移策略，聘用中年員工及退休人士。
美國服務品牌GAP有意於聖誕、新年期間，聘用近300名兼職及全職員工，GAP助理招聘經理文慧中表示：「現時請人、出手要快！」因年輕求職者選擇多，可能同時獲幾間公司取錄。

時裝店推員工價 吸應徵者

她指雖然GAP是年輕品牌，定位活力、開心、熱情，向來聘用不少大專院校學生為兼職，但由於流失率頗高：「有時考試要放假、有時說要去畢業旅行、有 時更說要去工作假期。」故仿效總公司做法，未來有意大舉增聘「Uncle、Auntie」，因他們穩定性高，忽然離職的可能性較低。為吸引中年員工應徵， 他們以「童裝五折員工價」作招徠：「可買給子女，這對他們來說是很吸引的！」

除零售業外，飲食業亦長期缺人。必勝客代表昨日指出，由於分店數目增多，今年第四季招聘人數亦上升，現有逾百空缺，他們以彈性工作時間及聖誕節日津貼吸引求職者。

求職多年輕人 惟內向欠主動

他形容，昨日求職者以年輕人居多，但略嫌不夠主動，過於內向，他們有意聘用退休員工，又提供彈性工作時間，供中年求職者選擇，每日上班4至6個小時。

Core Search董事總經理張慧敏表示，零售、飲食業聘用中年人確已成趨勢：「其實去連卡佛、莎莎及卓悅等，可以看到不少前綫銷售員是中年婦女，集中於30至 40歲的年紀。」她坦言，由於年輕人渴求自由、無拘束，僱主只能向中年勞動力入手：「你不能夠改變他們（指年輕求職者），就只好改變自己的策略！」

存保制部署1月推

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人行昨召開系統內的全國存款保險制度工作電視電話會議，各省級分行領導到京參會。研究部署於明年1月份推出存款保險制度。另外，央行各地分行召開《關於召開存款保險制度相關實施工作的會議》，研究部署存款保險制度相關實施工作。

據悉，有關政策或根據監管評級制度實施差別化費率，賠付額度上限可能是50萬元，並且會成立專門的存款保險託管機構。業內人士指，存款保險政策的落實，可視為利率市場化的其中一步。市場憧憬為減低影響，或有降準政策伴隨。

銀行股今早普遍向好，浦發銀行(600000.SH)升逾2%報11.75元人民幣(下同)，中信銀行(601998.SH)(00998)升逾3%報5.75元，而農業銀行(601288.SH)(01288)則靠穩報2.7元。

另中銀監高層近期提及《商業銀行法》修訂的頻率有所提高，中銀監副主席閻慶民近日表示，有關條款需要順應新形勢予以適時修改。而相關人士透露，條款的修訂或不限於存貸比，還涉及銀行對外投資。

金融時報：油價下跌令銀行面臨巨虧

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英國《金融時報》文章稱，巴克萊、富國銀行等向兩家油氣企業發放的8.5億美元貸款面臨潛在重大損失，這個迹象表明油價急劇下滑引發的衝擊波正傳遍整體經濟。

有關這些貸款的情況浮出水面之際，沙特阿拉伯在石油輸出國組織（OPEC）於維也納舉行一個重要會議的前夕發出信號表明，它不會推動歐佩克大幅調整產量目標。數個OPEC成員國一直在呼籲減產以支撐價格（油價自6月以來已下降30%），但其他成員國認為沒有必要改變。

沙特石油部長納伊米(Ali al-Naimi)表示，他對於歐佩克將達成統一立場非常有信心。然而，油價低迷的衝擊波正傳遞到能源行業以外，打擊產油國的貨幣和國家預算，以及能源企業的股價。

自6月中旬以來，俄羅斯盧布已貶值27%，挪威克朗下跌12%，昨日尼日利亞奈拉的匯率觸及創紀錄低點。企業也受到打擊。自6月中旬以來，英國石油(BP)的股價下跌17%，雪佛龍(Chevron)股價下跌11%。

全球最大海上鑽井平臺東家之一Seadrill日前宣布暫停派發股息後，股價隨即曾大跌18%。隨著大型石油公司針對油價下滑紛紛取消項目，該公司遭遇鑽井平臺供過於求的打擊。現在銀行也受到影響，據悉巴克萊和富國銀行的能源相關貸款面臨潛在損失。

這兩家銀行今年曾牽頭一筆8.5億美元的過橋貸款協議，意在為兩家總部位於美國的石油企業——Sabine Oil & Gas和Forest Oil——合並提供資金。

然而，據市場參與者透露，這筆貸款在6月首次提供銷售時，投資者卻步，而在自那以來的幾個月里，油價下滑加上動盪的信貸市場，挫敗了銷售貸款或安排銀團貸款的進一步嘗試。巴克萊和富國銀行均拒絕置評。

由於承銷銀行無法將貸款轉賣給投資者，它們在這筆交易上面臨虧損，因為兩家石油企業債務的價值縮水了。Sabine的債券交易價格在6月達到大約105.25美元，高於面值，但此後已跌至94.25美元，深陷問題債務範疇。

競爭對手的銀行家估計，如果巴克萊和富國銀行現在試圖對這筆8.5億美元的貸款安排銀團貸款，其價值可能縮水至面值的60%。

研究集團LLF Advisors的首席投資官弗里德森(Martin Fridson)表示，在美銀美林高收益指數的180隻問題債券中，52隻（相當於28.89%）是由能源集團發行的。投資者不再青睞能源行業。

根據標普資本智商(S&P Capital IQ)的數據，能源行業現在占未償還槓桿貸款的4.6%，高於10年前的3.1%。而巴克萊的數據顯示，能源債券在1.3萬億美元的垃圾債券市場佔15.7%，遠高於10年前的僅僅4.3%。

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油價大跌，市場已再沒有人敢唱好油價。俄羅斯石油公司(Rosneft)首席執行官表示，油價恐怕會在2015年中跌破每桶60美元。

高盛亦指出，石油輸出國組織(OPEC)在維也納會議的抉擇，恐怕會導致原油價格進一步下跌，在2015年上半年會出現顯著的供應過剩。

油組不減產，渣打銀行隨即下調布蘭特原油2015年預測，至僅每桶85美元，較原本預期減少16美元。

普選爭議: 旺角今夜 勢再開戰

on.cc東網專訊

【on.cc東網專訊】 「重光」的旺角鬧市淪為「鬧事」區，危機指數已攀升到頂點。有網民在網上煽動發起「武裝起義」，號召「勇武」派在「催淚彈兩月祭」，今日到旺角集結重佔彌敦道，有指社運人士亦打算加入旺角戰團，之後在佔鐘區發難攻佔政府總部作呼應，圖搏到盡營造「光榮被捕」形象。針對有人赤裸裸地向法治宣戰，令旺角淪為火藥庫，警方已作最壞打算，一旦局勢失控，將傾盡全力維護公共秩序，危機關頭會出動最少七千警力，同時呼籲市民不要參與其中或被煽動做出違法行為，並避免前往該區，以免在混亂中受傷。

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警方一連兩日在旺角佔領區大規模清場，觸發大批市民連續兩晚在西洋菜街聚集，期間發生不少警方涉嫌過度使用武力對付市民和記者的事件。學民思潮召集人黃之鋒呼籲，在旺角的市民顧及人身安全，不要跟警員發生任何口角和戴上口罩，以免遭到警員武力對待，並強調學民思潮和學聯暫時沒有「光復旺角」的計劃。

周三清場期間突被拘捕、扣查超過一日的黃之鋒，被控以阻礙公職人員罪，獲准保釋候訊，期間禁足旺角部分地區。黃之鋒今天指出，警察在旺角執法的情況顯示，即使是途人，都可能遭警棍毆打，擔憂警方採取武力或升級行動，呼籲不論是支持還是反對佔領的市民，在旺角都要顧及人身安全，不要跟警員作任何口角， 也不要刻意戴上口罩，否則可能吸引警員的注視。
學民思潮今晚將派成員低調視察現場，並要求警方停止使用過分武力。

黃之鋒表明，學民思潮暫無意在旺角一帶重新佔領，以釋出善意，在影響市民和向政府施壓之間取得平衡。他希望，仍有政治訴求的市民，轉往金鐘或銅鑼灣的佔領區。

馬來西亞總理改口 要保留及加強煽動法

on.cc東網專訊

【on.cc東網專訊】 馬來西亞總理納吉布一改前年的說法，在周四宣布政府將會保留和加強《煽動法》。
納吉布同時也是馬來西亞執政聯盟最大政黨巫統的主席，他出席巫統大會開幕時說，《煽動法》將加入保護回教聖潔和禁止冒犯其他宗教的條文，同時亦會加入條文，對付任何煽動東馬脫離馬來西亞的人士。馬國的《煽動法》源自英國殖民時代，不少人批評，政府一直以此箝制政治異見人士。納吉布曾在前年7月承認此法不合時宜，宣布政府將會廢除煽動法，並以國家和諧法來取代。當時他正面對大選在即。不過，他早在今年9月已經改口，指政府將會同相關人士討論後，再決定是否要廢除煽動法令。

美雨雪天氣影響陸空交通 近萬航班受影響

on.cc東網專訊

【on.cc東網專訊】 美國東北部正面對雨雪天氣，陸空交通嚴重受阻，現時有逾9千班航班延誤或取消。
其中波士頓、費城、紐約及華盛頓有雨，部分地區自周三晚起更下雨雪。當地時間周三，有近1千5百班航機取消，近8千航班延誤；周四則有近1千7百航班延誤，3百多班客機取消，受影響客機主要來往費城、新澤西州的紐瓦克及紐約的拉瓜迪亞。氣象部門估計，積雪未必會超過2吋，但都會對東部民眾的交通造成影響4630萬名美國人會駕車回家慶祝節目，但惡劣天氣將影響路程。

澳洲風暴招雨雹 導致近9萬戶停電

on.cc東網專訊

【on.cc東網專訊】 澳洲昆士蘭省布里斯班近日受風暴吹襲，帶來狂風暴雨之餘，多區更降下高爾夫球般大的雹，導致近9萬戶沒有電力供應。
受大雨影響，布里斯班市內的能見度，周四一度低至只有10米，引致交通嚴重擠塞。當局呼籲，駕駛人士如非必要，切勿駕車外出，令警方及救援車輛能順利行駛。另外，風速方面，當局錄得最高達時速141公里，而當局至今收到約700宗求助。受暴風雨影響，當地所有學校於周五停課。有機場的飛機更因風暴而吹翻。

普選爭議：旺角服務業重開 巿民商戶皆歡

on.cc東網專訊

【on.cc東網專訊】 佔旺區清障行動昨日完成，現場所見，彌敦道的滙豐銀行雖已重開，但只開放兩道側門，正門仍然落閘。滙豐發言人表示，基於保安理由，銀行只開側門；另外亞皆老街與彌敦道交界的恒生銀行及上海商業銀行全部照常服務。
前往滙豐銀行辦理銀行服務的黎先生表示，旺角的銀行回復服務是好事，否則他需前往佐敦的分行辦理，極為不便。由於時間尚早，旺角大部分商戶仍未開門，部分開始整理櫥窗準備開業，而於西洋菜街近豉油街，仍10多名示威者留守，他們坐於百老滙電器門前地上青年，因店舖需準備開門，亦平靜收拾物件後離開。至 於巿民對道路重開均表歡迎，於酒樓任職的韓先生表示，近2日生意好轉，惟仍未如以往，擔心會再發生衝突，但亦支持早日清理銅鑼灣及金鐘。而於巴士站候車的 姚太則稱，平日較少去旺角，今日因要看醫生才來，幸已經清場，她亦希望銅鑼灣能盡快清理。彌敦道有藥房職員指，佔旺期間生意下跌四成，現時馬路重開盼生意 恢復正常。金管局表示，根據早上8時銀行的匯報，早前受影響的銀行營業網點目前已全部恢復運作，但有一間銀行一個營業網點會縮短今日營業時間。該局表示，已經要求銀行在情況許可下，盡快恢復正常服務。

on.cc東網專訊

【on.cc東網專訊】 經過一連兩日的清場行動，旺角今日迎接首個沒有佔領堵路的一天，多間位於彌敦道的店舖陸續開門，惟警方不敢鬆懈，在沿彌敦道一帶的支路如山東街、奶路臣街、亞皆老街等不同地點，均各有6至7名警員駐守。而較早前，有10多名「佔旺」青年，通宵留守在西洋菜街的行人路，早上近10時左右，因街內店舖開門， 眾人應職員呼籲後離開，未有發生衝突；其中一名單獨通宵留守的女子表示，早上要返學所以離開，稱過去沒有衝擊過警方，只希望盡力留到最後一刻。
另外，彌敦道等多條主要路段重開後，早上行車暢順，巴士站的人流不多，市民似是擔心再有突發事件延誤車程，而巴士公司職員就忙於清理彌敦道巴士站牌上的雜物。

on.cc東網專訊

【on.cc東網專訊】 逾百人在過去兩日的佔旺清場行動中被捕，其中31人今日被押至九龍城法院提訊；其中學民思潮召集人黃之鋒，涉嫌於昨日(26日)阻礙執達主任執行禁制令， 被控予一項阻礙公職人員罪，暫時毋須答辯，法官將案件押後至明年1月14日再提訊，期間獲准保釋，但被告不准踏入花園街、旺角道、登打士街及上海街內的區域。
辯方律師一度就禁足旺角路段提反對，認為區內交通已重開，被告重犯機會低，又指黃每日要途經旺角返學，禁足對他影響大；法官最後仍維持禁足決定，但返學途經路段可獲豁免。

hk.news.yahoo.com

【太陽報專訊】兩輪清場「光復」彌敦道，佔旺者失去據點。但是，有人不想旺角安寧，號召網民重返旺角集結，繼第一波清場後佔領其他道路，反轉旺角彌敦道以西和以南數條街道十二小時，昨日白天第二波清場打通彌敦道後，警方已預計有人死心不息捲土重來，再反轉彌敦道以東，大批軍裝和便裝警員在旺角大街小巷「洗街」，截查可疑人士和驅散人群，至晚上有人在奶路臣街點起火頭，趁警員截查借題發揮，出口又出手向警方宣戰，警員拘捕犯事者又遭到包圍。五百人退守西洋菜南街，以行人專用區作擋箭牌建立「據點」， 與警連番爆發衝突，至深夜又移師亞皆老街聚集，商舖紛紛落閘暫停做生意。

第二波清障行動昨晨閃電結束，但有人早放風以另類方式挑戰法治，有人前晚發起「百萬面具購物團」，號召網民晚上八時帶備拐杖到彌敦道行人路上「購物」，揚言「人多擠迫，難免偏離馬路」，亦有人昨午號召網民在晚上到旺角參加「放題」。

網民號召帶拐杖「購物」

據悉，警方在旺角部署的四千警力未有撤離，下午三時彌敦道南北行全線恢復通車後，仍有佔領者在行人路上徘徊，一度有百人在砵蘭街及登打士街聚集。警方為防他們再佔領馬路，上前將他們驅散，並派駐大批警員在行人路兩旁戒備，大批反黑組探員在旺角街頭巡邏，截查三五成群可疑人士，呼籲聚集人士盡早散去。
傍晚六時許，十名身穿校服及戴口罩的中三女學生在登打士街及砵蘭街交界聚集，警員上前截查，在其中一人的背囊內搜出頭盔，她報稱約朋友食糖水，問她 「食糖水要戴頭盔？」她稱是行經介乎彌敦道及砵蘭街之間登打士街一間店舖時，一名中年男子將頭盔遞給她，叮囑她小心，她不以為然將頭盔收起，警員呼籲她們盡早回家，並致電父母報平安。

警員築人鏈阻衝出馬路

至晚上七時，彌敦道銀行中心對出行人路，有近百人聚集，其中兩人站出馬路，警員上前截查時遭辱罵，雙方推撞口角，約百名警員手持盾牌、警棍及戴上頭 盔，迅即趕抵將他們驅趕回行人路，舉起紅旗要求停止衝擊，並一度使用胡椒噴霧及警棍，多人被制服帶走。期間，彌敦道南行兩條行車線一度暫時封閉，警方出動 警車及政府車輛充當「路障」，停泊彌敦道南行靠近行人路的行車線，以防有人衝出馬路。
其後，集結人數增至五百人，沿奶路臣街退入西洋菜南街交界，警方在行人路兩旁築起人鏈阻止，並持盾牌戒備，集結人士要求前往銀行中心對開，高呼「我 要真普選」，認為佔據行人專用區有理，要求「開路」，雙方發生衝突，再有人被捕和頭中警棍流血。晚上八時許，人潮南移至西洋菜南街及山東街交界，警方築起 人鏈封閉山東街及彌敦道交界的馬路，並派出兩頭警犬戒備，集結人士不斷發出噓聲，平均五分鐘與警方發生一次衝突，西洋菜南街需暫時封閉，大部分商舖落閘不 做生意。

晚上十時許，集結人士沿西洋菜南街北移至亞皆老街，並左轉至彌敦道，在惠豐中心對開行人路聚集「玩」過馬路，包括清場「藍衣部隊」在內的大批警員增援，並築成人鏈阻擋戒備。另外，夜後有二十多人在尖沙咀圖衝出梳士巴利道阻路，但被警方及時阻止。

on.cc東網專訊

【on.cc東網專訊】 警方傍晚發新聞稿，指昨晚(26日)示威者在旺角奶路臣街及山東街一帶聚集及阻塞道路，警方曾多次勸喻及警告，但對方拒絕聽從，且繼續到處流竄。除堵塞道路，更蓄意混入人群，煽動在場人士挑釁警方，衝擊警方防線。為免情況惡化，警方在別無選擇下，施放胡椒噴劑及使用警棍，以最低武力制止暴力及違法行為。
警方續指，直至今晨7時許已完全驅散滋事分子，令旺角一帶交通復常。昨晚至今晨的行動共拘捕21名男子，年齡介乎19至42歲，罪名包括「刑事毀壞」、「在公眾地方行為不檢」、「藏有攻擊性武器」、「非法集結」、「襲警」及「阻礙警務人員執行職務」等。 此外，昨晚10時許，有人衝出尖沙咀梳士巴利道，企圖以鐵馬堵塞多條行車線，然後立即逃去，警方隨即到場移除堵塞道路的物件。警方指有關非法行為極不負責任，亦罔顧自身及其他道路使用者的安全。警方指旺角街道雖已被開通，但仍有激進和滋事分子經常到處挑釁及製造混亂，企圖再次堵塞道路。警方呼籲市民不要到旺角聚集及流連，應遠離激進和滋事分子，不 要參與其中或被煽動作違法行為。警方重申旺角仍是高風險地區，呼籲市民尤其是學生，避免前往該區，以免受到不必要的傷害，附近居民及商戶亦要小心留意個人 安全及避免受傷。警方指已調配適當警力，在該區維持秩序及防止有人堵塞已重開道路或其他道路。警方指有決心及有能力，恢復社會秩序，保障公共安全。如有任何暴力和擾亂公共秩序的行為，警方必定果斷執法。

「假金黨」利潤逾200倍 海關追查A貨名店金飾

頭條日報

周大福、周生生及六福珠寶三大著名金舖，已成為「假金黨」目標，疑被仿冒旗下龍鳳鐲等金飾，以真金電鍍外層及高技術仿製，像真度高逾九成，打正旗號出售優質「老翻」，吸引大量本地新人及內地客掃貨，一對二両重龍鳳鐲僅售八百元，利潤高達二百多倍。海關表示關注，正深入調查有否牽涉「內鬼」所為。

        《星島日報》獨家報道，「假金黨」出售仿真度極高的假金飾，標榜百分百抄足周大福、周生生及六福珠寶三大品牌金飾，款式多達數十款，最搶手為龍鳳鐲，只售六百 至八百元，視乎粗幼，若以現時每両金價一萬二千多元計算，一對二両重正牌龍鳳鐲，連手工費約二萬八千元。另有金豬牌頸鏈、耳環及戒指等，透過社交網、拍賣網、網店及婚嫁網站散貨，相信已活躍達三年。有業界人士估計，假金黨可能購買正貨後，以高科技大量「倒模」仿製。疑被侵權的三大品牌金行正跟進事件。

        像真度高逾九成

記者以顧客身份，購得仿冒三大品牌的龍鳳鐲，發現外表像真度高逾九成，無論圖案、字樣及造型，均與正貨十分相似，只有些微破綻，如手鐲缺少保險扣，或雕花不夠立體精細。

        據知，該些假金飾外層以真金電鍍，內裏疑為銅製物料，以求做到「足秤」效果。有人更聲稱與著名金行的打金師傅「合作」，在東九龍區及港島區設有工場，使用三大品牌的原裝金飾鋼模打製假金飾，因而手工精緻。

        海關發言人表示十分關注事件，指有需要會與版權持有人聯絡，採取執法行動，並呼籲市民和旅客到專門店購買正貨金飾。由前年至今年十月，海關共破獲十二宗涉及外地品牌的冒牌首飾案件。

        執業大律師陸偉雄稱，出售和出租侵權的金飾，均屬違法行為，若有人訛稱仿製金飾為真品，以作銷售目的，更會觸犯商品說明條例，最高可罰款五十萬元及監禁五年。倘客人購買該類金飾自用，不涉商業行為，則無相關刑事責任。

南韓擬管制 「自拍神棍」

hk.news.yahoo.com

【晴報專訊】「自拍神棍」是潮男潮女的恩物，但繼東京迪士尼樂園禁用後，南韓政府亦計劃立例管制。南韓科學資訊通信暨未來規劃部指，具藍牙功能的「神 棍」，或會干擾其他設備或器材，甚至損害健康，若出售未經核准產品，最高罰款三千萬韓元（約二十萬港元），甚至入獄三年。市面上最受歡迎的一款「神棍」內 置藍牙裝置，用戶只需按下棍上按鈕便可拍照。但南韓部門指，該款「神棍」釋放電滋波，或危害人體健康，及可干擾其他電子裝置，因此計劃加強取締，商家出售 前，須先查證其輻射量有否超標，若出售未經核准產品，可判罰款甚至監禁。南韓民眾則批評，當局企圖干預民眾上網習慣，和打擊小商戶。

普選爭議：亞皆老街近砵蘭街局部通車 市民歡呼

on.cc東網專訊

【on.cc東網專訊】 警方在下午近3時採取武力清場終有成果，亞皆老街近砵蘭街的路障已全被清除，而該路段往大角咀方向的其中一條行車線亦於下午3時50分左右重開，隨即有大量車輛駛經該路段，而在通車一刻，行人路兩旁有人歡呼拍掌，以示支持。
另外，原本留守的大批示威者被警員迫退至砵蘭街行人路，現時砵蘭街路面非常擠塞，在場警方多次廣播呼籲，要求示威者盡快撤離。東網正直播旺角清場情況，

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on.cc東網專訊

【on.cc東網專訊】 警方在下午近3時開始採取武力清場，將不願離開亞皆老街近砵蘭街路段的示威者抬走，部分反抗的示威者被警員按在地上制服，而警員在清場期間亦逐步向砵蘭街 方向推進，配備頭盔及胡椒噴霧的警員則在兩旁戒備，現場情況非常混亂。警員其後在3時10分展示黃色警告旗幟，要求示威者切勿越過封鎖線，現場亦有廣播呼籲市民向尖沙咀方向離開。
另外，一名配戴記者證的傳媒工作人員欲返回示威區採訪，遭在場警員拒絕，記者其後多次展示證件，但最終被警員帶走。

on.cc東網專訊

【on.cc東網專訊】 清旺行動早上9時起至今仍結束，下午6時10分，大批配戴頭盔、盾牌警員高舉「停止衝擊，否則使用武力」的警示紅旗，在砵蘭街朗豪坊向尖沙咀方向派開第三波推進，並展開拘捕行動，多名拒絕離開的集結人士被帶走。
示威者高呼「請警方克制冷靜！」。期間有人被警方按地制服，之後再包圍他，取出膠索帶，料是作出拘捕行動，而在一輪衝突過後，場面稍見平息。現時警方就在砵蘭街及山東街交界拉起封鎖線，禁止市民進入砵蘭街，市民只准出而不許入，現場目前仍有幾百人，主要是圍觀市民，約百人則為示威者，警方再作出呼籲，指示威者參與非法集結，如不離開會使用武力驅散。

on.cc東網專訊

【on.cc東網專訊】 下午6時許，旺角近砵蘭街近朗豪坊，有站在升降台上的警員出動催淚水劑驅散示威者，現場有廣播呼籲在場聚集的人士盡快離開。現場一遍混亂，有一名男子在混亂期間被警方按着升降台制服。有市民要坐到一旁休息，現場有人派口罩。

on.cc東網專訊

【on.cc東網專訊】 警方昨天在旺角亞皆老街協助執達主任清除障礙物的行動中，截至昨晚11時51分，共有23人被捕，包括18男5女，年齡介乎14至69歲，涉嫌非法集結、 襲警、抗拒或阻礙公職人員等罪。警方表示，應對在山東街至上海街一帶非法集結的行動仍在繼續，呼籲市民，特別是學生不要到上述地方。

on.cc東網專訊

【on.cc東網專訊】 警方在佔旺區協助執達主任清理障礙物的行動引發大混亂及多人被捕，學民思潮在其facebook專頁呼籲市民發動反包圍警員的行動。專頁上說：「各位市民可以從油麻地站A2出口出發，展開反包圍行動！」
有不少支持佔領的網民紛紛和應，有網民說「等你呼籲好耐」，亦有網民代表金鐘示威者發言，呼籲市民運送眼罩等物資到旺角增援。

on.cc東網專訊

【on.cc東網專訊】 佔旺區的第二波清場行動正式開始，警方在滙豐銀行對出位置發出最後警告，表明示威者若再不停止他們的行為，會使用最低武力而不作事前警告。約1分鐘後，大批防暴警察即向示威區推進，開始剪斷牢固路障的膠索帶及拆除鐵馬，其間遇上多名示威者反抗，警員將其口罩及眼罩扯掉，並制服於地上，更作拘捕行動，帶走多名人士。
據了解，警方今日派出4千警力協助執達吏清場。現場消息指，學聯副秘書長岑敖暉亦被警員帶走：有機動部隊警員隨身攜催淚水劑，步至彌敦道至亞皆老街交界處。

on.cc東網專訊

【on.cc東網專訊】 警方繼昨日在旺角的清障行動，現時正於山東街與登打士街一帶處理非法集結事件，警方呼籲在場非法集結人士立即離開現場，切勿堵塞道路或衝擊警方。警方再次 呼籲市民，尤其是學生，不要前往上述地點，以避免受到不必要傷害，亦應與激進和滋事分子保持距離，切勿被煽動及利用作出違法行為。

警方再次提醒記者採訪時，尤其是身處警方防線與激烈示威者之間，應小心照顧自身安全，避免受到不必要傷害。警方重申，如有人堵塞已重開的道路或其他道路，警方有責任採取果斷行動，維持公共秩序，保障公共安全。警方在昨日行動中，共拘捕116名人士，涉及罪名包括非法集結、襲警及阻礙警務人員執行職務等。

on.cc東網專訊

【on.cc東網專訊】 經過約6小時的清場行動，旺角彌敦道南北行慢線於下午2時通車，相信稍後時間將會全線通車；惟不少留守在彌敦道的示威者卻轉移至砵蘭街行人路，警方不敢鬆 懈，隨即派大批警力到場，目前警方與示威者正在對峙，氣氛緊張，但暫未見有衝突。

on.cc東網專訊

【on.cc東網專訊】 佔旺區亞皆老街昨日進行首波清障行動，惟不時出現衝突，多人被捕。今日九龍城法院處理17名被捕人士的案件，被告包括12男5女，年齡介乎19至69歲，控罪包括阻礙公職人員、襲警及阻礙警務人員。
今早法庭暫時處理其中9宗案件，7男2女被告均毋須答辯，押後至明年1月14日再提訊，以候控方索取法律意見及進一步調查。眾被告獲准以300至500元保釋，期間不准踏入花園街、旺角道、登打士街及上海街內的區域。其餘案件下午將處理。

日圓持續貶值物價飆漲 主婦叫救命愁過年

on.cc東網專訊

【on.cc東網專訊】 日本新聞網報道，踏入12月，日本就要迎來過新年的繁忙季節。但是由於日本首相安倍晉三堅持日圓貶值政策，使進口商品價格飆漲，對於開始準備年貨的日本家庭主婦來說，無疑是一個重大打擊。
日本有超市消息表示，由澳洲進口的牛肉和新鮮蔬菜，價格均已上升了5%。海鮮類中，三文魚和對蝦的價格，也有較大幅度的上漲。今年9月份，三文魚的價格較去年同月急增17%，對蝦的價格則升了19%。因為日圓貶值，即將到來的新年期間，將使日本人出國人數出現較大減幅。日本有旅行社預測，新年期間往國外旅行的日本人，將會比去年同期減少多達20%。而在消費稅增加和日圓貶值的雙重打擊下，不少主婦勒緊錢包，不再多花費，使日本的消費市場陷入近年少有的低迷。

Deutsche Bank's Modest Proposal To Central Banks: "Purchase The Gold Held By Private Households"

www.zerohedge.com

From the bank that a few days ago informed us that "People Are Talking About Helicopter Money And Debt Cancellation Being The End Game", comes the logical next step. Here it is, without commentary and the key section highlighted:
From Deutsche bank Behavioral Finance: Daily Metals Outlook

Although gold market operators are currently pre-occupied with the prospect of the SNB finding itself obliged by referendum to buy large quantities of bullion, another central bank raised the same possibility yesterday: the ECB. As odd as it sounds, given the contentious internal debate this year over asset purchases in general, ECB board member, Yves Mersch, reminded journalists that the Bank could in theory buy any asset within a QE program. This could mean government debt, equities, ETFs, or even gold. Indeed, within an effective asset purchase program it matters not so much what the asset is, than who the seller is. Given that the eurozone banking system still appears to be a bottleneck in the monetary transmission mechanism, there might be some wisdom in bypassing it. Banks do not hold gold. However, this ‘theoretical’ possibility would quickly run into practical constraints, not least the volume limitations and the problem of having to pick winners and losers.  

However, the idea of gold purchases has merit because of the possible sellers. Much gold is held in private households, especially in countries like Germany. In some cases these are unwanted remnants of crisis-driven investments five years ago. A program that targeted these holdings would liberate dormant liquidity, some of which might even flow into consumption.

In other words, all the world's central banks would need to do to "liberate dormant liquidity" , held, as DB suggests, by private households in various "unwanted" troves of physical gold, and in the process also build up their gold holdings, would be to make said gold unattractive to hold.
And if that fails, well, FDR already showed the world how to deal with an intransingent public which does not want to part with its gold in Executive Order 6102, something which the Dutch Central Bank which also made the news recently when it secretly repatriated 122 tons of gold from the NY Fed, already did years ago when it advised pension funds to sell their gold: confiscation.

毒隱翅蟲：一拍即中毒 毒隱翅蟲殺入民居

on.cc東網專訊

【on.cc東網專訊】 16年最強厄爾尼諾現象，多雨暖冬令隱翅蟲肆虐民居。毒性強，隨時一拍即中毒的隱翅蟲，過往一向只於夏天活躍於樹林，惟因今個冬天不太冷，隱翅蟲的繁殖期得以延長，大量的隱翅蟲因而殺入民居。日前有大埔居民便多次在家中發現毒隱翅蟲的蹤影，令居民人心惶惶，擔心不慎拍打而隨時中毒。有昆蟲專家直指，隨着全球天氣暖化，隱翅蟲會不斷繁殖，而屋苑的花圃及花槽更是其溫床，加上該蟲有趨光習性，因而愛直撲民居。皮膚科專科醫生提醒，接觸隱翅蟲毒液後，皮膚會紅腫 及長出水泡，嚴重更會引致細菌感染，呼籲切勿再胡亂觸摸身體其他部位。
「真係唔知喺邊度飛入嚟，好驚啲小朋友當蚊咁拍死佢而中毒！」家住大埔太和邨低層單位的李先生，最近在家中多次發現隱翅蟲蹤影。他憶述，3個月前，一隻約七毫米長、呈啡黑色的昆蟲，俯伏在客廳牆身，起初他不以為然，隨手用紙巾把蟲捏死。直至上周，又在家中燈罩發現外貌相同的昆蟲，他立即將牠捕捉並收藏在水樽內，隨後上網查看，才驚覺疑是帶有毒性的隱翅蟲。李估計，因他住在低層關係，毒蟲較易從屋外飛入家中並大量繁殖，「擔心屋企人唔知隻嘢咁毒亂拍，啲隱翅蟲刺傷咗就麻煩，呢幾日會加個蚊網防蟲。」記者委託香港浸會大學生物系教授翁建霖檢視李所捕捉的昆蟲屍體，證實是「毒隱翅蟲」，長約7毫米，身體紅黑相間。他指，隨着全球天氣暖化，加上今年冬天不太冷，令活躍於4至9月的隱翅蟲，現時在11月的攝氏20多度天氣下，仍然不斷繁殖，「隱翅蟲鍾意喺濕潤嘅地方生長，亦喜好喺草叢或樹林，如果屋企外面有樹，就要小心啲。」翁指，隱翅蟲不是群居生活，較難被發現撲滅，而隱翅蟲在港出沒外，港人旅遊熱點台灣及內地華南地區亦會出現，「天氣唔轉冷，隱翅蟲可能喺12月仍會出現，見到嗰時千奇唔好拍打，揚開佢哋。」「隱翅蟲屬趨光性，會貼近白光燈飛行，經常喺夜晚出沒，樹林、公共廁所及居所比較常見。」香港昆蟲學會副會長饒戈表示，因毒隱翅蟲的幼蟲喜愛在濕潤的泥土內生 長，屋苑內的花圃及花槽為其最好居所，而屋苑多不愛用強力或太頻密的殺蟲劑，造就該蟲可在上址生長，加上今年天氣和暖，更適合該蟲生長。據了解，本港約有400多種隱翅蟲，主要棲身於樹林及草叢的落葉堆等，當中少數品種的體液含有刺激性毒素Pederin。皮膚科專科醫生史泰祖表示，單純接觸隱翅蟲不會對皮膚帶來傷害，但若市民拍打隱翅蟲，其體內具刺激性的汁液會對皮膚造成傷害。史直言，患者一般不會有即時反應，但刺激性的傷害會在數小時內 出現，患處會出現痕癢、紅腫及水泡，嚴重更會發炎及出現細菌感染，「隱翅蟲體內嘅汁液有好強嘅刺激性，好似強酸咁會刺激皮膚。若果傷口處理不當，有可能會傷及真皮層，最終留下疤痕。」史 指接觸刺激性物質後，市民應避免胡亂觸摸身體其他部位，以免增加患處，市民應以梘液清洗患處，稀釋刺激性物質，「接觸完開頭唔覺痛，之後摸到眼或者其他部分，都有可能出現紅腫，所以應該盡快用梘液清洗患處。」另有醫學界人士指，若接觸者屬敏感體質，毒素更有機會進入血管，恐影響性命。

普選爭議：佔旺第二波清場 定周三早上8時執行

on.cc東網專訊

【on.cc東網專訊】 執達主任將於明早(25日)率先處理由潮聯小巴提出、針對旺角亞皆老街介乎通菜街至砵蘭街一段的臨時禁制令，而涉及彌敦道路段的禁制令，將會緊接於後日 (26日)執行。代表的士團體的律師鄺家賢表示，通過與執達主任及警方的溝通與協商後，決定後日早上8時開始，在介乎亞皆老街與登打士街之間的彌敦道各部 分，進行清理路障行動。
鄺家賢透露，的士團體已組成100人代理人團隊，以執行清障工作，團隊將會統一帽飾，佩戴工作證，並指明清理行動將從亞皆老街開始，南北行同時向登打士街方向進行。而據消息指，鑑於旺角早上人流較多，故警方會派足夠人手，設立大範圍封鎖線，分隔途人與佔領人士，並給予足夠警告，若佔領人士妨礙執達主任工作，並拒絕離開，警方會逐一抬走，並確保佔領人士離開後不能重返現場，亦不容許他們佔領其他地區。

澳洲毒豆漿碘含量超標遺害 飲用者疑流產脫髮

on.cc東網專訊

【on.cc東網專訊】 澳洲新聞網站「今日悉尼」報道，一批由日本公司生產的毒豆漿，導致數百名澳洲維多利亞省的消費者食物中毒，部分人更疑因此出現流產及脫髮的情況。該宗案件 是澳洲史上最大的食品安全集體訴訟案，然而涉事毒豆漿的日本制造商及澳洲經銷商，只願意支付2500萬澳元的賠償金，更拒絕承認過失。
該批消費者的代理律師表示，近500名毒豆漿的受害者，都是由於豆漿中碘含量過高而中毒。這批毒豆漿中的碘含量，高達人體每日建議攝取量的50倍。攝取過多的碘元素，可影響人體甲狀腺的功能，從而影響新陳代謝和激素分泌。該案的首席原告人33歲唐尼(Erin Downie)表示，早前在懷孕期間飲用毒豆漿，隨後出現脫髮、牙齦出血等情況。她其後甚至無法抱起自己的寶寶，先後兩度入院，目前仍與慢性疲勞綜合症和自體免疫疾病搏鬥。有其他消費者飲用有這款豆漿後，須切除甲狀腺，更有人疑因此不幸流產，亦有人出現眼壓異常、心悸、嗜睡和焦慮等徵狀。據悉，這批進口豆漿在09年年底被回收，隨後「換新裝」再次上市。280名維州的消費者在04年到09年期間飲用該批不合格產品。

央行減息 內銀反紛加息爭存款

文匯報

香港文匯報訊 

人民銀行公布減息後，商業銀行對存款的爭奪更加激烈，在內地和香港掛牌的16家銀行中，有5家將一年期存款利率提升到監管基準上限。

各銀行網頁公布消息顯示，中信銀行（0998）、平安銀行、華夏銀行、南京銀行和寧波銀行的一年期存 款利率為3.3%，數字為央行一年期存款基準利率2.75%的1.2倍。工商銀行（1398）、建設銀行（0939）、農業銀行（1288）、中國銀行 （3988）和交通銀行（3328）五大行的一年期存款利率為3.0%，為存款基準利率的1.1倍。光大銀行（6818）和招商銀行（3968）一年期存 款利率同為3%，北京銀行、民生銀行（1988）、浦發銀行和興業銀行的利率為3.025%。 

減息收窄銀行利潤率 

央行宣布自周六日起將金融機構一年期人民幣貸款利率下調40個基點，一年期存款利率下調25個基點至 2.75%，並將存款利率浮動區間上限由存款基準利率的1.1倍擴至1.2倍。非對稱降息勢將導致銀行利潤率收窄。摩根大通表示，將存款利率提高至浮動區間上限將導致作為銀行主要利潤來源的息差收窄40個基點。

另外據《現代快報》報道，平安銀行、南京銀行、江蘇銀行、蘇州銀行、紫金農商行、恒豐銀行和稠州商業 銀行均將所有期限存款利率上浮20%。三個月、六個月、一年、兩年、三年的實際執行利率分別為2.82%、3.06%、3.3%、4.02%、4.8%。 在減息前，存款利率按1.1倍的上限浮動，三個月、六個月、一年、兩年、三年的實際利率分別為2.86%、3.08%、3.3%、4.125%、 4.675%。可見一年期存款利率沒有變化，三年期的更加高了。 

短期存款成最大戰場 

有業內人士指，如果短期存款能一直滾動，銀行的長期貸款就不愁沒有資金。即便是短期存款利率上浮，亦比中長期的基準利率低。所以多吸收短期存款不會影響銀行的長期貸款資金，又能減少攬儲的成本，是以一年期及以下的短期存款是銀行兵家必爭之地。

匯豐駐香港首席中國經濟學家屈宏斌認為，此次央行非對稱降息，調高存款利率浮動區間上限在一定程度上將抵銷較小的存款利率下調幅度，從而可能進一步擠壓到銀行的利潤。

二手成交：樓市勢頹 買賣有悲有喜

on.cc東網專訊

【on.cc東網專訊】 受佔中影響，11月份二手成交宗數及金額料創7個月新低。而樓市買賣當中，有人大賺一筆，有人黯然離場，亦有人為求方便孫兒上學，斥資462萬元買上水樓。
中原豪宅梁紹雄表示，剛錄得的成交單位為愛琴苑高層F室，實用面積1,907平方呎，建築面積2,417平方呎，3房2廳間隔，坐享山景及海景。業主叫價 3,650萬元，最終以3,500萬元連車位成交，折合平均實用呎價18,353元。原業主於2004年以1,088萬元買入單位，持貨10年，帳面獲利 2,412萬元，單位升值2.2倍。另 外，利嘉閣分行首席聯席董事姚頌溏表示，該行新近錄得屯門星堤1座中層G室，剛剛以980萬元連車位成交，實用面積1,209方呎，建築面積1,550方 呎，外望山景，實用呎價約8,106元，建築面積呎價約6,323元。據悉，業主於2011年4月，斥資1,006萬購入上述物業，如今成功出售，帳面蝕 讓26萬，跌幅約3%。美聯分行區域營業董事葉初聲表示，該行剛促成一宗上水新都廣場兩房單位成交，買家不忍孫兒每天長途跨境上學，以約462萬元承接單位作其住所。剛成交的上水新都廣場為1座中層C室單位，建築面積約為596呎，實用面積約為484呎，兩房間隔，以約462萬元成交，折合建築呎價約為7,752元，實用呎價約為9,545元，屬市價。買家因為孫兒為雙非學童，特地承接上址供其居住，以省卻每天長途跋涉。原業主於96年11月份以約250萬元購入上述物 業，是次轉售帳面獲利約212萬元，物業升值約85%。

紐約警成「頭號公敵」 學校教學生面對濫權警

on.cc東網專訊

【on.cc東網專訊】 美國多地的警察接連被揭發濫權，令不少美國人自危，特別是有色人種。紐約一間高中上周便邀請紐約公民自由協會(NYCLU)，到該校進行為期2日的工作坊活動，教授學生面對警察截查時如何應對，免受濫權警察襲擊。
接受工作坊的學生共450人，均獲分派《當被警察截查該怎麼辦》的小冊子。NYCLU指出，同學們應該對警察保持禮貌，不要把雙手放進口袋，但不需要展示身份證或同意接受搜身，最好就是保持沉默。NYCLU又教導學生如何向警方投訴濫權的警察、面對截查搜身措施、行使第4修正案賦予的權利。校長表示，不少學生都向老師反映，他們遭警察截查時曾經有過不愉快經驗，認為紐約市存在問題，影響有色人種、以及他們的學生。他重申工作坊並非宣揚反對警察的訊息。一 名18歲學生指出，有次他和朋友參加完派對離開，回家途中遭警察截查，他向對方表示正在回家，但反被斥責說謊。他續指，經過NYCLU的工作坊，他知道如 何在濫權警察面前保護自己。但另有學生指，即使不同意接受警察搜身，但有時他們仍然會強行搜身，而NYCLU指此時不應該反抗。雖然不少學生歡迎今次工作坊，但有曾任警員的學者批評，NYCLU派發的小冊子，其實是暗示警察是「頭號公敵」，學生只會認為警察是一個可怕的組織，要盡量避開警察。

普選爭議：街站連番惹禍 黃之鋒遭人推跌倒地

on.cc東網專訊

【on.cc東網專訊】 學民思潮及學聯等今日到全港多區擺設街站，派傳單宣傳政改理念。學民思潮召集人黃之鋒下午到港鐵寶琳站外街站宣傳，至傍晚準備離開時，突遭在旁擺檔、身穿電訊公司外套的男子推跌，黃跌倒地上後迅即爬起身，並無受傷。
暫未知該男子的身份及推跌黃之鋒的原因，而黃事後向現場警方講述事發經過，並說不想追究；該男子事後被警方帶走調查。該街站較早前亦發生掟水彈事件，有人從高處掟下多個水彈，雖未掟中街站，但濺出的水卻弄濕義工的物品，又有途經的市民指罵義工，斥他們被人煽動，要求義工返回佔鐘區。

on.cc東網專訊

【on.cc東網專訊】 學民思潮早前在facebook將今天定為「雨傘社區日」，召集各區支持佔領人士，聯同學聯、佔中、泛民和各民間團體，在下午3時至6時在各區共21地方派發傳單，解釋及宣揚佔領行動的精神，以連結各個社區。
下 午4時許，立法會議員張超雄與一群支持佔領的人士，自發到大埔墟火車站對開的行人隧道派發傳單，惟卻遭一批反佔領人士「圍攻」，雙方人數共約50人。雙方 發生激烈口角，反佔領人士不斷大聲呼喊口號，指派傳單者「搞亂大埔」，又大罵張為「走狗」、「唔係中國人」，有人一度作勢衝向派傳單人士，幸未發生肢體衝 突。10多名警察接報到場，嘗試分開兩群人，以免發生打鬥，場面現已受控，惟反佔領人士情緒仍然激動。而支持佔領人士雖被狙撃，但仍繼續派發傳單。

on.cc東網專訊

【on.cc東網專訊】 佔領行動已持續8周，消息指警方最快在周二(25日)及周三(26日)在旺角佔領區清場。長期在旺角留守的人民力量執委譚得志(快必)稱，對相關消息有所保留，因過往傳出清場的日子均有偏差，但他已預留周三至周五早上留在旺角佔領區，等候清場，屆時將坐在馬路等待警方拘捕。他又預計人民力量及佔中後援隊約 10人，當日會隨他行動。
譚得志續稱，估計旺角與中信大廈的清場行動十分不同，屆時警方可能包圍佔領者，再呼籲他們離開。惟因旺角佔領區的位置廣，預料警方的清場行動可能需要一至兩日，他又呼籲市民流動佔中，上午離開後，下午再返佔領區。另外，長期手持黃傘及「我要真普選」紙牌站在亞皆老街與彌敦道交界的李先生就指，若警方前來清場，會站在行人路上，因不想被控非法集會或藐視法庭。

人幣撤兌換限制 兌換量增5.5倍

hk.news.yahoo.com

(綜合報道)(星島日報報道)滬港通開車， 人民幣兩萬元兌換限制隨即鬆綁，令人民幣兌換量大增。中銀香港全球市場財資產品管理主管梁偉基說，自取消換匯限制，過去四日的人民幣兌換交易，比起前一周 的日均交易量增加5.5倍，當中逾80%為買入盤，相信除了受滬港通和人民幣定期存款優惠帶動，客戶亦會大手轉換人民幣以認購國債。

梁偉基續指，人民幣存款息率波幅很大，以去年為例，三個月人民幣定存息率介乎1.5%至4.7%，反映投資風險較大。而最近多家銀行推出的結構性存款雖然保本，然而，視乎合約條款及對人民幣走勢的判斷，客戶有機會要以低至0.5%，或高至7%的息率行使買入權利。

　　中間價創兩周新高

　　人民幣中間價亦創兩周新高，據中國外匯交易中心數據顯示，美元兌人民幣中間價昨報6.1387，人民幣較上個交易日升30點子。據《路透》財經 網引述交易員反映，昨日早段交投本為平淡，但是銀行間的資金面非常緊張而令情況升溫，短期情況不明朗，即期匯率可能在6.11至6.14之間震盪，市場對 人民幣走勢持觀望態度。
　　人民幣離岸價本周先升後回，截至昨日晚上10點，美元兌人民離岸價報6.1319，比昨日跌59點子，抵銷本周二的凌厲升勢。

　　不過，在滬港通和放寬兌換的雙重引力下，令人民幣離岸及在岸價格出現 收窄迹象。銀行公會主席和廣北說，放寬人民幣兩萬元兌換上限，明顯令人民幣業務變得活躍，開放兌換後令人民幣的離岸與在岸價的差距逐一收窄，短期內因為市場分隔令差距仍然存在，但長遠就會收窄至合理水平。和廣北續說，開放兌換有利人民幣投資產品的銷售。

姜建清談減息：銀行業新常態

hk.news.yahoo.com

(綜合報道)(星島日報報道)人行兩年來首度減息，工行（1398）董事長姜建清在北京一個論壇上表示，減息將令銀行的邊際利潤收窄。

人民銀行上周五出其不意減息，姜建清表示，邊際息差收窄，無可避免損害銀行擴張及增長資產的能力，他又說，中國銀行業發展正進入一種「新常 態」，人行此次減息壓縮銀行利潤空間，標誌着增長和經營模式根本改變。他指出，商業銀行已經告別了依靠規模擴張，來實現高速業績增長的發展模式，資本回報也有所下降，銀行要提升核心金融服務能力，實現更均衡的可持續發展。
　　與此同時，工行獲准在境外發行不超過3.5億股優先股，每股面值人民幣100元，可在港交所上市。

　　另一方面，人行研究局首席經濟學家馬駿稱，減息不代表貨幣政策轉向， 至於減息同時擴大存款利率浮動範圍，可減輕提高利率上限所導致的利率上升壓力。考慮到最近通脹水平較低，存戶的實際利率預料保持穩定。馬駿表示，這次利率調整是為了保持貨幣政策的連續性和穩定性，雖然經濟增長面臨一定壓力，但結構調整取得積極進展，就業情況理想，沒有採取強刺激政策的必要。

日歐鬥冧 貨幣戰升級

on.cc東網專訊

【on.cc東網專訊】 繼日本央行上月底加碼「放水」後，歐洲央行行長德拉吉上周五強烈暗示推行全面量寬(QE)措施，同日中國人行突劈息。不足一個月內，三家主要央行先後出招救經濟，雖成效有待觀察，但已使歐元及日圓爭相貶值，新一輪環球貨幣戰爭似已不宣而戰，美國聯儲局勢難提前加息。
面對低增長和通縮威脅，德拉吉揚言必會推高通脹，其鴿派言論隨即觸發歐元新一輪跌勢，歐元插穿1.24美元，收報1.2391，挫1.18%，兌日圓瀉 1.52%至145.99，為逾一年最傷，市傳歐央行上周五買入荷蘭住宅資產抵押證券(ABS)。儘管日本財務大臣麻生太郎指日圓最近跌勢過急，令日圓上周五扭轉六日跌勢，全周仍跌1.3%，收報117.79兌一美元，上周四曾瀉至118.98的七年新低。星展銀行財資市場部執行董事王良享認為，由於內地近四個月出口均出現增長，人行減息未必是受日本量寬影響，而嘗試壓低人民幣幣值，相信只是想為內地即將開始的地方基建項目減低資金成本。他指，人行今年初主動促使人民幣貶值，又推「定向降準」，年內人民幣貶值1.15%，但近期此等舉措有迹象開始減少，政策轉向，相信人民幣難以再貶值。歐洲方面，他指歐元自○八年金融海嘯以來，貶值幅度比日圓更大，以維持出口競爭力，歐央行在加大買債規模前其實亦需德國全力支持，買債計劃不能隨便推，故人行減息或者日本量寬，歐央行都難跟隨，他料明年初歐元或出現反彈。分析相信，歐元貶值雖有助歐元區出口，加強區內增長動力，惟短期而言只是零和遊戲，有贏家必有輸家。日圓下滑對亞洲區經濟衝擊相信更大，尤其出口包括汽車及科技產品與日本直接競爭的南韓，央行行長李柱烈上周稱當局十分了解弱日圓對南韓經濟影響，有必要時會採取行動。韓圜上周兌美元挫1.2%，連跌四周，為去年五月以來最長跌浪，兌日圓維持於9.46兌一日圓。灝 天金融外匯部行政副總裁李瑞康認為，日本已在亞洲打起貨幣戰爭，但他認為南韓不同於日本情況，日本面對壓力較大，必須壓低日圓刺激出口，由於南韓經濟表現 比日本好，韓圜月內跌5.3%，他認為跌幅已接近見底。他料圓匯在未來三至六個月會跌至125水平，但料亞洲其他地區貨幣跌勢將開始減慢。王良享相信日圓貶值續是政策大方向，由於日股連日來急升，短期內或出現調整，資金重投日圓，可能會有少許反彈，惟他仍料圓匯今年內很大機會跌至120，明年第二季會再跌至125。他指，亞洲內地區如新加坡、南韓以至台灣的經常帳盈餘穩定，反映該國貨幣有一定需求，印度的經常帳則常錄赤字，熱錢較多，日本掀起貨幣戰，對印度盧比影響較大，出現危機的機會亦是最大。另炒家續看好美元，商品期貨交易委員會資料顯示，截至上周二止一周，美元兌八隻主要貨幣的淨好倉合約升至39.35萬張的紀錄新高。環球經濟疲弱推高美元及拖慢美國出口，亦令美國通脹及以美元計價的商品有下調壓力。康奈爾大學教授普拉薩德指，以目前情況下，聯儲局將難以提早加息。

馬達加斯加爆鼠疫 鼠疫桿菌可人傳人一日內致命

on.cc東網專訊

【on.cc東網專訊】 非洲國家馬達加斯加8月底開始爆發鼠疫，至今已有119宗確診個案，引致40人身亡。該種鼠疫桿菌是由囓齒類動物身上的跳蚤，叮咬人類而受感染，而人類之間更可以透過飛沫傳播，最快可以24小時內令患者致命。
世界衞生組織(WHO)表示，患者若被跳蚤叮咬，就會造成被咬部分附近的淋巴核腫脹。而當鼠疫桿菌進入人類肺部，則會造成「肺鼠疫」，人與人之間可透過咳嗽的飛沫傳染。惟世衞稱，現時馬達加斯加的鼠疫，僅有2%個案屬此「肺鼠疫」。

Man Who Telegraphed Dutch Repatriation Says U.S. Gold Gone

美國已無實金還俾人, 所以須到處搶實金 ! 烏克蘭是俾人搶的其中一個國家 !

kingworldnews.com

The man who astonishingly telegraphed the Dutch gold repatriation nearly 30 days ago said today that the U.S. gold hoard, which countries believe is safely stored at the New York Fed, is gone.  A portion of his remarkably accurate dispatch on October 23rd is below as well as a link to the entire piece.  There is also a written piece from him below about today’s announcement and what the shocking ramifications of this announcement are. 

First, here is just a small portion of how Egon von Greyerz telegraphed today’s stunning news to his subscribers on October 23rd, nearly one month before today’s public disclosure about the Dutch repatriation:

“We have heard from one very reliable source that repatriation of gold is secretly taking place at this moment from the USA to Europe. This is October 2014!

The information contains details about transported quantities by one of the global security firms being much higher than usual, as well as country of destination.

The mere fact that this repatriation of gold appears to be happening in secret confirms what wealth preservation investors have always known, namely that Gold should be held under direct control of the owner. That is the only proof that the gold actually exists.”

Below is today’s commentary from Egon von Greyerz, the man who knew about the Dutch gold repatriation ahead of the rest of the world:

November 21 (King World News) - Man Who Telegraphed Dutch Repatriation Says U.S. Gold Gone

The Dutch Central Bank brings home some gold

Until recently the Dutch Central Bank (DNB) had only 11% of its gold in Holland. But today we have learnt that they have brought 122 tons back from the US which means that they now have only 69% abroad and most of it in the US.

Our sources told us already in October that this was happening in Holland and we did send out a note to subscribers on Oct 23, without mentioning the country. CLICK HERE.

So why has Holland left 69% of its gold abroad? They should be concerned after Germany were told by the Fed that they could only have a few tons back of the 680 tons they wanted. Germany was told by the Fed that they could have the rest back in 2020. This the clearest evidence ever that the Fed does not have the German gold....

It was probably leased or sold by the Fed to a bullion bank. The buyer was most certainly China and this is where the gold is now. All Germany has is a paper claim on the Fed. And the Fed can of course never find the physical gold at anywhere near current prices.

With Holland the story is probably the same. 31% of their gold is now at the Fed and that gold is probably in China. So Holland got back the gold that the Fed could find since the rest most likely doesn’t exist.

The DNB said in their press release that “this may have also have a positive effect on public confidence.” There is no reason for the Dutch to feel confident with 69% of their gold abroad and most of it probably is just paper gold.

In the Swiss Gold Initiative, one of the requirements is to bring the Swiss gold of 300 tons back from abroad. 200 tons are said to be in London and 100 tons in Ottawa. I participated in a debate on Swiss Television in Geneva a few days ago. When Jean-Pierre Roth, the former President of the Swiss National Bank was asked if anyone had seen the gold, he just stated that he trusts the UK and Canada.

But sadly it seems that all this “trust” that central bankers have in the Fed and other custodian banks is ill-founded. Because when it comes to the test, a lot of gold held by central banks in the West seems to have evaporated.

黃金好倉合約周增2萬張

money18.on.cc

據美國商品期貨交易委員會(CFTC)資料顯示，截至11月18日止1周，紐約黃金淨好倉合約增加21,634張，總合約達60,307張。白銀淨好倉亦有745張。這意味金價及銀價短期上漲機會較大。

finance.yahoo.com

By Jan Harvey

LONDON (Reuters) - Gold climbed back above $1,200 an ounce on Friday after a surprise rate cut by China fuelled expectations demand could rise in the world's biggest gold consumer.

China cut its benchmark interest rates for the first time in more than two years on Friday to lower borrowing costs and lift a cooling economy that is on track for its slackest annual growth in 24 years.

"Any measures that accelerate the spending power of the Chinese public are bound to be positive for gold," Mitsubishi analyst Jonathan Butler said.

"(This could mean) additional spending power for Chinese consumers to buy jewellery and investment products."

Spot gold was up 1.1 percent at $1,207.10 an ounce at 1312 GMT, while U.S. gold futures for December delivery were up $15.20 an ounce at $1,206.10. Earlier spot gold touched its highest in three weeks at $1,207.70.

A sharp drop in the euro versus the dollar had pressured gold to a session low of $1,186.84 an ounce, after European Central Bank chief Mario Draghi said inflation expectations were declining to levels that were very low, keeping the door open for further monetary easing soon.

Gold is priced in the dollar and tends to fall when the U.S. currency strengthens. A rally in the dollar index earlier this month knocked gold to a 4-1/2 year low at $1,131.85.

"Overall the dollar continues to be leading the way, therefore I have to say that despite the demand for physical, I would think that because of the weakness in the euro, we have a chance of testing the lows again," MKS head of trading Afshin Nabavi said.

Traders were also digesting news of central bank sales and purchases. Ukraine slashed its gold reserves by more than a third in October, data from the International Monetary Fund showed, as the near-bankrupt country reels from fighting a pro-Russian separatist movement in the east.
Russia raised its gold holdings for a seventh straight month in the same period.

Among other precious metals, silver was down 0.4 percent at $16.16 an ounce, while spot platinum was up 0.3 percent at $1,212 an ounce and spot palladium was up 0.8 percent at $774.25 an ounce.

(Additional reporting by A. Ananthalakshmi in Singapore; editing by Jason Neely)

金屬探測器殺人 俄婦死在丈夫懷中

on.cc東網專訊

【on.cc東網專訊】 俄羅斯30歲女子托爾斯杜娃(Diana Tolstova)因患心臟病，在體內裝上心臟起搏器。惟她日前在俄國南部布里亞共和國的烏蘭烏德機場，通過金屬探測器時，心臟起搏器被探測器發出的電磁 波弄至失靈，最終死在丈夫的懷抱中。
托爾斯杜娃的丈夫表示，機場醫護人員未趕及到場，即使到場後亦沒即時急救或召喚救護車。機場官方則表示正調查事件，發言人稱安全人員處理裝有心臟起搏器的旅客時有嚴格指示，不能讓他們通過金屬探測器，通常會先檢視他們的證明文件並讓他們通過。但今次病人相信是不清楚或忘記了自己不能通過金屬探測器，又或是被安檢程序搞亂，但每位病人理應接獲有關警告。

Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed

www.zerohedge.com

A week ago, we penned "The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed", in which we got, for the first time ever, an admission by an official source, namely the bank that knows everything that takes place in Germany - Deutsche Bank - what the real reason was for Germany's gold repatriation halt after obtaining a meager 5 tons from the NY Fed:

... the gold community paid great attention to the decision of the German Bundesbank to “bring German gold home”. At the beginning of 2013, the Bundesbank announced it would repatriate 300 tonnes of gold stored in the US by 2020. It is well behind schedule, citing logistical difficulties. Yet diplomatic difficulties are more likely to be the chief cause of the delay, especially seeing as the Bundesbank has proven its capacity to organise large-scale gold transports. In the early 2000s, the Bundesbank incrementally repatriated 930 tonnes of German gold held by the Bank of England.

Some took offense with this, pointing out, accurately, that the gold held at the NY Fed in deposit form for foreign institutions had continued to decline into 2014 despite the alleged German halt. Well, today we know the answer: it wasn't Germany who was secretly withdrawing gold from the NYFed contrary to what it had publicly disclosed.  
It was the Netherlands.
This is the stunning statement made by the Dutch Central Bank earlier today, and which, all compliments to China's rate cut, is truly the biggest news of the day, as it shows that one doesn't need a referendum to repatriate their gold, nor does one run into logistic or diplomatic problems if one is truly set on procuring their physical.
As to why the DNB decided it was time to cut its gold held at the NY Fed by 122 tons? ""It is no longer wise to keep half of our gold in one part of the world," a DNB spokesman told Telegraaf. "Maybe it was desirable during the Cold War, but not now."

From the source:

De Nederlandsche Bank (DNB) has adjusted its gold stock location policy and has shipped gold from the United States to the Netherlands to spread its gold stock in a more balanced way.

Under the previous policy, 11% of the gold stock was located in the Netherlands, 51% in the United States, with the remainder held in Canada (20%) and the United Kingdom (18%). Under the new policy, the breakdown by location is as follows: 31% in Amsterdam, 31% in New York, with the relative holdings in Ottawa and London remaining unchanged at 20% and 18%, respectively. Following this adjustment, DNB is in line with other central banks holding a greater part of their gold stock in their own countries. Beyond realising a more balanced distribution of the gold stock across the different locations, this may also have a positive effect on public confidence.

Changing the distribution of the gold holdings across the different locations is not without precedent. From the end of the Second World War until the early 1970s, for example, DNB increased its gold reserves following the Bretton Woods Accord, mainly in New York. Since then, there have been other movements in DNB's gold stock. The main reasons for this being the gold sales in the past few decades and the closure of the vaults of the Reserve Bank of Australia, as a result of which DNB shipped gold from Australia to the United Kingdom in 2000.

Sure enough, AP confirmed:

The Dutch Central Bank says it has recently shipped 122.5 tons of gold worth around 4 billion euros ($5 billion) from safekeeping in New York back to its headquarters in Amsterdam.

In a statement Friday morning the bank said that its 612.5-ton national gold reserve is now divided 31 percent in Amsterdam, 31 percent in New York, 20 percent in Ottawa, Canada and 18 percent in London.

"With this adjustment the Dutch Central Bank joins other banks that are keeping a larger share of their gold supply in their own country," the bank said in a statement. "In addition to a more balanced division of the gold reserves...this may also contribute to a positive confidence effect with the public."

Note: the reallocation has already taken place, and is not - like Germany - subject to a 5 year period during which the NY Fed is expected to recoup the gold. So it can be done!?

As to when it was done, here is the NY Fed's monthly reports of gold deposits by foreign entities: here we can see that while the 5 tons outflow in 2013 was most likely Germany, the recent surge in gold repatriation from Liberty 33 was the Netherlands. That said, only 57.5 tons of NY deposits gold has been officially repatriated through September, which means the October update, when it comes out, will be a doozy.

Some more details from the Dutch Telegraaf, google-translated:

In the vaults at the Amsterdam Frederiksplein was until recently 11% percent of the total of 612 tons of government gold. That is screwed up to 31%.
For years there were major concerns of the gold was still there. This months of almost military organized gold shipments from Manhattan DNB wants a 'balanced' distribution of the national gold buffer.

In addition, DNB expects Dutch citizens more confident that enough of our gold is in their own 'home' to guide the country if necessary following major crises.

At that effect also highlights the German Bundesbank, which are gold also partially recovered. De Nederlandsche Bank has great silence in recent months retrieved 130 tons of gold bars.

Last week drove armored trucks back and forth towards the Amsterdam Frederiksplein. "It is no longer wise to keep half of our gold in one part of the world," the DNB spokesman on the massive operation with gold bars to Amsterdam says. "Maybe that was during the Cold War still desirable, not now. ''

In Amsterdam is recently 31% of the gold. In the vaults of New York is 31%. It remains. De Nederlandsche Bank carries no gold bars back from the protected storage in Ottawa, Canada, where 20% of the gold remains. In London, the Netherlands keeps 18% of all Dutch 'sandwiches' gold as nest egg.

Netherlands moved his gold in the past frequently. In the period after the Second World War until the early seventies the Dutch central bank bought gold to replenish its reserves. That was mainly focused on the vaults in New York, which are built to earthquakes and bomb attacks endured. Since then bought and sold DNB gold and earned it every robustly.

Another curiosity: the gold was repatriated by ship. From Dutch News:

In total, 120 tonnes of gold valued at €4bn has been brought back to the Netherlands by ship, Nos television said. The high security reparations for the move took months.

Luckily, that particular vessel did not suffer any "boating incidents."
And now that the Dutch have shown just how "easy" it is to repatriate one's gold when not entangled in shifting alliances, diplomatic feuds, or suffering from "logistical problems" preventing one from collecting their gold, we wonder just how much more eager Germany or Switzerland will be to collect their own gold, or whether the Swiss November 30 referendum will decide to let countries like the Netherlands have a right of first refusal of whatever gold may still be held at the vault located 90 feet below street level at the New York Federal Reserve Bank (which as we reported a year ago, is connected by an underground tunnel to the JPMorgan precious metal which was located just across the street).

Questions on Gold

armstrongeconomics.com

#1 QUESTION: Mr. Armstrong, do fundamentals really matter? It seems like the commentators can focus on whatever they want flipping it bullish or bearish based upon their views at that moment.
Thanks for all you do
MK
#2 QUESTION: Hi Martin,

   Thank you for all that you do. I have truly been enlightened to the gold & silver scams that have taken place over the last several years. I was taken in by this non-sense as well. Anyway, I have a question that I have not seen addressed on your sight. If it has please forgive me for asking it again. When gold & silver final begin their ascent, would it be safe to use the GLD & SLV ETF’s instead of the physical.

Best Regards,

 K

ANSWER: Fundamentals really mean nothing. It is the aggregate mood of the entire economy that dictates the trend. When there is a recession, it is next to impossible to convince anyone things will change. Likewise, in a boom, people simply expect it to continue. Those who pretend to be fundamentalists can spin all they want. The trend is bullish or bearish and no single event will reverse the entire trend of the economy as a whole. Everything has to move in coordination.

Physical gold is a starkly different animal today that was in 1980. As governments are desperate for money, gold refiners are obligated to report every ounce they refine, where it came from, and to whom it was sent. You cannot leave gold in a safe deposit box. Read the fine print under the terms and conditions. You are not supposed to keep cash in there. This is now considered to be money laundering and it could be confiscated. If the bank failed, good luck. They will go through the safe deposit boxes and seize whatever the government wants. I have just reported the shockingly low level of cash being seized from people in Washington DC – less than $20 at times.in civil asset forfeiture. This is coming down to if the police need pocket change for donuts – hey hand it over.

You cannot hop on a plane with a brief case full of gold. Those who fled Russia wove gold wire into clothing and painted it black. Women wore full length skirts made of gold wire. Today, that would set off every alarm. So physical gold should be restricted to coins. I would restrict it to $20 gold pieces etc. You can at least claim it’s a coin collection if that works next time.

As far as the miners and ETFs, I do not think there will be a problem before 2016. Keep in mind, as government becomes more desperate for money, anything is possible. Gold rallied with the decline in the ECM and peaked at the bottom in 2011. This illustrates my point – it is the hedge against government and uncertainty – it is not some magical investment that defies all logic. It is part the global economy and just look at this from a rational perspective. We do not need wild stories of fiat and how the demand in Asia will change the trend – sorry gold has declined since 2011 with such rising demand.

We will be sending out an update to those who purchased the International Precious Metals Outlook updating the weekly and daily numbers as we move into the seasonal reaction high. This should be emailed next week.

人民銀行下調利率

on.cc東網專訊

【on.cc東網專訊】 人行2年來首次減息！周五傍晚突宣布翌日起不對稱形式調低存貸利率，當中一年期貸款利率削0.4個百分點至5.6厘、1年期存款利率減0.25個百分點至 2.75厘。受人行突減息刺激，歐美股市上揚，道指周五早段漲逾150點，法國及德國股市尾段齊漲逾2%，港股「夜期」漲近600點，有外電直言「多謝， 中國！」
分析指，人行減息大出市場意料，顯示人行幣策由「中性寬鬆」轉向「寬鬆」，料人行明年會續下調存備率及減息。人行負責人指，內地實體經濟反映「融資難、融資貴」問題仍較突出，雖7月份國務院推一系列措施，對問題呈現緩解趨勢，但經濟增長有下行壓力，且結構調整處爬坡時期，企業經營又愈益困難，部分企業特別是小微企業，對融資成本承受能力有所降低。人行指，解決好企業特別是小微企業融資成本高問題，對於穩增長、促就業、惠民生具有重要意義，此次減息重點是有針對性地引導市場利率和社會融資成本下行，促進實際利率逐步回歸合理水平，緩解企業融資成本高這一突出問題，為經濟持續健康發展，提供中性適度的貨幣金融環境。惟他強調此次減息屬中性操作，不代表幣策取向發生變化，但分析普遍認為人行透過減息帶出的寬鬆訊號加強，但擔心寬鬆的流動性未必能刺激實體經濟回暖。近日內地公布10月份的經濟數據幾乎全線遠遜預期，固定資產投資、社會零售銷售、規模以上工業增加值等項目增長均出現按月回落情況，製造業PMI以及新增貸款增長表現遜預期，令人擔心內地第4季經濟增長表現。瑞信亞洲區首席經濟分析師陶冬指，兩周前人行官員仍稱「不會有降息、降準」，故這次突減息，顯示人行幣策立場出現重大轉折，已從「中性偏鬆」變為「寬鬆」。 減息一方面是因經濟下行風險非常大，另是因臨近年底，市場資金需求升，未來2至3個月，是地產及影子銀行產品的兌付高峰，資金壓力沉重。惟陶冬相信，減息對實體經濟刺激作用不大，因目前最主要問題，不在於市場資金不足或資金成本太高，而是扮演金融中介角色的銀行不願意將人行注入的資金投放到實體經濟，金融中介角色失靈下，幣策未必能發揮太大作用。交銀國際研究董事總經理洪灝指，早前央行一系列定向寬鬆政策對市場難起任何刺激作用，現時透過減息帶出的寬鬆訊號加強，料人行明年會續下調存備率及減息，料下周一中港股市會受惠向上。農 行首席經濟學家向松祚認為，本次減息擴大存款利率浮動區間，續推進利率市場化，同時合併簡化利率檔次，再增加金融機構根據市場情況確定利率的自主權，惟存 款利率浮動區間上限由基準利率的1.1倍擴至1.2倍，若商業銀行用足上浮區間，則上浮後的存款利率與調整前水平相當，令存款人的存款收益基本不會受影 響，但擔心在製造業和房地產業普遍產能過剩下，減息對經濟刺激效果有限。申銀萬國首席分析師桂浩明指，此次非對稱降息着重引導資金進入實體經濟，有意壓縮銀行息差，而將金融機構存款利率浮動區間的上限，由基準利率的1.1倍擴至1.2倍，顯示當局有意在釋放流動性同時，防止居民儲蓄存款過快流失。

「被捕支援小組」拒助衝擊者

hk.news.yahoo.com

(綜合報道)(星島日報報道)

示威者衝擊立法會，令和平佔領五十多日的運動蒙上污點。佔中核心成員在其facebook上留言，指有衝擊者曾致電佔中「被捕支援小組」熱綫，但義工質疑對方一向抗拒組織，又想解散大台，「有事就想打被捕支援熱綫，世事有無咁便宜呀」，拒絕作出支援。被捕支援小組昨日發聲明指，小組不能認同暴力衝擊立法會行動，不會對 這批示威者提供協助。

搞事後逃逸 學生「埋單」

　　本身是律師的佔中核心成員陳玉峰，昨日在其facebook上表示，凌晨五時曾收到致電，稱有兩人因在立法會事件上被捕，要求援助。她質疑，這些衝擊者平時抗拒組織，想解散「大台」，為運動付出過甚麼？每次亂衝後又逃逸，令走避不及的學生和市民被捕，被打的只是協助他們的阿叔、阿哥。若他再夠膽凌晨五時要求律師支援，他們可按鐘收費，一般收費為三千至五千元一小時，緊急夜訪警署的話，盛惠二萬元一晚。

　　據了解，陳玉峰並非義務律師團成員，但為被捕支援小組成員，負責把個 案轉介予義務律師處理。支援小組昨日發表聲明指，一班義工對由佔中三子所提出的非暴力抗爭信念深感認同，經過五十多日的佔領行動，支援組的工作雖比想像吃 力，但仍願意繼續支援各同路人，但他們不認同衝擊者的行動，不會協助參與暴力衝擊立法會的示威者，不會把個案轉介予義務律師。

本報記者

on.cc東網專訊

【on.cc東網專訊】 立法會大樓在前日(19日)凌晨突遭衝擊，導致多處設施損毀；警方至今拘捕11人，其中6名被捕男子今早在東區法院提訊。其中，23歲報稱學生的被告歐陽展鴻，及18歲報稱為營業代表的被告袁梓鋒，各被控1項襲警罪；其餘4名被告分別為18歲的廚師鄭陽、24歲廚師戴志誠、23歲無業漢張智邦和24歲無業漢石家輝，他們合共被控1項刑事毀壞罪，控罪指他們在11月19日在立法外毀壞兩道玻璃門、一道門及多幅玻璃牆。
眾被告今日毋須答辯，案件押後至明年1月19日，以等待警方進一步調查。控方透露將核對眾被告的DNA樣本、指紋，以及會檢視其手機通訊記錄；眾人及後獲准以1千元保釋，惟保釋期間不准接近立會300米範圍內。

文匯報

旺角「佔領區」昨日驚現過百支前端裝有金屬尖錐的紅酒開瓶器，令人擔心「佔領」者以此作攻擊性武器，而有人大量派發開瓶器，可能涉及刑事成份。律師陳永良昨日接受香港文匯報訪問時表示，向公眾派發大量開瓶器的「佔領」者，有機會觸犯「管有攻擊性武器」罪行，且罪成機會甚高。

陳永良在接受本報訪問時解釋，如何定義「攻擊性武器」，並非視乎有關物件的設計，而是用途，「例如一把牛肉刀，可以有好多用途，如果你是在街市工作的，你有牛肉刀就好正常。」

他質疑，有關人等在「佔旺區」派發開瓶器的實質用途，「如果你是剛剛去超市買了開瓶器，或者你是酒吧侍應，所以有開瓶器隨身，都是合理辯解，但派開瓶器者似乎沒有這些合理原因。」

被問及有「佔旺」示威者聲稱，派發開瓶器是因為要「飲紅酒」等，陳永良批評這只是「詭辯」，「呢鱓理由去到法庭，法官都唔會信。就算飲紅酒，都唔會一人一個開瓶器。」

須判處不超過3年監禁 

他續指，有關人等在「佔領區」大量分發開瓶器，涉嫌觸犯「管有攻擊性武器」罪行，「告得入的機會好大」，法庭會從派發開瓶器地點、目的、來源等方面考慮。」

根據《公安條例》第二四五章第三十三條，任何人如無合法權限或合理辯解而在任何公眾地方攜有任何攻擊性武器，即屬犯罪，如被定罪者的年齡在25歲或以上，須判處不超過3年的監禁。

本身是律師的全國政協委員簡松年則認為，有關的「佔領」者聲稱派發開瓶器是「鼓勵他人」，只是「走法律罅」，「開瓶器絕對可以是攻擊性武器，而且數量不少，但由於有關人等（派開瓶器者）言語上聲稱是派紀念品，行動上亦暫時未有攻擊行為，所以舉證方面比較困難。」

不過，他強調，一旦有關人等以開瓶器作為武器，即有機會觸犯意圖傷人等罪名。

■香港文匯報記者 鄭治祖

on.cc東網專訊

【on.cc東網專訊】 有關旺角佔領區臨時禁制令的上訴許可及暫緩執行禁令的申請，今午再被高等法院上訴庭駁回。申請人兼佔領人士吳定邦對裁決感到失望，認為法庭只聽對方意見， 無視示威者一方理據，會將判詞交予資深大律師研究，再決定下一步行動。他續指，若執達吏前來清場，佔領者不會與之硬碰，亦不會反抗，「任佢地拉」。
協助吳的立法會議員陳偉業則在庭外指，「唔會就咁算」，更警告「藍絲帶」及「綠絲帶」人士「唔好抽水」，不要藉着旺角的清場行動耀武揚威、製造混亂。陳續 指，部分佔領者會在清場時自行離開，有部分人則繼續留守任由警察拘捕，象徵抗爭不會因禁制令而投降；他亦認為清場不應該發生衝突，惟不排除會有其他非佔領人士到場「搞事」。對於是否轉移佔領陣地或停止佔領，陳偉業稱，以現時形勢難以作評估，但強調佔旺者愈打愈強。他補充說，現時正尋找律師研究，不排除或以憲政理由上訴至終審法院。另 外，潮聯小巴的代表律師陳曼琪在庭外展示禁制令文件，她表示當事人申請禁制令目的只想「有返條路行」，可以繼續做生意；又指今、明及周日3天均不會執行禁 制令，因想給予佔領者時間考慮撤離，不排除最快下周一採取行動。她進一步稱，執行禁令前會落佔領區公告及通知公眾，又透露執行禁令的代理人除執達吏外，會包括小巴司機。

人口老化 關注港社福爭議

真的假不了, 假的真不了, 香港民生平穩, 所以大多數人唔會支持佔路 ! 睇下外國文章就可以知民主唔係天堂, 生活好壞須靠自己去努力; 後生時唔自己去儲錢, 老來靠政府養, 臨老過唔到世 !

文匯報

香港專業人士協會副主席及資深測量師 陳東岳 

統計處最新資訊，香港人愈來愈長壽，男性平均預期壽命81.1歲，而女性為86.7歲，這些數字比同 為全球較低死亡率的日本和瑞典都高。就本地過去三十多年的死亡率變化，1981年每千人有10.4人死亡，2013年已下降到5.7人。本地人長壽與醫療 服務和社會福利等因素有關，並且香港長時間少受天災戰亂等侵襲，整體人民生活過得安穩舒適。

港人身在福中，但部分人卻藉口推動激進政治改革，故意抹黑香港現時「民不聊生」，上述數據正好提出活生生的反駁，假如真的民不聊生，人民又怎會愈來愈長壽？反過來說，歷屆特區政府，都在「以人為本」的大前提下，在醫療衛生設施以及對各個有需要幫助的社會 群組和年齡層人士予以增加援助，這些在歷屆政府的施政報告中，都可以找到很多例子，故此上述數據亦可以作為歷屆政府在相關工作範疇成效的佐證。 

新生嬰兒填補沒同步增 

再看其他統計數據，1982年的本港人口年齡中位數為26.7歲， 2014年的臨時數字為43.8歲，揭示了過去30年人口持續高齡化的趨勢，這當中涉及兒童出生率下降。統計處研究15歲以下少年兒童撫養比率，1982 年是355，2014年是158，計及2013年之前有約20萬左右雙非嬰，令撫養比率在2024年提升到183，但去年實施「零雙非政策」，估計至 2041年，回落至163。簡單的說，我們的人口愈來愈老，新生嬰兒的填補卻沒有同步增加。

統計處另一項數據研究勞動人口需撫養的人口負擔，1993年每千名從事經濟活動人口，要供養 1,043名非從事經濟活動人口，去年為903名，但預計到2041年會回升至1,237名。從社會資源的收入與支出平衡的角度看，即是能夠工作及從事經 濟生產的人愈來愈少，而退休後或適齡工作卻未能工作的人數愈來愈多，可以推論說，在未來歲月納稅人的擔子將會愈來愈重。

綜合上述各項數據，未來本地人口結構將出現持續轉變，這將影響社會資源的重新調整和分配，社會各界人 士有需要作更廣泛的討論和協調。雖然眼前社會的焦點還在氣勢轉弱中的「佔領行動」，但筆者認為人口老化及其連帶的一連串結構性轉變，在「佔中」事件平息 後，更值得大家關注和發表意見。

多種課題值得社會討論 

筆者列出一些可供議論的課題：推遲退休年齡與年輕從業員晉升機會的關係，稅務改革，適應未來高齡化的長者社會福利改革，高齡化社會對房屋、醫療、教育、消閒、娛樂設施的質和量方面供求的變化，鼓勵生育政策等。

或許，今天大家見到不同政見人士在政制改革上的爭議，表面上是意識形態之爭，實際上骨子裡是社會資源分配之爭，現時國際大趨勢是以福利主義換取選票，但到頭來，一些國家出現入不敷支，以派福利取得政權者在支票不能兌現的情況下，很快便倒台，這些例子多不 勝數。真正為人民謀福祉的，還是那些具備高瞻遠矚的眼光、有能力為開創未來多做功夫的掌舵人及其班子，還望香港人在未來選舉時，作出英明的抉擇。

■題為編 者所擬。本版文章，為作者之個人意見，不代表本報立場。 

www.zerohedge.com

Submitted by Jim Quinn via The Burning Platform blog,

Ticking away the moments that make up a dull day

You fritter and waste the hours in an offhand way.
Kicking around on a piece of ground in your home town
Waiting for someone or something to show you the way.

Tired of lying in the sunshine staying home to watch the rain.
You are young and life is long and there is time to kill today.
And then one day you find ten years have got behind you.
No one told you when to run, you missed the starting gun.

I stumbled across two mind blowing charts yesterday that had me pondering how generations of Americans had frittered their lives away, spending money they didn’t have  on things they didn’t need, utilizing easy to acquire debt, and saving virtually nothing for their futures or a rainy day. We are a nation of Peter Pans who never grew up. While I was driving home from work, one of my favorite Pink Floyd tunes came on the radio and the lyrics to Time seemed to fit perfectly with the charts I had just discovered.
We were all young once. Old age and retirement don’t even enter your thought process when you are young. Most people aren’t sure what they want to do for the rest of their lives when they are in their early twenties. Slaving away at your entry level low paying job, chasing the opposite sex, getting drunk, and having fun on the weekends is the standard for most young people. But you eventually have to grow up. Because one day you find ten years have got behind you. No one tells you when to grow up. And based on the charts below, tens of millions missed the starting gun.

I graduated college in 1986 and started my entry level CPA firm job, making $18,000 per year. I did live at home for a year and a half before getting an apartment with a friend. I was able to buy a car, pay off my modest student loan debt, go out on the weekends, and still save some money. I was in my early 20’s and had opened a mutual fund account at Vanguard. Anyone who entered the job market from the mid 1970s through the mid 1980’s, which would be the late Baby Boomers and early Generation Xers, had job opportunities and the benefit of low stock market valuations.

P/E ratios of the market were single digits in the late 70s and early 80s, versus 20 today. Dividend yields on stocks averaged 5% for the S&P 500, versus 1.9% today. The Dow bottomed out at 759 in 1980, while the S&P 500 bottomed at 98. A 20 year secular bull market was about to get under way. Baby Boomers and Generation Xers had the opportunity of a lifetime. Even after six years of the bull, when I graduated from college the Dow stood at 1,786 and the S&P 500 stood at 521. I had just begun to invest when the 1987 crash wiped out 20% in one day. It meant nothing to me. I didn’t have much to lose, so I just kept investing.

The 20 year bull market took the Dow from 759 to 11,722 by January 2000. The S&P 500 rose from 98 to 1,552 by March 2000. You also averaged about a 3% dividend yield per year over the entire 20 years. Your average annual return, including reinvested dividends, exceeded 17%. Anyone who even saved a minimal amount of money on a monthly basis, would have built a substantial nest egg for retirement. If you had invested in 10 Year Treasuries, your annual return would have exceeded 11% over the 20 years. Even an ultra-conservative investor who only put their money into 5 year CDs would have averaged better than 7% per year over the 20 years.

Even with the two stock market collapses since 2000, your average annual return in the stock market since 1980 still exceeds 11%. That’s 34 years with an average annual total return of better than 11%. Every person who had a job over this time frame should have accumulated a decent level of retirement savings. That is why the chart below is so shocking. Over 15% of all people 60 and older and 23% of people 45 to 59 years old have NO retirement savings. None. Nada. Zilch. This means 25 million Boomers and Xers are stuck living off a Social Security pittance and choosing between keeping the heat on or eating a feast of Ramen noodles and Friskies. It seems they let 30 years get behind them. They missed the starting gun.

I’m not shocked that over 50% of 18 to 29 year olds have no retirement savings. With the terrible job market, declining real wages, massive levels of student loan debt, two stock market crashes in the space of eight years, and 4% annual returns since 2000, young people today have neither the means nor trust in the system to save for retirement. Their elders had no such excuse. Just a minimal amount per paycheck saved over the last 30 years would have compounded to well over $100,000, even at modest salary levels. It is disgraceful that 25 million people over the age of 45 have saved nothing for their retirement. Far more disgraceful is the median household retirement balance of $3,000 for all working age households. There are 122 million households in this country and 61 million of them have $3,000 or less in retirement savings.

The far worse data points are the $12,000 median retirement balance of aged 55 to 64 households and the $10,100 median retirement balance of aged 45 to 54 households. These people are on the edge of retirement and have less than one year’s expenses saved. There is no legitimate excuse for this pitiful display of planning. These people had decades to save, strong financial market returns, and if they worked for a decent size organization – matching contributions to their retirement accounts. They didn’t need a huge salary. They didn’t need to save 20% of their salary. They didn’t have to be an investing genius. A savings allocation of just 3% to 5% would have grown into a decent sized nest egg after a few decades of compounding.

We know from the data in the chart, it didn’t happen. The concept of delayed gratification is unknown to the millions of nearly broke Boomers and Xers, shuffling towards an old age of poverty, misery and regret. A 64 year old has a life expectancy of about 20 years. They’ll have to budget “very” frugally to make that $12,000 last. The question is how did it happen. I don’t buy the load of crap that you can’t judge people as groups. I judge people by their actions, not their words. I know you can’t lump every Boomer and Xer into one box. Individuals in every generation have bucked the trend, lived within their means, saved for the future, and accumulated significant nest eggs for their retirement. But the aggregate numbers don’t lie. The majority of those over the age of 45 have squandered their chance at a relatively comfortable retirement. These are the people who most vociferously insist the government do something about their self created plight. It’s their right to free healthcare, free food, subsidized housing, free utilities, higher minimum wages, and a comfortable government subsidized retirement. They are wrong. They had a right to life, liberty and the pursuit of happiness. It was up to them to educate themselves, get a job, work hard, and accumulate savings.

The generations of live for today, don’t worry about tomorrow Americans over the age of 45 have no one to blame but themselves. They bought those 4,500 sq foot McMansions with negative amortization 0% down mortgages. They had to keep up with the Jones-es by putting in granite counter-tops, stainless steel appliances, home theaters, Olympic sized swimming pools, and enormous decks. They have HDTVs in every room in their house and must have every premium cable channel along with the NFL package. They upgrade their phones every time Apple rolls out a new and improved version. They pay landscapers to manicure their properties. They lease new BMWs every three years. They have taken exotic vacations on an annual basis. They haven’t packed a lunch for themselves since they were 16 years old. Eating out for lunch and dinner has been a staple of their existence for decades. That morning Starbucks coffee is a given. A new wardrobe of name brand stylish clothes for every season is a requirement because your neighbors and co-workers are constantly judging you. Nothing proves you’re a success like a Rolex watch, Canali suit, Versace boots, or Gucci handbag. The have it now generations got it then and have virtually nothing now because they acquired all of these things with debt.
Real cumulative household income is up 10% since 1980. Consumer debt outstanding has risen from $350 billion in 1980 to $3.267 trillion today. That is a 933% increase. We’ve had decades of faux prosperity aided and abetted by Wall Street shysters, corrupt politicians, mega-corporation mass merchandisers, and Madison Avenue maggots trained in the methods of Edward Bernays to convince willfully ignorant consumers to consume. And consume we did. Saving, not so much. You can blame the oligarchs, bankers, retailers, and politicians for the fact you didn’t save, but it rings hollow. No matter how much propaganda is spewed by the ruling class, we are still individuals with free will. The older generations had choices. Saving money requires only one thing – spending less than you make. Most Boomers and Xers chose to spend more than they made and financed the difference. When the average credit card balance is five times greater than the median retirement account balance, you’ve got a problem. The facts about our consumer empire of debt are unequivocal as can be seen in these statistics:

• Average credit card debt: $15,593
• Average debt: $153,184
• Average student loan debt: $32,511

• $11.62 trillion in total debt
• $880.3 billion in credit card debt
• $8.05 trillion in mortgages
• $1.12 trillion in student loans

I don’t blame those in their 20’s and 30’s for not having retirement savings. Anyone who entered the workforce around the year 2000 has good reason to not trust the system or their elders. There have been two stock market collapses and every asset class is now extremely overvalued due to the criminal machinations of the Federal Reserve. There are far less good paying jobs. Real wages keep declining. They were convinced by their elders to load up on student loan debt, leaving them as debt serfs. The Wall Street/Federal Reserve scheme to boost home prices and repair their insolvent balance sheets has successfully kept young people from ever being able to afford a home. So you have young people unable to save, invest or spend. You have middle aged and older Americans with little or no savings, mountains of debt, low paying service jobs, and an inability to spend. The only people left with resources are the .1% who have captured the system, peddle the debt, and reap the rewards of consumption versus saving. They may be able to engineer a stock market rally to further enrich themselves, but they can not propel the real economy of 318 million people. Our consumer society is dying – asphyxiated by debt – shorter of breath and one day closer to death.

I’d love to offer some sage advice on how to fix this problem, but it’s too late. Too many people missed the starting gun. More than ten years got behind them. No one is going to come to the rescue of people who never saved for their future. The Federal government has already made $200 trillion of entitlement promises it can’t keep. State governments have made tens of trillions in pension promises they can’t keep. They can’t tax young people who don’t have jobs. Older generations who think the government is going to rescue them from their foolish shortsighted choices are badly mistaken. Their benefits are likely to be reduced because the unsustainable will not be sustained. The 45 to 64 year old cohort who chose not to save can run and run to try and catch up with the sun, but it’s too late. It’s sinking. Their plans have come to naught. They are destined for lives of quiet desperation. There is nothing more to say.

So you run and you run to catch up with the sun but it’s sinking
Racing around to come up behind you again.
The sun is the same in a relative way but you’re older,
Shorter of breath and one day closer to death.

Every year is getting shorter; never seem to find the time.
Plans that either come to naught or half a page of scribbled lines
Hanging on in quiet desperation is the English way
The time is gone, the song is over,
Thought I’d something more to say.