Messages
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/quotes_special.gif)
L'Autre Monde 2 septembre 2010 (3/3): Le deuxième puits de BP, Économie en dépression et les dessous de la guerre en Irak
.
L'Autre Monde 2 septembre 2010 (3/3): Le deuxième puits de BP, Économie en dépression et les dessous de la guerre en Irak
Pour écouter, ou pour télécharger, simplement cliquer sur le lien ici:
L'Autre Monde 2 septembre 2010
90 min / Radio de l'UQAM, CHOQ FM
 | Diffusion en direct : Jeudi à 11:00h
| |||||||||||
| ||||||||||||
Au programme cette semaine, 2 septembre 2010:
Nous touchons au dossier de BP et de la grande fraude du puit "colmaté" et des énormes conséquences désastreuses dans toute la région du Golfe du Mexique; de l'économie mondiale et des États-Unis, de l'actualité mondiale et brossons une claire perspective de ce qui se passe en Irak et des Néocons.
Soyez de la partie les jeudis dès 11h sur les ondes de CHOQ FM, la radio officielle de l'UQÀM, l'alternative à Montréal et dans le monde!
Économie:
German Central Bank Admits that Credit is Created Out of Thin Air
Most people think that banks lend solely from their base of deposits. Some also know that with fractional reserve banking, they can loan out many times more than they actually have in reserves.
But very few people - with the exception of those in the banking industry and financial experts - know where credit really comes from.
Bernanke Admits Printing $1.3 Trillion Out Of Thin Air
http://www.youtube.com/watch?v=CtvHAqK8P14&feature=player_embedded
Fed Chairman Ben Bernanke admitted the central bank created $1.3 trillion out of thin air to buy mortgage backed securities. This shocking admission came from the Joint Economic Committee hearing on Capital Hill last week. I was dumbfounded when I saw Bernanke shake his head in the affirmative as Representative Ron Paul said, “Well, where did you get the money? You created this money. So you did monetize debt, and that went into the banking system.” I was amazed he admitted this. I looked up the original hearing on C-Span to make sure the clip was not edited. It was not.
What is even more shocking is I could not find a single mainstream news agency that covered this revelation.
The 10 SCARIEST Charts Of The Recession
This is one of the biggest financial stories of the decade. Because it is complex, most Americans will not understand it. But the fraud and manipulation in the gold and silver markets has the potential to cause a massive economic collapse
In what might have been a harbinger of things to come, CFTC announced a week before the hearing that they had had a fire in the room where its gold and silver records are held.
Webmaster's Commentary:
IF YOU DON'T HAVE PHYSICAL POSSESSION OF YOUR GOLD, YOU NEVER WILL!
Profiling CEOs and Their Sociopathic Paychecks
The Wall Street Journal reported last week that "Executives and other highly compensated employees now receive more than one-third of all pay in the
One of the questions often asked when the subject of CEO pay comes up is, "What could a person such as William McGuire or Lee Raymond (the former CEOs of UnitedHealth and ExxonMobil, respectively) possibly do to justify a $1.7 billion paycheck or a $400 million retirement bonus?"
New World Currency, the "Wocu," Quietly Launched on September 10th, 2009
Webmaster's Commentary:
See also What is the Wocu™?
and apparently the WOCU is already an accepted currency.
See WE WILL WOCU!
"Monetary Shock and Awe": The Fed prepared to launch most Radical Intervention in History
L’agence de notation Dagong abaisse l’ensemble de la note des pays occidentaux
L’agence de notation chinoise Dagong Global Credit Rating vient de revoir à la baisse la note de la dette souveraine des pays occidentaux. Il n’y a que
Les Européens en rêvaient, les Chinois l’ont fait: une agence de notation non anglo-saxonne que les marchés devront prendre au sérieux. Alors que les Standard & Poors, Moody’s et autre Fitch s’évertuent à tirer sur les ambulances que sont les pays du sud de l’Europe – justifiant ainsi leur réputation d’être à la fois pompiers pyromanes et de ne prévoir qu’a posteriori un défaut de crédit – l’agence chinoise Dagong Global Credit Rating s’est penchée sur la dette souveraine des pays occidentaux.
Et là, plus de tabou. Les Etats-Unis se retrouvent avec une note de AA, le Royaume-Uni et
On pourra ironiser quant au bagage idéologique d’une telle démarche réalisée par une agence que nous Occidentaux soupçonnerons – probablement à juste titre – d’être dépendante du pouvoir chinois. Mais force est de constater qu’il s’agit bien d’un miroir très peu flatteur que nous tend l’Empire du Milieu. Avec des dettes d’Etat qui devraient atteindre les 100% du produit intérieur brut d’ici deux ou trois ans, les Etats-Unis, le Royaume-Uni et
Dagong ne fait donc qu’anticiper. Et c’est bien la moindre des choses que l’on demandera à une agence de notation. Sur ce point, les Chinois se révèlent autrement plus crédibles que les agences anglo-saxonnes. Lorsqu’on sait en plus que
Banks back switch to renminbi for trade
A number of the world's biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with
HSBC, which recently moved its chief executive from
Its Official: China is Unloading its Treasury Bonds
It looks like the smart money these days is found in
Dollar Plunges As Everyone Now Figures Return Of Quantitative Easing Is A Done Deal
Home Sales Plunge 27 Percent to 15-Year Low as Economy Weakens
US existing home sales plunge 27 percent
Existing
Webmaster's Commentary:
One more time; there is no recovery! Not until the high-paying jobs that put money into the hands of the working and middle class come back, there is no recovery. "Recovery" is a campaign season word used by candidates pissing down your backs and calling it rain!
Top economists: The second Great Depression has arrived
David Rosenberg, market guru, has officially declared that the
On the heels of that bleak forecast, the statistics for existing home sales for July were released and the numbers were ugly. The weak housing market collapsed. Reflecting the worst slump in American history, existing housing sales had plummeted a stunning 27 percent and there's no sign on the horizon that sales will stabilize any time soon.
Economy Heading for a Systemic Collapse into Hyperinflationary Great Depression
When Fed Chairman Ben Bernanke admits to seeing an "unusually uncertain" economy ahead, it's pretty terrifying to imagine what he's really thinking. What John Williams envisions – and he's by no means looking to the far horizon – is a systemic collapse, a hyperinflationary great depression and the cessation of normal commerce.
US Dollar Now Ripe For Catastrophic Devaluation
The “world reserve” status of our currency created a demand for dollars, but through this, it also created a glut of Treasury bond holdings in foreign central banks, and an unserviceable national debt here at home. The combination of removing the dollar from the gold standard in tandem with gaining world reserve advantage allowed our government along with central bankers to create the most precarious illusory fiat currency in history.
Webmaster's Commentary:
Why all the fuss over the gold standard?
Well it goes back to the original Founding Fathers and the meaning of the word "dollar". "Dollar" is actually a weight measure of silver, 371.25 grains, to be exact. Our American silver dollars are actually heavier, since other metals were added for durability. But that 371.25 grains of silver WAS the dollar, matching in weight an unbroken chain of accepted monetary units that reached back through the Spanish Milled Dollar, the Dutch Daller, back to the German Thaler; the product of a silver mine which sold its product in coins of an exact weight. The Coinage Act of 1792 defined our dollar to exactly match in weight the silver dollars in use around the world, and then defined the gold dollar to be that amount of gold which would equal the worth of silver in a silver dollar, 24.75 grains, 1/15 the weight of the silver in a silver dollar.
So, what's wrong with this? Nothing really. When you, as a citizen, hold a silver dollar or a gold dollar in your hand, you hold that actual worth of metal. Nothing the government can do can change the worth of the money in your control.
Take the Roman Silver Denarius pictured above. The Roman Empire is long gone, but the money that
Of course, carrying around too much coin can be bothersome, so many nations, including our own, issued paper notes as a convenience. But that paper currency of the nation was just a convenience. The gold and silver certificates were merely "claim checks" for the equivalent weight of gold or silver held in the treasury, and which would be produced on demand when the certificate was presented. But in the end, the lawful dollar of the
The problem with this system from the point of view of the government or the banks is that it limits the amount of money they can work with. When the bank runs out of silver or gold (or the equivalent certificates) it can no longer lend any more money with which to earn interest. When the government runs out of gold or silver (or the equivalent certificates) it can no longer spend money (just like the rest of us).
The immediate effect of ending the gold standard was that with the paper dollar no longer legally dependent on 371.25 grains of silver or 24.75 grains of gold, more paper dollars (now called "Federal Reserve Notes") could be printed, their actual worth no longer under the control of the citizens but under the control of the issuing central bank, based on the total number of dollars printed (or created as credit lines) divided by the estimated worth of the nation's assets. The more dollars which are created out of thin air, the less each one is worth.
A federal Reserve Note.
The swindle of the system is simple. The Federal Reserve Bank hires the US Treasury to print up some money. The Federal Reserve only actually pays the treasury for the cost of the printing, they do NOT pay $1 for each 1$ printed. But the Federal Reserve turns around and loans out that money (or credit line) to banks at full face value, those banks which have exhausted their deposits then loan that Federal Reserve fiat money to you, and you must repay it in the full dollar value (plus interest) in work product, even though the Federal Reserve printed that money for pennies, or created it out of thin air in a computer.
As the Federal Reserve overprints more money, the money supply inflates, and too much money starts chasing too few goods and services, which means prices go up. But contrary to the charade put on by the Federal Reserve, inflation doesn't just come and go due to some arcane sorcery. The Federal Reserve can halt inflation any time it wants to by simply shutting down those printing presses. It therefore follows that both inflation and recession are fully under the control of the Federal Reserve. This means the cycle of inflation and recession is an intentional one; a gigantic heartbeat that pumps paper certificates out to the working class, while pumping real wealth in to the owners of the banks.
40 Bizarre Statistics That Reveal The Horrifying Truth About The Collapse Of The U.S. Economy
What we are now witnessing are the early stages of the complete and total breakdown of the
There is no use sugar-coating it.
The
The following are 40 bizarre statistics that reveal the truth about the collapse of the
1 - According to one shocking new survey, 28% of U.S. households have at least one member that is looking for a full-time job.
2 - A recent Pew Research survey found that 55 percent of the
3 - There are 9.2 million Americans that are unemployed but that are not receiving an unemployment insurance check.
4 - In
5 - According to one analysis, the
6 -
7 - This is what American workers now must compete against: in
8 - According to a poll taken in 2009, 61 percent of Americans "always or usually" live paycheck to paycheck. That was up significantly from 49 percent in 2008 and 43 percent in 2007.
9 - According to a recent poll conducted by Bloomberg, 71% of Americans say that it still feels like the economy is in a recession.
10 - Banks repossessed 269,962 U.S. homes during the second quarter of 2010, which was a new all-time record.
11 - Banks repossessed an average of 4,000
12 - According to RealtyTrac, a total of 1.65 million U.S. properties received foreclosure filings during the first half of 2010.
13 - The Mortgage Bankers Association recently announced that demand for loans to purchase
14 - Only the top 5 percent of
15 - 1.41 million Americans filed for personal bankruptcy in 2009 - a 32 percent increase over 2008.
16 - Back in 1950 each retiree's Social Security benefit was paid for by 16 workers. Today, each retiree's Social Security benefit is paid for by approximately 3.3 workers. By 2025 it is projected that there will be approximately two workers for each retiree.
17 - According to a new poll, six of 10 non-retirees believe that Social Security won't be able to pay them benefits when they stop working.
18 - 43 percent of Americans have less than $10,000 saved for retirement.
19 - According to one survey, 36 percent of Americans say that they don't contribute anything to retirement savings.
20 - According to one recent survey, 24% of American workers say that they have postponed their planned retirement age in the past year.
21 - The Conference Board's Consumer Confidence Index declined sharply to 52.9 in June. Most economists had expected that the figure for June would be somewhere around 62.
22 - Retail sales in the
23 - Vacancies and lease rates at
24 - Consumer credit in the
25 - During the first quarter of 2010, the total number of loans that are at least three months past due in the
26 - Things are now so bad in
27 - The state of
28 - More than 25 percent of Americans now have a credit score below 599, which means that they are a very bad credit risk.
29 - On Friday,
30 - The FDIC's deposit insurance fund now has negative 20.7 billion dollars in it, which represents a slight improvement from the end of 2009.
31 - The
32 - According to a U.S. Treasury Department report to Congress, the
33 - The M3 money supply plunged at a 9.6 percent annual rate during the first quarter of 2010.
34 - According to a new poll of Americans between the ages of 44 and 75, 61% said that running out money was their biggest fear. The remaining 39% thought death was scarier.
35 - One study found that as of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
36 - The bottom 40 percent of all income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
37 - The number of Americans with incomes below the official poverty line rose by about 15% between 2000 and 2006, and by 2008 over 30 million
38 - According to one recent study, approximately 21 percent of all children in the
39 - For the first time in
40 - A new Rasmussen Reports national telephone survey has found that just 23% of American voters nationwide believe the federal government today has the consent of the governed.
Middle class in shambles – more debt, more job losses, more deceit. Banks attempt final push to break up the middle class.
Warning, bear market 2010: 11 'sells.' Only 6 'buys'
Yes, it's going to get worse, a whole lot worse ... Bill Gross warns this is the "New Normal. Forget 10% returns. Think 5%". ... Economist Larry Kotlikoff, author of The Coming Generational Storm, warns: "Let's get real. The
Because Wall Street's already well into the next bubble/bust cycle -- the "doom cycle."
In striking shift, small investors flee stock markets
Renewed economic uncertainty is testing Americans’ generation-long love affair with the stock market.
Investors withdrew a staggering $33.12 billion from domestic stock market mutual funds in the first seven months of this year, according to the Investment Company Institute, the mutual fund industry trade group. Now many are choosing investments they deem safer, like bonds.
Webmaster's Commentary:
Apparently, these people recognise that the light at the end of the economic tunnel is coming from an on-coming train!
The New Push for a Global Currency
The long-term plan with the unmistakable stamp of Keynes: "A global currency, bancor, issued by a global central bank would be designed as a stable store of value that is not tied exclusively to the conditions of any particular economy.... The global central bank could serve as a lender of last resort, providing needed systemic liquidity in the event of adverse shocks and more automatically than at present."
If we want an alternative to the dollar, there is one that could appear before our eyes if only we would let it happen. Private currencies traders the world over could, on their own, give rise to a new currency rooted in gold and traded by means of digital media. On many occasions over the last 20 years, such a system nearly came to be. But guess what? The government cracked down and stopped it. The governing elites have decided that there will be no currency reform unless it comes from the marble palaces of the monetary elites.
The Hindenburg Omen Indicates Stock Market Crash is Coming
On Thursday August 12, the
The level of attention and significance given to this omen is truly unparalleled in the world of technical analysis, and for good reason.
- Every NYSE crash since 1985 has been preceded by a Hindenburg Omen.
- Based on historical stats, the probability of a panic sellout is 41%, while the probability of a major stock market crash is 24%.
- Out of the previous 25 confirmed signals, only 8% (two) have failed to predict at least a mild decline in equities markets.
- The probability of a move greater than 5% to the downside after a confirmed Hindenburg Omen is 77%, and usually takes place within the next 40 days.
As a result, the Hindenburg Omen is indeed the most feared indicator for Wall Street bulls. However, when the infamous omen starts showing itself two times in two days, that’s when things can get really scary.
Thursday, August 12, was indeed a Hindenburg Omen; 100% confirmed by technical analysts worldwide. I’ve come across news stories in English, French, German, Italian, and Portuguese all proclaiming the arrival of the dreaded Omen. Suffice to say -- it’s a big deal covered by every major financial outlet, and nobody in the industry doubts its significance.
However just one day before this on Wednesday, August 11, the omen almost happened as well. To trigger a full blown omen, the number of 52-week highs, and 52-week lows must both be greater than 2.2% of the total issues traded that day. There are several other criteria that must be met as well, but that is the #1 and most important factor. Simply out, it shows that the tug of war between bulls and bears is at extreme and unsustainable levels.
Looking at the NYSE August 11, 67 stocks made new 52-week highs. Had this number been 69, the Hindenburg Omen would have officially triggered that day.
Just 2 stocks prevented the Omen from appearing on Wednesday. A few analysts took note, but there was not much of a reaction to this, as technical indicators either are, or aren’t confirmed. However, the very next day the Omen confirmed itself without a doubt.
What we have here is very close to seeing two Omens in back-to-back trading. If that Wednesday triggered a full blown signal, I have no doubt we’d be witnessing a media frenzy hyping up back-to-back market crashing omens. But just 2 NYSE stocks managed to prevent this event.
While I do follow the rules of technical analysis to a great degree, I find it more than unsettling that just 2 NYSE stocks can impact the broader market to this extent. Looking at the markets as a whole, these 2 stocks that prevented the Omen from triggering are borderline irrelevant. As far as I’m concerned the Aug 11 omen was close enough, that I’m staying out of equities for the next 40 days.
America Goes Dark
The lights are going out all over
Meanwhile, a country that once amazed the world with its visionary investments in transportation, from the
Southern California home sales collapse by 21 percent year over year. Real estate tanks simultaneously with ending of government artificial market intervention.
As would be expected, home sales in
US Says Bankruptcies Reach Nearly 5-Year High
There were 422,061 bankruptcy filings between April and June, according to the Administrative Office of the U.S. Courts, up 9 percent from
America Enters a New Time
After the young man had exited under his thin skullcap of black stubble, Don the barber sighed and said, “That’s the third boy I’ve cut today who’s headed into the Marines. They all say the same thing. “There’s no work around here and I’ve got a family to support.” When I tell them to hold off, they say the same thing: “Too late. I’ve signed up.”
America’s Crumbling Infrastructure
One of the key signs that we are in the early stages of an economic collapse and that we are heading towards another Great Depression is
Local Governments To Cut 500,000 People In 2010 And 2011, As $400 Billion Budget Shortfall Brings State Economies To A Halt
Ever wonder why according to the latest economic poll published by Reuters earlier the general public's satisfaction with Obama's handling of the economy is deteriorating faster than any other issue? (not to mention that 46% of Americans believe Obama is not focused enough on job creation, and that 72% of republicans say they are certain to vote at the November congressional elections versus 49% of democrats).
Webmaster's Commentary:
Obama is spending YOUR money to create jobs in Israel!
Obama is spending YOUR money to create and train people for jobs in Asia!
Ohio man destroys house with construction equipment in the face of foreclosure
According to
Plymouth house destroyed in blaze Home in foreclosure, supposed to be empty
A house that was in foreclosure that was supposed to be empty was destroyed by fire at
Arson and Foreclosures
Cases of arson are on the rise as more and more homeowners turn to it as a tool to destroy their long time investments gone badly. Houses which people used to own are being burned on the orders of their previous owners who could not handle the grief of loosing their homes. Many do not have any alternatives in terms of residence ending up in rental homes or apartments. Grief sets in and even anger which triggers them to make irrational decisions such as burning their previous homes so no one else can benefit from all their hard work which went down the drain.
Iowa Couple Sentenced to Prison for Burning Foreclosed Home
The Associated Press recently reported that a LeClaire couple will spend up to 10 years in prison for burning down the house they lost in foreclosure and filing a fraudulent insurance claim.
Foreclosed Beach Home goes up in flames
A house on
China Calls Our Bluff: The U.S. is Insolvent and Faces Bankruptcy as a Pure Debtor Nation
As the Financial Times notes, the head of China's biggest credit rating agency has said America is insolvent and that U.S. credit ratings are a joke:
The head of China’s largest credit rating agency has slammed his western counterparts for causing the global financial crisis and said that as the world’s largest creditor nation China should have a bigger say in how governments and their debt are rated.
“The western rating agencies are politicised and highly ideological and they do not adhere to objective standards,” Guan Jianzhong, chairman of Dagong Global Credit Rating, told the Financial Times in an interview.
GM announces major investment in auto plant (in Mexico)
Webmaster's Commentary:
This after they got how much bailout money from the American taxpayers?
"Fear Index rises to 16-year high"
he Fear Index has risen to a 16-year high. As of June 30th, the Fear Index is 2.35%, based on M3 data made available by shadowstats.com. Here is the formula and calculation for June 30th
Collapse in Living Standards in America: More Poverty By Any Measure
More than 15 million Americans are unemployed, homelessness has increased by 50 percent in some cities, and 38 million people are receiving food stamps, more than at any time in the program’s almost 50-year history.
Evidence of rising economic hardship is ample. There’s one commonly used standard for measuring it: the U.S. Census Bureau’s poverty rate. It guides much of federal and state spending aimed at helping those unable to make a decent living.
Corporate media trying to make living in a slave shack look fashionable.
Webmaster's Commentary:
You must make do with less so that the government can have more.
You must make do with less so that the government can have more.
You must make do with less so that the government can have more.
Let's face it; do you really think you will ever see the Obamas living like that?
Consumer Prices Drop, Sentiment Turns Sour
Consumer prices fell for a third straight month in June while consumer sentiment tumbled to an 11-month low in July, underscoring the soft nature of the economic recovery.
Webmaster's Commentary:
Actually, what it underscores is that there is no recovery outside the campaign rhetoric and media propaganda.
Goldman Sachs Mafia Pays Hush Money to the S.E.C. Police
Activist Post
The New York Times reported yesterday that the criminal gang at Goldman Sachs is paying a $550 million "fine" to the Securities and Exchange Commission to "settle" their fraud case. If approved, the settlement would "represent only a small financial dent for Goldman, which reported $13.38 billion in profit last year."
Meanwhile, Goldman Sach's shares rose 5% in after-hours trading alone on the news adding about $3.5 billion in value to their market cap. Ah, life is good for the banksters at the top of the pyramid, especially when the media is on your side too. The New York Times piece went on to say:
Grover Norquist: Bush Tax Cut Expiration Will Cost Taxpayers $1 Trillion
Low-tax crusader and Republican strategist Grover Norquist tells Newsmax that letting the Bush tax cuts expire in January 2011 would amount to a $1 trillion tax increase — the largest boost in American history.
Webmaster's Commentary:
"You must make do with less, so that the government may have more."
"You must make do with less, so that the government may have more."
"You must make do with less, so that the government may have more."
This continues to be the mantra coming out of
It is the classic rock and hard place. Government has borrowed itself into a black hold of debt (without the consent of the governed) and at the same time given tax incentives to corporations that made it attractive to move manufacturing to other countries, collapsing the very foundation of the nations ability to repay those loans.
It may have been politically expedient, but it is poor management to say the least.
The fact is that the US Government could turn this economy around overnight. All they have to do is cut Federal taxes by 50% across the board and the
A major tax increase at this moment will not improve the economy. Quite the contrary, a major tax increase at this time could well be the final straw that breaks the economic camel's back!
U.S. home foreclosures reach record high in second quarter
The number of
U.S. bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to
Webmaster's Commentary:
There is no recovery because there is no return of the decently paying jobs which have been offshored, and the
The U.S. Middle Class Is Being Wiped Out: Here's the Stats to Prove It
The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in
The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the
Wall Street falls on weak data
Stocks weakened on Thursday as more signals the pace of the economic recovery is slowing worried investors.
An unexpected fall in regional factory activity and a third straight month of decline in producer prices raised concerns about deflation, cooling investors' enthusiasm for the strong start to the earnings season that had lifted stocks off recent lows.
Why the Fed is Steering the Economy Into Deflation
The Fed is steering the economy into deflation. It's a political calculation that will keep unemployment high, increase excess capacity, and deepen the recession. The Comsumer Price Index continues to fall, bank lending is down 4 per cent year-over-year, housing prices are slipping, business investment is off, and consumer credit continues to shrink. On Wednesday, the Commerce Dept reported that retail sales fell 0.5 percent, more than analysts expected. This is the second drop in retail purchases in the last two months, signaling weakness in consumer demand. The slowdown hit nearly every sector including auto sales, furniture, computers, building materials, clothing and sporting goods. There was also bad news on housing on Wednesday.
Fed's volte face sends the dollar tumbling
Usually the dollar serves as a safe haven whenever the world takes fright, and there was plenty of sobering news from
"The worm is turning," said David Bloom, currency chief at HSBC. "We're in a world of rotating sovereign crises. The market seems to become obsessed with one idea at a time, then violently swings towards another. People thought the euro would break-up. Now we're moving into a new phase because we're hearing alarm bells of a
JPMorgan profit leaps nearly 80%
Government of the bankers, by the bankers and for the bankers.
Banks repossess homes at record pace: RealtyTrac
Banks repossessed a record number of
The root problems of job losses and wage cuts persist, making a sustained
Home-buying applications sink to 13-year low
Demand for loans to purchase
Homes lost to foreclosure on track for 1M in 2010
More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.
U.S. banks laundering Mexican cartels' drug money
A report in the August 2010 issue of Bloomberg Markets magazine sheds light on the role that
Webmaster's Commentary:
See MENA is no myth!
Retail Sales Fall in June on Autos, Gasoline
Sales at retailers fell for a second month in June, pulled down by weak receipts at automotive dealers and gasoline stations, according to a government report on Wednesday that added to evidence the economic recovery was proceeding at a moderate pace.
Webmaster's Commentary:
Note the contradiction. Sales slowed down, yet we are assured that the "economic recovery was proceeding."
Canadians falling short on saving
Ninety-four per cent of Canadians say they feel better when they have a safety net of savings to fall back on.
But nearly one-in-five, or 19 per cent, haven’t put any money aside for a rainy day, according to a survey released Tuesday by Scotiabank.
Webmaster's Commentary:
It's rather hard to save while living in a society designed to extract the maximum amount of money from you over your lifetime.
Raising retirement age to 70 touted as needed to save Social Security
The time has come for the nation to face some facts, and according to Republican U.S. Rep. John Boehner of
Webmaster's Commentary:
The government broke Social Security by spending the money in the trust fund as general revenues. So the fix now is to deny older people the retirement benefits they already paid for.
After recession, middle and working classes lose ground
July 13, 2010, Christian Science Monitor
http://www.csmonitor.com/Money/Robert-Reich-s-Blog/2010/0713/After-recession-middle-and-work...
Missing from almost all discussion of
Note: The author of this analysis, Robert Reich, is a former Secretary of Labor. For highly informative graphs showing the details of rising wealth inequality in the
Five Facts You Need to Know About the Financial System
All of the above are facts that have been staring us in the face for well over six months, if not a year. If you suspected that something was “strange” about the market, you’re absolutely right, it’s that our entire financial system is based on fraud, lies, and BS.
Let’s connect the dots on the ENTIRE financial system right now.
Fact #1: Banks are Insolvent.
The only reason they’re still in business is because they are permitted to value their balance sheet at whatever price they choose. I could privately value my car at $500 TRILLION, but that doesn’t mean I’ll get that price for it when it comes time to sell.
Ditto for the banks and their garbage saturated balance sheets.
Fact #2: Countries are Insolvent
Fact #3: Wall Street is Crooked
Anyone who even wants to debate this can look at Goldman Sachs’ latest trading results: Goldie made money EVERY SINGLE DAY of last quarter. As if that wasn’t statistically impossible enough, the firm pulled in $100 million+ on 35 out of 63 days. This simply cannot be done ethically. The only way your trading is that good is because you’re cheating (front-running your clients or manipulating the market).
Fact #4: The Central Bankers Cannot “SAVE” Anything
The world’s central bankers are clueless about fixing the debt problems (see
Fact #5: The Stock Market is Controlled by Computers
The stock market has rallied courtesy of outright manipulation and fraud. Bailout Ben’s money didn’t go to Mom and Pop America, it went to Wall Street where they gunned the stock market higher on next to no volume using algorithmic computer programs to front-run their clients (see Goldman above).
So markets today are not moving based on real investors, they are moving based on computers that trade back and forth in nanoseconds if not faster. These programs were created to reap a ¼ penny profit for each transaction the make (a policy the NYSE created to induce investors to continue trading and provide “liquidity”). However, as last Wednesday showed, when things start to get ugly all these “liquidity providers” seem to vanish in a hurry.
What It All Adds Up To
All of the above are facts that have been staring us in the face for well over six months, if not a year. If you suspected that something was “strange” about the market, you’re absolutely right, it’s that our entire financial system is based on fraud, lies, and BS.
So how to you play this?
It’s really quite simple:
- Buy some physical bullion
- Have some Crisis Trades (shorts) lined up for the next collapse (see below)
- Don’t listen to anyone who missed Round One of the Crisis
Speaking of Crisis…
The implications of this are two-fold:
- The Euro is going to parity with the US Dollar
- Gold is now the top currency in the world
Biggest Transference Of Wealth In History!
World Bank sets Pakistan tight deadline
The World Bank has set President Asif Ali Zardari a 48-hour deadline to force through a 6% increase in electricity tariffs and secure implementation of value-added tax (VAT) or face the withholding of US$300 million under a poverty reduction support scheme, according to reports.
Webmaster's Commentary:
So, the World Bank's ideas of poverty reduction is to INCREASE the dost of everything the poor need to buy??????
Increase VAT, taxes on certain goods-IMF report
Increasing the VAT rate and taxes on luxury goods and fuel can be part of the strong and credible revenue measures that
Webmaster's Commentary:
Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers.
Serbia asks IMF to unfreeze wages
Faced with possible social unrest,
Webmaster's Commentary:
"Hell, NO! You forget the golden rule; starve the people to give gold to the bankers. Starve the people to give gold to the bankers. Starve the people to give gold to the bankers!!!" -- The Bankers
Tensions Rise in Greece as Austerity Measures Backfire
The austerity measures that were supposed to fix
Webmaster's Commentary:
Any "solution" to the economic problems that involves looting the poor to give to the rich is doomed to fail. Economies are built from the bottom up, and the only real way to get any economy moving again is to get wealth back into the hands of the working and middle class it was taken from. If the high paying jobs do not come back, the economy of [insert name of failed state here] is doomed.
Romania to cut wages despite strike threat
Webmaster's Commentary:
"Starve the people to give to the bankers. Starve the people to give to the bankers. Starve the people to give to the bankers."
IMF praises Italy's cuts, points to wage bill
The International Monetary Fund on Wednesday welcomed
Webmaster's Commentary:
Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers. Starve the people to feed the bankers.
IMF calls for gradual rise in Japan sales tax
Webmaster's Commentary:
"Take from the people to give to the bankers. Take from the people to give to the bankers. Take from the people to give to the bankers. Take from the people to give to the bankers. Take from the people to give to the bankers. Take from the people to give to the bankers. "
IMF urges New Zealand to balance budget earlier
The International Monetary Fund on Wednesday urged
IMF raises fresh concerns about the Spanish economy
The International Monetary Fund (IMF) has raised fresh concerns about
Webmaster's Commentary:
"far-reaching reforms" is IMF-speak for "starve the people to feed the bankers!
The "International Community" Pushes for "Global Coordination"
Never letting a good crisis go to waste, the sovereignty-hating globalists continue to argue that national governments should have less say in implementing domestic financial regulation and fiscal policy.
According to International Monetary Fund managing director Dominique Strauss-Kahn, "National oriented responses are not the way, since they risk creating economic conflicts." The IMF publication goes on:
Addressing the need to support the recovery and create sustainable growth in the long run, Strauss-Kahn said there is a "need for fiscal consolidation globally, but there is no future in fiscal consolidation without growth."
And who exactly would be the arbiter of this consolidated power? Why, the IMF, of course! Here's a sample of the chief's bizarre reasoning as to why this is a such grand idea:
Strauss-Kahn said the strength of the IMF lies in "truth telling," and the IMF's role in the surveillance of the global economy includes overseeing the implementation of rules that govern financial regulation.
Welcome to an orwellian brave new world, where highly-unaccountable central bankers and unelected bureaucrats not only know what's best for your community and country, but are trust-worthy and can foresee economic trouble before it happens. It should go without saying that centralized planning has not worked out well in the
The Worst Money Supply Plunge Since The Depression Means A Double Dip Is Now A ‘Virtual Certainty’
The stock of
“It’s frightening,” said Professor Tim Congdon from International Monetary Research. “The plunge in M3 has no precedent since the Great Depression. The dominant reason for this is that regulators across the world are pressing banks to raise capital asset ratios and to shrink their risk assets. This is why the
US money supply plunges at 1930s pace as Obama eyes fresh stimulus
The M3 money supply in the
The M3 money supply in the
US Fed schedules tests on deposit facility
The US Federal Reserve said Friday it has scheduled tests of one of its tools likely to be used to drain massive amounts of money injected into the system during the financial crisis.
The central bank said in a statement that three small-value auctions of term deposits would be made over the next two months through its Term Deposit Facility (TDF).
The facility could give banks an extra incentive to keep their money at the Fed through interest-bearing deposits instead of lending it out to companies.
Webmaster's Commentary:
This is a very interesting move, considering, as reported on 26 May 2010 at:
"The M3 money supply in the
"The M3 figures - which include broad range of bank accounts and are tracked by British and European monetarists for warning signals about the direction of the
The stock of money fell from $14.2 trillion to $13.9 trillion in the three months to April, amounting to an annual rate of contraction of 9.6pc. The assets of institutional money market funds fell at a 37pc rate, the sharpest drop ever."
One has to wonder just what the management of the Fed is thinking, other than lining its own coffers, with this little maneuver.
The absence of credit lines to legitimate companies which need them to survive will mean that more and more
Senate Passes Wall Street Permanent Bailout Bill,
The Senate passes the Wall Street Reform Bill (S. 3217) by a 59-39 vote, if it passes the House it will kill jobs by making it difficult for small businesses to succeed and it will give permanent and unlimited bailout authority for the big banks on Wall Street. It would also do nothing to solve problems in the financial system and won’t prevent the next financial crisis.
Republican Senator David Vitter: “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.” Democrat Congressman Brad Sherman: “There are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for.”
The Federal Deposit Insurance Corporation (FDIC) will be the next billion and possibly trillion dollar government bailout. We have the FDIC that insures over 8,000 banks with an insurance fund that is in the negative.
A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.'s list of "problem" institutions in the first quarter, as bad loans in the commercial real-estate market weighed on bank balance sheets.
Poor loan performance in other sectors also continued to hurt banks, with the total number of loans at least three months past due climbing for the 16th consecutive quarter, FDIC officials said in a briefing on Thursday.
"The banking system still has many problems to work through, and we cannot ignore the possibility of more financial market volatility," FDIC Chairman Sheila Bair said.
Webmaster's Commentary:
Translation: look for more banks to fail.
Our SIXTH Warning: Dow in Danger!
By my count, this is at least our SIXTH clear, unambiguous warning of danger in the Dow — sent to you in just the last 60 days!
On March 27, Mike Burnick warned you — right here in Money and Markets — that the big stock market rally of 2009-2010 “could come to a crashing end at any time.”
Also here in Money and Markets, Claus Vogt told you The Stock Market Is Starting to Look Toppy on April 21 … issued A Clear Warning Sign — Global Liquidity Is Drying Up one week later … and then, just in case you missed the first two, told you AGAIN that A Topping Formation Is Taking Shape on May 12.
On the same day, Larry Edelson, Mike Larson, and I held an emergency briefing online, with our FIFTH warning: “A good rule of thumb,” Mike said, “is to sell half of your excess holdings now and then revisit the balance when you get a good rally.” But … “even when you get the rally, it is very easy to forget the crisis. Things may appear to have quieted down, but it’s really going to be just the next calm before an even bigger storm that is coming.” (See transcript in SoverNow, here’s our 6th warning …
The Dow’s 1000-point “flash crash” of two weeks ago was NOT a fluke! Nor is today’s 376-point slide in the Dow!
These events are lightning bolts that strike deep into the market’s core … and that help light up the path ahead for anyone willing to look.
In his flash alert to Safe Money readers earlier today, Mike Larson explains it this way:
“Some of the latest economic data has shown a cooling in global demand and a loss of investor confidence. Many early warning signs of credit stress are also flashing yellow. Volatility indices are on the rise … financial institutions are charging each other more to borrow money in the interbank market … and interest rate swap spreads are blowing out in the derivatives arena.
“These are the same kinds of indicators we saw go nuts before the 2008 crash. We’re still nowhere near the widespread panic levels we reached back then, but the trend is what matters and it’s very unsettling.”
These signals all confirm what we’ve been telling you for the last 60 days:
1. The great rally since March of 2009 is — or will soon be — over.
2. Despite its impressive duration and magnitude, that rally was little more than a temporary interlude — an intermission between two phases of a greater bear market.
3. The first phase came in the wake of the great Housing and Debt Crisis of 2008-2009, wiping out as much as HALF of
4. The second phase has struck with the Great Sovereign Debt Crisis of 2010, and it’s just now getting under way.
Webmaster's Commentary:
"Iceburg, right ahead!"
It's Official - America Now Enforces Capital Controls
Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions - Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think
Webmaster's Commentary:
If you do not have control over where your own money can go and when, then you are a slave.
Bank Collapse Coming 10K Limit on Wire Transfers 2010
http://www.youtube.com/watch?v=YRwsa-yzV48&feature=player_embedded
Huge National Debts Could Push Euro Zone into Bankruptcy
Webmaster's Commentary:
One more time; when a private central bank issues the public currency at interest, the system is a pyramid that lasts only as long as ever-larger pools of new borrowers can be found to allow the creation of new money with which to pay the interest on the old money. When new borrowers cannot be found, the pyramid collapses. When everyone in the nation (or planet) is already in debt and cannot be persuaded to borrow any more, collapse is inevitable because it is designed into the system from its inception.
Do you get it yet? The bankers designed a system that would eventually place all the wealth into their hands, but never planned what to do when they actually succeeded and society stopped operating.
And these same greedy bastard bozos want to run the world?
A Clear Warning Sign: Global Liquidity Is Drying Up!
What’s more …
Liquidity Has Dried Up Globally
There still seems to be a lot of talking about the huge liquidity driving this market higher. And yes, the Fed’s answer to the housing and banking crisis was a historical wave of liquidity with M-2 money supply growth rates of more than 10 percent. But take a look at the chart below to see what has happened since.
Year over year M-2 growth has stalled … growing by a mere 2 percent. That’s a far cry from a huge wave of liquidity. It’s better described as a trickle.
And if you take a global view, the picture is even getting worse!
The so called excess liquidity of the G7 nations, measured as M-1 minus industrial production minus consumer price inflation, has actually declined by 5 percent during the first quarter of the year.
If this global stock market rally was driven by liquidity — and I really think it was — the drying up of global liquidity should be seen as a clear warning sign.
The bull move, which in my opinion was a huge bear market rally that started in March 2009, is already on borrowed time. And I expect the market to top out during the coming months.
Webmaster's Commentary:
I have been saying this for the last week. Clients who owe us money cannot pay us because the people who owe them money cannot pay them because the people who owe them money cannot pay them because the people who owe THEM money cannot pay them because ......
Yes, the Federal Reserve is creating new money hand over fist but that cash is not going into general circulation but into the Wall Street bailouts and from there into the pockets of the financial elites. Commerce in the real world is grinding to a halt!
Are Interest Rate Derivatives a Ticking Time Bomb?
Derivatives are the world's largest market, dwarfing the size of the bond market and world's real economy.
The derivatives market is currently at around $600 trillion or so (in gross nominal value).
In contrast, the size of the worldwide bond market (total debt outstanding) as of 2009 was an estimated $82.2 trillion.
And the CIA Fact Book puts the world economy at $58.07 trillion in 2009 (at official exchange rates).
Computerized Front Running and Financial Fraud
http://www.globalresearch.ca/index.php?context=viewArticle&code=BRO20100422&articleId=18809
While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Market commentators are fond of talking about “free market capitalism,” but according to Wall Street commentator Max Keiser, it is no more. It has morphed into what his TV co-host Stacy Herbert calls “rigged market capitalism”: all markets today are subject to manipulation for private gain.
Billions more for bankers as City workers are handed £6.8bn bonuses
Critics described the payouts as 'sickening', coming so soon after the recklessness of the banking industry triggered a global recession.
Wall Street gets $33 billion in tax refunds
Bank of America, Wells Fargo to Pay Zero 2009 Federal Income Tax
Charlotte Observer, Bank of America, Wells Fargo Probably Won't Pay Income Tax for 2009:
This tax season will be kind to Bank of America and Wells Fargo: It appears that neither bank will have to pay federal income taxes for 2009.
Bank of America probably won't pay federal taxes because it lost money in the
The idea of the country's No. 1 and No. 4 banks not paying federal income taxes may be anathema to millions of Americans who are grumbling as they fill out their own tax forms this month. But tax experts say the banks' situation is hardly unique.
"Oh, yeah, this happens all the time," said Robert Willens, an expert on tax accounting who runs a
(Hat Tip: Francine Lipman.)
Update: From Peter Portia:
The real story here is how Wells Fargo got to write down those losses.
In an astounding bit of good fortune and timing, the Treasury in late 2008 changed the rules on how banks can apply losses from an acquired institution. The rule change saves Wells Fargo billions in taxes, an indirect federal expenditure likely to be larger than the direct cost of an FDIC absorption of Wachovia's loan portfolio.
Look at the remarkable coincidence at work here:
Sep. 26: WFC decides to pass on Wachovia, leaving it to Citigroup.
Sep. 29: The IRS announces the rule change.
Oct. 3: WFC changes its mind and purchases Wachovia.
Of course, some observers have a more jaundiced view of the events than I.
ExxonMobil paid no federal income tax in 2009.
Last week, Forbes magazine published what the top
How can it be that you pay more to the IRS than General Electric?
April 1, 2010, Forbes magazine
http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes.html
Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all. The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion. How did this happen? It's complicated. GE in effect consists of two divisions: General Electric Capital and everything else. The everything else--maker of engines, power plants, TV shows and the like--would have paid a 22% tax rate if it was a standalone company. It's GE Capital that keeps the overall tax bill so low. Over the last two years, GE Capital has displayed an uncanny ability to lose lots of money in the
Note: Can you believe that GE not only pays no taxes, they actually get credit from the
General Electric got bailed out by American taxpayers.
Specifically, it was given $139 billion in FDIC guarantees and used the Federal Reserve program supporting it's commercial paper (see this).
So you'd think that GE would return the favor by paying American taxes, right?
Wrong. GE paid no
As CNN points out:
GE had plenty of earnings last year -- just not in the
Unfortunately, GE is not alone.
http://www.youtube.com/watch?v=eb1n1X0Oqdw&feature=player_embedded
Webmaster's Commentary:
Stock prices are only going up because of hyper-inflation.
US banks understate debt, masking risk: report
Major
The newspaper, citing data from the Federal Reserve Bank of
The banks included Goldman Sachs Group Inc, Morgan Stanley, JP Morgan Chase and Co, Bank of America Corp and Citigroup Inc, the Journal said.
It said the practice was legal but gave investors a skewed impression of the level of risk that financial firms are taking the vast majority of the time.
It noted that overborrowing by banks was one of the causes of the financial crisis.
"You want your leverage to look better at quarter-end than it actually was during the quarter, to suggest that you're taking less risk," William Tanona, a former Goldman analyst, was quoted as saying.
The report said some banks privately confirmed the practice but many major banks would not comment specifically on the Fed financial data.
"The efforts to manage the size of our balance sheet are appropriate and our policies are consistent with all applicable accounting and legal requirements," a Bank of America spokesman told the Journal.
The Goldman fraud indictment is obviously huge news.
The Connecticut Attorney general wants to file criminal charges:
It's been a long time in coming, but Goldman Sachs
has finally been called to answer questions about
the way it does business.
Unfortunately - and predictably - the Senate sub-committee
was unprepared and wasted an opportunity.
http://www.brasschecktv.com/page/837.html
Facts of life:
* Goldman has a multi-decade history of fraud
going back to the 1920s
* Goldman was one of the ring leaders of the
DotCom IPO scam of the 1990s
* By being willing to package and re-sell total
garbage real estate loans, Goldman & other banks
massively inflated real estate prices, defrauded
investors all over the world, and brought the
world financial system to the brink (and we're
not out of the woods yet.)
Criminals...and if they didn't own the last three
White Houses, some of them would be in jail.
MUST SEE VIDEO: Senator Scolds Smirking Sachs CFO
http://www.youtube.com/watch?v=1_NtV6Rptd4&feature=player_embedded
Worth of CDOs? Twenty cents on the dollar.
Cost to economy? Billions.
The look on the CFO's face?
...priceless...?
CrossTalk on Goldman Sachs: Dog & Pony Show?
http://www.youtube.com/watch?v=0z4XXiFf1Qc&feature=player_embedded
On this edition of Peter Lavelle's 'CrossTalk' he asks his guests whether the US Senate hearings humiliating Goldman Sachs are merely a show trial with the aim of watering down global financial reform.
SEC's Goldman charges could be just the beginning
Goldman Sachs, whose tactics exiting the collapsing subprime mortgage market have been under government scrutiny for months, now faces federal fraud charges that it duped investors into losing $1 billion on a rigged offshore deal pegged to dicey home loans.
The suit, brought Friday by the Securities and Exchange Commission, accuses Goldman and one of its vice presidents, 31-year-old Fabrice Tourre, of allowing a Wall Street hedge fund to secretly select many of the securities in the deal.
Germany To Add To Goldman’s Headaches, Prepares To Sue Firm
The Pandora’s box of the SEC’s action against Goldman, which if validated in court will effectively make the issuance of every hybrid CDO product quasi-illegal, will lead to an explosion of lawsuits against virtually any bank that was active in the structured finance space during the housing boom, adding to a fresh round of “non-recurring” charges to bank income statements.
Webmaster's Commentary:
What may have started as a little bit of political theater to aid Obama and the Democrats this November may well blow up in the faces of Wall Street and DC!
Goldman Sachs set to pay £3.5bn in bonuses
GOLDMAN SACHS, the world’s biggest investment bank that is now assailed by accusations of fraud, is poised to reignite controversy over bankers’ bonuses by paying its staff more than £3.5 billion for just three months’ work.
Webmaster's Commentary:
GS is sending a message to their employees that business will continue as usual, which suggests to me that the fraud charges are at least for now political theater to give Obama the illusion of trying to reign in Wall Street ahead of the November elections.
Now we know the truth. The financial meltdown wasn't a mistake – it was a con
http://www.guardian.co.uk/business/2010/apr/18/goldman-sachs-regulators-civil-charges
The global financial crisis, it is now clear, was caused not just by the bankers' colossal mismanagement. No, it was due also to the new financial complexity offering up the opportunity for widespread, systemic fraud. Friday's announcement that the world's most famous investment bank, Goldman Sachs, is to face civil charges for fraud brought by the American regulator is but the latest of a series of investigations that have been launched, arrests made and charges made against financial institutions around the world.
Webmaster's Commentary:
It's the ENRON model applied again and again and again...
A Backlash in Europe Has Politicians Calling for a Goldman Ban
Wall Street Journal
Goldman Sachs Group Inc. in danger of losing business with a key group of clients as a result of the fraud allegations it faces: governments in Europe and the
Politicians in the
U.K. Liberal Democrat leader Nick Clegg, riding high in opinion polls less than three weeks before national elections, said on Tuesday that Goldman "should now be suspended in its role as one of the advisers to the government until these allegations are properly looked into." His comments follow Prime Minister Gordon Brown's recent characterization of Goldman's alleged behavior as "morally bankrupt."
Webmaster's Commentary:
What started as political theater is turning into a full-on melt-down!
Goldman says SEC distorted facts in fraud charges
Goldman : 'We would never intentionally mislead anyone'
Obama repaying his masters at Goldman Sachs
President Obama is sponsoring a bill by the Senate Banking Committee Chairman Chris Dodd(D-CT) that would reward the Financial Firm Goldman Sachs with up to Billions of Dollars. The bill implements a $50 billion resolution fund to the firms creditors through fees that would come from banks and other businesses, which the bill calls a "nonbank financial company." Critics are calling it a "backdoor bailouts" to Goldman Sachs who was already payed $12.9 billion in tax dollars through the bailout of AIG.
Webmaster's Commentary:
I told you that SEC fraud charge was pure political theater!
Hedge Fund Manager in Goldman Sachs Fraud Case is a Major Donor to Both Democrats and Republicans
Paulson's hedge fund company allegedly paid Goldman Sachs to structure a financial investment product that allowed Paulson & Co. to choose which mortgage securities to invest in, based on a belief that they would lose value or default, and then take short positions against them. Thus, when the subprime mortgages actually lost value, Paulson & Co. earned a profit of about $1 billion.
Goldman Sachs ‘Had Duty’ to Keep Paulson Bets Secret
Goldman Sachs Group Inc., being sued by the U.S. Securities and Exchange Commission over claims that it deceived investors about one of its financial products, tried to fend off regulators last fall by arguing it had a duty to keep the information confidential.
Webmaster's Commentary:
A duty to mislead investors? That's a new one!
Paulson's Hedge Fund Made Billions on Subprime Crisis
Hedge fund manager John Paulson’s company reportedly made billions shorting the subprime mortgages packaged and sold by Goldman Sachs — which is now facing fraud charges by the Securities and Exchange Commission.
Paulson began betting against subprime mortgages as early as 2006, setting up two funds focused for that purpose.
why lehman brothers was allowed to fail
Webmaster's Commentary:
Max Keiser reveals why Lehman Brothers was let collapsed by Henry Paulson recorded on Feb 21st, 2009.
Goldman Sachs mentioned!
http://www.youtube.com/watch?v=gdjVISS6NP0&feature=player_embedded
Webmaster's Commentary:
WATCH THIS ONE!!
Note at the end how Goldman Sachs is pushing global warming and carbon taxes as their newest money-grabbing scam!
Obama’s Supreme Pick Kagan Is A Bankster Operative
Is Kagan independent? Hardly. She is a bankster operative.
Kagan sat on a Goldman Sachs advisory council between 2005 and 2008. It was her job to offer “analysis and advice to Goldman Sachs and its clients.”But it is not merely Goldman. It’s also Kagan’s connection to Larry Summers, the former Undersecretary for International Affairs in the
It was Summers and his so-conspirator Robert Rubin that facilitated the destruction of the Glass-Steagall Act designed during the last Great Depression to erect a firewall between commercial and investment banking.
Sell-off in US Treasuries raises sovereign debt fears
The yield on 10-year Treasuries – the benchmark price of global capital – surged 30 basis points in just two days last week to over 3.9pc, the highest level since the Lehman crisis. Alan Greenspan, ex-head of the US Federal Reserve, said the abrupt move may be "the canary in the coal mine", a warning to
1.7 million Americans lost their homes to foreclosure in 2007, 2.3 million in 2008, and 3.5 million in 2009. Meanwhile, billions of your tax dollars were spent to build illegal settlements for Israelis in occupied Palestinian lands.
Heartbreaking Story: Woman and 90 Year Old Grandmother Face Forclosure
Mortgage delinquencies rise to nearly 14 percent
Webmaster's Commentary:
There is no economic recovery.
There is no economic recovery.
There is no economic recovery.
The US Federal Government is lying to you when it says there is.
They don't know how to fix it.
They are not even trying.
The bovine excrement about recovery they are feeding to you is to keep you from tarring and feathering the greedy bastards while they strip-mine what is left of the carcass of this nation as it trashes in its death-throes.
Pentagon Develops Plan to Buy New Air Force One Fleet
The Pentagon is considering buying a new fleet of presidential planes, known as Air Force One when the
Webmaster's Commentary:
Never mind that millions of Americans hover at the edge of homelessness,m the Prez needs a new RIDE!
Federal Reserve Must Disclose Bank Bailout Records! Final Nail in the U.S. Coffin!
Federal Reserve Must Disclose Bank Bailout Records
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=av.qKiyQh6gA
March 19 (Bloomberg) -- The Federal Reserve Board must disclose documents identifying financial firms that might have collapsed without the largest
The U.S. Court of Appeals in
Underemployment Hits 20% in Mid-March
http://www.gallup.com/poll/126821/Underemployment-Hits-20-Mid-March.aspx
Fox News Poll: 79% Say
http://www.foxnews.com/politics/2010/03/23/fox-news-poll-say-economy-collapse/
The Most Important Chart of the Century
Modern monetary theory does not understand, nor does it correctly describe the debt backed money world in which we live. Velocity, for example, slows as debt saturation occurs. This is only common sense, and yet the formulas do not account for the bad math of debt, nor its non linear function. Velocity is blamed partially on the psychology of “consumers.” What nonsense. It is as mechanical as the engine in your car, it was designed that way. Once people, businesses, and governments become saturated with debt, new money/ debt when introduced can only be used to service prior existing debt.
This is a very simple chart. It takes the change in GDP and divides it by the change in Debt. What it shows is how much productivity is gained by infusing $1 of debt into our debt backed money system.
Back in the early 1960s a dollar of new debt added almost a dollar to the nation’s output of goods and services. As more debt enters the system the productivity gained by new debt diminishes. This produced a path that was following a diminishing line targeting ZERO in the year 2015. This meant that we could expect that each new dollar of debt added in the year 2015 would add NOTHING to our productivity.
Then a funny thing happened along the way. Macroeconomic DEBT SATURATION occurred causing a phase transition with our debt relationship. This is because total income can no longer support total debt. In the third quarter of 2009 each dollar of debt added produced NEGATIVE 15 cents of productivity, and at the end of 2009, each dollar of new debt now SUBTRACTS 45 cents from GDP!
This is mathematical PROOF that debt saturation has occurred. Continuing to add debt into a saturated system, where all money is debt, leads only to future defaults and to higher unemployment.
This is the dilemma created by our top down debt backed money structure. Because all money is backed by a liability, and carries interest, it guarantees mathematically that there will be losers and that the system will eventually reach the natural limits, the ability of incomes to service debt.
Last year we spent just under $400 billion on interest on our current debt, plus we spend another $1.5 Trillion buying down rates via Freddie, Fannie, and Quantitative Easing. That’s $1.9 Trillion spent on interest, most of which wound up in the hands of the central banks and their surrogates. Compared to our $2.2 Trillion in income, interest expense last year nearly took it all. That means that nearly all your productive effort used to pay Federal taxes last year were transferred to the central banks.
Modern monetary theory does not understand, nor does it correctly describe the debt backed money world in which we live. Velocity, for example, slows as debt saturation occurs. This is only common sense, and yet the formulas do not account for the bad math of debt, nor its non linear function. Velocity is blamed partially on the psychology of “consumers.” What nonsense. It is as mechanical as the engine in your car, it was designed that way. Once people, businesses, and governments become saturated with debt, new money/ debt when introduced can only be used to service prior existing debt.
Thus money creation at the saturation point stops adding to productive efforts and becomes a roll-over affair with only the financial services industry profiting via interest and fees. In other words, money goes out and circles right back around to the banks instead of rippling through a healthy non saturated economy. If you cannot follow that most simple logic, then going to Harvard will not help you.
Below is a chart of the Gross Federal Debt expressed in year-over-year change in billions of dollars. The same phase transition of debt saturation is clear as a bell.
Below is a chart of Federal Net Outlays, parabolic and again headed straight up:
The 10 SCARIEST Charts Of The Recession
http://www.huffingtonpost.com/2010/04/19/the-scariest-charts-of-th_n_540456.html
Bond Market Verdict: Treasuries Riskier Than Toilet Paper!
Bond investors are now viewing Treasuries as riskier than a vast array of corporate debt. They’d rather own bonds backed by sales of toilet paper than the full faith and credit of the
ECB Recommends Tight Limits on Greek Cash Transactions
While promoting the Euro as a safe store of value the ECB opts for tight limits on cash transactions in
Stating the objective to limit tax evasion the ECB recommends that all business transactions above €3,000 and all consumer expenses above €1,500 Euros shall be paid for in all other forms than cash.
Such measures are usually taken by defaulting governments harboring a desperate attack on citizens' wallets out of fear that they may flee the Euro, depositing their savings elsewhere.
When Argentina defaulted in 2002 money withdrawals were limited to the equivalent of $100 per week for a while. It probably will be similar in the case of a Greek default.
Currency controls do not go well with free-floating currencies, which are all only sinking at different speed vs. gold.
Are France and Germany In Trouble?
You know that
You probably know that the
But as the following Reuters chart shows (based on information provided by BIS),
Los Angeles on the Brink of Bankruptcy
Oil Companies Conspiring To Jack Up Gasoline Prices By Creating Artificial Scarcity
http://www.youtube.com/watch?v=2T4IZoNeaiA&feature=player_embedded
Alex Jones appeared on Russia Today to expose how major oil companies are driving up the price of gasoline by reducing refinery capacity, a familiar ploy that was exposed by Senator Ron Wyden’s 2001 investigation which published leaked oil company documents proving collusion between oil cartels to manufacture artificial scarcity.
Don't expect fuel prices to drop even though the majority of planes are grounded in
Robert Kiyosaki Buy Gold and Silver Protect against Inflation
Fake Gold Bars in Fort Knox!
A recent discovery -- in October of 2009 -- has been suppressed by the main stream media but has been circulating among the "big money" brokers and financial kingpins and is just now being revealed to the public. It involves the gold in
Officials were shocked to learn that the bars were fake. They contained cores of tungsten with only a outer coating of real gold. What's more, these gold bars, containing serial numbers for tracking, originated in the
Webmaster's Commentary:
The reason Ron Paul's gold audit will never happen.
Adrian Douglas: If your gold is at an LBMA bank, you may be just an unsecured creditor
I estimate that as much as 50,000 tonnes of gold have been sold that do not exist. That is equivalent of all the gold reserves in the world that are yet to be mined -- or, put another way, 25 years of gold production.
That is the granddaddy of all short positions.
The fractional reserve operation of the LBMA is likely to be the next Madoff scandal, except multiplied by 100 -- a $5 trillion fraud as opposed to a $50 billion fraud.
There is nothing new about gold bankers selling gold they don't have. The goldsmiths invented the scheme in the 16th century. As recently as 2005 Morgan Stanley was sued for selling imaginary precious metals. Morgan Stanley even had the audacity to charge storage fees on metal that didn't exist. The firm settled the lawsuit out of court but no criminal charges were ever filed. Morgan Stanley maintained that it did nothing wrong because none of its clients had lost any money in the scam. That was innovative. I will try stealing a billion dollars from a bank and then I will pay it back the following day and see what the FBI thinks of that legal defense.
In a recent article I analyzed data from the LBMA's own Internet site that shows that a net of approximately 20 million ounces of gold are traded every day:
Paul Mylchreest has done fabulously detailed research into data on the daily trading of gold on the London OTC market. He concludes that 2,134 tonnes of gold are traded each and every day. That is a shocking number because this is 346 times larger than all the gold that is mined in the world each day.
Bill Murphy of GATA Reveals Whistle-Blower in Gold Price Suppression
http://www.youtube.com/watch?v=e9bU0r6JP4s&feature=player_embedded
Bill Murphy, Chairman of the Gold Anti-Trust Action Committee delivers his testimony about a whistle-blower in the gold price suppression scheme to the Commodity Futures Trading Commission on
Rust Discovered On Bank Of Russia Issued 999 Gold Coins
As a consequence of this discovery, IRPS decided to "rid itself of all stocks, bought up earlier from the Central Bank on behalf of investors. Investment coins "St. George The Conqueror", as well as other gold coins of the Bank of Russia, are now excluded from the company's operations until all circumstances in the case are determined." Additional, as disclosed in the interview below for Here and Now show on TVRainRu, the Russian Central Bank would buy back the coins at a price of 9,300 rubles, despite prevailing prices for the bullion at well over 10,000.
Webmaster's Commentary:
First the tungsten gold bars, now rust...
Is someone trying to scare small investors away from gold and back into the stock market, now that we are headed into another downturn?
Gold, Cash, Currency, and Inflation Trends
Part 1: http://eclipptv.com/viewVideo.php?video_id=11661
Part 2: http://eclipptv.com/viewVideo.php?video_id=11662
http://www.nypost.com/p/news/business/metal_are_in_the_pits_2arTlGNbMK7mb1uJeVHb0O
There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in
The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association.
Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment. So, he went public.
Brokers and traders transact gold futures on the Comex floor of The New York Mercantile Exchange, Thursday, April 6, 2006. Gold prices topped $600 an ounce in Comex trading Thursday. (AP Photo/John Marshall Mantel)
Maguire -- in an exclusive interview with The Post -- explained JPMorgan's role in the metals pits in both
"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the
In the gold pits, Maguire sees HSBC betting against the precious metal's price without having any skin in the game in the form of a naked short.
"HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added.
Webmaster's Commentary:
The purveyors of pretty printed pieces of paper (stocks, fiat currencies, etc.) have clear motive to depress the prices of tangible assets such as silver and gold, in order to keep the suckers buying and selling the PPPoP, which can be inflated, and "Enronized" on demand.
The entire world now knows that they hold evidence of a crime that is ongoing every single day. In fact, the world knows they were told of the crime in real time as it occurred, minute by minute. Their alleged job is to regulate the COMEX, and investigate crimes.
As there seem to be a couple Federal Judges left who are willing to uphold the law, the individuals in possession of knowledge of this crime are required to take action immediately, or confirm their role as accomplices by their inaction.
That the Wall Street Journal, CNBS, Fox Money, Bloomberg and all of the other US Mainstream Financial Media are not covering this story of the largest financial fraud in history makes them complicit on some level as well.
Fascism has finally confirmed its presence.
A London trader walks the CFTC through a silver manipulation in advance
On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in
Andrew Maguire finally exposes systemic fraud by CFTC & JPMorgan
http://www.youtube.com/watch?v=yLxoeLqQMlw&feature=player_embedded
It's Going To Implode: Buy Physical Gold - NOW
Evidence seems to be mounting that we are headed towards some sort of implosion in the paper Gold market, and perhaps the currency/bond markets in general. Let’s take a look:
Webmaster's Commentary:
The paper gold market is massively shorted, even without the impact of the fake tungsten-filled gold bars.
Gold Could Explode To $3,000 As Confidence In Currencies Collapses
Financial analyst David Rosenberg says gold could explode to $3,000 an ounce as European investors dump the ailing euro in exchange for the precious metal while JP Morgan states that bullion could face unlimited demand as panic buying ensues on the back of crumbling confidence in fiat currencies.
Webmaster's Commentary:
Get ready for more tungsten fakes to flood the market and keep gold prices down and the suckers in the stock markets!
Ça pourrait aller même jusqu’à $
- Gold could touch $5,000 before this is all over…
Gold is once again above $1,200 and making new highs. And yet, Doug Casey thinks we’re just getting started, estimating gold could touch $5,000 before this is all over. A titillating thought, to be sure, but… how likely is that?
Gold’s latest rise stems from mounting fear that the Greek bailout will be followed by other euro-area countries queued for a me-too handout. In other words, gold is serving its historical role as a safe haven, a store of value, and an alternate form of money when governments recklessly plunge themselves heavily into debt and abuse their currency…..
Possédez-vous de l’or physique? Il se pourrait qu’un jour pas si lointain, la valeur du Dow Jones croise celui de l’or…
IMF gold holdings: why mine the stuff when your accountants can create it?
Last week Eric Sprott, who heads up the Sprott Physical Gold Trust (NYSE:PHYS), created a bit of a storm when he offered to buy the IMF's remaining 191.3 tons of gold for sale on the market. The IMF told him to piss off.
So the world started wondering if the IMF actually has the 3,005.3 metric tons of gold it claims. Or, if the
Eight banks closed by the FDIC yesterday! Including ShoreBank in Chicago!
Webmaster's Commentary:
See THE SHOREBANK, OBAMA, CHICAGO CLIMATE EXCHANGE SCAM!
The ShoreBank Bailout, the Scent of Obama and a Mysterious Player
Welcome to the world where the scent of President Obama, and a curious Chicago bank, intersect.
So what's with ShoreBank and Obama?
FDIC Closes Seven Banks, 2010 Total Climbs To 37
Regulators on Friday shut down seven banks in five states, bringing to 37 the number of bank failures in the
42nd US bank failure in '10 is South Carolina bank
Regulators on Friday shut down a bank in
The Federal Deposit Insurance Corp. took over Beach First National Bank, based in
The eight banks were the most authorities closed since nine were seized last October.
US Regulators Close Seven Illinois Banks
Friday's failures bring to 57 the number of
FDIC Shuts Seven More Banks at a Cost of Over $7 Billion
The Federal Deposit Insurance Corporation closed seven more banks on Apr. 30, bringing the total to 64 for the year. The day was particularly expensive, costing the agency just over $7 billion.
Regulators close 8 U.S. banks with $2 billion assets
Regulators closed eight U.S.-insured banks with combined assets of $2 billion on Friday, raising the number of failed banks to 96 this year, said the Federal Deposit Insurance Corp.
Consumer Metrics Institute: If things continue, in about 20 days the 2010 slowdown will be more severe on a day-to-day basis than the 2008 'Great Recession'
On July 6th we reported that the nearly relentless decline in our 'Daily Growth Index' had leveled off, but cautioned that the index should be viewed from a longer perspective. Since then the decline has resumed:
Remember yesterday when Obama said the new financial reform bill would curb derivatives?
Webmaster's Commentary:
It does ... in 2022!
Regulators shut 4 banks; 72 have failed this year
Regulators on Friday shut down Midwest Bank and Trust Company in
Ready for Triple-Digit Oil Prices?
Utah governor signs bills to seize federal land
Supporters hope the bills, which the Republican governor signed Saturday, will trigger a flood of similar legislation throughout the West and, eventually, a Supreme Court battle that they hope to win -- against long odds.
Webmaster's Commentary:
The US Federal government will absolutely all within its power to prevent this from happening, and very possibly for the following reason: these Federally owned lands may have been seized as collateral for
As reported on 30 November,
http://www.opednews.com/articles/The-SCAM-behind-NAIS--Ou-by-Derry-Brownfield-081130-795.html
The SCAM behind NAIS - "Our Land: Collateral for the National Debt"
"During the first three days, the group was told that the WILDERNESS CONGRESS was about beating the ozone deterioration and bringing the rain forests back. The following days were closed to the public. With only the bankers in attendance, the topics discussed centered on the creation of a "WORLD CONSERVATION BANK" with collateral being derived from receipt of wilderness properties throughout the world. This bank would have central bank powers similar to the Federal Reserve. It would create currency and loans and engage in international discounting, counter-trade, barter and swap actions. Rothschild personally conducted the monetary matters and the creation of this WORLD CONSERVATION BANK. This bank would refinance by swapping debt for assets. A country with a huge national debt would receive money to pay off the debt by swapping the debt for wilderness lands.
The plan was to swap one trillion dollars of
Taken a look at the
Tim Geithner told the House Financial Services Committee today that txpayers are likely to face "very substantial" losses from the government's takeover of home mortgage giants Fannie Mae and Freddie Mac.
As Shahien Nasiripour notes:
Taxpayers have pumped more than $125 billion into the failed firms -- and on the hook for many more after the administration promised an unlimited source of funds just before Christmas to backstop their growing losses.
And as Nasiripour points out, Geithner has absolutely no idea how to fix Fannie or Freddie.
Heck of a job, Timmy.
Webmaster's Commentary:
Why are We The People allowing ourselves to be looted to bail out private companies from their mistakes?
82% of the American public wants tougher regulation of Wall Street.
Most top independent financial experts say that we need to break up the big banks and otherwise rein in the financial giants in order to save the economy.
But Summers, Geithner, Bernanke and Congress like things just the way they are
Job cuts surge 61%
http://money.cnn.com/2010/04/01/news/economy/challenger_job_cuts/index.htm?hpt=T2
Job cuts accelerated in March, driven by planned reductions on government payrolls, a report released Thursday showed.
Employers announced plans to cut 67,611 jobs in March, according to outplacement firm Challenger, Gray & Christmas Inc. That's up 61% from February, when 42,090 jobs were lost, the lowest level in nearly four years.
Webmaster's Commentary:
I have been telling you for a year now; the government does not know how to fix this economy. They are not even trying.
Last Saturday and Sunday state troopers were ordered to absolutely saturate Interstate 95 and Interstate 81 and to issue as many traffic tickets as humanly possible during those two days. Why? Well, it turns out that the state of
Since 2006, a total of twenty-three ticketing blitzes have taken place, generating 120,977 traffic tickets.
Speeding 'cushion' may dwindle due to recession
The recession may be claiming a new victim: the 5-10-mph "cushion" police and state troopers across the
As cities and states scramble to fill budget gaps with revenue from traffic citations, "not only are the (speeding) tolerances much lower, but the frequency of a warning instead of a ticket is way down," says James Baxter, president of the National Motorists Association, a Wisconsin-based drivers' rights group that helps its members fight speeding tickets.
WI - City Council Approves 31 Percent Water Rate Increase
The Bloomer City Council approved a 31 percent water rate increase at the Jan. 27 regular meeting. Customers will see a larger bill with the March 1 billing cycle; the increase will apply to readings back to Jan.15.
More Than 53% of Your Tax Payment Goes to the Military Mon, 04/12/2010 - 18:22 — dlindorff
The 2011 military budget, by the way, is the largest in history, not just in actual dollars, but in inflation-adjusted dollars, exceeding even the spending in World War II, when the nation was on an all-out war footing.
Hedge funds make millions from collapse of the pound
Britons visiting the
Three of
Budget deficit sets record in February
The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.
The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.
Webmaster's Commentary:
Unflipping believable.
Canadian dollar likely to trump US greenback: experts
The Canadian dollar, or loonie as it is affectionately called here, is likely to soar above parity with the US greenback this year, experts at a Canadian bank said Wednesday.
Canadian Imperial Bank of Canada (CIBC) chief economist Avery Shenfeld said the Canadian dollar had already gained several cents in recent weeks as the market firms up expectations of an interest rate hike in July.
If as expected, the central bank "is out in front of the US Federal Reserve by a couple of quarters" in raising interest rates, the Canadian dollar could reach 1.02 dollars versus the US dollar by September, before dipping back to 0.97 dollars by year end," Shenfeld said.
Eurozone edges closer to endgame as Greek contagion hits Portugal
The eurozone "lurched towards the endgame" yesterday as Standard & Poor's finally relegated Greece's sovereign credit rating to "junk" status, downgraded Portugal by two steps to A-, and the yields on Greek debt climbed beyond 15 per cent, a signal that the market regards a default as virtually certain.
For many observers yesterday, it was a matter of "for Lehman's, read
Should that happen, or appear remotely likely, then it could plunge the world economy into a further crisis of confidence, jeopardising shaky growth prospects. Investor nervousness was signalled by the fall in the FTSE 100 index – down 2.6 per cent to close at 5603.5 – its biggest one-day fall since last November.
Webmaster's Commentary:
The trap of a private central bank lending the public currency at interest is that the moment that first pretty printed piece of paper goes into circulation, more money is owed to that private bank than is actually in existence. Hence the debt trap is permanent and eventual default literally built into the system itself.
German TV documents the existence of Tungsten-filled fake gold bars!
Youtube has blocked embedding at the request of the original poster so please use the above link and watch this video. It proves the existence of fake gold bars with tungsten cores.
Back in the 1960s, real silver coins were taken out of circulation and replaced with worthless slugs by the Federal Reserve, on the theory that as long as people believed these were still money that everything would be okay. Obviously looking around today this was not true.
Now we have to ask if someone decided to play the same games with the gold bars that they did with the silver coins.
It is time for an audit of
Largest Private Refinery Discovers Gold-Plated Tungsten Bar
Last fall, Rob Kirby of Kirby Analytics in
UN to produce bullion coins as world currency
In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.
Webmaster's Commentary:
Translation: A global version of the same banking system that just wrecked every nation using it will make everything all better!
Largest Private Refinery Discovers Gold-Plated Tungsten Bar
Recently, the German television station ProSieben ran a news story covering W. C. Heraeus in
Webmaster's Commentary:
Has the
Fake gold bars in Bank of England and Fort Knox
Oil companies look at permanent refinery cutbacks
http://www.latimes.com/business/la-fi-refineries11-2010mar11,0,248576,print.story
The response to slumping gasoline use would probably mean higher prices for drivers.
Webmaster's Commentary:
And here I was thinking that the law of supply and demand meant that lower demand meant lower prices!
An obscure news item originally published in the N.Y. Post [written by Jennifer Anderson] in late Jan. 04 perhaps makes sense now.
DA investigating NYMEX executive ,
Some of the nation's biggest oil companies are looking at permanently reducing how much gasoline and diesel fuel they make, a move that analysts say would almost certainly trigger higher prices for drivers.
Energy companies are suffering huge losses from refining because of slumping gasoline use -- a product of the economic downturn and changing consumer habits and preferences. Energy experts say refining cutbacks have begun and will accelerate as corporations strive for profits.
Ex-NY bank president first accused of TARP fraud
" The former president of
Goldman Sachs CEO Lloyd Blankfein has told people that he and his firm are so hated that he has gotten as much as 75 to 100 pieces of hate mail in a single day.
Webmaster's Commentary:
Remember, they only hate you for your freedoms! :)
Did The Fed Just (Surreptitiously) Bail Out Europe?
That nice little vertical line is a gain of $421.8 billion dollars of outstanding loans and leases in one week's time.
"On the Edge with Max Keiser w/ guest Paul Craig Roberts - July 18
3 Vids: On the Edge with Paul Craig Roberts/Max Keiser
Max Keiser interviews Dr. Paul Craig Roberts on Economy.
Aucun commentaire:
Publier un commentaire