From The Economist
''THESE are nervy times for price-fixers. Banks that allegedly manipulated
LIBOR, an interbank interest rate, are awaiting their punishment. At
$800 trillion, the market is the largest ever to have been rigged. Fines
to follow that imposed on Barclays in the summer are expected soon for
other rate-fixing banks; this week saw the first arrests connected with
the LIBOR scandal. Other cartels also have reason to be jumpy. The LIBOR
case provides a good example of how competition authorities can use
price data to scan markets, quickly spotting even small-scale collusion.''
read more
Wednesday, December 19, 2012
''Queen Attends Brit. Cabinet Meeting–A First Since WWII''
From 'There are no Sunglasses'
''The Queen is in Downing Street for the first cabinet meeting of her 60 year reign.
Prime Minister David Cameron greeted the Queen at the door of Number 10, and ushered her inside after posing briefly for photographs.
It is understood that ministers will present her with a gift to commemorate her Diamond Jubilee year.
She sat between the PM and the foreign secretary for part of the regular meeting of top ministers.
It is believed to be the first time a monarch has attended peace-time cabinet since George III in 1781. George I ceased to chair cabinet in 1717.''
read more
''The Queen is in Downing Street for the first cabinet meeting of her 60 year reign.
Prime Minister David Cameron greeted the Queen at the door of Number 10, and ushered her inside after posing briefly for photographs.
It is understood that ministers will present her with a gift to commemorate her Diamond Jubilee year.
She sat between the PM and the foreign secretary for part of the regular meeting of top ministers.
It is believed to be the first time a monarch has attended peace-time cabinet since George III in 1781. George I ceased to chair cabinet in 1717.''
read more
''Britain will be weaker without EU, says USA''
From The Telegraph
Washington firmly believes that the departure of its strongest partner in Europe would also reduce American influence on the continent, as Britain so often shares American views.
''The Obama
administration has expressed concern at what US
officials see as Britain's slide towards the European exit door.
Washington firmly believes that the departure of its strongest partner in Europe would also reduce American influence on the continent, as Britain so often shares American views.
''Fiscal Cliff Is a Diversion From Dollar Bubble Trouble''
From Market Oracle
By Paul Craig Roberts
......'' the entire economic policy of the United States is dedicated to saving four banks that are too large to fail. The banks are too large to fail only because deregulation permitted financial concentration, as if the Anti-Trust Act did not exist.''
''The purpose of QE is to keep the prices of debt, which supports the banks’ bets, high. The Federal Reserve claims that the purpose of its massive monetization of debt is to help the economy with low interest rates and increased home sales. But the Fed’s policy is hurting the economy by depriving savers, especially the retired, of interest income, forcing them to draw down their savings. Real interest rates paid on CDs, money market funds, and bonds are lower than the rate of inflation.''
read more
By Paul Craig Roberts
......'' the entire economic policy of the United States is dedicated to saving four banks that are too large to fail. The banks are too large to fail only because deregulation permitted financial concentration, as if the Anti-Trust Act did not exist.''
''The purpose of QE is to keep the prices of debt, which supports the banks’ bets, high. The Federal Reserve claims that the purpose of its massive monetization of debt is to help the economy with low interest rates and increased home sales. But the Fed’s policy is hurting the economy by depriving savers, especially the retired, of interest income, forcing them to draw down their savings. Real interest rates paid on CDs, money market funds, and bonds are lower than the rate of inflation.''
read more
America Invades Africa: ''The Resource War and the Conquest of Mali''
From Global Research
''The United States African Command (AFRICOM) was created in 2007 under then Defense Secretary Donald Rumsfeld in the Bush Administration as a Military Command center that covers the entire continent of Africa. They wanted to create a permanent footprint in Africa to maintain the peace and security it desires that is deemed beneficial for US interests.''
read more
''The United States African Command (AFRICOM) was created in 2007 under then Defense Secretary Donald Rumsfeld in the Bush Administration as a Military Command center that covers the entire continent of Africa. They wanted to create a permanent footprint in Africa to maintain the peace and security it desires that is deemed beneficial for US interests.''
read more
''Gold Confiscation? Will the Chinese Yuan replace the US Dollar?'' Julian Phillips on GoldSeek.com TV
Published on Dec 18, 2012
GoldSeek.com TV presents an exclusive interview with South Africa's top gold analyst, Julian Phillips (http://www.GoldForecaster.com). He discusses several topics with interviewer Jonathan Roth (http://www.GoldSeek.com), including:
- Will the Chinese Yuan replace the US Dollar as the world's reserve currency?
- Will gold continue to climb while paper currencies depreciate?
- Could gold be confiscated by national governments?
Taped on-location in Johannesburg, South Africa.
- Will the Chinese Yuan replace the US Dollar as the world's reserve currency?
- Will gold continue to climb while paper currencies depreciate?
- Could gold be confiscated by national governments?
Taped on-location in Johannesburg, South Africa.
Tuesday, December 18, 2012
''Russian warships ready to pull citizens out of Syria''
From Voice of Russia
''A group of two assault ships, a tanker and an escort vessel left a Baltic port on Monday, the source said. "They are heading to the Syrian coast to assist in a possible evacuation of Russian citizens. Preparations for the deployment were carried out in a hurry and were heavily classified," the source was quoted as saying.''
read more
''A group of two assault ships, a tanker and an escort vessel left a Baltic port on Monday, the source said. "They are heading to the Syrian coast to assist in a possible evacuation of Russian citizens. Preparations for the deployment were carried out in a hurry and were heavily classified," the source was quoted as saying.''
read more
''The Necessity of Smashing The Big Bank Oligopoly''
From ETF Daily News
By Jeff Nielson
''It was encouraging to see a recent article in the N.Y. Times arguing for the necessity of smashing the Big Bank Oligopoly in the U.S. Apparently not everyone has forgotten the basic fundamentals of economics.
Going all the way back to Adam Smith; all the economic theorists have acknowledged a central premise of capitalism: oligopolies (and/or monopolies) are predatory, parasitic abominations which can never be allowed to evolve in our economies. Or, as I put more succinctly in a previous commentary, “too big to fail = too big to exist.''
read more
By Jeff Nielson
''It was encouraging to see a recent article in the N.Y. Times arguing for the necessity of smashing the Big Bank Oligopoly in the U.S. Apparently not everyone has forgotten the basic fundamentals of economics.
Going all the way back to Adam Smith; all the economic theorists have acknowledged a central premise of capitalism: oligopolies (and/or monopolies) are predatory, parasitic abominations which can never be allowed to evolve in our economies. Or, as I put more succinctly in a previous commentary, “too big to fail = too big to exist.''
read more
''CURRENCY CARTEL: Counterfeiting "Risk Free"
From GoldSeek
''An
'expiring' Petro$$ Strategy, a shift by central banks of the emerging
countries to buying gold and the shrinking of the US as a trade and
industrial power, have shifted the foundation of the US$ as the global
reserve currency.
Nothing
is going to happen tomorrow! It is likely, as things worsen due to the
problems of unsound money and fiat currencies, that the US will be the
last currency to fall.
The
problem now is the inevitability of a fiat system failure, and when it
does, that it will fail catastrophically with unimaginable and
protracted consequences. The path we are on leaves few solutions other
than accelerated money printing, which is exactly what we are witnessing
with.''
''Why A Weimar-Style Hyperinflation Will Never Occur In The West...''
From GoldSeek
By Tekoa Da Silva
Money today is digital, and all money can be controlled through digital mechanisms. Money can be "shut-off", the flow of money can be temporarily halted, and money supply can be "erased". Additionally, tools within the banking system, such as a debts being called-in on mortgages, credit lines & access to credit being eliminated, can create money-draughts and reduce the money supply. An economy wide debt-calling collection would create a shortage of money, along with forced liquidations of financial assets and commodities.''
read more
By Tekoa Da Silva
''I saw a YouTube video published
by Nick Barisheff recently (not an endorsement), which details his
argument for hyperinflation and $10,000 oz. gold. While I don't doubt
the possibility of $10,000 oz. gold, I’m highly skeptical of the
possibility of hyperinflation in the United States and Europe. The
reason is simple: Money today is not what money was 50 or 100 years ago.
Money today is digital, and all money can be controlled through digital mechanisms. Money can be "shut-off", the flow of money can be temporarily halted, and money supply can be "erased". Additionally, tools within the banking system, such as a debts being called-in on mortgages, credit lines & access to credit being eliminated, can create money-draughts and reduce the money supply. An economy wide debt-calling collection would create a shortage of money, along with forced liquidations of financial assets and commodities.''
read more
Syria: ''The descent into Holy War''
From The Independent
''It is one of the most horrifying videos of the war in Syria. It shows two men being beheaded by Syrian rebels, one of them by a child. He hacks with a machete at the neck of a middle-aged man who has been forced to lie in the street with his head on a concrete block. At the end of the film, a soldier, apparently from the Free Syrian Army, holds up the severed heads by their hair in triumph.''
read more
''It is one of the most horrifying videos of the war in Syria. It shows two men being beheaded by Syrian rebels, one of them by a child. He hacks with a machete at the neck of a middle-aged man who has been forced to lie in the street with his head on a concrete block. At the end of the film, a soldier, apparently from the Free Syrian Army, holds up the severed heads by their hair in triumph.''
read more
''Under the Radar-1: US’ military adventures may lead to World War III''
From Voice of Russia
''Every week hundreds of important events occur that are important to all of us but which do not get enough media attention, either because they are over-shadowed by other major news or because they do not fit the pre-planned message that many of the world’s media are trying to promote, there is a journalistic responsibility to tell the whole story which I always attempt to do. In this dear reader you may be of assistance, keep your eyes open and send in your tips and we will add them to the weekly summary which we have decided to call “Under the Radar”.''
read more
''Silver is money too''
From GoldMoney
''In order to understand the demonetisation of silver and later gold, one needs to explore the events in America of the period 1890-1913, which were dominated by Morgan, Rockefeller, Kuhn and Loeb interests. They wished to be able to charge interest on an exponentially increasing monetary supply – for obvious reasons.
During this time they went about setting the agenda for switching to a paper based monetary system by appealing to and bribing opinion leaders in politics, business and academia. Bound together by common interest, the elite went on to cheat the public. First they dealt with silver in the USA with the Gold Act of 1900. Then they joined their British and European counterparts to create the Commission for International Exchange, to convince the Third World that silver was not money, and that they should instead accept paper money backed by imaginary gold instead.''
read more
''In order to understand the demonetisation of silver and later gold, one needs to explore the events in America of the period 1890-1913, which were dominated by Morgan, Rockefeller, Kuhn and Loeb interests. They wished to be able to charge interest on an exponentially increasing monetary supply – for obvious reasons.
During this time they went about setting the agenda for switching to a paper based monetary system by appealing to and bribing opinion leaders in politics, business and academia. Bound together by common interest, the elite went on to cheat the public. First they dealt with silver in the USA with the Gold Act of 1900. Then they joined their British and European counterparts to create the Commission for International Exchange, to convince the Third World that silver was not money, and that they should instead accept paper money backed by imaginary gold instead.''
read more
''Coming Silver frenzy may last decades''
From Bullion Street
''A decade long silver frenzy is on the horizon as the widening gap at silver-gold ratio is leaving plenty of room for silver to surge in its historic relation to gold prices.
Analysts said widened ratio is an indication about a surge in price for silver and it's been a fact that during periods of monetary crisis, such as the 1970s, the price of silver tends to increase much more than the price of gold.''
read more
''A decade long silver frenzy is on the horizon as the widening gap at silver-gold ratio is leaving plenty of room for silver to surge in its historic relation to gold prices.
Analysts said widened ratio is an indication about a surge in price for silver and it's been a fact that during periods of monetary crisis, such as the 1970s, the price of silver tends to increase much more than the price of gold.''
read more
Essay: 'Europe’s hard borders'
From Red Pepper
''In the aftermath of the cold war, the more utopian prophets of globalisation hailed the advent of a new ‘borderless’ world in which national borders would become irrelevant and obsolete. Since then governments across the world have dismantled barriers and tariffs against the free movement of capital and commodities, and entered into regional and transnational agreements that have relinquished traditional tenets of national sovereignty. ''
read more
''In the aftermath of the cold war, the more utopian prophets of globalisation hailed the advent of a new ‘borderless’ world in which national borders would become irrelevant and obsolete. Since then governments across the world have dismantled barriers and tariffs against the free movement of capital and commodities, and entered into regional and transnational agreements that have relinquished traditional tenets of national sovereignty. ''
read more
Monday, December 17, 2012
''Shadow Forces Behind the Government''
From Market Oracle
''Let no man or woman dare speak of a shadow government. The crony corruptocrats that make up the ruling elites of the world must maintain the illusion, that elected governments are based upon willful consent and have the legitimate authority to establish rules of conduct that their citizen are obligated to obey. For those regimes that maintain their grip of power by undemocratic means, the apologists for the international community give a wide berth of acceptance in order to maintain the appearance of individual national sovereignty.''
read more
''Let no man or woman dare speak of a shadow government. The crony corruptocrats that make up the ruling elites of the world must maintain the illusion, that elected governments are based upon willful consent and have the legitimate authority to establish rules of conduct that their citizen are obligated to obey. For those regimes that maintain their grip of power by undemocratic means, the apologists for the international community give a wide berth of acceptance in order to maintain the appearance of individual national sovereignty.''
read more
''Why Did Silver Coinage End in the United States?''
From Silver Monthly
''The effects of inflation, coupled with the strong incentives for private collection of the silver coinage which had now been demonetized, caused silver coins to quickly disappear from circulation. By 1970, strictly cupronickel coinage was manufactured and circulated by the U.S. government. The underlying circumstance which made the Coinage Act of 1965 necessary was the inflation caused by increases in the money supply. True enough, the strain on the nation’s supply of silver at the time was great, due in part to the government’s interference in prices.''
read more
''The effects of inflation, coupled with the strong incentives for private collection of the silver coinage which had now been demonetized, caused silver coins to quickly disappear from circulation. By 1970, strictly cupronickel coinage was manufactured and circulated by the U.S. government. The underlying circumstance which made the Coinage Act of 1965 necessary was the inflation caused by increases in the money supply. True enough, the strain on the nation’s supply of silver at the time was great, due in part to the government’s interference in prices.''
read more
''Debasement is Still Inevitable: Another Year for the Real Cupronickel Nickel?''
From Survival Blog
''Hopefully the Mint's dawdling will give us another year or two to stack up our boxes of nickels. (Once a composition change takes place, we will have to laboriously sort nickels.) If you read the contractor's report, you'll see that one of the goals of the planned debasement is that is be "seamless", meaning: "Differences and abilities to recognize or process incumbent coins and coins produced from alternative material candidates cannot be distinguished through normal coin processing." That is bureaucratic doublespeak for "Let's make our new worthless tokens look like real coins, even to vending machines."
read more
''Hopefully the Mint's dawdling will give us another year or two to stack up our boxes of nickels. (Once a composition change takes place, we will have to laboriously sort nickels.) If you read the contractor's report, you'll see that one of the goals of the planned debasement is that is be "seamless", meaning: "Differences and abilities to recognize or process incumbent coins and coins produced from alternative material candidates cannot be distinguished through normal coin processing." That is bureaucratic doublespeak for "Let's make our new worthless tokens look like real coins, even to vending machines."
read more
''LBJ and the Destruction of American Currency''
From American Thinker
''Just two months after Kennedy's assassination, in his first economic report to Congress, Johnson recommended that America "expedite the release of silver from the coinage." Johnson discontinued the issuance of silver certificates in 1964, and the process of retiring the outstanding certificates began. As if that were not damaging enough, Johnson followed with his second major monetary reform in 1965, claiming that "the growing shortage of silver" had to be addressed.
On July 23, Johnson signed the Coinage Act of 1965, smashing the founders' Coinage Act of 1792. Whereas our Founders instituted the death penalty for debasing the currency of American citizens, Johnson arrogantly justified his move in the name of potential "coin shortages."
''Just two months after Kennedy's assassination, in his first economic report to Congress, Johnson recommended that America "expedite the release of silver from the coinage." Johnson discontinued the issuance of silver certificates in 1964, and the process of retiring the outstanding certificates began. As if that were not damaging enough, Johnson followed with his second major monetary reform in 1965, claiming that "the growing shortage of silver" had to be addressed.
On July 23, Johnson signed the Coinage Act of 1965, smashing the founders' Coinage Act of 1792. Whereas our Founders instituted the death penalty for debasing the currency of American citizens, Johnson arrogantly justified his move in the name of potential "coin shortages."
''Macon County sues Fannie Mae, Freddie Mac over transfer taxes''
From 4closurefraud
''Macon County is the latest Illinois county to file a lawsuit against Fannie Mae and Freddie Mac over failing to pay real estate transfer taxes on foreclosure properties.
Officials in the central Illinois county
filed suit Dec. 4 in federal court in Springfield, asking a judge to
order the two federal mortgage finance companies, as well as the Federal Housing Finance
Agency, which oversees them, to pay the transfer taxes; issue a
declaration that they are subject to having to pay them; and award
damages, interest, penalties, costs and attorney fees.''
''Goodbye to liberty''
From GoldMoney
By Alasdair Macleod
''The human race, in its advanced economic form, is committing euthanasia. The US, UK, Europe and Japan are all implementing economic policies that must ultimately result in the complete destruction of their currencies; and if you destroy the means of exchange of goods and services, your people will starve. The political class and government establishments have drifted in incremental steps into this tragedy. Far from being the guiding hand for society, they are its destroyers.''
read more
By Alasdair Macleod
''The human race, in its advanced economic form, is committing euthanasia. The US, UK, Europe and Japan are all implementing economic policies that must ultimately result in the complete destruction of their currencies; and if you destroy the means of exchange of goods and services, your people will starve. The political class and government establishments have drifted in incremental steps into this tragedy. Far from being the guiding hand for society, they are its destroyers.''
read more
''An Afghan Mystery: Why Are Large Shipments of Gold Leaving the Country?''
From NYTimes
''Packed into hand luggage and tucked into jacket pockets, roughly hewed bars of gold are being flown out of Kabul with increasing regularity, confounding Afghan and American officials who fear money launderers have found a new way to spirit funds from the country.''
read more
''Packed into hand luggage and tucked into jacket pockets, roughly hewed bars of gold are being flown out of Kabul with increasing regularity, confounding Afghan and American officials who fear money launderers have found a new way to spirit funds from the country.''
read more
''Dragon Family Gold and US Federal Reserve System''
part 1...........From Strategic Culture
''Keenan claims that before WWII the U.S. the Federal Reserve System (12 Federal Reserve Banks, to be more exact) had received enormous amounts of money – delivered in gold and other precious metals – from a group of several wealthy Chinese citizens to be kept for a long time. In return they got certificates testifying the money was placed for the benefit to be redeemed by Federal Reserve System on the expiration of specified term… The deal is murky concerning such details as the term of maturity and the amount of the sum transferred.''
continue reading
part 2
part 3
''Keenan claims that before WWII the U.S. the Federal Reserve System (12 Federal Reserve Banks, to be more exact) had received enormous amounts of money – delivered in gold and other precious metals – from a group of several wealthy Chinese citizens to be kept for a long time. In return they got certificates testifying the money was placed for the benefit to be redeemed by Federal Reserve System on the expiration of specified term… The deal is murky concerning such details as the term of maturity and the amount of the sum transferred.''
continue reading
part 2
part 3
Sunday, December 16, 2012
''The Woes of an American Drone Operator''
From SpiegelOnline
''For more than five years, Brandon Bryant worked in an oblong, windowless container about the size of a trailer, where the air-conditioning was kept at 17 degrees Celsius (63 degrees Fahrenheit) and, for security reasons, the door couldn't be opened. Bryant and his coworkers sat in front of 14 computer monitors and four keyboards. When Bryant pressed a button in New Mexico, someone died on the other side of the world.''
read more
''For more than five years, Brandon Bryant worked in an oblong, windowless container about the size of a trailer, where the air-conditioning was kept at 17 degrees Celsius (63 degrees Fahrenheit) and, for security reasons, the door couldn't be opened. Bryant and his coworkers sat in front of 14 computer monitors and four keyboards. When Bryant pressed a button in New Mexico, someone died on the other side of the world.''
read more
''HSBC’s $1.9bn settlement sets (another) dangerous precedent''
From Ian Fraser Blog
''The ‘settlements’ that London-headquartered banks HSBC and Standard Chartered have reached with the US authorities over serious criminal offences — including sanctions-busting and aiding and abetting terrorism and the global drug trade — are a travesty of justice.''
read more
''The ‘settlements’ that London-headquartered banks HSBC and Standard Chartered have reached with the US authorities over serious criminal offences — including sanctions-busting and aiding and abetting terrorism and the global drug trade — are a travesty of justice.''
read more
''Fifty Years of Suppressing Silver''
From Bullion Bulls Canada
By Jeff Nielson
''Sophisticated precious metals investors are well-aware of the rampant manipulation of the gold and silver markets. They are also generally aware of the reason for such manipulation. A rapid rise in the price of gold and silver is like an economic “warning siren” - alerting savers that their wealth (i.e. the purchasing power of their currency) is being rapidly eroded by the monetary depravity of bankers.''
read more
By Jeff Nielson
''Sophisticated precious metals investors are well-aware of the rampant manipulation of the gold and silver markets. They are also generally aware of the reason for such manipulation. A rapid rise in the price of gold and silver is like an economic “warning siren” - alerting savers that their wealth (i.e. the purchasing power of their currency) is being rapidly eroded by the monetary depravity of bankers.''
read more
''America and Israel Wage War on Humanity''
From Steve Lendman Blog
''America's longstanding policy is permanent war. It's the only nation
ever to wage them ever year in its history abroad and/or at home.
Multiple direct and proxy wars rage now. Obama plans more. He's a war criminal multiple times over.''
Saturday, December 15, 2012
''French in Denial as Crisis Deepens''
From Spiegel
''In the midst of the economic crisis, France's Socialists are denying reality. The minister of industrial renewal is calling for nationalization of some industries, while the president shies away from necessary structural reforms. Business leaders fear the clock has been turned back 30 years.''
read more
''In the midst of the economic crisis, France's Socialists are denying reality. The minister of industrial renewal is calling for nationalization of some industries, while the president shies away from necessary structural reforms. Business leaders fear the clock has been turned back 30 years.''
read more
Interview: 'Noam Chomsky on Latin America'
From NACLA
''Renowned linguist, political analyst and activist Noam Chomsky offered his thoughts to me on Latin America and the role of the United States last month. Among his many observations, he considered Honduras as "a kind of a horror story," and Haiti "an NGO dependency." The following is an excerpt from a longform interview available at Truthout.org.''
continue reading
''Renowned linguist, political analyst and activist Noam Chomsky offered his thoughts to me on Latin America and the role of the United States last month. Among his many observations, he considered Honduras as "a kind of a horror story," and Haiti "an NGO dependency." The following is an excerpt from a longform interview available at Truthout.org.''
continue reading
''Crime, Osprey add to Okinawan anger over US bases''
From The Guardian
''For nearly 70 years, Okinawa has gotten more than its share of America's military — more jets rattling homes, more crimes rattling nerves.
It's the only Japanese island invaded by U.S. land forces during World War II. It endured 27 years under U.S. administration, and it continues to host two-thirds of Japan's U.S. bases.''
read more
''For nearly 70 years, Okinawa has gotten more than its share of America's military — more jets rattling homes, more crimes rattling nerves.
It's the only Japanese island invaded by U.S. land forces during World War II. It endured 27 years under U.S. administration, and it continues to host two-thirds of Japan's U.S. bases.''
read more
''QE 4: Folks, This Ain't Normal''
From Financial Sense
By Chris Martenson
''The key point here is that the Fed is now actively running both monetary and fiscal policy because it will now be in the business of funding nearly 100% of all the new government deficit spending in 2013. And it is pumping a bit more than $1 trillion of hot, thin-air money into the economy as it does so.''
read more
By Chris Martenson
''The key point here is that the Fed is now actively running both monetary and fiscal policy because it will now be in the business of funding nearly 100% of all the new government deficit spending in 2013. And it is pumping a bit more than $1 trillion of hot, thin-air money into the economy as it does so.''
read more
''Breakout in Foreign Stocks Suggests Breakdown in USD''
From Financial Sense
''One useful relationship that helps identify turning points in the USD Index is a look at foreign equities. Foreign stocks will often outperform the U.S. markets when the USD is weak; part of the reason for this is that foreign markets are very sensitive to inflation, so when their currencies advance relative to the USD, their inflation rates fall and their equities climb.''
read more
''One useful relationship that helps identify turning points in the USD Index is a look at foreign equities. Foreign stocks will often outperform the U.S. markets when the USD is weak; part of the reason for this is that foreign markets are very sensitive to inflation, so when their currencies advance relative to the USD, their inflation rates fall and their equities climb.''
read more
Friday, December 14, 2012
''Pentagon to send missiles, 400 troops to Turkey''
John Boehner says we are broke, send the bill to the neo-cons...............From Detroit News
''The U.S. will send two batteries of Patriot missiles and 400 troops to Turkey as part of a NATO force meant to protect Turkish territory from potential Syrian missile attack, the Pentagon said Friday.
Defense Secretary Leon Panetta signed a deployment order en route to Turkey from Afghanistan. It calls for 400 U.S. soldiers to operate two batteries of Patriots at undisclosed locations in Turkey, Pentagon press secretary George Little told reporters flying with Panetta.''
''The U.S. will send two batteries of Patriot missiles and 400 troops to Turkey as part of a NATO force meant to protect Turkish territory from potential Syrian missile attack, the Pentagon said Friday.
Defense Secretary Leon Panetta signed a deployment order en route to Turkey from Afghanistan. It calls for 400 U.S. soldiers to operate two batteries of Patriots at undisclosed locations in Turkey, Pentagon press secretary George Little told reporters flying with Panetta.''
''Secret Libor Transcripts Expose Trader Rate-Manipulation''
From Bloomberg
''For years, traders at RBS, Barclays Plc (BARC), UBS AG (UBSN), Deutsche Bank AG (DBK), Rabobank Groep and other firms that stood to profit worked with employees responsible for setting the benchmark to rig the price of money, according to documents obtained by Bloomberg and interviews with two dozen current and former traders, lawyers and regulators. Those interviews reveal how the manipulation flourished for years, even after bank supervisors were made aware of the system’s flaws.''
read more
''For years, traders at RBS, Barclays Plc (BARC), UBS AG (UBSN), Deutsche Bank AG (DBK), Rabobank Groep and other firms that stood to profit worked with employees responsible for setting the benchmark to rig the price of money, according to documents obtained by Bloomberg and interviews with two dozen current and former traders, lawyers and regulators. Those interviews reveal how the manipulation flourished for years, even after bank supervisors were made aware of the system’s flaws.''
read more
''Confiscation of Gold - Then What?''
From Financial Sense
By Julian Phillips
''Several analysts and respected members of the gold community have stated that the confiscation of gold is unlikely because the conditions that precipitated it in 1933 don’t exist anymore. We agree wholeheartedly with that view. But we feel that the confiscation of gold is extremely likely for very different reasons.''
read more
By Julian Phillips
''Several analysts and respected members of the gold community have stated that the confiscation of gold is unlikely because the conditions that precipitated it in 1933 don’t exist anymore. We agree wholeheartedly with that view. But we feel that the confiscation of gold is extremely likely for very different reasons.''
read more
''HSBC, too big to jail, is the new poster child for US two-tiered justice system''
From The Guardian
''DOJ officials unblinkingly insist that the banking giant is too powerful and important to subject to the rule of law.''
read more
''DOJ officials unblinkingly insist that the banking giant is too powerful and important to subject to the rule of law.''
read more
''Govt. Spying Out of Control, Notes Judge Napolitano''
From The New American
''In an article posted by Libertarian-minded Judge Andrew Napolitano on LewRockwell.com on Thursday, Napolitano asserts that government spying has gotten out of control. According to Napolitano, both the Democratic and Republican Parties have justified the process of spying on American citizens and the violation of constitutional rights in the process, always under the guise of security, and in doing so, have violated their oaths to uphold the Constitution.''
read more
''In an article posted by Libertarian-minded Judge Andrew Napolitano on LewRockwell.com on Thursday, Napolitano asserts that government spying has gotten out of control. According to Napolitano, both the Democratic and Republican Parties have justified the process of spying on American citizens and the violation of constitutional rights in the process, always under the guise of security, and in doing so, have violated their oaths to uphold the Constitution.''
read more
''Just coincidence? Queen is trotted through Bank of England's gold vault''
From GoldSeek
''Maybe it's just a coincidence but maybe instead it's a propaganda campaign launched by the British government and the Bank of England to assuage growing international concerns about the oversubscription, lending, and swapping of Western central bank reserves.
First, a few days ago, the Bank of England invited videojournalist Brady Haran and University of Nottingham chemistry Professor Martyn Poliakoff to tour its gold vault for a fascinating lecture in which the professor discussed gold's remarkable qualities. (Of course gold's most remarkable quality may be its capacity to replicate itself to infinity in the hands of a central bank -- just like ordinary money.)''
read more
''Maybe it's just a coincidence but maybe instead it's a propaganda campaign launched by the British government and the Bank of England to assuage growing international concerns about the oversubscription, lending, and swapping of Western central bank reserves.
First, a few days ago, the Bank of England invited videojournalist Brady Haran and University of Nottingham chemistry Professor Martyn Poliakoff to tour its gold vault for a fascinating lecture in which the professor discussed gold's remarkable qualities. (Of course gold's most remarkable quality may be its capacity to replicate itself to infinity in the hands of a central bank -- just like ordinary money.)''
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Thursday, December 13, 2012
''Why Does Obama Want to Spend $8 Trillion on Defense in the Next Decade?''
From Policy Shop
By David Callahan
''Washington is in a fiscal panic, yet surprisingly few people are asking an obvious question: Why in the world is the Obama Administration proposing to spend $8 trillion on security over the next decade? Included in that giant sum is not just Pentagon spending, but also outlays for intelligence, homeland security, foreign aid, and diplomacy abroad.''
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By David Callahan
''Washington is in a fiscal panic, yet surprisingly few people are asking an obvious question: Why in the world is the Obama Administration proposing to spend $8 trillion on security over the next decade? Included in that giant sum is not just Pentagon spending, but also outlays for intelligence, homeland security, foreign aid, and diplomacy abroad.''
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''How U.S. Taxpayers Are Paying the Pentagon to Occupy the Planet''
fiscal cliff anyone?????????.....................From TomDispatch
By David Vine
''Since 1955, Vicenza has also been home to another major U.S. base, Camp Ederle. They’re among the more than 1,000 bases the United States uses to ring the globe (with about 4,000 more in the 50 states and Washington, D.C.). This complex of military installations, unprecedented in history, has been a major, if little noticed, aspect of U.S. power since World War II.''
''How much does the United States spend each year occupying the planet with its bases and troops? How much does it spend on its global presence? Forced by Congress to account for its spending overseas, the Pentagon has put that figure at $22.1 billion a year. It turns out that even a conservative estimate of the true costs of garrisoning the globe comes to an annual total of about $170 billion. In fact, it may be considerably higher. Since the onset of “the Global War on Terror” in 2001, the total cost for our garrisoning policies, for our presence abroad, has probably reached $1.8 trillion to $2.1 trillion.''
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By David Vine
''Since 1955, Vicenza has also been home to another major U.S. base, Camp Ederle. They’re among the more than 1,000 bases the United States uses to ring the globe (with about 4,000 more in the 50 states and Washington, D.C.). This complex of military installations, unprecedented in history, has been a major, if little noticed, aspect of U.S. power since World War II.''
''How much does the United States spend each year occupying the planet with its bases and troops? How much does it spend on its global presence? Forced by Congress to account for its spending overseas, the Pentagon has put that figure at $22.1 billion a year. It turns out that even a conservative estimate of the true costs of garrisoning the globe comes to an annual total of about $170 billion. In fact, it may be considerably higher. Since the onset of “the Global War on Terror” in 2001, the total cost for our garrisoning policies, for our presence abroad, has probably reached $1.8 trillion to $2.1 trillion.''
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‘Assad is facing assassination no matter what happens’ – Noam Chomsky
audio interview................From Voice of Russia
''Magnitsky Act implementation and uneasiness in US-Russia relations, NATO approving the deployment of Patriot missile interceptors to defend Turkish border with Syria, modus vivendi in which there could be a reduction of violence in Syria, chemical weapons issue, Hague tribunal and economic crisis in the EU – these issues Voice of Russia discussed with Noam Chomsky a famous American philosopher, linguist, and political activist. Chomsky also warned that US placing a missile system near Russia’s borders is a highly provocative act.''
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''BoE economist Spencer Dale warns on Mark Carney's ideas''
From The Telegraph
''Spencer Dale, the Bank of England’s chief economist, has raised questions about incoming Governor Mark Carney’s radical policy ideas to revive growth – warning that they could jeopardise the central bank’s credibility.''
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Pepe Escobar: ''Iran tests America's grasp of reality''
From Asia Times
''In Election 2012's theater-of-the-absurd "foreign policy" debate, Iran came up no less than 47 times. Despite all the fear, loathing, threats, and lies in that billionaire's circus of a campaign season, Americans were nonetheless offered virtually nothing substantial about Iran, although its (non-existent) WMDs were relentlessly hawked as the top US national security issue. (The world was, however, astonished to learn from candidate Romney that Syria, not the Persian Gulf, was that country's "route to the sea".) ''
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''In Election 2012's theater-of-the-absurd "foreign policy" debate, Iran came up no less than 47 times. Despite all the fear, loathing, threats, and lies in that billionaire's circus of a campaign season, Americans were nonetheless offered virtually nothing substantial about Iran, although its (non-existent) WMDs were relentlessly hawked as the top US national security issue. (The world was, however, astonished to learn from candidate Romney that Syria, not the Persian Gulf, was that country's "route to the sea".) ''
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''174 to 6, UN tells Israel to let in nuclear inspectors''
From 'There are no Sunglasses'
''The UN general assembly has overwhelmingly approved a resolution calling on Israel to open its nuclear programme for inspection.
The resolution, approved by a vote of 174 to six with six abstentions, calls on Israel to join the Nuclear Nonproliferation Treaty (NPT) “without further delay” and open its nuclear facilities to inspection by the International Atomic Energy Agency. Those voting against were Israel, the US, Canada, Marshall Islands, Micronesia and Palau.''
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''The UN general assembly has overwhelmingly approved a resolution calling on Israel to open its nuclear programme for inspection.
The resolution, approved by a vote of 174 to six with six abstentions, calls on Israel to join the Nuclear Nonproliferation Treaty (NPT) “without further delay” and open its nuclear facilities to inspection by the International Atomic Energy Agency. Those voting against were Israel, the US, Canada, Marshall Islands, Micronesia and Palau.''
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''Your Mortgage Payment….Financing Terrorist Operations That Kill American Soldiers and Fund Mexican Drug Lords….''
From Matt Weidner Law
By Matthew D Weidner, Esq.
''A “pervasively polluted” culture at HSBC allowed the bank to act as financier to clients moving shadowy funds from the world’s most dangerous and secretive corners, including Mexico, Iran, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday.''
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By Matthew D Weidner, Esq.
''A “pervasively polluted” culture at HSBC allowed the bank to act as financier to clients moving shadowy funds from the world’s most dangerous and secretive corners, including Mexico, Iran, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday.''
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Wednesday, December 12, 2012
''U.S. Looming Pensions Crisis: State Budgets Soon to Be Under Siege''
From Market Oracle
By John Mauldin
''In 2003, I was writing about the unfunded liabilities of state and local pensions. It was part of Bull’s Eye Investing, which came out in 2004. I caught some flak for being so pessimistic about the potential problems. Quoting:
Unless steps are taken soon, it is possible we can see shortfalls approaching $1 trillion–$2 trillion in state-sponsored pension funds within 10 years. A deficit of this size on the state level can truly be called a crisis. A tax increase or other adjustments to fund this will be a large drag on the economy.''
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By John Mauldin
''In 2003, I was writing about the unfunded liabilities of state and local pensions. It was part of Bull’s Eye Investing, which came out in 2004. I caught some flak for being so pessimistic about the potential problems. Quoting:
Unless steps are taken soon, it is possible we can see shortfalls approaching $1 trillion–$2 trillion in state-sponsored pension funds within 10 years. A deficit of this size on the state level can truly be called a crisis. A tax increase or other adjustments to fund this will be a large drag on the economy.''
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