From Kitco Commentary
By Kira McCaffrey Brecht
''No matter how you slice it or dice it, the U.S. dollar remains mired in a decade-long bear trend.
Take a look at the monthly chart below. From
2001-2008, the greenback, as measured by the U.S. dollar index, lost
41% of its value. Ouch.
During that same time period, nearby gold futures rallied 297%.
For the last four years, the U.S. dollar has seen
some intermittent rallies, but has largely traded in a sideways range. A
multi-year holding pattern for the bears. Why? Largely, because the
dollar was the currency of last resort, safe haven during the financial
panic in the wake of the Lehman collapse and subsequent financial
chaos.''
read more
Saturday, September 22, 2012
''Australia counters Chinese threat''
From SMH
''AUSTRALIA has been quietly building a regional defence coalition to restrain China's increasingly ''aggressive'' and ''autistic'' international behaviour, an influential adviser to the Pentagon says.
Edward Luttwak bluntly contradicts Australian and US denials that they see China as a threat or want to contain its rise.
''Australians view themselves as facing a strategic threat,'' he writes in his coming book, The Rise of China v The Logic of Strategy.''
''AUSTRALIA has been quietly building a regional defence coalition to restrain China's increasingly ''aggressive'' and ''autistic'' international behaviour, an influential adviser to the Pentagon says.
Edward Luttwak bluntly contradicts Australian and US denials that they see China as a threat or want to contain its rise.
''Australians view themselves as facing a strategic threat,'' he writes in his coming book, The Rise of China v The Logic of Strategy.''
''Bloody clashes as Pakistan protests anti-Islam film''
From ABC News Australia
Clashes broke out in the country's five largest cities, killing at least 15 people and wounding nearly 200 others, defying government calls for peaceful protests on what was declared a national holiday in honour of the Prophet Mohammed.''
read more
Video From RT.com
''Deadly clashes have flared in Pakistan as tens of
thousands took to the streets to demonstrate against a film produced in
the US that ridicules the Prophet Mohammed.
Clashes broke out in the country's five largest cities, killing at least 15 people and wounding nearly 200 others, defying government calls for peaceful protests on what was declared a national holiday in honour of the Prophet Mohammed.''
read more
''Report: Troika considering second debt restructuring for Greece''
From EU Observer
''The discussion reportedly revolves around writing off Greece's first bailout of €110bn dating back to 2010, when eurozone states, the European Central Bank and the International Monetary Fund cobbled together a bailout via bilateral loans.
But neither the IMF or the ECB is willing to take any losses, putting the whole burden on eurozone governments, sources told the newspaper.''
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''The discussion reportedly revolves around writing off Greece's first bailout of €110bn dating back to 2010, when eurozone states, the European Central Bank and the International Monetary Fund cobbled together a bailout via bilateral loans.
But neither the IMF or the ECB is willing to take any losses, putting the whole burden on eurozone governments, sources told the newspaper.''
read more
''Portugal in crisis after 1 million say No to austerity''
From EU Observer
''Portugal is facing a massive backlash against troika-approved austerity measures to raise social contributions for employees.
Portuguese President Anibal Cavaco Silva is on Friday (21 September) to convene a rare meeting of the state council in a bid to defuse a political crisis linked to the controversial measure.''
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''Portugal is facing a massive backlash against troika-approved austerity measures to raise social contributions for employees.
Portuguese President Anibal Cavaco Silva is on Friday (21 September) to convene a rare meeting of the state council in a bid to defuse a political crisis linked to the controversial measure.''
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''Spain’s Catalonia Region Demands Independence''
From The New American
''Every September 11 the people of Catalonia, an independent region in northeast Spain, celebrate their “national day” — Diada — by taking the day off and parading through the streets of Barcelona. In past years the celebration was a festival used by some citizens as an excuse to get some fresh air, make some noise, and have some fun. This year, nearly one-quarter of the region’s seven million citizens used the celebration as an excuse to swarm into Barcelona to protest Spain’s austerity measures, which have raised unemployment in Catalonia — referred to locally as Catalan — to nearly 25 percent.''
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''Every September 11 the people of Catalonia, an independent region in northeast Spain, celebrate their “national day” — Diada — by taking the day off and parading through the streets of Barcelona. In past years the celebration was a festival used by some citizens as an excuse to get some fresh air, make some noise, and have some fun. This year, nearly one-quarter of the region’s seven million citizens used the celebration as an excuse to swarm into Barcelona to protest Spain’s austerity measures, which have raised unemployment in Catalonia — referred to locally as Catalan — to nearly 25 percent.''
read more
Photo Essay: ''Last hurrah for Endeavour as space shuttle soars over California before making final resting stop in Los Angeles''
awesome pics............From Daily Mail
''Space shuttle Endeavour soared high over the Hollywood sign before retiring to a Los Angeles museum, having spent Friday crisscrossing California in a final aerial hurrah.
Hitching a ride on top of a jumbo jet, the pair departed Edwards Air Force Base, 100 miles north of Los Angeles, circling the high desert that gave birth to the shuttle fleet before heading to Northern California.
Thousands of spectators jammed rooftop buildings and streets in Sacramento, cheering as Endeavour made two loops around the state Capitol. A crowd of schoolchildren squealed in delight during the second flyover.''
''Space shuttle Endeavour soared high over the Hollywood sign before retiring to a Los Angeles museum, having spent Friday crisscrossing California in a final aerial hurrah.
Hitching a ride on top of a jumbo jet, the pair departed Edwards Air Force Base, 100 miles north of Los Angeles, circling the high desert that gave birth to the shuttle fleet before heading to Northern California.
Thousands of spectators jammed rooftop buildings and streets in Sacramento, cheering as Endeavour made two loops around the state Capitol. A crowd of schoolchildren squealed in delight during the second flyover.''
''The Seeds of ''Conflict: Anglo-American Axis and Chinese History''
From Market Oracle
By Ron Holland
''It is this Anglo-American axis (a 'special relationship') that has dominated the Western world for the past 150 years. It is a secretive and closely guarded group of families and individuals with enormous wealth derived from the implementation of mercantilist central banking. In recent years, America has provided the military power and to a large extent the corporate vehicles that have projected the 'one world' vision of the Anglo-American elite throughout the West, and even to Africa and Asia." – The Daily Bell, Glossary''
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By Ron Holland
''It is this Anglo-American axis (a 'special relationship') that has dominated the Western world for the past 150 years. It is a secretive and closely guarded group of families and individuals with enormous wealth derived from the implementation of mercantilist central banking. In recent years, America has provided the military power and to a large extent the corporate vehicles that have projected the 'one world' vision of the Anglo-American elite throughout the West, and even to Africa and Asia." – The Daily Bell, Glossary''
read more
''Russia strengthens its hand in Central Asia''
From The Hindu via 'There are no Sunglasses'
''Russia has consolidated its strategic positions in Central Asia by extending the long-term lease on its military facilities in Kyrgyzstan and securing the shutdown of a United States base in the former Soviet republic.
In exchange, Russia agreed to write off nearly $500 million in Kyrgyzstan’s debt and pledged to uplift its near bankrupt economy.''
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''Russia has consolidated its strategic positions in Central Asia by extending the long-term lease on its military facilities in Kyrgyzstan and securing the shutdown of a United States base in the former Soviet republic.
In exchange, Russia agreed to write off nearly $500 million in Kyrgyzstan’s debt and pledged to uplift its near bankrupt economy.''
read more
''Venezuelan electoral process, “one of the most advanced and reliable”
From Merco Press
''I know the electoral systems of South America and I can say with full authority that Venezuela has one of the most advanced and reliable electoral systems from the region and the continent”, said Carlos ‘Chacho’ Alvarez head of the Unasur mission on arrival to Caracas to begin the agenda of activities in anticipation of the October 7 event.''
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''I know the electoral systems of South America and I can say with full authority that Venezuela has one of the most advanced and reliable electoral systems from the region and the continent”, said Carlos ‘Chacho’ Alvarez head of the Unasur mission on arrival to Caracas to begin the agenda of activities in anticipation of the October 7 event.''
read more
Friday, September 21, 2012
David Walker: ''USA $70 Trillion in Debt''
From St Louis Dispatch
''The better-known National Debt Clock is only at $16 trillion and counting, but Walker says it understates the government's debt problem. To get to $70 trillion, he adds unfunded liabilities of Medicare, Social Security and other programs.''
“We have a republic that isn't representative of or responsive to the public,” he said. “It is dominated by special interests and career politicians.”
continue reading
''The better-known National Debt Clock is only at $16 trillion and counting, but Walker says it understates the government's debt problem. To get to $70 trillion, he adds unfunded liabilities of Medicare, Social Security and other programs.''
“We have a republic that isn't representative of or responsive to the public,” he said. “It is dominated by special interests and career politicians.”
continue reading
''21 Facts About America's Decaying Infrastructure That Will Blow Your Mind''
a must read.................From Michael Snyder via BlackListed News
''You can tell a lot about a nation by the condition of the infrastructure. So what does our infrastructure say about us? It says that we are in a very advanced state of decay. At this point, much of America is being held together with spit, duct tape and prayers. ''
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''You can tell a lot about a nation by the condition of the infrastructure. So what does our infrastructure say about us? It says that we are in a very advanced state of decay. At this point, much of America is being held together with spit, duct tape and prayers. ''
read more
''France will push for GM ban if cancer threat confirmed''
From Ahram Online
''France will seek an immediate EU ban on imports of a genetically-modified corn made by Monsanto if a study linking it to cancer in rats is deemed credible, Prime Minister Jean-Marc Ayrault said Thursday''
continue reading
''France will seek an immediate EU ban on imports of a genetically-modified corn made by Monsanto if a study linking it to cancer in rats is deemed credible, Prime Minister Jean-Marc Ayrault said Thursday''
continue reading
Charles Biderman: "Local Governments & States Hiding Entitlement Funding Gap Data''
From Trim Tabs
''Today’s New York Times reported, “The Chicago Teachers’ Pension Fund has about $10 billion in assets, but is paying out more than $1 billion in benefits a year, much more than it has been taking in. That has forced it to sell investments, worth hundreds of millions of dollars a year, to pay retired teachers. Experts say the fund could collapse within a few years unless something is done.”
A $1 billion shortfall. And that is just one group of public employees in one large city. That begs the question of how big is this problem for the entire United States? That size of the funding gap is not available anywhere. No one knows. But obviously the annual funding gap has to be about $500 billion just from state and local governments alone. And I would not be surprised if the total annual funding gap for all entitlements including the Federal governments was at least a trillion dollars.''
Video/Text
''Today’s New York Times reported, “The Chicago Teachers’ Pension Fund has about $10 billion in assets, but is paying out more than $1 billion in benefits a year, much more than it has been taking in. That has forced it to sell investments, worth hundreds of millions of dollars a year, to pay retired teachers. Experts say the fund could collapse within a few years unless something is done.”
A $1 billion shortfall. And that is just one group of public employees in one large city. That begs the question of how big is this problem for the entire United States? That size of the funding gap is not available anywhere. No one knows. But obviously the annual funding gap has to be about $500 billion just from state and local governments alone. And I would not be surprised if the total annual funding gap for all entitlements including the Federal governments was at least a trillion dollars.''
Video/Text
''Waging war: A US monopoly''
From Asia Times
By Tom Engelhardt
''When it comes to Iran, Washington's regional preparations for war are staggering. The continual buildup of US naval power in the Persian Gulf, of land forces on bases around that country, of air power (and anti-missile defenses) in the region should leave any observer breathless. There are US special operations forces near the Iranian border and Central Intelligence Agency drones regularly over that country. ''
read more
By Tom Engelhardt
''When it comes to Iran, Washington's regional preparations for war are staggering. The continual buildup of US naval power in the Persian Gulf, of land forces on bases around that country, of air power (and anti-missile defenses) in the region should leave any observer breathless. There are US special operations forces near the Iranian border and Central Intelligence Agency drones regularly over that country. ''
read more
''Bioterrorism and the New World Order''
From Strategic Culture
By Igor Ignatchenko
By Igor Ignatchenko
''An outbreak of an obscure and
fast-spreading decease – a pulmonary syndrome caused by hantavirus – was
reported in the US Yosemite National Park. No specific cure for
hantavirus being on record up to date, three people are already dead and
around 8,000 guests are thought to be at risk of having contracted it
during their stays in the park's tent cabins in June-August. According
to USA Today
and other sources, the threat actually hangs over 22,000 tourists
including 2,500 foreign nationals from 40 countries, who visited the
Yosemite National Park last summer. The disease is known to be
rodent-born and, supposedly, can be passed from human to human. ''
''15 Billion online devices by 2015''
From Big Brother Watch
''Last week Intel, the chip manufacturer, predicted that by 2015 there will be more than 15 billion internet-connected devices and one third of these connected devices will be intelligent systems.
The CIA are already getting excited, with Director David Petraeus talking about the”transformational” effect on “clandestine tradecraft.” The proposed draft Communications Data Bill is so broadly drafted it’s been warned that a system to control your central heating could be covered by the legislation.''
continue reading
''Last week Intel, the chip manufacturer, predicted that by 2015 there will be more than 15 billion internet-connected devices and one third of these connected devices will be intelligent systems.
The CIA are already getting excited, with Director David Petraeus talking about the”transformational” effect on “clandestine tradecraft.” The proposed draft Communications Data Bill is so broadly drafted it’s been warned that a system to control your central heating could be covered by the legislation.''
continue reading
''Fake Products Swallow Economy on Global Scale''
From Epoch Times
''It’s a constant game of cat and mouse between counterfeiters and law enforcement authorities.
As counterfeiters have moved beyond knock-off Rolexes and fake Louis Vuitton handbags to more ambitious, and dangerous, goods such as medicine, electronics, and food products; the stakes in terms of harm to human health and the global economy have increased.
The Washington-based International Anticounterfeiting Coalition estimates that counterfeiting costs the globally economy $600 billion a year. ''
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''It’s a constant game of cat and mouse between counterfeiters and law enforcement authorities.
As counterfeiters have moved beyond knock-off Rolexes and fake Louis Vuitton handbags to more ambitious, and dangerous, goods such as medicine, electronics, and food products; the stakes in terms of harm to human health and the global economy have increased.
The Washington-based International Anticounterfeiting Coalition estimates that counterfeiting costs the globally economy $600 billion a year. ''
read more
''A «Price Tag» October Surprise in September for Obama''
From Strategic Culture
By Wayne Madsen
''Manufacturing twin political crises: one over a controversial American and/or Israeli-made anti-Muslim film that resulted in the siege of the U.S. Consulate in Benghazi, Libya and the deaths of four personnel, including the U.S. ambassador Christopher Stevens, and a very tense Chinese-Japanese crisis over the disputed Diaoyu (as they are known in Chinese) or Senkaku (as they are known in Japanese) uninhabited islands in the East China Sea that could bring the U.S., via its treaty obligations with Japan, into a conflict with China, have rocked the Obama administration’s foreign policy… The appearance that Obama cannot handle dual world crises has played into the hands of Romney and his neo-conservative pro-Israeli advisers.''
continue reading
By Wayne Madsen
''Manufacturing twin political crises: one over a controversial American and/or Israeli-made anti-Muslim film that resulted in the siege of the U.S. Consulate in Benghazi, Libya and the deaths of four personnel, including the U.S. ambassador Christopher Stevens, and a very tense Chinese-Japanese crisis over the disputed Diaoyu (as they are known in Chinese) or Senkaku (as they are known in Japanese) uninhabited islands in the East China Sea that could bring the U.S., via its treaty obligations with Japan, into a conflict with China, have rocked the Obama administration’s foreign policy… The appearance that Obama cannot handle dual world crises has played into the hands of Romney and his neo-conservative pro-Israeli advisers.''
continue reading
''Where the Mob Keeps Its Money''
From NYTIMES
''THE global financial crisis has been a blessing for organized crime. A series of recent scandals have exposed the connection between some of the biggest global banks and the seamy underworld of mobsters, smugglers, drug traffickers and arms dealers. American banks have profited from money laundering by Latin American drug cartels, while the European debt crisis has strengthened the grip of the loan sharks and speculators who control the vast underground economies in countries like Spain and Greece.''
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''THE global financial crisis has been a blessing for organized crime. A series of recent scandals have exposed the connection between some of the biggest global banks and the seamy underworld of mobsters, smugglers, drug traffickers and arms dealers. American banks have profited from money laundering by Latin American drug cartels, while the European debt crisis has strengthened the grip of the loan sharks and speculators who control the vast underground economies in countries like Spain and Greece.''
read more
''Buy Gold and Silver, Dollar Vulnerable to a Massive Collapse''-Peter Schiff
''Cuba says ending U.S. embargo would help both countries''
From NTN 24
''Both the United States and Cuba would benefit if Washington would lift its longstanding trade embargo against the island, but U.S. President Barack Obama has toughened the sanctions since taking office in 2009, a top Cuban official said.
The embargo, fully in place since 1962, has done $108 billion in damage to the Cuba economy, but also has violated the constitutional rights of Americans and made a market of 11 million people off limits to U.S. companies, Foreign Minister Bruno Rodriguez told reporters.''
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''Both the United States and Cuba would benefit if Washington would lift its longstanding trade embargo against the island, but U.S. President Barack Obama has toughened the sanctions since taking office in 2009, a top Cuban official said.
The embargo, fully in place since 1962, has done $108 billion in damage to the Cuba economy, but also has violated the constitutional rights of Americans and made a market of 11 million people off limits to U.S. companies, Foreign Minister Bruno Rodriguez told reporters.''
read more
Great Quote: ''Why are we in a collapse?''
From UK-Collapse
Quote from Peter Joseph
This has already begun". [Peter Joseph]
http://www.uk-collapse.com/
Quote from Peter Joseph
"As of now, the world financial system is on the brink of collapse due to it’s own shortcomings.
The comptroller of currencies stated in 2003 that the interest on the US national debt will not be affordable in less than ten years. This theoretically means total bankruptcy for the US economy and it’s implications for the world are immense. In turn the fractional reserve based monetary system is reaching it’s theoretical limits of expansion and the banking failures you are seeing are just the beginning. This is why inflation is skyrocketing, debt is at record levels and the government and FED are hemorrhaging new money to bailout the corrupt system. For the only way to keep the banks going is by making more money. The only way to make more money is to create more debt and inflation. It is simply a matter of time before the tables turn and no one is willing to make new loans while defaults grow as people are unable to afford their current loans. Then the expansion of money will stop and contraction will begin on a scale never before seen. Ending a century long pyramid scheme.
The comptroller of currencies stated in 2003 that the interest on the US national debt will not be affordable in less than ten years. This theoretically means total bankruptcy for the US economy and it’s implications for the world are immense. In turn the fractional reserve based monetary system is reaching it’s theoretical limits of expansion and the banking failures you are seeing are just the beginning. This is why inflation is skyrocketing, debt is at record levels and the government and FED are hemorrhaging new money to bailout the corrupt system. For the only way to keep the banks going is by making more money. The only way to make more money is to create more debt and inflation. It is simply a matter of time before the tables turn and no one is willing to make new loans while defaults grow as people are unable to afford their current loans. Then the expansion of money will stop and contraction will begin on a scale never before seen. Ending a century long pyramid scheme.
http://www.uk-collapse.com/
Thursday, September 20, 2012
''The World Bank Wants Eastern Europeans Above-Ground and Paying Taxes''
From Reason.com
''The World Bank has clued in to the fact that many Eastern Europeans prefer to work in the "shadow economy" — that is, off the books and out of sight of tax men, inspectors and other assorted bureaucrats. This has the World Bank very concerned, for a variety of reasons — some convincing, and others, not so much.''
continue reading
''The World Bank has clued in to the fact that many Eastern Europeans prefer to work in the "shadow economy" — that is, off the books and out of sight of tax men, inspectors and other assorted bureaucrats. This has the World Bank very concerned, for a variety of reasons — some convincing, and others, not so much.''
continue reading
''Pakistan's black marketers cheer reopening of NATO supply lines''
From MinnPost
''Pakistan’s active black markets, which stretch from the southern port city of Karachi to northwestern Peshawar, and from the southwestern city of Quetta to the northern tribal belt, used to be flooded with US-made goods, from flak jackets to M-4 rifles, soda, and cigarettes. Then, a few months ago, the underground economy, which largely depends on the NATO supply trucks for supplies, dried up. The thousands of Pakistanis who depended on it for income and cheap supplies were hit hard.''
continue reading
''Pakistan’s active black markets, which stretch from the southern port city of Karachi to northwestern Peshawar, and from the southwestern city of Quetta to the northern tribal belt, used to be flooded with US-made goods, from flak jackets to M-4 rifles, soda, and cigarettes. Then, a few months ago, the underground economy, which largely depends on the NATO supply trucks for supplies, dried up. The thousands of Pakistanis who depended on it for income and cheap supplies were hit hard.''
continue reading
''Euro Crisis Fuels Shadow Economy''
From Reason.com
''The informal, or shadow, economy is growing in the European Union (EU) due to the economic crisis. It ranges from eight per cent of Gross Domestic Product (GDP) in Switzerland and Austria to more than 30 per cent in some Central and Eastern European countries, such as Bulgaria, Croatia or Romania. Curtailing this “other” marketplace is a challenge for both state governments and the EU, as the transformation of undeclared work into formal work can be an important step towards the fulfilment of the EU employment targets set out in the Commission strategy “Europe 2020”.''
continue reading
''The informal, or shadow, economy is growing in the European Union (EU) due to the economic crisis. It ranges from eight per cent of Gross Domestic Product (GDP) in Switzerland and Austria to more than 30 per cent in some Central and Eastern European countries, such as Bulgaria, Croatia or Romania. Curtailing this “other” marketplace is a challenge for both state governments and the EU, as the transformation of undeclared work into formal work can be an important step towards the fulfilment of the EU employment targets set out in the Commission strategy “Europe 2020”.''
continue reading
Keiser Report interviews Jim Rickards
From RT.com
''In this episode, Max Keiser and Stacy Herbert discuss flash crashes, reputation woes on the US exchanges and sheep screaming at all the fraud. Max also talks to one of the Queen’s sheep for its opinion on quantitative easing. In the second half of the show, Max Keiser talks to Jim Rickards, author of Currency Wars, about QE to infinity, the dollar, the euro and a gold standard.''
''China fears India backing Japan as tussle escalates''
From Times of India
''Chinese officials are worried that the growing relationship between India and Japan, its main rival, is meant to contain and counter it. This revelation comes from two Chinese experts at a time when China is engaged in a serious conflict with Japan over the Diaoyu Islands.
“India’s border disputes with China have yet to be resolved, therefore it views a stronger relationship with Japan as a way to counter balance China’s growing influence in the Asia Pacific region,” the experts said in an article published by the government owned think-tank, China Institute of International Studies.''
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''Chinese officials are worried that the growing relationship between India and Japan, its main rival, is meant to contain and counter it. This revelation comes from two Chinese experts at a time when China is engaged in a serious conflict with Japan over the Diaoyu Islands.
“India’s border disputes with China have yet to be resolved, therefore it views a stronger relationship with Japan as a way to counter balance China’s growing influence in the Asia Pacific region,” the experts said in an article published by the government owned think-tank, China Institute of International Studies.''
read more
''European army backed''
From SMH
''GERMANY, France and nine of Europe's most powerful countries have called for an elected European Union president and an end to Britain's veto over defence policy, in a radical blueprint for the continent's future.
In a document released following a meeting between 11 foreign ministers in Warsaw, the bloc charted a vision for the ''future of Europe.''
''As well as calling for a single, elected head of state for Europe, the bloc demanded a new defence policy, under the control of a pan-EU foreign ministry commanded by Baroness Ashton, which ''could eventually involve a European army.''
continue reading
''GERMANY, France and nine of Europe's most powerful countries have called for an elected European Union president and an end to Britain's veto over defence policy, in a radical blueprint for the continent's future.
In a document released following a meeting between 11 foreign ministers in Warsaw, the bloc charted a vision for the ''future of Europe.''
''As well as calling for a single, elected head of state for Europe, the bloc demanded a new defence policy, under the control of a pan-EU foreign ministry commanded by Baroness Ashton, which ''could eventually involve a European army.''
continue reading
''Fed likely to boost QE3 at year end, when Twist expires'': Evans
From Reuters
''The U.S. Federal Reserve will probably need to maintain its current monthly pace of $85 billion in long-term securities purchases beyond the year's end, when a program accounting for about half the total expires, Chicago Fed President Charles Evans said on Tuesday.''
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''The U.S. Federal Reserve will probably need to maintain its current monthly pace of $85 billion in long-term securities purchases beyond the year's end, when a program accounting for about half the total expires, Chicago Fed President Charles Evans said on Tuesday.''
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''Federal Reserve Balance Sheet Set to Explode''
From The New American
''Dean Croushore, an economics professor at the University of Richmond, pointed out the problem facing the Fed, and it isn’t lower interest rates: It’s uncertainty about the future. He observed, "Business [owners] are not hesitant to invest and hire because interest rates are too high — they're hesitant because of the uncertainty surrounding their future prospects."
When Tyler Durden, writing at ZeroHedge, took a look at the fine print of the Fed’s press release, however, all he did was add to those business owners’ uncertainty. He calculated just how large the Fed’s balance sheet would be if the Fed purchased $40 billion every month through the end of the year 2013, and came up with the astounding total: $4 trillion.''
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''Dean Croushore, an economics professor at the University of Richmond, pointed out the problem facing the Fed, and it isn’t lower interest rates: It’s uncertainty about the future. He observed, "Business [owners] are not hesitant to invest and hire because interest rates are too high — they're hesitant because of the uncertainty surrounding their future prospects."
When Tyler Durden, writing at ZeroHedge, took a look at the fine print of the Fed’s press release, however, all he did was add to those business owners’ uncertainty. He calculated just how large the Fed’s balance sheet would be if the Fed purchased $40 billion every month through the end of the year 2013, and came up with the astounding total: $4 trillion.''
read more
''Former US Ambassador Outlines Post-Election Interventions against Venezuela''
another petrodollar war on the horizon..........From Upside Down World
''In an extraordinary paper released last week, former US Ambassador to Venezuela, Patrick Duddy, outlined a range of military, financial and diplomatic measures that the US should be prepared to take against the Chavez government after the coming elections on October 7th.
In the paper, published by the Council on Foreign Relations, Duddy’s recommendations include that in the event of “an outbreak of violence and/or interruption of democracy” the US should use various means to “to communicate to the Venezuelan military leadership that they are obliged to uphold their constitution, respect human rights, and protect their country's democratic tradition” and “organize a coalition of partners to limit an illegitimate Venezuelan administration's access to government assets held abroad as well as to the international financial system.
With less than one month to go until the Venezuelan people go to the polls, and with it looking likely that they will re-elect Hugo Chavez, solidarity in defence of the right of the people to choose their own government free from outside intervention clearly remains vital.''
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''In an extraordinary paper released last week, former US Ambassador to Venezuela, Patrick Duddy, outlined a range of military, financial and diplomatic measures that the US should be prepared to take against the Chavez government after the coming elections on October 7th.
In the paper, published by the Council on Foreign Relations, Duddy’s recommendations include that in the event of “an outbreak of violence and/or interruption of democracy” the US should use various means to “to communicate to the Venezuelan military leadership that they are obliged to uphold their constitution, respect human rights, and protect their country's democratic tradition” and “organize a coalition of partners to limit an illegitimate Venezuelan administration's access to government assets held abroad as well as to the international financial system.
With less than one month to go until the Venezuelan people go to the polls, and with it looking likely that they will re-elect Hugo Chavez, solidarity in defence of the right of the people to choose their own government free from outside intervention clearly remains vital.''
continue reading
''Legalized Plunder''
From GoldSeek
''G. Edward Griffin works tirelessly to dispel the notion that the Fed has been a failure. His latest effort was at the just-concluded Casey Research/Sprott Inc. investor summit on Navigating the Politicized Economy, where he told a packed hall that the Fed has been wildly successful at its true mission – to protect the banking system at all costs. According to Griffin, the problem is the American people are footing the bill for these costs through stealth taxation, thanks to the coordinated actions of the Fed and US government.''
Video/Text
''G. Edward Griffin works tirelessly to dispel the notion that the Fed has been a failure. His latest effort was at the just-concluded Casey Research/Sprott Inc. investor summit on Navigating the Politicized Economy, where he told a packed hall that the Fed has been wildly successful at its true mission – to protect the banking system at all costs. According to Griffin, the problem is the American people are footing the bill for these costs through stealth taxation, thanks to the coordinated actions of the Fed and US government.''
Video/Text
''Another day, another disaster: So what now for Afghanistan?''
From The Independent
''Kim Sengupta reports on a chaotic 24 hours that saw the Allies in disarray, the exit strategy seemingly in tatters and a dozen killed by a suicide bomb''
continue reading
''Chicago Schools Teachers Contract Cost $300 Million''
From Bond Buyer
By Yvette Sheilds
''Chicago Mayor Rahm Emanuel and Chicago Public Schools’ leaders shed little light Wednesday on how the cash-strapped district will afford the estimated $300 million price tag for a new four-year teachers’ contract that ended the system’s first strike in 25 years.''
continue reading
By Yvette Sheilds
''Chicago Mayor Rahm Emanuel and Chicago Public Schools’ leaders shed little light Wednesday on how the cash-strapped district will afford the estimated $300 million price tag for a new four-year teachers’ contract that ended the system’s first strike in 25 years.''
continue reading
''Birth pangs of the euro''
sept 2001 was an interesting month!!.....................From Sept. 2001 & FrontLine
''SEPTEMBER 1, 2001 was a historic day for Europe. Thousands of tonnes of banknotes and coins of the new European common currency, the euro, were delivered to the central banks of 12 European countries for circulation as legal tender.''
''The euro, which will shortly replace the existing national currencies of 300 million Europeans, was unveiled in Frankfurt by Wim Duisenberg, President of the European Central Bank (ECB), who described the occasion as "a moment when the flow of history is present". He said: "It required much insight, understanding and determination to convince the different countries of Europe that their place in an increasingly interdependent world could only be assured by a single currency which promoted greater commerce both among themselves and with the the rest of the world."
Since January 1999, when the euro has existed as an electronic currency, it has lost 30 per cent of its value against the U.S. dollar. It is hoped that its use as legal tender would help regain confidence in it and boost its standing in the currency markets. Europe had hoped that the euro would challenge the U.S. dollar and that businesses in other countries would hold their assets in euros. But a strong U.S. economy, at least prior to the recent slowdown, and the relative weakness of the European economies, with problems for the German economy in particular over the last few years, caused the euro to fall.
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''SEPTEMBER 1, 2001 was a historic day for Europe. Thousands of tonnes of banknotes and coins of the new European common currency, the euro, were delivered to the central banks of 12 European countries for circulation as legal tender.''
''The euro, which will shortly replace the existing national currencies of 300 million Europeans, was unveiled in Frankfurt by Wim Duisenberg, President of the European Central Bank (ECB), who described the occasion as "a moment when the flow of history is present". He said: "It required much insight, understanding and determination to convince the different countries of Europe that their place in an increasingly interdependent world could only be assured by a single currency which promoted greater commerce both among themselves and with the the rest of the world."
Since January 1999, when the euro has existed as an electronic currency, it has lost 30 per cent of its value against the U.S. dollar. It is hoped that its use as legal tender would help regain confidence in it and boost its standing in the currency markets. Europe had hoped that the euro would challenge the U.S. dollar and that businesses in other countries would hold their assets in euros. But a strong U.S. economy, at least prior to the recent slowdown, and the relative weakness of the European economies, with problems for the German economy in particular over the last few years, caused the euro to fall.
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Wednesday, September 19, 2012
''Mortgage cops taking tough stance''
From Chicago Tribune
''Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a "strategic defaulter" who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it's time to start looking over your shoulder.''
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''Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a "strategic defaulter" who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it's time to start looking over your shoulder.''
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''What Bear Stearns Whistleblowers told the SEC: New Details of RMBS Fraud & Cover Up''
a must read....................From Teri Buhl
''Filed in Connecticut state court at the end of August by monolines lawyers at Patterson Belknap is a motion to enforce a New York subpoena that calls for RMBS due dilly firm, Clayton Holdings, to turn over their loan review files. The motion is on behalf of Ambac; the RMBS insurer who first brought the explosive fraud suit against Bear Stearns traders for stealing billions from their own clients. You know the one that led to JP Morgan, Bears’ successor, telling investors last quarter they now have at least $120 billion of possible mortgage security putback suits they could be forced to pay out. Well it looks like Abmac wants the public to know more of the dirt they have on Bear/JP Morgan because in exhibits with the motion they filed there’s some nasty whistleblower sworn testimony.''
continue reading
''Filed in Connecticut state court at the end of August by monolines lawyers at Patterson Belknap is a motion to enforce a New York subpoena that calls for RMBS due dilly firm, Clayton Holdings, to turn over their loan review files. The motion is on behalf of Ambac; the RMBS insurer who first brought the explosive fraud suit against Bear Stearns traders for stealing billions from their own clients. You know the one that led to JP Morgan, Bears’ successor, telling investors last quarter they now have at least $120 billion of possible mortgage security putback suits they could be forced to pay out. Well it looks like Abmac wants the public to know more of the dirt they have on Bear/JP Morgan because in exhibits with the motion they filed there’s some nasty whistleblower sworn testimony.''
continue reading
''Mirable Dictu! Has Someone Noticed the IRS isn’t Enforcing Tax Laws in the Mortgage-Industrial Complex?''
From NakedCapitalism
''Reader Deontos highlighted a post on Reuters by two Brooklyn Law School professors, Bradley Borden and David Reiss, on a subject near and dear to our hearts, the abject failure of theIRS
to take interest in widespread, probably pervasive, violations of REMIC, the part of the Federal tax code that governs mortgage securitizations.
The reason this matters is that this situation belies on of the Administration’s pet claims, that its hands were tied as far as addressing the foreclosure mess was concerned because it had no leverage over servicers. As we’ll discuss, in fact the Administration has a nuclear weapon in its hands that it is simply refusing to use.''
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''Reader Deontos highlighted a post on Reuters by two Brooklyn Law School professors, Bradley Borden and David Reiss, on a subject near and dear to our hearts, the abject failure of the
The reason this matters is that this situation belies on of the Administration’s pet claims, that its hands were tied as far as addressing the foreclosure mess was concerned because it had no leverage over servicers. As we’ll discuss, in fact the Administration has a nuclear weapon in its hands that it is simply refusing to use.''
read more
Matt Taibbi: "A Rare Look at Why The Government Won't Fight Wall Street''
From Rolling Stone
''The great mystery story in American politics these days is why, over the course of two presidential administrations (one from each party), there’s been no serious federal criminal investigation of Wall Street during a period of what appears to be epic corruption. People on the outside have speculated and come up with dozens of possible reasons, some plausible, some tending toward the conspiratorial – but there have been very few who've come at the issue from the inside.''
''We get one of those rare inside accounts in The Payoff: Why Wall Street Always Wins, a new book by Jeff Connaughton, the former aide to Senators Ted Kaufman and Joe Biden.''
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''The great mystery story in American politics these days is why, over the course of two presidential administrations (one from each party), there’s been no serious federal criminal investigation of Wall Street during a period of what appears to be epic corruption. People on the outside have speculated and come up with dozens of possible reasons, some plausible, some tending toward the conspiratorial – but there have been very few who've come at the issue from the inside.''
''We get one of those rare inside accounts in The Payoff: Why Wall Street Always Wins, a new book by Jeff Connaughton, the former aide to Senators Ted Kaufman and Joe Biden.''
read more
''The Face of Indefinite Detention''
From TruthDig
''A federal appeals court judge placed an emergency stay Monday on a lower court’s ruling against the indefinite detention provision of the National Defense Authorization Act, meaning the government has again made clear its intent to abolish trials for anyone it considers a suspect of terrorism.''
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''A federal appeals court judge placed an emergency stay Monday on a lower court’s ruling against the indefinite detention provision of the National Defense Authorization Act, meaning the government has again made clear its intent to abolish trials for anyone it considers a suspect of terrorism.''
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''Water could spark future conflicts, leaders warn''
From Deutsche Welle
''Water conflicts are bubbling in many parts of the world, from China and India to the Middle East and southern Africa. A group of former world leaders is calling on the UN to make water a top security concern.''
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''Water conflicts are bubbling in many parts of the world, from China and India to the Middle East and southern Africa. A group of former world leaders is calling on the UN to make water a top security concern.''
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''Silver, gold best performing commodities over past decade-Lloyds TSB''
From MineWeb
''Silver has been the best performing commodity over the past 10 years, says research by the Lloyds TSB Private Banking Commodities Monitor.
Lloyds TSB Private Banking, a subsidiary of Lloyds Banking, found precious metals have been the best performing sector among the precious metals, base metals, energy and agriculture sectors, rising by 358% percent since 2002.''
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''Silver has been the best performing commodity over the past 10 years, says research by the Lloyds TSB Private Banking Commodities Monitor.
Lloyds TSB Private Banking, a subsidiary of Lloyds Banking, found precious metals have been the best performing sector among the precious metals, base metals, energy and agriculture sectors, rising by 358% percent since 2002.''
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''Chaos, Inflation, $10,000 Gold & Silver In Triple Digits''
From Kind World News
''Today acclaimed money manager Stephen Leeb told King World News that despite pullbacks, “Silver will blow right through $100 and continue higher.” Leeb also warned about coming inflation, “We’ve got to wake up or this could become total chaos.” Here is what Leeb had to say: “It’s going to be chaotic going forward. Look at what’s happened already. A major figure in the US was quoted last night as saying that 47% of the US eat by grace of government. We are already chaotic, Eric, but things will become even more chaotic.''
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''Today acclaimed money manager Stephen Leeb told King World News that despite pullbacks, “Silver will blow right through $100 and continue higher.” Leeb also warned about coming inflation, “We’ve got to wake up or this could become total chaos.” Here is what Leeb had to say: “It’s going to be chaotic going forward. Look at what’s happened already. A major figure in the US was quoted last night as saying that 47% of the US eat by grace of government. We are already chaotic, Eric, but things will become even more chaotic.''
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''A “Recovery” in Reverse''
From The New American
''They say the economy is moving in the right direction, that we should stay the course, be patient, that it takes time to pull out of the recession that began in late 2007.
In fact, things are getting worse.
The economy was creating 153,000 new jobs per month last year. That dropped during the first seven months of this year to an average of 139,000 per month. In August, we were down to 96,000.
It takes over 100,000 new jobs per month just to stay even with the number of people entering the labor force. It would take double that number for over a decade to bring today’s jobless rate down to the unemployment levels of 2007.''
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''They say the economy is moving in the right direction, that we should stay the course, be patient, that it takes time to pull out of the recession that began in late 2007.
In fact, things are getting worse.
The economy was creating 153,000 new jobs per month last year. That dropped during the first seven months of this year to an average of 139,000 per month. In August, we were down to 96,000.
It takes over 100,000 new jobs per month just to stay even with the number of people entering the labor force. It would take double that number for over a decade to bring today’s jobless rate down to the unemployment levels of 2007.''
read more
''Michigan Governor Signs Teacher Retirement Overhaul''
From WILX.com
''Governor Rick Snyder signed into law Tuesday an overhaul of Michigan's school retirement system. The move has teachers staring at higher pension and benefit costs, the very day students were back to school.
Snyder says the law helps fix a $45 billion unfunded liability in Michigan's Public School Retirement system.
Teachers call it a promise broken they're prepared to fight in court.''
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''Governor Rick Snyder signed into law Tuesday an overhaul of Michigan's school retirement system. The move has teachers staring at higher pension and benefit costs, the very day students were back to school.
Snyder says the law helps fix a $45 billion unfunded liability in Michigan's Public School Retirement system.
Teachers call it a promise broken they're prepared to fight in court.''
read more
Tuesday, September 18, 2012
''Max Keiser: Global Collapse by April!''
always interesting to hear what MAX says.............From InfoWars.................''Max discuss collateral transformation desk feeding the multitude of banksters with five quadrillion in infinitely leveraged toxic derivatives and two Treasury bills of a bankrupt nation.''
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