ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Apr 23 08:52

ECB: What if Greece Issues a Parallel Currency?

Greece should issue it's own public currency.The ECB, however, is less enamoured of the idea, for what should be the most obvious reason. It would be a publicly issued currency outside the grasp of global private central bankers

Apr 23 08:51

The THREATS posed by the TPP and the TTIP. You Can Act!

Apr 23 08:12

Hopium: How Far Can Irrational Optimism Take The U.S. Economy?

If enough people truly believe that things will get better, will that actually cause them to get better? There is certainly something to be said for being positive and thinking that anything is possible. And as Americans, optimism seems to come naturally for us. However, no amount of positive thinking is ever going to turn the sun into a block of wood or turn the moon into a block of cheese.

Apr 23 07:38

Guy Trading at Home Caused the Flash Crash

The point of this -- according to the federal prosecutors, the Federal Bureau of Investigation and the Commodity Futures Trading Commission, who are not happy with Sarao -- is that by placing all these fake sell orders, Sarao would artificially drive down the price of the E-mini futures. It's classic spoofing: He'd place a lot of big orders to sell, everyone else would say, "Ooh look at all those big sell orders, I'd better sell too," they'd sell, the market would go down, he'd buy, he'd turn off his algorithm, everyone else would say, "Oh hey never mind, things are great again, there are no more big sell orders," they'd buy, the price would go back up, and Sarao would sell the futures he'd bought at a lower price a moment ago.

Apr 23 07:14

It's Not the 1% Controlling Politics. It's the 0.01 Percent.

Even before presidential candidates started lining up billionaires to kickstart their campaigns, it was clear that the 2016 election could be the biggest big-money election yet.

Apr 23 02:13

This is almost surreal

Apr 22 22:07

Gas for Greece, Mayhem for Macedonia - From Color Revolution to Unconventional War

At the exact same time that Greece has received a guarantee for billions of cubic meters' worth of Russian gas, Macedonia is being rocked by the threat of a renewed Albanian insurgency designed to offset Moscow’s pipeline plans.

Apr 22 22:04

The Transatlantic Agreement and the Burial of European Democracy

Over the weekend, ahead of the latest and ninth round of talks between the European Commission and the US on the preparation of the Transatlantic Trade and Investment Partnership (TTIP), 750 protests took place in 45 countries around the world against the Atlantists’ initiatives.

Apr 22 21:51

Sanders Tries to Slam Brakes on Fast Track

In what is being heralded as a "brave tactic," Senator Bernie Sanders (I-Vt.) on Wednesday temporarily blocked lawmakers from rushing through legislation that would allow the Obama administration to "Fast Track" the controversial and highly secretive Trans-Pacific Partnership agreement.

Apr 22 19:48

From Vietnam to ISIS: Canada needs to apologize

As Canadians pat themselves on the back for taking in Vietnamese refugees at the end of the 1970s, it is perhaps an appropriate time for Canada to apologize to the Vietnamese people for our collective role in creating the refugee flow in the first place.

Canada played a significant role in decimating their country (as well as Laos and Cambodia), aiding and abetting, for example, the permanent alteration of an entire people's gene pool through the production and supply of chemical and biological warfare agents for U.S. forces. The fallout was subsequent generations marked by grotesque physical deformities and severely retarded brain and motor function development. Indeed, Canada produced the chemical defoliant Agent Orange, a dioxin-laced carcinogen, 43 million litres of which were dumped by the U.S. Air Force (this on top of 30 million litres of related defoliants). U.S. soldiers who came home from Vietnam having been soaked in the stuff experienced similar horrors.

Apr 22 17:36

Goldman Sachs NZ revenue plunges 52%

Goldman Sachs New Zealand Holdings has posted a 52 per cent drop in revenue and a full-year loss for 2014.

The local unit of the Wall Street investment bank reported a $2.9 million loss for the 12 months to December 31, down from a $16 million profit in the same period a year earlier, according to financial statements lodged with the Companies Office.

Revenue - earned from fees, commissions and trading - fell from $48.9 million in 2013 to $23.4 million last year.

Apr 22 15:14

9 States Running Out of Water

Apr 22 15:08

The MOST Dangerous Time To Invest

Apr 22 14:58

MORE Insider Warnings of Financial Collapse !

Apr 22 14:17

Market Decision Point Approaching

Apr 22 12:55

Banned: Banks Say You Can No Longer Store Cash or Precious Metals In Your Safe Deposit Box

This is how the scam to pillage your life savings is going to work...

Apr 22 11:59

Time to Wake up to some Realities on the Iran Deal

Too many cooks spoil the broth, and that appears to be precisely what the Senate had in mind.

Evidently Obama has concluded that a veto-proof majority in both Houses stood behind the Foreign Relations Committee bill, and reluctantly conceded. But that wrests control of the process out of the hands of the Administration. The Iran deal may have died this afternoon.

To make sense of the events that have led to the current negotiations over Iran’s so-called nuclear ambitions, certain elemental realities should be highlighted:

Apr 22 11:18

ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut

European Central Bank has decided suddenly that - the value of the collateral that Greek banks post at their own central bank to secure these loans be reduced by as much as 50%,

Apr 22 11:12

Automakers Want to Outlaw Gearheads From Working on Their Own Cars

Claiming that modern vehicles are “too complex” for home mechanics to fix, automakers are seeking copyright restrictions to prevent gearheads from working on their own cars.

Webmaster's Commentary: 

I don't want to own a car too complex for me to work on! There is a clear market need for a simple and reliable car that owners can maintain and repair themselves.

Apr 22 11:10

Anti-War Activist: West Hooked Ukraine on Loans, Like a Junkie on Drugs

The US agreed on Monday to provide almost $18 million in additional humanitarian aid for Ukraine, including shipments of supplies and funding for projects in areas affected by fighting. Veteran activist Joe Iosbaker spoke with Radio Sputnik about what he thinks this aid really means for the US' role in the region.

Apr 22 11:07

Pentagon Wars

Webmaster's Commentary: 

A reader informs me that the film I mentioned in yesterday's radio show, "The Pentagon Wars" is on YouTube in its entirety. It probably won't stay there because of copyright violation, but while it is there you might wish to take a look. It is a funny film, based on the true story of the Bradley Infantry Fighting vehicle. Directed by Richard Benjamin, and starring Kelsey Grammer and Cary Elwes.

Apr 22 10:56

WATCH: Are we in a profit recession?

Apr 22 10:55

5 Corporations Sucking California Dry During the Drought

As most people in the country know by now, California is currently suffering from a severe, record-breaking drought. In fact, it’s the worst drought in 1,200 years. While Governor Jerry Brown recently issued a mandate for people to start conserving water, large corporations use up and waste vastly more water than individuals and small businesses, often in ways that are detrimental to the environment.

Let’s take a look at five of the most massive corporations in California that are the worst culprits when it comes to wasting water:

Apr 22 10:53

Detroit Just Had the Single Largest Tax Foreclosure in American History

Unlike so many industrial innovations, the revolving door was not developed in Detroit. It took its first spin in Philadelphia in 1888, the brainchild of Theophilus Van Kannel, the soon-to-be founder of the Van Kannel Revolving Door Company. Its purpose was twofold: to better insulate buildings from the cold and to allow greater numbers of people easier entry at any given time.

On March 31st at the Wayne Country Treasurer's Office, that Victorian-era invention was accomplishing neither objective. Then again, no door in the history of architecture—rotating or otherwise—could have accommodated the latest perversity Detroit officials were inflicting on city residents: the potential eviction of tens of thousands, possibly as many as 100,000 people, all at precisely the same time.

Apr 22 10:51

Fast Tracking Democracy to Hell: Why the Trans-Pacific Partnership Is a Rotten Deal

Free traders in Congress formally proposed last week that lawmakers relax, put their feet up and neglect the rigor of legislative review for the Trans-Pacific Partnership (TPP) trade scheme.

The TPP is a secret deal among 12 Pacific Rim nations that was covertly negotiated by unelected officials and corporate bosses. It’s so clandestine that lawmakers elected to represent the American people were refused access to the deliberations. It would expand secret trade tribunals that corporations use to sue governments over democratically established laws and win compensation from taxpayers.

Apr 22 10:47

Yet Another MSNBC Host Owes Thousands In Taxes

Apr 22 10:29

First Chinese state-owned company announces bond default

Baoding Tianwei Group, owned by the China South Industries Group, has become the country’s first state-owned company to announce a default on its bonds traded in mainland China, after failing to pay $13.8 million in interest.

Apr 22 10:26

The Coming ''Brain Chip''

By Brandon Turbeville

Interestingly, a 2007 clip from NBC News has, for some reason, been making the rounds on the Internet once again as if it were being broadcast for the first time. This clip and the accompanying commentary has served to galvanize those reading and listening to it into one of two camps: one that is subject to overhype, “clickbait” titles and panic; and another that is firmly entrenched in the American sheep class for whom no bad news or reports of malfeasance is real or anything other than a conspiracy theory.

This is because the NBC clip is an issue that would affect each and every individual in the country on a deeply personal level. Entitled, “The Year 2017,” the report predicts a near future in which every American will be microchipped by the year 2017...

Let's look at the deeper history...

Apr 22 10:06

Japan pleased with expansion of ties with Iran: Japanese PM

In the meeting held on the sidelines of the 60th Asia-Africa Summit Meeting in Indonesia the two sides in addition to reviewing bilateral relations exchanged views on most important regional and international issues.

President Rouhani and Prime Minister Abe both agreed that further expansion of Tehran-Tokyo comprehensive relations and cooperation under the current conditions was a must.

Apr 22 10:04

Propaganda Works: A Significant Majority Of Americans Think The Economy Is Good… And Only Getting Better

For the first time since President Obama took office a significant majority of Americans give the economy two thumbs up...

Apr 22 10:00

Twilight Zone Economics

The US government has annual income of approximately $3 Trillion and official debt in excess of $18 Trillion. This does not count other liabilities such as Fannie and Freddie, and massive unfunded liabilities. But assuming “only” $18 Trillion in debt (optimistic) the US has the same ratio as a family with $60K income and $360K in credit card debt.

But this is not recognized as a problem because the Treasury sells bonds and the Fed “prints” the currency to buy the bonds. Debt increases and the US government spends. Life is good for politicians and bankers.

Apr 22 09:49

McDonald’s Reports Steeper Profit Drop

McDonald’s Corp. said its sales are continuing to struggle as efforts by its new chief executive to win back customers in the U.S. haven’t paid off yet.

Apr 22 09:49

Could massive EU-US trade deal be extended to Israel?

There are many reasons to oppose the planned Transatlantic Trade and Investment Partnership (TTIP).

It is designed to make capitalism the only permissible system in both the US and the European Union. It is being negotiated in a secretive and anti-democratic fashion. The groundwork for it has been laid by an unholy alliance of banks and the manufacturers of cigarettes, cars and chemicals.

And it may be extended to Israel.

Apr 22 09:33

VIDEO -Monopoly Men: Federal Reserve Fraud

the connective tissue between this and other top-secret international organizations is explored and exposed

Apr 22 09:31

Nomi Prins: The World Is In Play

Apr 22 09:17

This Is What Happens If Venezuela Implodes

Apr 22 09:11

The World Has Slipped Into A “Twilight Zone” Of Economic Insanity And Lost Touch With Real Assets.

Swiss Interest yields out to 10 years are currently negative. German yields are negative. What rational person will “invest” euros with a guarantee of negative earnings for 10 years in an unstable currency that might not even exist in a few years? This bond market insanity arose from weak economies, bad management, corrupt banking, and controlled markets.

Apr 22 09:06

How the New Flexible Economy Is Making Workers’ Lives Hell

These days it’s not unusual for someone on the way to work to receive a text message from her employer saying she’s not needed right then.

Although she’s already found someone to pick up her kid from school and arranged for childcare, the work is no longer available and she won’t be paid for it.

Just-in-time scheduling like this is the latest new thing, designed to make retail outlets, restaurants, hotels, and other customer-driven businesses more nimble and keep costs to a minimum.

Software can now predict up-to-the-minute staffing needs on the basis of information such as traffic patterns, weather, and sales merely hours or possibly minutes before.

This way, employers don’t need to pay anyone to be at work unless they’re really needed. Companies can avoid paying wages to workers who’d otherwise just sit around.

Apr 22 09:05

Is The U.S. Food Supply Cursed?

Apr 22 08:41

BP sees 'massive' shock for North Sea as oil glut deepens

The North Sea oil industry faces a drastic squeeze as the world’s crude glut worsens, BP has warned.

“We’re going to see massive restructuring,” Bob Dudley, chief executive, said. “The North Sea is a very high cost basin and it is going to be a painful adjustment.”

Mr Dudley told the IHS CERAweek forum in Houston, Texas, that the latest tax cuts in the Budget will help margins but do not go far enough to avert a bloodbath for smaller drillers and exploration companies.

Apr 22 08:36

Crisis? What crisis? How politicians ignore the existence of food banks

It’s like Groundhog Day. A report into food bank use is published. There are more people now than there were last year, month, week using them. Many people are referred to food banks due to delays and cuts to their benefits. Of the remaining referrals, a significant number are in low-paid, insecure work.

You might be forgiven for thinking that the UK doesn’t have a food bank problem, so absent have they been from the election debates and manifesto launches of the past few weeks. Yet the sharp rise in the number of people going hungry in our country seems to be an indicator that something has gone horribly wrong.

In 2009-10, the Trussel Trust’s food banks helped 41,000 people. This has risen to 1.1 million over the past year.

Apr 22 08:35

Collecting Taxes Might Just Be a ‘War Crime’ in Hawaii

WEBMASTER ADDITION: See also Hawaii is not legally a state!

Apr 22 08:29

Tesco reports record £6.4bn loss

Supermarket company reports worst results in its 96-year history and UK’s biggest retail loss as company undergoes latest shakeup under new boss Dave Lewis

Apr 22 08:11

PAPER: Will Fed ever raise rates again?

Apr 22 08:09

Orange “Toyota” Paul Walker Of “Fast And The Furious” Put Up For Auction

On the off chance that you’ve needed to claim an arrangement of wheels like Dom, Brian and the posse, now is your possibility.

The orange 1993 Toyota Supra that was utilized as a trick auto as a part of key scenes in the first The Fast and the Furious film is hitting the bartering square. The vehicle is recorded by Mecum Auctions and will be accessible to the top bidder amid their Indy 2015 occasion, occurring May 12-17 in Indianapolis.

http://whatisusa.info/orange-toyota-paul-walker-of-fast-and-the-furiou...

Apr 22 07:29

TECHNO FASCISM: DHS TO OPEN UP SHOP IN SILICON VALLEY

The Department of Homeland Security is setting up shop in Google's territory. DHS is close to opening a branch in Silicon Valley to help tighten the tech industry's computer security -- and conscript its top talent, the department's top official announced Tuesday. The move is part of a larger attempt to build a bridge between West Coast Web giants and the government, after 2013 revelations of online surveillance soured many in the industry on the concept of public-private partnerships.

Apr 22 07:17

The Total Destruction of America from Within

Paul Craig Roberts discusses the dismantling of the U.S. constitution and the current Great Recession

Apr 21 22:03

Wealth Destruction for the 99.9 Percent

Blaming the 1% for diminished prosperity avoids the real reasons for designed poverty. In round terms, the seven billion souls that populate this planet translate into seventy million to be part of the 1%. Well, that amount is still a very large number to blame for the systemic transfer of riches into the hands of the few. A far more relevant approach is to examine the .001% or around seven million that fall into the mover or shakers of asset and possessions. Before targeting this group of mega wealth, that figure includes a very significant number, who are non players when it comes to global politics or transnational finance.

Apr 21 19:13

Credit Checks While Seeking Employment May Be a Thing of the Past

Recently a new statute was passed banning credit checks for job seekers in New York City.

Apr 21 19:07

Gas Prices on the Decline

Generally speaking gas prices are higher during months of travel, like the spring and summer when more families are travelling for spring break and summer vacations. But this year gas is predicted to be much cheaper than previous summers.

Apr 21 19:01

America’s First $1 Trillion Company

Apple’s success in the past few years is no big secret, but did you know that just 18 years ago it was slated for bankruptcy?

Apr 21 18:56

CEO Raises vs. the Average Employee

Since the recession in 2008, employee raises and bonus have largely been suspended or cut back in an effort to save money. But CEOs of most major companies are still seeing large bonuses and raises despite the slow financial recovery of some companies.

Apr 21 15:45

How the Federal Reserve Is Destroying Your Economic Future

When it comes to what goes on in the marble corridors of the Federal Reserve, Americans tend to be suspicious. For different reasons, both the right and the left have challenged Fed policies aimed at bolstering the economy in the wake of the Great Recession.

In two papers for the Institute of New Economic Thinking’s Working Group on the Political Economy of Distribution, “Have Large Scale Asset Purchases Increased Bank Profits?” and the forthcoming “The Impact of ‘Quantitative Easing’ on Expected Profits: Explaining the Rise and Fall of the Fed’s QE Policy,” economist Gerald Epstein and his colleague Juan Antonio Montecino sought to find out who in the economy tends to benefit from the Fed’s actions. They conclude that Wall Street and wealthy Americans are the big winners from policies like quantitative easing, while the rest see little improvement in their economic lives. End result? Inequality is getting worse.

Apr 21 15:33

S&P 500 Has Gone 34 Days Without a Record

Apr 21 15:20

Reverse Repos Go Parabolic: ‘Liquidity Shock’ Derivatives Melt-Down Has Begun!

The strange volatility we’ve been experiencing in the markets is occurring because there’s is a massive derivatives melt-down going on behind the scenes.

The Fed is engaging in an enormous reverse repo operation in order to prevent the global financial system from collapsing.

The ONLY REASON the Fed would need to inject massive amounts of Treasuries into the global banking system is because there’s an extreme shortage.

A massive derivatives accident requiring MASSIVE amounts of collateral to be posted has developed

Apr 21 15:19

Going Rogue: 15 Ways to Detach From the System

Apr 21 15:14

Russia Buys 30 Tonnes Of Gold In March

I don’t know what event will trigger a failure in the west’s gold capping abilities, but I have a feeling that it will be an event that will make life very uncomfortable for everyone…

Apr 21 14:26

In New York, 88,000 people have applied for 55 affordable apartments in a single building

In New York, 88,000 people have applied for 55 affordable apartments in a single building
You may recall the infamous "poor door" development in New York — a luxury high-rise condo in Manhattan designed to include 55 affordable units that will be accessible from a separate entrance. The developer, Extell, agreed to include the below market-rate apartments in exchange for permission from the city to construct a larger building on the site than the zoning code would normally allow. Affordable housing advocates, the mayor and the media, though, cried foul when they realized that Extell intended to separate the rich from the poor.

Apr 21 14:05

ALL WARS ARE BANKERS' WARS!

"Banking was conceived in iniquity and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of a pen they will create enough deposits to buy it back again. However, take it away from them, and all the fortunes like mine will disappear, and they ought to disappear, for this world would be a happier and better world to live in. But if you wish to remain slaves of the Bankers and pay for the cost of your own slavery, let them continue to create deposits." -- Sir Josiah Stamp, President of the Bank of England in the 1920s, the second richest man in Britain

Webmaster's Commentary: 

Posted for the radio audience

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Apr 21 14:04

Liberate the Bank of Canada, Intrepid Think Tank Urges

You know the old aphorism -- "If a tree falls in the forest...?" Well, how about this one: If citizens win a significant victory in court against an autocratic government involving the fleecing of Canadians of billions of their hard-earned tax dollars and no one in the media actually covers it, did it really happen?

That might well be the question being asked over at the Committee for Monetary and Economic Reform (COMER) a very small and low-budget Toronto think tank. With their lawyer Rocco Galati (of Supreme Court fame in the Marc Nadon case), they have been steadily winning court battles initiated in 2011 that would oblige the Bank of Canada to return to its pre-1974 practice of lending the government money virtually interest free. But the mainstream media has boycotted the story. Galati believes the Harper government has done some serious arm-twisting to keep the story buried.

Apr 21 13:19

And it's gone

Apr 21 12:50

10 Ways To Screw The System

Apr 21 12:28

New Study: Millennials Don’t Like Credit Cards

Some 36% of millennials — those aged 18 to 29 — have never owned a credit card...

Apr 21 11:55

Tainted Russian wheat resurfaces in Egypt

The tainted wheat — which contains toxic and cancerous elements and dead insects and cannot be consumed — was among the most dangerous issues that raised the ire of the Egyptian street under the regime of President Hosni Mubarak. Its wide distribution to mills and bakeries was discovered in 2009.

Egypt is one of the largest wheat importers in the world, taking in between 7.3 and 8.2 million tons annually from Russia, the United States, Ukraine and Kazakhstan.

Cairo is currently facing a crisis threatening to increase its wheat bill in the wake of restrictions imposed in February by Russia, the fourth largest wheat exporter in the world, on its wheat exports in accordance with rising domestic prices.

Apr 21 11:47

Baker Hughes increases layoffs to 10,500

Apr 21 10:56

Exclusive: Wary of natural disaster, NY Fed bulks up in Chicago

The New York branch of the U.S. Federal Reserve, wary that a natural disaster or other eventuality could shut down its market operations as it approaches an interest rate hike, has added staff and bulked up its satellite office in Chicago.

Some market technicians have transferred from New York and others were hired at the office housed in the Chicago Fed, according to several people familiar with the build-out that began about two years ago, after Hurricane Sandy struck Manhattan.

Officials believe the Chicago staffers can now handle all of the market operations that are done daily out of the New York Fed, which is the U.S. central bank's main conduit to Wall Street.

Webmaster's Commentary: 

I don't think it is a natural disaster they are worried about so much as an angry mob with torches and pitchforks descending on Wall Street ... like the people of Illinois with torches and pitchforks don't know the FED is there as well!

Apr 21 10:44

Greek anger over state cash grab from public entities

Greek local authorities were on the brink of revolt Tuesday against the central government's move to use cash reserves from state agencies — including hospitals and kindergartens — to help the country make ends meet.

Webmaster's Commentary: 

Apr 21 10:33

12 Outrageously Simple Tips for Saving Money

Apr 21 10:10

On the Verge of Economic Upset | Michael Rivero

Apr 21 10:03

Netflix Is Now Worth More Than CBS

Apr 21 09:51

Heads Up: Gov’t plans to Tax our Savings Accounts

A new political scheme to tax bank accounts, according to the Australian Financial Review, might be locked in place in Australian banks as soon as January 1, 2016. [1-4] This could quickly be copied by other tax-hungry welfare states, including ours.

This bank deposit tax will likely begin at a low percentage, to create a legal precedent; but it is expected to grow rapidly, as the income tax did in the United States.

Like many modern taxes, this planned tax on bank accounts is being framed as a tax on the banks, not on individual customers. Its cost, however, will be passed on to depositors in the form of higher fees or lower interest paid on their accounts.

This tax on bank deposits is projected from its start to raise around $500 million each year, purportedly for a “Financial Stabilization Fund” to help protect banks from collapse in future financial crises.

Apr 21 09:46

Unsound Banking: Why Most of the World’s Banks Are Headed for Collapse

Doug Casey

You’re likely thinking that a discussion of “sound banking” will be a bit boring. Well, banking should be boring. And we’re sure officials at central banks all over the world today—many of whom have trouble sleeping—wish it were.

This brief article will explain why the world’s banking system is unsound, and what differentiates a sound from an unsound bank. I suspect not one person in 1,000 actually understands the difference. As a result, the world’s economy is now based upon unsound banks dealing in unsound currencies. Both have degenerated considerably from their origins...

Apr 21 09:37

Bail-in powers implementation

The Special Resolution Regime (SRR) established in the Banking Act 2009 (“the Banking Act”) confers a number of resolution powers on the Bank of England and HM Treasury. The Financial Services (Banking Reform) Act 2013 (the 2013 Act) confers on the Bank of England a further option for the resolution for banks, building societies, investment firms, and certain banking group companies: the bail-in stabilisation option.

Webmaster's Commentary: 

Basically, Great Britain has set up the mechanism they need to loot savings accounts to save the big banks.

Apr 21 09:37

European Banks Are Paid To Borrow For First Time Ever As Euribor Goes Negative

Mario Draghi said this week that the transmission channels for European Q€ were opening up and crowed how well his cunning plan was working (by well we assume he means stocks are up). Today we get the ultimate test of that 'transmission' as 3-Month EURIBOR fell below 0.00% for the first time ever (likely wreaking havoc on European derivative pricing models). In English that means banks are being paid to borrow from one another in the interbank money-markets (which sounds a lot like a 'glut' of excess cash) seemingly confirming ICMA's de Vidts fears: "We are scared about the [repo] market freezing," as the ECB is "driving without headlights in the dark." Of course this is yet another disturbing distortion on the heels of homeowners being paid to take out mortgages...

Apr 21 09:29

STUNNED GREEKS REACT TO INITIAL CAPITAL CONTROLS AND THE “DECREE TO CONFISCATE RESERVES”, AND THEY ARE NOT HAPPY

Earlier today, following weeks of speculation, Greece finally launched the first shot across the bow of capital controls, when it decreed that due to an “extremely urgent and unforeseen need” (ironically the need was quite foreseen since about 2010, but that is a different story), it would be “obliged” to transfer – as in confiscate - “idle cash reserves”located across the country’s local governments (i.e., various cities and municipalities) to the Greek central bank.

Bloomberg reports, that “as Greece struggles to find cash to stay afloat, local authorities say they oppose a government decision to use their reserves for short-term financing.”

Webmaster's Commentary: 

So now, to fulfill their obligations to the IMF, Greeks are going to be robbed of the money they have earned?!?

IF I were a Greek citizen, with my account wiped out to pay the country's IMF obligations, I would be very, very, very angry right now.

Apr 21 09:26

Fearing the Loss of Hegemony: The Concept of US Retreat

Nothing upsets those drunk on imperialist virtue than the fact it might end. Such romances with power do have a use-by-date, going off like old fruit. Eventually, the crippling contradictions will win through in the end. The days of the US empire are numbered – but then again, they always were.

Apr 21 09:24

The Rise of the Paper Machines

Apr 21 09:23

THE BANKSTER WAR ON CASH; JP MORGAN CHASE BEGINS TO PROHIBIT THE STORAGE OF CASH IN ITS SAFETY DEPOSIT BOXES

Letters are apparently going out to some JPMoragnChase customers announcing that cash will be prohibited from being stored in the bank's safety deposit boxes.

At the Collectors Universe message board, a commenter reports:
My mother has a SDB at a Chase branch with one of my siblings as co-signers. Last week they got a letter outlining a number of changes to the lease agreement, including this:

"Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value."

Another change is that signatures will no longer be accepted to access the box. The next time they go in they have to bring two forms of ID and they will be issued a four-digit pin number that will be used to access the box then and in the future.

Webmaster's Commentary: 

Folks, this is the prelude to currency controls in this country, and it will not be pretty.

If you believe that a Cypress-style account "haircut" cannot happen here, you need to think again.

Please have no more money in your checking account than you absolutely need to pay your bills.

Apr 21 09:19

Thanks For The Investment Advice, Mario!

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