ECONOMY

Jul 12 12:41

Bank Insider: Worst Depression Ever Coming

Jul 12 12:40

Tax Dollars, Detroit and Israel

As Detroit, Michigan grapples with bankruptcy, requiring at least $1 billion in aid, it is probably not alone. “More U.S. cities could be heading towards bankruptcy”, said Richard Ravitch, a former Lieutenant-Governor of New York, who was instrumental in helping New York City navigate through its financial woes in the 1970s.

Jul 12 12:26

The Global Money Printing Mentality

Jul 12 11:04

Mexico looks to back peso with silver: “Would unleash a global power shift”

For many Americans the country of Mexico conjures up images of a third world nation. The poverty, lack of basic services, and extreme violence has left the populace so desperate that thousands of people on a daily basis head to the United States for a better life.

Jul 12 09:41

Controlled Economic Collapse Imminent

Jul 12 08:18

100 pennies, for only $3.49!

I know some folks just can't be convinced that inflation is a problem, but I humbly ask the reader to look long and hard at that picture, to realize completely what's happened to our currency.

Fake, "counterfeit" money, made from cheap plastic, now sells for over 3 times as much as what people (mistakenly) consider real money. Counterfeit money is now worth more than "real" money.

In what universe would purchasing this make any sort of sense? I'm half tempted to get 350 pennies just to go to the store and buy this. I wonder if the cashier would notice the surreality of the transaction.

Jul 12 08:03

The Number Of US Firms Willing To Trade in Chinese Yuan Has Tripled This Year

As the US spreads its message of cheer around the world, it appears an increasing number of trade 'partners' are more than willing to consider alternatives to the hegemony. As AFP reports, China's Yuan usage in global trade and finance has more than doubled this year. While still notably below USD usage in international payments it remains firmly in second place for trade finance and according to a recent survey by HSBC, the number of US companies planning to use Yuan has almost tripled this year (from 8% to 22%). De-dollarization continues...

Jul 12 06:39

U.S. Steelmakers Accuse Russia of Breaching 15-Year Trade Deal

U.S. steel producers on Thursday accused Russia of flooding the market with cheap flat-rolled steel, challenging a 15-year trade deal and potentially reigniting a decades-old dispute over imports amid heightened tensions between Washington and Moscow.

In a submission to the Commerce Department, Nucor Corp , U.S. Steel Corp, ArcelorMittal USA LLC and others said the agreement had not stopped Russian producers from undercutting local prices or flooding the U.S. market with a 1,400 percent shipment increase in the first half of 2014 compared with the year-ago period.

Webmaster's Commentary: 

"How DARE the Russians make better steel and sell it for a lower cost!!! Everyone knows the world must by our inferior products at inflated prices! This means WAR!!!" -- Official White Horse Souse

Jul 12 05:17

US Gov hired 76,735 new employees in 2013

FOR WHAT?

a drop of more than 14.5 percent compared to the previous year.

36.2 percent of new hires are filling jobs at Department of Defense agencies

Jul 11 19:38

The Myths of Big Corporate Capitalism

Large corporate capitalism is a breed apart from smaller scale capitalism. The former can often avoid marketplace verdicts through corporate welfare, strip owner-shareholders of power over the top company bosses and offload the cost of their pollution, tax escapes and other “externalities” onto the backs of innocent people.

Jul 11 16:45

Average new house size in selected countries

Jul 11 13:41

Average Americans remain skeptical of economists’ positive forecasts

After last week’s positive jobs report, economists have been revising their forecasts to reflect a more optimistic take on the recovery. Their predictions range from continued monthly job growths to lower unemployment rate. Yet if we learned anything in the past few months, it’s to not get our hopes up.

Jul 11 13:17

Financial Institutions Fear Global Revolution

The “bleak” reality is that these and other big banks and financial institutions have repeatedly collapsed the global economy and profited along the way, punishing entire societies and populations into poverty through a process of plundering and exploitation as governments feared the wrath of “financial markets.”

Jul 11 12:14

What’s the Best Use of Cash for Big Banks?

Jul 11 10:35

Mexico Looks To Back Peso With Silver: “Would Unleash a Global Power Shift”

We know that many people are used to looking at Mexico as the violent, crooked, messed up country over the border… it’s now time to rethink all that.

Jul 11 10:25

If Obama actually cared about homeland security or Islamic terror he would seal the border

The “Department of Homeland Security” is a total farce. So is the “war on terror”. As you will see, the reality of the matter is that the Obama administration could not care less about either one of them. As millions of illegal immigrants pour across our southern border, a lot of really bad people are coming with them.

Jul 11 10:01

Germany Instructs Its Companies To Limit Cooperation, Procurement Orders With The US

Congratulations America: after severing ties with Russia, crushing cordial relations with China (leading to this stunning announcement by China's president), alienating France (which is now openly calling for an end to the petrodollar), the Obama administration - following not one, not two, but three spying scandals in just the past year - has managed to sour relations with Germany to a point where one wonders just who is a remaining US ally in Europe these days.

Jul 11 09:42

Bradburn v. ReconTrust and Same Old Robo Signers Rear Their Ugly Head in U.S. Bankruptcy Court - Tacoma, Washington

Friday, July 11, 2014

KingCast and Mortgage Movies Interviews Jeanmarie Mason as Bradburn v. ReconTrust Rears its Ugly Head in Washington Bankruptcy Court

I see a homeowner in Bankruptcy Court facing the same issues countenanced in Bradburn v. ReconTrust (watch the courtroom video here), with G. Hernandez and Leticia Quintana holding down a lot of jobs. Their parents must be proud.

Jul 11 09:15

CPS across the nation fails the children they’re tasked to protect

ARIZONA DISBANDS CPS; CHILD IMMIGRATION FUELING CRISIS
Any interested party is compelled to ask: Qui bono? Who really benefits when Child Protective Services (CPS) is in such a state of disarray

Jul 11 09:06

Huge public sector strikes hit Britain

Webmaster's Commentary: 

When you choose to live a simpler life, that is austerity. When the government orders you to live a simpler life, that is DICTATORSHIP!

Jul 11 08:56

How The Market Is Like CYNK (Which Was Just Halted)

"Whatever one feels about financials and the wider financial system, credit markets did arguably get a small glimpse of what things will be like when this cycle does actually end as the structurally impaired liquidity that exists in credit caused a small amount of panic yesterday morning before markets recovered in the European afternoon session. Liquidity is really poor in credit these days which doesn't matter when markets are in buy only mode as they have been for many quarters now, but it does matter on the days when you get a negative story."

Jul 11 08:46

Bulgaria's Central Bank Revokes License of Corporate Commercial Bank

The Bulgarian National Bank (BNB) is to suspend the license of troubled Corporate Commercial Bank (KTB) and to nationalize its subsidiary, Credit Agricole Bulgaria.

BNB is also to transfer citizens' and companies' assets held in KTB into Credit Agricole Bulgaria, where money from Bulgaria's Deposit Insurance Fund (DIF), which protects personal and corporate deposits up to EUR 100 000.

At the same time, some BGN 3.5 B (EUR 1.75 B) seem to be "missing" from the bank, public broadcaster BNR quoted the central bank's Governor Ivan Iskrov as saying.

It is the 3.5-billion-worth gap that changed BNB's "initial plans" to help KTB to recuperate after stepping into its management to avoid a further crisis, he explained.

Jul 11 08:27

Iceland plans euro (RATHER THAN DOLLAR!) bond sale

Iceland is planning to sell its first euro bond since 2006, moving away from the US dollar funding it has been dependent on since its economy crashed in 2008.

Jul 11 07:56

Price for American dream: $130,000 a year

No idea is more central to Americans’ outlook than the American dream — the belief that with hard work and the freedom to pursue your destiny, you can achieve success and provide better opportunities for your children.

But the financial crisis, housing bust and Great Recession have caused more of us to worry that the American dream is out of reach.

“For the vast majority of Americans, there is a sense that achieving the American dream is becoming more difficult,” wrote Mark Robert Rank, Thomas A. Hirschl and Kirk A. Foster in a new book, “Chasing the American Dream.”

Jul 11 06:17

House GOP Trying To Tie Federal Reserve’s Hands

The House Financial Services Committee wants to rein in the Federal Reserve, the Washington Wire reports.

On Thursday, the committee held a discussion considering the addition of the “mathematical formula” rule — a rule that the Fed has signaled it strongly opposes.

For Chairman Rep. Jeb Hensarling, however, stipulating a rule in advance would render the Fed “free from political micromanagement,” noting that the Fed’s “independence and discretion must be paired with appropriate transparency and accountability.”

In addition, the Fed would face pushback on its regulatory efforts, since new rules would be subject to cost-benefit analysis before coming into effect. The chair of the Federal Reserve would also have to testify before the House Financial Services Committee twice as often, totaling four times a year.

Jul 11 06:14

Genius: IMF Pronounces Bulgaria's Banks "Safe" Just 2 Weeks Before Bank Run

Earlier this summer, IMF bureaucrats went to Sofia, Bulgaria to study the country’s economic progress.

And roughly a month ago, they released an official report which stated, among other things, that Bulgarian banks are “stable and liquid.”

Talk about epic timing. Because less than two weeks later, Bulgaria’s banking system was in the throes of a full-blown crisis.

There was a run on two of the nation’s largest banks—several hundred million dollars had been withdrawn in a matter of hours.

And the Bulgarian central bank had to step in and take over both of them or risk a collapse in the entire system.

This is the modern miracle of fractional reserve banking.

Jul 11 05:33

How Risky Is Europe’s Banking Sector?

Jul 11 05:31

Homeland Secretary: Agency That Removes Immigrants Will Be Out Of Money By Mid-September At ‘Current Burn Rate’

The Homeland Security agency responsible for removing immigrants who are in the country illegally will run out of money by mid-August unless Congress approves President Barack Obama’s emergency request for $3.7 billion to help deal with a flood of child immigrants crossing the border illegally without their parents, Homeland Security Secretary Jeh Johnson says.

Jul 11 04:49

Tech stock soars 25,000%. No one knows why

Cynk Technology lists no revenue or assets. It also reported a $1.5 million loss

Jul 11 00:04

China’s yuan ‘a growing force in global finance’

China’s yuan is a growing force in global finance, more than doubling in use over the past year, according to a new study from the Institute of International Finance Thursday.

Jul 10 20:05

Did China Just Crush The US Housing Market?

the marginal buyer in the US luxury housing segment was – the answer: Chinese oligarchs, scrambling to launder their “hot” domestic money abroad

Jul 10 19:21

U.S. bank penalties now exceed the GDP of most countries

The combined tally for Bank of America, Citigroup, J.P. Morgan Chase (JPM) and Wells Fargo (WFC) could easily exceed $100 billion by the time all the dust has settled. Wells Fargo (arguably not a “Wall Street” bank, since it’s based in California) is the only member of the big four that hasn’t reached a deal with the FHFA involving overly risky mortgages

Jul 10 17:30

Blowing the whistle on World Bank whistleblower Karen Hudes

Source: http://sgtreport.com/2014/07/on-karen-hudes-the-real-2nd-species-psych...
The debate about Karen Hudes rages on. Some call her a whistle blower while others are blowing the whistle on her, claiming that she's less than honest. In this interview I speak with Jason Erb, founder of http://fauxcapitalist.com/, the website from which we posted two articles that are critical of Karen. Although it is never our goal to disparage any of our guests, Jason contacted me and wanted to discuss Karen's claims about mountains of hidden gold, the death of the global control monetary system and a "second species" - which to me sounds a lot like the psychopathic bankers which plague humanity. Please listen and leave us your thoughts in the comments section below.

Jul 10 17:19

The $5billion tech start up whose stock has gone up 30,000 per cent in ONE MONTH may not even exist

Cynk has only $39 in assets and almost $52,000 in liabilities, according to its most recent quarterly filing available on OTCMarkets.com.

The company has lost money for several quarters and has no income, according to annual income statements available on Yahoo Finance.

Bubbles come and go, but this company’s valuation defies logic.

It is not clear what has driven the company’s shares to unfathomable heights – but a pump and dump scheme could be the culprit.

Pump and dumps schemes work when brokers work to sell a penny stock - at six cents per share and trading over the counter, Cynk was a penny stock - to unsuspecting investors in order to drive the stock price up.

Straw buyers also take positions in the stock, and sell their shares at a predetermined price where they realize a huge profit. Once they sell, the stock goes back down again and everyone else loses their shirt.

Jul 10 16:27

APD to buy 350-plus AR-15 rifles

Salt in the wounds!

Created: 07/09/2014 10:39 PM
By: Ryan Luby, KOB Eyewitness News 4

New Mexico's largest police department, mired in controversy over the use of excessive force, is about to supply military-style weapons to officers using taxpayer money.

The investigative team at KOB Eyewitness News 4 learned that Albuquerque Police awarded a bid to a local vendor for the purchase of AR-15 rifles -- the type of gun used to kill James Boyd in the foothills in March.

According to the request for bid, which ended two weeks ago, the department would likely purchase 350 guns in the first year of a two-year contract. Thereafter, it would order quantities of 50 as necessary.

"You're asking for trouble, in my opinion," Peter Simonson, Executive Director of the ACLU of New Mexico said.

Jul 10 15:38

The Crazy World That Children Must Conform To

A short look at the world around you... and a message from the powerful people who run the world. You are wrong if you don't conform.

Jul 10 14:32

MM24 - More Trouble for US Economy

Jul 10 14:15

Bank False Flag Coming Soon, Get Your Cash Out

Jul 10 14:14

10 BRANDS THAT WILL DISAPPEAR IN 2015

Jul 10 14:13

$5 DOLLAR REASON TO DUMP YOUR SMARTPHONE

Jul 10 13:41

Gold's 2014 Half-Time Report

Jul 10 13:30

Events in southeast leave Ukraine’s budget $213 mln short for June

Ukraine’s Ministry of Revenue and Duties collected 75.8 billion hryvnia (6.4 billion U.S. dollars) in the first six months of 2014 and this is one percent less than planned, Chairman of the State Fiscal Service Igor Belous told reporters on Thursday.

Jul 10 13:05

EPA claims it has the power to garnish wages without court approval

The Environmental Protection Agency has quietly claimed that it has the authority to unilaterally garnish the wages of individuals who have been accused of violating its rules.

According to The Washington Times, the agency announced the plan to enhance its purview last week in a notice in the Federal Register. The notice claimed that federal law allows the EPA to "garnish non-Federal wages to collect delinquent non-tax debts owed the United States without first obtaining a court order."

Jul 10 13:03

Filter On The Roof!

Following the IDF difficulties in defeating Hamas’s ballistic warfare, the Israeli Government is now urgently searching for contractors with some advanced experience in large scale reinforced concrete constructions. The mission ahead is the building of a solid concrete roof over the entire Jewish State. PM Netanyahu is determined that the only way to defend Israel’s populated area is to cover the Jewish State with a thick layer of iron and cement.

Jul 10 12:41

Washington’s Arrogance Will Destroy Its Empire — Paul Craig Roberts

Washington reeks of the stench of evil

Paul Craig Roberts

Alone among the governments in the world, Washington requires sovereign governments to follow Washington’s laws even when Washington’s laws contradict the laws of sovereign countries. Washington issues ultimatums to sovereign nations to do as they are told or “be bombed into the stone age.”

Washington violates diplomatic immunity and forces down the planes of presidents of sovereign countries to be illegally searched.

Washington ordered its UK vassal to violate the laws and conventions governing political asylum and to refuse free passage to Julian Assange to Ecuador.

Washington ordered Russia to violate its laws and to hand over Edward Snowden.

Russia is strong enough to refuse to comply with Washington’s orders.

Jul 10 12:20

Game Changing Major End The Fed Rally Planned in Europe

In this video Luke Rudkowski talks to Lars Maehrholz during his layover in Berlin about the merger of 128 cities and 5 countries that will come together on July 19th to do a mass protest against the U.S Federal Reserve in Berlin Germany.

Jul 10 12:06

Q2 GDP Hopes Fade As Wholesale Inventories Miss By Most In 2014

Another day, another uncomfortable fact about Q2 not being the epic bounce back that so many had promised. Wholesale Inventories rose only 0.5% in May - following April's +1.1%. This is the slowest growth in 2014 and biggest miss of expectations since Dec 2013. Wholesale sales also fel back, missing expectations at +0.7%, to the slowest since Feb as April hopes fade. Cue, Q2 GDP downgrades in 3...2...1...

Jul 10 11:26

Will Fundamentals Ever Matter Again?

Jul 10 09:37

“Unsustainable Real Estate Bubble Is Inflating,” Mortgage Bankers tell FICO

Observations about a housing bubble being once again inflated in many areas in the US have transitioned from bloggers throwing around unpleasant party-pooper data to mortgage bankers.

Jul 10 09:36

The World’s Next Oil Shipping Corridor: The Arctic Ocean

It’s colder than the Persian Gulf, needs more icebreakers than the Suez Canal and passes less picturesque beaches than the Mediterranean, but the so-called Northern Sea route connecting Europe to Asia via the northern coast of Russia has its advantages.

It’s a shorter and quicker route, and thus more energy efficient. And it avoids many of the geopolitical flash points that make shipping risky–instead of the Strait of Malacca, the Horn of Africa and Egypt’s Suez region, boats can hug the coat of Russia for a chilly but uneventful ride.

Jul 10 09:33

Russia to suggest forming energy association, fuel bank at BRICS summit

Russia will suggest setting up an energy association and a reserve fuel bank during the BRICS summit that takes place in Brazil July 15-16, Yury Uskakov, a Russian presidential aide, told reporters.

“Russia intends to suggest several specific subjects for consideration, namely the formation of a BRICS energy association to ensure the energy security of BRICS members,” Ushakov said ahead of President Vladimir Putin’s visit to Brazil.

Webmaster's Commentary: 

Russia is very smart to be making this move right now, while the whole Middle East is in deep turmoil; energy independence and energy efficiency are definitely two critical components in keeping countries' economies moving forward.

Jul 10 09:29

Germany clears path for EU to directly fund ailing banks

he EU’s bailout fund has moved closer to being able to directly pump money into troubled banks after the German government introduced a bill allowing direct bank recapitalisation.

The German government has introduced a bill allowing the EU’s bailout fund to directly fund struggling banks

The draft law will now require approval in the Bundestag, but is planned to enter into force in November.

“This is an important step to stabilise our financial sector … and to increase further the trust in our common European currency,” said finance minister Wolfgang Schaeuble on Wednesday (9 July).

He added that the law would help “rule out the risk that the taxpayer would have to accept liability, as in the financial crisis”.

Webmaster's Commentary: 

The question has to be asked: how many EU banks are in deep financial trouble, and by how much?!?

Jul 10 09:18

Muni Fund Collapses To Record Lows As Puerto Rico Risk Rises

Quietly behind the scenes and away from the exuberant stock market trading headlines of the mainstream media, Muni bond markets are in turmoil. Thanks to the 'shenanigans' in Puerto Rico - after lawmakers last month approved a bill allowing some public corporations to restructure debt - PR bonds have collapsed to record lows (and dragged a number of large Muni funds with them).

Jul 10 09:00

US Government Gives $100 BILLION in Improper Payments Every Year

In news that probably won't surprise anyone, the government has revealed that it makes roughly $100 billion in improper payments to people who may not be entitled to them - every YEAR.

The improper payments came in the forms of tax credits to families that didn't qualify, unemployment benefits to people who had jobs and medical payments for treatments that might not have been necessary.

In 2013, improper payments totaled approximately $106 billion - and experts say that figure could actually be higher. Rep. John Mica, R-Fla, chairs the House Oversight subcommittee on government operations. He told the AP the amounts are "staggering".

Jul 10 08:52

Petition: Let’s Put Up “Unaccompanied” Illegals at White House

In response to inaction by the Obama administration and the federal government to confront the tidal wave of illegal immigrants streaming over the border into Texas, Alex Jones and Infowars have posted a petition on the “We the People” page at the White House.

We demand Obama and Congress take responsibility for the unprecedented influx of so-called “unaccompanied minors” streaming across the border. Specifically, since there is no practical way at this point to prevent thousands of people daily from illegally crossing into the United States – short of militarizing the southern border – we demand Obama and Congress house the immigrants in Washington DC.

Jul 10 08:37

The Almighty Dollar Is In Peril As The Global ‘De-Dollarization’ Trend Accelerates

As the Obama administration continues to alienate almost everyone else around the entire planet, an increasing number of prominent international voices are starting to question why the U.S. dollar should be so overwhelmingly dominant in global trade.

In previous articles, I have discussed Russia’s “de-dollarization strategy” and the fact that Gazprom is now asking their large customers to start paying in currencies other than the dollar. But this is not just a story about Russia any longer. As you will read about below, China and South Korea have just signed a major agreement to facilitate trade with one another using their own national currencies, and even prominent French officials are now talking about the need to use the dollar less and the euro more.

Jul 10 07:47

Germany Blesses “Bail-In” Deposit Confiscation Plan For Failing EU Banks

One year earlier than required, the German government approved plans to force creditors into propping up struggling banks across Europe. As WSJ reports, Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk.” What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played – especially if Deutsche runs into problems) but as German authorities explain, “This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.” As a gentle reminder – creditors includes depositors… remember Cyprus?

Webmaster's Commentary: 

"Hey, if the FED can take our gold, then the banks can take your savings accounts! Fair is fair!!"

Jul 10 07:13

IPO Hype-Miracle Gets Crushed by Reality

Jul 10 06:27

Breaking News: Federal Judge Rules Against MERS

"...MERS, violated Pennsylvania law by using its members-only database to circumvent county recorder of deeds offices."

"As a result, Joyner ruled, counties lost millions of dollars in fees, the accuracy of public records was compromised, and home loans were sold time and again without the knowledge of homeowners or county recorders."

--------------------------------------------------------------------------

"We took all the MERS mortgages between 2004 and 2011 and then multiplied them by two, assuming they were sold once," Becker said. "But other recorders in other states ... have found most of these mortgages were sold 10 to 12 times."

Jul 10 06:26

Americans Have Spent Enough Money On A Broken Plane To Buy Every Homeless Person A Mansion

Just days before its international debut at an airshow in the United Kingdom, the entire fleet of the Pentagon’s next generation fighter plane — known as the F-35 II Lightning, or the Joint Strike Fighter — has been grounded, highlighting just what a boondoggle the project has been. With the vast amounts spent so far on the aircraft, the United States could have worked wonders, including providing every homeless person in the U.S. a $600,000 home.

Jul 10 05:20

Feeling poorer through the power of inflation: wages are simply not keeping up

You have to love how the Federal Reserve downplays inflation when they are the primary source of it with other central bankers for this monetary phenomenon. They continue to play inflation down because it gives them the power to continue to use policies that seem to only aid their banking allies while making working Americans poorer by the day. Inflation has a slow eroding power that is not readily visible since it usually takes time to work through a system. Looking at a broader timeframe however it becomes readily apparent that inflation is hitting our system hard and most working families don’t need an advanced degree in economics to understand this. According to the CPI, the overall rate of inflation since January of 2000 has been 39 percent. The Fed prefers to use the PCE Deflator measure and this only has inflation running at a 31 percent rate.

Jul 10 04:35

Fed to End Bond Buying in October

Jul 10 04:10

The Federal Reserve Won’t Let Germany Inspect It’s Own Gold

The National Security Agency isn’t the only American organization upsetting some Germans. The US Federal Reserve holds 45 percent of Germany’s gold assets, and a plan to bring much of that back to its homeland is in jeopardy. Efforts to transport or even audit the billions of dollars worth of precious metal held by the US are being impeded by politics and the Fed itself, creating frustration for many of the plans supporters.

Jul 10 03:57

Power grab: EPA wants to GARNISH WAGES of anyone they say is a "polluter"

EPA officials did not respond to repeated questions by The Washington Times about why they thought it was necessary to garnish people’s wages.

Jul 09 20:15

A "Perfect Storm" Could Be Forming Right Here

Jul 09 18:39

Don’t Move. Make the Market Prove (Itself)

Jul 09 18:04

Dollar Collapse Inevitable | John Rubino

Jul 09 16:00

Corporate Tax Behavior So Bad Even Fortune Magazine Can’t Stomach It

These are companies that even a top cheerleader for the corporate class can’t bring itself to defend.

Jul 09 15:56

Germany Blesses "Bail-In" Deposit Confiscation Plan For Failing EU Banks

ear earlier than required, the German government approved plans to force creditors into propping up struggling banks across Europe. As WSJ reports, Germany "leads the way" in Europe by implementing European rules quickly and "creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk." What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played - especially if Deutsche runs into problems) but as German authorities explain, "This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers." As a gentle reminder - creditors includes depositors... remember Cyprus?

Jul 09 15:55

Undisputable Bubble Insanity: No Revenue, No Assets Company Up Over $1 Billion (+110%) Today On 57K Shares Traded

Just 2 days ago we highlighted the best example of the exuberance awash the markets currently - CYNK Technology Corp, the social media development company that had a market capitalization in excess of $1 billion, which according to official filings, had one employee, no website, no revenue, no product, and no assets. Fast forward 2 days - and some 57,000 shares traded (about 0.02% of its total shares outstanding) at around $10 and CYNK now has a market cap approaching $3 billion (and still no revenue, no product, and no assets)... Lord Overstone said it best. “No warning can save people determined to grow suddenly rich.”

Jul 09 15:31

Quayle: Big changes are coming: “We are headed for a crisis… of biblical proportions”

Well known author, commentator and radio host Steve Quayle says big changes are coming to the world

Jul 09 13:02

Exposing the Conspiracy of the Rich

What you don't know about this economy may harm you!

Jul 09 12:51

Shock Report: 70 Million People Would Be Starving in the Streets Without Government Welfare Programs

Amid all the talk of recovery by politicians, economic officials and big business leaders, the fundamental numbers behind all the propaganda tell a starkly different story.

Home sales have dropped to record lows, more people are out of the workforce than anytime in the last 50 years, and cash-strapped consumers have run out of money to fuel economic growth.

Jul 09 11:36

Debunking the $800 Gold Myth

Jul 09 11:31

Think Tank Proposes $3.3 Trillion Tax Hike

America is undertaxed, and the result is underfunding of public investments that would improve our economy and the overall welfare of Americans. Fortunately, Congress has several straightforward policy options to raise revenue, mostly by closing or limiting loopholes and special subsidies imbedded in the tax code that benefit wealthy individuals and profitable businesses.

Webmaster's Commentary: 

BULL BISCUITS! America is taxed to the point of paralysis! This think tank is operating from the mindset that all problems are solved by taking more away from the people, apparently clueless that We The People cannot pay these higher taxes in an age where wages and salaries are being hammered into the ground and 90 million Americans cannot find a job at all!

It must be nice living in a little bubble of fantasy where you make huge bucks for fairy-tale solutions to real-world problems!

Jul 09 10:56

Finance and the Holy See: creating a central bank

The Vatican is setting up a ‘central bank’ as part of an overhaul of its finances.

Webmaster's Commentary: 

Rather odd thing for a church that used to forbid usury!

Jul 09 09:54

Debunking the $800 Gold Myth

Jul 09 09:39

City of Houston Sues Couple for Too Many Garage Sales

Jorge and Maria Ramos have been holding daily garage sales since 2011, making a little money to supplement Jorge’s disability income. He is blind in both eyes. They even have a permit from the state and thought they were doing everything by the book.

Jul 09 09:38

Is The Fed Going To Attempt A Controlled Collapse?

As most Fed watchers know, last week was interesting because Janet Yellen, speaking at IMF came out and said something quite surprising. In a nutshell, she said “It’s not the Fed’s job to pop bubbles”. While many market participants immediately took this to mean, “To the moon, Alice!” and started buying equities hand over fist, there’s another possible explanation for Mrs. Yellen’s proclamation of unwillingness: The Fed could be preparing to do exactly what it said it wouldn’t.

Here’s a quick re-cap of events: In the recently released Annual Report of the BIS: Bank for International Settlements (commonly thought of as the “central bank’s central bank”) the BIS made a rather ominous recommendation to it’s member banks: Pop this bubble now. Their specific language wasn’t quite so direct, but the message was just as clear.

Jul 09 09:13

Why Housing Will Crash Again–But For Different Reasons Than Last Time

Institutionalizing the speculative excesses that inflated the previous housing bubble has fed magical thinking and fostered illusions of phantom wealth and security.

Jul 09 08:19

What Massive Overnight Inflation Looks Like

Jul 09 08:16

How Much Wealth Are Our Wealthiest Hiding?

More than enough, the latest statistical evidence suggests, to warrant a full-fledged federal search. A new banking law in effect this month could start that search in the right direction.

Jul 09 08:10

Is This What A Bursting Bubble Looks Like?

Jul 09 08:02

Impact of IMF SDRs for Commercial Trade

The global corporatist economy works differently from business transactions at your neighborhood convenience store. Ostensibly, the International Monetary Fund was set up to allow the G20 nations to umpire the ground rules to play nice in macro trade. Platitudes about promoting job growth or third world development are the realm of public relations for the central banks. The impact of the IMF on virtually all countries, vividly seen in every crisis whether real or contrived, always has a political objective that underpins the economic functions. As confidence in national currencies falter, the big sugar daddy loves to intervene, provided they pull the strings.

Jul 09 07:44

Big Banks Want Power to Declare Cyber War

Wall Street’s biggest trade group has proposed a government-industry cyber war council to stave off terrorist attacks that could trigger financial panic by temporarily wiping out account balances, according to an internal document.

The proposal by the Securities Industry and Financial Markets Association, known as Sifma, calls for a committee of executives and deputy-level representatives from at least eight U.S. agencies including the Treasury Department, the National Security Agency and the Department of Homeland Security, all led by a senior White House official.

The trade association also reveals in the document that Sifma has retained former NSA director Keith Alexander to “facilitate” the joint effort with the government. Alexander, in turn, has brought in Michael Chertoff, the former U.S. Secretary of Homeland Security, and his firm, Chertoff Group.

Webmaster's Commentary: 

More than ever before, please do NOT have any more money in your personal bank account than you absolutely need with which to pay your bills.

This is not only a lousy idea, but also, the charges depositors will ultimately face will be epically nasty. IF these services will cost one million dollars per month, you can bet your sweet bippy that it will not be the banks absorbing those costs at all.

Jul 09 07:28

El-Erian: Fed Is Making An ‘All-In’ Bet

Jul 09 07:20

Say hello to U.S. economy’s newest bubble

Call it irrational exuberance, part two. Like old man river, the stock market just keeps rolling along. Last week it was Dow 17,000. Will this week see the market go even higher?

Before you jump on the bulls’ bandwagon, let me call to your attention a couple of salient statistics. At today’s level, the Dow industrials DJIA +0.10% are up 5% since the beginning of this year. This is on top of a 35% leap in 2013. And in case you are keeping score, the Dow is now a whopping 155% above its low back in March 2009.

All that said, there are a number of warning signs out there that suggest the party may soon be over.

Jul 09 07:18

Portugal's Largest Bank Misses Bond Payment; Bonds Collapse

Brussels, we have a problem. As we warned 6 weeks ago, Espirito Santo International SA - is in a "serious financial condition" according to a central bank driven external audit by KPMG identified "irregularities in its accounts." Sure enough, the 'ponzi-like' maneuvers have left the bank unable to pay its bonds as Bloomberg reports bonds plunged to record lows after a parent company delayed payments on short-term notes.

Jul 09 07:18

The Bears Are Back In Town

Jul 09 06:51

Why Housing Will Crash Again--But For Different Reasons Than Last Time

Institutionalizing the speculative excesses that inflated the previous housing bubble has fed magical thinking and fostered illusions of phantom wealth and security.

Jul 09 06:48

You Know That Things Are Getting Perilous When Even The New York Times Starts Pointing Out Financial Bubbles Everywhere

Is there any doubt that we are living in a bubble economy? At this moment in the United States we are simultaneously experiencing a stock market bubble, a government debt bubble, a corporate bond bubble, a bubble in San Francisco real estate, a farmland bubble, aderivatives bubble and a student loan debt bubble. And of course similar things could be said about most of the rest of the planet as well. In fact, the total amount of government debt around the world has risen by about 40 percent just since the last recession. But it is never sustainable when asset prices and debt levels increase much faster than the overall level of economic growth. History has shown us that all financial bubbles eventually burst. And when these current financial bubbles in America burst, the pain is going to be absolutely enormous.

Jul 09 06:41

One Company Finally Admits: It Wasn't The "Harsh Weather" After All

Yesterday we heard from the CEO of the world's biggest company that the exuberant jobs data did not reflect any economic reality Wal-Mart was seeing. Overnight, William Arthur Tindell, CEO of The Container Store, further destroyed the myth of a 'recovery' stalled by 'weather' and threw the rest of his 'retailer' brethren under the bu:"We thought our sluggish sales were all because of weather and calendar shift...but now we've come to realize it's more than that, consistent with so many of our fellow retailers, we're experiencing a retail funk."

Jul 09 06:41

Portugal's Largest Bank Misses Bond Payment; Bonds Collapse

Of course the government says its "contained" - now where have we heard that before?

Jul 09 06:37

Power grab: EPA wants to garnish wages of polluters

The Environmental Protection Agency has quietly floated a rule claiming authority to bypass the courts and unilaterally garnish paychecks of those accused of violating its rules, a power currently used by agencies such as the Internal Revenue Service.

Jul 09 06:31

Hillary Clinton Has Raised Over $1 Billion From Wall Street

Hillary Clinton’s claim of being “dead broke” offered up easy fodder to Republicans, who swiftly poked fun at a politician who appeared out of touch with regard to her own potential wealth.

Yet what’s really keeping GOPers tossing and turning at night is the powerful political fundraising punch the Clinton brand brings to the table.

Jul 09 06:25

Members of Congress Declare “Immunity” from Insider Trading Probe

U.S. District Court Judge Paul Gardephe ordered the committee last week to explain why it hadn’t responded to the SEC’s year-long request for documents, phone records and the testimony of staff director Brian Sutter, as part of a probe into whether he or other House members leaked private information about health care policy to insurance companies.

Rather than turning over the information, top House lawyer Kerry W. Kircher answered the order by requesting that the case be dismissed.

Jul 09 04:03

HHS Report: Percentage of Americans on Welfare Hits Recorded High

According to the 2014 version of a report that the Department of Health and Human Services is required by law to issue annually, the percentage of Americans on welfare in 2011 was the highest yet calculated. The data for 2011 is the most recent in the report.

Jul 08 23:15

EGYPT RAISING GAS PRICES UP TO 78%

Jul 08 20:17

Banks Face Ultimate Collapse

It can now be reported that, at this hour, there is NO liquidity left in the worldwide financial markets as Chinese banks can no longer guarantee the bad loans which affects all worldwide derivative holdings of criminal banking institutions aka JPMorgan Chase, Bank of America, Royal Bank of Canada, Bank of England, U.S. Citibank as well as NAZI German Deutsche Bank.

Jul 08 19:17

We're paying for Fred the Shred's £500k legal defence: Taxpayers fork out huge sum on disgraced bank boss despite case having not even reached court yet

Taxpayers have forked out almost half a million pounds in legal fees to defend disgraced former Royal Bank of Scotland boss Fred Goodwin, it emerged last night.

Costs of £400,000 have already been racked up by law firms representing four former directors of the bank against a lawsuit brought by its shareholders – even though the case has still not reached court.

If it does, the final bill will run to millions of pounds.

Mr Goodwin’s legal fees are being paid by the bank, despite the fact he draws a £342,500-a-year pension.

Jul 08 18:59

How Much Wealth Are Our Wealthiest Hiding?

Almost everyone knows how Al Capone went down. We’ve seen the movies.

The biggest and baddest gangster in American history extorted and murdered for years. But the feds could never convict him on anything, until the green eyeshade guys went to work. They finally nabbed Capone — on income tax evasion.

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