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Watch Live Coverage Of The Fall Of Gadaffi's Regime Via Sky News

With local American stations too busy to cover what appears to be the end of the Gadaffi regime, here is a live feed form Sky News which inexcplicably has a penchant for covering live breaking critical news.

Greece Avoids Bank Run By Last Minute Bail Out Of Proton Bank

Alas, it is not a liquidity problem, it is a solvency problem. After delaying this realization for over two years, Greece, and Europe, are about to understand just how flawed "bailout" strategies that address the symptoms and not the cause, have been since the beginning of 2010. And while the world is engaged with the latest victim of the Bernanke-inspired, food-price inflation political upheaval better known as the Arab Spring, whose final stop is nothing less than Times Square, Greece quietly avoided the failure of smallish Proton bank (there is no FDIC backstop of failed banks in Greece), which would have resulted in a market wide panic, and a terminal bank run that would have toppled the Greek financial sector. Luckily, this was prevented in the last second courtesy of a capital injection in the last minute by the big 4 Greek banks. From the FT: "Greece’s four largest banks agreed to take up a €50m convertible bond to help recapitalise Proton Bank, a small lender, the central bank announced this weekend, in what is being seen as an attempt to avert a run on the country’s fragile banking system...“In this environment, it was essential to prevent Proton from collapsing and creating a mood of fear with unpredictable consequences,” said one banker, explaining the rationale for the take-up of the Proton bond." In summary, Greece was lucky... this time around, they had enough cash to save the smallish lender. The next time around they will not be so lucky.

International Criminal Court Confims Gadaffi Has Been Captured (Update: The Son, Not The Colonel)

Update: while the initial bulletin was unclear just which Gadaffi has been captured it now appears it was referring to Saif al-Islam, the Colonel's son. The end game for the others, however, is likely just a matter of time.
According to Reuters. And with that, the Libyan central bank hands over its keys to the LBMA.

Remember Silver?

Because the stealthy take over of Libya by its rebel forces is matched only by the stealth soaring of silver in the last two days. We wonder how long until the perfectly normal and completely SEC-uninvestigated May 1 silver sledgehammer formation repeats again, and when will we see another 5 silver margin hikes in the san of a few days?

The Battle For Libya Is Almost Over... As Is The Battle For Its 144 Tons Of Gold

Following a 6 month stalemate in which neither side had attained any advantage, it suddenly took just a few days from the Libyan rebel forces to steamroll unopposed into Tripoli. While we are confident that the political aftermath of this outcome will be very much comparable to what is happening in Egypt right now, many wonder why it is that the Libyan situation has progressed with such speed. Perhaps the answer can be found in the 143.8 tons of gold held by the Libyan Central Bank. Granted it is nowhere near close the 366 tons of gold that Venezuela supposedly has per the WGC, most of it likely held offshore and not being repatriated, the question of where the global gold cartel may find some of the much needed physical to satisfy Chavez' demands has been now answered. Of course we assume that said gold has not already departed Libya in direction Caracas over the past 6 months. Which, in retrospect, we probably should, as it would explain why gold is now at $1875 and rapidly rising.

With Libyan Rebels On The Verge Of Taking Over Tripoli, Is Gaddafi About To Scorch The Earth?

Following earlier reports from Reuters, that the Libyan rebels had closed in on Tripoli, Al Jazeera has now reported that the brigade in charge of Gaddafi's security has surrendered and laid down its arms (although it is sourced to the Rebel National Transitional Council so official confirmation may be required). And while according to an earlier TV appearance by Gaddafi, the soon to be deposed ruler of Libya has vowed he will remain in the country until the end, we can't help but wonder whether i) he is in the country, and ii) if, as ZH speculated back in February, he will employ a scorched earth tactic to destroy anything of value in his wake. Namely Libya's oil infrastructure.  "I am afraid if we don't act, they will burn Tripoli," Gaddafi said in an audio address broadcast on state television. "There will be no more water, food, electricity or freedom." Keep an eye on crude futures when they open shortly.

Senator discloses confidential CFTC trading data from 2008

Goldman's Jim O'Neill: "2008 All Over Again?"

Remember when Jim O'Neill was openly taunting the "bears"? Yeah, those days are long gone. In his latest weekend letter the BRICster proceeds to do what so many have already been doing for weeks and months, namely compare the current precarious global economic situation to 2008: "Another ugly week passes, and it is still only August 20th. What a particularly brutal August this is turning out to be so far, even when compared to many challenging ones in recent and distant years. Although there are many substantive reasons why things are very different, many cannot resist the temptation to make comparisons with 2008. So, I thought I would discuss the comparison this weekend." And like a true Keynesian, O'Neill proceeds to do not just that but to provide his solution to all the world's problems: more G7 intervention. Because they keep getting it so right time after time after time...





To QE3 or Not to QE3

Posted by : ilene

Post date: 08/21/2011 - 13:56

Perceptions have turned very negative and the media has been increasingly playing on fears (e.g. the U.S. debt ceiling crisis and the big default scare). If the economy gets so bad, and the stock...

Sol Sanders | Follow the money No. 80 Daddy’s sugar bowl empties

Posted by: rcwhalen

Post date: 08/21/2011 - 14:02

German taxpayers all along were wary of becoming the only teat on the EC’s udder for what Winston Churchill once called Europe’s soft underbelly. There is nostalgia, too, for the once high-flying...

"Education is what you get from reading the small print. Experience is what you get from Not reading it."

  I supply the small Print...

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