Barclay's Diamond Goes M.A.D. Over Lie-borgate Details
It's escalating.
Following the resignation of Barclays' Chairman this morning, the
government announced a twin probe into the Libor system and banking
standards; and Bob Diamond (Barclays CEO) is threatening, according to the FT, to reveal potentially embarrassing details
about Barclays' dealing with regulators if he comes under fire at a
parliamentary hearing on Wednesday over Lie-borgate. Unlike his
almost-namesake Jamie Dimon who suffered through the indignity of a
congressional probing, Bob has gone all Mutually Assured
Destruction with confrontational tactics that could further aggravate
the fraught relations between the bank and the authorities. "If he is
attacked, he will fight back" seems to be well understood and
the key aspect - as we have pointed out - is that if this is pursued
too vehemently then the whole house of cards could come down as [regulators
and politicians] "likely knew perfectly well those rates were not the
ones where banks were prepared to lend to each other". So much
was made at the time of several of these short-term liquidity measures
as indicative of 'no' stress to the ignorant investing public when
credit market participants were well aware of the dismal state of
interbank reality - perhaps it is worth a glance at the current levels of Lie-bor (especially relative to EUREPO and CDS curves) to get a sense of just what could happen if the truth was ever allowed out into the public eye. M.A.D. indeed.Secret Service Is Fast-And-Furious In Crushing Anti-Holder Protest
Mike Krieger is relieved. Another terrorist attack thwarted. Another protest crushed. Take that Al Qaeda!Agents on scene claimed a backpack abandoned on a sidewalk was a “suspicious package,” closing the Pennsylvania Avenue pedestrian mall in front of the White House, and the adjoining Lafayette Park, from protesters and tourists. All pedestrian traffic, including media, was forced to retreat to side streets.
You know the Obama goons couldn’t stand this photo. You know, since their only rebuttal to any criticism to the fact this entire Administration appears to be complete and total criminals is to yell “racist!”
Top 10 Warning Signs of a Global Endgame
07/02/2012 - 12:55
from TheAlexJonesChannel :
Alex talks with financial newsletter writer and author Harry Dent, who is also the founder of HS Dent Investment Management, an investment firm based in Tampa, Florida. Mr. Dent’s latest book is The Great Crash Ahead.
by The Daily Bell:
Four
In Five Want Bankers Prosecuted … Four out of five people want
individuals to be prosecuted when banks break the law, according to a
new survey.
Research by consumer watchdog Which? also showed that two-thirds of
people believe the Government will not act in their best interests when
implementing banking reform. And only one in five think the Financial
Services Authority is effective in regulating UK banks. The watchdog is
calling on the Government to ensure criminal prosecutions can be brought
against individuals – up to boardroom level – who have presided over
corrupt practices. – Yahoo News UK
Dominant Social Theme: Get ‘em, whup ‘em and impound ‘em.
Free-Market Analysis: The bankers are up to no good. This is a fact and the poll referred to above is further evidence of it. Eventually, laws must be changed and hearings must be held to ensure that the financial industry is made as transparent and honest as every other part of Western industry.
Read More @ TheDailyBell.com
Four
In Five Want Bankers Prosecuted … Four out of five people want
individuals to be prosecuted when banks break the law, according to a
new survey.
Research by consumer watchdog Which? also showed that two-thirds of
people believe the Government will not act in their best interests when
implementing banking reform. And only one in five think the Financial
Services Authority is effective in regulating UK banks. The watchdog is
calling on the Government to ensure criminal prosecutions can be brought
against individuals – up to boardroom level – who have presided over
corrupt practices. – Yahoo News UKDominant Social Theme: Get ‘em, whup ‘em and impound ‘em.
Free-Market Analysis: The bankers are up to no good. This is a fact and the poll referred to above is further evidence of it. Eventually, laws must be changed and hearings must be held to ensure that the financial industry is made as transparent and honest as every other part of Western industry.
Read More @ TheDailyBell.com
from TF Metals Report:
Thanks to all who submitted guesses for the latest hat contest. The
contest is now closed. Recognizing you need a new thread for the
overnight, here are three things to discuss.
First, Trader Dan doesn’t have the time to post every day but, when he does, it’s almost always worth your time to read. His post from Friday was fantastic. Below is a chart of his which I lifted from the post. It shows that we currently have a “record” amount of naked spec shorts in silver. Surely, this is a bullish, contrarian indicator and it follows along with the theory I’ve posited here that The Silver Cartel is methodically shifting the burden of being short from themselves to the specs (sheep). http://www.traderdannorcini.blogspot.com/2012/06/hedge-funds-continue-to-pummel-silver.html
Read More @ TF Metals Report.com
Thanks to all who submitted guesses for the latest hat contest. The
contest is now closed. Recognizing you need a new thread for the
overnight, here are three things to discuss.First, Trader Dan doesn’t have the time to post every day but, when he does, it’s almost always worth your time to read. His post from Friday was fantastic. Below is a chart of his which I lifted from the post. It shows that we currently have a “record” amount of naked spec shorts in silver. Surely, this is a bullish, contrarian indicator and it follows along with the theory I’ve posited here that The Silver Cartel is methodically shifting the burden of being short from themselves to the specs (sheep). http://www.traderdannorcini.blogspot.com/2012/06/hedge-funds-continue-to-pummel-silver.html
Read More @ TF Metals Report.com
by Clive Maund, Silver Seek:
Much of what is written for the Gold Market update applies equally to
silver, so it will not be repeated here. There are, however, some
important differences that we will focus on here, which suggest that
silver now has really big upside potential from this point, despite its
comparatively anemic reaction on Friday to the news out of Europe,
compared to other commodities.
We are not going to do a “post mortem” here regarding what happened last week, other than to say that silver was on the point of breaking to new lows on Thursday, and would have done had little or nothing been achieved at the European summit, as was the case at the previous 18 summits.
There are 2 big differences between gold and silver which both suggest that silver has truly explosive upside potential from here. One is that silver has suffered a far more serious decline than gold over the past 2 years, with sentiment towards it becoming extraordinarily negative in the recent past, and the other that silver’s COT structure is now at record bullish levels, and far more bullish than that for gold. This is a situation where all it needed was some pivotal fundamental development – and last week we had it – to turn the tide in the other direction.
Read more @ SilverSeek.com
Much of what is written for the Gold Market update applies equally to
silver, so it will not be repeated here. There are, however, some
important differences that we will focus on here, which suggest that
silver now has really big upside potential from this point, despite its
comparatively anemic reaction on Friday to the news out of Europe,
compared to other commodities.We are not going to do a “post mortem” here regarding what happened last week, other than to say that silver was on the point of breaking to new lows on Thursday, and would have done had little or nothing been achieved at the European summit, as was the case at the previous 18 summits.
There are 2 big differences between gold and silver which both suggest that silver has truly explosive upside potential from here. One is that silver has suffered a far more serious decline than gold over the past 2 years, with sentiment towards it becoming extraordinarily negative in the recent past, and the other that silver’s COT structure is now at record bullish levels, and far more bullish than that for gold. This is a situation where all it needed was some pivotal fundamental development – and last week we had it – to turn the tide in the other direction.
Read more @ SilverSeek.com
from KingWorldNews:
With continued volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN, “The world is on a knife’s edge.” He also stated, “Monetary history shows that currencies under political control are always destroyed — always. And the dire result is economic chaos.” Here is what Turk had to say about what he termed the, “frightening situation”: “Europe had its big meeting last week, and one conclusion is clear, Eric, Europe still has to learn that bailouts are not a solution. When a government or a bank, or any borrower for that matter, has too much debt — more debt than they can handle — adding more debt just worsens the problem. This ultimately has the effect of making the inevitable bust that much more difficult when it eventually arrives.”
“There are other serious problems here as well. For example, there are several countries in Europe, of which Germany is the largest, that want to pursue a monetary policy in which the euro maintains its purchasing power. They want to make sure the currency is not debased by inflation or other bad monetary steps, such as the ECB purchasing debt/bonds of countries, to enable those countries to fund their operating expenses.
James Turk continues @ KingWorldNews.com
from Fabian4Liberty:
With continued volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN, “The world is on a knife’s edge.” He also stated, “Monetary history shows that currencies under political control are always destroyed — always. And the dire result is economic chaos.” Here is what Turk had to say about what he termed the, “frightening situation”: “Europe had its big meeting last week, and one conclusion is clear, Eric, Europe still has to learn that bailouts are not a solution. When a government or a bank, or any borrower for that matter, has too much debt — more debt than they can handle — adding more debt just worsens the problem. This ultimately has the effect of making the inevitable bust that much more difficult when it eventually arrives.”
“There are other serious problems here as well. For example, there are several countries in Europe, of which Germany is the largest, that want to pursue a monetary policy in which the euro maintains its purchasing power. They want to make sure the currency is not debased by inflation or other bad monetary steps, such as the ECB purchasing debt/bonds of countries, to enable those countries to fund their operating expenses.
James Turk continues @ KingWorldNews.com
from Fabian4Liberty:
by Jim Sinclair, JS Mineset:
My Dear Friends,
I have received more than likely every bearish case written on gold out there over the past few weeks. My answer to you is that the thesis upon which the gold price bullishly sits is performing exactly as anticipated.
Six times in the recent weeks there has been a defined program to break the price of gold and it has failed each time. The manipulators constantly run into major primary buyers in the physical market, more than likely governments with a bullish gold outlook.
Rather than arguing with each bear as some wish me to do, or agree with them which the bears want me to do, I am publishing once again a cartoon of sorts, really a teaching illustration given in 2010 when the economy was showing some strength coming out of 2008 and early 2009.
Read More @ JSMineset.com
My Dear Friends,I have received more than likely every bearish case written on gold out there over the past few weeks. My answer to you is that the thesis upon which the gold price bullishly sits is performing exactly as anticipated.
Six times in the recent weeks there has been a defined program to break the price of gold and it has failed each time. The manipulators constantly run into major primary buyers in the physical market, more than likely governments with a bullish gold outlook.
Rather than arguing with each bear as some wish me to do, or agree with them which the bears want me to do, I am publishing once again a cartoon of sorts, really a teaching illustration given in 2010 when the economy was showing some strength coming out of 2008 and early 2009.
Read More @ JSMineset.com
by Robert Winnett, The Telegraph:
Grant Shapps said that the scandal may have been a “contributory
factor” in some home repossessions following the credit crisis.
The Housing Minister issued the warning as David Cameron and George Osborne announced a fast-track Parliamentary inquiry into the behaviour and culture of Britain’s banks.
The inquiry, which is not the independent judge-led inquiry demanded by Labour, will report back before the end of the year.
Last week, Barclays paid a record £290 million fine after it admitted manipulating a key international interest rate which is used to set borrowing costs for millions of businesses, consumers and investors.
RBS and Lloyds Banking Group are among other banks also facing investigation over their role in fixing the rate, known as Libor. The issue has sparked renewed calls for an overhaul of the banks amid concern over their culture and ethical standards.
Read More @ Telegraph.co.uk
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Grant Shapps said that the scandal may have been a “contributory
factor” in some home repossessions following the credit crisis.The Housing Minister issued the warning as David Cameron and George Osborne announced a fast-track Parliamentary inquiry into the behaviour and culture of Britain’s banks.
The inquiry, which is not the independent judge-led inquiry demanded by Labour, will report back before the end of the year.
Last week, Barclays paid a record £290 million fine after it admitted manipulating a key international interest rate which is used to set borrowing costs for millions of businesses, consumers and investors.
RBS and Lloyds Banking Group are among other banks also facing investigation over their role in fixing the rate, known as Libor. The issue has sparked renewed calls for an overhaul of the banks amid concern over their culture and ethical standards.
Read More @ Telegraph.co.uk
by Emily Heil, The Washington Post:
Leaked details of a plaintive phone call from President Obama to some
of his biggest donors this weekend offered a rare and revealing look
into the typically private rituals of big-dollar campaign fundraising.
The pitch also affirmed the campaign’s anxiety about lagging behind in the money race.
In the conference call made late Friday from a special campaign phone on Air Force One, a recording of which was obtained by the Daily Beast, Obama bemoaned the anonymous super PAC donations flowing to his Republican opponent, Mitt Romney.
“If things continue as they have so far, I’ll be the first sitting president in modern history to be outspent in his reelection campaign,” he said, according to the report.
If Democrats didn’t write checks, Obama warned, such Republican PACs could permanently alter the political landscape. “The special interests that are financing my opponent’s campaign are just going to consolidate themselves,” he said. “They’re gonna run Congress and the White House.”
Read More @ The Washington Post.com
Leaked details of a plaintive phone call from President Obama to some
of his biggest donors this weekend offered a rare and revealing look
into the typically private rituals of big-dollar campaign fundraising.The pitch also affirmed the campaign’s anxiety about lagging behind in the money race.
In the conference call made late Friday from a special campaign phone on Air Force One, a recording of which was obtained by the Daily Beast, Obama bemoaned the anonymous super PAC donations flowing to his Republican opponent, Mitt Romney.
“If things continue as they have so far, I’ll be the first sitting president in modern history to be outspent in his reelection campaign,” he said, according to the report.
If Democrats didn’t write checks, Obama warned, such Republican PACs could permanently alter the political landscape. “The special interests that are financing my opponent’s campaign are just going to consolidate themselves,” he said. “They’re gonna run Congress and the White House.”
Read More @ The Washington Post.com
by Andrew Hoffman, MilesFranklin.com:
PHYSICAL PM buyers do so for a variety of reasons, including fear,
greed, protection, anti-establishment attitudes, and numismatics.
Within those broad categories, buyers have varying degrees of urgency,
and vastly different vendor requirements. Some care only of whether
they get a “good price” – particularly if the market just had a major
move – while others focus on premiums, shipping methods, specific
products, and plain, old customer service. At Miles Franklin, we are
well aware of these differences, and the reason we have built market
share over the past 22 years is a commitment to widely varying customer
requirements.
Based on countless reader emails in my eight months as Marketing Director, many of you fret – as I do – of an imminent currency COLLAPSE, leaving fiat currency holders destitute. Many do not, but most realize such an event is inevitable, whether or not immediately imminent.
My first PHYSICAL purchase was in September 2008, at the beginning of Global Meltdown I. After six-plus years of holding primarily PM mining stocks – and a small allocation of CEF – I realized the inevitable fiat collapse I envisioned in 2002 was coming into view; and thus, started selling mining shares and increasing PHYSICAL holdings. Up until I sold my last mining share last summer – and went 100% bullion – I feared the CATACLYSMIC day would come with my cash wired out, and bullion en route.
Read more @ MilesFranklin.com
PHYSICAL PM buyers do so for a variety of reasons, including fear,
greed, protection, anti-establishment attitudes, and numismatics.
Within those broad categories, buyers have varying degrees of urgency,
and vastly different vendor requirements. Some care only of whether
they get a “good price” – particularly if the market just had a major
move – while others focus on premiums, shipping methods, specific
products, and plain, old customer service. At Miles Franklin, we are
well aware of these differences, and the reason we have built market
share over the past 22 years is a commitment to widely varying customer
requirements.Based on countless reader emails in my eight months as Marketing Director, many of you fret – as I do – of an imminent currency COLLAPSE, leaving fiat currency holders destitute. Many do not, but most realize such an event is inevitable, whether or not immediately imminent.
My first PHYSICAL purchase was in September 2008, at the beginning of Global Meltdown I. After six-plus years of holding primarily PM mining stocks – and a small allocation of CEF – I realized the inevitable fiat collapse I envisioned in 2002 was coming into view; and thus, started selling mining shares and increasing PHYSICAL holdings. Up until I sold my last mining share last summer – and went 100% bullion – I feared the CATACLYSMIC day would come with my cash wired out, and bullion en route.
Read more @ MilesFranklin.com
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![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
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