It's Different This Time: The Scariest Equity Market Chart Around
While analogs for periods past have been shown time and time again, the striking similarity of the last four months of this year and the same period last year is becoming extremely worrisome.
The rips and dips are of almost perfectly equal size and duration and
retail and professional participation is also very similar. July 21st
marked the top last year after failing to break the highs of a July 4th
week peak (which occurred on low average trade size). It would appear
the bulls are hoping that it's different this time - or else it is very
scary with S&P 500 set for the magic 1200 Bernanke Put strike very soon.
I interviewed Jeff Berwick and Gary Gibson at Freedom Fest,
separately, although you’d think they were together. We spent a lot of
time together, and there was no shortage of topics and alternative
financial luminaries present at the conference. Peter Schiff, Doug
Casey, Steve Forbes, Gary Johnson, Judge Andrew Napolitano and so many
more. But Gary and Jeff are all about practical advice about protecting
your wealth and keeping it out of the hands of the government. Jeff’s a
big proponent of second passports, and Gary’s been travelling around the
world looking for safe harbor. Either way, they both agree the US
Government’s appetite for your wealth is going to increase greatly, as
the depression deepens. So better to be prepared than to continue about
your daily affairs, blind to the probabilities ahead.CLICK HERE TO LISTEN TO AUDIO
Treasury Responds, Says Very Few Of Its Officials Use Taxpayer Money To Solicit Hookers So You Must Acquit
From the Treasury: "Here are the facts. The Office of the Inspector General (OIG) recently released 11 investigative reports covering conduct that occurred as early as 2000. In four cases, the OIG concluded that there was no evidence to support the allegations. In one case, the misconduct was committed by a private citizen (a Treasury office was burglarized). That leaves six cases in question. Although any misconduct is unacceptable, this is a small number that does not fairly reflect a Department with tens of thousands of employees. None of the employees at issue were political appointees or senior officials, and there is absolutely no evidence of any pattern or trend."
by Jim Sinclair, JS Mineset:
My Dear Friends,
The justice department has been quoted by MSM concerning their desire for jail sentences for those that are directly involved in Libor Manipulation.
Barclays has said there are 17 in the US banks.
This is a major change, and would mean a great deal to the unquestioned manipulation of the gold/gold shares and silver/silver shares market.
The CEOs of those gold and silver companies suffering from unabashed manipulation could very well have new legal precedent to recover lost capital value for their shareholders.
Read More @ JSMineset.com
My Dear Friends,The justice department has been quoted by MSM concerning their desire for jail sentences for those that are directly involved in Libor Manipulation.
Barclays has said there are 17 in the US banks.
This is a major change, and would mean a great deal to the unquestioned manipulation of the gold/gold shares and silver/silver shares market.
The CEOs of those gold and silver companies suffering from unabashed manipulation could very well have new legal precedent to recover lost capital value for their shareholders.
Read More @ JSMineset.com
Grain Index Approaching 2008 Peak
Trader Dan at Trader Dan's Market Views - 13 minutes ago
I have mentioned that one sector of the commodity complex that has been
able to defy the general selling trend that strikes the overall sector
during RISK AVERSION or SLOWING GROWTH trades, has been the grain sector.
The reason? Simple - the fundamentals on the SUPPLY side are so strong due
to the horrendous drought impact that any setback in price related to
algorithm selling has been met with very strong buying from fundamental
based buyers.
As the drought continues to ravage the crops here in the US, wheat has been
pulled higher due to inclement growing weather in the Black Sea r... more »
Electricity Consumption In China Is Hardly Growing
Admin at Marc Faber Blog - 1 hour ago
Electricity consumption in China is hardly growing and so I think the
economy in China is rather weak. - *in The Blaze*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
Same Play - Second Act
Trader Dan at Trader Dan's Market Views - 1 hour ago
Nothing has changed in the complexion of the gold market for nearly two
months now. It is rangebound in a consolidation pattern. What this means is
quite simple - all predictions of gold either collapsing or soaring are
just that - predictions - the truth is until this market breaks out of its
trading pattern, no one knows with 100% certainty exactly where it it is
going or what it is going to do next.
The best traders never hurry a market nor do they curse it because it does
not act like they want it to do - they just accept it for what it is
currently doing and watch for an opp... more »
07/16/2012 - 19:47
from AltInvestorsHangout:
from CapitalAccount:
Today we survey the Wall Street hijinks. From potential big bank criminal wrongdoing in the Libor scandal reported by the Justice Department, to regulators answering for the money laundering probe at HSBC, to a former Citigroup banker accused of misleading clients in a CDO deal. Does this continue because of the lack of senior executive level convictions for financial crimes? We hear from Charles Ferguson, director of Inside Job and author of Predator Nation who wrote about that on the Huffington Post today. After all of the work he’s done, he tells us the price he’s paid personally for shining the light Wall Street’s underbelly.
And returning to the issue of LIBOR, and the scandal there, the current picture painted is one that shows banks benefiting from borrowing at low rates through interest rate manipulation. But our guest, former assistant Treasury secretary, Paul Craig Roberts, argues that this is too simplistic and that it functions as a diversion from the deeper, darker scandal.
The dirty little secret (well, not so secret if you can do basic math) is that banks have been living off borrowed time since the onset of the 2008 financial crisis. They have assets on their books that they refuse to mark to market, and are dependent on cheap financing and easy liquidity to keep their insolvency from officially bankrupting their institutions. This is what characterizes a zombie bank, and zombie banks no longer speak only Japanese. This is a western phenomenon now, with the zombie virus having crossed the pacific, and then again the Atlantic.
Paul Craig Roberts, Economist and Former Assistant Secretary of the US Treasury under Reagan, will discuss what he calls “the real Libor scandal,” and tell us what we may all be missing from this latest hullaballoo.
Today we survey the Wall Street hijinks. From potential big bank criminal wrongdoing in the Libor scandal reported by the Justice Department, to regulators answering for the money laundering probe at HSBC, to a former Citigroup banker accused of misleading clients in a CDO deal. Does this continue because of the lack of senior executive level convictions for financial crimes? We hear from Charles Ferguson, director of Inside Job and author of Predator Nation who wrote about that on the Huffington Post today. After all of the work he’s done, he tells us the price he’s paid personally for shining the light Wall Street’s underbelly.
And returning to the issue of LIBOR, and the scandal there, the current picture painted is one that shows banks benefiting from borrowing at low rates through interest rate manipulation. But our guest, former assistant Treasury secretary, Paul Craig Roberts, argues that this is too simplistic and that it functions as a diversion from the deeper, darker scandal.
The dirty little secret (well, not so secret if you can do basic math) is that banks have been living off borrowed time since the onset of the 2008 financial crisis. They have assets on their books that they refuse to mark to market, and are dependent on cheap financing and easy liquidity to keep their insolvency from officially bankrupting their institutions. This is what characterizes a zombie bank, and zombie banks no longer speak only Japanese. This is a western phenomenon now, with the zombie virus having crossed the pacific, and then again the Atlantic.
Paul Craig Roberts, Economist and Former Assistant Secretary of the US Treasury under Reagan, will discuss what he calls “the real Libor scandal,” and tell us what we may all be missing from this latest hullaballoo.
by Gary North, Lew Rockwell.com:
Americans are learning how to beat the system, cheat the system, and
outfox the system. As the bureaucrats tighten their many nooses,
Americans are finding ways to slip the noose.
An article in Forbes offers examples. They are everywhere. Businesses are just ignoring the rules. They hire lawyers to help them avoid the law. They are fed up with the federal squid. They are not cooperating.
This is significant for the future. The heart of every legal system is legitimacy. If the government – family, church, or civil – is viewed as legitimate, people who are under its jurisdiction cooperate. They add self-government to external systems of sanctions. If they refuse to do this, the government’s enforcement system cannot force them to obey consistently. The system does not have enough resources to enforce compliance.
At some point, the government loses its ability to gain its goals. Collecting more taxes in Greece is not possible. The Greek government can promise austerity, but it can gain this only by reducing spending, not by collective more taxes. The same is true of Spain. The same is true of Italy.
Read More @ LewRockwell.com
Americans are learning how to beat the system, cheat the system, and
outfox the system. As the bureaucrats tighten their many nooses,
Americans are finding ways to slip the noose.An article in Forbes offers examples. They are everywhere. Businesses are just ignoring the rules. They hire lawyers to help them avoid the law. They are fed up with the federal squid. They are not cooperating.
This is significant for the future. The heart of every legal system is legitimacy. If the government – family, church, or civil – is viewed as legitimate, people who are under its jurisdiction cooperate. They add self-government to external systems of sanctions. If they refuse to do this, the government’s enforcement system cannot force them to obey consistently. The system does not have enough resources to enforce compliance.
At some point, the government loses its ability to gain its goals. Collecting more taxes in Greece is not possible. The Greek government can promise austerity, but it can gain this only by reducing spending, not by collective more taxes. The same is true of Spain. The same is true of Italy.
Read More @ LewRockwell.com
by Dr Ron Paul, Gold Seek:
Later this month Congress will have an unprecedented opportunity to
force the Federal Reserve to provide meaningful transparency to
lawmakers and taxpayers. HR 459, my bill known as “Audit the Fed,” is
scheduled for a vote before the full Congress in July. More than 270 of
my colleagues cosponsored the bill, and it has the support of
congressional leadership. But its passage in the House of
Representatives is only the beginning of the battle, as many Senators
and the President still don’t see the critical need to have a national
discussion about monetary policy.
The American public now senses that the Fed’s actions, especially since 2008, are enormously inflationary and will cause great harm to the American economy in the long run. They are beginning to understand what so many economists still don’t understand, which is that inflation is a monetary phenomenon, and rising prices are merely a symptom of that phenomenon. Prices eventually rise when the supply of US dollars (paper or electronic) grows faster than the available goods and services being chased by those dollars.
Read More @ GoldSeek.com
Later this month Congress will have an unprecedented opportunity to
force the Federal Reserve to provide meaningful transparency to
lawmakers and taxpayers. HR 459, my bill known as “Audit the Fed,” is
scheduled for a vote before the full Congress in July. More than 270 of
my colleagues cosponsored the bill, and it has the support of
congressional leadership. But its passage in the House of
Representatives is only the beginning of the battle, as many Senators
and the President still don’t see the critical need to have a national
discussion about monetary policy.The American public now senses that the Fed’s actions, especially since 2008, are enormously inflationary and will cause great harm to the American economy in the long run. They are beginning to understand what so many economists still don’t understand, which is that inflation is a monetary phenomenon, and rising prices are merely a symptom of that phenomenon. Prices eventually rise when the supply of US dollars (paper or electronic) grows faster than the available goods and services being chased by those dollars.
Read More @ GoldSeek.com
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We The Sheeplez... is intended to reflect
excellence in effort and content. Donations will help maintain this goal
and defray the operational costs. Paypal, a leading provider of secure
online money transfers, will handle the donations. Thank you for your
contribution.
by Matt Isaacs, Lowell Bergman and Stephen Engelberg, Pro Publica:
A decade ago gambling magnate and leading Republican donor Sheldon
Adelson looked at a desolate spit of land in Macau and imagined a
glittering strip of casinos, hotels and malls.
Where competitors saw obstacles, including Macau’s hostility to outsiders and historic links to Chinese organized crime, Adelson envisaged a chance to make billions.
Adelson pushed his chips to the center of the table, keeping his nerve even as his company teetered on the brink of bankruptcy in late 2008.
The Macau bet paid off, propelling Adelson into the ranks of the mega-rich and underwriting his role as the largest Republican donor in the 2012 campaign, providing tens of millions of dollars to Newt Gingrich, Mitt Romney and other GOP causes.
Now, some of the methods Adelson used in Macau to save his company and help build a personal fortune estimated at $25 billion have come under expanding scrutiny by federal and Nevada investigators, according to people familiar with both inquiries.
Read More @ ProPublica.org
A decade ago gambling magnate and leading Republican donor Sheldon
Adelson looked at a desolate spit of land in Macau and imagined a
glittering strip of casinos, hotels and malls. Where competitors saw obstacles, including Macau’s hostility to outsiders and historic links to Chinese organized crime, Adelson envisaged a chance to make billions.
Adelson pushed his chips to the center of the table, keeping his nerve even as his company teetered on the brink of bankruptcy in late 2008.
The Macau bet paid off, propelling Adelson into the ranks of the mega-rich and underwriting his role as the largest Republican donor in the 2012 campaign, providing tens of millions of dollars to Newt Gingrich, Mitt Romney and other GOP causes.
Now, some of the methods Adelson used in Macau to save his company and help build a personal fortune estimated at $25 billion have come under expanding scrutiny by federal and Nevada investigators, according to people familiar with both inquiries.
Read More @ ProPublica.org
by Dr. Jeffrey Lewis, Silver Seek:
Technical analysis of the financial and commodity markets has been used
effectively by traders to analyze price movements of commodities and
stocks for hundreds of years. Despite being one of the most effective
methods for forecasting future price movements, technical analysis can
break down and give conflicting signals when certain events occur.
This seems especially true in the silver market, where a number of factors have changed that precious metal’s trading dynamic. Reading silver’s future can be more accurately done by interpreting a combination of factors, which include price action and participant positioning.
Latest Trends in the Silver Market
As previously mentioned, a number of different factors are contributing to price movements in the silver market. To a person unfamiliar with recent developments, these factors might make market moves appear counter intuitive.
For example, large commercial traders are currently positioned for higher prices, while recent downward price momentum has hedge funds and speculators adding to the downside price pressure.
Read More @ SilverSeek.com
Technical analysis of the financial and commodity markets has been used
effectively by traders to analyze price movements of commodities and
stocks for hundreds of years. Despite being one of the most effective
methods for forecasting future price movements, technical analysis can
break down and give conflicting signals when certain events occur. This seems especially true in the silver market, where a number of factors have changed that precious metal’s trading dynamic. Reading silver’s future can be more accurately done by interpreting a combination of factors, which include price action and participant positioning.
Latest Trends in the Silver Market
As previously mentioned, a number of different factors are contributing to price movements in the silver market. To a person unfamiliar with recent developments, these factors might make market moves appear counter intuitive.
For example, large commercial traders are currently positioned for higher prices, while recent downward price momentum has hedge funds and speculators adding to the downside price pressure.
Read More @ SilverSeek.com
by Dr. Paul Craig Roberts, PaulCraigRoberts.org:
The Russian government has finally caught on that its political
opposition is being financed by the US taxpayer-funded National
Endowment for Democracy and other CIA/State Department fronts in an
attempt to subvert the Russian government and install an American puppet
state in the geographically largest country on earth, the one country
with a nuclear arsenal sufficient to deter Washington’s aggression.
Just as earlier this year Egypt expelled hundreds of people associated with foreign-funded “non-governmental organizations” (NGOs) for “instilling dissent and meddling in domestic policies,” the Russian Duma (parliament) has just passed a law that Putin is expected to sign that requires political organizations that receive foreign funding to register as foreign agents. The law is based on the US law requiring the registration of foreign agents.
Much of the Russian political opposition consists of foreign-paid agents, and once the law passes leading elements of the Russian political opposition will have to sign in with the Russian Ministry of Justice as foreign agents of Washington. The Itar-Tass News Agency reported on July 3 that there are about 1,000 organizations in Russia that are funded from abroad and engaged in political activity. Try to imagine the outcry if the Russians were funding 1,000 organizations in the US engaged in an effort to turn America into a Russian puppet state. (In the US the Russians would find a lot of competition from Israel.)
Read More @ PaulCraigRoberts.org
The Russian government has finally caught on that its political
opposition is being financed by the US taxpayer-funded National
Endowment for Democracy and other CIA/State Department fronts in an
attempt to subvert the Russian government and install an American puppet
state in the geographically largest country on earth, the one country
with a nuclear arsenal sufficient to deter Washington’s aggression.Just as earlier this year Egypt expelled hundreds of people associated with foreign-funded “non-governmental organizations” (NGOs) for “instilling dissent and meddling in domestic policies,” the Russian Duma (parliament) has just passed a law that Putin is expected to sign that requires political organizations that receive foreign funding to register as foreign agents. The law is based on the US law requiring the registration of foreign agents.
Much of the Russian political opposition consists of foreign-paid agents, and once the law passes leading elements of the Russian political opposition will have to sign in with the Russian Ministry of Justice as foreign agents of Washington. The Itar-Tass News Agency reported on July 3 that there are about 1,000 organizations in Russia that are funded from abroad and engaged in political activity. Try to imagine the outcry if the Russians were funding 1,000 organizations in the US engaged in an effort to turn America into a Russian puppet state. (In the US the Russians would find a lot of competition from Israel.)
Read More @ PaulCraigRoberts.org
from David McWilliams:
This week has been an extraordinary one for financial markets. On
Friday, five straight days of losses were reversed in equity markets.
The world is slowing down. The Chinese growth model, for so long the
envy of the West, is stalling. The American recovery is spluttering and
the crisis in Europe rumbles on.
What is happening is not that different from what happened in Ireland. A huge investment boom is coming to an end. But China has the resources to plough into the domestic economy, so let’s wait to see what happens there.
One of the dilemmas for China is that when you have an investment-led, rather than consumption-led boom, you tend to be left with overcapacity – an Asian version of a giant ghost estate. Cutting interest rates in such an environment, if it doesn’t boost consumption and goes into yet more investment, makes the problem worse.
Over in the US, something stranger is happening. The consumer, the great hope of America, has disappeared. Consumer spending is not responding to the many interest rate cuts the Federal Reserve has offered in the past few years. The problem now is that real interest rates are negative, so cuts in nominal interest rates are not going to help much.
Read More @ DavidMcWilliams.ie
This week has been an extraordinary one for financial markets. On
Friday, five straight days of losses were reversed in equity markets.
The world is slowing down. The Chinese growth model, for so long the
envy of the West, is stalling. The American recovery is spluttering and
the crisis in Europe rumbles on.What is happening is not that different from what happened in Ireland. A huge investment boom is coming to an end. But China has the resources to plough into the domestic economy, so let’s wait to see what happens there.
One of the dilemmas for China is that when you have an investment-led, rather than consumption-led boom, you tend to be left with overcapacity – an Asian version of a giant ghost estate. Cutting interest rates in such an environment, if it doesn’t boost consumption and goes into yet more investment, makes the problem worse.
Over in the US, something stranger is happening. The consumer, the great hope of America, has disappeared. Consumer spending is not responding to the many interest rate cuts the Federal Reserve has offered in the past few years. The problem now is that real interest rates are negative, so cuts in nominal interest rates are not going to help much.
Read More @ DavidMcWilliams.ie
by Be Informed, SHTFPlan:
In recent weeks we’ve seen scores of civilian men, women and children massacred in the Syrian towns of Homs and Tremseh, a Turkish (NATO) plane shot down over international airspace, some 10,000 armed insurgents enter the country across the Lebanese border, and what amounts to nothing short of total anarchy and civil war in the streets of Syria
that has left an estimated 17,000 people dead. Western nations have
condemned the actions of the Syrian government, calling for a peaceful
resolution, but some observers suggest that we’ve be doing exactly the
opposite, and rather than looking for a peaceful solution, all
indicators point to a growing powder keg that’s set to blow at any
moment. The Russians were recently caught transferring armaments to the
middle east nation amid condemnation from the Obama administration,
with Secretary of State Clinton telling Russia they will “pay a price” for their attempts at halting progress in the region.
Late last week headlines across the world raised the alert level even higher. According to intelligence reports President Assad has begun mobilizing his weapons of mass destruction arsenal. Though Colon Powell may not be available to show us the location of the WMDs this time around, “intelligence” reports from western agencies indicate that Assad is preparing to deploy chemical weapons, including sarin, cyanida and mustard gas, on the rebellious population of Syria.
The situation is now at a head, and two key developments in the last 24 hours indicate that whatever NATO has planned for Syria – be it a Libyan style no-fly zone or a full on Iraqiesque invasion – will soon come to pass.
Read More @ SHTFPlan.com
In recent weeks we’ve seen scores of civilian men, women and children massacred in the Syrian towns of Homs and Tremseh, a Turkish (NATO) plane shot down over international airspace, some 10,000 armed insurgents enter the country across the Lebanese border, and what amounts to nothing short of total anarchy and civil war in the streets of Syria
that has left an estimated 17,000 people dead. Western nations have
condemned the actions of the Syrian government, calling for a peaceful
resolution, but some observers suggest that we’ve be doing exactly the
opposite, and rather than looking for a peaceful solution, all
indicators point to a growing powder keg that’s set to blow at any
moment. The Russians were recently caught transferring armaments to the
middle east nation amid condemnation from the Obama administration,
with Secretary of State Clinton telling Russia they will “pay a price” for their attempts at halting progress in the region.Late last week headlines across the world raised the alert level even higher. According to intelligence reports President Assad has begun mobilizing his weapons of mass destruction arsenal. Though Colon Powell may not be available to show us the location of the WMDs this time around, “intelligence” reports from western agencies indicate that Assad is preparing to deploy chemical weapons, including sarin, cyanida and mustard gas, on the rebellious population of Syria.
The situation is now at a head, and two key developments in the last 24 hours indicate that whatever NATO has planned for Syria – be it a Libyan style no-fly zone or a full on Iraqiesque invasion – will soon come to pass.
Read More @ SHTFPlan.com
from KingWorldNews:
With volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN, “The financial, monetary and economic conditions are so bad … that everything will spin out of control.” He also warned, “There is a new factor at work that is about to light a fire under the precious metals that few people recognize – food inflation.” He went on to say, “We can expect a rally from here that will take our breath away.”
Here is what Turk had to say about what is happening: “The sentiment indicators for gold and silver have been exceptionally low for weeks now, Eric, which is understandable given their lackluster performance during this period, as well as the downright discouraging performance of the mining shares.”
“But this is no time for complacency. The financial, monetary and economic conditions are so bad, that the situation could spin out of control at any second. Because these problems are not being solved, the point is that everything will spin out of control.
John Embry continues @ KingWorldNews.com
With volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN, “The financial, monetary and economic conditions are so bad … that everything will spin out of control.” He also warned, “There is a new factor at work that is about to light a fire under the precious metals that few people recognize – food inflation.” He went on to say, “We can expect a rally from here that will take our breath away.”
Here is what Turk had to say about what is happening: “The sentiment indicators for gold and silver have been exceptionally low for weeks now, Eric, which is understandable given their lackluster performance during this period, as well as the downright discouraging performance of the mining shares.”
“But this is no time for complacency. The financial, monetary and economic conditions are so bad, that the situation could spin out of control at any second. Because these problems are not being solved, the point is that everything will spin out of control.
John Embry continues @ KingWorldNews.com
by Bruce Krasting, Bruce Krasting Blog:
Two big problems America faces are that there is not enough tax
revenue, and income is skewed to the top 10%. These issues will define
the 2012 election. Obama wants to lower the taxes that middle-income
earners pay at the expense of those bastards who are in the lofty top
10% of income. Romney wants to lower taxes across the board, but his
plan heavily favors the shit heels that are at the top of the pile. This
chart compares the two candidate’s proposals:
The Congressional Budget Office (CBO) wrote on this topic last week, presenting the following chart to describe what is happening:
The CBO used the actual IRS tax data from 2009, so this info is an
accurate description of who made what and what taxes were paid. The
results confirm the problem. The top 20% of income earners make 51% of
all income. This same group pays fully 68% of all Federal tax dollars.
So who are these “fat cats” who are on top of the income pile and how much are they making? The results are surprising, the following shows the incomes for those in the top 20%:
81st to 90th percentile = $137,500
Read More @ BruceKrasting.blogspot.com
In a recent New York Times piece entitled “Why Our Elites Stink,”
a number of theses regarding the elite class in the United States are
made. Most of these assertions are naive and misguided, as the
bootlicking class of scientistts and academics who innovate for control
are mistaken for the capstone power-wielders in society. In the very
first line, for example, Brooks writes, “through most of the 19th and
20th centuries, the Protestant Establishment sat atop the American power
structure.” This is a mis-reading of the true history, as, by the
middle of the nineteenth century, European powers had largely insinuated
themselves into the American power structure financing the burgeoning,
secular ruling class in the US. These powers were largely secular.
To boot, by the 20th century, Protestantism, particularly in the United States, was defined by increasing fragmentation. In this century, a rise of liberal and conservative factions contributed to the splintering of the religion. Even more important, in a larger sense, is that the 20th century was defined spiritually by increasing secularization in the west.
Read More @ Silver Vigilante
Concerns are growing about the reliability of oil prices, after a
report for the G20 found the market is wide open to “manipulation or
distortion”.
Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.
Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.
They warned any efforts to rig the oil price would affect how much drivers pay at the pump, which soared to a record high of 137p per litre of unleaded earlier this year.
Robert Halfon, who led a group of 100 MPs calling for lower fuel prices, said the matter “needs to be looked at by the Bank of England urgently”.
We need to know whether the oil price has been manipulated in a similar way to Libor,” the MP for Harlow said. “This impacts on millions of people all round the country concerned about the price of petrol at the pumps.”
Petrol retailers use oil price “benchmarks” to decide how much to pay for future supplies.
Read More @ Telegraph.co.uk
Two big problems America faces are that there is not enough tax
revenue, and income is skewed to the top 10%. These issues will define
the 2012 election. Obama wants to lower the taxes that middle-income
earners pay at the expense of those bastards who are in the lofty top
10% of income. Romney wants to lower taxes across the board, but his
plan heavily favors the shit heels that are at the top of the pile. This
chart compares the two candidate’s proposals:The Congressional Budget Office (CBO) wrote on this topic last week, presenting the following chart to describe what is happening:
The CBO used the actual IRS tax data from 2009, so this info is an
accurate description of who made what and what taxes were paid. The
results confirm the problem. The top 20% of income earners make 51% of
all income. This same group pays fully 68% of all Federal tax dollars.So who are these “fat cats” who are on top of the income pile and how much are they making? The results are surprising, the following shows the incomes for those in the top 20%:
81st to 90th percentile = $137,500
Read More @ BruceKrasting.blogspot.com
from Silver Vigilante:
In a recent New York Times piece entitled “Why Our Elites Stink,”
a number of theses regarding the elite class in the United States are
made. Most of these assertions are naive and misguided, as the
bootlicking class of scientistts and academics who innovate for control
are mistaken for the capstone power-wielders in society. In the very
first line, for example, Brooks writes, “through most of the 19th and
20th centuries, the Protestant Establishment sat atop the American power
structure.” This is a mis-reading of the true history, as, by the
middle of the nineteenth century, European powers had largely insinuated
themselves into the American power structure financing the burgeoning,
secular ruling class in the US. These powers were largely secular.To boot, by the 20th century, Protestantism, particularly in the United States, was defined by increasing fragmentation. In this century, a rise of liberal and conservative factions contributed to the splintering of the religion. Even more important, in a larger sense, is that the 20th century was defined spiritually by increasing secularization in the west.
Read More @ Silver Vigilante
by Rowena Mason, Emma Rowley, The Telegraph:
Motorists may have been paying too much for their petrol
because banks and other traders are likely to have tried to manipulate
oil prices in the same way they rigged interest rates (read LIBOR)
official report has warned.
Concerns are growing about the reliability of oil prices, after a
report for the G20 found the market is wide open to “manipulation or
distortion”.Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.
Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.
They warned any efforts to rig the oil price would affect how much drivers pay at the pump, which soared to a record high of 137p per litre of unleaded earlier this year.
Robert Halfon, who led a group of 100 MPs calling for lower fuel prices, said the matter “needs to be looked at by the Bank of England urgently”.
We need to know whether the oil price has been manipulated in a similar way to Libor,” the MP for Harlow said. “This impacts on millions of people all round the country concerned about the price of petrol at the pumps.”
Petrol retailers use oil price “benchmarks” to decide how much to pay for future supplies.
Read More @ Telegraph.co.uk
by Alasdair Macleod, Gold Seek:
I have recently written about the breakdown of disaggregated data from
the futures markets into producers and swap dealers for gold and silver
futures, as reported in the Commitment of Traders reports issued by the
US government’s Commodity Futures Trading Commission (CFTC). There is a
further category of trader to consider, and that is Managed Money.
According to the CTFC, “A ‘money manager’ is a registered commodity trading advisor (CTA); a registered commodity pool operator (CPO); or an unregistered fund identified by CFTC. These traders are engaged in managing and conducting organized futures trading on behalf of clients.” So it ranges from the advisory and discretionary clients of brokers and investment managers, to mutual and hedge funds. These are the users of the market who effectively represent the general public.
Managed money is often regarded as a contrary indicator, with good reason: the public is usually late on the scene, buying at the top and selling at the bottom, so a bullish chart would be one with a generally low level of long positions and a high level of short interest. Happily this is confirmed for both gold and silver in the charts below. First up is gold.
Read More @ GoldSeek.com
I have recently written about the breakdown of disaggregated data from
the futures markets into producers and swap dealers for gold and silver
futures, as reported in the Commitment of Traders reports issued by the
US government’s Commodity Futures Trading Commission (CFTC). There is a
further category of trader to consider, and that is Managed Money.According to the CTFC, “A ‘money manager’ is a registered commodity trading advisor (CTA); a registered commodity pool operator (CPO); or an unregistered fund identified by CFTC. These traders are engaged in managing and conducting organized futures trading on behalf of clients.” So it ranges from the advisory and discretionary clients of brokers and investment managers, to mutual and hedge funds. These are the users of the market who effectively represent the general public.
Managed money is often regarded as a contrary indicator, with good reason: the public is usually late on the scene, buying at the top and selling at the bottom, so a bullish chart would be one with a generally low level of long positions and a high level of short interest. Happily this is confirmed for both gold and silver in the charts below. First up is gold.
Read More @ GoldSeek.com
by Michael Snyder, Activist Post
Why is the heartland of the United States experiencing such a horrific drought right now? At the moment, approximately 61 percent
of the entire nation is experiencing drought conditions, and this is
absolutely devastating farmers and ranchers all over the country.
Less than two weeks ago I wrote an article asking what would happen if these drought conditions persisted, and now we are finding out. The U.S. Department of Agriculture has created the largest natural disaster area in U.S. history. The USDA has declared 1,016 counties in 26 U.S. states to be disaster areas. The USDA declaration basically covered about half of the nation, and there is now no denying how horrible this drought really is. You can see a map of this disaster area right here.
This endless drought is being compared to the nightmarish drought of 1988, and if it persists into August it could become perhaps the worst drought that America has ever seen. The USDA says that approximately 60 percent of all corn in the country is experiencing “moderate to extreme” drought conditions. If this drought does not end soon, the losses are going to be mind blowing. Already, it is estimated that farmers and ranchers have suffered billions of dollars in damage. How much worse can things get?
Read More @ Activist Post
Why is the heartland of the United States experiencing such a horrific drought right now? At the moment, approximately 61 percent
of the entire nation is experiencing drought conditions, and this is
absolutely devastating farmers and ranchers all over the country.Less than two weeks ago I wrote an article asking what would happen if these drought conditions persisted, and now we are finding out. The U.S. Department of Agriculture has created the largest natural disaster area in U.S. history. The USDA has declared 1,016 counties in 26 U.S. states to be disaster areas. The USDA declaration basically covered about half of the nation, and there is now no denying how horrible this drought really is. You can see a map of this disaster area right here.
This endless drought is being compared to the nightmarish drought of 1988, and if it persists into August it could become perhaps the worst drought that America has ever seen. The USDA says that approximately 60 percent of all corn in the country is experiencing “moderate to extreme” drought conditions. If this drought does not end soon, the losses are going to be mind blowing. Already, it is estimated that farmers and ranchers have suffered billions of dollars in damage. How much worse can things get?
Read More @ Activist Post
by Mike Adams, Natural News:
Today across America, we’re witnessing an explosion in the planned
deployment of spy drones, military drones and surveillance drones, both
for law enforcement use and military use. The FAA has granted permission
for tens of thousands of drones to be flown in the skies of America,
and companies like Raytheon are working
on tiny munitions (missiles) that can be carried by single-shot drones.
What follows is my personal analysis of near-future drone capabilities
and countermeasures, extrapolated from information found in public
articles as well as my personal knowledge of military and law
enforcement tactics and mission profiles.
Drones are now being weaponized in America. As reported in AINonline (http://www.ainonline.com/aviation-news/2012-07-08/raytheons-purpose-b…)
Raytheon’s new small tactical munition (STM), which the U.S. group claims is the first purpose-built weapon for tactical unmanned air systems (UAS), could be in active service within a few months. The STM is 22 inches long, 3.6 inches in diameter and weighs 13.5 pounds, and could be used on a UAS with a payload as low as 50 to 60 pounds.
Read More @ NaturalNews.com
Today across America, we’re witnessing an explosion in the planned
deployment of spy drones, military drones and surveillance drones, both
for law enforcement use and military use. The FAA has granted permission
for tens of thousands of drones to be flown in the skies of America,
and companies like Raytheon are working
on tiny munitions (missiles) that can be carried by single-shot drones.
What follows is my personal analysis of near-future drone capabilities
and countermeasures, extrapolated from information found in public
articles as well as my personal knowledge of military and law
enforcement tactics and mission profiles.Drones are now being weaponized in America. As reported in AINonline (http://www.ainonline.com/aviation-news/2012-07-08/raytheons-purpose-b…)
Raytheon’s new small tactical munition (STM), which the U.S. group claims is the first purpose-built weapon for tactical unmanned air systems (UAS), could be in active service within a few months. The STM is 22 inches long, 3.6 inches in diameter and weighs 13.5 pounds, and could be used on a UAS with a payload as low as 50 to 60 pounds.
Read More @ NaturalNews.com
by Lance Roberts, Street Talk Live:
At the end of last year we began discussing the issues of the
excessively optimistic analysis of the mainstream media and analysts
which were confusing a skew in the seasonal data caused by an
unseasonably warm winter and global Central Bank interventions with an
organic economic recovery. The problem with maintaining an “optimistic
bias”, which attracts readers and viewers for media driven outlets, is
that it fogs the lenses of logical thinking. The recent releases of
consumer sentiment and retail sales are clearly a story of an economy,
while statistically growing, remains in recession for Main Street
America.
Personal consumption expenditures drives a little more than 70% of economic growth in the U.S. as shown in the first chart. Therefore, it is no surprise that watching consumer confidence, retails sales, personal savings rate and changes in credit can tell you a lot about the real state of the consumer and the likely impact to the economy in the future.
Read More @ StreetTalkLive.com
At the end of last year we began discussing the issues of the
excessively optimistic analysis of the mainstream media and analysts
which were confusing a skew in the seasonal data caused by an
unseasonably warm winter and global Central Bank interventions with an
organic economic recovery. The problem with maintaining an “optimistic
bias”, which attracts readers and viewers for media driven outlets, is
that it fogs the lenses of logical thinking. The recent releases of
consumer sentiment and retail sales are clearly a story of an economy,
while statistically growing, remains in recession for Main Street
America.Personal consumption expenditures drives a little more than 70% of economic growth in the U.S. as shown in the first chart. Therefore, it is no surprise that watching consumer confidence, retails sales, personal savings rate and changes in credit can tell you a lot about the real state of the consumer and the likely impact to the economy in the future.
Read More @ StreetTalkLive.com
by Susanne Posel, Occupy Corporatism:
Officials at the San Onofre nuclear power plant in California have admitted that conditions at the plant are worse than they anticipated.
Daniel Hirsch, a nuclear expert at the University of California, Santa Cruz, commented: “This reveals a far greater problem than has been previously disclosed, and raises serious questions about whether it is safe to restart either unit.”
The Nuclear Regulatory Commission (NRC) has downplayed concerns that prompted an investigation earlier this year when one reactor was closed. Published findings show that more than 3,400 steam generator tubes in the new steam generators at San Onofre have undergone some sort of damage — as well as about 1,800 in Unit 3 and 1,600 in Unit 2. Those tubes are instrumental in keeping the site’s 65 foot tall, 1.3 million pound generators up and running.
Read More @ OccupyCorporatism.com
Officials at the San Onofre nuclear power plant in California have admitted that conditions at the plant are worse than they anticipated.Daniel Hirsch, a nuclear expert at the University of California, Santa Cruz, commented: “This reveals a far greater problem than has been previously disclosed, and raises serious questions about whether it is safe to restart either unit.”
The Nuclear Regulatory Commission (NRC) has downplayed concerns that prompted an investigation earlier this year when one reactor was closed. Published findings show that more than 3,400 steam generator tubes in the new steam generators at San Onofre have undergone some sort of damage — as well as about 1,800 in Unit 3 and 1,600 in Unit 2. Those tubes are instrumental in keeping the site’s 65 foot tall, 1.3 million pound generators up and running.
Read More @ OccupyCorporatism.com
from Silver Doctors:
Something tells us Jamie Dimon has been smashing the Ambien lately,
and it’s not anxiety over CIO losses, it’s due to the liklihood JP
Morgan will be implicated in LIBOR rate fixing in the coming days and
weeks.
The NY Times has just broken the news that the Department of Justice is pursuing CRIMINAL CHARGES against numerous US banks regarding their involvement in the LIBOR rate-fixing scandal.
If true, s***’s about to get real for Dimon, Blankfein, Moynihan, Diamond, and gang- but we’ll believe it when we see it, we expect to see massive settlements from the US banks (including BOA and JPM) to evade criminal charges.
From the NY Times:
The NY Times has just broken the news that the Department of Justice is pursuing CRIMINAL CHARGES against numerous US banks regarding their involvement in the LIBOR rate-fixing scandal.
If true, s***’s about to get real for Dimon, Blankfein, Moynihan, Diamond, and gang- but we’ll believe it when we see it, we expect to see massive settlements from the US banks (including BOA and JPM) to evade criminal charges.
From the NY Times:
As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal.Read More @ SilverDoctors.com
from End of the American Dream:
Why is the heartland of the United States experiencing such a horrific drought right now? At the moment, approximately 61 percent
of the entire nation is experiencing drought conditions, and this is
absolutely devastating farmers and ranchers all over the country. Less
than two weeks ago I wrote an article
asking what would happen if these drought conditions persisted, and now
we are finding out. The U.S. Department of Agriculture has created the
largest natural disaster area in U.S. history. The USDA has declared
1,016 counties in 26 U.S. states to be disaster areas. The USDA
declaration basically covered about half of the nation, and there is now
no denying how horrible this drought really is. You can see a map of
this disaster area right here.
This endless drought is being compared to the nightmarish drought of
1988, and if it persists into August it could become perhaps the worst
drought that America has ever seen. The USDA says that approximately 60 percent
of all corn in the country is experiencing “moderate to extreme”
drought conditions. If this drought does not end soon, the losses are
going to be mind blowing. Already, it is estimated that farmers and
ranchers have suffered billions of dollars in damage. How much worse
can things get
Read More @ EndoftheAmericanDream.com
Why is the heartland of the United States experiencing such a horrific drought right now? At the moment, approximately 61 percent
of the entire nation is experiencing drought conditions, and this is
absolutely devastating farmers and ranchers all over the country. Less
than two weeks ago I wrote an article
asking what would happen if these drought conditions persisted, and now
we are finding out. The U.S. Department of Agriculture has created the
largest natural disaster area in U.S. history. The USDA has declared
1,016 counties in 26 U.S. states to be disaster areas. The USDA
declaration basically covered about half of the nation, and there is now
no denying how horrible this drought really is. You can see a map of
this disaster area right here.
This endless drought is being compared to the nightmarish drought of
1988, and if it persists into August it could become perhaps the worst
drought that America has ever seen. The USDA says that approximately 60 percent
of all corn in the country is experiencing “moderate to extreme”
drought conditions. If this drought does not end soon, the losses are
going to be mind blowing. Already, it is estimated that farmers and
ranchers have suffered billions of dollars in damage. How much worse
can things getRead More @ EndoftheAmericanDream.com
from Testosterone Pit.com:
I’m shocked and appalled that the Libor fiasco could even occur in our
modern, highly ethical, and transparent financial sector. Banks
misreporting anything…. unheard of. Nevertheless, it occurred.
Not just once, but from get-go. And everyone and his dog, even Treasury
Secretary Timothy Geithner, back in 2008 when he was still President of
the New York Fed, knew about it.
And it’s not just some theoretical thing. Libor, or the London interbank offered rate, is figured daily in London when banks submit their estimated costs of borrowing from other banks—not actual costs, by design so that they could submit whatever. It is used to set interest rates on $800 trillion (not billion) worth of financial instruments, from student loans to interest rate derivatives (by comparison, US GDP is about $15 trillion). As Libor gets manipulated, so does the cost of loans, interest income of lenders, the outcome of all sorts of trades, and the apparent health of banks that are judged by it.
The world’s largest banks—among them Barclays, HSBC, RBS, Lloyds, Credit Suisse, UBS, Deutsche Bank, Rabobank, Dexia, Citigroup, Bank of America, JPMorgan Chase, Goldman Sachs, Royal Bank of Canada, and Mitsubishi Bank—are under investigation or have been named in lawsuits alleging that they’d rigged Libor, and the list will likely get longer. In June, Barclays agreed to pay $453 million (not billion) in fines. Peanuts, given the magnitude and duration of the scam. Bob Diamond, Barclay’s CEO, and some other folks at the bank, lost their jobs. The US Department of Justice is expected to file criminal charges against a number of banks and bankers later this year—with perp walks perhaps before the election in November.
Read More @ TestosteronePit.com
I’m shocked and appalled that the Libor fiasco could even occur in our
modern, highly ethical, and transparent financial sector. Banks
misreporting anything…. unheard of. Nevertheless, it occurred.
Not just once, but from get-go. And everyone and his dog, even Treasury
Secretary Timothy Geithner, back in 2008 when he was still President of
the New York Fed, knew about it.And it’s not just some theoretical thing. Libor, or the London interbank offered rate, is figured daily in London when banks submit their estimated costs of borrowing from other banks—not actual costs, by design so that they could submit whatever. It is used to set interest rates on $800 trillion (not billion) worth of financial instruments, from student loans to interest rate derivatives (by comparison, US GDP is about $15 trillion). As Libor gets manipulated, so does the cost of loans, interest income of lenders, the outcome of all sorts of trades, and the apparent health of banks that are judged by it.
The world’s largest banks—among them Barclays, HSBC, RBS, Lloyds, Credit Suisse, UBS, Deutsche Bank, Rabobank, Dexia, Citigroup, Bank of America, JPMorgan Chase, Goldman Sachs, Royal Bank of Canada, and Mitsubishi Bank—are under investigation or have been named in lawsuits alleging that they’d rigged Libor, and the list will likely get longer. In June, Barclays agreed to pay $453 million (not billion) in fines. Peanuts, given the magnitude and duration of the scam. Bob Diamond, Barclay’s CEO, and some other folks at the bank, lost their jobs. The US Department of Justice is expected to file criminal charges against a number of banks and bankers later this year—with perp walks perhaps before the election in November.
Read More @ TestosteronePit.com
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We The Sheeplez... is intended to reflect
excellence in effort and content. Donations will help maintain this goal
and defray the operational costs. Paypal, a leading provider of secure
online money transfers, will handle the donations. Thank you for your
contribution.
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