Storm-ravaged and weary Rockaways residents cornered Mayor Bloomberg yesterday to angrily demand more aid for their devastated neighborhood.
“When are we gonna get some help?” blasted one desperate woman, who had to be held back by the mayor’s security detail as Bloomberg stood by with a deer-in-the-headlights look.
“When are we gonna get some f–king help?” she demanded.
“There’s old ladies in my building that don’t got nothing,” lashed out a man on video caught by a NY1 reporting crew.
Bloomberg’s trip to the Rockaways wasn’t announced and wouldn’t have been caught on cameras if the news crew hadn’t happened to run across him. Back in City Hall, he expressed sympathy with the residents’ plight.
Read More @ nypost.com
Today 40-year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson, who is founder of The Portola Group, discusses the fact that our current global financial system is mass delusion on a grand scale, and what this means for investors.
Below is Fitzwilson’s exclusive piece for KWN:
“One of the most insidious and feared weapons ever created was the S-mine, also known by the soldiers as the “Bouncing Betty”. It was designed as an anti-personnel mine by Germany in WWII. Buried underground, a small explosive charge would propel the device up into the air when triggered by the weight of a passing soldier or by a tripwire. At that point, the main explosive charge detonated and sprayed lethal steel balls in a wide radius.”
Robert Fitzwilson continues @ KingWorldNews.com
It would appear, based on the latest war games from Israel's Institute of National Security Studies, that we should all go back to sleep and not worry about the impact of an Israeli strike on Iran's nuclear infrastructure. The reason not to worry is simple - either it ignites World War III (which we presume means it will be all over very rapidly and we will be blissfully unaware until its too late to be capable of achieving anything) or - as they suspect (and gamed out) - there will be a focus on 'containment and restraint' with Iran unable to ignite the Middle East. The result is predicated on 'actors' motivated by rational considerations; which seems entirely irrational. All the gory details below...
The following is a list of key events (and commentary) to watch over the next two months. From Germany's voting phases for Greek aid to various national strikes and regional elections, there's plenty here of critical importance to the future of the sovereign debt crisis.
Countries that have the luxury of their own exchange rate are able to eliminate any loss in competitiveness through an exchange rate depreciation, but (as is broadly recognized by now) UBS reminds that in a single currency area the only route available is an adjustment in relative wages. "Integrate or die" is how they describe it as the impact of even a Greek exit is now well-known as the start of the end for the euro as bank runs would instantaneously begin. Instead of instantaneous devaluation (exit) - akin to tearing the (admittedly big) band-aid off, the devaluation will be undertaken over time to restore competitiveness, with the brunt of the adjustment taking place through wages and inflation. This equilibrium 'devaluation' is impossible to know with certainty, but UBS estimates it is over 20% for Greece and 15% for Spain. How patient will the market be in waiting for the promise of integration to cover this slow and steady competitive devaluation; or alternatively how patient will Greece's poverty-stricken population put up with it? The reflexive nature of the market will accelerate any perceived move in this direction... a 'painless' 15-20% devaluation in Greece and Spain backed by the ECB's promises seems to us the stuff of hopes and dreams and unicorn farts.
More than 50 EPA staff are now crashing to finish greenhouse gas emission standards that would essentially ban all construction of new coal-fired power plants. Never before have so many EPA resources been devoted to a single regulation. The independent and non-partisan Manhattan Institute estimates that the EPA’s greenhouse gas coal regulation will cost the U.S. economy $700 billion.
Read More @ Examiner.com
With the dominance of IT spend (whether consulting or outsourcing) in many of today's investment theses, Morgan Stanley's new forward-looking models should have more than a few long-only money managers rocking quietly in the corner of the office (especially given IBM's dominance of the Dow). Their proprietary models (discussed below) predict decelerating revenues in both consulting and outsourcing through Q2 2013 reflecting the weak discretionary spend environment. The inflection in outsourcing is particularly notable and is far from priced in with the velocity of the fall suggesting 2009-like cutbacks. After the last recession's drop, IT outsourcing was a key area of cost reduction that also provided additional revenues for a new sector; one has to wonder if the recovery this time would be so acute (since sooner rather than later the cutting of fat leads to lascerations in the muscle).
The number of people in Greece classified as living below the poverty line reached 2.34 million (or over 20% of their 11.3 million population). Ekathimerini reports that the Hellenic Statistical Authority (ELSTAT) has released data from 2010, the first update of this frightful data series post austerity measures. Household spending has dropped dramatically in the two years since then suggesting the current picture is considerably worse. Still, comparing apples to slightly smaller apples, CIA data shows Greece now considerably more impoverished than Iran, Bosnia and Herzegovina, Mexico, and the West Bank. The EUR6,591 per annum poverty line in Greece compares to average per capita income of EUR12,637 but what is perhaps most worrisome - as social unrest continues to rise - is that Greece is among the European countries with the greatest financial inequalities, as the richest 20% of the population had an annual income that was six times that of the poorest 20%.
In 1901 the national debt of the United States was less than $1 billion. It stayed at less than $1 billion until we got into World War I. Then it jumped to $25 billion.
The national debt nearly doubled between World War I and World War II, increasing from $25 to $49 billion.
Between 1942 and 1952, the debt zoomed from $72 billion to $265 billion. In 1962 it was $303 billion. By 1970, the debt had increased to $383 billion.
Between 1971 and 1976 it rose from $409 billion to $631 billion. The debt experienced its greatest growth, however, during the 1980s, fueled by an unprecedented peacetime military buildup. In 1998, the outstanding public debt will roar past $5.5 trillion. The unconstitutional “share” of this debt for every man, woman and child is currently $20,594.86 and will continue to increase an average of $630 million every day, which dosn’t include the $26 trillion in individual credit card debts, mortgages, automobile leases and so on.
U.S. NATIONAL DEBT: The Outstanding Public Debt as of 08/25/98 at 10:28:37 AM PDT is:
The estimated population of the United States is 270,374,697, so each citizen’s share of this debt is $20,403.90.
Read More @ WhatReallyHappened.com
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Quite a bit of media attention has been devoted recently to a working paper by two International Monetary Fund economists that re-examines the “Chicago Plan”. First put forward by University of Chicago economists in 1933, this proposal calls for the abolition of fractional reserve banking and the replacement of bank credit with government money in order to do away with credit-induced business cycles.
We can perhaps all agree that bank credit created out of thin air shouldn’t exist. Unfortunately, there is never a good time to deleverage bank balance sheets, and to do so now would result in a massive policy-induced economic shock. The Chicago Plan seeks to side step this problem by replacing bank credit with raw money; the approach favoured by the IMF working paper is for banks to match their lending by borrowing from the government. Customer deposits would be simply leant to the government through the Federal Reserve Banks.
Read More @ GoldMoney.com
Timing couldn’t have been worse. Or more opportune. A “secret” report by the German version of the CIA, the Bundesnachrichtendienst (BND), bubbled to the surface, asserting that the pending bailout of Cyprus would use the money of taxpayers in other countries, particularly in Germany, to bail out mostly rich Russians who have over the years deposited their “black money” in Cypriot banks that are now collapsing.
Not that the bailout of this tiny speck of land with 840,000 people isn’t in enough trouble. Admitted into the Eurozone in 2008, Cyprus veered towards bankruptcy in 2011 but was temporarily bailed out last November by a €2.5 billion loan from Russia. That money didn’t last long. In June, it asked the Troika, the austerity gang from the EU, the ECB, and the IMF, for a full-fledged bailout. So Troika inspectors have been combing through the financial rubble to determine a bailout amount and needed structural reforms.
Read More @ TestosteronePit.com
Even as Federal Emergency Management Agency Administrator Craig Fugate travels to New York today to discuss Sandy, a potentially significant storm remains on track to affect the northeastern United States this week.
It should make for a breezy, wet and in some cases snowy mess.
The cause, as we’ve been discussing, is a non-tropical low pressure system moving up the East Coast. Here’s where the European model forecasts the system’s position on Wednesday evening.
Read More @ chron.com
Presciently, the State of New Jersey announced a 5-year contract for RFID tracking technology used to assist in evacuation by identifying and monitoring the location of evacuees and emergency assets during hurricanes or other disasters just four days before Hurricane Sandy began to form.
A press release was published October 18, 2012 announcing that Radiant RFID, based in Austin, Texas, would provide the New Jersey Office of Homeland Security and Preparedness (OHSP) with the RFID technology it has already used during disasters in Texas and other locales, as during 2008′s Hurricane Gustav.
Read More @ InfoWars.com
Next week is a watershed for global politics with the US presidential election and the change of leadership in China at the Party Congress. There may not be a change of leadership in the US but the new faces in the Chinese politburo will want to make their mark.
If you want to know what they are going to do then you only have to look across the ocean to Japan. On Friday the yen fell against all but one of its 16 most-traded counterparts as the Bank of Japan added $137 billion to its monetary stimulus program. The Federal Reserve already has a commitment to $40 billion of quantitive easing a month.
Read More @ ArabianMoney.com
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