Today one of the top economists in the world warned King World News about a global crash far worse than 2008, complete chaos and the end of faith in fiat money.
Michael Pento: “The incompetent Fed is way over its head. It’s losing control of markets. What I mean by that is asset prices and debt levels have become so overextended that the Federal Reserve can never normalize interest rates because the economy is already so weak.
The global economy is so weak that if they were to start to raise interest rates the yield curve would flatten and then invert, cutting off money supply, and asset prices would crash like it was 2008 on steroids. And the $200 trillion worth of global debt would become insolvent. So that is what we are seeing and that is what we learned this week from the Federal Reserve. They are stuck and everybody knows it.”
Submitted by Tyler Durden on 09/20/2015 - 12:55 The Fed is really caught between a rock and a very dark place. This is the worst possible mess and the longer they have waited to normalize interest rates, the worst the total crisis is becoming for they will have zero control over the economy and once that is seen, holy Hell will break loose.
If you follow financial media, it’s important to know your source.
There are a lot of bullshitters and con artists out there, and you need to take what they say with a grain of salt.
Jim Cramer, for example, is a textbook example of a bullshit artist. He basically admitted as much during the infamous 2008 interview with Jon Stewart, in which Cramer self-identified as an “entertainer.”
I honestly don’t know why people still listen to him or follow his advice.
Submitted by Tyler Durden on 09/20/2015 - 12:00 One can’t help being left slack-jawed witnessing that the Fed has just publicly inserted itself into geopolitics via its monetary policy as de facto first responder/savior of all economies. Even if it puts U.S. savers, retirees, along with its economy in the back seat.
In early 2015, Yousaf al Salafi, a man believed to be the Pakistani commander of the Islamic State, confessed during investigations that he has been receiving money through the United States.
A few months after al Salafi revealed the funding he was receiving was routed through the United States, Michael Flynn, former director of Obama’s Defence Intelligence Agency, said he warned the Obama administration three years ago that the groups they were funding in Syria were actually Islamic jihadists. Now, a group of 50 intelligence analysts working out of the U.S. military’s Central Command have complained that their reports on Islamic State and the Syrian branch of Al-Qaeda were being incorrectly changed by senior officials.
Submitted by Tyler Durden on 09/20/2015 - 13:30 In a move 'spun' by John Kerry as "keeping with America’s best tradition as a land of second chances and a beacon of hope," NYTimes reports the Obama administration is willing to accept to 100,000 annually in 2017, a significant increase over the current worldwide cap of 70,000. Kerry further added that the US would explore ways to increase the limit beyond 100,000 in future years while carrying out background checks to ensure that the refugees have not been infiltrated by terrorists.
Submitted by Tyler Durden on 09/20/2015 - 15:01 "I would not advocate that we put a Muslim in charge of this nation. I absolutely would not agree with that."
Submitted by Tyler Durden on 09/20/2015 - 14:15 We’re all Dr. Evil today, thinking that one million dollars is a lot of money, or that one second is a short period of time, or that we are individually smart or capable in a systemically interesting way. We use our small-number brains to make sense of an increasingly large-number investment world, and as a result both our market fears and our market dreams are increasingly out of touch with reality.
Submitted by Tyler Durden on 09/20/2015 - 12:23 Greece went to the polls on Sunday with a choice that really wasn't a choice and even as Alexis Tsipras looks set to prevail the most shocking electoral outcome is this: neo-Nazi Golden Dawn is set to come in third and garnered the most support of any party among Greece's unemployed.
Submitted by Tyler Durden on 09/20/2015 - 11:20 Q: What is your own view of the appropriate liftoff date?
A: Our own answer to that question has long been 2016. In fact, our own view is similar to that of Chicago Fed President Charles Evans, who recently shifted his call from early 2016 to mid-2016.... At this point, our “GSFCI Taylor rule” suggests that the FOMC should be trying to ease rather than tighten financial conditions. Our own view in terms of optimal policy is quite strongly in favor of waiting well into 2016.
Submitted by Tyler Durden on 09/20/2015 - 10:30 With both Russia and Iran seemingly prepared to do what's necessary to ensure Bashar al-Assad isn't toppled in Syria, John Kerry admits that the US strategy of brining about regime change in Damascus is now in serious jeopardy. Speaking from London on Saturday, Kerry attempted to hang on to the “Assad must go” narrative, but in what might fairly be described as the most conciliatory language yet, Washington’s top diplomat essentially admitted that the timetable for Assad’s exit is now completely indeterminate. Meanwhile, Moscow and Tehran are set to hash out Syria's future seemingly without any input from the Americans.
Submitted by Tyler Durden on 09/20/2015 - 09:45 Rousseff - hand-picked by Lula da Silva to succeed him - appears to be caught up in da Silva's backdraft. Opposition parties also claim she violated Brazil's fiscal responsibility law when she doctored government accounts to allow more public spending prior to the October election last year. Rousseff in turn described the attempt to use Brazil's economic crisis as an opportunity to seize power a modern day coup.
Submitted by Tyler Durden on 09/19/2015 - 22:15 To comply with the 2005 Real ID Act, which the U.S. government has been slowly implementing for the past decade, citizens in a number of different U.S. states will now be forced to obtain a passport if they want to board an airplane - even for domestic flights.
Submitted by Tyler Durden on 09/19/2015 - 21:30
Submitted by Tyler Durden on 09/19/2015 - 20:45 Winston Churchill famously said in 1939: “I cannot forecast to you the action of Russia. It is a riddle wrapped in a mystery inside an enigma; but perhaps there is a key. That key is Russian national interest." In making ISIS, not Assad, public enemy No. 1, Putin has it right. It is we Americans who are the mystery inside an enigma now.
On September 11, a publication called Russian Spring reported US unmanned aerial vehicle (UAV) attacks on Syrian military positions – “disguised as an airstrike on ISIS.”
Syrian journalists learned details of what’s happening. Numerous civilians were killed. According to Syrian military sources, covert US drone strikes against its forces and positions happened before, part of Washington’s phony war on ISIS.
On September 1, the Washington Post headlined “US launches secret drone campaign to hunt Islamic State leaders in Syria,” saying:
“Election 2016: A Historic Opportunity To Reclaim Our Freedom
If the most powerful global corporations get their way and money determines the outcome of the Republican and Democratic primaries, we are going to end up with a Bush vs. Clinton presidential “election.” While Donald Trump and Bernie Sanders are surging in the early polls, the recording-breaking money in the Bush/Clinton war chest has barely been unleashed. Beyond the hundreds of millions of dollars yet to be spent by their campaigns, the unpledged RNC delegates and the DNC super-delegates, who control an astounding 20% of the overall vote, are heavily committed to Bush and Clinton, as are the mainstream media companies. As we get closer to primary voting season, a Clinton/Bush onslaught awaits.
The Alex Jones Channel:
And the killing begins...and the Sheeplez will cheer...Idiots...
No nation in history has ever threatened peace more than the United States, US author Stephen Lendman emphasizes, adding that Washington bears full responsibility for creating the notorious Islamic State.
US President Obama and Secretary of State Kerry are hypocritically calling for a diplomatic solution to the world’s burning conflicts, while waging perpetual wars in multiple theaters, US author and syndicated columnist Stephen Lendman underscores.
“Washington bears full responsibility for creating ISIS [ISIL]. Russian UN envoy Vitaly Churkin traced its origin from Bush’s Iraq war, saying it ‘became active when (it) began storming Baghdad…So, the Islamic State ripened in Iraq during the US occupation. (America) should be blamed for’ its rise and proliferation,” Lendman pointed out in his article for Global Research.
The Money GPS:
The German DAX stock index plunged 3.1% today. It’s now in a bear market, down 20% from its all-time high of 12,391 in mid-April. It fell from five digits to four digits: 9,916. A level it had first encountered in May 2014.
Germans aren’t exactly big stock-market investors. Only 7% of their wealth is tied up in stocks, globally. And only a portion of that is in German stocks. So the movement of German stocks doesn’t impact Germans much.
Despite zero interest rates at the bank, and in some cases negative interest rates, Germans hang on to their beloved idea of cash-in-bank. They might not make any money, but at least they don’t have to deal with a rigged market, pay unknown amounts in fees out the back of their brokerage accounts and mutual funds, and then get whacked by a 20% loss, watching 10 years’ worth of savings dissolve into the ether in five months. And Germans with more money pour it into real estate.
If you want to engage in a serious effort to reform Wall Street, buy two copies of economist and financial writer John Kay’s book coming out in the U.S. on Tuesday. Keep one copy of the book for yourself (share it with family and friends) and send the other copy to a member of the Senate Banking committee. That committee is highly likely to be looking at reforming Wall Street again in the near future, given the convulsions in equity, credit and commodity markets of late and an endless stream of ongoing charges of corruption against the mega banks.
In his book, Other People’s Money: The Real Business of Finance, Kay demonstrates not only a sagacious understanding of the grotesque underpinnings of financial markets but he maps out a series of common sense, structural reforms to bring the financial industry back to its key mandates: efficient allocation of capital and honest handling of other people’s money.
Dr. Mark Christian, an Egyptian-born former Muslim who served in the Egyptian military, told World Net Daily earlier this week the refugee crisis in Europe is an orchestrated event. “The media is making this out to be a spontaneous refugee crisis when this is actually a very organized event,” Christian said.
The flood of refugees into Europe is designed to put pressure on the West and provide a pretext for an invasion of Syria, the removal of Bashar al-Assad, and the installation of a Sunni government, Christian claims.
In May declassified US Defense Intelligence Agency documents from 2012 revealed the United States and its partners in the Gulf states and Turkey supported the Islamic State and plan to establish a Salafist principality in Syria.
With the gold and silver markets surging since the Fed’s decision to keep interest rates unchanged, today King World News is pleased to share a piece that illustrates commercial hedgers have become even more bullish on the price of gold. This piece also includes a key illustrations that all KWN readers around the world must see.
Jason Goepfert at SentimenTrader: “The latest Commitments of Traders report showed that large hedgers added the most aggressively to gold.”
President Obama, in a historic first for the Pentagon, has chosen to nominate Eric Fanning to lead the Army, a move that would make him the first openly gay civilian secretary of one of the military services.
Fanning, 47, has been a specialist on national security issues for more than two decades and has played a key role overseeing some of the Pentagon’s biggest shipbuilding and fighter jet programs. Now he will oversee an Army that has been battered by the longest stretch of continuous combat in U.S. history and is facing potentially severe budget cuts. It’s also an Army that after a long stretch of patrolling Iraqi and Afghan villages is searching for its postwar role in protecting the nation.
Fanning’s nomination, which must go to the Senate for confirmation, reflects a major shift for the Pentagon, which only four years ago prevented openly gay troops from serving in the military. The policy didn’t extend to civilian leaders, such as Fanning.
Nairobi activists held banners shunning the introduction of GM food into their country along Kenyatta Avenue this week to send a message to Deputy President William Russo. In Kenya, the president has lifted a ban to allow genetically modified foods to be grown in the nation “to increase food security,” and citizens aren’t happy.
Scientists, nutrition experts, and citizens from Kenya joined in to protest. They claim that the president’s decision goes against their constitutional right for safe food. The decision is being called unethical and unsafe.
The Nazi party was set-up, financed and maintained by Jewish International Financiers. Once Hitler was safely elected, the Bank of England offered credit to Germany, and after the Nazis successfully invaded Czechoslovakia, it released £6 million of Czechoslovakian gold to Hitler, which was deposited in London.
When you accept the proven involvement of Jewish bankers and their political representatives to have been very involved in the funding of the Nazis re- armament, you have only two possible answers: