Submitted by Tyler Durden on 04/06/2016 - 07:45
"In a draft of his San Francisco presentation, Rothschild’s Penney wrote that the U.S. "is effectively the biggest tax haven in the world." The U.S., he added in language later excised from his prepared remarks, lacks “the resources to enforce foreign tax laws and has little appetite to do so."
The Panama Papers: This Is The Consequence Of Centralized Money And Power
Submitted by Tyler Durden on 04/06/2016 - 09:00 Increasing concentrations of wealth and power that are free of any constraint (such as taxes) is not just the consequence of centralized money and state power--this inequality is the only possible output of centralized money and state power. The Panama Papers offer damning proof of this. Here is a graphic portrayal of just how concentrated global wealth really is: the top .7% (less than 1%) own 45% of all global wealth, and the top 8% own 85%.
from Washington’s Blog:
As someone who spends most of his waking hours trying to make sense of the world around him, the Panama Papers leak seemed to represent one of those stories that only come around once or twice a year, if that. However, unlike with the Snowden leaks, the more media coverage I read surrounding shell company assembly line law firm Mossack Fonseca, the more I was left with a nagging sensation that something was just not right. Something felt off, but I couldn’t put my finger on it. Then along came an article by Craig Murray, which offered a plausible explanation of what had been nagging me.
First, many of you won’t know who Craig Murray is. Here’s a quick description of the man from his own website:
Read More
As someone who spends most of his waking hours trying to make sense of the world around him, the Panama Papers leak seemed to represent one of those stories that only come around once or twice a year, if that. However, unlike with the Snowden leaks, the more media coverage I read surrounding shell company assembly line law firm Mossack Fonseca, the more I was left with a nagging sensation that something was just not right. Something felt off, but I couldn’t put my finger on it. Then along came an article by Craig Murray, which offered a plausible explanation of what had been nagging me.
First, many of you won’t know who Craig Murray is. Here’s a quick description of the man from his own website:
Read More
Shots Fired: Wikileaks Accuses Panama Papers' Leaker Of Being "Soros-Funded, Soft-Power Tax Dodge"
Submitted by Tyler Durden on 04/05/2016 - 23:44Greeks Confiscate Largest Amount Of Gold Ever Smuggled
Submitted by Tyler Durden on 04/06/2016 - 09:42 Customs officials at the Greek-Turkish border crossing of Kipoi have confiscated the largest amount of gold that anyone has ever attempted to smuggle out of the country. The loot was found hidden in a taxi and consisted of 18 bars of unrefined gold, weighing 33.5 kilos, along with four crosses made of oure gold (11.6 grams). The gold was found last Friday during a police check on cars planing to cross the border. The suspects hid seven gold bars and the four crosses in the car’s passenger armrest while the other 11 bars were concealed in their luggage.
by J.D. Heyes, Natural News:
In an effort to avoid the health-harming problems caused by GMO soy, corn and canola oils, food manufacturers are turning to the cleaner, non-GMO benefits of sunflower oil. Furthermore, sunflower oil is void of trans fats, another plus when it comes to maintaining good health.
Of course, by now we’re all aware of the fact that GMOs wreak havoc on health. They’ve been proven to damage blood, destroy reproductive organs and create cellular damage in the body. At the same time, Monsanto, the company that incites frustration among many people for their involvement in GMOs, and worse, their refusal to admit that they’re unhealthy, is a key player in the GMO field.
Read More
In an effort to avoid the health-harming problems caused by GMO soy, corn and canola oils, food manufacturers are turning to the cleaner, non-GMO benefits of sunflower oil. Furthermore, sunflower oil is void of trans fats, another plus when it comes to maintaining good health.Of course, by now we’re all aware of the fact that GMOs wreak havoc on health. They’ve been proven to damage blood, destroy reproductive organs and create cellular damage in the body. At the same time, Monsanto, the company that incites frustration among many people for their involvement in GMOs, and worse, their refusal to admit that they’re unhealthy, is a key player in the GMO field.
Read More
by Michael Snyder, The Economic Collapse Blog:
One of the epicenters of the global financial crisis that started during the second half of last year is Japan, and it looks like the markets in the land of the rising sun are entering yet another period of great turmoil. The Nikkei was down another 390 points last night, and it is now down more than 1,300 points since a week ago. Why this is so important for U.S. investors is because the Nikkei is often an early warning indicator of where the rest of the global markets are heading. For example, the Nikkei started crashing early last December about a month before U.S. markets started crashing really hard in early January. So the fact that the Nikkei has been falling very rapidly in recent days should be a huge red flag for investors in this country.
Read More
One of the epicenters of the global financial crisis that started during the second half of last year is Japan, and it looks like the markets in the land of the rising sun are entering yet another period of great turmoil. The Nikkei was down another 390 points last night, and it is now down more than 1,300 points since a week ago. Why this is so important for U.S. investors is because the Nikkei is often an early warning indicator of where the rest of the global markets are heading. For example, the Nikkei started crashing early last December about a month before U.S. markets started crashing really hard in early January. So the fact that the Nikkei has been falling very rapidly in recent days should be a huge red flag for investors in this country.
Read More
Alibaba Surpasses Walmart As Largest Retail Company In The World
Submitted by Tyler Durden on 04/06/2016 - 09:20 "Alibaba Group Holding Limited announced on April 5, 2016 that as of March 31, the end of its fiscal year 2016, it has become the largest retail economy in the world as measured by annual gross merchandise volume (GMV) on its China retail marketplaces. PricewaterhouseCoopers (PwC) has performed agreed upon procedures on data relevant to Alibaba Group’s GMV."
For Mario Draghi, None Of This Was Supposed To Happen
Submitted by Tyler Durden on 04/06/2016 - 08:35 It'll be four weeks tomorrow that Draghi fired his quadruple bazooka and yet European markets are in apathetic mode. We show the returns of our usual selection of global assets since the cob the night before the last ECB meeting on March 10th. Perhaps markets haven't been helped by a renewed but unrelated fall in Oil (Brent -9.1%, WTI -6.3%) since this point but it's noticeable that outside of commodities the worst performers have generally been areas of the market that Draghi tried to help.
European Equities: Rolling Over…Or Overdue?
Submitted by Tyler Durden on 04/06/2016 - 08:09 After bouncing into mid-March, bourses across the European continent have struggled to maintain any momentum. In fact, as of today, many of the broader European averages are trading back at late-February levels. Furthermore, on a relative basis, European stocks have lagged so badly that they have now set a new record for futility.Frontrunning: April 6
- Cruz, Sanders score decisive victories in Wisconsin (Reuters)
- Clinton Can’t Get to New York Fast Enough After New Sanders Win (BBG)
- Trump, Clinton Have Single-Digit Leads in Pennsylvania (BBG)
- Panama law firm says data hack was external, files complaint (Reuters)
- ‘Panama Papers’ Puts Spotlight on Boom in Offshore Services (WSJ)
- Barclays partners with Goldman-backed bitcoin payments app (FT)
Pfizer, Allergan Terminate $160 Billion "Inversion" Merger; Banks Lose Over $100MM In Fees
Submitted by Tyler Durden on 04/06/2016 - 07:00 "Pfizer Inc. today announced that the merger agreement between Pfizer and Allergan plc has been terminated by mutual agreement of the companies. The decision was driven by the actions announced by the U.S. Department of Treasury on April 4, 2016, which the companies concluded qualified as an “Adverse Tax Law Change” under the merger agreement." The biggest losers here, aside from senior AGN management who stood to cash out of their newly vested, debt-propped up shares, are the advising investment banks, who would have made over $100 million in advisory fees.
Stocks Rebound In Calm Trading On Back Of Stronger Crude, Dollar
Submitted by Tyler Durden on 04/06/2016 - 06:48 Unlike yesterday's overnight session, which saw some subtantial carry FX volatility and tumbling European yields in the aftermath of the TSY's anti-inversion decree, leading to a return of fears that the next leg down in markets is upon us, the overnight session has been far calmer, assisted in no small part by the latest China Caixin Services PMI, which rose from 51.2 to 52.2. Adding to the overnight rebound was crude, which saw a big bounce following yesterday's API inventory data, according to which crude had its biggest inventory draw in 2016, resulting in WTI rising as high as $37.15 overnight
from Wolf Street:
Alas, the BOJ’s “tankan” survey, released on Friday, showed that confidence plunged among manufacturers to the lowest point since 2013, while inflation expectations weakened further.
Read More
“Negative interest expense” or some such absurdity yet to be coined.
“For now, the effect of negative interest rates is very strong, so we’d like to steadily proceed with this policy,” Bank of Japan Governor Haruhiko Kurodatold parliament today, to reassure the nervous politicians that the economy was on the right track under his fearless and wise leadership.Alas, the BOJ’s “tankan” survey, released on Friday, showed that confidence plunged among manufacturers to the lowest point since 2013, while inflation expectations weakened further.
Read More
by Tim Price, Sovereign Man:
Successful investing requires having an edge. If you do not know what your edge is, you do not have one.
One doesn’t need to be a rocket scientist, or even a die-hard contrarian to have an edge. But given the competition from vast numbers of rival investors, it pays to go down the road less travelled.
Malcolm Gladwell, in his book David and Goliath, examines precisely this approach.
Goliath, a Philistine, challenges the Israelites to “single combat”, a stylized way of engaging with the enemy that avoids the heavy bloodshed that comes from open battle:
Read More
Successful investing requires having an edge. If you do not know what your edge is, you do not have one.One doesn’t need to be a rocket scientist, or even a die-hard contrarian to have an edge. But given the competition from vast numbers of rival investors, it pays to go down the road less travelled.
Malcolm Gladwell, in his book David and Goliath, examines precisely this approach.
Goliath, a Philistine, challenges the Israelites to “single combat”, a stylized way of engaging with the enemy that avoids the heavy bloodshed that comes from open battle:
Read More
by Justin Splitter, Casey Research:
Ivy League economists agree…
The economy is struggling because central banks haven’t printed enough money.
If you’ve been reading the Dispatch, you know this statement is absurd. After all, central banks have printed trillions of currency units since the 2008 financial crisis. The U.S. Federal Reserve has printed $3.5 trillion by itself. On top of that, many world central banks have dropped interest rates to zero, making it extremely cheap and easy to borrow money.
According to mainstream economists, these easy-money policies were supposed to jumpstart the global economy. But this plan has been a miserable failure. The U.S., Europe, and Japan are all growing at the slowest pace since World War II. China, the second-biggest economy after the U.S., is growing at its slowest pace since 1990.
Read More
Ivy League economists agree…The economy is struggling because central banks haven’t printed enough money.
If you’ve been reading the Dispatch, you know this statement is absurd. After all, central banks have printed trillions of currency units since the 2008 financial crisis. The U.S. Federal Reserve has printed $3.5 trillion by itself. On top of that, many world central banks have dropped interest rates to zero, making it extremely cheap and easy to borrow money.
According to mainstream economists, these easy-money policies were supposed to jumpstart the global economy. But this plan has been a miserable failure. The U.S., Europe, and Japan are all growing at the slowest pace since World War II. China, the second-biggest economy after the U.S., is growing at its slowest pace since 1990.
Read More
by Martin Armstrong, ArmstrongEconomics:
Part of the crisis in the EU is the fact that there is an inherent
anti-democratic foundation because Brussels has been attempting to force
uniformity upon all of Europe which cannot possibly work. To the shock
of some, I have stated many times that what made America function was DISCRIMINATION. Every group coming to America — German, Italian, French, or whatever — were forced to learn
to speak English to get a job. This was not a law, but a cultural
assimilation. If you ask an American what they are, they will respond
with their ethnic background (half Irish and half German or whatever).
You do not find such combinations in Europe beyond the rare encounter
because language has kept European nations intact.
Read More
Part of the crisis in the EU is the fact that there is an inherent
anti-democratic foundation because Brussels has been attempting to force
uniformity upon all of Europe which cannot possibly work. To the shock
of some, I have stated many times that what made America function was DISCRIMINATION. Every group coming to America — German, Italian, French, or whatever — were forced to learn
to speak English to get a job. This was not a law, but a cultural
assimilation. If you ask an American what they are, they will respond
with their ethnic background (half Irish and half German or whatever).
You do not find such combinations in Europe beyond the rare encounter
because language has kept European nations intact.Read More
by Bill Bonner, Acting Man:
Poison Money
BALTIMORE – We live in a world of sin and sorrow, infected by a fraudulent democracy, Facebook, and a corrupt money system. Wheezing, weak, and weary from the exertion of trying to appear “normal,” the economy staggers on.
Last week, we gained some insight into the ailment. Something in the diagnosis has puzzled us for years: How is it possible for the most advanced economy in the history of the world to make such a mess of its most basic bodily functions – getting and spending?
By our calculations – backed by studies, hunches, and deep research – the typical American man (it is less true for women) earns less in real, disposable income per hour today than he did 30 years ago.
He goes to buy a car or a house, and he finds he must work longer to pay the bill than he would have in the last years of the Reagan administration. How is that possible? What kind of economic quackery do you need to stop capitalism from increasing the value of workers’ time?
Read More
Poison MoneyBALTIMORE – We live in a world of sin and sorrow, infected by a fraudulent democracy, Facebook, and a corrupt money system. Wheezing, weak, and weary from the exertion of trying to appear “normal,” the economy staggers on.
Last week, we gained some insight into the ailment. Something in the diagnosis has puzzled us for years: How is it possible for the most advanced economy in the history of the world to make such a mess of its most basic bodily functions – getting and spending?
By our calculations – backed by studies, hunches, and deep research – the typical American man (it is less true for women) earns less in real, disposable income per hour today than he did 30 years ago.
He goes to buy a car or a house, and he finds he must work longer to pay the bill than he would have in the last years of the Reagan administration. How is that possible? What kind of economic quackery do you need to stop capitalism from increasing the value of workers’ time?
Read More
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