by Andrew Cave, in Madrid The Telegraph:
Richard Ward said the London market had put in place a contingency plan
to switch euro underwriting to multi-currency settlement if Greece
abandoned the euro.In an interview with The Sunday Telegraph he also revealed that Lloyd’s could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.
Europe accounts for 18pc of Lloyd’s £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.
Lloyd’s move comes as a major Franco-German provider of credit insurance for eurozone trade, Euler Hermes, said it was considering reducing cover for trade with Greece because of the risk the country might leave the eurozone.
When a company goes bust, it is often sparked by withdrawal of credit insurance for suppliers wanting to trade with it.
Read More @ telegraph.co.uk
by Tiffany Gabbay, The Blaze:
Be prepared to enter an alternate universe, bizarre beyond any stretch of what you thought possible. And then keep reading, because this may be one of the most important exposés published on The Blaze to date. It will explain in frightening detail what it means to speak the truth at the expense of losing all you hold dear. And will reveal how easy it has been for one convicted domestic terrorist — backed by George Soros and Barbara Streisand alike — to use the U.S. legal system, as well as less desirable channels, to silence those who have dared tell the story of one Brett Kimberlin, a.k.a. the “Speedway Bomber.”
How immutable are our First Amendment rights? Would they remain so
even under the most dire conditions? There are about half a dozen
bloggers who, at this very moment in time, are finding out just that,
after having been subject to: death threats, blackmail, extortion,
numerous frivolous lawsuits, cyber-attacks of email and social
networking accounts and become the target of smear campaigns that have
led to their firing until ultimately discovering that others who came
before them, have turned up dead.Be prepared to enter an alternate universe, bizarre beyond any stretch of what you thought possible. And then keep reading, because this may be one of the most important exposés published on The Blaze to date. It will explain in frightening detail what it means to speak the truth at the expense of losing all you hold dear. And will reveal how easy it has been for one convicted domestic terrorist — backed by George Soros and Barbara Streisand alike — to use the U.S. legal system, as well as less desirable channels, to silence those who have dared tell the story of one Brett Kimberlin, a.k.a. the “Speedway Bomber.”
Read More @ TheBlaze.com
Are The Europeans About To Start The Second Half Of Our Great Depression?
"Just
when we think the worst is over - and let's face it we have been in
this crisis for five years - we get the second half; are the Europeans about to start the second half our Great Depression with massive bank runs" are the Jaws-music-inspired words that recent media-favorite (yes, us too) Niall Ferguson uses in an interview with CBC.
His main concern is that this kind of (bank-run) event can quickly
spiral out of the control of even the ECB as he uncomfortably conjures
the image of the initial US stabilization that occurred in 1930
to May 1931 only to be knocked back into a greater depression by the
failure of Credit-Anstalt, which set off bank failures and eventually
defaults in 1932 on many government debts. The deposit run
potential is the single-biggest reason to care about Greek-exit - in
itself it is not large enough economically to interfere with global
growth but it is the message and contagion that it sends that is
critical in bringing forth a pan-European banking crisis and implicitly
spilling over to the US and Asia via global trade and banking
transmission channels. An excellent brief interview that summarizes the
exact fears that face Europe and implicitly the US, explains the rather
simple solution of fiscal federalism and the fact that today's German politik is very different from 1989's Helmut Kohl-era with regard to their commitment to the Federal outcome. His conclusions are worrisome. Germany is the key - and there is not a good understanding of financial markets in Berlin.After Eurovision Comes The Euroscramble: Europe's Latest "Silver Bullet", "Secret" Bail Out Plan
Mere hours after the annual European Eurovision song contest ended at a cost to the host country in the hundreds of millions, money which should have been spent productively elsewhere but wasn't while providing utterly unnecessary distraction
to hundreds of millions from what is truly important, we get another
stark reminder that the continent is not only broke, but that it no
longer even pretends to have credible ideas about how to go about fixing
itself. The latest speculation:
"Secret plans are being drawn up in Brussels for a European rescue
fund that could seize control of struggling banks across the Continent.
The scheme, which would be funded by a levy on banks, will be presented by supporters as a "silver bullet"
that could halt the steady escalation of the eurozone debt crisis. It
is being worked on in tandem with a proposal from Mario Monti, the
Italian prime minister, for a Europe-wide guarantee on bank deposits.
The proposal would throw the financial muscle of Europe's stronger
nations, and healthy financial institutions, behind weaker countries and
lenders. Proponents, including top advisers to the European
Commission, say the removal of the threat of bank collapses would
restore market confidence in Italy and Spain." In other words, last
week's rumor that was supposed to be presented at the latest flop of a
FinMin summit is once again being reincarnated as apparently nothing
else in the European arsenal has any remaining credibility - and as a
reminder, none other than unelected Monti's one-time employer Goldman
Sachs said a eurowide deposit guarantee would not work.
China, Russia, Brazil, India and other UN members are backing a
proposal to hand over regulation of the internet to the UN’s
International Telecommunication Union (ITU). The House of
Representatives will vote on the measure this week. It is reported that
the legislation faces an uphill battle.The proposal would give the United Nations control over cybersecurity, data privacy, technical standards and the web address system. The present system is operated by a “multi-stakeholder” approach that gives control to nonprofits instead of governments.
Larry Strickling, who heads up the Commerce Department’s National Telecommunications and Information Administration, told The Hill the measure would impose “top-down regulation where it’s really the governments that are at the table, but the rest of the stakeholders aren’t.”
Florida Republican senator Marco Rubio said earlier this month that China and Russia are “not exactly bastions of Internet freedom.” Mitt Romney is considering Rubio as his vice president choice.
Read More @ Infowars.com
Did Sean Hannity From FOX News Endorse Ron Paul’s Views?!
SurvivalBlog down
noreply@blogger.com (Patrice Lewis) at Rural Revolution - 43 minutes ago
*WARNING: GRAPHIC LANGUAGE*
Several readers have emailed and asked why they've been unable to get on
SurvivalBlog.com lately. We haven't been able to either. This is the
official announcement:
*This weekend, our server in Sweden was put under a "ping flood" Denial of
Service (DOS) attack that resulted in 65% packet loss for a few hours.
This attack was most likely orchestrated by the man in Texas who last week
anonymously sent me a racist rant and threats against both my blog site and
my books. (His e-mail began: "You ni**er lover you have five days to take
all links and any [sic] ... more »
Economic Sensitive Stocks Are Breaking Down
Admin at Marc Faber Blog - 1 hour ago
There are more and more stocks that are breaking down economic sensitive
stocks and companies that cater to the high-end. That suggests to me the
economy is likely to weaken and the huge asset run is likely to come to an
end with significant asset deflation. - *in MoneyControl*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
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Focus On India And China, Not In Europe
Admin at Marc Faber Blog - 1 hour ago
As an observer of markets whenever everyone focuses on one thing like Greece and Europe maybe they miss issues that are far more important such as a meaningful slowdown in India and China. -* in MoneyControl * *Related: iShares FTSE/Xinhua China 25 Index ETF (FXI), WisdomTree India Earnings Fund ETF* *Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.*
Facebook SOBS Or… “Don’t Cry for Me Avaritia”
In Christian ethics – although not in exclusivity – there are a number of vices, most often referred to as the seven deadly or capital sins, which depict the antithetical side of virtue. Of the seven, avarice or greed (Avaritia in Latin) comes at the head of the list for me since its practice affects the wellbeing of others, and not just those who profess it. And it was this lady, Avaritia, who walked the Red Carpet a week ago, Friday, May 18, in a glittering dress that reminded us of what rapacious capitalism is all about, as shares of Facebook started trading past their scheduled time in the NASDAQ. A very surprising opening with a larger (25 percent) number of shares issued for trade, at a much higher (52 percent) price… or a “more aggressive” price in Wall Street IPO parlance.The Incredible Irony Of Morgan Stanley's Facebook Post-Mortem
Just after the market close on what will probably go down as the worst day in history for every stock-broker-come-private-wealth-commission-taker's wealth-manager's future business (that would be the Facebook IPO - or as some call it "Blue-Friday"), the head of Morgan Stanley's 'Consulting Services Group' sent what is likely the worst timed, worded, and ironic self-congratulatory email of all time. James Walker, the MD of the group (correction - Andy Saperstein
- who later blamed the NASDAQ for all his woes)- which manages $385
billion of client assets and is the nation's largest managed accounts
business - was not wrong in his summation that this IPO was "orderly,
fair, and well-communicated" and "will have a long-lasting impact on our clients and the organization".
We assume he didn't mean "finish it" as one can only imagine the
breadth of these clients who ended up stuffed full of the worst large
IPO of the decade.Europe Is Fighting the Wrong Battles Again
Europe continues to fight the wrong battle, and continues to spread contagion risk.
It is clear that Greece has had a solvency issue now for over 2 years.
The ECB and Troika chose to treat it as a liquidity problem. Maybe,
they could have argued that in early 2010, but by the summer of 2011 it
was obvious to any credit observer that the problem
was solvency, yet they continued to treat it as one of liquidity. That
is scary because if they fail to see the problem correctly now, they
will fail miserably. Not only is the problem clearly solvency, but now forced currency conversion has been added to the mix. Any "solution" from the EU must now address that risk, and it is not the same as solvency. Programs that can protect against solvency may do nothing for the redenomination risk.
We keep playing with scenarios and find it hard to find out where a
Greek exit doesn't result in a steep sharp decline in the market. We
could go through more ideas of ECB intervention, but in the end most
will have flaws. Dealing with currency conversion risk is huge.
Dealing with the contagion risk that has been created by the EFSF is
huge. Will Europe force Greece out thinking they have a plan;
that fails miserably and sparks the miserable series of consequences
we’ve outlined? Sadly, yes.The rate of collpase has now overtaken the rate of bailout
by Mike Shedlock, Global Economic Analysis:
According to IIF director Charles Dallara in a Bloomberg interview,
“ECB will be insolvent if Greece were to exit the euro. Europe would
have to first and foremost recapitalize its central bank.”
Excuse me for asking but how would they attempt to do that? Print Euros?
Please consider Dallara Says Greek Euro Exit May Exceed 1 Trillion Euros
According to IIF director Charles Dallara in a Bloomberg interview,
“ECB will be insolvent if Greece were to exit the euro. Europe would
have to first and foremost recapitalize its central bank.”Excuse me for asking but how would they attempt to do that? Print Euros?
Please consider Dallara Says Greek Euro Exit May Exceed 1 Trillion Euros
The cost of Greece exiting the euro would be unmanageable and probably exceed the 1 trillion euros ($1.25 trillion) previously estimated by the Institute of International Finance, the group’s managing director said.
Read More @ GlobalEconomicAnalysis.blogspot.com
by Jeffrey Tucker, Whiskey and Gunpowder:
It could be the wrong download, upload or file-sharing act. Or maybe
you lost your temper at the airport and said something you shouldn’t in
the presence of a TSA agent. Maybe you acted on a stock tip that was
slightly too revealing. Even the wrong glance at a cop could cause your
life to unravel. Any of these actions and thousands of others
can cause you to become embroiled in a system you cannot control and
cannot resist. You spend the night in jail. You are bailed, but there
are endless legal battles ahead to get out of the thicket.
Your life suddenly becomes about keeping your freedom. You pay lawyers. You lose time from work going to hearings. You lose sleep with worry and have to take pills you never thought you would. Your finances are crushed. You can hardly think about anything else. This goes on for months and you are pretty much a wreck.
The whole thing seems crazy and preposterous. Why is the state focusing on you, rather than on real criminals? You are an easier and safer target.
Read More @ WhiskeyAndGunpowder.com
It could be the wrong download, upload or file-sharing act. Or maybe
you lost your temper at the airport and said something you shouldn’t in
the presence of a TSA agent. Maybe you acted on a stock tip that was
slightly too revealing. Even the wrong glance at a cop could cause your
life to unravel. Any of these actions and thousands of others
can cause you to become embroiled in a system you cannot control and
cannot resist. You spend the night in jail. You are bailed, but there
are endless legal battles ahead to get out of the thicket.Your life suddenly becomes about keeping your freedom. You pay lawyers. You lose time from work going to hearings. You lose sleep with worry and have to take pills you never thought you would. Your finances are crushed. You can hardly think about anything else. This goes on for months and you are pretty much a wreck.
The whole thing seems crazy and preposterous. Why is the state focusing on you, rather than on real criminals? You are an easier and safer target.
Read More @ WhiskeyAndGunpowder.com
by Fiona Govan, in Madrid The Telegraph:
Some of the airports have no scheduled flights yet are fully staffed
and operational in what has come to symbolise the reckless public
spending projects that have left Spain crippled with debt.
Now the ministry of industry and AENA, the state-run company that controls the nation’s airports, are considering plans to reduce operating hours at three quarters of the airports to include only those when flights are due or with a skeleton staff to operate in an emergency.
Read More @ telegraph.co.uk
Some of the airports have no scheduled flights yet are fully staffed
and operational in what has come to symbolise the reckless public
spending projects that have left Spain crippled with debt.Now the ministry of industry and AENA, the state-run company that controls the nation’s airports, are considering plans to reduce operating hours at three quarters of the airports to include only those when flights are due or with a skeleton staff to operate in an emergency.
Read More @ telegraph.co.uk
from KingWorldNews:
Investors around the world are asking the critical question, are we
looking at 2008 all over again or not? Today Michael Pento, of Pento
Portfolio Strategies, writes exclusively for King World News to let
readers know the answer to that all-important question. Here is what
Pento had to say about the situation: “As most of you already
know, I have for years been in the vanguard warning about the
inflationary policies pursued by global governments and central banks.
However, we now face a hiatus of monetary intervention and that has once
again brought about the fear of deflation—which is the natural
countervailing force to inflation.”
Michael Pento continues @ KingWorldNews.com
Investors around the world are asking the critical question, are we
looking at 2008 all over again or not? Today Michael Pento, of Pento
Portfolio Strategies, writes exclusively for King World News to let
readers know the answer to that all-important question. Here is what
Pento had to say about the situation: “As most of you already
know, I have for years been in the vanguard warning about the
inflationary policies pursued by global governments and central banks.
However, we now face a hiatus of monetary intervention and that has once
again brought about the fear of deflation—which is the natural
countervailing force to inflation.”Michael Pento continues @ KingWorldNews.com
from Azizonomics:
In twenty or thirty years, I expect future monetary historians looking back on this period of history to frequently misquote Ernest Hemingway:
How did the dollar die? First it died slowly — then all at once.
The slow death began with the dollar’s birth as a global reserve currency. America was creditor and manufacturer to the world, and the capitalist superpower. People around the globe transacted overwhelmingly in dollars. Above all else, people needed dollars to conduct trade, and they were willing to pay richly for them, and for dollar-denominated debt .
By the ’90s America began enjoying a tremendous free lunch — the world provided America with goods, resources and services, and Americans provided the global reserve currency, as well as acting as world military policing global shipping. Why manufacture at home, or produce resources at home when the world wants your currency?
Read More @ Azizonomics.com
In twenty or thirty years, I expect future monetary historians looking back on this period of history to frequently misquote Ernest Hemingway:How did the dollar die? First it died slowly — then all at once.
The slow death began with the dollar’s birth as a global reserve currency. America was creditor and manufacturer to the world, and the capitalist superpower. People around the globe transacted overwhelmingly in dollars. Above all else, people needed dollars to conduct trade, and they were willing to pay richly for them, and for dollar-denominated debt .
By the ’90s America began enjoying a tremendous free lunch — the world provided America with goods, resources and services, and Americans provided the global reserve currency, as well as acting as world military policing global shipping. Why manufacture at home, or produce resources at home when the world wants your currency?
Read More @ Azizonomics.com
from Public Intelligence:
RIOT CONTROL AGENTS
1-55. Riot control agents (RCAs) are chemicals that produce temporary irritating or disabling effects when in contact with the eye or when inhaled. Generally used in the control of violent disorders, RCAs can be effectively used to contaminate terrain and to cause degrading effects on individuals, requiring them to use IPE for protection. U.S. policy does not classify RCAs as CW agents. Presidential Executive Order (EO) 11850, Renunciation of Certain Uses in War of Chemical Herbicides and Riot Control Agents, establishes the national policy for the use of RCAs by U.S. forces in combat.
Read More @ PublicIntelligence.net
RIOT CONTROL AGENTS1-55. Riot control agents (RCAs) are chemicals that produce temporary irritating or disabling effects when in contact with the eye or when inhaled. Generally used in the control of violent disorders, RCAs can be effectively used to contaminate terrain and to cause degrading effects on individuals, requiring them to use IPE for protection. U.S. policy does not classify RCAs as CW agents. Presidential Executive Order (EO) 11850, Renunciation of Certain Uses in War of Chemical Herbicides and Riot Control Agents, establishes the national policy for the use of RCAs by U.S. forces in combat.
Read More @ PublicIntelligence.net
Bill Murphy on GATA Striking Back at the Gold Cartel – GATA Headed to Asia Next Month
Peter Schiff on MSNBC w/ Dylan Ratigan
The Empire At Work • The Case of GLD ETF Custodian HSBC
from Silver Vigilante:
Constant flux is the status-quo in our lifetimes, and, in such a
reality, adaptation is teased like a hungry predator in a city zoo.
Overcoming the mounting odds against an individual in an environment
always changing is akin to a domesticated zoo predator exacting victory
over a power-craving zoo attendee who taunts from outside the cage.
As everything always changes – that is, as the bar is always raised – what is true and workable on Monday, might not be so on Tuesday. For us, true price discovery has been sacrificed on the altar of fiat devaluation and power consolidation. Or, rather, for entrenched families and institutions who must guarantee their own future power or risk judgment by history books, and not the authoring thereof, has true price discovery been sacrificed.
Everyday families, as they make their way to a local supermarket for food, cannot depend on the prices. The steak which was $8.00 a pound on Monday, might, on one Tuesday in the near future, be $12.00 or even $12,000.
Read More @ SilverVigilante.com
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Constant flux is the status-quo in our lifetimes, and, in such a
reality, adaptation is teased like a hungry predator in a city zoo.
Overcoming the mounting odds against an individual in an environment
always changing is akin to a domesticated zoo predator exacting victory
over a power-craving zoo attendee who taunts from outside the cage.As everything always changes – that is, as the bar is always raised – what is true and workable on Monday, might not be so on Tuesday. For us, true price discovery has been sacrificed on the altar of fiat devaluation and power consolidation. Or, rather, for entrenched families and institutions who must guarantee their own future power or risk judgment by history books, and not the authoring thereof, has true price discovery been sacrificed.
Everyday families, as they make their way to a local supermarket for food, cannot depend on the prices. The steak which was $8.00 a pound on Monday, might, on one Tuesday in the near future, be $12.00 or even $12,000.
Read More @ SilverVigilante.com
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