The parallel most analysts draw with this summer is the summer of
2008. Nobody then could fully appreciate the carnage to come in
financial markets but there were plenty of warning signs.It was trouble in the banking sector that gave us the biggest warning then, namely subprime lending and the first bank run in the UK for more than a century at Northern Rock.
JP Morgan
This time we have the eurozone sovereign debt crisis, and headlines like JP Morgan’s $9 billion loss on its ‘London Whale’ trading book and a half-billion dollar fine for Barclays Bank over interest rate fixing.
The economic backdrop is also equally fragile if not considerably worse because global central banks have orchestrated so much in terms of massively expensive bailouts in the interim.
Their efforts are ever bigger and each shot of heroin for the global economy delivers a shorter and shorter period of calm.
European summits come and go, promising final solutions that never quite seem to work. Germany will not pay for euro bonds but then this is an unworkable solution and would only rack up more debt.
A great reset of the global economy is called for with debts forgiven, banks bankrupted and closed, the banking sector reformed wholesale and currencies pegged to a new IMF monetary unit backed by gold and silver.
Read More @ GoldSeek.com
Greek Bank Deposits Have Biggest One Month Outflow Ever In May
It's
official: all those rumors of unprecedented deposit withdrawals in May
as Greece was heading into one then another parliamentary election were
true. According to just released NBG data,
May deposit outflows were €8.5 billion, or the highest on record,
bringing the local banks' total private sector deposit base to just €157
billion, the lowest since January 2006, and represents a massive 5%
outflow of the entire deposit base as of the end of April. And keep in
mind rumors of epic bank jogs and trots did not really pick up until
weeks into the second Greek election two weeks ago. At this rate of
outflows the entire Greek banking system will have zero deposit cash
left in under two years. So aside from the 'details', Europe is all
fixed and stuff.Charles Hugh Smith: Why The Debt-Dependent Status Quo Is Doomed In One Chart
The global economy is now addicted to debt. Once debt stops expanding, the economy shrivels. But expanding dent forever is unsustainable. Welcome to the endgame. Regardless of whether you call it debt saturation or diminishing return on new debt, the notion that taking on more debt will magically enable us to "grow our way out of debt" is not supported by data.
Euro Debt Deal Only Making Problems Worse
Admin at Jim Rogers Blog - 54 minutes ago
Jim Rogers, Chairman of Rogers Holdings says the latest euro zone deal does
nothing to help solve the region's biggest problem, which is its high debt
levels.
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The
Financial Times and is a regular guest on Bloomberg and CNBC.*Biderman's Disbelief In The Market's Unending Belief In 'Something For Nothing'
Epic Rant. Everyone's favorite Bay Area truthsayer is back and this time he is taking on the general ignorance of an indoctrinated mainstream media and the brainwashed investing public.
Dismissing the nonsense of one media blogger's belief that the 'Euro
would be better off without the meddling Germans' - implying that once
the ECB was left to follow the path of stupidest resistance of printing
and spending that all will be well with the region, Biderman conjures
Lewis Black (spit and all) in the incessant belief that more debt can solve a problem of too much debt.
Furthermore, the expectation that a European QE can bring rates down
for Europe (without a German pillar of sanity) is ludicrous: "Unreal,
what sane person would by short-term zero-interest rate debt instruments
issued by a combination of broke debtor nations?" Reading the media or
watching nitwits opine on CNBC and Bloomberg that everything is #winning: 'just because the Federal reserve or ECB prints money' is clearly frustrating as the TrimTabs CEO concludes "You just cannot print money and solve the world's problems".Italy's Revenge: VAFFANMERKEL
In
this bizarro world, in which beggars have practically convinced
themselves, and certainly the S&P500, they are now choosers, the
latest escalation is actually biting the hand that feeds you. Below is
today's front page of Italian Libero. It is self-explanatory.Beware The Day When The Bulging Bunds Go Bust From The Bullshit - Or Doesn't Anyone Use Math Anymore???
06/29/2012 - 09:55
by Pater Tenebrarum, Acting-Man.com:
The Gray Swan PotentialAn excerpt of a recent missive by Ray Dalio of Bridgewater was presented at Zerohedge yesterday. We have read the paper, but the salient point is in fact contained in the brief summary that discusses the probability that Germany won’t ‘blink at the last minute’ and that the ECB won’t suddenly discover its ‘QE’ printing press. Dalio concludes that in light of all this one should prepare for a ‘fat tail’ event – or in other words, a ‘gray swan’.
Generally a ‘gray swan’ is considered a catastrophic financial market convulsion, a mass-correlated hyper-volatility event similar to the crash of 2008. A defining characteristic of the ‘gray swan’ is that it does not drop in on market participants out of the blue like the 1987 crash did (that was a ‘black swan’). Rather, it is a foreseeable crash – the 2008 crash certainly qualifies as a gray swan in that sense.
Japan’s mountain of fiscal debt is probably one of the world’s biggest gray swans in waiting, but it’s been such a long wait that no-one is thinking about it much anymore (which is to say, it is a gray swan that is getting slightly darker as time goes on). The euro area’s debt crisis definitely has more imminent gray swan potential.
Read More @ Acting-Man.com
from CongressmanRonPaul:
This hearing, entitled “Fractional Reserve Banking and the Federal Reserve: The Economic Consequences of High-Powered Money,” will be held on Thursday, June 28, at 2:00 p.m. in room 2128 of the Rayburn House Office Building.
from TF Metals Report:
It’s hard to tell just who got squeezed first and the hardest. The
equity shorts? The crude shorts? The gold shorts? Nope, those short the
Euro are the ones really getting squeezed today.
Take a look at this chart of the $/Euro. Yes, that’s 2.5 points (2+%) in about 10 hours overnight, while the U.S. slept.
And once the ball got rolling, it was only a matter of time until it smashed into everything dollar-priced. As I type, crude is up $4.21 to $81.90. The S&P 500 is up 23 points to 1352. And, of course, our precious precious have jumped higher, as well.
And just in time, too! Yesterday in silver was pretty scary. Price hung on the edge of support for most of the day. Had the area between 26 and 26.25 failed to hold, silver would have fallen very quickly. There is still the possibility that a stop-clearing, vomit-inducing drop may materialize if the coming days but it doesn’t necessarily have to. Just pay attention and don’t panic IF it does.
Read More @ TF Metals Report.com
It’s hard to tell just who got squeezed first and the hardest. The
equity shorts? The crude shorts? The gold shorts? Nope, those short the
Euro are the ones really getting squeezed today.Take a look at this chart of the $/Euro. Yes, that’s 2.5 points (2+%) in about 10 hours overnight, while the U.S. slept.
And once the ball got rolling, it was only a matter of time until it smashed into everything dollar-priced. As I type, crude is up $4.21 to $81.90. The S&P 500 is up 23 points to 1352. And, of course, our precious precious have jumped higher, as well.
And just in time, too! Yesterday in silver was pretty scary. Price hung on the edge of support for most of the day. Had the area between 26 and 26.25 failed to hold, silver would have fallen very quickly. There is still the possibility that a stop-clearing, vomit-inducing drop may materialize if the coming days but it doesn’t necessarily have to. Just pay attention and don’t panic IF it does.
Read More @ TF Metals Report.com
by J. D. Heyes, Natural News:
Most Americans can conjure up images of the Sept. 11, 2001 attacks,
when terrorists hijacked jetliners and used them as guided, fuel-laden
missiles to cause the most casualties.
Now, imagine those scenarios being played out on a smaller, but more frequent, scale, all across the country. It’s possible, if a change in U.S. policy regarding domestic airspace goes through.
Researchers at the University of Texas at Austin recently demonstrated what they regard as a gargantuan hole in the government’s plans to open the skies to drone surveillance. In a staged exhibition at Austin Stadium, professor Todd Humphreys and his team of researchers showed how drones can be successfully hijacked by terrorist operatives and turned into weapons.
“Spoofing a GPS receiver on a UAV (unmanned aerial vehicle) is just another way of hijacking a plane,” Humphreys told Fox News.
Read More @ NaturalNews.com
Most Americans can conjure up images of the Sept. 11, 2001 attacks,
when terrorists hijacked jetliners and used them as guided, fuel-laden
missiles to cause the most casualties.Now, imagine those scenarios being played out on a smaller, but more frequent, scale, all across the country. It’s possible, if a change in U.S. policy regarding domestic airspace goes through.
Researchers at the University of Texas at Austin recently demonstrated what they regard as a gargantuan hole in the government’s plans to open the skies to drone surveillance. In a staged exhibition at Austin Stadium, professor Todd Humphreys and his team of researchers showed how drones can be successfully hijacked by terrorist operatives and turned into weapons.
“Spoofing a GPS receiver on a UAV (unmanned aerial vehicle) is just another way of hijacking a plane,” Humphreys told Fox News.
Read More @ NaturalNews.com
from Steve Quayle:
Right now banking systems the world over are going into meltdown due to
this global syphoning hack that is occuring in over 60 banks worldwide
with untold losses in the billions of dollars and counting.
What I want all of you to know is this. It is DAMN impossible for any one hacking group or individual to pull this off. The sheer speed and scope of the operation as well as the precision through which it is being carried out leads me to believe an advanced source is at play.
Look you can not simply hack this many accounts in this many banks simultaneously without leaving any tracks and yet there are no tracks left behind just a bunch of dead end false leads that lead no where.
My sources have told me that the algorithm used in this operation is very very advanced and “they have never seen anything like this.” This leads me to one conclusion. A false flag, an inside job designed as a pretext to a broader event. I have been warning about a financial collapse for some time, I have also warned of an impending bank holiday as well as the market indicators pointing to World War Three. I strongly believe this event would be used in any one of these ways.
All of our banking software has back doors built into them for the anonymous power brokers/masters to use as they deem fit. This is an inside job that is done by an International Banking/ Intelligence Agency conglomerate who would have the accessibility, the infrastructure and means to pull this off.
I fear this is a huge prelude to a massive event.
Read More @ SteveQuayle.com
Right now banking systems the world over are going into meltdown due to
this global syphoning hack that is occuring in over 60 banks worldwide
with untold losses in the billions of dollars and counting.What I want all of you to know is this. It is DAMN impossible for any one hacking group or individual to pull this off. The sheer speed and scope of the operation as well as the precision through which it is being carried out leads me to believe an advanced source is at play.
Look you can not simply hack this many accounts in this many banks simultaneously without leaving any tracks and yet there are no tracks left behind just a bunch of dead end false leads that lead no where.
My sources have told me that the algorithm used in this operation is very very advanced and “they have never seen anything like this.” This leads me to one conclusion. A false flag, an inside job designed as a pretext to a broader event. I have been warning about a financial collapse for some time, I have also warned of an impending bank holiday as well as the market indicators pointing to World War Three. I strongly believe this event would be used in any one of these ways.
All of our banking software has back doors built into them for the anonymous power brokers/masters to use as they deem fit. This is an inside job that is done by an International Banking/ Intelligence Agency conglomerate who would have the accessibility, the infrastructure and means to pull this off.
I fear this is a huge prelude to a massive event.
Read More @ SteveQuayle.com
by M.F. Quintilianus, USA Bailout:
If I said it once, I said it a thousand times: Mendacem oportet esse memoram. For people like Jamie Dimon who thought they were cool sleeping through their Latin classes, it means: A liar must be good at remembering.
Jamie Dimon blacked out during that lesson, and when he got flustered before Congress during the London Whale hearings, he forgot his earlier lies. As we shall see, flustered witnesses are menaces to the party line since they’ll cough up all sorts of crazy shit. And that’s exactly what the head of JP Morgan did.
Dimon’s temper tantrum in the Senate—the product of arrogance that he wore literally on his sleeve—produced a spasm of lies so astounding that I found myself wondering if the Casino Emperor is demented.
Dimon’s performance has been widely discussed. The most interesting comment came, as it often does, from Matt Taibbi, who observed the following about JP Morgan’s CEO, Chairman of the Board, and President:
“He particularly kept swallowing the word ‘granular,’ which repeatedly came out as ‘granyer.’ The phrase, ‘CIO, particularly the synthetic credit portfolio, should have gotten more scrutiny,’ came out like CIO partick-ler the synth-por-shoulda more scrooney. I don’t mention this to pick on the guy’s public presentation, but more because it seemed like Dimon’s speech got more manic and incoherent the more he dissembled and covered up.”
Read More @ USABailout.com
If I said it once, I said it a thousand times: Mendacem oportet esse memoram. For people like Jamie Dimon who thought they were cool sleeping through their Latin classes, it means: A liar must be good at remembering.
Jamie Dimon blacked out during that lesson, and when he got flustered before Congress during the London Whale hearings, he forgot his earlier lies. As we shall see, flustered witnesses are menaces to the party line since they’ll cough up all sorts of crazy shit. And that’s exactly what the head of JP Morgan did.
Dimon’s temper tantrum in the Senate—the product of arrogance that he wore literally on his sleeve—produced a spasm of lies so astounding that I found myself wondering if the Casino Emperor is demented.Dimon’s performance has been widely discussed. The most interesting comment came, as it often does, from Matt Taibbi, who observed the following about JP Morgan’s CEO, Chairman of the Board, and President:
“He particularly kept swallowing the word ‘granular,’ which repeatedly came out as ‘granyer.’ The phrase, ‘CIO, particularly the synthetic credit portfolio, should have gotten more scrutiny,’ came out like CIO partick-ler the synth-por-shoulda more scrooney. I don’t mention this to pick on the guy’s public presentation, but more because it seemed like Dimon’s speech got more manic and incoherent the more he dissembled and covered up.”
Read More @ USABailout.com
from KingWorldNews:
Today in his King World News interview, Peter Schiff was discussing
Europe, gold, and the health care bill. Schiff, who is CEO of
Europacific Capital, said there will be even more problems for Europe if
Europe does what George Soros wants them to. But first, here is what
Schiff had to say about the situation in Europe: “I doubt there will be
any major resolution out of Europe any time soon. Will Germany cave
and make the problem worse by bailing everybody out? Do they want
short-term pain or long-term gain? Those are the choices.”
“I think there are more problems if Europe does what Soros wants. If they want to prevent any short-term problems, they have to do a major bailout. They have to basically put the full faith and credit of the Northern European economies behind the debts of the South.
Peter Schiff continues @ KingWorldNews.com
from TrendsJournal:
Today in his King World News interview, Peter Schiff was discussing
Europe, gold, and the health care bill. Schiff, who is CEO of
Europacific Capital, said there will be even more problems for Europe if
Europe does what George Soros wants them to. But first, here is what
Schiff had to say about the situation in Europe: “I doubt there will be
any major resolution out of Europe any time soon. Will Germany cave
and make the problem worse by bailing everybody out? Do they want
short-term pain or long-term gain? Those are the choices.”“I think there are more problems if Europe does what Soros wants. If they want to prevent any short-term problems, they have to do a major bailout. They have to basically put the full faith and credit of the Northern European economies behind the debts of the South.
Peter Schiff continues @ KingWorldNews.com
from TrendsJournal:
by Susanne Posel, Occupy Corporatism:
The UN’s Internal Investigators are an aspect of the management structure that is called upon to investigate reports of fraud. Yes, the UN investigates its own fraud. How objective can they be?
The Many UN programs, funds and agencies are governed and investigated by the UN itself, and they seem to be more concerned with covering up any incidents of fraudulent activity rather than rooting it out.
The UN Joint Inspection Unit 2011 report (JIU) is a decades long effort by the UN to self-regulate. JUI inspectors are UN investigators that are supposed to enforce UN policies onto itself with UN General Secretary Ban Ki-moon at the helm.
The JUI report evaluated 21 of the UN’s organizations, which is not an inclusive list. Wrapped up in UN bureaucracy and headed by the UN Secretariat , this report serves more on the side of covering up fraud for the sake of global governance than anything else.
The UN Environmental Program (UNEP) is financially supported by many governments; among them France. The UNEP has grown to become a super-agency that guides the UN Earth Summit on Sustainable Development in Rio, De Janeiro.
Read More @ OccupyCorporatism.com
The UN’s Internal Investigators are an aspect of the management structure that is called upon to investigate reports of fraud. Yes, the UN investigates its own fraud. How objective can they be?
The Many UN programs, funds and agencies are governed and investigated by the UN itself, and they seem to be more concerned with covering up any incidents of fraudulent activity rather than rooting it out.
The UN Joint Inspection Unit 2011 report (JIU) is a decades long effort by the UN to self-regulate. JUI inspectors are UN investigators that are supposed to enforce UN policies onto itself with UN General Secretary Ban Ki-moon at the helm.
The JUI report evaluated 21 of the UN’s organizations, which is not an inclusive list. Wrapped up in UN bureaucracy and headed by the UN Secretariat , this report serves more on the side of covering up fraud for the sake of global governance than anything else.
The UN Environmental Program (UNEP) is financially supported by many governments; among them France. The UNEP has grown to become a super-agency that guides the UN Earth Summit on Sustainable Development in Rio, De Janeiro.
Read More @ OccupyCorporatism.com
by Robert Winnett, The Telegraph:
Bob Diamond, the chief executive of Barclays, is under pressure to
resign after the bank admitted it had conspired to fix global interest
rates with David Cameron, the Prime Minister, saying he should take
responsibility.
The scandal now threatens to engulf taxpayer-funded Lloyds and RBS, which according to court documents obtained by The Daily Telegraph have also been accused of routinely distorting basic financial data used to set interest rates.
As British banks faced a potential criminal investigation billions were wiped off their value, with shares in Barclays falling by 15.5%. RBS’s share price plunged by more than 10 percent yesterday, wiping more than £2 billion off the value of taxpayers’ stake in the bank.
Executives at HSBC are also being investigated alongside London-based financial firms for their role in the scandal, which is estimated to have cost consumers, investors and businesses £30billion.
Read More @ Telegraph.co.uk
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Bob Diamond, the chief executive of Barclays, is under pressure to
resign after the bank admitted it had conspired to fix global interest
rates with David Cameron, the Prime Minister, saying he should take
responsibility.The scandal now threatens to engulf taxpayer-funded Lloyds and RBS, which according to court documents obtained by The Daily Telegraph have also been accused of routinely distorting basic financial data used to set interest rates.
As British banks faced a potential criminal investigation billions were wiped off their value, with shares in Barclays falling by 15.5%. RBS’s share price plunged by more than 10 percent yesterday, wiping more than £2 billion off the value of taxpayers’ stake in the bank.
Executives at HSBC are also being investigated alongside London-based financial firms for their role in the scandal, which is estimated to have cost consumers, investors and businesses £30billion.
Read More @ Telegraph.co.uk
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