The MK2 Grenade: Mike Krieger And Max Keiser Take On The World Of Financial Crime

There is a reason why WWII legendary "pineapple" grenade bore the initials MK2. Those who enjoy the works of Mike Krieger and Max Keiser are in for a treat, with this 2 for the price of 1 (technically for the price of zero) interview of Krieger by Keiser, as the MKs of the world unite, and take on financial fraud.

  

 

Barclays Chairman Is Lie-borgate's First Victim

Three weeks ago we mocked, rightfully so, the utter joke that is Liebor, which had been unchanged for just over 3 months. Nobody cared, certainly not the British Banker Association. This was not the first time: our first allegations of Liebor fraud and manipulation started over three years ago. There were others too. Nobody certainly cared back then. Now, in the aftermath of the Barclays lawsuit, and "those" e-mails, everyone suddenly cares. And a few days after the first public exposure of Lie-borgate, the first victim has been claimed: as numerous sources report, Barclays' Chairman Marcus Agius wil step down immediately. From the WSJ: "Political and investor pressure has mounted on the management of U.K.-based Barclays since the settlement was announced Wednesday. The announcement of Mr. Agius's departure could come as soon as Monday, said one of the people. Mr. Agius, 65 years old, a British-Maltese banker who formerly worked at Lazard Ltd., has led the bank since 2007, steering Barclays through the 2008 financial crisis and avoiding the direct state bailouts that were needed by many of its global peers." While the sacrifice of a scapegoat is expected, what we don't get is why the Chairman: after all by the time Agius became Chair of the British bank, the bulk of the Libor fixing alleged in the FSA lawsuit had already happened. And of course, with Bob Diamond having succeeded John Varley as CEO in 2010, one can easily claim that in this first (of many) confirmed Liebor transgression there really is nobody at fault who can be held accountable. Of course, Barclays is merely the first of many. We fully expect Lieborgate to spread not only to other British BBA member banks, but soon to jump across the Atlantic, where CEOs who have been with their banks for the duration of the entire Libor-fixing term will soon find themselves under the same microscope.

Calendar Of Key Events In Europe, Whose President Starting Today Is Broke Cyprus

In a development that is too hilarious for even the most hardened cynics to pass by, starting today, the rotating presidency of the EU will be handed over to... broke Cyprus. We learn this and much more about the onslaught of sovereign debt auctions out of Spain and France in the month of July (explaining the urgency to come up with any mechanism to keep Spanish and Italian bond yields below 7% as absent some deux ex, no matter how temporary, the whole charade may have ended as soon as 31 days from today) courtesy of the following calendar of key events out of Europe.

The Origin Of Money

Markets are true democracies. The allocation of resources, capital and labour is achieved through the mechanism of spending, and so based on spending preferences. As money flows through the economy the popular grows and the unpopular shrinks.  Producers receive a signal to produce more or less based on spending preferences. Markets distribute power according to demand and productivity; the more you earn, the more power you accumulate to allocate resources, capital and labour. As the power to allocate resources (i.e. money) is widely desired, markets encourage the development of skills, talents and ideas. Planned economies have a track record of failure, in my view because they do not have this democratic dimension. The state may claim to be “scientific”, but as Hayek conclusively illustrated, the lack of any real feedback mechanism has always led planned economies into hideous misallocations of resources, the most egregious example being the collectivisation of agriculture in both Maoist China and Soviet Russia that led to mass starvation and millions of deaths. The market’s resource allocation system is a complex, multi-dimensional process that blends together the skills, knowledge, and ideas of society, and for which there is no substitute. Socialism might claim to represent the wider interests of society, but in adopting a system based on economic planning, the wider interests and desires of society and the democratic market process are ignored. This complex process begins with the designation of money, which is why the choice of the monetary medium is critical. Like all democracies, markets can be corrupted.



Devalue the Euro?

Posted by: Bruce Krasting

Post date: 06/30/2012 - 20:58

There are few options left.

77% of JP Morgan’s Net Income Comes from Government Subsidies  

Posted by : George Washington

Post date: 07/01/2012 - 15:44

JP Morgan Sucks at the Government Teat

Six Ways the Big Banks Are Getting Back-Door Bailouts

by Sarah Jaffe, Truth-Out:

Bankers love to rail against government interference in the “free market.” Jamie Dimon, grilled this week in front of Congress over JP Morgan Chase’s massive recent losses, famously complained last year that some regulations are “anti-American.” And Lloyd Blankfein, CEO of Goldman Sachs, warned ominously that increased regulations might make the bank seek out another location to do its business: “Operations can be moved globally and capital can be accessed globally,” he said.
Even while some of them occasionally have the grace to admit that they wouldn’t still be around without the massive taxpayer bailouts of 2008 (and continued access to ultra-cheap loans from the Federal Reserve), they still like to claim that they’re free-market entities, subject to the whims of the invisible hand, and that the government’s meddling can only be destructive.
Yet those same banks are happy to make their money from the same governments about which they love to whine. Most of us know about the big, official bailouts. But the banks get much more than that from federal and state governments.
Read More @ Truth-Out.org

BETRAYAL: Roberts Switched Vote

from CBSNews.com:

Chief Justice John Roberts initially sided with the Supreme Court’s four conservative justices to strike down the heart of President Obama’s health care reform law, the Affordable Care Act, but later changed his position and formed an alliance with liberals to uphold the bulk of the law, according to two sources with specific knowledge of the deliberations.
Roberts then withstood a month-long, desperate campaign to bring him back to his original position, the sources said. Ironically, Justice Anthony Kennedy – believed by many conservatives to be the justice most likely to defect and vote for the law – led the effort to try to bring Roberts back to the fold.
“He was relentless,” one source said of Kennedy’s efforts. “He was very engaged in this.”
But this time, Roberts held firm. And so the conservatives handed him their own message which, as one justice put it, essentially translated into, “You’re on your own.”
Read More @ CBSNews.com

Ron Paul: Audit the Fed, Now or Never!

“The Federal Reserve is an enormously destructive and unaccountable force.’ – Ron Paul
from RonPaul2008dotcom:

Swine Flu or Bird Flu: Either Way We’re Having a Pandemic

by Susanne Posel, Activist Post
The British Journal Lancet Infectious Diseases published a study claiming that the swine flu has killed an estimated 579,000; fifteen times higher than laboratory tests had previously confirmed.
The World Health Organization (WHO) had originally supposed only 18,500. At the time, WHO claimed that this number was a gross underestimate. They said that undocumented deaths in Africa and Southeast Asia could raise the number, but by how much they were not sure.
Fatimah Dawood, of the Centers for Disease Control and Prevention (CDC) and lead researcher of the study said:

This pandemic really did take an enormous toll. Our results also suggest how best to deploy resources. If a vaccine were to become available, we need to make sure it reached the areas where the death toll is likely to be highest.

The H1N1 virus, a.k.a. swine flu, was first detected in Mexico in 2009. It later migrated to California and quickly spread worldwide.

At the time, the CDC discouraged travel between Mexico and the US. Read More @ Activist Post

Great Rant: Tony Robinson Annihilates the British Banking System

from tradgedyandhope:

Actor and broadcaster, Tony Robinson has said that he no longer has any respect for British bankers and the British banking system.

 

Reality Check: If Healthcare Law Is A Tax, Is It Now Invalid?

from BenSwannRealityCheck:

Ben Swann Reality Check breaks down the Affordable Care Act ruling by the Supreme Court and looks at why the determination that the law is a tax, may make it invalid

Nigel Farage on Cameron’s WORTHLESS EU ‘Referendum Promise’ (01July12)

from liarpoliticians:

UKIP party leader Nigel Farage discusses the worthless promise from Conservative PM David Cameron that the British will have a referendum on the EU _IF_ they vote the Conservatives back in in the 2015 general election, and if they do, you WON’T have aq in/out vote. So it’s a completely worthless promise.

Is The Bank Of England About To Be Dragged Into Lie-borgate, And Which US Bank Is Next

from Zero Hedge:
While the Lieborgate scandal gathers steam not so much because of people’s comprehension of just what is at stake here (nothing less than the fair value of $350 trillion in interest-rate sensitive products as explained in February), but simply courtesy of several very vivid emails which mention expensive bottles of champagne, once again proving that when it comes to interacting with the outside world, banks see nothing but rows of clueless muppets until caught red-handed (at which point they use big words, and speak confidently), the BBC’s Robert Peston brings an unexpected actor into the fray: the English Central Bank and specifically Paul Tucker, the man who, unless Goldman’s-cum-Canada’s Mark Carney or Goldman’s Jim O’Neill step up, will replace Mervyn King as head of the BOE.
Read More @ Zero Hedge.com

Supreme Court Forces U.S. To Take A Giant Step Toward A Totalitarian Socialist Government

By Charlie Daniels, CNS News:
The United States of America took a giant step toward a totalitarian socialist government when the Supreme Court voted to uphold Obamacare, allowing the individual mandate for the government to force American citizens to buy health insurance whether they want to or not.
The Supreme Court should have their title changed to the Supreme Proletariat because, they’ve just done away with individual freedom and handed the president the ability to force the people of America to do whatever he decides they should do.
I personally thought it would take one more Supreme Court appointment before it reached the tipping point, but none other than Chief Justice Roberts went to the far left on this one and I have lost any faith I had in the court and feel that myself and people like me have no dependable representation in the federal governmen
Read More @ CNSnews.com

Final Thoughts

from TruthNeverTold :

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