Banks Can Legally Steal Customer Funds From Private Checking Accounts
This means that once a banking customer deposits their money into an account with a bank, the funds become property of the bank. The customer, at the point of deposit, relinquishes all rights to that money regardless of any laws in place, legal assurances, claims or guarantees; and this extends from investments to private checking accounts.
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Just under two years ago, Meredith Whitney made a much maligned, if very vocal call, that hundreds of US municipalities will file for bankruptcy. She also put a timestamp on the call, which in retrospect was her downfall, because while she will ultimately proven 100% correct about the actual event, the fact that she was off temporally (making it seem like a trading call instead of a fundamental observation) merely had a dilutive impact of the statement. As a result she was initially taken seriously, resulted in a big hit to the muni market, only to be largely ignored subsequently even following several prominent California bankruptcies. This is all about to change as none other than Warren Buffett has slashed half of his entire municipal exposure, in what the WSJ has dubbed a "red flag" for the municipal-bond market. Perhaps another way of calling it is the second coming of Meredith Whitney's muni call, this time however from an institutionalized permabull.
Buffett Joins Team Whitney; Sees Muni Pain Ahead As He Unwinds Half Of His Bullish CDS Exposure Prematurely
Just under two years ago, Meredith Whitney made a much maligned, if very vocal call, that hundreds of US municipalities will file for bankruptcy. She also put a timestamp on the call, which in retrospect was her downfall, because while she will ultimately proven 100% correct about the actual event, the fact that she was off temporally (making it seem like a trading call instead of a fundamental observation) merely had a dilutive impact of the statement. As a result she was initially taken seriously, resulted in a big hit to the muni market, only to be largely ignored subsequently even following several prominent California bankruptcies. This is all about to change as none other than Warren Buffett has slashed half of his entire municipal exposure, in what the WSJ has dubbed a "red flag" for the municipal-bond market. Perhaps another way of calling it is the second coming of Meredith Whitney's muni call, this time however from an institutionalized permabull.
Silencing Dissent in America
Increasingly, dissent is marginalized. It’s not tolerated. Resistance is called dangerous to National Security.Shhhh… It’s Even Worse Than The Great Depression
In
just four short years, our “enlightened” policy-makers have slowed
money velocity to depths never seen in the Great Depression. Hard
to believe, but the guy who made a career out of Monday-morning
quarterbacking the Great Depression has already proven himself a bigger
idiot than all of his predecessors (and in less than half the
time!!). During the Great Depression, monetary base was expanded in
response to slowing economic activity, in other words it was reactive (here’s a graph) . They
waited until the forest was ablaze before breaking out the hoses, and
for that they’ve been rightly criticized. Our “proactive” Fed elected
to hose down a forest that wasn’t actually on fire, with gasoline, and
the results speak for themselves. With the IMF recently lowering its
2012 US GDP growth forecast to 2%, while the monetary base is
expanding at about a 5% clip, know that velocity of money is grinding
lower every time you breathe.“The US dollar must be devalued in order to shrink the destructive power of debt”Richard Russell, author of Dow Theory Letters – the world’s longest-running daily investment letter – offered some strong suggestions for U.S. policymakers on ways to deal with the nation’s looming debt problems. |
Treasury Spasms
As Bill Gross has been more than happy to demonstrate on several recent occasions, the recent sell off in US Treasurys has been sharp and violent, wiping out all year to date capital gains in the 10 Year in a few short weeks. The flipside to that is that this is not the first such headfake in the bond market, and it certainly will not be the last as David Rosenberg shows today with a chart summarizing all the "spasms" experienced in the 10 year Treasury since 2007. In fact, based on the average duration and move severity, the 10 Year sell off may not only continue for twice as long (on average it has been 49 days, and we are only 19 days in in the current sell off episode), but the final tally may be a further selloff well into the 2% range (the average decline in yield is 88 bps, double the 43 bps widening to date). At the end of the day will it make much of a difference? Very likely not: after all the deflationary implosion has far more to go before all the central banks engage in coordinated easing, and as a result superglue the CTRL and P buttons in the on position, leading to the final round in the global currency devaluation race.
Is Apple Really Worth More Than The Sum Of Microsoft, Dell, Google, Facebook And HP?
The
data suggests that relative to other tech companies AAPL is
significantly overvalued. And going forward there is no guarantee that
AAPL can justify today’s value by keeping up its dominance of the
sector. Tech is an extremely fickle and fast-changing sector where one
year’s turkey can be next year’s prize pig. And AAPL’s product lineup is
still dominated by products developed under the charge of Steve Jobs —
it will take a while longer to fully assess whether or not AAPL can
succeed at the same magnitude over the entire product cycle from
conception to sales without his leadership.Lord Rothschild bets against the Euro/Silver advances above the resistance $28.50/Spanish ibex falls for first time in 10 days/
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 2 hours ago
Good
evening Ladies and Gentlemen
Gold closed up today by $3.60 to $1620.10. Silver was the star of the
day rising past the resistance level of $28.50 to close at $28.59.
Here are your access market closes;
gold; $1620.40
silver; $28.81
Bill Murphy accurately describes the gold and silver trading today:
Gold was dropped to $1609, while silver fell below $28 yet again (Spot
KitcoCareer Risk Panic: Only 11% Of Hedge Funds Are Outperforming The S&P In 2012
The S&P500 may be soaring to new 2012 highs, and has its all time highs within short squeeze distance, yet paradoxically this is arguably the worst possible news to the cadre of US hedge fund managers used to beating the market year after year, thus justifying their (increasingly more unsustainable) 2 and 20 fees. The reason: according to just a released report quantifying hedge fund performance so far in 2012, with an average return of 4.6% as of August 3 compared to a 12% return for the S&P, a pathetic 11% of all hedge funds are beating S&P year to date. This is the worst yearly aggregate S&P 500 underperformance by the hedge fund industry in history, and also explains why the smooth sailing in the S&P500 belies the fact that nearly every single hedge fund manager (and at least 89% of all) is currently panicking like never before knowing very well there are only 4 more months left to beat the S&P or face terminal redemption requests. And with $1.2 trillion in gross equity positions, the day of redemption reckoning at the end of the year (and just after September 30 for that matter as well) could be the most painful yet. it also explains why, just like every other quarter in which career risk is at all time highs, HFs are dumping everything not nailed down and buying up AAPL, which as of June 30 was held by an all time high 230 hedge funds (more on that later).
Ten Questions You Need To Answer Before The Next Global Depression Sets In
The global financial system is beginning to come apart like a cheap suit. When the normal life you rely on ceases to function properly, what are you going to do?
Jeff Nielson joins us to cover the latest criminal exploits of the
Bankster cartel, and he says it’s never been more clear that the
international banking cartel operates EXACTLY like the mafia. We will
never be free until we smash the Oligopoly and their corporate
monopolies. We’re in a lot of trouble, because they aren’t going to stop
the coming collapse and a LOT of people are going to get hurt.
from TrimTabs:
from Silver Vigilante:
Dick Bove has garnered headlines again with this startling, stale
revelation: “Increased regulations are making it tougher on banks and
the consumers they serve but easier on the financing system that helped
create the 2008 credit crisis.”
VP of equity research at Rochdale Securities, Bove outlined several aspects the government has “targeted” in the banking industry and how they were not affecting their official objectives. Instead, the new regulations helped the “shadow banking system.”
“It has been my strong belief that the United States government and its agencies have embarked upon a series of actions that have created disarray in every sector of the consumer financial markets,” Bove stated. “Make no mistake, consumers are paying more for less. Winners will emerge in this period of disarray.”
Dudd-Bank – ahem, Dodd-Frank – came to fruition as a melange of sweet reforms to the flowing blood of Wall Street, fresh off their floating spaghetti-and-meatballs in the sky subprime mortgage industry bets.
Read More @ Silver Vigilante
Dick Bove has garnered headlines again with this startling, stale
revelation: “Increased regulations are making it tougher on banks and
the consumers they serve but easier on the financing system that helped
create the 2008 credit crisis.”VP of equity research at Rochdale Securities, Bove outlined several aspects the government has “targeted” in the banking industry and how they were not affecting their official objectives. Instead, the new regulations helped the “shadow banking system.”
“It has been my strong belief that the United States government and its agencies have embarked upon a series of actions that have created disarray in every sector of the consumer financial markets,” Bove stated. “Make no mistake, consumers are paying more for less. Winners will emerge in this period of disarray.”
Dudd-Bank – ahem, Dodd-Frank – came to fruition as a melange of sweet reforms to the flowing blood of Wall Street, fresh off their floating spaghetti-and-meatballs in the sky subprime mortgage industry bets.
Read More @ Silver Vigilante
by Jeff Nielson, SilverGoldBull:
It’s impossible to cover developments in the global economy, and the reporting of those developments without feeling a lot like Alice in Wonderland – surrounded by legions of “Mad Hatters”. This is especially true when covering the realm of anti-logic known as the U.S. economy.
We’re told that the U.S. economy has been experiencing an “economic recovery” for the past 3+ years – led by manufacturing growth – while its energy consumption has plummeted so fast that the world’s great Energy Glutton is now a “net-energy exporter.”
We watch reports of U.S. home-builders starting construction on roughly twice as many homes as they sell, month after month, year after year – and then the media Mad Hatters tell us that the inventories of unsold new homes have been plummeting downward all this time.
We’re told that U.S. Treasuries should be fetching (by far) their highest prices in history – even though the U.S. is hopelessly bankrupt when using the same accounting standards it requires of its own corporations. We’re told by one of the more esteemed Mad Hatters that Treasuries prices and Treasuries supply should be simultaneously increasing exponentially.
Read More @ SilverGoldBull
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It’s impossible to cover developments in the global economy, and the reporting of those developments without feeling a lot like Alice in Wonderland – surrounded by legions of “Mad Hatters”. This is especially true when covering the realm of anti-logic known as the U.S. economy.
We’re told that the U.S. economy has been experiencing an “economic recovery” for the past 3+ years – led by manufacturing growth – while its energy consumption has plummeted so fast that the world’s great Energy Glutton is now a “net-energy exporter.”
We watch reports of U.S. home-builders starting construction on roughly twice as many homes as they sell, month after month, year after year – and then the media Mad Hatters tell us that the inventories of unsold new homes have been plummeting downward all this time.
We’re told that U.S. Treasuries should be fetching (by far) their highest prices in history – even though the U.S. is hopelessly bankrupt when using the same accounting standards it requires of its own corporations. We’re told by one of the more esteemed Mad Hatters that Treasuries prices and Treasuries supply should be simultaneously increasing exponentially.
Read More @ SilverGoldBull
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“The day we see truth and do not speak is the day we begin to die.” – Martin Luther King
by Dr. Paul Craig Roberts, PaulCraigRoberts.org:
Conspiracy theories have now blossomed into what the smug presstitute
media calls a “conspiracy culture.” According to the presstitutes,
Americans have to find some explanation for their frustrations and
failings, so Americans shift the blame to the Bilderbergers, the
Rothschilds, the New World Order and so forth and so on.
Readers will not be surprised that I disagree with the presstitutes. Indeed, the conspiracy culture is the product of the presstitute media’s failure to investigate and to report truthfully. I am certain that the Western media is worse than the Soviet media was. The Soviet media devised ways for helping the public to read between the lines, whereas the Western media is so proud to be confidants of the government that they deliver the propaganda without any clues to the readers that it is propaganda.
Americans have been fed lies by “their” government and the government’s presstitute media for so long that it is not surprising that Americans increasingly believe that there is a conspiracy operating against them. Millions of Americans have been evicted from their jobs, careers, and homes while the crooks who stole from them run free and bankroll the presidential candidates. The world as millions of Americans knew it has come to an end, and no one has been held accountable. The explanation that Americans get from the media is that it is their own fault. They bought houses they shouldn’t have bought, and they didn’t train for the right jobs. It is not unreasonable for Americans to conclude that a conspiracy is operating against them.
Read More @ PaulCraigRoberts.org
from matlarson10:
by Dr. Paul Craig Roberts, PaulCraigRoberts.org:
Conspiracy theories have now blossomed into what the smug presstitute
media calls a “conspiracy culture.” According to the presstitutes,
Americans have to find some explanation for their frustrations and
failings, so Americans shift the blame to the Bilderbergers, the
Rothschilds, the New World Order and so forth and so on.Readers will not be surprised that I disagree with the presstitutes. Indeed, the conspiracy culture is the product of the presstitute media’s failure to investigate and to report truthfully. I am certain that the Western media is worse than the Soviet media was. The Soviet media devised ways for helping the public to read between the lines, whereas the Western media is so proud to be confidants of the government that they deliver the propaganda without any clues to the readers that it is propaganda.
Americans have been fed lies by “their” government and the government’s presstitute media for so long that it is not surprising that Americans increasingly believe that there is a conspiracy operating against them. Millions of Americans have been evicted from their jobs, careers, and homes while the crooks who stole from them run free and bankroll the presidential candidates. The world as millions of Americans knew it has come to an end, and no one has been held accountable. The explanation that Americans get from the media is that it is their own fault. They bought houses they shouldn’t have bought, and they didn’t train for the right jobs. It is not unreasonable for Americans to conclude that a conspiracy is operating against them.
Read More @ PaulCraigRoberts.org
from matlarson10:
by Mac Slavo, SHTFPlan:
Since the government sector has done such a great job at managing social security, the postal service, and the extension of mortgage credit why not also mandate that every health care worker in the country become a federal, state or local employee?
According to a new book by Mallory Factor, the effort is already underway. When the Patient Protection and Affordable Care Act, also known as ObamaCare, becomes fully effective on January 1, 2014 it’ll open the door for America’s 21 million healthcare workers to the join the government dole as paid employees of the State.
What, you thought Obamacare would only socialize the actual medical care and services, and leave the rest of the system operating as a free market?
Since the government sector has done such a great job at managing social security, the postal service, and the extension of mortgage credit why not also mandate that every health care worker in the country become a federal, state or local employee?
According to a new book by Mallory Factor, the effort is already underway. When the Patient Protection and Affordable Care Act, also known as ObamaCare, becomes fully effective on January 1, 2014 it’ll open the door for America’s 21 million healthcare workers to the join the government dole as paid employees of the State.
What, you thought Obamacare would only socialize the actual medical care and services, and leave the rest of the system operating as a free market?
A booklet published by SEIU during the 2008 election season called for “building a new American health care system,” in part by “organizing workers.” The publication argued for outcomes nearly identical to those later adopted in the Obamacare legislation.Read More @ SHTFPlan.com
by Matt Taibbi, Rolling Stone:
I’ve been on deadline in the past week or so, so I haven’t had a chance to weigh in on Eric Holder’s predictable decision to
not pursue criminal charges against Goldman, Sachs for any of the
activities in the report prepared by Senators Carl Levin and Tom Coburn
two years ago.
Last year I spent a lot of time and energy jabbering and gesticulating in public about what seemed to me the most obviously prosecutable offenses detailed in the report – the seemingly blatant perjury before congress of Lloyd Blankfein and other Goldman executives, and the almost comically long list of frauds committed by the company in its desperate effort to unload its crappy “cats and dogs” mortgage-backed inventory.
In the notorious Hudson transaction, for instance, Goldman claimed, in writing, that it was fully “aligned” with the interests of its client, Morgan Stanley, because it owned a $6 million slice of the deal. What Goldman left out is that it had a $2 billion short position against the same deal.
If that isn’t fraud, Mr. Holder, just what exactly is fraud?
Still, it wasn’t surprising that Holder didn’t pursue criminal charges against Goldman. And that’s not just because Holder has repeatedly proven himself to be a spineless bureaucrat and obsequious political creature masquerading as a cop, and not just because rumors continue to circulate that the Obama administration – supposedly in the interests of staving off market panic – made a conscious decision sometime in early 2009 to give all of Wall Street a pass on pre-crisis offenses.
Read More @ RollingStone.com
I’ve been on deadline in the past week or so, so I haven’t had a chance to weigh in on Eric Holder’s predictable decision to
not pursue criminal charges against Goldman, Sachs for any of the
activities in the report prepared by Senators Carl Levin and Tom Coburn
two years ago.Last year I spent a lot of time and energy jabbering and gesticulating in public about what seemed to me the most obviously prosecutable offenses detailed in the report – the seemingly blatant perjury before congress of Lloyd Blankfein and other Goldman executives, and the almost comically long list of frauds committed by the company in its desperate effort to unload its crappy “cats and dogs” mortgage-backed inventory.
In the notorious Hudson transaction, for instance, Goldman claimed, in writing, that it was fully “aligned” with the interests of its client, Morgan Stanley, because it owned a $6 million slice of the deal. What Goldman left out is that it had a $2 billion short position against the same deal.
If that isn’t fraud, Mr. Holder, just what exactly is fraud?
Still, it wasn’t surprising that Holder didn’t pursue criminal charges against Goldman. And that’s not just because Holder has repeatedly proven himself to be a spineless bureaucrat and obsequious political creature masquerading as a cop, and not just because rumors continue to circulate that the Obama administration – supposedly in the interests of staving off market panic – made a conscious decision sometime in early 2009 to give all of Wall Street a pass on pre-crisis offenses.
Read More @ RollingStone.com
by Glenn thrush, Politico:
President Barack Obama’s campaign team, celebrated four years ago for its exceptional cohesion and eyes-on-the-prize strategic focus, has been shadowed this time by a succession of political disagreements and personal rivalries that haunted the effort at the outset.
Second-guessing about personnel, strategy and tactics has been a dominant theme of the reelection effort, according to numerous current and former Obama advisers who were interviewed for “Obama’s Last Stand,” an e-book out Monday published in a collaboration between POLITICO and Random House.
The discord, these sources said, has on occasion flowed from Obama himself, who at repeated turns has made vocal his dissatisfaction with decisions made by his campaign team, with its messaging, with Vice President Joe Biden and with what Obama feared was clumsy coordination between his West Wing and reelection headquarters in Chicago.
Read More @ Politico.com
by Mike Adams, Natural News:
Our latest humanitarian project involves sharing educational information intended to help stop the next holocaust from ever happening. I’ve just completed two important educational videos entitled “The Divine Right of Self Defense” and “Gun Control is Genocide.” These two videos approach the issue of citizen disarmament from a humanitarian point of view, discussing the historical results of citizen disarmament and how we can work together to save lives and prevent violence.
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President Barack Obama’s campaign team, celebrated four years ago for its exceptional cohesion and eyes-on-the-prize strategic focus, has been shadowed this time by a succession of political disagreements and personal rivalries that haunted the effort at the outset.
Second-guessing about personnel, strategy and tactics has been a dominant theme of the reelection effort, according to numerous current and former Obama advisers who were interviewed for “Obama’s Last Stand,” an e-book out Monday published in a collaboration between POLITICO and Random House.
The discord, these sources said, has on occasion flowed from Obama himself, who at repeated turns has made vocal his dissatisfaction with decisions made by his campaign team, with its messaging, with Vice President Joe Biden and with what Obama feared was clumsy coordination between his West Wing and reelection headquarters in Chicago.
Read More @ Politico.com
by Mike Adams, Natural News:
Our latest humanitarian project involves sharing educational information intended to help stop the next holocaust from ever happening. I’ve just completed two important educational videos entitled “The Divine Right of Self Defense” and “Gun Control is Genocide.” These two videos approach the issue of citizen disarmament from a humanitarian point of view, discussing the historical results of citizen disarmament and how we can work together to save lives and prevent violence.
from Silver Doctors:
After almost 9 weeks of trying to break over $28,
silver closed over over $28 on Thurs/Friday and, after a concerted and
blatant attempt by the silver manipulating banks to take silver below
$28 this morning, it inexplicably shot up like a roman candle at 11:12 a.m. EST time.
We know that at some point in the future that JPM’s paper short position in silver is potentially the equivalent of a small nuclear device embedded deeply the bank’s bowels.
The trigger will be the point at which counter-parties to JPM’s short position demand physical delivery of the silver JPM is derivatively short on the Comex, LBMA and OTC derivatives market.
Read More @ Silver Doctors
Here in Nicaragua, it is difficult to complain. Almost impossible to
gripe. And if you find yourself doing either one, you shouldn’t be here
in the first place. This idyllic locale is kind of an organic, and
highly concentrated, blood-pressure medication (perhaps blended with
just a smidge of Lexapro).
But a few thousand miles to the north, where Wall Streeters cheat and politicians protect them, legitimate complaints and gripes are easy to come by. There are plenty of obscene abuses of power and miscarriages of justice. You’d have to be comatose — or in Nicaragua — to miss them.
Crony capitalism, and the injustices that flow from it, have become such a dominant force in American society that a return to “normal” feels like a low-probability bet. Epitomizing the injustices that have become all-too-normal in modern America, The New York Times reported that federal authorities are unlikely to bring any criminal charges whatsoever against any of the former executives of the bankrupt M.F. Global, despite the fact that $1.6 billion of clients’ funds remains “missing.”
Read More @ DailyReckoning.com.au
After almost 9 weeks of trying to break over $28,
silver closed over over $28 on Thurs/Friday and, after a concerted and
blatant attempt by the silver manipulating banks to take silver below
$28 this morning, it inexplicably shot up like a roman candle at 11:12 a.m. EST time.We know that at some point in the future that JPM’s paper short position in silver is potentially the equivalent of a small nuclear device embedded deeply the bank’s bowels.
The trigger will be the point at which counter-parties to JPM’s short position demand physical delivery of the silver JPM is derivatively short on the Comex, LBMA and OTC derivatives market.
Read More @ Silver Doctors
by Yves Smith, via Naked Capitalism:
Occupy Tampa is preparing for the Republican convention. As I understand it, they will be allowed to use the Voice of Freedom park and are hosting the Food Not Bombs World Gathering starting tomorrow (technically, they have been evicted, but the eviction is not effective until after the convention). You can follow them on Twitter at fnbsouthflorida.
Not surprisingly, on Friday, police starting blocking roads and stopping and searching cars all over the neighborhood surrounding Voice of Freedom Park, which is a black, low income area. It’s common for raucous parties to spill out into the streets on Friday nights but all of a sudden the authorities have taken in interest in shutting them down with a huge police presence.
Read More @ NakedCapitalism.com
Occupy Tampa is preparing for the Republican convention. As I understand it, they will be allowed to use the Voice of Freedom park and are hosting the Food Not Bombs World Gathering starting tomorrow (technically, they have been evicted, but the eviction is not effective until after the convention). You can follow them on Twitter at fnbsouthflorida.
Not surprisingly, on Friday, police starting blocking roads and stopping and searching cars all over the neighborhood surrounding Voice of Freedom Park, which is a black, low income area. It’s common for raucous parties to spill out into the streets on Friday nights but all of a sudden the authorities have taken in interest in shutting them down with a huge police presence.
Read More @ NakedCapitalism.com
by Garry White, The Telegraph:
Currently, gold is at the top of this $1,550 (£987) to $1,620 an ounce
range, but market watchers are split on what will happen next, with the
gold price bulls and bears both having plenty of fodder to support
their case.
A Bloomberg poll of gold analysts released on Friday showed that they are the most bullish on pricing prospects for six weeks. With gold at the top of its trading range, does this signal a breakout?
Out of 26 analysts surveyed by Bloomberg, 14 expected prices to rise this week, with six expecting a fall and six seeing neutral price action. So, this is far from a resounding bullish cheer.
There was also news last week in an SEC filing that both George Soros and John Paulson had increased their investment in SPDR Gold Trust, the world’s largest publicly traded physical gold exchange traded fund (ETF).
Mr Soros upped his stake in the ETF to 884,400 shares from 319,550 and Mr Paulson bought 4.53m shares, bringing his stake to 21.3m.
At the current price of about $156 a share, these are new investments of about $88m of Mr Soros’ cash and more than $700m from Mr Paulson’s funds. These are significant positions.
Read More @ Telegraph.co.uk
Currently, gold is at the top of this $1,550 (£987) to $1,620 an ounce
range, but market watchers are split on what will happen next, with the
gold price bulls and bears both having plenty of fodder to support
their case.A Bloomberg poll of gold analysts released on Friday showed that they are the most bullish on pricing prospects for six weeks. With gold at the top of its trading range, does this signal a breakout?
Out of 26 analysts surveyed by Bloomberg, 14 expected prices to rise this week, with six expecting a fall and six seeing neutral price action. So, this is far from a resounding bullish cheer.
There was also news last week in an SEC filing that both George Soros and John Paulson had increased their investment in SPDR Gold Trust, the world’s largest publicly traded physical gold exchange traded fund (ETF).
Mr Soros upped his stake in the ETF to 884,400 shares from 319,550 and Mr Paulson bought 4.53m shares, bringing his stake to 21.3m.
At the current price of about $156 a share, these are new investments of about $88m of Mr Soros’ cash and more than $700m from Mr Paulson’s funds. These are significant positions.
Read More @ Telegraph.co.uk
by David McWilliams, David McWilliams:
Many years ago, I lived in Russia and tried to learn the language. I
lived with a Russian family, in what could be described as a Russian
Gaeltacht, for three months. There was school in the morning, using a
Russian method, which relied on speaking and listening with little or no
written work and then, in the afternoons and evenings, the idea was to
hang out in the local village.
The place was called Ruza, about 60 miles west of Moscow, not far from Borodino, the battlefield where Napoleon suffered his first defeat on his march to Moscow. This huge and bloody battle represented the beginning of the end for the Grande Armée. The ancients in the village, never having heard of Ireland, were convinced I was German because the last foreigners they had seen were German soldiers retreating through the village, when they too were held up outside Moscow.
The family was lovely and we spent hours chatting about all sorts of stuff. Four years later, I discovered that, at the first chance, they emigrated to Israel almost overnight. I had lived with what turned out to be quite a religious Jewish family – but of course I had no idea of this at the time.
Read More @ DavidMcWilliams.ie
Many years ago, I lived in Russia and tried to learn the language. I
lived with a Russian family, in what could be described as a Russian
Gaeltacht, for three months. There was school in the morning, using a
Russian method, which relied on speaking and listening with little or no
written work and then, in the afternoons and evenings, the idea was to
hang out in the local village.The place was called Ruza, about 60 miles west of Moscow, not far from Borodino, the battlefield where Napoleon suffered his first defeat on his march to Moscow. This huge and bloody battle represented the beginning of the end for the Grande Armée. The ancients in the village, never having heard of Ireland, were convinced I was German because the last foreigners they had seen were German soldiers retreating through the village, when they too were held up outside Moscow.
The family was lovely and we spent hours chatting about all sorts of stuff. Four years later, I discovered that, at the first chance, they emigrated to Israel almost overnight. I had lived with what turned out to be quite a religious Jewish family – but of course I had no idea of this at the time.
Read More @ DavidMcWilliams.ie
from TheRealNews:
Bill Black Finance and Fraud Report: Goldman and MF Global avoid criminal charges and Romney accuses Obama of being a “European”
Bill Black Finance and Fraud Report: Goldman and MF Global avoid criminal charges and Romney accuses Obama of being a “European”
from Azizonomics:
Bill Buckler critiques the notion of a debt jubilee:
The modern “debt jubilee” is characterised as “quantitative easing for the public”. It has been boiled down to a procedure where the central bank does not create new money by buying the sovereign debt of the government. Instead, it takes an arbitrary number, writes a check for that number, and deposits it in the bank account of every individual in the nation. Debtors must use the newly-created money to pay down or pay off debt. Those who are not in debt can use it as a free windfall to spend or “invest” as they see fit.
The major selling feature of this “method” is that it provides the only sure means out of what is called the global “deleveraging trap”. This is the trap which is said to have ensnared Japan more than two decades ago and which has now snapped shut on the whole world. And what is a “deleveraging trap”? It is simply the obligation assumed when one becomes a debtor. This is the necessity to repay the debt. There are only three ways in which a debt can be honestly repaid. It can be repaid with new wealth which the proceeds of the debt made it possible to create. It can be repaid by an excess of production over consumption on the part of the debtor. Or it can be repaid from already existing savings. If none of those methods are feasible, the debt cannot be repaid. It can be defaulted upon or the means of “payment” can be created out of thin air, but that does not “solve” the problem, it merely makes it worse.
Read More @ Azizonomics.com
Bill Buckler critiques the notion of a debt jubilee:The modern “debt jubilee” is characterised as “quantitative easing for the public”. It has been boiled down to a procedure where the central bank does not create new money by buying the sovereign debt of the government. Instead, it takes an arbitrary number, writes a check for that number, and deposits it in the bank account of every individual in the nation. Debtors must use the newly-created money to pay down or pay off debt. Those who are not in debt can use it as a free windfall to spend or “invest” as they see fit.
The major selling feature of this “method” is that it provides the only sure means out of what is called the global “deleveraging trap”. This is the trap which is said to have ensnared Japan more than two decades ago and which has now snapped shut on the whole world. And what is a “deleveraging trap”? It is simply the obligation assumed when one becomes a debtor. This is the necessity to repay the debt. There are only three ways in which a debt can be honestly repaid. It can be repaid with new wealth which the proceeds of the debt made it possible to create. It can be repaid by an excess of production over consumption on the part of the debtor. Or it can be repaid from already existing savings. If none of those methods are feasible, the debt cannot be repaid. It can be defaulted upon or the means of “payment” can be created out of thin air, but that does not “solve” the problem, it merely makes it worse.
Read More @ Azizonomics.com
by Eric J. Fry, Daily Reckoning.com.au:
Here in Nicaragua, it is difficult to complain. Almost impossible to
gripe. And if you find yourself doing either one, you shouldn’t be here
in the first place. This idyllic locale is kind of an organic, and
highly concentrated, blood-pressure medication (perhaps blended with
just a smidge of Lexapro).But a few thousand miles to the north, where Wall Streeters cheat and politicians protect them, legitimate complaints and gripes are easy to come by. There are plenty of obscene abuses of power and miscarriages of justice. You’d have to be comatose — or in Nicaragua — to miss them.
Crony capitalism, and the injustices that flow from it, have become such a dominant force in American society that a return to “normal” feels like a low-probability bet. Epitomizing the injustices that have become all-too-normal in modern America, The New York Times reported that federal authorities are unlikely to bring any criminal charges whatsoever against any of the former executives of the bankrupt M.F. Global, despite the fact that $1.6 billion of clients’ funds remains “missing.”
Read More @ DailyReckoning.com.au
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