by Matthew Boesler, BusinessInsider:
The eurozone is on a path into a deep recession.
As one of the largest and most advanced economies in the world, its
centrality to a system of highly-interconnected global supply chains is
taken for granted.
David Korowicz, a physicist and human-systems ecologist, recently authored a lengthy 78-page white paper titled: “Trade-Off: Financial System Supply-Chain Cross-Contagion: a study in global systemic collapse.”
It explores the increasing systemic risk brewing in the global financial and trade systems. Using complex systems analysis, he explains how within weeks of the next major economic shock, like a major bank failure or a country exiting the eurozone, contagion would quickly spread through global supply chains, causing an “irreversible global economic collapse.”
Korowicz warns that in the next crisis, “neither wealth nor geography is a protection. Our evolved co-dependencies mean that we are all in this together.”
Read More @ BusinessInsider.com
The U.S. Department of Agriculture cut its projected domestic corn and soy production by 17 and 12 percent, respectively, since last month. This breaks the hearts of many farmers expecting record harvests, but could affect ordinary citizens too in the form of rising food prices and larger grocery bills.
Rising Food Prices Worldwide
The U.N. food agency directly correlates rising food prices in grocery store staples and the current drought’s effects on farming regions. Tensions are running high as dry weather in Russia pushes prices up 19 percent, according to the Food and Agriculture Organization. Agriculture Secretary, Tom Vilsack, says that Americans have no need to be concerned about devastating food prices.
Food, unfortunately, is not all that will be affected. Because corn and soy are ever-present—even cosmetics and pet food—we shouldn’t be surprised to see nearly every trip to the grocery store go up a few cents or dollars.
Read More @ Activist Post
The eurozone is on a path into a deep recession.
As one of the largest and most advanced economies in the world, its
centrality to a system of highly-interconnected global supply chains is
taken for granted.
David Korowicz, a physicist and human-systems ecologist, recently authored a lengthy 78-page white paper titled: “Trade-Off: Financial System Supply-Chain Cross-Contagion: a study in global systemic collapse.”
It explores the increasing systemic risk brewing in the global financial and trade systems. Using complex systems analysis, he explains how within weeks of the next major economic shock, like a major bank failure or a country exiting the eurozone, contagion would quickly spread through global supply chains, causing an “irreversible global economic collapse.”
Korowicz warns that in the next crisis, “neither wealth nor geography is a protection. Our evolved co-dependencies mean that we are all in this together.”
Read More @ BusinessInsider.com
from Lisa Garber, Activist Post
The U.S. Department of Agriculture cut its projected domestic corn and soy production by 17 and 12 percent, respectively, since last month. This breaks the hearts of many farmers expecting record harvests, but could affect ordinary citizens too in the form of rising food prices and larger grocery bills.
Rising Food Prices Worldwide
The U.N. food agency directly correlates rising food prices in grocery store staples and the current drought’s effects on farming regions. Tensions are running high as dry weather in Russia pushes prices up 19 percent, according to the Food and Agriculture Organization. Agriculture Secretary, Tom Vilsack, says that Americans have no need to be concerned about devastating food prices.
Food, unfortunately, is not all that will be affected. Because corn and soy are ever-present—even cosmetics and pet food—we shouldn’t be surprised to see nearly every trip to the grocery store go up a few cents or dollars.
Read More @ Activist Post
“We Are Witnessing a Financial Holocaust Brought on by the Banksters with Millions of Deaths in the Offering”
from Washington’s Blog:
Fraud caused the Great Depression and the current financial crisis, and the economy will never recover until fraud is prosecuted.
Fraud is the business model adopted by the giant banks. See this.
The Obama administration has made it official policy not to prosecute fraud. Indeed, the “watchdogs” in D.C. are so corrupt that they are as easily bribed as a policeman in a third world banana republic.
The mouthpieces in Wall Street and D.C. pretend that financial fraud (like Libor) is a “victimless crime“.
But the World Bank notes that the financial crisis – you know, the one caused by financial fraud – has driven between 64 and 100 million people into destitution. Some estimate the figure to be much higher. For example, one 2009 study estimated that 140 million people would be driven into poverty in Asia alone.
This is not just a matter of having less money for entertainment or luxury goods. Increased poverty leads to earlier deaths.
Read More @ WashingtonsBlog.com
from Washington’s Blog:
Fraud caused the Great Depression and the current financial crisis, and the economy will never recover until fraud is prosecuted.Fraud is the business model adopted by the giant banks. See this.
The Obama administration has made it official policy not to prosecute fraud. Indeed, the “watchdogs” in D.C. are so corrupt that they are as easily bribed as a policeman in a third world banana republic.
The mouthpieces in Wall Street and D.C. pretend that financial fraud (like Libor) is a “victimless crime“.
But the World Bank notes that the financial crisis – you know, the one caused by financial fraud – has driven between 64 and 100 million people into destitution. Some estimate the figure to be much higher. For example, one 2009 study estimated that 140 million people would be driven into poverty in Asia alone.
This is not just a matter of having less money for entertainment or luxury goods. Increased poverty leads to earlier deaths.
Read More @ WashingtonsBlog.com
Paul Ryan Factbox, Nomination Reaction And Lifetime Donors
Reuters summarizes the key facts about the 42-year old House Budget Chair and potential future American vice president. Enclosed also select reactions from various individuals across the political spectrum to his nomination as well as a summary of his lifetime donors as well as those of Joe Biden.
by Lisa Mascaro, LA Times:
The choice of GOP budget guru Paul Ryan as the vice-presidential running mate drew sharp, swift responses reflecting the nation’s deeply polarized political landscape.
The conservative Tea Party Express praised Mitt Romney‘s decision to tap Ryan “who is so popular with tea party activists.”
And Sen. Marco Rubio, the Florida Republican who also had been a vice presidential contender, called Ryan a “courageous reformer.” Former presidential candidate Rick Santorum said adding Ryan to the ticket reflects Romney’s commitment to restoring “fiscal sanity,” and former Florida Gov. Jeb Bush found the choice “courageous.”
“Mitt Romney made a courageous choice for a BIG solutions election,” said former GOP presidential nominee Newt Gingrich. GOP Sen. John McCain, the 2008 presidential nominee, called the Romney-Ryan ticket “the strongest team.”
Read More @ LATimes.com
The choice of GOP budget guru Paul Ryan as the vice-presidential running mate drew sharp, swift responses reflecting the nation’s deeply polarized political landscape.The conservative Tea Party Express praised Mitt Romney‘s decision to tap Ryan “who is so popular with tea party activists.”
And Sen. Marco Rubio, the Florida Republican who also had been a vice presidential contender, called Ryan a “courageous reformer.” Former presidential candidate Rick Santorum said adding Ryan to the ticket reflects Romney’s commitment to restoring “fiscal sanity,” and former Florida Gov. Jeb Bush found the choice “courageous.”
“Mitt Romney made a courageous choice for a BIG solutions election,” said former GOP presidential nominee Newt Gingrich. GOP Sen. John McCain, the 2008 presidential nominee, called the Romney-Ryan ticket “the strongest team.”
Read More @ LATimes.com
It's A Centrally-Planned World After All, With Ever Diminishing Returns
By now it is no secret that the primary beneficiary of the over $7 trillion pumped by global central banks into the financial system in just the past 4 years,
and countless other trillions in miss-spent fiscal stimuli has been
the stock market. But what about the global economy: after all five
years after BNP Paribas stopped withdrawals from their investment funds
- the unofficial start of the Great Financial Crisis - whose primary
beneficiaries have been corn, gold, silver and brent
- we should have seen at least some sustained impact in the economy if
all Econ 101 teaches us about the virtuous business cycle is true, and
if any of this countless money out of ZIRP air actually made its way
into the economy instead of just the stock market. Well, let's take a
look shall well. Courtesy of Bridgewater we present a chart of
coordinated interventions and their impact not on the stock market, but
on the economy. What we find is that it was, is, and will be a centrally planned world after all. Citi's Buiter On Europe's Bumble And Stumble To Large-Scale Restructuring
While
still of the belief that a wholesale disintegration of the European
Monetary Union remains a distinct tail-risk event, Citigroup's chief
economist Willem Buiter succinctly summarizes his core view as "the
euro-area will stumble and bumble towards an eventual resolution."
However, that 'final' solution does not look like your grandma's
European Union as he expects nothing more than a "continued
Monetary Union, probably without Greece, having undergone both major
sovereign debt restructurings in the periphery and financial debt
restructurings for banks in the periphery and core."
Transcribed from a three-minute clip, Buiter eloquently answers three
key questions: How is the Euro crisis (and its consequent solution)
shaping up? Does Germany have the upper-hand? and What sort of moral
hazard issues might we see in the near future? He concludes "we won't have a smooth solution to this crisis."Trader Dan on King World News Markets and Metals Wrap
Trader Dan at Trader Dan's Market Views - 9 hours ago
Please click on the following link to listen in to my regular weekly radio
interview with Eric King on the KWN Markets and Metals Wrap.
*http://tinyurl.com/c2m8e87*
**
Accumulation of British Pound Says Fade Headline Opinion
Eric De Groot at Eric De Groot - 9 hours ago
Opinion says the British pound is heading for fresh lows in the coming
weeks. The message of the market which is the only thing I read says, Go
ahead and short the pound if you want, but I’m accumulating this quiet
market. Fading the headlines while the invisible hand accumulates quietly
present the best bullish setups. They often precede significant rallies and
offer a chance for decent...
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content, and more! ]]
China CPI rises/Corn at all time highs/Spanish 2 yr bond yields back above 4%/Spanish 10 yr bond yields and Italian yields rise again/
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 10 hours ago
Good
morning Ladies and Gentlemen:
Before beginning Jim Sinclair just received his tax return from the IRS
and they are puzzled because of the number of dependents claimed by Mr
Sinclair. You have to love Jim:
(courtesy Jim Sinclair)
just received my tax return for 2011 back from the IRS. It puzzles
me!!! They are questioning how many dependents I claimed. I guess it was
because of myBack-To-School Spending Is In Detention
Perhaps summarising best how so many of the back-to-school shoppers feel, Reuters cites this insightful 18-year-old thus: "I feel like the economy is messed up [and it] feels like we are still in recession."
The equity market's response, of course, is "whatev'" and while it has
been three years since the 'official' end of the recession, unemployment among teenagers is the highest since 1964!
The anecdotal evidence is starting to pile up as we see retailer after
retailer cut outlooks - which is especially concerning since the
back-to-school period is the second-biggest selling season after the
winter holiday season and as the head of BizDev from Mall of America
notes: "We used to see people starting [back-to-school shopping] in late
July but I don't see that anymore" as "consumers have shown tentativeness in their spending habits"
and are likely to push off the spend until September, and "just
shopping when there is a good sale." Once again, consumers have become
conditioned to wait for discounts - and sure enough 20%-plus price
reductions and more aggressive promotions are planned according to
Accenture's retail practice. However, one quote on 'thriftiness' struck a
chord: "We are borrowing this year to fund a lot of things that we normally would not have borrowed to do. It makes me nervous, we are selling our second home to help pay for things" - oh, no - not your second home!Previewing The Q4 "Hail Mary" Earnings Season
Q2
earnings seasons is now (with 93% of firms reporting) over, and it is
time for post mortem. The bottom line for those strapped for time is
the following: In order to salvage the 2012 earnings consensus for
the S&P, the sell side crew and asset managers, as wrong but hopeful
as ever, are now expecting Q4 2012 earnings to grow 15% versus 4Q 2011, which is more than twice as fast as any other quarter. Indicatively, Q2 2012 earnings rose at a rate of 3% compared
to Q2 2011. Elsewhere, revenues came 2% lower than consensus estimates
at the start of the earnings season. In other words, the entire year is now a Hail Mary bet
that in Q4, the time when the presidential election, its aftermath, as
well as the debt ceiling and fiscal cliff acrimony will hit a peak, a
Deus Ex Machine will arrive and lead to a 15% rise in earnings. Why?
Because global central bankers will have no choice but to step in and
thus lead to a surge in EPS multiples even if the underlying earnings
are collapsing. With the presidential election around the corner making
Fed QE before 2013 now virtually impossible, with Spain (and Italy)
refusing to be bailed out and cede sovereignty thus precluding ECB
intervention, and with China spooked by what may be a surge in food
costs, this intervention, and any hope that the Hail Mary pass will
connect, all look quite impossible.Every Single Citizen... men women and children... should show up and go swimming...
Republican convention starts Aug. 27 in Tampa
from Click Orlando: 
Law enforcement agencies are planning to boost their patrols of Tampa’s waterways during the Republican National Convention.The RNC will be held later this month on the city’s waterfront. Federal and local law enforcement agencies say they’ll saturate the waterway with armed boat patrols.
The Hillsborough County Sheriff’s Office says machine guns and infrared technology that can pick up body heat are among the new tools being mounted onto boats for the patrols.
U.S. Coast Guard spokeswoman Judy Silverstein says the marine units are prepared for “everything that could possibly happen.”
Tampa Police Cpl. James Reiser says anyone swimming or paddling in security zones will be detained and probably arrested.
Read More @ ClickOrlando.com
by Economic Policy Journal:
Weisenthal tweets:
Ugh. Paul Ryan appears to believe in something akin to the gold standard. http://bit.ly/NpNMK4
Aside for this tweet displaying Weisenthal’s hate for gold, it displays more confusion per character than I thought possible in a tweet.
First and foremost, it is as likely that Ryan is close to a gold standard supporter as it is likely that Weisenthal is the second coming of Jesus Christ.
Weisenthal links, not to Ryan, but to a New Republic article which does not quote Ryan either but quotes Frum Forum’s Noah Kristula-Green on Ryan.
Frum’s Green totally misunderstands the gold standard in relation to what Ryan is calling for. Green does get the gold standard itself correct:
Read More @ economicpolicyjournal.com.au
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Ugh. Paul Ryan appears to believe in something akin to the gold standard. http://bit.ly/NpNMK4
Aside for this tweet displaying Weisenthal’s hate for gold, it displays more confusion per character than I thought possible in a tweet.
First and foremost, it is as likely that Ryan is close to a gold standard supporter as it is likely that Weisenthal is the second coming of Jesus Christ.
Weisenthal links, not to Ryan, but to a New Republic article which does not quote Ryan either but quotes Frum Forum’s Noah Kristula-Green on Ryan.
Frum’s Green totally misunderstands the gold standard in relation to what Ryan is calling for. Green does get the gold standard itself correct:
Read More @ economicpolicyjournal.com.au
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from Anthony Wile, The Daily Bell:
“Only the living can kill the dead.” – Abraham Lincoln: Vampire Hunter
Nigel Farage has provided us with an eye-opening interview over at Eric King’s “King News.” He makes some blunt statements, even for him.
In this article, I’ll take the opportunity first to congratulate him, then to part company and suggest a new role he might consider. The new role is based on a cheesy movie (see above) and a president (Abraham Lincoln) who was disastrous for US freedom. But it’s a good role, nonetheless!
First, I want to express my admiration for Farage, not because he is a courageous politician – a kind of contradiction in terms – but because he is someone who regularly speaks truth to power.
Anyone who has seen the many YouTube videos of Farage standing up to the EU political establishment, speaking eloquently in Parliament without notes about the corruption and disenfranchisement of the European public, has got to come away with some feeling for the man. Yes, he’s a politician but in a sense he doesn’t seem to be very interested in politics. One comes to believe he would be more than happy to put himself out of a job, were the EU finally to fall.
Read More @ TheDailyBell.com
“Only the living can kill the dead.” – Abraham Lincoln: Vampire Hunter
Nigel Farage has provided us with an eye-opening interview over at Eric King’s “King News.” He makes some blunt statements, even for him.
In this article, I’ll take the opportunity first to congratulate him, then to part company and suggest a new role he might consider. The new role is based on a cheesy movie (see above) and a president (Abraham Lincoln) who was disastrous for US freedom. But it’s a good role, nonetheless!
First, I want to express my admiration for Farage, not because he is a courageous politician – a kind of contradiction in terms – but because he is someone who regularly speaks truth to power.
Anyone who has seen the many YouTube videos of Farage standing up to the EU political establishment, speaking eloquently in Parliament without notes about the corruption and disenfranchisement of the European public, has got to come away with some feeling for the man. Yes, he’s a politician but in a sense he doesn’t seem to be very interested in politics. One comes to believe he would be more than happy to put himself out of a job, were the EU finally to fall.
Read More @ TheDailyBell.com
from Tim Brown, Freedom Outpost via The Daily Sheeple:
And now we get more of the whining Barack Obama we’ve come to get annoyed at and despise. At a campaign stop in Colorado on Wednesday, Barack Obama got in touch with his feminine side, which isn’t that hard after he’s been hanging out in Chicago bath houses, in an attempt to sweep some women voters off their feet. Just what was his tactic? He complained that his wife Michelle did not receive a salary for her First Lady duties.
First Lady duties? Say what? No one elected Mrs. Obama or gave her a post to represent the people. Why should we then pay her for being Obama’s wife? Listen as Barry tries to play the tiniest of violins as he appeals to the emotional women in his audience.
Read More @ TheDailySheeple.com
from RonPaulCC2012 :
And now we get more of the whining Barack Obama we’ve come to get annoyed at and despise. At a campaign stop in Colorado on Wednesday, Barack Obama got in touch with his feminine side, which isn’t that hard after he’s been hanging out in Chicago bath houses, in an attempt to sweep some women voters off their feet. Just what was his tactic? He complained that his wife Michelle did not receive a salary for her First Lady duties.
First Lady duties? Say what? No one elected Mrs. Obama or gave her a post to represent the people. Why should we then pay her for being Obama’s wife? Listen as Barry tries to play the tiniest of violins as he appeals to the emotional women in his audience.
“I want to make sure that when she’s working she’s getting paid the same as men,” Obama said. “I gotta say that First Ladies right now don’t [get paid], even though that’s a tough job!”It’s a tough job? Please! It must be tough running around the country at tax payer’s expense for purchasing expensive lingerie, spending millions for a Hawaii vacation, as well as, flying all around the world with an entourage of gullible liberal groupies and attending big dinners with famous people. Yes that must be quite the job Mrs. Obama has. I bet she hardly breaks a sweat or a nail.
Read More @ TheDailySheeple.com
from RonPaulCC2012 :
By Greg Canavan, Daily Reckoning.com.au:
After a few weeks of rising prices, the bulls are getting excited.
Some are even calling the bottom…again. Are they right? Are we in a new bull market?
We have no idea of course. The honest answer is that it’s just too hard
to tell. Sure, the market might continue to rally for a few months yet.
Then it might bump its head hard on the ceiling and crash to the floor.
From there, it could take a while to pick itself up again. Or not.
Big, brash, bottom calling comments remind us of an old Charles Bukowski quote:
Read More @ DailyReckoning.com.au
After a few weeks of rising prices, the bulls are getting excited.
Some are even calling the bottom…again. Are they right? Are we in a new bull market?
We have no idea of course. The honest answer is that it’s just too hard
to tell. Sure, the market might continue to rally for a few months yet.
Then it might bump its head hard on the ceiling and crash to the floor.
From there, it could take a while to pick itself up again. Or not. Big, brash, bottom calling comments remind us of an old Charles Bukowski quote:
‘The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.’Just because we’re doubtful about the direction of the market doesn’t mean we put ourselves in the intelligent camp. After all, we’ve been confidently bearish on our China call for some time now. On the Bukowski spectrum, that puts us in the stupid camp with all the other idiots trying to predict the financial future.
Read More @ DailyReckoning.com.au
Get out of the system ...
by Susanne Posel, Occupy Corporatism:
Kaspersky Lab, a Moscow-based computer security firm has found a new cyber surveillance virus
that has been spying on banking transactions, stealing login
information for social networks, email and instant messaging in the
Middle East – specifically targeting Lebanon’s BlomBank, ByblosBank and
Credit Libanais. And infected computers also include CitiGroup Inc.’s
Citibank and eBay’s Paypal online payment system.
This virus’ focus on online banking makes it a potential threat to banking systems worldwide. Researchers are still trying to determine if this virus is simply conducting surveillance on banking transactions or if it is being used to steal money out of targeted accounts.
Being called Gauss by the Kaspersky Lab, who confirmed that the new virus is related to Stuxnet, Flame and Duqu, yet a more sophisticated, state-sponsored cyber-espionage tool.
Researchers from the security software manufacturer Symantec Corp, confirm Kaspersky Lab’s summation that Gauss is related to previous government-created cyber warfare viruses.
Gauss is capable of being used as a weapon to attack industrial control systems, just like Stuxnet which was used to go after Iran’s Natanz nuclear power plant facility in 2010. Gauss can encrypt programs that are compressed onto a USB drive and decompress them once the virus is able to contact to a targeted computer. Kapersky Lab stated: “After looking at Stuxnet, Duqu and Flame, we can say with a high degree of certainty that Gauss comes from the same ‘factory’ or ‘factories.’ All these attack toolkits represent the high end of nation-state-sponsored cyber-espionage and cyber war operations.”
Read More @ OccupyCorporatism.com
by JPMHater001:
Tell me what you make of this: You go to the store and buy a $2,000 big screen TV with the money that you earned working 50 hours a week making $39,000 a year at your small business. In January a letter shows up that says you owe $200 in order to continue to enjoy using that TV. You toss it out as perposterous. A few months later another letter comes and says now you owe $260 due to penalties. Again, the idea that you don’t own that TV is ridiculous and you discard the letter. A few weeks later there is a knock on the door and a guy with a gun and a publically sanctioned threat of force asks you why you didn’t just pay the bill and then takes the TV.
This is what happens every year with our property taxes.
You may remember the famous words, “Life, Liberty, and the Pursuit of
Happiness.” Did you know it was originally written as “Pursuit of
Property.”?
In a depression the question of property ownership, property that can not be taken by the government, becomes of epic importance. Today, whether you rent or own, if you live “in” a dwelling you are paying property taxes either directly, or through your rent payment. Property taxes are the most regressive of all taxes. Failing to pay your property taxes in hard times means many are likely to lose their home from the resulting tax lien. Isn’t a place in which to live kinda high on Maslow’s hierarchy?
After the collapse, we may have a chance to explore the power of true ownership as we rebuild our communities, in liberty. A big part of rebuilding our communities will be rebuilding our educational system and how we fund it. Property taxes are not the way we should be funding our children’s education.
For now though, because of the property tax, we are but slaves who can never actually “own” our own property.
Let us focus in the days ahead on this concept rooted in liberty: Perhaps one day you may be able to sit in a home that you actually own, without the threat of government enforcers – thugs with guns – holding it ransom until you pay them.
“The last hope of human liberty in this world rests on us.” – Thomas Jefferson, 1811
Jim Sinclair’s Commentary:
New retirees receiving less in Social Security than they paid in, marking historic shift
Published August 07, 2012
Associated Press
People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It’s a historic shift that will only get worse for future retirees, according to an analysis by The Associated Press.
Previous generations got a much better bargain, mainly because payroll taxes were very low when Social Security was enacted in the 1930s and remained so for decades.
“For the early generations, it was an incredibly good deal,” said Andrew Biggs, a former deputy Social Security commissioner who is now a scholar at the American Enterprise Institute. “The government gave you free money and getting free money is popular.”
If you retired in 1960, you could expect to get back seven times more in benefits than you paid in Social Security taxes, and more if you were a low-income worker, as long you made it to age 78 for men and 81 for women.
More…
Jim Sinclair’s Commentary:
Jim Sinclair’s Commentary:
The Daily Bail
‘JPM’s $150 Billion FDIC Reality Adjustment’ – Jamie Dimon Just Admitted To The World That JPM’s Assets Are Overvalued By $150 Billion
Reuters published an exclusive story this morning:
U.S. banks told to make secret plans for preventing collapse
Buried in the final paragraph:
In a presentation in March, JPMorgan Chase said it had a recovery plan in place and said it was ordered by regulators. The presentation was organized by Harvard Law School and was closed to the media at the time, but is now available online.
Here’s the BEST part of the JPM document.
It’s easy to see on the PDF:
http://www.law.harvard.edu/programs/about/pifs/symposia/europe/baer.pdf
Go to page 9. Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over. Why… ? Because JPM says they would expect the FDIC to immediately writedown JPM’s assets by an additional $150 billion.
Holy mark to bullshit. Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.
It gets better. Go to page 10. The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus ‘the $150 billion fdic reality adjustment’, which leaves them in a negative equity position of (-$16 billion).
So, we can extrapolate that without this phantom loss of $50 billion, JPM’s real equity position is just $34 billion currently, not the $184 billion on their books.
More….
Jim Sinclair’s Commentary:
What makes our NDAA lawsuit a struggle to save the US constitution
Time after time, Obama’s lawyers defending the NDAA’s section 1021 affirm our worst fears about its threat to our liberty
Activist and reporter Tangerine Bolen, a plaintiff in the case against the NDAA, speaking to the media after a New York judge enjoined section 2012 of the law. Photograph via Fromthetrenchesworldreport
I am one of the lead plaintiffs in the civil lawsuit against the National Defense Authorization Act, which gives the president the power to hold any US citizen anywhere for as long as he wants, without charge or trial.
In a May hearing, Judge Katherine Forrest issued an injunction against it; this week, in a final hearing in New York City, US government lawyers asserted even more extreme powers – the right to disregard entirely the judge and the law. On Monday 6 August, Obama’s lawyers filed an appeal to the injunction – a profoundly important development that, as of this writing, has been scarcely reported.
In the earlier March hearing, US government lawyers had confirmed that, yes, the NDAA does give the president the power to lock up people like journalist Chris Hedges and peaceful activists like myself and other plaintiffs. Government attorneys stated on record that even war correspondents could be locked up indefinitely under the NDAA.
More…
Decision by Netanyahu, Barak to strike Iran is almost final — Israel TVPM believes Iran’s regime is aiming to ‘destroy the Jewish people,’ does not think Obama will resort to force. Nuclear drive ‘further ahead’ than previously thought. In a year, Israeli action could have only ‘negligible effect’
PM believes Iran’s regime is aiming to ‘destroy the Jewish people,’ does not think Obama will resort to force. Nuclear drive ‘further ahead’ than previously thought. In a year, Israeli action could have only ‘negligible effect’
By TIMES OF ISRAEL STAFF August 11, 2012
Prime Minister Benjamin Netanyahu and Defense Minister Ehud Barak have “almost finally” decided on an Israeli strike at Iran’s nuclear facilities this fall, and a final decision will be taken “soon,” Israel’s main TV news broadcast reported on Friday evening.
Channel 2 News, the country’s leading news program, devoted much of its Friday night broadcast to the issue, detailing the pros and cons that, it said, have taken Netanyahu and Barak to the brink of approving an Israeli military attack despite opposition from the Obama administration and from many Israeli security chiefs.
Critically, the station’s diplomatic correspondent Udi Segal said, Israel does not believe that the US will take military action as Iran closes in on the bomb.
More….
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Kaspersky Lab, a Moscow-based computer security firm has found a new cyber surveillance virus
that has been spying on banking transactions, stealing login
information for social networks, email and instant messaging in the
Middle East – specifically targeting Lebanon’s BlomBank, ByblosBank and
Credit Libanais. And infected computers also include CitiGroup Inc.’s
Citibank and eBay’s Paypal online payment system.This virus’ focus on online banking makes it a potential threat to banking systems worldwide. Researchers are still trying to determine if this virus is simply conducting surveillance on banking transactions or if it is being used to steal money out of targeted accounts.
Being called Gauss by the Kaspersky Lab, who confirmed that the new virus is related to Stuxnet, Flame and Duqu, yet a more sophisticated, state-sponsored cyber-espionage tool.
Researchers from the security software manufacturer Symantec Corp, confirm Kaspersky Lab’s summation that Gauss is related to previous government-created cyber warfare viruses.
Gauss is capable of being used as a weapon to attack industrial control systems, just like Stuxnet which was used to go after Iran’s Natanz nuclear power plant facility in 2010. Gauss can encrypt programs that are compressed onto a USB drive and decompress them once the virus is able to contact to a targeted computer. Kapersky Lab stated: “After looking at Stuxnet, Duqu and Flame, we can say with a high degree of certainty that Gauss comes from the same ‘factory’ or ‘factories.’ All these attack toolkits represent the high end of nation-state-sponsored cyber-espionage and cyber war operations.”
Read More @ OccupyCorporatism.com
by JPMHater001:
Tell me what you make of this: You go to the store and buy a $2,000 big screen TV with the money that you earned working 50 hours a week making $39,000 a year at your small business. In January a letter shows up that says you owe $200 in order to continue to enjoy using that TV. You toss it out as perposterous. A few months later another letter comes and says now you owe $260 due to penalties. Again, the idea that you don’t own that TV is ridiculous and you discard the letter. A few weeks later there is a knock on the door and a guy with a gun and a publically sanctioned threat of force asks you why you didn’t just pay the bill and then takes the TV.
This is what happens every year with our property taxes.
You may remember the famous words, “Life, Liberty, and the Pursuit of
Happiness.” Did you know it was originally written as “Pursuit of
Property.”?In a depression the question of property ownership, property that can not be taken by the government, becomes of epic importance. Today, whether you rent or own, if you live “in” a dwelling you are paying property taxes either directly, or through your rent payment. Property taxes are the most regressive of all taxes. Failing to pay your property taxes in hard times means many are likely to lose their home from the resulting tax lien. Isn’t a place in which to live kinda high on Maslow’s hierarchy?
After the collapse, we may have a chance to explore the power of true ownership as we rebuild our communities, in liberty. A big part of rebuilding our communities will be rebuilding our educational system and how we fund it. Property taxes are not the way we should be funding our children’s education.
For now though, because of the property tax, we are but slaves who can never actually “own” our own property.
Let us focus in the days ahead on this concept rooted in liberty: Perhaps one day you may be able to sit in a home that you actually own, without the threat of government enforcers – thugs with guns – holding it ransom until you pay them.
“The last hope of human liberty in this world rests on us.” – Thomas Jefferson, 1811
from CBS:
Your neighbors’ fences are no longer tall enough.
While President Obama takes flak for the US’s use of unmanned drone attacks abroad, there is a smaller, smartphone-controlled drone hovering above urban rooftops and suburban backyards: The Parrot AR Drone 2.0.
The Parrot AR Drone 2.0, listed on Amazon just below $300, is the best way to live out one’s fantasy of being a spy. The miniature drone is controlled through your iPhone or iPad and features multiple sensors, including a hi-definition front-facing 720-pixel camera and a vertical camera looking straight down from the bottom of the miniature quadricopter (four propellers).
The 2.0 model – the first version was released in 2010 – also lets you record video and take pictures during flight and easily share them online.
Read More @ CBSlocal.com
Your neighbors’ fences are no longer tall enough.While President Obama takes flak for the US’s use of unmanned drone attacks abroad, there is a smaller, smartphone-controlled drone hovering above urban rooftops and suburban backyards: The Parrot AR Drone 2.0.
The Parrot AR Drone 2.0, listed on Amazon just below $300, is the best way to live out one’s fantasy of being a spy. The miniature drone is controlled through your iPhone or iPad and features multiple sensors, including a hi-definition front-facing 720-pixel camera and a vertical camera looking straight down from the bottom of the miniature quadricopter (four propellers).
The 2.0 model – the first version was released in 2010 – also lets you record video and take pictures during flight and easily share them online.
Read More @ CBSlocal.com
from Silver Vigilante:
A hot coffee next to my laptop in a coastal coffeehouse in Santa
Barbara, the treed mountains carved by creeks to the east and the
uncivilized Channel Islands that serve as a backdrop to oil refineries
in the Pacific to the west, I thought that Bart Chilton would be a
fitting person to talk to on this Friday morning. After all, the CFTC
hadn’t yet returned my phone inquiry from last week. So, I called Bart.
No answer. I left a voicemail. I called Gensler. No answer, voicemail. I
called Mathew Hunter, Deputy Director of the Market and Trade Practice
Surveillance branch. No answer, voicemail. Hello! Hunter! Have you spied
on the high-speed algo bots? Have you tapped the phones in JPMorgan’s
upper offices? “Blythe Masters.” That sounds suspicious. How about that
line? Jamie Dimon? Surely, of the 11+ agencies investigating
JPMorgan, someone is already tapped into that line. What are you
surveying exactly? Granted, my message was surely more reserved. Didn’t
want it getting passed onto the Ministry of Love where I’d certainly
renounce my lover under a fiat shower.
Read More @ Silver Vigilante
A hot coffee next to my laptop in a coastal coffeehouse in Santa
Barbara, the treed mountains carved by creeks to the east and the
uncivilized Channel Islands that serve as a backdrop to oil refineries
in the Pacific to the west, I thought that Bart Chilton would be a
fitting person to talk to on this Friday morning. After all, the CFTC
hadn’t yet returned my phone inquiry from last week. So, I called Bart.
No answer. I left a voicemail. I called Gensler. No answer, voicemail. I
called Mathew Hunter, Deputy Director of the Market and Trade Practice
Surveillance branch. No answer, voicemail. Hello! Hunter! Have you spied
on the high-speed algo bots? Have you tapped the phones in JPMorgan’s
upper offices? “Blythe Masters.” That sounds suspicious. How about that
line? Jamie Dimon? Surely, of the 11+ agencies investigating
JPMorgan, someone is already tapped into that line. What are you
surveying exactly? Granted, my message was surely more reserved. Didn’t
want it getting passed onto the Ministry of Love where I’d certainly
renounce my lover under a fiat shower.Read More @ Silver Vigilante
Jim Sinclair’s Commentary:
The most endangered specie is on two feet. It is the pensioner and retiree.
New retirees receiving less in Social Security than they paid in, marking historic shift
Published August 07, 2012
Associated Press
People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It’s a historic shift that will only get worse for future retirees, according to an analysis by The Associated Press.
Previous generations got a much better bargain, mainly because payroll taxes were very low when Social Security was enacted in the 1930s and remained so for decades.
“For the early generations, it was an incredibly good deal,” said Andrew Biggs, a former deputy Social Security commissioner who is now a scholar at the American Enterprise Institute. “The government gave you free money and getting free money is popular.”
If you retired in 1960, you could expect to get back seven times more in benefits than you paid in Social Security taxes, and more if you were a low-income worker, as long you made it to age 78 for men and 81 for women.
More…
Jim Sinclair’s Commentary:
The more inviting title is you would not have gone this far unless you plan to kick that can one more time.
The MOPE idea that the can will not be kicked is simply stupid.
The MOPE idea that the can will not be kicked is simply stupid.
Jim Sinclair’s Commentary:
This is modest and common in the bankster’s domain.
The first collapse in Western finance was due to OTC derivatives.
The final collapse of this drama will be as a product of FASB’s permitting the valuation of bank paper at any level the bank wishes with no consideration of a market worthiness or viability.
The sin of the OTC derivative is greed without any concept of ethics.
The sin of FASB is weakness in the face of political pressure and the selling out of their souls and purpose to the sociopath devil of Wall Street.
FASB is supposed to be the gatekeeper of transparent and fair auditing.
All major banks’ balance sheets are sick cartoons.
All sovereigns are broke.
QE to Infinity is the only tool capable of kicking this can.
In the final analysis, the can will be kicked.
The first collapse in Western finance was due to OTC derivatives.
The final collapse of this drama will be as a product of FASB’s permitting the valuation of bank paper at any level the bank wishes with no consideration of a market worthiness or viability.
The sin of the OTC derivative is greed without any concept of ethics.
The sin of FASB is weakness in the face of political pressure and the selling out of their souls and purpose to the sociopath devil of Wall Street.
FASB is supposed to be the gatekeeper of transparent and fair auditing.
All major banks’ balance sheets are sick cartoons.
All sovereigns are broke.
QE to Infinity is the only tool capable of kicking this can.
In the final analysis, the can will be kicked.
‘JPM’s $150 Billion FDIC Reality Adjustment’ – Jamie Dimon Just Admitted To The World That JPM’s Assets Are Overvalued By $150 Billion
Reuters published an exclusive story this morning:
U.S. banks told to make secret plans for preventing collapse
Buried in the final paragraph:
In a presentation in March, JPMorgan Chase said it had a recovery plan in place and said it was ordered by regulators. The presentation was organized by Harvard Law School and was closed to the media at the time, but is now available online.
Here’s the BEST part of the JPM document.
It’s easy to see on the PDF:
http://www.law.harvard.edu/programs/about/pifs/symposia/europe/baer.pdf
Go to page 9. Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over. Why… ? Because JPM says they would expect the FDIC to immediately writedown JPM’s assets by an additional $150 billion.
Holy mark to bullshit. Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.
It gets better. Go to page 10. The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus ‘the $150 billion fdic reality adjustment’, which leaves them in a negative equity position of (-$16 billion).
So, we can extrapolate that without this phantom loss of $50 billion, JPM’s real equity position is just $34 billion currently, not the $184 billion on their books.
More….
Jim Sinclair’s Commentary:
For those of you who are concerned about your freedoms in the “Land of the Free” have a look.
It almost seems like a bad dream that this could come into being.
You do not construct a law you do not plan to use.
It almost seems like a bad dream that this could come into being.
You do not construct a law you do not plan to use.
What makes our NDAA lawsuit a struggle to save the US constitution
Time after time, Obama’s lawyers defending the NDAA’s section 1021 affirm our worst fears about its threat to our liberty
Activist and reporter Tangerine Bolen, a plaintiff in the case against the NDAA, speaking to the media after a New York judge enjoined section 2012 of the law. Photograph via Fromthetrenchesworldreport
I am one of the lead plaintiffs in the civil lawsuit against the National Defense Authorization Act, which gives the president the power to hold any US citizen anywhere for as long as he wants, without charge or trial.
In a May hearing, Judge Katherine Forrest issued an injunction against it; this week, in a final hearing in New York City, US government lawyers asserted even more extreme powers – the right to disregard entirely the judge and the law. On Monday 6 August, Obama’s lawyers filed an appeal to the injunction – a profoundly important development that, as of this writing, has been scarcely reported.
In the earlier March hearing, US government lawyers had confirmed that, yes, the NDAA does give the president the power to lock up people like journalist Chris Hedges and peaceful activists like myself and other plaintiffs. Government attorneys stated on record that even war correspondents could be locked up indefinitely under the NDAA.
More…
Decision by Netanyahu, Barak to strike Iran is almost final — Israel TVPM believes Iran’s regime is aiming to ‘destroy the Jewish people,’ does not think Obama will resort to force. Nuclear drive ‘further ahead’ than previously thought. In a year, Israeli action could have only ‘negligible effect’
PM believes Iran’s regime is aiming to ‘destroy the Jewish people,’ does not think Obama will resort to force. Nuclear drive ‘further ahead’ than previously thought. In a year, Israeli action could have only ‘negligible effect’
By TIMES OF ISRAEL STAFF August 11, 2012
Prime Minister Benjamin Netanyahu and Defense Minister Ehud Barak have “almost finally” decided on an Israeli strike at Iran’s nuclear facilities this fall, and a final decision will be taken “soon,” Israel’s main TV news broadcast reported on Friday evening.
Channel 2 News, the country’s leading news program, devoted much of its Friday night broadcast to the issue, detailing the pros and cons that, it said, have taken Netanyahu and Barak to the brink of approving an Israeli military attack despite opposition from the Obama administration and from many Israeli security chiefs.
Critically, the station’s diplomatic correspondent Udi Segal said, Israel does not believe that the US will take military action as Iran closes in on the bomb.
More….
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