by Steven Swinford, and Harry Wilson, The Telegraph:
Internal messages revealed in court documents apparently show how
traders claimed they could manipulate Libor, which is used to set
borrowing costs for millions of businesses, consumers and investors.The messages, some sent just months before the taxpayer was forced to bail out RBS at a cost of more than £40bn, suggest the practice was condoned and encouraged by senior executives at the bank, and have now dragged the taxpayer-backed lender to the heart of the Libor scandal.
MPs have warned that the scale of RBS’s involvement in the scandal means it could face an even bigger fine than Barclays, which paid a record £290m in July after admitting attempting to manipulate Libor. The bank could also be hit with billions of pounds in damages claims.
Tan Chi Min, a former senior trader at RBS’s global banking and markets division in Singapore, has alleged that managers “condoned collusion” between staff to maximise profits by rigging Libor.
Read More @ Telegraph.co.uk
Bubble Formation And Bubble Bursting: A Flowchart So Simple Even An Economist Can Get It
Since it is now quite clear that despite calling for even endless-er QE, the uberdovish Chicago Fed, and by implication the entire FOMC, is still clueless about the two most critical processes of modern fiat-based economics, namely bubble formation, and its counterpart, bubble bursting, we decided to give them a helping hand, and to explain just how these two fundamental events occur, with flow charts so simple, even an Economics PhD can get it.
Chicago Fed Asks "What Are Asset Bubbles" As Its President Calls For Even More QE
Readers may know the Chicago Fed best for its president: arguably the greatest dove in the history of central banking, Charles Evans, for whom QEternity is so insufficient, it is just the beginning, and he is already looking forward to QEternity^infinity. In fact, just today he reiterated his support for QE3 for the second time since the program's announcement on Thursday the 13th (a day which will live in infamy), saying the recovery has so far been so "disappointing" (which at least means one can safely ignore all those pundits who claimed over the past 3 years the economy was growing, so roughly 99% of them) that the Fed should do even more. So far so good. But where it gets scary is that just today, the same Fed, which is so sure about the affirmative impact of its actions, asks "what are asset price bubbles" (answer: always and without fail the direct effect of ultra loose monetary policy combined with unleashed animal spirits, but what do we know: we have no Econ PhD), confirming it has no clue what the adverse consequences of monetary policy are. And this is the Fed - one which does not grasp the very simple nature of asset bubbles in a fiat world - that is saying Bernanke should print until he literally runs out of toner cartridge. Why whatever can possibly go wrong?Intrade Implies At Least 65% Odds Of Major Fiscal Contraction Post-Election
While certainly not always correct; the InTrade markets trading on the various outcomes of the Presidential have become increasingly liquid and active in recent weeks. As Morgan Stanley's Vince Reinhart cleverly notes, by analyzing the odds for control of the Senate, the House, and the Presidential winner, one can arrive at some rather useful insights into the conditional probabilities of various tax-and-spending-related outcomes.
Is A Gold Standard Possible?
While
a gold standard could work, we remain sceptical that it will be
considered (barring a serious financial crisis, perhaps associated with
highly volatile inflation). In large part we blame the low probability
on culture. The world economy has, over the past century, morphed into
a highly integrated, government dominated system guided by
conventional wisdom (group think). The self-reliant, individualism of
the free market has been left behind in favour of a ‘new age’ of coddled
consumerism. Culturally this represents a very powerful force in our
view, one which minimises creative options/solutions to economic
impasses. On this basis we are cautious of predicting such a radical
solution to monetary imbalances.FX Concepts' John Taylor Will Always Be A EUR Bear
John
Taylor, founder and CEO of the world's largest FX hedge fund, spoke
with Bloomberg TV this morning and was his typically clarifying - if
not sanguine - self when it comes to prospects in Europe and the US.
Stating that he'll "probably always be a bear on the Euro",
Taylor added that it is "hard to look at the European situation and
see a cloudy sky become clear," and while there has been noisy swings
in the movements of currencies of late, "the reason the euro is up is
because the dollar is down - two guys have done this: Draghi and
Bernanke." Ranging from FX to volatility, Taylor opines on the
time-varying correlation of the weak euro with a strong US equity
market and notes, however, that "the equity market is not showing any legs."Why QE May Not Boost Stocks After All
If there is one dominant consensus in the financial sphere, it is that the Federal Reserve's $85 billion/month bond-and-mortgage-buying "quantitative easing" will inevitably send stocks higher. The general idea is that the Fed buys the mortgage-backed securities (MBS) and Treasury bonds from the banks, which turn around and dump the cash into "risk on" assets like equities (stocks). This consensus can be summarized in the time-worn phrase, "Don't fight the Fed." This near-universal confidence in a QE-goosed stock market is reflected in the low level of volatility (the VIX) and other signs of complacency such as relatively few buyers of put options, which are viewed as "insurance" against a decline in stocks. The usual sentiment readings are bullish as well.But what if QE fails to send stocks higher? Is such a thing even possible? Yes, it does seem "impossible" in a market as rigged and centrally managed as this one, but there are a handful of reasons why QE might not unleash a flood of cash into "risk on" assets every month from now until Doomsday
by Max Velocity, SHTFPlan:
The intent of this article is to act as an introduction with some thoughts and primers for moving your family or group in high threat environments. It is not intended to give all the answers and that would be beyond the scope of this short piece. The type of environment envisioned is a post-collapse situation where there has been a breakdown in law and order. To clarify, this article is not concerned with the sort of ‘bug-out’ movement that families may conduct in response to a localized natural disaster, where you have to get in your car with some basic equipment and move out of the impacted area. Rather, this is directed at those who find they have to move locations after a significant societal collapse has happened.
As background it is clear that to read the conventional prepper wisdom to survive any coming apocalypse you need to be in a fortified self-sustaining retreat somewhere out in the boonies, with three years of food in the basement and the ability to grow food plus animals. This is the gold standard; you will be really well positioned if that is where you are with your preparations. The reality for many is that they simply do not have that. For whatever reason, they may be in an urban or suburban environment. They may have nowhere else to realistically ‘bug out’ to. They may have a goal to achieve the retreat, but not be there yet, or have bug out land that is fairly basic and requires them to move to it following a collapse. So there may be a reality gap between those that have achieved the gold standard of location and preparations, and those that are not there yet. What I am really concerned about here is a collapse of society, the veritable ‘TEOTWAWKI’, where it all goes to chaos, the ‘SHTF’.
Read More @ SHTFPlan.com
from TheAlexJonesChannel:
Alex also welcomes American economist and Infowars contributing writer Paul Craig Roberts to discuss the impact of Eurpoean austerity measures on world markets amidst ongoing riots.
from Joe Joseph:Alex also welcomes American economist and Infowars contributing writer Paul Craig Roberts to discuss the impact of Eurpoean austerity measures on world markets amidst ongoing riots.
by Staff Report, TheDailyBell.com
Barack Obama: The Luckiest Politician Alive … Why on earth isn’t Obama in trouble? Chalk it up to Romney’s incessant bumbling—and the greatest streak of good fortune in recent political history. I don’t know about you, but if President Obama ever heads to Las Vegas I’m placing my chips wherever he does. Our commander in chief presides over a dismal economy, high unemployment, a turbulent international situation, a massive debt, and comes across as aloof and arrogant even to his friends. And he is leading in most public-opinion polls. Napoleon Bonaparte reportedly said that he’d rather have a lucky general than a good one. That’s how Democrats are feeling these days about their president. Somewhere Jimmy Carter and George H. W. Bush are cursing the fates. What’s a guy got to do these days to lose an election? – Daily Beast
Dominant Social Theme: He may not be a great president but like Franklin Delano Roosevelt, he is surely a lucky – and happy – warrior.
Free-Market Analysis: The sobriquet “Happy Warrior” was actually applied by US President Franklin Delano Roosevelt to his friend and supporter, Al Smith, the influential and progressive governor of New York in the 1930s and 1940s.
And while this article is about “luck,” the photo accompanying it leaves no doubt that Obama is not only lucky but “happy” as well.
Read More @ TheDailyBell.com
Barack Obama: The Luckiest Politician Alive … Why on earth isn’t Obama in trouble? Chalk it up to Romney’s incessant bumbling—and the greatest streak of good fortune in recent political history. I don’t know about you, but if President Obama ever heads to Las Vegas I’m placing my chips wherever he does. Our commander in chief presides over a dismal economy, high unemployment, a turbulent international situation, a massive debt, and comes across as aloof and arrogant even to his friends. And he is leading in most public-opinion polls. Napoleon Bonaparte reportedly said that he’d rather have a lucky general than a good one. That’s how Democrats are feeling these days about their president. Somewhere Jimmy Carter and George H. W. Bush are cursing the fates. What’s a guy got to do these days to lose an election? – Daily Beast
Dominant Social Theme: He may not be a great president but like Franklin Delano Roosevelt, he is surely a lucky – and happy – warrior.
Free-Market Analysis: The sobriquet “Happy Warrior” was actually applied by US President Franklin Delano Roosevelt to his friend and supporter, Al Smith, the influential and progressive governor of New York in the 1930s and 1940s.
And while this article is about “luck,” the photo accompanying it leaves no doubt that Obama is not only lucky but “happy” as well.
Read More @ TheDailyBell.com
from KingWorldNews:
Today legendary Pierre Lassonde startled King World News by warning, “When you talk about the worldwide slowdown, the central banks are worried about a depression, and that’s why they are printing all of that money.” KWN has been reporting for some time now that the global economy has been rolling over, but Lassonde took it a step further.
Lassonde is arguably the greatest company builder in the history of the mining sector. He is past President of Newmont Mining, past Chairman of the World Gold Council and current Chairman of Franco Nevada. Lassonde is one of the wealthiest, most respected individuals in the resource world, so we take his warning very seriously.
But first, Lassonde had a great deal to say about the gold market: “I was very surprised in the summer that gold didn’t break the $1,500 level. I say that because Europe is really going into a recession, and I felt the lows were going to be breaking the $1,500 (level). But you know what saved the gold market? The central banks.”
Lassonde continues @ KingWorldNews.com
Today legendary Pierre Lassonde startled King World News by warning, “When you talk about the worldwide slowdown, the central banks are worried about a depression, and that’s why they are printing all of that money.” KWN has been reporting for some time now that the global economy has been rolling over, but Lassonde took it a step further.
Lassonde is arguably the greatest company builder in the history of the mining sector. He is past President of Newmont Mining, past Chairman of the World Gold Council and current Chairman of Franco Nevada. Lassonde is one of the wealthiest, most respected individuals in the resource world, so we take his warning very seriously.
But first, Lassonde had a great deal to say about the gold market: “I was very surprised in the summer that gold didn’t break the $1,500 level. I say that because Europe is really going into a recession, and I felt the lows were going to be breaking the $1,500 (level). But you know what saved the gold market? The central banks.”
Lassonde continues @ KingWorldNews.com
from Azizonomics:
This video of Patrick Clawson speaking at the Washington Institute for Near East Policy is just vile:
“I frankly think that crisis initiation is really tough, and it’s very hard for me to see how the United States at present can get us to war with Iran.”
Crisis initiation? This is pure warmongering, pure belligerence. This is bad-guy mentality, war-profiteering-mentality, unjustified-slaughter-mentality — a point that future historians will relish.
There is a very clear protocol as to how the United States would go to war with Iran, or any other country. If a country were to attack the United States or her allies, or to pose an imminent and immediate threat of attack — defined in international law as a threat that is “instant, overwhelming, and leaving no choice of means, and no moment for deliberation” — then the United States could following an Act of Congress go to war.
Read More @ Azizonomics.com
This video of Patrick Clawson speaking at the Washington Institute for Near East Policy is just vile:
“I frankly think that crisis initiation is really tough, and it’s very hard for me to see how the United States at present can get us to war with Iran.”
Crisis initiation? This is pure warmongering, pure belligerence. This is bad-guy mentality, war-profiteering-mentality, unjustified-slaughter-mentality — a point that future historians will relish.
There is a very clear protocol as to how the United States would go to war with Iran, or any other country. If a country were to attack the United States or her allies, or to pose an imminent and immediate threat of attack — defined in international law as a threat that is “instant, overwhelming, and leaving no choice of means, and no moment for deliberation” — then the United States could following an Act of Congress go to war.
Read More @ Azizonomics.com
from Reuters via CNBC:
Spain’s Prime Minister Mariano Rajoy on Wednesday said he was ready to seek a new rescue package for his troubled country but only if its debt financing costs remain too high for too long.
Investors have been jittery that Spain’s apparent reluctance to seek a bailout — a condition for European Central Bank action to cut the country’s borrowing costs — could propel the euro zone into even deeper trouble.
StormCloudsGathering: Spain’s Prime Minister Mariano Rajoy on Wednesday said he was ready to seek a new rescue package for his troubled country but only if its debt financing costs remain too high for too long.
Investors have been jittery that Spain’s apparent reluctance to seek a bailout — a condition for European Central Bank action to cut the country’s borrowing costs — could propel the euro zone into even deeper trouble.
Rajoy had said previously that a reduction in Spanish bond yields after the announcement of a bold bond-buying plan by the ECB could allow Spain to put off seeking further support.
“I can assure you 100 percent that I would ask for this bailout,” he told The Wall Street Journal.
Read More @ CNBC
from TheAlexJonesChannel:
Alex covers the latest news items serving as examples of how America has become a giant nanny state, the latest issue of New Scientist boasting Geo-engineering on its cover, Infowars’ launch of a grassroots campaign to Opt Out and Film the TSA this Thanksgiving, the riots over austerity taking place in Greece and Spain, and more.
Alex covers the latest news items serving as examples of how America has become a giant nanny state, the latest issue of New Scientist boasting Geo-engineering on its cover, Infowars’ launch of a grassroots campaign to Opt Out and Film the TSA this Thanksgiving, the riots over austerity taking place in Greece and Spain, and more.
from Jesse’s Café Américain:
In addition to the end of quarter mark to market boogie woogie, which I think is responsible for quite a bit of the stock market action, there are also a few key things happening in the gold and silver futures markets this week that also provide the occasion for some ‘technical trading.’
Harvey Organ reminds us that the metals often get ‘hit’ as an active month rolls over, to discourage speculators from taking delivery on their contracts. This is often marked by the ‘first notice day.’
In the short term the markets are a bit treacherous because of the lack of enforcement of the basic rules that govern healthy markets. In the longer term these things tend to become just noise.
Pick whatever time frames you wish, but know the character of the markets in which you choose to participate.
Also bear in mind that during times of excessive market speculation because of hot money and lax regulation, information sources are often used and even co-opted to help to shape ‘perceptions.’ This may even be unconscious if the information provider does not view stories that are offered with a skeptical eye.
Read More @ Jesse’s Café Américain:
In addition to the end of quarter mark to market boogie woogie, which I think is responsible for quite a bit of the stock market action, there are also a few key things happening in the gold and silver futures markets this week that also provide the occasion for some ‘technical trading.’
Harvey Organ reminds us that the metals often get ‘hit’ as an active month rolls over, to discourage speculators from taking delivery on their contracts. This is often marked by the ‘first notice day.’
In the short term the markets are a bit treacherous because of the lack of enforcement of the basic rules that govern healthy markets. In the longer term these things tend to become just noise.
Pick whatever time frames you wish, but know the character of the markets in which you choose to participate.
Also bear in mind that during times of excessive market speculation because of hot money and lax regulation, information sources are often used and even co-opted to help to shape ‘perceptions.’ This may even be unconscious if the information provider does not view stories that are offered with a skeptical eye.
Read More @ Jesse’s Café Américain:
from Smells Like Human Spirit:
It’s eleven years after 9/11, and for many people, the events leading
up to that fateful day are still shrouded in mystery. Pleas from the
families of the victims for a new investigation have been ignored. Calls
to help, financially, and otherwise, the heroic rescue workers that
risked their lives that day have been determined by those in power to be
unimportant. Questions that have been raised by the general public
concerning the sheer absurdity of say, how a hi-jackers passport could
be found on the ground in mint condition or how building 7 could
collapse on its own have been discarded by the uninformed as being
irrelevant.
Thankfully, there are people out there that can help us as a society piece together how this terrible event happened, and one of those people is Susan Lindauer. A former CIA asset at the highest level, Susan’s story and testimony counteracts any notion that the 9/11 attacks came out of nowhere, and that they simply could not be predicted.
Click HERE for the Interview
It’s eleven years after 9/11, and for many people, the events leading
up to that fateful day are still shrouded in mystery. Pleas from the
families of the victims for a new investigation have been ignored. Calls
to help, financially, and otherwise, the heroic rescue workers that
risked their lives that day have been determined by those in power to be
unimportant. Questions that have been raised by the general public
concerning the sheer absurdity of say, how a hi-jackers passport could
be found on the ground in mint condition or how building 7 could
collapse on its own have been discarded by the uninformed as being
irrelevant.Thankfully, there are people out there that can help us as a society piece together how this terrible event happened, and one of those people is Susan Lindauer. A former CIA asset at the highest level, Susan’s story and testimony counteracts any notion that the 9/11 attacks came out of nowhere, and that they simply could not be predicted.
Click HERE for the Interview
from Global Research:
In the United States, the dominant narrative about the use of drones in Pakistan is of a surgically precise and effective tool that makes the US safer by enabling “targeted killing” of terrorists, with minimal downsides or collateral impacts.[1]
This narrative is false.
Following nine months of intensive research—including two investigations in Pakistan, more than 130 interviews with victims, witnesses, and experts, and review of thousands of pages of documentation and media reporting—this report presents evidence of the damaging and counterproductive effects of current US drone strike policies. Based on extensive interviews with Pakistanis living in the regions directly affected, as well as humanitarian and medical workers, this report provides new and firsthand testimony about the negative impacts US policies are having on the civilians living under drones.
Read More @ GlobalResearch.ca
from TruthNeverTold :
In the United States, the dominant narrative about the use of drones in Pakistan is of a surgically precise and effective tool that makes the US safer by enabling “targeted killing” of terrorists, with minimal downsides or collateral impacts.[1]
This narrative is false.
Following nine months of intensive research—including two investigations in Pakistan, more than 130 interviews with victims, witnesses, and experts, and review of thousands of pages of documentation and media reporting—this report presents evidence of the damaging and counterproductive effects of current US drone strike policies. Based on extensive interviews with Pakistanis living in the regions directly affected, as well as humanitarian and medical workers, this report provides new and firsthand testimony about the negative impacts US policies are having on the civilians living under drones.
Read More @ GlobalResearch.ca
from TruthNeverTold :
from Off Grid Survival:
Part of being prepared is understanding what threats are out there, and then figuring out how you’ll deal with those threats in a SHTF situation. It also means considering threats that you may have never even considered, like people.
During a crisis situation, people will probably be the most significant risk to your overall safety and security.
While the world might be filled with millions of good and decent people, in a crisis situation these people can and will quickly become unpredictable.
People that should be Avoided During a Crisis
Reality T.V. Morons & Media Hounds
These are people who have been warped by years of believing everything the media has told them. They are the ones who will wait until it’s far to late to help themselves out of the situation.
Read More @ OffGridSurvival.com
If you’re an avid reader of Natural News, maybe the headline of this story doesn’t surprise you because, obviously, you are here for information you just can’t get in the so-called “establishment” mainstream media. But perhaps you didn’t quite know the extent of the mistrust the American people have for the Fourth Estate, which was, at our nation’s founding, given unique and unprecedented freedoms so as to afflict the comfortable and comfort the afflicted.
So much for the original agreement. According to a recent Gallup survey, Americans’ distrust of the media hit a record high this year, “with 60 percent saying they have little or no trust in the mass media to report the news fully, accurately, and fairly.”
That alarming figure is the result of a trend seen worsening over the past few years as more and more Americans became less and less trustful of Big Media.
Read More @ NaturalNews.com
Total Donations over the last 3 1/2 years. approx $165.00 (Thank You). Donations will help defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
Part of being prepared is understanding what threats are out there, and then figuring out how you’ll deal with those threats in a SHTF situation. It also means considering threats that you may have never even considered, like people.
During a crisis situation, people will probably be the most significant risk to your overall safety and security.
While the world might be filled with millions of good and decent people, in a crisis situation these people can and will quickly become unpredictable.
People that should be Avoided During a Crisis
Reality T.V. Morons & Media Hounds
These are people who have been warped by years of believing everything the media has told them. They are the ones who will wait until it’s far to late to help themselves out of the situation.
Read More @ OffGridSurvival.com
by J. D. Heyes, Natural News:
If you’re an avid reader of Natural News, maybe the headline of this story doesn’t surprise you because, obviously, you are here for information you just can’t get in the so-called “establishment” mainstream media. But perhaps you didn’t quite know the extent of the mistrust the American people have for the Fourth Estate, which was, at our nation’s founding, given unique and unprecedented freedoms so as to afflict the comfortable and comfort the afflicted.
So much for the original agreement. According to a recent Gallup survey, Americans’ distrust of the media hit a record high this year, “with 60 percent saying they have little or no trust in the mass media to report the news fully, accurately, and fairly.”
That alarming figure is the result of a trend seen worsening over the past few years as more and more Americans became less and less trustful of Big Media.
Read More @ NaturalNews.com
Total Donations over the last 3 1/2 years. approx $165.00 (Thank You). Donations will help defray the operational costs. Paypal, a leading provider of secure online money transfers, will handle the donations. Thank you for your contribution.
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