"The Bernank's" Former Advisor: "People Would Be Stunned To Know The Extent To Which The Fed Is Privately Owned"

Submitted by Tyler Durden on 04/11/2016 - 21:03
Earlier today, former central bank staffer and Dartmouth College economics professor Andrew Levin, special adviser to then Fed Chairman Ben Bernanke between 2010 to 2012, said something shocking. "A lot of people would be stunned to know” the extent to which the Federal Reserve is privately owned, Mr. Levin said. The Fed “should be a fully public institution just like every other central bank” in the developed world, he said in a conference call announcing the plan. He described his proposals as "sensible, pragmatic and nonpartisan."

Former IMF Chief Economist Admits Japan's "Endgame" Scenario Is Now In Play

Submitted by Tyler Durden on 04/11/2016 - 19:16 Japan is heading for a full-blown solvency crisis as the country runs out of local investors and may ultimately be forced to inflate away its debt in a desperate end-game, one of the world’s most influential economists has warned.  "One day the BoJ may well get a call from the finance ministry saying please think about us – it is a life or death question - and keep rates at zero for a bit longer."

China's Stealth Devaluation Continues Despite Lew Blasting "Unacceptable" FX Practices

Submitted by Tyler Durden on 04/11/2016 - 23:00 "Intervention in foreign exchange markets in order to gain a competitive advantage is unacceptable," proclaims US Treasury Secretary Jack Lew in a strongly worded statement today with regard America's position in the global economy. That we note this comment is only relevant as, despite the apparent "stability" of the Chinese Yuan against the USD, relative to the 13-currency-basket with which China primarily trades, the Yuan has collapsed to 17-month lows - with JPY and EUR appearing to bear the brunt of the pain.

Fleecing The American Taxpayer: The Profit Incentives Driving The Police State

Submitted by Tyler Durden on 04/11/2016 - 22:35 Everywhere you go, everything you do, and every which way you look, we’re getting swindled, cheated, conned, robbed, raided, pickpocketed, mugged, deceived, defrauded, double-crossed and fleeced by governmental and corporate shareholders of the American police state out to make a profit at taxpayer expense. "The Founding Fathers never intended a nation where citizens would pay nearly half of everything they earn to the government.”

Used Car Price Plunge "Could Bring The Whole House Of Cards Down"

Submitted by Tyler Durden on 04/11/2016 - 22:05 When we first warned that something was breaking in the American auto market, the Phil-LeBeau-ians crawled out of the woodwork to explain how everything is still awesome (brushing the weakness in stocks) despite soaring inventories and shrinking credit. Then when used-car prices began to leak lower, a few paid attention and the recent weakness in new car sales has shocked most. Now, however, used-car-prices are plunging at a similar pace to 2008 and RBC wonders if declining used vehicle prices (biggest YoY since 2013) is the card that brings the whole house down.

Was Saudi Arabia Behind 9/11: These 28 Pages Have The Answer

Submitted by Tyler Durden on 04/11/2016 - 21:33 "Is it sensitive Steve, might it involve opening a bit of can of worms, or some snakes crawling out of there, yes." That's how the latest "60 Minutes" segment ended on Sunday. The comment was in reference to the final chapter of a Congressional investigative report into 9/11 that has been left out of the report due to it being classified. The congressional investigative report is a report that was completed and handed over to the 9/11 commission, who ultimately produced the final "official" report. The 28 pages that were classified have only been seen by a select few, and allegedly have to do with details around the existence of a possible Saudi support system for the hijackers while they were in the US.

19 Signs That American Families Are Being Economically Destroyed

Submitted by Tyler Durden on 04/11/2016 - 20:45 The systematic destruction of the American way of life is happening all around us, and yet most people have no idea what is happening.

"The Problems Are Unfixable"

Submitted by Tyler Durden on 04/11/2016 - 20:37 "...And that is how Kim Kardashian gets elected president."

Brazil Committee Votes To Begin Rousseff Impeachment Process: What Happens Next

Submitted by Tyler Durden on 04/11/2016 - 20:06 Moments ago, in the first of two closely anticipated and watched votes, a special committee in Brazil's lower house voted 38 to 27 to begin the impeachment process against president Dilma Rousseff. But while the first key step in Rousseff's ouster has been taken, there is a long road ahead for the process and Dilma will not go quietly or without a fight.

Average German Bond Yield Crashes To Zero For First Time Ever

Submitted by Tyler Durden on 04/11/2016 - 19:40 "You Get Nothing" is the message for German bond coupon-clippers as for the first time in history, the average yield across the entire bond complex tumbles to zero.

White House Issues Following Statement After Meeting Between Obama And Yellen

Submitted by Tyler Durden on 04/11/2016 - 19:01 "The President and Chair Yellen met this afternoon in the Oval Office as part of an ongoing dialogue on the state of the economy. They discussed both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally. They also discussed the significant progress that has been made through the continued implementation of Wall Street Reform to strengthen our financial system and protect consumers."

A Tale Of Two Car Companies

Submitted by Tyler Durden on 04/11/2016 - 18:45

Here’s a tale of two start-up car companies: Elio Motors and... Tesla. One execrable, the other admirable... Tesla makes collectivism sexy – and that makes Tesla popular with collectivists.

BofA Warns "Europe Looks Frightening" - Trades Like 2001, 2008

Submitted by Tyler Durden on 04/11/2016 - 18:20 "Europe looks concerning" warns BofAML's Stephen Suttmeier, pointing out, rather ominously that the broad European index - STOXX 600 - is trading like it did in 2001 & 2008.

As Ukraine Collapses, Europeans Tire Of US Interventions

Submitted by Tyler Durden on 04/11/2016 - 17:55 On Sunday Ukrainian prime minister Yatsenyuk resigned, just four days after the Dutch voted against Ukraine joining the European Union. Taken together, these two events are clear signals that the US-backed coup in Ukraine has not given that country freedom and democracy. They also suggest a deeper dissatisfaction among Europeans over Washington’s addiction to interventionism.

"Mr. Yen" Warns USDJPY May Hit 100 By Year-End

Submitted by Tyler Durden on 04/11/2016 - 17:30 Having correctly predicting the yen’s advance beyond 115 and then 110 per dollar, former Japanese Finance Minister Eisuke Sakakibara now says Japan’s currency may strengthen to 100 by year-end. While noting that 105 would be "no problem" for Japan's economy, we suspect the implied drop in the S&P 500 to 1550 would be a problem for the world's economy.

Silver Soars, Stocks Slump As Equity "Fear" Hits All-Time Record High

Behold Accounting Magic 101: This Is How Alcoa Just "Beat" Consensus EPS

Submitted by Tyler Durden on 04/11/2016 - 16:44 Ladies and gentlemen, behold: accounting magic 101.

MOVING TO THE POST-LBMA ERA: GOLD PRICE RESET -– WATCH OUT

The LBMA has next to no visible London gold stocks backing the estimated 11,000 to 19,000 tonnes of spot gold open interest. And bullion banks are now attempting sell their once needed, now empty, London vaults.
by David Jensen, SGT Report.com:
If one were to describe, in a word, the singular quality of gold that gives it value both as money and a wealth preservation asset, that quality is integrity. Physical gold cannot be printed, it cannot be conjured by a central bank or government official, it cannot be credited into existence by a bank. And over a period of four thousand years, the markets have selected gold and silver as money. The replacement of gold and silver sound money with unstable debt-based fiat paper currency by banking interests and their government partners over the past century has been a mere blip in humanity’s monetary history.
Real wealth ultimately flees from markets that give corrupted price signals and this now presents an apparent existential threat to the world’s pre-eminent gold and silver market, the London Bullion Market Association (LBMA), where daily is set the gold and silver reference price (or ‘fix’) for miners, investors, and, crucially, for Western financial markets.
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Trans-Atlantic & Trans-Pacific “Partnerships” Complete Corporate World Takeover

from Paul Craig Roberts:

As I have emphasized since these “partnerships” were first announced, their purpose is to give corporations immunity from the laws in the countries in which they do business. The principle mechanism of this immunity is the granting of the right to corporations to sue governments and agencies of governments that have laws or regulations that impinge on corporate profits. For example, France’s prohibitions of GMO foods are, under the “partnerships,” “restraints on trade that impinge on corporate profits.
The “partnerships” set up “tribunals” staffed by corporations that are outside the court systems of the sovereign governments. It is in these corporate tribunals that the lawsuits take place. In other words the corporations are judge, jury, and prosecutor. They can’t lose. The “partnerships” set up secret unaccountable governments that are higher and have power over the elected governments.
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