Economy

(MSNBC) – Video: Obamacare Loophole Exposed – Michael Moore – Video Link Here

(ChartingStocks) – Warren Buffet Does Heavy Selling; 13-F Filings Reveal

Billionaire investor Warren Buffet did some heavy selling during the first quarter of 2010. According to the most recent 13-f filing, Mr. Buffett liquidated his entire position health insurers United Health (UNH) and WellPoint (WPT). He dumped his holdings in financial companies Travelers (TRV) and Sun Trust Banks (STI). Read More Here

(PressTV) – Greece blames US for snowballing debts

Greek Prime Minister George Papandreou says he is considering taking legal action against US investment banks for their alleged role in the snowballing Greek debt crisis. Read More Here

(MarketTicker) – The German Government Has Had Enough

If you thought the German government was going to be a lapdog for Sarcozy, or worse, was going to fellate Brussels and the ECB, you got a rude shock today. Read More Here

(MatterhornAsset) – ALEA IACTA EST

Yes this is it! We have crossed the Rubicon and events in the world economy are now likely to unfold in a totally uncontrollable fashion. Clueless governments still don’t understand that it is their ruinous actions that have created a credit infested and bankrupt world. They will continue to prescribe the same remedy that caused the problem in the first place, namely more credit and more printed money. The consequences are clear; we will have hyperinflation, economic and human misery as well as social unrest. Read More Here

(Bloomberg) – Conspiracy of Banks Rigging States Came With Crash

A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market. Read More Here

(LondonTelegraph) – Congress blocks indiscriminate IMF aid for Europe

Europe may have to clean up its own mess after all. The US Senate has voted 94:0 to block use of taxpayers’ money for IMF rescues that make no economic sense or bail-outs for countries like Greece that far are beyond the point of no return.
“This amendment will help prevent American taxpayer dollars from underwriting dysfunctional governments abroad,” said Texas Senator John Cornyn, the chief sponsor. “American taxpayers have seen more bailouts than they can stomach, and the last thing they should have to worry about are their hard-earned tax dollars being used to rescue a foreign government. Greece is not by any stretch of the imagination too big to fail.” Read More Here

(GnosticMedia) – Audio: Hey Wall Street, Naked Short Sell This! An Interview with Dr. Patrick Byrne and co-host, Wall Street whistle blower, Richard Andrew Grove – Audio Link Here

(SeekingAlpha) – $3,000 Gold? Rosenberg Says That May Be Conservative

Although gold bullion is both a commodity and currency, it has lately become the world’s currency of choice, i.e. a vote of no confidence in fiat paper. This is evident in the fact that the gold price has not only just made an all-time high in U.S. dollar terms ($1,249 on Friday), but also in just about every other currency one cares to mention. I illustrated this in a post a few days ago, entitled “Meet the world’s new currency of choice”. Read More Here

(Telegraph) – Higher taxes for a million as George Osborne’s emergency Budget hits investors

More than a million people could be dragged into paying capital gains tax after George Osborne confirmed that he would use his emergency Budget to hit investors. Read More Here

(RawStory) – Bill for Afghan war could run into the trillions

The U.S. Senate is moving forward with a 59-billion-dollar spending bill, of which 33.5 billion dollars would be allocated for the war in Afghanistan.

However, some experts here in Washington are raising concerns that the war may be unwinnable and that the money being spent on military operations in Afghanistan could be better spent. Read More Here

(DowJones) – Euro Plunges To 4-Year Low After German Trade Ban

The euro plummeted Tuesday to a fresh four-year low after Germany announced it would ban certain speculative investments, exacerbating the selling of the single currency as investors run out of alternatives to trade the sovereign debt crisis already roiling the euro zone. Read More Here

(CBC) – Canada comes out swinging against bank tax

Canada launched a full-court press against the idea of a global bank tax Tuesday, as the prime minister and four senior cabinet members came out strongly against a proposal that’s gathering global steam. Read More Here

(BusinessInsider) – Dow Theorist Richard Russell: Sell Everything Liquid, You Won’t Recognize America By The End Of The Year

Do your friends a favor. Tell them to “batten down the hatches” because there’s a HARD RAIN coming. Tell them to get out of debt and sell anything they can sell (and don’t need) in order to get liquid. Tell them that Richard Russell says that by the end of this year they won’t recognize the country. They’ll retort, “How the dickens does Russell know — who told him?” Tell them the stock market told him. Read More Here

(BusinessInsider) – A Look Back From 2013: How The Bailout Of Greece Caused The Split Of Europe

Last night we noted an interesting paragraph in an Ambrose Evans-Pritchard piece on the Telegraph, which cited an article in the major German newspaper Frankfurter Algemeine Zeitung, which described a future euro currency of strong nations that didn’t even include france. Read More Here

(Telegraph) – Banks dump Greek debt on the ECB as eurozone flashes credit warnings

Foreign holders of Greek and Portuguese debt have seized on emergency intervention by the European Central Bank to exit their positions, leaving eurozone taxpayers exposed to the credit risk. Read More Here

(Rense) – Congressional Climate Bills – Stealth Schemes To Raise Energy Prices And Enrich Wall Street – Stephen Lendman

On June 26, 2009, HR 2454: American Clean Energy and Security Act of 2009 (ACESA) passed, purportedly “To create clean energy jobs, achieve energy independence, reduce global warming pollution and transition to a clean energy economy.”

In fact, it lets energy polluters raise prices for huge windfall profits and gives Wall Street a bonanza through carbon trading derivatives speculation. Catherine Austin Fitts’ Solari.com blog explained it last July in her article titled, “The Next Really Scary Bubble” is coming, saying:

“If you think the housing and credit bubble diminished your financial security and your community, or the bailouts, or the rising gas prices did as well, hold on to your hat” for what’s ahead. “Carbon trading is gearing up to make the housing and derivative bubbles look like target practice,” or in other words, be the mother of all scams, courtesy of administration, House and Senate collaboration with Wall Street and the energy giants. Read More Here

(PaulWatson) – Video: Blanchflower – Europe Could Break Up, Another Bailout Inevitable

Former Bank of England policy maker says collapse of single currency unstoppable

Blanchflower: Europe Could Break Up, Another Bailout Inevitable 180510top2

Paul Joseph Watson
Prison Planet.com
Tuesday, May 18, 2010

Despite EU finance ministers trying to put on a brave face, confidence in the euro and the entire EU project as a whole continues to crumble, as former Bank of England policy maker David Blanchflower warns that the entire region could break up and that another euro bailout is inevitable.

Speaking with Bloomberg News, Blanchflower said that another European bailout was coming after the $1 trillion dollar package passed last week did little to reassure markets that the situation was under control.

Blanchflower said that there were “major cracks” in the EU, and when asked whether or not the common currency was dead and if the region would break up, Blanchflower said, “I didn’t think it was going to but I’m more concerned and worried now that it may well do so.”

The former Bank of England official also predicted that the euro would sink to parity with the U.S. dollar.

“It looks to me like down for quite a while to come so parity may not be crazy….I think now we’re in a position where it may be unstoppable,” said Blanchflower.

The euro rebounded a little yesterday after Goldman Sachs Group Inc. Chief Global Economist Jim O’Neill characterized as “ridiculous” suggestions that the euro area would disintegrate as a monetary union.

“This is 60 years of history in the making, so the idea that the euro simply falls apart at first test of its credibility, I think it highly unlikely,” O’Neill said. “It might well be in 20 years time it doesn’t exist but the idea that it’s not going to exist in the next year because the market is worried about Spain and Portugal’s funding requirements is ridiculous.”

However, according to John McCarthy, director of currency trading at ING Financial Markets LLC, the euro has “breakup written all over it”.

“It is possible they cobble something together and everybody works hard, but as a betting man I’m betting it’s not going to survive in its current form,” he said.

As we have highlighted, EU bureaucrats are unlikely to let the euro collapse because such a crisis would discredit the justification for a move towards a global currency bossed by a global central bank, as IMF chief Dominique Strauss-Kahn outlined last week during a speech in Zurich.

If the euro were to go under, it would expose the inherent weakness of continental monetary unions and all but derail the wider agenda for a one world currency.

Watch the interview with Blanchflower below.

Source: Prison Planet

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