(Goldseek) – Ron Paul talks to Chris Waltzek on GoldSeek Radio. Topics of discussion include the Financial Reform Bill, competing currencies, the gold price, and 2012. Continue reading
(RussiaToday) – This time Max Keiser and co-host Stacy Herbert look at the latest scandals of box office manipulation in China, $9 billion missing in Iraq and contango in commodities. In the second half of the show, Max talks to Internet sensation George Hemminger about his experience with financial collapse in America. Continue reading
Alex breaks down the financial news across the world and takes your calls on the latest situation going on over in the middle east. Continue reading
(C4L) – The following U.S. representatives cosponsored H.R. 1207 but voted against Audit the Fed on a motion to return the Dodd-Frank Financial Reform bill to committee and add back in the thorough Audit. View More Here
(OfTwoMinds) – The explosion of Deepwater Horizon and the collapse of Lehman Brothers share similar characteristics of risk, denial and coverup. My good friend G.F.B. recently observed that the Deepwater Horizon catastrophe uncannily mirrors the global financial meltdown that was triggered by the September, 2008 collapse of Lehman Brothers.
G.F.B. suggested that the Deepwater Horizon fiasco mirrored the global financial meltdown, almost as if it were a physical manifestation of the same hubris, denial of risk, manipulation and misinformation which collapsed the global financial house of cards. Continue reading
(YahooTechTicker) – REMEMBER: In 1930, They Didn’t Know It Was “The Great Depression” Yet
In the past year, we’ve written a lot about the similarity between the rally of early 1930 and the one we had through April of this year.
The early 1930 rally came after the market had fallen nearly 50% in the fall of 1929. The spring 1930 rally took the market up nearly 50% again, to a level that was only about 20% below the previous peak.
That rally, of course, was also the biggest sucker’s rally in history. After the market peaked in April 1930, it crashed again, eventually ending up down 89% from the 1929 high and more than 80% from the 1930 high. The market did not reach the 1930 high again for another quarter of a century. Read More Here
(HuffingtonPost) – Long-Term Unemployed Now 46 Percent Of Unemployed, Highest Percentage On Record
The proportion of people jobless for six months or more has accelerated in the past year and now makes up 46 percent of the unemployed. That’s the highest percentage on records dating to 1948. By late summer or early fall, they are expected to make up half of all jobless Americans. Read More Here
(InfoClearingHouse) – Europe Chooses Depression – Mike Whitney
Forget about a smooth recovery. Finance ministers and central bank governors of the G-20, met this weekend in Busan, South Korea and decided to abandon “tried and true” expansionary fiscal policies for their own strange brew of belt-tightening policies and austerity measures. Read More Here
(EuroPacificCapital) – Key Indicators of a New Depression
With the mainstream media focusing on the country’s leveling unemployment rate, improving retail sales, and nascent housing recovery, one might think that the US government has successfully navigated the economy through recession and growth has returned. But I will argue that a look under the proverbial hood reveals a very different picture. I believe the data shows that the US economy is badly damaged, and a modern-day depression has begun. In fact, just as World War I was originally called The Great War (and was retroactively renamed after World War II), Peter Schiff has said that one day the world will refer to the 1929-41 era as Great Depression I, and the current period as Great Depression II. Read More Here
(Bloomberg) – U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day – Read More Here
(AP) – Financial crisis panel subpoenas Goldman
A panel probing the causes of the financial meltdown has issued a subpoena for documents from Goldman Sachs Group Inc., accusing the firm of stonewalling an investigation. Read More Here
(PaulWatson) – Investment Banker: It’s Going To Get Nasty – Buy Land, Barbed Wire And Guns
A top investment banker has warned that the economic fallout of the sovereign debt crisis could get so nasty over the next five years that people would be wise to abandon the markets and instead buy land, barbed wire and guns.
With gold smashing through its all time record high this morning on the back of fears over a double dip recession, analysts are turning increasingly bearish on the markets. Anthony Fry, senior managing director at Evercore Partners, told CNBC that the bond markets could turn nasty over the next few months and said that the current problems created by the European debt crisis could be with us for at least five years. Continue reading
(C4L) – Never letting a good crisis go to waste, the sovereignty-hating globalists continue to argue that national governments should have less say in implementing domestic financial regulation and fiscal policy.
According to International Monetary Fund managing director Dominique Strauss-Kahn, “National oriented responses are not the way, since they risk creating economic conflicts.” The IMF publication goes on: Continue reading
(ABC6) – What’s Next For Our Economy? Continue reading
(WSWS) – The US Senate’s passage of the Obama administration’s financial reform bill Thursday was hailed in the media and by official Washington as a landmark effort to curb the power of the big banks. But on Wall Street itself, the news was greeted with a mixture of dismissal and applause. Continue reading
(C4L) – The spotlight remains on the Greek sovereign debt crisis as the riots continue. The terms of the Greek bailout from the IMF and Eurozone countries remain contentious with citizens on all sides. Europeans hate having their governments throw public money away as much as Americans do. The Greeks are not happy about having their taxes raised while their pensions and salaries are cut. Meanwhile, it is rumored by the Financial Times, AFP and others that Greece may spend more than it saves from austerity measures on arms deals with Germany, France and the US as a potential condition of receiving bailout funds. If true, it is certainly not unprecedented for the global military industrial complex to benefit from deals made by their friends in the central banking community. After all, war is the health of the state. The last thing big government proponents want is for peace to break out in the world. Continue reading
(Telegraph) – US faces one of biggest budget crunches in world – IMF – Read More Here
(NaturalNews) – Why U.S. lawmakers oppose renewable energy grants
With the economy in shambles throughout the past year or two, lawmakers have been scrambling to find ways to spur growth and increase American jobs. However many are opposing stimulus efforts that create jobs overseas, including renewable energy grants that end up creating manufacturing jobs in China rather than in the U.S. Read More Here
(C4L) – PIIGS Win. Bankers Win. Voters Lose – Read More Here
(KurtNimmo) – Obama Administration: Goldman Sachs from Top to Bottom
Two articles on the FDL website detail the intimate and incestuous relationship between the Barry Obama administration and Goldman Sachs. FDL names names and provides expansive detail on the Goldie administration. Read More Here
(BusinessInsider) – Surprise! Cost Of Healthcare Bill Already Spiraling Beyond Estimates, And Democrats Are Ignoring The Reasons Why
There’s been a spate of bad news recently about the health care bill.
Henry Waxman canceled his War on Accounting, not because there was a sudden breakout of common sense on Capitol Hill, but because his committee’s investigation revealed that companies had begun exploring whether they should drop their health insurance plans entirely–a move that would cost over $100 billion dollars thanks to the huge new subsidies the government would have to dole out. Read More Here
(RawStory) – Schwarzenegger’s solution to California’s budget woes: End welfare
Governor Arnold Schwarzenegger on Friday unveiled plans to plug California’s budget deficit by slashing billions of dollars worth of funding for services designed to help the state’s poor. Read More Here
(OilPrice) – 4 Economic Predictions: What Remains when you Scrape Away the Hype – Read More Here
The Mainstream Financial Media (MFM) is famously (or infamously) deficient in any context other than the day’s swirl of data, rumor and response.
(Campaign4Liberty) – Will the New Bailout Save Europe?
Keep in mind that the European Central Bank (ECB) is buying bonds with printed money, which means inflation. Like the United States, Europe is broke, and will be even more so once this “bailout” goes through. Read More Here
(Bloomberg) – Fed Board May Soon Add Three More Millionaires to Its Ranks – Read More Here
(AP) – Trichet: economy in deepest crisis since WWII
The President of the European Central Bank was quoted Saturday as saying that he still sees Europe’s economy in its deepest crisis since World War II, or even World War I. Read More Here
(EconomicPolicyJournal) – The Fed Currency Swaps Begin – Read More Here
(Guardian) – Bankers’ earnings surge towards pre-crash levels
Pay and bonuses totalled £20.5bn in four months to April, compared with £24bn at height of boom in 2007 Read More Here
(TheStreet) – Bank Failures Exceed 2009’s Pace
State regulators closed four community banks Friday, bringing the total number of failed banks for 2010 to 72. Read More Here
(Telegraph) – President Nicolas Sarkozy ‘threatened to pull France out of euro’
President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece’s aid package last Friday, according to Spain’s El Pais newspaper. Read More Here
(BusinessWeek) – Euro Breakup Talk Increases as Germany Loses Proxy (Update1) – Read More Here
(Reuters) – US bankruptcies resume upward path in 1st quarter
U.S. bankruptcy filings resumed their upward climb in the first quarter, nearly equaling their highest level since 2005, as high unemployment and a still-strained housing market squeezed consumers. Read More Here
(VoiceOfRussia) – Global crisis not over yet – Putin
Russia’s Prime Minister Vladimir Putin has warned that the global economic crisis is not over yet. Addressing top finance and economic development ministry officials on Friday, he said that the crisis had forced eurozone countries to take tough financial stabilization measures and that ordinary citizens were now paying for macro-economic blunders. Read More Here
(EconomicCollapseBlog) – Will The U.K. Be The Next European Nation To Experience A Massive Debt Crisis? – Read More Here
(Fox) – Obama’s Ex-Auto Czar Says GM May Have Stretched Truth About Loan Repayment
President Obama’s former auto czar has nothing but praise for General Motors’ new chief executive, Ed Whitacre, but he acknowledged this week that the auto giant may have “slightly elasticized the reality of things” by airing an ad claiming it had repaid its government loans “in full.” Read More Here
(CalculatedRisk) – Schwarzenegger: Eliminate Welfare and most Child Care, reduce Health Care
From the SacBee: Schwarzenegger budget would eliminate welfare
Gov. Arnold Schwarzenegger asked lawmakers Friday to eliminate the state’s welfare program starting in October and dramatically scale back in-home care for elderly and disabled as part of his May budget revision to close a $19.1 billion deficit. Read More Here
(Telegraph) – VAT should be imposed on food and children’s clothes, says IMF
David Cameron should use this summer’s emergency Budget to raise VAT on a host of excluded products, including food and children’s clothes, the International Monetary Fund signalled yesterday. Read More Here
Video: Bob Chapman’s Friday, May 14th Economic Report on Alex Jones Tv
Friday guest Bob Chapman, a former stockbroker who has written numerous article on business, finance, economics, politics, and publishes The International Forecaster. Continue reading
(LewRockwell) – Beware the Recent Situation in Greece: It Will Happen Here! – Gary D. Barnett – Read More Here
(WashingtonsBlog) – Mervyn King: “World’s Worst Financial Crisis Ever”
Bank of England Governor Mervyn King says: “We are still halfway through the world’s worst financial crisis ever.” He is in good company.
The following experts have said that the economic crisis could be worse than the Great Depression: Read More Here
(CalculatedRisk) – California: “Absolutely terrible” budget cuts to be announced at 4 PM ET – Read More Here
(YahooFinance) – Video: TechTicker – Dow Tumbles as “Disintegration” Fears Haunt Europe
Hopes that a massive $1 trillion bailout for Europe would hold the financial markets together came unglued Friday. Stocks tumbled around the world and the U.S. followed suit. Heading into the close, the Dow was down more than 230 points. – Video Link Here
(GeorgeWashingtonBlog) – The Bailout of Big American Banks Has Cost Trillions More Than We’ve Been Told
Granted, the $700 billion dollar TARP bailout was a massive bait-and-switch. The government said it was doing it to soak up toxic assets, and then switched to saying it was needed to free up lending. It didn’t do that either. Indeed, the Fed doesn’t want the banks to lend.
True, as I wrote in March 2009: Read More Here
(MarketWatch) – The second debt storm
The debt mountain that brought down some of the world’s biggest banks and dragged the international financial system to the brink of disaster has simply shifted to governments. Now it’s threatening countries around the globe — and, if left unchecked, could rip the very fabric of Europe’s economic system and wreck economic recoveries in the U.S., China and Latin America. Read More Here
(USAWatchdog) – Is the Financial System Corrupt?
Recent headlines coming out of the financial world have been jaw dropping. Here are a few: Read More Here
(WSWS) – US media demands Greek-style austerity for American workers
In recent days, the US media—led by the standard bearer of American liberalism, the New York Times—has insisted that workers in the US, like their brethren in Greece, have been living the good life for far too long and must accept a drastic and permanent reduction in their living standards. Read More Here
(CNBC) – Video: The Economy & Your Portfolio with Rick Santelli ‘This European Crisis Should Be A Wake Up Call’
A look at the big issues facing the economy and how investors are playing them, with Michael Pento, of Delta Global, and Jordan Kimmel, of National Securities. Video Link Here
FLASHBACK – (WashingtonExaminer) – In 2005, U.S. intelligence warned of Euro econ crisis and EU’s demise unless welfare states downsized
In 2005, the National Intelligence Council prepared a prescient report warning that overextended welfare states could lead to economic crisis and possibly the collapse of the European Union sometime in the next 15 years: Read More Here
(FinanceMarkets) – US banks under investigation
Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. Read More Here
(ChartingStocks) – Dollar Jump Resembles ‘08 Crash
On Wednesday, I wrote about the troubling signal given by the Volatility Index (VIX) as it surged in a manner which resembled the 2008 crash. Today we can add another market indicator to the “trouble” list – The US Dollar. Read More Here
(AlethoNews) – New Iran sanctions bill to kill 20,000 US jobs each year
Major US firms are warning Congress against passing legislation to impose new sanctions against Iran, saying such sanctions will further damage the US economy.
Boeing Co. and Exxon Mobil Corp. are lobbying to fend off tightened sanctions against Iran that business groups say will cut US exports. Read More Here
Video: The New World Order Currency Crisis
(Kitco) – Five Facts You Need to Know About the Financial System
Let’s connect the dots on the ENTIRE financial system right now. Read More Here
(LondonTelegraph) – US faces same problems as Greece, says Bank of England
Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank. Read More Here
(LondonGuardian) – Nicolas Sarkozy threatened to pull France out of the euro
French president Nicolas Sarkozy threatened to pull his country out of the euro if other EU countries, especially Germany, did not agree to help rescue debt-laden Greece. Read More Here
(Bloomberg) – Volcker Sees Euro ‘Disintegration’ Risk From Greece
Former Federal Reserve Chairman Paul Volcker said he’s concerned that the euro area may break up after the Greek fiscal crisis that sparked an unprecedented bailout by the region’s members. Read More Here
(InfoClearingHouse) – Financial Chaos And The Smell Of Napalm In The Morning
What in God’s name should we make of it all? On Thursday, the New York Stock Exchange had its most severe plunge in history – nearly 1000 points, before it recovered minutes later. On Monday, it shot up 400 points, one of the biggest spikes in memory. All told, the variance was around 1400 points over the period of a couple of days.
The context for this, of course, is the financial turmoil that has spread from Greece and is sweeping across Europe, threatening the very existence of the European Union and the Euro as a common currency. Last week alone, it is estimated that global stock markets lost $3.7 trillion of their value as a result of this crisis (1). According to the Canadian finance minister Jim Flaherty, not even the Canadian economy is immune from the financial contagion. Read More Here
(EconomicPolicyJournal) – Geithner Briefs Super Power Elite, Friday Afternoon
In addition to Rockefeller and Lady de Rothschild, on Friday afternoon, Treasury Secretary Geithner will also meet with the other members of the Board of Directors of the Peter G. Peterson Institute for International Economics to discuss the Administration’s agenda for economic growth and strengthening the global financial system.
Here’s the hefty list of the Institute’s Board of Directors: Read More Here
(HomeSolutionCounselors) – You are not in default. Freddie Mac is making your payments!
Yes it is true. I have seen it with my own eyes and IN WRITING. In our office we have on record a statement from Freddie Mac, which they submitted to the courts, that “Freddie Mac has made all relevant and required payments to the investors on behalf of the borrowers.” Did you catch that?!?!
Yes, Freddie Mac acting as the Master Servicer, has been making payments to the debt owners of a mortgage. How can the borrower be in default? Read More Here
(Bloomberg) – Euro Breakup Talk Increases as Germany Loses Its Currency Proxy
What was conceived as a club for Europe’s strongest economies was expanded for political reasons, leaving the currency union with minimal powers to police deficit spending and no safety net for dealing with countries, like Greece, that veer toward default.
German officials are already debating what was unthinkable to the euro’s architects: that a currency union designed in its founding treaty to be “irrevocable” might not be. Finance Minister Wolfgang Schaeuble said March 12 that expulsion from the euro may be the ultimate penalty for serial violators of debt rules. Read More Here
(C-Span) – Video: Ron Paul I Am Very Concerned About What’s Going To Happen!
(Reuters) – U.S. Senate rejects broader Fed audit amendment: May 11
The U.S. Senate rejected an amendment on Tuesday that would have exposed the Federal Reserve to broader scrutiny by Congress, which critics said would extend to monetary policy decisions. Read More Here
(DailyCrux) – Porter Stansberry: The U.S. dollar is about to implode – Read More Here
(DailyMail) – Unions warn of Greek-style riots in Britain against public sector cuts after court victory over capping of redundancies
Militant unions today sent a chilling warning of Greek-style strikes and protests after winning a major legal victory for civil servants made redundant.
The warning raises fears of months of chaos triggered by a furious public sector who refuse to accept painful changes to tackle Britain’s financial crisis. Read More Here
(Reuters) – FOREX-Euro falls as market doubts rescue package
The euro fell on Tuesday as the relief rally unleashed by an emergency aid package to prevent the spread of a euro zone debt crisis dissipated and the focus switched back to structural problems plaguing the bloc. Read More Here
(WashingtonsBlog) – The Second Leg of the Great Depression Was Caused by European Defaults
Many Americans know that the Great Depression was started by the bursting of the giant Wall Street bubble of the 1920’s (fueled by the use of bank deposits on speculative gambling, which is why Glass-Steagall was passed) , which in turn caused a run on American banks. Read More Here
Video: Gerald Celente on The Tommy Schnurmacher Show Continue reading
(May 10) – Alex talks about the recent plunge of the Dow and other financial issues with film-maker, broadcaster and former broker and options trader Max Keiser. Max is the host of On the Edge and the financial tabloid the Keiser Report. Keiser formerly hosted The Oracle with Max Keiser on BBC World News. Continue reading
(CNN) – Video: Greece Descends Into CHAOS! – Video Link Here
(BusinessInsider) – Pictures Of The Most Violent Greek Riot Yet – Read More Here
(GlobalResearch) – Greece: Poverty and Social Implosion in the Wake of the Financial Bailout
“This is not our debt, but we are being made to pay for it,” said one angry Greek worker, explaining why he like thousands of other Greeks are taking to the streets in protest at their country’s bail-out plan. Read More Here
(KurtNimmo) – Deadly Greek Bank Fire Blamed on Opposition to IMF Austerity
How to discredit growing opposition to “austerity” measures? Kill a few people. It looks like this may be what happened in Greece today. Read More Here
(TimesOnline) – Greeks begin two-day strike as banking system is saved from meltdown
Greek public sector workers today began a 48-hour national strike that is a first test of the Government’s ability to enact new austerity measures agreed with the EU and IMF in return for billions of euros in aid. Read More Here
(RussiaToday) – April 30 – On this edition of Peter Lavelle’s ‘CrossTalk’ he asks his guests whether the US Senate hearings humiliating Goldman Sachs are merely a show trial with the aim of watering down global financial reform. Continue reading
(WashingtonsBlog) – Partisan GOP hacks say the financial crisis was caused by too much regulation, and government interference in the markets.
But Glass-Steagall was repealed, derivatives were left unregulated, and the regulators were watching porn instead of preventing fraud. Giant banks, hedge funds and other fat cat private players knowingly gamed the market and committed fraud in more ways than can be listed in a single post. Continue reading
(CapitolConfidential) – It’s amazing to watch the civil libertarians hide when Democrats propose the most sweeping intrusions of privacy in generations. In addition to the litany of bad policies contained in the Dodd Financial Reform bill is this nugget on pages 1039-1040. In short, it extends government reach to every deposit account of every citizen. Continue reading
(WashingtonsBlog) – Americans bailed out the giant banks. So how do the too big to fails re-pay the American taxpayers?
By betting that American states and cities will fail.
As the Wall Street Journal notes:
As U.S. cities and towns wrestle with financial problems, investors are finding a new way to profit on their misery: by buying derivatives that essentially bet municipalities will default.
These so-called credit default swaps are basically insurance contracts that have long been available to protect holders of corporate bonds against default. They became available a few years ago for municipal debt, allowing investors to short sell—or bet against—countless cities, towns and bridges, and more than a dozen states, including California, Michigan and New York.
The derivatives are still thinly traded, but their existence has the potential to make investors skittish
(NaturalNews) – Billions of dollars from the illegal drug business was the only thing that kept the global financial system from collapsing at the height of the banking crisis just over a year ago, according to the head of the U.N. Office on Drugs and Crime.
“In many instances, the money from drugs was the only liquid investment capital,” Antonio Maria Costa said. “In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor.” Continue reading
(Fox) – April 23, 2010 – Euro Pacific Capital President Peter Schiff on the flaws of government financial regulation. Continue reading
(Fox) – April 23, 2010 – Judge Napolitano Speaks on the Financial Reform Bill Continue reading
(SteveWatson) – As you will have no doubt read in the headlines today, the IMF has proposed levying two “global” taxes on the world’s banks to make sure those greedy guys don’t get us into trouble again. If that sounds dubious, it’s because it is. In reality what is being proposed, and has been falling into place for some time, is the framework for an unelected global authority with powers above and beyond those of sovereign governments. Continue reading
(Wimp) – Video: Visualizing Obama’s budget cuts. – Video Link Here
(TheMarketGuardian) – Germany To Add To Goldman’s Headaches, Prepares To Sue Firm – Read More Here
(NorthJersey) – Foreclosures up 33% in new jersey, OUTPACING national rate
What’s new: Foreclosure filings in New Jersey rose 33 percent in the first quarter of 2010, compared with the same period in 2009, according to RealtyTrac, a California company that follows the foreclosure market. Read More Here
(DrHousingBubble) – California Underemployment Rate at 24 Percent – 100,000 Workers Will Lose their Unemployment Insurance. No Housing Recovery can be had without Employment Recovering Read More Here
(Examiner) – CMKM Diamonds and the $3.87 trillion lawsuit you didn’t hear about
As the United States continues to fracture in every way imaginable, most citizens are unable to keep up with the never-ending hodgepodge of government corruption. Each day, a new larger-than-life scandal emerges, and in the short mind span of news media, there is always a bigger and better story to chase. Right now, the hot button issue for mainstream news outlets is healthcare reform, and its myriad implications for our society; this doubtlessly ensures the aforementioned media will continue to overlook unprecedented accusations brought forth in a recent $3.87 trillion lawsuit against U.S. Securities and Exchange Commission Chairman Mary L. Shapiro, as well as several other current and former SEC commissioners, among others. Read More Here
(MyBudget360) – Stock Market Hustle – Three Ways Wall Street has Created a New American Serfdom. The Overly Expensive Mortgage Deduction, Wall Street Pseudo-Rally, and Attacking the Poor Read More Here
(ZeroHedge) – Step Aside Roubini – FX Concepts’ John Taylor Is The New Dr. Doom: “2011 Will Be Worse Than 2008” – Read More Here
(JSMineSet) – The Weakness In Gold That Isn’t
Let no weakness in gold disturb you at this time. – Read More Here
(Reuters) – UPDATE 3-Germany, UK demand Goldman Sachs probe
Germany and the U.K. will seek details from the U.S. Securities and Exchange Commission (SEC) about the activities of Goldman Sachs Group Inc., (GS.N) as a prelude to potential legal steps following a U.S.-led fraud investigation. Read More Here
(Bloomberg) – EU’s Investigation of Goldman Will Be ‘Profound,’ Rehn Says
The European Union investigation into Goldman Sachs Group Inc.’s role in providing swaps to the Greek government to help reduce its budget deficit will be “profound and thorough,” EU Monetary Affairs Commissioner Olli Rehn said. Read More Here
(EconomicTimes) – British FSA launches probe into Goldman ops: Report
The British financial regulator FSA has started a probe into the London operations of Goldman Sachs, following the charges of fraud slapped by the US markets watchdog against the Wall Street giant. Read More Here
(WashingtonsBlog) – Even Clinton Slams Clinton Retreads: Summers and Rubin Must Go
Clinton told ABC that Rubin and Summers were wrong on derivatives:
On derivatives, yeah I think they were wrong and I think I was wrong to take [Summers and Rubin’s advice] because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don’t need any extra protection, and any extra transparency. The money they’re putting up guarantees them transparency.
“And the flaw in that argument was that first of all sometimes people with a lot of money make stupid decisions and make it without transparency. Read More Here
(RussiaToday) – Video: Gerald Celente – Economic recovery a cover up – Video Link Here
(MarketWatch) – Ashes of subprime volcano fall on Wall Street
It was mostly smooth sailing for stocks during the first week of earnings until Friday, when news of Goldman Sachs’ troubles with regulators cast over Wall Street a cloud of uncertainty almost as thick as the volcanic ash above Iceland. Read More Here
(MorningNewsBeat) – FMI Attacks New Swipe Fees Instituted By Visa
The Food Marketing Institute (FMI) has lambasted Visa’s plan to increase by nearly 30 percent the swipe fees retailers have to pay when customers use PIN debit cards, beginning today. Read More Here
(Guardian) – London Observer: Now we know the truth. The financial meltdown wasn’t a mistake – it was a con
Hiding behind the complexities of our financial system, banks and other institutions are being accused of fraud and deception, with Goldman Sachs just the latest in the spotlight. This has become the most pressing election issue of all. Read More Here
(MailOnline) – Proof speed cameras exist to rake in money as receipts finally fall
Motorists have been hit with speeding tickets worth almost £1billion under Labour, a report shows. Read More Here
(ReutersBlog) – Europeans won’t be amused by alleged Goldman scam
Europeans won’t be amused by the alleged Goldman Sachs scam. ABN Amro, and therefore ultimately Royal Bank of Scotland, ended up losing $841 million in the allegedly fraudulent collateralised debt obligation investment concocted by the investment bank. Meanwhile, IKB, the bust German bank, lost nearly $150 million. Read More Here
(Fox) – Video: Cap and Trade is NOT DEAD, What it Will Cost You? – Is Obama Trying to Destroy the U.S ?? – Continue reading
“The American oligarchy spares no pains in promoting the belief that it does not exist, but the success of its disappearing act depends on equally strenuous efforts on the part of an American public anxious to believe in egalitarian fictions and unwilling to see what is hidden in plain sight.”– Michael Lind, To Have and to Have Not
Yes, of course, we all have very strong differences of opinion on many issues. However, like our Founding Fathers before us, we must put aside our differences and unite to fight a common enemy. Continue reading
For a long time many of us have had very serious suspicions that the prices of gold and silver were being highly manipulated. But now, thanks to the mind blowing testimony of one very brave whistle blower, the blatant manipulation of the world gold and silver markets is being blown wide open. What you are about to read below is absolutely staggering. Once the American people learn how incredibly corrupt the world financial system is, it is going to change everything. The government that we are all trusting to guard the integrity of the financial system is failing to do that job. It turns out that the Commodities Futures Trading Commission has been sitting on solid evidence that the elite banking powers have been openly and blatantly manipulating the price of gold and silver. Even though they were basically handed a “smoking gun”, they have done absolutely nothing with it. But now the information has gone public and the CFTC is red-faced. Continue reading
(EndOfTheAmericanDream) – The talking heads on all the major news shows keep telling us that the U.S. economy is experiencing a recovery. Usually the term “recovery” is accompanied by a qualifier such as “jobless”, but they continue to use the word recovery anyway. We are told that the greatest financial crisis since the Great Depression is behind us and that the great American economic machine is roaring back to life and everything will be back to normal soon. So why does it seem like things keep getting worse? Why does it seem like the American Dream is out of reach for more Americans than ever? Why does it seem like economic pain is spreading to more families and more businesses?
Well, maybe it is because things are getting worse. Continue reading
(WKYC) – In the ongoing financial crisis in Ashtabula County, the Sheriff’s Department has been cut from 112 to 49 deputies. With deputies assigned to transport prisoners, serve warrants and other duties, only one patrol car is assigned to patrol the entire county of 720 square miles. Continue reading
(ChristianScienceMonitor) – Economist tallies swelling cost of Israel to US
Since 1973, Israel has cost the United States about $1.6 trillion. If divided by today’s population, that is more than $5,700 per person. Read More Here
(Bloomberg) – Geithner Delays Currency Report, Urges Flexible Yuan for China
U.S. Treasury Secretary Timothy F. Geithner delayed a scheduled April 15 report to Congress on exchange-rate policies, sidestepping a decision on whether to accuse China of manipulating the value of the yuan. Read More Here
(MailOnline) – Cadbury staff given ultimatum: Opt out of final salary pension or pay is suspended for three years – Read More Here
(NCoal) – Florida Teacher Pensions To Be Reduced – Read More Here
(NBCWashington) – Layoffs Ahead for DC Workers
D.C. Mayor Adrian Fenty’s spending plan includes hundreds of millions of dollars in cuts. He presented his 2011 budget proposal to the City Council Thursday morning. D.C. workers should brace for major layoffs. Read More Here
(DailyBell) – The Ethics of Tax Resistance – Read More Here
(DailyBail) – Bernanke Feels The Heat: Maiden Lane Asset Disclosure Reveals Truth In Bailout Farce – Read More Here
(Vlog) – Video: the GOVERNMENT is Bankrupting this Country… – View Video Here
(Infowars) – Video: Bob Chapman’s Friday Economic Report on The Alex Jones Show – Part 1 Here – Part 2 Here
(NaturalNews) – Bodies Stack Up in California Morgues as Families Can’t Afford Burials
Hard economic times have made the cost of cremation or burial prohibitive for many people, leading them to abandon the bodies of their loved ones to be disposed of in mass graves by the state. Read More Here
(GlobalResearch) – Largest Money Transfer in Recorded History: $4.6 Trillion Spent on the Bank Bailout to Date
TALLY SHOWS THAT THE FEDERAL RESERVE IS THE REAL SOURCE OF BAILOUT FUNDS – Read More Here
(GlobalResearch) – Let’s Put an End to Public Debt Blackmail! – Read More Here
(GlobalResearch) – The Corrupt Practices of Financial Manipulation: The Meaning of the Greek Economic Crisis
Many things have been said about the Greek crisis in recent weeks, most of them obnoxious and confusing . These stories result in an argument that is aimed for export to all developed countries. The media has extensively incorporated the official message, which could be divided into 5 chapters: Read More Here
(GlobalResearch) – More Toxic Paper: New Subprime Bonanza in the Housing Market – Mike Whitney
Another Stealth Bailout for Pudgy Banks – Read More Here
(MediaChannel) – As The Crisis Deepens, More Attention Is Being Paid To Financial Fraud
The “F Word” (for fraud) is back in polite conversation on Wall Street. Fraud and financial crime are slowly becoming part of the debate over what must be done to restore confidence in what has so plainly been a confidence game.
Drilling for oil has knocked financial reform out of the headlines, but among commentators, a concern with crime and the absence of punishment is being raised again. Read More Here
(RollingStone) – Looting Main Street – Matt Taibi
How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece Read More Here
(NYTimes) – Pay Garnishments Rise as Debtors Fall Behind
When the bank sued Leann Weaver for not paying her credit card balance, her reaction was typical for someone in that situation. Personal and financial setbacks weighed her down, and she knew she owed the $2,470. So she never went to court to defend herself. Read More Here
Video: Midas Resources: National Debt – Continue reading
(TrueSlant) – Don’t believe the numbers, Obamacare is a financial disaster
Let me see if I got this right. The Obama administration and its congressional allies would like us to believe that the biggest piece of legislation in 45 years, one that will expand medical coverage to 32 million uninsured Americans, that will set up two new huge entitlement programs – health insurance subsidies and long-term health care benefits – is going to cost just $940 billion while reducing the U.S. government’s fiscal deficit by $138 billion?
Sorry, I don’t buy it. Read More Here
(NaturalNews) – Healthy and Uninsured in America – View Video Here
(SteveWatson) – Medical Companies: Taxes In Healthcare Bill Will Kill Jobs, Businesses
Knock on effect will mean more costs for the American people Read More Here
(NYTimes) – Cantor Accuses Democrats of Exploiting Threats
The Congressional clash over threats and vandalism against lawmakers in the aftermath of the health care vote took a new turn Thursday as the No. 2 House Republican accused Democrats of recklessly exploiting the incidents for political gain. Read More Here
(WSJ) – ObamaCare Day One
Companies are already warning about higher health-care costs. Read More Here
(CNSNews) – 12 Taxes in Health Care Law Violate Obama’s Pledge Not to Increase Taxes on Households Earning Less than $250,000
As many as a dozen taxes in the new health care law violate President Barack Obama’s campaign pledge not to raise taxes on families earning less than $250,000 and on individuals earning less than $200,000. Read More Here
(Fox) Video: Judge Napolitano – Health Care and the Constitution with Ron Paul
Can government legally force you to buy insurance? Video Link Here
(JTCoyote’) – The States, and 10th Amendment, will Thwart Obamacare
As I pointed out in an article here a few months ago, there is a specific “lawful” procedure, a specific set of steps that must be followed in order to satisfy lawful service, and peacefully stop unlawful federal mandates including this Obama-care travesty. Read More Here
(MSNBC) – Video: Clyburn: Obamacare Opponents “Aiding And Abetting Terrorism”
Congressman Clyburn accuses opponents of Obamacare of “aiding and abetting terrorism”. – Video Link Here
(CSPAN) – Video: Michele Bachmann – Congratulation Mr President You’re Half Way There! – View Video Here
Video: Ron Paul- Texas Straight Talk- Unconstitutional Healthcare
Ron Paul talks about the newly past Obama care bill. Continue reading
(CSPAN) – March 16, 2010 Continue reading
(IsraelNN) – The three largest oil trading firms in the world – Glencore, Trafigura and Vitol – announced Monday that they would no longer do business with Iran. A report in the London Financial Times said that the companies had concluded that there was too much risk and not enough profit in supplying Iran. The three companies had been responsible for supplying Iran with about half its daily oil use.
Source: Israel National News
The year is 2010 and to anyone not in denial, the industrialized nations have entered the greatest calamity the world has ever known:
- 35 Million Americans on Food Stamps: 12 Percent of U.S. Population on Food Stamps Highest Since Records Kept in 1969, and that’s before the Obama administration announced a planned three-year budget freeze on government discretionary spending. (My Budget 360)
- 18 Million empty houses in the United States and 39 million Americans who are no longer working or looking for work, and that’s before Federal Reserve finishes rewriting the rules of American “capitalism” as US Housing, the Automobile Industry and the American Dream are dismantled. (The 31-Year-Old in Charge of Dismantling G.M., David E. Sanger)
(ComingCollapseBlog) – The 2009 Financial Report Of The U.S. Government has finally been released, and the news is not good. It basically confirms much of what we already know – that the United States government is a complete financial mess. The U.S. government budget deficit for 2009 was a record-setting 1.417 trillion dollars. The total liabilities of the U.S. government rose from 12.178 trillion dollars at the end of 2008 to 14.123 trillion dollars by the end of 2009. Read More Here
(PressTV) – Iran’s President Mahmoud Ahmadinejad asserts that the lingering global financial crisis has exposed the dark side of the capitalist economic system in the West, adding that the US will go down in history as the biggest thief ever. Continue reading
(Infowars) – In an effort to explain our escalating financial crisis, an American Nightmare (an Environmental Dream), the pundits are focusing their angst on the 44th POTUS, who might very well go down as the single most inept president in all of American history. (How to Squander the Presidency in One Year, David Michael Green) Continue reading
(WashingtonsBlog) – Greenspan just said that the current credit crunch is “by far the greatest financial crisis, globally, ever” — including the 1930s Great Depression.
Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.”
(PaulWatson) – In another lame effort to demonize anyone concerned about the move towards global government as it is openly announced as some kind of domestic terrorist, Financial Times chief foreign affairs correspondent Gideon Rachman compares Austin radio show host Alex Jones with Oklahoma City bomber and mass murderer of 168 people, Timothy McVeigh. Continue reading