Video: Keiser Report № 42 – Markets! Finance! Scandal!

This time Max Keiser and co-host Stacy Herbert look at the scandals of perfect trading days; PIIGS flying only to fall to earth five minutes later when markets realize the Euro-Tarp financiers are themselves bankrupt debt pigs; and Max Keiser explains high frequency terrorism in the Manchurian candidate markets. In the second half of the show, Max interviews post-neoclassical economic philosopher Damon Vrabel about the European bailout, the financial empire and the IMF, and how the right kind of republic can provide some solutions.

Economy

(InfoClearingHouse) – Finance 101: Blame the Poor (While Taking Their Money) – Read More Here

Video: Daniel Cohn-Bendit (english subtitles) about Greece’s financial woes

Euro deputy Daniel Cohn-Bendit (Greens/EFA) challenges the European Commission and Parliament about their stance on financial support for Greece. Read More Here

(BusinessInsider) – Why The UK Is The Next European Country To Experience A Massive Debt Crisis – Read More Here

(Bloomberg) – Video: Jim Rogers – Gold has HUGE potential! – Video Link Here

(DrHousingBubble) – Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in the foreclosure process – Read More Here

(FinancialTimes) – Portugal to unveil ‘crisis tax’ to cut deficit

José Sócrates, Portugal’s prime minister, will announce tough new austerity measures on Thursday, including a “crisis tax” on companies and wages, to accelerate cuts in the country’s gaping budget deficit. Read More Here

(PaulWatson) – CEO Predicts Market Armageddon: Dow To 5,000

Cornerstone Wealth Management CEO David Hefty agrees with a growing number of other financial experts that a real estate collapse in China before the end of the year will send shockwaves through the global economy, leading to a stock market collapse which will send the Dow into free fall below the 5,000 level. Read More Here

(RussiaToday) – Video: Gerald Celente – “we are going to see more and more violence” Greek Crisis

Amid a financial bailout in Europe, it is the banks that are doing the robbing, says trend forecaster Gerald Celente. He believes the ensuing protests are well-deserved and will not stop. Video Link Here

(PeterSantilli) – You Are Being Lied To By The Entire Financial System

Almost every US Corporation will do and say anything to keep us spending money, regardless of what they know about the fragility of our entire financial system. Bankster’s are now using world governments as patsies to commit the largest heist in world history. Stealing a trillion dollars from US citizens proved to be too difficult, as they had to receive congressional approval to bail themselves out. They’re recent scam involves using central banks to bypass democracy & funnel money to offshore entities without oversight. Read More Here

(BusinessInsider) – Video: Raw Footage Of Violent Bailout Protests In Ireland

It’s not just Greece. Via The Daily Bail, here’s what the Irish street looks like, as protesters attempt to storm parliament in protest of bank bailouts. Video Link Here

(InternationalForecaster) – Europe and America Morally and Financially Bankrupt – Bob Chapman

Greece has its immediate financing. Now the question is can they follow the prescription? In all likelihood the answer is no. the bond markets are reflecting that via a lack of confidence. In fact, some bond markets are falling apart and there is no end in sight. We have bond rating firms lowering ratings, as the rating services themselves are under serious fire and we do not believe they will be around long. The big question is why did it take two years and 10 months to react? Read More Here

(ZeroHedge) – First Gold, Now Europe Running Out Of Silver – Tyler Durden

Earlier we noted that the Austrian mint was on its way to depleting its gold reserves following “panicked buying” from Europeans, who now openly fear the demise of their currency. Now, courtesy of Slim Beleggen, we understand that the situation in the silver market is just as bad and has also spilled over to Germany: the contagion is no longer one of sovereign debt, but of precious metal physical inventory. Read More Here

(PaulWatson) – Gold Could Explode To $3,000 As Confidence In Currencies Collapses

Financial analyst David Rosenberg says gold could explode to $3,000 an ounce as European investors dump the ailing euro in exchange for the precious metal while JP Morgan states that bullion could face unlimited demand as panic buying ensues on the back of crumbling confidence in fiat currencies. Read More Here

(FoxBusiness) – Video: Peter Schiff – Buy Gold – Video Link Here

(RussiaToday) – Video: Gerald Celente – Banks robbing the people – Video Link Here

(Bloomberg) – Video: Is Portugal the next Greece? – Video Link Here

(WashingtonsBlog) – California Is More Likely to Default than Iceland or Iraq

The Federal Reserve isn’t the only one who owns credit default swaps betting that California will default.

As Ed Harrison points out, credit default traders have now ranked California in the list of top 10 governments most likely to default, with a 20% default probability: Read More Here

(WSJ) – Gulf Oil Spill Is Spoiling Tourism

A survey conducted by the Knowland Group May 3 and 4 of 50 hotel properties along the Gulf Coast found that 35% of respondents say the oil spill has prompted potential guests to cancel their reservations. Read More Here

(BusinessInsider) – The U.S. Government Is About To Get Hit With ‘The Perfect Storm’ Of Debt – Read More Here

(Examiner) – Economist Tim Madden: The PIIGS Brief: understanding how oligarchs rig, loot our economies. 3 of 4

Tim Madden is an economist with expertise on credit and banking. Tim and I are colleagues in lobbying government for public banking, with concentration in the US for state-owned banks (and here). The good news is that structural solutions to our economic controlled demolition are obvious and simple; and explained beautifully by many of America’s brightest historical minds. The bad news is that we’re still mired in oligarchic looting of our economies. Read More Here

(IceNews) – Yet another day of Iceland banking arrests

Ingolfur Helgason, the former Director of Kaupthing Iceland, and Steingrimur Karason, former CEO of the bank’s risk management department, were both arrested today upon arriving back in Iceland. They went straight to interrogation with the Special Prosecutor and are being held in police cells. Read More Here

Lots Of Layoffs As The Depression Worsens

Ciena Corporation – 140 International Jobs
Jordan School District Utah – 190
Apria Healthcare – 29
City of Garfield NJ – Considering 20 Job Cuts
The city of Lewiston Maine – 22 Positions
Takeda Pharmaceutical Chicago – 500
Diageo Plc, – Job Cuts Coming Soon
Auburn University AL – 12 Custodian Workers
Update: Charlotte-Mecklenburg Schools – 500 Layoff Notices
Long Beach School District – 243
Oceanside Unified School District – Finalize 61 Layoffs
The Mt. Diablo school CA – 200
Peterborough Regional Health ( International ) – 20 Management
Ranch Market – 200
NY Health and Hospitals Corporation – 500
Viz Media – 60
Los Angeles CA – 1,700 Layoffs Needed to Close Budget Gap
Milford Hospital Connecticut – Layoffs are planned
AM General Mishawaka plant – 50
The City of Xenia Ohio – 9
Chevron Corporation – 925
Barnegat Township Schools NJ – 25 More
General Dynamics/NASSCO – 900 San Diego Layoffs Possible
Madison Heights MI – up to 48 Possible
Rocklin Unified School District CA – 50
The El Segundo schools CA – 20

(FoxBusiness) – Video: Ron Paul – Stop the Bailout of Foreign Banks! – Continue reading

Economy

(SkyNews) – Bid To Storm Irish Parliament Foiled

Protesters have clashed with police as they tried to break through the gates of the Irish parliament during a march against bank bailouts. Read More Here

(AmericanThinker) – The Failure of the Unfree Market

What we have here is the failure of the unfree market. That means the failure of Greece. And the other PIGS (Portugal, Italy, Greece, Spain). And Europe. And it means the U.S., too. It even includes the Great Recession. The modern welfare state is collapsing around us. Read More Here

(SteveWatson) – New UK Government To Be Infested With Bankers

One in ten new MPs has background in international banking Read More Here

(SteveWatson) – UK Economy May Be Allowed To Crash And Burn Like US Banking Giant

Analysts, Economists: Britain May Become Lehman To Greece’s Bear Stearns Read More Here

(Reuters) – Food-stamp tally nears 40 million, sets record – Read More Here

(FoxNews) – World Health Organization Moving Ahead on Billions in Internet and Other Taxes

The World Health Organization is moving full speed ahead with a controversial plan to impose billions of dollars in global consumer taxes on such things as Internet activity and everyday financial transactions like paying bills online — while its spending soars and its own financial house is in disarray. Read More Here

(GlobalResearch) – “Drop Dead Economics”: The Financial Crisis in Greece and the European Union – Michael Hudson

Riddle: How are the Greek rioters like America’s Tea Party movement?

Answer: Both reject government being taken over by the financial oligarchy to shift the tax burden onto labor. Read More Here

(USNews) – U.S. Cancer Costs Double in Two Decades

Study also finds that private insurance pays greater share today Read More Here

(PaulWatson) – Tea Party Clueless About U.S. Tax Dollars Funding Bailout Heist

Silence from anti-tax movement on bailouts is deafening – and dangerous Read More Here

(WashingtonsBlog) – The European Bailout: Not a Very Promising Start

Many people have written insightful criticisms of the European bailout. For example, Tyler Durden, Joe Weisenthal and Gregory White point out that the French banks are the real winners of the bailout (but don’t forget JP Morgan).

Ron Paul points out that the Fed opening its swap lines to Europe violated its promise to Congress not to do so. Paul also says the bailout will help lead to the destruction of all fiat paper currencies, ensuring that “gold will rule the roost”. Read More Here

(House.gov) – The Fed Is Using Its Cronies And Lobbyists To Stop Us From Auditing It – Ron Paul

It doesn’t come as too much of a surprise that the measure to audit the Federal Reserve is coming under continuous fire from the central bank and its cronies. For the first time since the Federal Reserve was created nearly a century ago, they have hired an actual lobbyist to pound the pavement on Capitol Hill. This is a desperate effort to hang on to the privilege of secrecy and lack of accountability they have enjoyed for so long. Last week showed they are getting their money’s worth in the Senate. Read More Here

(WSJ) – Did a Big Bet Help Trigger ‘Black Swan’ Stock Swoon?

Shortly after 2:15 p.m. Eastern time last Thursday, hedge fund Universa Investments LP placed a big bet in the Chicago options trading pits that stocks would continue their sharp declines.

On any other day, this $7.5 million trade for 50,000 options contracts might have briefly hurt stock prices, though not caused much of a ripple. But coming on a day when all varieties of financial markets were deeply unsettled, the trade may have played a key role in the stock-market collapse just 20 minutes later. Read More Here

(Reuters) – Gold rises above $1,220 on euro zone debt fears

Gold hit five-month highs on Tuesday, rising to within $5 of its December record peak as risk aversion returned on doubts over smaller euro zone countries’ ability to cut their deficits despite a $1 trillion aid package. Read More Here

(BusinessInsider) – Gold Is On Fire, As Market Sneers At Euro Bailout

Along with the overall market malaise, the other big warning sign right now is the gold surge. The metal is now nearly $1220/oz. As Stacy Herbert puts it: The gold vigilantes are in a shootout with the ECB and the Fed. Read More Here

(GoldTrends) – Brother Can You Spare a Trillion?

In a nutshell they will buy bonds and will intervene in markets and “do what they have to” in order to avoid a meltdown. This is akin to the USA bailout of 1 Trillion dollars. This will only buy time, but it is all that can be done right now. For the moment the term being touted this Monday morning is “putting a floor on risk assets”. This time they mean stocks and bonds and not commodities. Read More Here

(Goldseek) – Where’s my Government Check

Reading the financial press, I recently noticed that of the 139 million workers in the Bureau of Labor Statistics household survey of workers, 47 percent don’t make enough to file and pay federal taxes beyond any collected social security tax. This means that out of a population of 310 million Americans, only 74 million (about 24 percent) pay federal taxes on April 15th. Read More Here

(ZeroHedge) – European Banks Now Feverishly Betting Against Euro, As Bailout Fails, Gold Surges – Tyler Durden

Thought experiment: You are the head FX trader at French megabank Croc Monsieur & Cie. (HFT: CMC) For the past 5 years, your bonus has been getting paid primarily in company stock. In the last two weeks you have seen the stock of your firm plunge as the markets have finally realized that those idiots in the Fixed Income desk have loaded up to the gills with PIIGS debt which is now worth 60 cents on the dollar at best. And to top things off, the euro has plunged to multi year lows killing any chance of buying that New York Pied A Terre which seemed so cheap when the EURUSD was 1.50 a few months ago. So what do you do? Well, you short the living daylights out of the EUR, knowing full well that the EU, the IMF and the ECB will not let Europe crash. You sell, you sell on margin and then you sell some more, trying to get EURUSD all they way down to 1.20, to 1.10, even to parity if possible, to make it all that more believable that the end of Europe is coming. Read More Here

If Marijuana Production Were Legal: Projected Tax Revenues, by State

Love it or hate it, people smoke marijuana – lots of it. In some states marijuana consumption and possession have been decriminalized, and even legalized for medicinal purposes. But, have you ever wondered how large the economics of Marijuana were? Us too. As a result ,have decided to put together this graphic, which illustrates the popularity of marijuana consumption, the federal tax dollars spent to keep marijuana illegal, and the possible tax revenues that could be generated if marijuana production were legalized and taxed like any other agricultural product. Read More Here

(RussiaToday) – Video: Alex Jones on Greece: It’s Robbery, Not Bailout!

Greece has kick-started talks on implementing its new economic austerity measures despite warnings of new union rallies. The plans will see pensions slashed and the retirement age increased. The measures were a pre-requisite for an international loan to pluck the country from the brink of bankruptcy. But investigative journalist Alex Jones says the bailout is a crime and will only hit tax payers even harder in the pocket.

(Infowars) – Video: Webster Tarpley Predicts End of The EURO on Alex Jones Tv

Part 1 of 2

Continue reading

Economist Tim Madden: The PIIGS Brief: understanding how oligarchs rig, loot our economies

(Examiner) – Tim Madden is an economist with expertise on credit and banking. Tim and I are colleagues in lobbying government for public banking, with concentration in the US for state-owned banks (and here). The good news is that structural solutions to our economic controlled demolition are obvious and simple; and explained beautifully by many of America’s brightest historical minds. The bad news is that we’re still mired in oligarchic looting of our economies. Continue reading

Economy

(Bloomberg) – US Households Lost $100,000 From Crisis, Study Says

The financial crisis and recession cost US households an average of about $100,000 in lost wealth and income, according to a study by former Treasury Department economist Phillip Swagel. Read More Here

(InternationalForecaster) – Global Financial Conflagration: The World of Fiat Money is Buckling under the Pressure of Unpayable Debts – Bob Chapman

America and the world face a financial conflagration of immense proportions. The world of fiat money and massive credit is buckling under the pressure of unpayable debt. Each day the safe haven of gold and silver related assets become more attractive. We ask where else do you go for safety? A conflagration is a fire out of control and that is exactly the conditions the world faces today. The inflationary depression has smoldered for 14 months and it will soon accelerate. Read More Here

(IPSNews) – U.S. States Consider Starting Their Own Banks

At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies. Read More Here

(WashingtonsBlog) – Should a Stock Market Decline Stop the Goldman Prosecutions?

As of 2007, the bottom 50% of the U.S. population owned only one-half of one percent of all stocks, bonds and mutual funds in the U.S. On the other hand, the top 1% owned owned 50.9%.

From the San Francisco Chronicle: Read More Here

(TimesOnline) – Merkel misled Germans

She was initially hailed as the “Iron Chancellor” for holding out against a bailout for the Greeks. But this weekend Angela Merkel was accused of having misled voters after it emerged that Germany would contribute more than €25 billion (£21.7 billion) towards a rescue package. Read More Here

(Uruknet) – Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud – Read More Here

(Telegraph) – Pakistan facing bankruptcy

Pakistan’s foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy. Read More Here

(BitsOfNews) – Pol/Econ: The 401k Scam

“The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public.” – William Wollman, The Great 401(k) Hoax
Like most people I was told to plow as much money into my 401k pension plan as possible. So like millions of other workers out there, I did as I was told. By 2003 I had accumulated a nice little nest egg…that I couldn’t touch. Then one day I was in a bookstore and I happened across a book called The Coming Generational Storm. What I read about 401k’s that day made me immediately stop all contributions. Read More Here

(Bloomberg) – Carnivores’ Dilemma Widens as Pork Signals Record Meat Prices

U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. Read More Here

(CatoInstitute) – Video: Advice to Tea Partiers

The Tea Party movement may endure, but its endurance will be a testament to its ability to understand that cutting government means having a long-term focus. John Samples, author of The Struggle to Limit Government and Director of the Cato Institute’s Center for Representative Government, offers an assessment of what Tea Partiers should do if they want to sustain an effort to cut government. Continue reading

Economy

(Cato@Liberty) – Costly IRS Mandate Slipped into Health Bill

A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare. Read More Here

(DailyMail) – Greek police and protesters clash as fury over economic chaos spills on to streets – Read More Here

(NYTimesBlog) – Where All That Money Went

“We’ve lost almost $11 trillion of household wealth in the last 17 or 18 months,” lamented Senator Christopher J. Dodd, the Connecticut Democrat, on last Sunday’s “Meet the Press,” as he urged Congress to proceed with speedy deliberations on a finance reform bill.
Eleven trillion dollars! That’s over three-quarters of our current gross domestic product. Read More Here

(BusinessInsider) – Here’s Why US GDP Growth Is Unsustainable

The US turned in a fairly robust quarter in Q1 2010, with real GDP growth meeting expectations at 3.2% annualized. This comes on the back of a very robust annualized 5.6% growth in the previous quarter. This is the best growth two-quarter growth we have seen since 2003.

However, when one digs deeper, it is obvious this growth is unsustainable because it is predicated on a reduction in savings rates and a releveraging of the household sector. As a result, I expect weak GDP growth in the second half of 2010. Read More Here

(HuffingtonPost) – Goldman Sachs Reveals it Shorted Gulf of Mexico (SATIRE)

In what is looming as another public relations predicament for Goldman Sachs, the banking giant admitted today that it made “a substantial financial bet against the Gulf of Mexico” one day before the sinking of an oil rig in that body of water. Read More Here

(HoweStreet) – The Welfare State Meets Mathematics

The simple matter is that many nations have been living beyond their means and investors are beginning to doubt governments are good credit risks. That’s saying something, when governments can simply confiscate from the public the money needed to pay bond holders. But debt-to-GDP levels are now so high across the Western world that bond investors (and ratings agencies) are having serious doubts. Read More Here

(ZeroHedge) – With $2 Trillion In 3 Year Funding Needs By the PIIGS, The IMF Is Helpless To Do Anything But Sit Back And Watch

Total PIIGS funding needs (defined as the sum of debt maturities and budget deficits) over the next 3 years amount to $2 trillion. Total PIIGS funding needs in 2010 alone amount to $600 billion. Total IMF bail out capacity: around $700 billion. Sorry – it simply does not compute.

Below is a table summarizing the funding needs of just the PIIGS. Read More Here

(WashingtonsBlog) – If We Broke Up Standard Oil, We Can Break Up the Giant Banks – Read More Here

(BizJournals) – Honolulu foreclosures soar 123% in Q1 – Read More Here

(CNBC) – Spain Jobless Rate Surpasses 20%

Spain’s jobless rate has surpassed 20 percent for the first time since 1997, the government said Friday as it offered more dismal news for a recession-plagued economy that is being dragged into Europe’s debt crisis. Read More Here

(BizJournals) – Florida has highest private student loan delinquency rate – Read More Here

(MercuryNews) – San Jose council cuts its own pay 10 percent

The city is trying to close a record $116 million operating deficit for the upcoming budget year and hundreds of layoffs are anticipated. Read More Here

(BizJournals) – Report: Tech industry dumps 246,000 jobs in 2009

The job losses likely will be much higher in the 2011 report (which will have 2009 state stats) reflecting the full weight of the recession. Read More Here

(knightNews) – UCF Tuition and Fees Could Soar 23% Combined Under Legislative Deal

State lawmakers gave the greenlight for the University of Central Florida and other state schools to hike fees by 15 percent and raise tuition by another 8 percent — while at the same time slashing funding for the Bright Futures scholarship program. Read More Here

(BizJournals) – Report: Alabama manufacturing jobs down 7% in last year – Read More Here

(AP) – Mortgage fraud incidents rise 7 pct last year

Incidents of residential mortgage fraud increased last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. Read More Here

(YouTubeVlog) – Video: Peter Schiff – How an Economy Grows & Why it Crashes Continue reading

What Do Rising Sovereign Credit Default Swaps Mean?

(WashingtonsBlog) – Rolfe Winkler argues that – in the short-run – the PIIGS countries (Portugal, Ireland, Italy, Greece and Spain) will slash their budgets and get bailed out by the EU. Continue reading