Source – zerohedge.com – As noted, the Fed sees no risks of bubble trouble because they are looking at it all from the 2008 perspective. That is completely wrong-headed; if there is a “next one” it will have nothing to do with subprime mortgages, or even mortgages and real estate. By March 2007, the conventional…
Source – davidstockmanscontracorner.com – “When the subprime mortgage market began to slouch towards its monumental melt-down in March 2007, outstandings totaled just $1.3 trillion. But just in this precinct of the US high yield market there is now upwards of $3 trillion of financial time-bombs ready to blow. The fact is, the world’s financial system is saturated with…
Source – zerohedge.com – “You have a record number of 50% or excuse me 25% of people who are renting now devote half their income to pay their housing costs. That’s never happened before. You have hardly anything left over for food or other expenditures that you have”: – Ali and Frazier, Laurel and Hardy,…
Source – davidstockmanscontracorner.com – Uber-Richskis (rich Russians) is the new byword for opulent dwellers in some of the most exclusive neighborhoods here. A continent away in Vancouver, the number “8” — a symbol of good fortune in China — adorns windows of real-estate brokers. More than 3,000 miles to the south of that Canadian city,…
Source – businessinsider.com – Stocks have catapulted through the recovery. Among the things that have driven the expansion, a key factor has been the role of the Federal Reserve. In market commentary Wednesday, Blackstone’s Byron Wien pegs a number on this: $3 trillion. Even though we’ve seen company earnings more than double between 2009 and…
Source – stuartjeannebramhall.com – ” Marx defined primitive accumulation as the process by which precapitalist modes of production, such as feudalism and chattel slavery, are transformed into the capitalist mode of production. Using the term somewhat differently, Perelman describes it as the brutal process by which government denies peasants the means of subsistence to force…
Source – theunhivedmind.com – We suppose the only remaining question is: how quickly will UBS set about rigging Bitcoin just as they have every other currency on the face of the planet?: Switzerland To Open Bitcoin Bank As Crypto “Fort Knox” Relocates To Zurich With every DM central bank hell-bent on ensuring that the currencies…
Source – telegraph.co.uk – The world authorities have run out of ammunition as rates remain stuck at zero. They have no margin for error as economy falters The world economy is disturbingly close to stall speed. The United Nations has cut its global growth forecast for this year to 2.8pc, the latest of the multinational…
Source – phoenixcapitalmarketing.com – The global Central Banks, driven by their Keynesian lunacy, have induced the single largest misallocation of capital in history. Nowhere is this clearer than in the bond market today. Do the following sound normal? 1) Globally 45% of all Government bonds yield less than 1%. 2) Over…
Source – boingboing.net – Hedge funds buy swathes of foreclosed subprimes, force up rents, float rent-bonds: When a giant hedge fund is bidding on all the foreclosed houses in a poor neighborhood, living humans don’t stand a chance — but that’s OK, because rapacious investors make great landlords. Wall Street investors have bought more than…
Source – zerohedge.com – It appears the frauds, falsehoods, and f##king fallacies are all being exposed at the same time. While we have noted three companies that have collapsed in the last week – destroying their billionaire owners’ wealth in the process – it appears the Chinese capital destruction virus has spread to Germany. Joyou…
Source – consortiumnews.com – Exclusive: Victoria Nuland and Robert Kagan have a great mom-and-pop business going. From the State Department, she generates wars and – from op-ed pages – he demands Congress buy more weapons. There’s a pay-off, too, as grateful military contractors kick in money to think tanks where other Kagans work, writes Robert Parry – Neoconservative…
Source – .zerohedge.com – While admitting that reaching agreement between the two countries will be difficult to achieve, George Soros – speaking at The World Bank’s Bretton Woods conference this week – warned that unless the U.S. makes ‘major concessions’ and allows China’s currency to join the IMF’s basket of currencies, “there is a real…
Source – blog.milesfranklin.com – That didn’t take long did it? I of course am speaking of the second overnight and global meltdown of the credit markets …in the last four business days! Before getting into this topic which I believe will soon be seen in retrospect and by historians far into the future as “THE”…
Source – sovereignman.com, By Simon Black – Remember all that talk about “taper” last year? After years of conjuring trillions of dollars out of thin air and rapidly expanding its balance sheet, the Federal Reserve promised to end its unprecedented ‘Quantitative Easing’ (QE) programs. In total the Fed’s balance sheet exploded from $800 billion to $4.5…
Source – rebootingcapitalism.com – “The purchasing power of the US dollar from 1800-1913. Guess what? It was a lot higher and relatively stable. See here and here. It didn’t start it’s steady decline until 1913 (the year the Fed was created) and really accelerated after 1971 (the closing of the gold window)” The ongoing destruction…
Source – valuewalk.com – HSBC Holdings plc (ADR) (NYSE:HSBC) (LON:HSBA)’s respected Chief Economist Stephen King, sporting spiky hair that would land him in jail or worse in Iran, penned a much discussed economic report that reads like a horror novel but points to important analysis that is hard to ignore. Stephen King: Economy is like Titanic…
Source – awakenedwire.com – Many commentators have noted that mainstream economists are calling to do away with cash entirely. It would be easy to scoff at these proposals as completely insane if the Fed hadn’t published a paper back in 1999 suggesting the implementation of a “carry tax” or taxing actual physical cash using an…
Source – blog.milesfranklin.com – All hell broke out in the credit markets during the overnight hours last Thursday morning, I’ll bet you didn’t even notice it. Before getting into the meat of this piece, it is important to understand “what’s important”. The press constantly harps on the “Dow Jones this or the S+P that”. People…
Source – businessinsider.com – HSBC chief economist Stephen King is already thinking about the next recession. In a note to clients Wednesday, he warns: “The world economy is like an ocean liner without lifeboats. If another recession hits, it could be a truly titanic struggle for policymakers.” Here’s King (emphasis added): Whereas previous recoveries have…
Source – usahitman.com – Perhaps few people know that Pietro Beretta arms factory Ltd. (the largest arms industry in the world) and is controlled by the Holding SpA Beretta and the majority shareholder of the Beretta Holding SpA after Gussalli Ugo Beretta, is the IOR (Institute for Works of Religion [commonly known as the Vatican…
Source – blacklistednews.com – When Monday’s Eurogroup meeting concluded without an agreement between Greece and its creditors, it should have been game over for Athens. With pensioners at their breaking point and with local governments reluctant to comply with a decree mandating a sweep of excess cash reserves, the idea that Greece would somehow be…
Source – silverdoctors.com – The account balance on your bank account is known as a demand deposit. Under our Fractional Reserve Banking (FRB) system, your deposits are used by the banks to leverage lending. What most people think of as their account balance is actually something very different. Many people mistakenly believe that their account balance shows how much…
Source – beforeitsnews.com – Attorney Karen Hudes, Acting General Counsel for the International Bank for Reconstruction and Development, exposes the corrupt financial system that the global elite are using to control the wealth of the world. This is a timely broadcast as we see the world’s financial system teetering on the brink of insolvency. You…
Source – rt.com – There is in-fighting among the Cabalist bankers and politicians nowadays. Looks like they’re in each others’ throat right now and they could not contain it anymore. No less than the European Commission president is accusing London and Wall Street money magicians of plotting to overthrow the EUrozone for their own benefit.…
Source – wsws.org – Kenneth Griffin, founder and CEO of Chicago-based Citadel, makes his debut atop the latest installation of The Rich List, Institutional Investor’s Alpha’s 14th annual ranking of the world’s top-earning hedge fund managers. But while average earnings for top hedge-fund managers were down to just $467 million from last year’s $846 million,…
Source – zerohedge.com – Today, we have bad news and good news. The good news is that there will be no 25-year recession. Nor will there be a depression that will last the rest of our lifetimes. The bad news: It will be much worse than that. On Monday, the Dow rose another 43 points.…
Source – theeconomiccollapseblog.com, By Michael Snyder – Warren Buffett believes “that bonds are very overvalued“, and a recent survey of fund managers found that 80 percent of them are convinced that bonds have become “badly overvalued“. The most famous bond expert on the planet, Bill Gross, recently confessed that he has a sense that the…
Source – corporateeurope.org – According to a leaked European Commission proposal in the ongoing EU-US Transatlantic Trade and Investment Partnership (TTIP) negotiations, EU member state legislative initiatives will have to be vetted for potential impacts on private business interests. The proposal forms part of a wider plan for so-called “regulatory cooperation”. Civil society groups have…
Source – nationofchange.org – With two historic global trade deals almost complete, here’s how Bolivian protesters and global activists exposed the dark side of global trade pacts and paved the way for the battles to come. It’s time we end the corporate power play against our basic democracy. – There’s an international awakening afoot about…
Source – charleshughsmith.blogspot.ca – All those angered by the mere question of the viability of this predatory pillaging in the name of capitalism are incapable of even admitting this cultural crisis exists. Somewhere along the line, we lost the ability to distinguish between earning a profit and maximizing private gain by any means, i.e. Infinite…
Source – theguardian.com – Crisis? What crisis? The 1,000 wealthiest people in the UK are now worth £547bn, not counting what’s in their bank accounts, according to the latest Sunday Times Rich List – The collective wealth of Britain’s richest people has more than doubled in the last 10 years, according to the Sunday Times…
Source – zerohedge.com – Now that the confusion and the initial smoke following the stunning CFTC/DOJ/FBI allegation that the entire Flash Crash was the result of just one high latency UK trader’s actions has cleared, several critical things have emerged. First: Nav Sarao not a typical massively funded, connected and lobby-protected High Frequency Trader, such…
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