A Warning From 1995 About the Repeal of Glass-Steagall

by Jesse via theburningplatform

Here is a reprint of a warning that was published in the NY Times in 1995 about Robert Rubin’s and Alan Greenspan’s misguided attempts to overturn Glass-Steagall.

Any reasonably informed student of economic history ought to have understood this argument.

There was a well-funded, decade long campaign led by the Banks to overturn Glass-Steagall.  A lot of propaganda was written, and lot of political connections were made, and a lot of money was spent.

Too [...]

Why the Fed Must Taper – The Fed is being forced to end its bond-buying, cutting off the “free money for financiers” that has sustained a frothy stock market.

by Charles Hugh-Smith

The Fed is being forced to end its bond-buying, cutting off the “free money for financiers” that has sustained a frothy stock market.

While the Federal Reserve presents itself as free to do whatever it pleases whenever it pleases, the reality is the Fed’s own policies are constraining its choices. Take the taper of U.S. Treasury bond purchases–the heart of quantitative easing (a.k.a. QE or more accurately free money for financiers).

You [...]

Jackson Hole: Myth of the All Powerful Central Banker Continues

by GoldCore

Today’s AM fix was USD 1,281.00, EUR 965.12 and GBP 772.29 ounce.
Yesterday’s AM fix was was 1,280.50, EUR 965.03 and GBP 772.32 per ounce.

Gold fell $13.80 or 1.07% to $1,277.30 and silver slipped $0.03 or 0.15% to $19.47 per ounce.

Gold in U.S. Dollars – 2 Years (Thomson Reuters)

Gold  is flat in trade in London and gold in Singapore also flatlined around the $1,280/oz level. Gold came under pressure yesterday when a [...]

Weekly News Wrap-Up: ISIS Imminent Threat, Militarized Police in Ferguson MO, Ukraine Crisis Update and More

ISIS update, militarized police – plus the West is still inching towards war with Russia. The building of a new natural gas pipeline through Bulgaria has been stopped for the second time this week. Nearly 200 troops and a dozen NATO F-15 fighter jets are also going to Bulgaria for more war games. Meanwhile, Germany’s Leader, Angela Merkel, is saying that NATO will defend the Baltic States, if needed.

Well, it [...]

Food prices are up and computer prices are down, so no inflation?

Spain’s and the EU recovery dissipates into ashes. Food prices are up and computer prices are down, no inflation? Housing permits surge in July and Home Depot reports improved earnings, housing recovery on track or is it? FAA restriction are extended to Aug 25, meanwhile the protesters and the police continue to clash. More residents are reporting masked men pushing the agenda of rioting, looting etc. Syrian opposition pushing the [...]

Get Ready! Paid Mercenaries Being Deployed to Ferguson!

Asymmetric Solutions is a Division of Applied Defense Technologies. The St. Louis-based company is staffed by combat experienced SpecOps vets, including: Army Green Berets, Army Delta, Navy SEALs, SEAL 6, and Agency SOF. The company offers a real-world training environment with exceptional instructors on self defense from criminal violence.

On Tuesday Assymetric Solutions tweeted out that they were being deployed to Ferguson, Missouri.

We’ve been to Baghdad, Kabul, KL, Manilla, Peshwar, Bogata. [...]

DEPRESSION! 50% of Americans Now Receive Federal Benefits!

The 35.4 Percent: 109,631,000 on Welfare
109,631,000 people taking welfare, or the 150,026,000 getting some type of federal benefit other than veterans’ benefits?
Fed debates merits of earlier rate hike given U.S. jobs gains
1.2 million census workers that were hired for 2010.
Professor Joseph Stiglitz said austerity policies had been a “disastrous failure” and are directly responsible for the failed recovery over the first half of this year, with Italy falling into a [...]

New Bill In Congress Would Ban Private Citizens From Owning Body Armor

By Michael Snyder

A new law that has been introduced in the U.S. House of Representatives “would prohibit the sale, transfer or possession of military-level body armor by civilians”.  In other words, private citizens all over the entire nation would be permanently banned from owning body armor if this bill gets passed and signed into law. The bill that I am talking about is H.R. 5344 (The Responsible Body [...]

El-Erian: Fed is sacrificing financial stability

Kelly Evans, CNBC, Released on 8/20/14

“A lot of these merger and acquisitions are not being done for offensive reasons. They’re being done for defenses, to squash competition, to facilitate inversions,” he said.

There is a strong argument being made that the Fed is trying to pursue too many objectives, he said. It’s an argument El-Erian agrees with. “What it is sacrificing is financial stability. The Fed [...]

Apple releases software updates to older devices in order to slow them down and persuade them into buying their newer models?!?!

Many theorize that Apple releases software updates to older devices in order to slow them down and persuade them into buying their newer models. This chart shows when people Google about their slower iPhones, coincidentally matching with the iOS release dates. They have refused to comment on this.


Its called planned obsolescence.. and Its not a theory…apple 100% does this


It’s common knowledge [...]

Student Loan Bubble: The Next Economic Implosion?

Student loan debt has risen more than five-fold since 2003. This Mt. Everest of debt is promoted and backed by the government — just like sub-prime mortgages prior to the 2007-2009 financial crisis. Will the student loan bubble be the next economic disaster?

Hemorrhagic Gastroenteritis Outbreak Kills 70 in Congo. Isolation Procedures Put In. 75,000 Quarantined for Ebola in Liberia

BREAKING: Outbreak of hemorrhagic illness kills at least 70 in northern DR Congo, but is not EbolaAt least 70 dead, 522 sickened by outbreak of hemorrhagic gastroenteritis in DR Congo

Reuters: At least 70 dead, 522 sickened by outbreak of hemorrhagic gastroenteritis in DR Congo

— Michael van Poppel (@mpoppel) August 21, 2014

BREAKING: Outbreak of hemorrhagic illness kills at least 70 in northern DR Congo, but is not Ebola – Reuters — [...]

ANALYSIS: The beheading of James Foley is a fake. The beheading of African bank accounts isn’t.


How the Foley beheading gore has been overstated, and the Africa Bank haircut has been understated

If you’ve been trying to view the ‘beheading’ of James Foley over the last two days, then I’d imagine you’ve found it well-nigh impossible. It seems that in Britain, if you watch it you may be committing an offence under the Terrorism Act. I don’t live in Britain any more, so [...]


by James Quinn

I’ve told myself to not even look at the highly manipulated statistical drivel put out by the government, corrupt organizations, and regurgitated and spun in a positive manner by the captured corporate media. Just when I thought I was out, they pull me back in.


I see Marketwatch with this blaring headline:


Existing-home sales rise 2.4% in July


They are breathlessly describing how this was better than expected, as if it [...]

The US dollar’s share of global FX reserves is falling… ‘At the end of 2013, central bank gold holdings represented about one-fifth of all the gold ever mind’ – Jeff Clark

the US dollar's share of global FX reserves is falling… $DXY pic.twitter.com/0EBL1GuC7i

— $hane Obata (@sobata416) August 21, 2014

at the end of 2013, central bank #gold holdings represented about one-fifth of all the gold ever mind – Jeff Clark pic.twitter.com/jQNFDvBlK1

— $hane Obata (@sobata416) August 21, 2014

Money Manager’s Warning: “The Bull Move Has Lasted So Long Nobody Can See Its End”

Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter

Here’s when US equity and bond markets will change direction,” Cali Money Man grumbled a few days ago. He is a wealth manager and has been on the job at brokerage firms and large banks through three phenomenal crashes. Unlike others, he hasn’t forgotten the craziness that led up to them.

“When investors come to fear the next Fed-talk, that’s when markets will change [...]

INTEREST RATE RISES: stand by for the traffic accident



Overpriced stock markets have finally met Zirp interest levels. The Slog analyses why this is the unstoppable force colliding with the immovable object.

Well, this was always going to happen. Even in a world where the fundamentals have been manipulated or ignored, one tiny élite cannot block the needs of others forever.

We now have a global capital pot so acutely aware [...]

Mafia Boss Says Stocks A Bubble, Buy Physical Gold and Silver

by GoldCore

Today’s AM fix was USD 1,280.50, EUR 965.03 and GBP 772.32 per ounce.
Yesterday’s AM fix was USD 1,294.50, EUR 973.75 and GBP 777.76 per ounce.

Gold and silver were mixed yesterday – gold fell $4.80 to $1,291.10 and silver rose 1 cent to $19.50 per ounce.

Gold in U.S. Dollars – 2 Years (Thomson Reuters)

Gold traded marginally higher in trade in London after gold in Singapore fell to as low as [...]

Big Banks “Bought” Congress … So Credit Derivatives Are Bigger than Ever

 by WashingtonsBlog

The Causes of the 2008 Crisis Have Never Been Addressed

We’ve noted for years that Washington never reined in the risky derivatives which helped cause the 2008 crash … and so the big banks hold more derivatives than ever.

We’ve also noted that the financial services industry has bought and sold Congress.

Indeed, Washington never fixed the causes of the 2008 financial crisis.

Yesterday, Janet Tavakoli gave a good overview of the problem to CBC:

We threw money at the banks, and it [...]

This Is Worse Than 2008: Auto Repos Have Soared by 70%. Caterpillar Has Been Declining For 20 Months In A Row

Argentina is not going to pay the creditors. Auto repos have soared to 70%. Caterpillar has been declining for 20 months in a row.This is worse than 2008. China getting ready to launch their global gold hub this September. An EU think tank is telling the Euro zone to prepare for mass rioting and protests. Low flying black helicopters flying over rooftops in St. Paul. Syria is warning the US [...]

Bear Market Looming? Stock Buybacks Are Falling, Car buyers Struggle with Loans, The Trend for Part-Time Work Sweeping The World

Stock buybacks are falling — here’s why it matters 

Insight: U.S. corporations have been borrowing like billy-o, but now they’ve stopped, says Brett Arends

Everyone knows the stock market has skyrocketed in the past few years, but far too few understand why.

No, it hasn’t been magic. It hasn’t been levitation. It hasn’t been the natural state of affairs.

It’s been supply and demand.

U.S. corporations have been spending hundreds of billions of dollars a year [...]

Hyperinflation CRISIS Caused by Fed Will Destroy U.S. Dollar!

Apple Soars to Record Amid Optimism About Coming Products
Average Price of Ground Beef Hits All-Time High
Price Index for Steak Hits All-Time High
The Federal Reserve’s balance sheet has more than quadrupled to $4.4 trillion since the beginning of the economic crisis due to its large “quantity” of securities purchases (ergo “quantitative easing”).
US Inflation in January 2014 Ticks Up, Annual Inflation Rate at 1.6%
Venezuela’s 12-month inflation tops 62 pct in June


30 stats to show to anyone that does not believe the middle class is being destroyed

By Michael Snyder

The 30 statistics that you are about to read prove beyond a shadow of a doubt that the middle class in America is being systematically destroyed.  Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a staggering pace.  Yes, the stock market has soared to unprecedented heights this [...]

White House Negotiates with ‘Underground’ Lobbyists on Executive Orders

Obama is WRITING LAWS…. this is NOT LEGAL…..White House Negotiates with ‘Underground’ Lobbyists on Executive OrdersOn Monday The New York Times reported that ever since Obama declared his intention of using executive orders to reshape immigration policy, “the process of drafting” that policy “has been conducted essentially behind closed doors, where lobbyists and interest groups invited to the White House are making their case out of public view.”

Nearly 1,800 lobbyists stopped [...]

August 20 Ebola Spread: California, New Mexico, Germany, Austria, India, Myanmar, and more. Liberia Seals in 75,000 no docs, no food in or out

The Ebola Virus is spreading very fast. Cases are now believed to exist in:Sacramento, CA 

http://www.news10.net/story/news/local/2014/08/19/kaiser-ebola-patient/14316293/Albuquerque, New Mexico

http://www.kob.com/article/stories/S3535038.shtml#.U_FuCmNrNc8Berlin, Germany 




http://timesofindia.indiatimes.com/city/delhi/3-Ebola-suspects-at-Ram-Manohar-Lohia-Hospital/articleshow/40325158.cmsYangbon, Myanmar 





http://hisz.rsoe.hu/alertmap/site/index.php?pageid=event_summary&edis_code=BH-20140814-44919-SCGIn Liberia, the government has SEALED-OFF an area just outside the Capitol City of Monrovia. A place called West Point, a slum with about 75,000 people, is now QUARANTINED with no one allowed in or out. No Doctors. No food shipments. The 75,000 people there will either die of Ebola or starve to [...]

EVERYTHING Is Inflated Due To Cheap Credit! With ZIRP, It Is Successfully Extended My Retirement Age To 145

Aug. 20 (Bloomberg) — On today’s “The Agenda,” Tom Keene, Scarlet Fu and Adam Johnson look at trending news stories and the Twitter question of the day on “Bloomberg Surveillance.” (Source: Bloomberg)

Everyone Is Wondering… Is the Dollar and Equities Ready to Crash?

by batr.org


As the yearly end of summer doldrums engulf the Hamptons, the uber-wealthy position themselves for a rocky coming storm when the robust fall trading season begins. Some of the most memorable major equity collapses happen during this time of year. Logic, fundamentals and sound business analysis has very little to do in forecasting when the actual plug will be pulled on the rocket ride in stocks. In a rigid game, [...]

Why Aren’t Americans Taking The ISIS Threat ‘To Drown All Of You In Blood’ Seriously?

By Michael Snyder

If some psychopaths were running around crucifying and beheading lots of people and then they said that they wanted to drown my family “in blood” I would be inclined to take them seriously.  But so far, most Americans seem to be completely and totally unconcerned about ISIS.  Perhaps that is because we had so many years where we were told that al-Qaeda was a major threat [...]

Income: Are Americans Getting Paid Less Collectively?

Aug. 22 (Bloomberg) — On today’s “Single Best Chart,” Scarlet Fu examines labor compensation as a share of national income, Deutsche Bank Global Head of G10 FX Strategy Alan Ruskin also speaks on “Bloomberg Surveillance.” (Source: Bloomberg)

South Africa Imposes Ebola Travel Ban

Aug. 22 (Bloomberg) — Bloomberg’s Adam Johnson reports on today’s top news headlines on “Bloomberg Surveillance.” (Source: Bloomberg)

Edward Bernays: Invisible Government Controls Social Patterns, Finances, & Education

Celente: Can the American decline be reversed?

Jim Blasingame, Small Business Advocate, Released on 8/20/14

“When interest rates go up, this economy goes down. Our forecast is that they’re going to come up with a different scheme to dump more money into the system – they’ll call it something else. And, our greatest fear is war.”\

“Capitalism died when they had too big to fail. It’s the merger of state and corporate powers…There’s no [...]


by James Quinn

How about a shot in the leg?

The St. Louis Metropolitan Police Department has released mobile phone footage that seems to be at odds with parts of its story surrounding the officer-involved shooting of Kajieme Powell in the weeks after Michael Brown’s death.

According to St. Louis Public Radio, the police released the video Wednesday evening as part of an effort to be more transparent when it comes to violent incidents involving law enforcement. [...]