by Michael
What do 1929, 2000 and 2007 all have in common? Those were all years in which we saw a dramatic spike in margin debt. In all three instances, investors became highly leveraged in order to “take advantage” of a soaring stock market. But of course we all know what happened each time. The spike in margin debt was rapidly followed by a horrifying stock market crash. Well guess what? It [...]
‘Retirement Heist’ Overlooked Causes of the Retirement Crisis
The decline in employer-sponsored pension and retiree health plans is a troubling trend that has eroded the retirement security of millions of Americans. Stock market losses and low interest rates have weakened pension funding, and employers say that this — combined with retiree longevity, rising costs and the need to compete globally — is forcing them to freeze pensions and cut retiree [...]
Rep. Alan Grayson questions the FED inspector General where $9 TRillion dollars went… and Inspector General Elizabeth Coleman hasn’t a clue…Dunno whether to laugh or cry – I am still getting over the shock and have watched 4 times – LISTEN carefully to what she says – THEY HAVE NO JURISTRICTION to investigate the fed!!! Only their programs?? OK the world has been fooled long enough ENOUGH ENOUGH!!! Get the [...]
Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter
“We’ve intentionally blown the biggest government bond bubble in history,” confessed Andy Haldane, Executive Director of Financial Stability at the Bank of England, to Members of Parliament in London last week. The bursting of that bubble was a risk he felt “acutely,” he warned. There have already been “shades of that.” And he saw “a disorderly reversion in the yields of government bonds” as the “biggest risk [...]
by Michael
There seems to be a lot of confusion about what the NSA is actually doing. Are they reading our emails? Are they listening to our telephone calls? Do they target American citizens or is it only foreigners that they are targeting? Unfortunately, the truth is that we aren’t going to get straight answers from our leaders about this. The folks running the NSA have already shown that they are willing [...]
…but i’m telling you what the floor kind of thinks he’s going to do. and i agree with you wholeheartedly, but i think they’re frustrated. money has no velocity. it’s a dangerous game
Both leaders looked tense and uncomfortable as they addressed reporters after about two hours of talks, with Putin staring mostly at the floor as he spoke about Syria and Obama only glancing occasionally at the Russian leader.
Just started watching – body language says a lot – look at Obama’s legs compared to Putin’s
U.S. President Barack Obama and Russian President Vladimir Putin spoke together at the G8 conference.
A PICTURE IS WORTH [...]
Another update:
http://yallasouriya.wordpress.com/2013/06/17/syria-aleppo-warjets-shoting-tal-refaat-with-heavy/
#Syria, Aleppo, warjets shoting Tal Refaat with heavy machineguns
Kurds Fight For Place In Syrian Civil War
http://www.npr.org/templates/story/story.php?storyId=192785452
by GEAB
The 2008 shock was certainly violent, but the reactions of the system, countries and central banks with their bailouts on an unprecedented scale, managed to hide the worst consequences: downgrading of the West in general and the United States in particular, a forced cleanup of the economy, a heavy fall from an artificial standard of living, mass unemployment, the beginning of social unrest… have been able to be partly neglected [...]
by Michael
All over the United States, frustrated homeowners are banding together, arming themselves and patrolling their own streets. One of the primary reasons this is happening is because police budgets all over the nation are being slashed at a time when violent crime rates in the United States are increasing and many our our largest cities are being transformed into crime-infested war zones. So instead of waiting for government to come up with a [...]
Mac Slavo
June 17th, 2013
SHTFplan.com
After the massive crash that rocked global markets in 2008, as Congress, central bankers and major financial institutions met in secret to mitigate the crisis, billionaires like Warren Buffet were buying up shares of some of the hardest hit companies.
At the time, the world was literally on the brink of an unprecedented economic collapse. It was so serious, in fact, that members of Congress were told that should they fail to [...]
by Phoenix Capital Research
The markets are rallying today because Bernanke and the Fed meeton Wednesday and will announce their new policies (if any).
Someone might want to explain to them that the Nikkei just collapsed in spite of Central Bank policy. The bank of Japan announced it would buy $1.4 trillion worth of assets (roughly 25% of Japan’s GDP) in early April. The Nikkei has already wiped out almost all of the gains since that time.
Still, [...]
NY, Va. 7-Eleven stores raided as part of US probe
Nine owners and managers of 7-Eleven stores on Long Island and in Virginia were charged on Monday in a scheme to exploit immigrants from Pakistan, including some business-owners who used Social Security numbers of children and dead people on the workers’ paystubs.
Most of the defendants were arrested early Monday as federal authorities raided 14 franchise stores.Immigration and Customs Enforcement agents were inspecting other stores across the country [...]
Russian Tycoon Aims to Make Immortality a Reality Using Robots
A Russian multimillionaire is targeting the business community to raise money to fund a project that aims to make immortality a reality by 2045.
t may sound like something straight out of a science fiction novel, but 32-year-old Dmitry Itskov is seeking investors to fund research for technology that will make eternal life possible by transferring human consciousness in an artificial form [...]
Fitch Analyst: China’s Credit Bubble About to Implode, Unlike Anything In Modern History
China’s shadow banking system is out of control and under mounting stress as borrowers struggle to roll over short-term debts, Fitch Ratings has warned.
The agency said the scale of credit was so extreme that the country would find it very hard to grow its way out of the excesses as in past episodes, implying tougher times ahead.
“The credit-driven [...]
The Indian economy is facing further trouble. There is a financial crunch in the global markets. This will dry up the foreign investments in the country. Rising interest rates in United States has triggered the crisis. Investors are selling-off in the Asian stock markets. They have already withdrawn heavily from Thailand, Indonesia and Philippines. Indian rupee too has already depreciated by 8% in the last few weeks and that is [...]
Report: School district scanned children’s eyes for bus program without permission
A series of behind-the-scenes mistakes by educators in a Florida school district led to children’s biometric information being culled without their parents’ permission, TheLedger.com reported.
In May, parents of students in the Polk County School District received a letter stating a pilot program would track bus riders using each child’s iris.
Parents could opt out, but by the time they learned about [...]
U.S. Is Going To Be ‘A Lot Worse’ Than Greece
Dark days are ahead for U.S. investors.
That’s according to a well-respected author and investor, making a recent appearance on Yahoo Finance’s “Breakout.”
Peter Schiff, the CEO of Euro Pacific Capital, says that the during President Obama’s second term, the country will face both a currency crisis and a sovereign debt crisis. “It’s going to be the same thing that is happening in [...]
London, Jan 30 (ANI): The Obama administration gave green signal to a chemical weapons attack plan in Syria that could be blamed on President Bashar al Assad’s regime and in turn, spur international military action in the devastated country, leaked documents have shown.
A new report, that contains an email exchange between two senior officials at British-based contractor Britam Defence, showed a scheme ‘approved by Washington’.
As per the scheme ‘Qatar would fund rebel forces in Syria to [...]
Gold Buying Hysteria Hits China
http://etfdailynews.com/2013/06/14/gold-buying-hysteria-hits-china/?utm_source=twitterfeed&utm_medium=twitter
The Commodity Investor: China Becoming Most Important Factor In Global Gold Markets
http://www.hardassetsinvestor.com/the-commodity-investor/4894-the-commodity-investor-china-becoming-most-important-factor-in-global-gold-markets.html
June 11, ten thousand people line up in front of a gold shop to buy gold. The buyers lined up during the three day Dragon Boat Festival.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/06/Gold%20Line%201_0.jpg
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/06/Gold%20Line%204_0.jpg
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/06/Gold%20Line%206_0.jpg
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/06/Gold%20Line%205_0.jpg
Gold Buying Panic In China: 10,000 People Wait In Line For Their Chance to Own Precious Metals (Stunning Pictures)
One day in the near future Americans will finally realize that [...]
Some 80 thousand military forces trained by Lebanese Hezbollah were preparing to launch a ground offensive to recapture Syria’s commercial city of Aleppo.
According to a report in the UK-based Sunday Times, a Hezbollah commander said the fighters belonging to Syria’s National Defense Force (NDF) have been taught “to fight street by street.”
http://english.alarabiya.net/en/News/middle-east/2013/06/16/Hezbollah-trains-Assad-forces-for-Aleppo-offensive-.html
Here We Go! 80,000 Hezbollah Trained Troops to Storm the Northern Syria City of Aleppo!
I thought 20,000 was [...]
by GoldCore
Today’s AM fix was USD 1,386.00, EUR 1,038.59 and GBP 881.79 per ounce.
Friday’s AM fix was USD 1,379.75, EUR 1,035.54 and GBP 882.76 per ounce.
Gold climbed to $1391.50/oz on Friday, its first close above $1390/oz in four weeks and silver climbed 1.2 percent to $22.07 an ounce.
Gold is marginally lower today in most currencies after last week’s small gain which was positive from a technical perspective.
Geopolitical tensions in the [...]
by Michael
Eventually the money runs out. Much of America was shocked when the city of Detroit defaulted on a$39.7 milliondebt payment and announced that it was suspending payments on $2.5 billion of unsecured debt, but those who visitmy site on a regular basis were probably not too surprised. Anyone with half a brain and a calculator could see this coming from a mile away. But people kept foolishly lending money to the city of [...]
U.S. marriage rates are at historic lows but may soon rebound a bit, demographers predict.
http://www.usatoday.com/story/news/nation/2013/06/17/marriage-trends-demographics/2424641/
I guess it all came to a head for me when I saw the story of the Thai billionaires.
This pair has dropped about $27 billion in acquisitions this year. In April, one of them pulled together a $6.6 billion deal in a week.
You can’t refinance a house in that kind of time.
That’s when I realized this global central bank easing is starting to develop some very dangerous consequences.
The U.S. Federal [...]
mybudget360.com
Inflation in the United States is largely seen as a built in part of our economy. People take it for granted as if this was simply the order of things. Yet our central banking system has inflated our debt based financial system and subsequently, the value of money has eroded. For example, most items that are financed through debt have increased dramatically during a time when household income has reverted to inflation [...]
The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try.
Singapore’s monetary authority last week censured 20 banks for attempting to fix interest rate levels in the island state and ordered them to set aside as much as $9.6 [...]
From Zero Hedge:
It seems not only the entire developed world is sick and tired of [Jon] Hilsenrath’s “leaks” which have now become so grotesquely self-contradictory, not even Hilsenfollowers can make out the Hilsenfact from the Hilsenjoke.
So it appears the Fed has now picked the FT as its interim pass through vehicle:
Ben Bernanke is likely to signal that the U.S. Federal Reserve is close to tapering down its $85 billion-a-month in asset purchases [...]
All cleared up, Just a tiny clerical error.
Snip; The information that Mr. Knepp had seen, such as the work orders from the DHS that millions have seen, are just a mistake.
“I do find it to be absurd. It’s grotesquely inaccurate. It’s offensive to me,” the DHS agent told Knepp.
http://www.mrconservative.com/2013/06/19229-dhs-claims-billions-of-bullets-purchased-were-clerical-error/
House votes to curb DHS ammunition purchases
http://www.foxnews.com/politics/2013/06/05/house-votes-to-curb-dhs-stockpiles-ammo/?test=latestnews
From Carpe Diem:
… The automobile stands as an enduring symbol of mobility and opportunity in America – and of innovation that’s at the core of our nation’s economic strength and prosperity.
Yet the conventional gasoline-powered engine is sometimes disparaged and treated as if it’s yesterday’s technology. Listening to politicians, environmentalists, and media pundits, you might think that the gas engine is inefficient and old-fashioned, a relic of the past that ought [...]
From The S&A Digest:
… [G]uru trader Dennis appeared on CNBC yesterday. He said he’s seeing extraordinary volatility in the currency markets. He says he hasn’t seen such volatility since the Russian crisis of the late 1990s.
In the past seven months, the Japanese yen has plummeted. But it has spiked higher in the past month. The Australian dollar has plummeted since April. The U.S. dollar has gone through several spikes higher and [...]
Scientists differ on the effects of caffeine, but a new study reveals that…
Coffee-drinkers aren’t more alert than their caffeine-free counterparts
What’s more, regular consumption of tea and coffee leads to dependency
Every morning, millions of people perform an essential daily ritual – having their first cup of tea or coffee. It concentrates the mind and acts as a pick-me-up.
Or does it? The latest research suggests that familiar buzz doesn’t so much as [...]
Accents take considerable brain power to suppress – even if we think we have forgotten our regional twang
But alcohol makes it difficult to maintain motor skills
Accents also emerge when ill or tired for same reason
Drinking alcohol can make it easier to guess a person’s background because it affects the brain’s ability to control speech and accent.
Adapting or changing the accent we grew up with takes considerable effort by the brain, [...]
Perhaps a suddenly firearm-friendly President Obama can put in a good word for Jared Marcum. In April, Marcum, an eighth-grader at Logan Middle School in Logan, W. Va., was arrested when he refused to take off his NRA t-shirt. The New York Daily News reports:
The clothing kerfuffle began when Marcum wore a shirt bearing the NRA’s logo and a hunting rifle. As he stood in line in the cafeteria, a teacher ordered him to [...]
Police Commissioner Ray Kelly launched a stinging rebuke to the federal government’s secret phone and Internet monitoring campaign — and suggested leaker Edward Snowden was right about privacy “abuse.”
“I don’t think it ever should have been made secret,” Kelly said today, breaking ranks with US law-enforcement officials.
His blast came days after the Obama administration and Attorney General Eric Holder outraged New York officials by endorsing a federal monitor for the [...]
U.S FIGHTER JETS FLEW INTO SYRIAN AIRSPACE THIS EVENING, JORDANIAN ARMY SAYS
https://twitter.com/L0gg0l
Tonie Rosa@tonierosa2m
“@RamiAlLolah: BIG! 6 #US air fighters reportedly violated #Syria airspace ‘mistakenly’ at 6pm #Damascus time & entered a distance of 5 km!”
Gregor Peter@L0gg0l12s
6 U.S fighter jets ‘mistakenly’ violated Syrian airspace this evening near Daraa, Jordanian army says
AMMAN, Jordan — The U.S. military began laying the groundwork to arm and support Syrian rebels more than a week ago, using [...]
Detroit’s default and debt-restructuring plan are precedent-setting in the U.S. municipal market, Moody’s Investors Service said on Monday, because the city is looking to bondholders, as well as labor unions and pensioners, to share the pain.
The city on Friday defaulted on a $39.7 million payment on certificates of participation and presented a plan to restructure its finances.
“The restructuring plan is unconventional and precedent-setting in the municipal market. It builds a [...]
China is seeing slower economic growth.
Concerns are building over a massive credit bubble, and some say it is no longer an engine of global growth.
Excess capacity — in which demand for products is less than potential supply — continues to be one of China’s biggest problems.
An excellent piece by Jamil Anderlini in today’s Financial Times looks at how excess capacity and subsidies are threatening specific industries and imperiling the Chinese economy.
A major [...]
Via email here is another update from Michael Pettis at China Financial Markets. What follows is from Michael Pettis.
Special points
Europe is attempting to resolve domestic imbalances by forcing them onto their trade partners. This will end badly, especially for Germany.
China’s new lending, exports, investment, housing starts and GDP growth all continued to slow in May. Many of the numbers came in well below market expectations.
This is par for the course. Although we [...]
Good stuff here from Didier Sornette. Sornette has done some superb risk on behavioral finance and risk management. This recent Ted Talk is a must watch:
Minor LIRR derailment in East River tunnel
http://abclocal.go.com/wabc/story?section=resources/traffic&id=9142533
http://www.broadcastify.com/listen/feed/1189/web
http://www.myfoxny.com/category/237002/skyfoxhd
BREAKING UPDATE: FDNY: 1 train car derailed, 1 partially derailed at NYC’s Penn Station; 700 people onboard, half already removed @kimdillon
https://twitter.com/NewsBreaker
911 Operator ‏@911BUFF 3m
MANHATTAN: LONG ISLAND RAILROAD DERAILED AT 7TH AVE. NYPD REQUESTING ESU AND EMS TO STAGE
https://twitter.com/911BUFF
911 Operator ‏@911BUFF 1m
MANHATTAN: BREAKING NEWS – LIRR TRAIN DERAILED AT PENN STATION. NYPD REQUESTING EMS. #911BUFF
https://twitter.com/911BUFF
NewsBreaker ‏@NewsBreaker 3m
BREAKING: Confirmed trail derailment at NYC’s Penn Station track [...]
PFLUGERVILLE, Texas — The City of Pflugerville has closed and evacuated guests from Lake Pflugerville due to a barrel of unknown material found in the lake.
The 55-gallon barrel drum was removed from the north shore of Lake Pflugerville, at 18216 Weiss Lane, around 3:30 p.m.
City crews discovered the barrel and contacted the Pflugerville Police Department and the Texas Department of Public Safety since the barrel was labeled and may contain [...]
The British newspaper “Daily Star Sunday” reports that More than 350 Royal Marines from 42 Commando are on their way to Syrian border.
The British troops will go to Jordan and wait to get into Syria after David Cameron slammed the Syrian regime for using chemical weapons.
Coalition Special Forces from the US, Poland and the UK are also working with Jordanian special forces, who are trained by the SAS, with the [...]
From Liberty Blitzkrieg:
In case you missed it, last Thursday, our illustrious House of Representatives voted on an amendment that would have blocked the possibility for the President to lock up American citizens without a trial.
Unsurprisingly, our so-called “representatives” once again voted against protecting the constitutional rights of the citizenry in the name of the Orwellian, never-ending “war on terror.”
If you need a refresher on the NDAA and the authoritarian power [...]
As the G8 Summit opens in Northern Ireland, President Barack Obama and European leaders launch an ambitious bid to craft a sweeping transatlantic free-trade deal.
•General job approval is down from 53% in May to 45% now.
•Approval on the economy is down 2 points, to 42%.
•On foreign affairs, Obama has fallen 5 points to 44%.
•On illegal immigration, Obama’s disapproval is up to 56%.
•49% of respondents say Obama is honest/trustworthy, a big drop from 58% in the last reading.
•Among those aged under 30, Obama has seen a 17% (!) drop in approval.
Read more:
http://www.businessinsider.com/obama-approval-plummets-in-cnn-poll-2013-6#ixzz2WTEQGyaP
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