Failure to Prosecute Fraud Causes Economic Downturns
U.S. Attorney General Eric Holder said today:
I am concerned that the size of some of these institutions [banks] becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy
As we’ve repeatedly noted, this [...]
In a little under eight minutes, a plethora of today’s more outspoken realists, economists, and journalists provide a simple yet clear path through the financial crisis to critically explain how the so-called equilibrium that so many mainstream analysts and economists trusted as fact has been proven as simple fiction. The hard-to-accept truth is that financial instability is in fact the natural state of our economic environments and that credit and banking lie [...]
Oil as a commodity has always been a highly valuable early warning indicator of economic instability. Every conceivable element of our financial system depends on the price of energy, from fabrication, to production, to shipping, to the consumer’s very ability to travel and make purchases. High energy prices derail healthy economies and completely decimate systems already on the verge of collapse. Oil affects everything.
This is why oil markets also tend [...]
The International Monetary Fund (IMF) warned Israel on Monday of potential economic instability, AFP reported.
According to the report, the IMF said the instability was due to the high unemployment and deep poverty among Arab-Israelis as well as hareidi-religious Jews. The warning was made in an IMF report on the Israeli economy.
“Severe poverty is concentrated in these groups,” the IMF report was quoted as having said, adding that only 40 percent [...]
(Reuters) - Iran increased bank interest rates on Wednesday and indicated it would further restrict sales of foreign currency, hoping to halt a spiraling currency crisis after new Western sanctions accelerated a dash for dollars by Iranians worried about their economic future.
“The economy minister has announced that (Iranian President Mahmoud) Ahmadinejad has agreed with the approval of the Money and Credit Council to increase interest rates on bank deposits to up to [...]
Alternative currencies within the US…..
NEW YORK (CNNMoney) — It may seem like Monopoly money to outsiders, but a growing number of communities across the U.S. are using homegrown local currencies to stimulate their economies and protect themselves from the nation’s broader economic woes.
While there were only about 20 active community currencies in the United States in 2009, there has been a recent resurgence, with at least a dozen communities developing [...]
other nations nuclear programs
common criminals-(just ask New Orleans leg. Austin Badon, he says we need the military to take down civilian criminal offenders)
cattle rustlers (suspected)
natural food distributors
small farmers who don’t purchase their seeds from Monsanto
water (remember the EU declared that h2o does not hydrate, and threatened any company who sells bottled water and makes that claim on their labels with fines [...]
From LA Times:
The U.S. venture capital industry raised its lowest amount of money in eight years, stymied by a recent panoply of economic bad news.
Firms raised $1.7 billion in the third quarter, said the National Venture Capital Assn. That’s 53% less than the $3.5 billion raised in the same period a year earlier and the smallest pot since the third quarter of 2003.
The year started out [...]
What Now? Currency Wars?
Just when you thought the Swiss franc would be the safe haven for capital in a tempest tossed financial sea, oops, here comes the dawn of a new age of competitive devaluation. The Swiss shocked the world by pegging its currency the franc to the euro. History repeats because people always respond in the same manner regardless of the generation at issue. [...]
In an interview at a banking meeting hosted by the Richmond Fed, Lacker also said ending the Fed’s bond-buying stimulus program also “deserves consideration.”
He gave no timetable for the rate hikes and other actions. “The exact sequencing of that is something we’re hashing out and trying to think through,” he said.
He said his greater concern is rising inflation and controlling it in the next nine [...]
In the past seven trading sessions, we have seen the VIX index jump as much as 15% on any given day and slide as much as 10%. We are still in a period of heightened volatility.
The markets have very recently begun to shrug off the turbulence in the Middle East and North Africa. An eerie calm has certainly managed to settle in regarding the civil [...]
The World Gold Council Report today cites “strong demand expected for 2010″
“Economic uncertainty, sovereign risk in western markets and appetite for gold from Asia to underpin market
London, 26thMay 2010: The World Gold Council (Ã¢â‚¬Å“WGCÃ¢â‚¬Â) expects that demand for gold will be strong during 2010, driven by growing demand for jewellery in China and India as well as an increase in European and US investment in the context of continued economic [...]