The IRS is under siege for investigating conservative political groups applying for tax-exempt status. But the real problem wasn’t that the IRS was too aggressive. It was that the agency focused on the wrong people—“none of those groups were big spenders on political advertising; most were local Tea Party organizations with shoestring budgets,” writes The New York Times—and wasn’t aggressive enough. The outrage that Washington should be talking about—what my colleague [...]
May 2nd, 2013
Nigel Farage, well known for his anti-centralized government diatribes in which he has repeatedly targeted European leadership and finance ministers for the destruction of the Eurozone economy, warns yet again that the consequences for the actions of elite politicians and bankers will soon pour into the streets.
You won’t see straight forward candidness like this from mainstream politicians, because most are terrified of speaking the truth and accepting blame.
They know it’s coming [...]
WASHINGTON (MarketWatch) — U.S. banks are stronger than they were a few years ago, thanks in part to government stress tests, Federal Reserve Chairman Ben Bernanke said Monday.
“The resilience of the U.S. banking system has greatly improved since , and the more intensive use and greater sophistication of supervisory stress testing … deserve some credit for that improvement,” Bernanke said in a speech to the Atlanta Federal Reserve’s annual financial-market [...]
My Two Cents
By Andy Sutton
There is little doubt that the past two weeks have brought about dramatic changes in most circles regarding the way people look at banks, bank deposits, and the monetary situation in general. This year’s ‘Ides of March’ will no doubt go down in history as a pivotal period where once again our world changed forever. One would be right in stating that there have been many [...]
Cyprus lawmakers may have rejected the bank account tax, but the truth is that the financial crisis in Cyprus is just getting started. Right now, the two largest banks in Cyprus are dangerously close to a meltdown. If they fail, depositors could end up losing virtually all of their money. You see, the banking system of Cyprus absolutely dwarfs the GDP of that small island nation. Cyprus is known [...]
rollingstone.com / By Matt Taibbi / March 4, 2013, 2:31 PM ET
A great many people around the county were rightfully shocked and horrified by the recent excellent and hard-hitting PBS documentary, The Untouchables, which looked at the problem of high-ranking Wall Street crooks going unpunished in the wake of the financial crisis. The PBS piece certainly rattled some cages, particularly in Washington, in a way that few media efforts succeed in doing. (Scroll [...]
Tokyo should do what it can to rebuild trust with Beijing – not by giving ground on disputed East China Sea islands but by agreeing to put the issue on the shelf. Better to focus on restoring a relationship that can strengthen both economies – and, by extension, the domestic credibility of both governments. Read more
The tension is rising in Asia, with worrying signs that conflict could break out at any point.
In the Koreas, fallout over a prospective North Korean nuclear test has South Korean troops on the border receiving orders to return fire immediately against DPRK forces.
In South Korean press, there’s worrying, though non-conclusive, talk of a “pre-emptive” strike.
According to the Hankyoreh, chairman of the Joint Chiefs of Staff Jung Seung-jo was called to [...]
We’re finally hearing about the fallout from a massive cheating scandal that shook Harvard University’s campus last summer, in which 125 students were investigated for plagiarism and other academic misconduct surrounding their final exams.
More than half the students who were investigated by the school’s administrative board have been required to withdraw from the college for a period of time, Boston.com reported.
Of the remaining cases, around half received disciplinary probation, and the rest were [...]
Merchants in Tehran’s main bazaar closed their shops in protest on Wednesday against the plunge of Iran’s currency, which has shed more than a third of its value in less than a week.
Footage posted online shows a group of striking merchants walking in the Grand Bazaar, the traditional business hub in Iran’s capital, calling on other shop owners to close their shops.
“If you have dignity close your shops” the protesters [...]
And so the government takeover of our health care system begins:
Walmart, the nation’s largest private employer, plans to begin denying health insurance to newly hired employees who work fewer than 30 hours a week..
By making the fine for not providing health care cheaper than providing health care, this was always the plan: to encourage employers to send us to the government.
Remember how Obama’s big ObamaCare sell was, “You get to [...]
Secretary of State Hillary Clinton called Egyptian Foreign Minister Mohamed Amr Monday and told him the United States wants to see President Mohamed Morsy share power in Egypt, following his decree last week placing his decisions above judicial review.
Reports from Egypt Monday said that Morsy was considering limiting his decree that the judiciary has no right to review his decisions to only “sovereign” matters — although the meaning of that is unclear — following widespread international criticism and [...]
The seedy scandal surrounding Gen. David Petraeus has now imperiled his successor as commander in Afghanistan, given the U.S. military a black eye and embarrassed America on the world stage.
The fallout from the shenanigans has also left President Obama with a huge headache as he tries to pull American forces out of Afghanistan by 2014, ending the country’s longest war.
The President, his Election Day momentum stalled by a mountain of salacious headlines, [...]
In what is rapidly becoming the biggest cover-up in US history, reports have surfaced that former President Clinton as well as her legal team have advised Secretary of State Hilary Clinton to resign over the recent Benghazi attacks.
The reports indicate that the US was running guns through Turkey to support the Syrian rebels- which coincidentally happen to be Al-Queda and the Muslim Brotherhood. Clinton has retained personal legal counsel over potential CRIMINAL CHARGES.
October 17, 2012
Regardless of who the President is after this close election, the equity markets and the U.S. economy are in trouble. Debt has spread throughout the Western world. The fallout is political dissonance, growing economic hardship and, in some places, mob violence.
Ground zero for the spreading fear and panic is Greece, which was once the world’s greatest civilization and the birthplace of democracy, poetry and philosophy.
There is violent [...]
other shop owners to close their shops.
“If you have dignity close your shops” the protesters are heard chanting on the video.
Police threatened merchants who closed their shops and launched crackdowns on pavement money changers, as part of strict measures being used by the authorities to halt the currency plunge.
The measures underscore the serious concern by officials facing one of the most potentially destabilizing scenarios, which has been partly blamed on [...]
Bank profits from new mortgages have soared since the Federal Reserve began its third round of bond purchases two weeks ago, fuelling the debate over the fallout of the latest dose of quantitative easing.
The extent to which QE3 drives down new mortgage rates and helps homeowners or is pocketed by banks will be crucial to the success of the policy and the prospects for growth in the US and [...]
inland breaks stride with other nations claiming they aren’t even contemplating the end of Euro by telling the Telegraph it is only a matter of time.
If you have been watching the financial headlines the media is quoting more and more analysts and economists saying the ejection of Greece from the Euro-zone won’t be that big of a deal.
This of course comes after years of claims that such and event would [...]
Surviving a Nuclear war, especially in the Northern Hemisphere will be very difficult. Not only do you have to deal with Fallout from the Nuclear detentations, but the vast stock piles of nuclear waste from existing and shutdown nuclear power plants. There is far more nuclear material stored in Spent fuel pools than all of the Nuclear bombs. A typical Bomb make contain a few dozen kilograms of plutonium or [...]
There is a widespread sense that what is happening in the European economy today is unprecedented – the fallout of an attempt at economic union without political commitment to fiscal transfers. There is some truth in this, but European exceptionalism is a myth. In many ways, the countries of Europe’s periphery are reading from a script that has already been played out by many developing countries. And there is much [...]
Sometimes you just have to laugh, and with the ongoing debacle of Liebor – it’s even more true as now the Swiss hedge fund community is dragged into the miasma – or else you’ll cry. As the conspiracy theories morph into conspiracy fact, who better to explain that LIBOR is not the “mythical half wild-bore, half lion that was rumored to have killed Achilles’ brother Jimmy”but is the “benchmark for all [...]
Why are people panicking as their courtyards fill with “mysterious blood redrain“?
Did Nostradamus and others predict “rain like blood”?
Has this happened before?
What causes the red color in the mysterious rain?
Is it caused by an unidentified life form?
Could dust from a meteor affect an area more than a decade later?
Is all this just coincidence?
On Thursday, July 5, 2012, around 6:50 p.m. local time, a mysterious red rain shower fell for about 15 minutes [...]
Saturday, July 14, 2012
JPMorgan Chase disclosed on Friday that losses on its botched credit bet could climb to more than $7 billion and that the bank’s traders may have intentionally tried to obscure the full extent of the red ink on the disastrous trades.
Mounting concerns about valuing the trades led the company to announce that its earnings for the first quarter were no longer reliable and would be restated. Federal [...]
Italy and Ireland have more incentive to quit the euro than Greece, while Germany may have limited room to prevent departures from the currency union, according to Bank of America Merrill Lynch.
Using cost-benefit analysis and game theory, BofA Merrill Lynch foreign exchange strategists David Woo and Athanasios Vamvakidis concluded in a July 10 report that investors “may be underpricing the voluntary exit of one or more countries” from the bloc.
“Our analysis produces a few [...]
Rex Tillerson, the head of the world’s largest oil company, admitted fossil fuels are causing climate change
But, Tillerson blamed ‘lazy journalists’ and environmentalists ‘manufacturing fear’ for ‘overblown’ concern about the issue
Scientists say the violent and sporadic weather this year is a taste of the impact of global warming
The CEO of ExxonMobile says fossil fuels might be causing the Earth to warm, but says a collaboration of scaremongering environmentalists, ‘lazy journalists’ [...]
Rep. Darrell Issa threw down the gauntlet to President Obama in a letter to the president that accuses him of being involved in the Fast and Furious operation.
Issa took issue with Obama’s assertion of executive privilege over a cache of documents at the Department of Justice – including a February 2011 letter later withdrawn by the agency – that Issa believes includes information on Holder’s role in Fast and [...]