A few months ago, we asked, “is China an economic miracle or one giant government sponsored fraud?” Our views were the latter with corruption as one of the key driving forces for wealth creation and economic growth in China.
Consider the following:
1) In 2010 alone, 146,000 cases of corruption were launched in China (that’s 400 PER DAY).
2) Of the 14 cases that were actually reported in the Chinese media, the average [...]
With news breaking that JP Morgan is involved with yet another segregated client funds vanishing act at PFG, it has been confirmed that The Morgue intentionally torpedoed Lehman Brothers in the fall of 2008 by withholding $138 billion in Lehman customer segregated funds owed to Lehman Bros for nearly 2 weeks.
Lehmnan Brothers Holdings Inc. filed suit against JP Morgan over the action that likely precipitated Lehman’s collapse, and JP Morgan has agreed to [...]
5:05 p.m. | Updated Comcast is exploring whether the British Sky Broadcasting Group, Britain’s largest satellite broadcaster and a lucrative pay TV asset 39 percent owned by News Corporation, could become available for purchase, according to several people briefed on the company’s strategic thinking.
Comcast’s thinking about a possible deal is in the preliminary stages, and the company has not made a formal offer or even approached BSkyB or News Corporation about negotiations, said these [...]
There’s nothing controversial about the claim— reported on by Slate, Bloomberg and Harvard Magazine — that in the last 20 years Wall Street has moved away from an investment-led model, to a gambling-led model.
This was exemplified by the failure of LTCM which blew up unsuccessfully making huge interest rate bets for tiny profits, or “picking up nickels in front of a streamroller”, and by Jon Corzine’s MF Global doing practically the same thing with European debt (while [...]
Step 1: I go to the bank for a loan. Bank loans to me $10,000. How? They just enter a number in a computer, they did not use anybody’s else money, they just made it up. Hence, $10,000 created out of nothing. It’s called Credit Money
Step 2: I waste my money with hookers, booze and cocaine (somebody here my deem this as great spending, no challenges on this one). I can’t pay [...]
by Ben Walsh, BI
JP Morgan has just been put in a tough spot by a new report from Reuters that it withheld the proceeds of asset sales byMF Global from the ailing firm in the days before its collapse.
According to sources with knowledge of the transactions, MF Global sold hundreds of millions of dollars of assets to Goldman Sachs in the days preceding its bankruptcy. MF Global used JP Morgan as its clearing bank for these sales.
However, MF Global [...]
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Interviewed by Kerry Lutz
Posted on December 15, 2011 by admin
David Morgan and I discuss the orchestrated precious metals smash down. Volatility is the buzz word of the day. To long term metals investors, this type of slam down is a routine occurence. It happens over and over again, and each time the mainstream media is shocked by the force of the action. Whether you believe that the end [...]
by Patrick Chovanec, An American Perspective From China
Last week, I promised to share some of the data points I’ve been collecting on the recent downturn in the Chinese economy. The challenge I’ve faced is an embarrassment of riches — too much interesting information, rather than too little. So I’ve decided to chop my presentation up into several smaller-size parts, for the reader’s sake and for mine. Today, I’ll focus on what’s happening [...]
October 3, 2011
A Qatari sovereign wealth fund has taken a 10 per cent stake in a Greek gold-mining firm, in a move that confirms that European politicians are increasingly keen to accept assistance from emerging economies in order to ease the eurozone’s debt crisis.
The deal by Qatar Holdings to buy a 9.9 per cent equity stake in European Goldfields from the Greek construction firm, [...]
October 2, 2011
The eurozone crisis entered a new phase this weekend with France and Belgium racing to rescue a large continental bank.
The countries’ finance ministers meet tomorrow to discuss the future of Dexia, one of Belgium’s largest lenders, with 35,000 staff and 8m customers in Belgium, Luxembourg and France. It has been crippled by the collapse of the inter-bank lending markets and large exposures to [...]
So, Who Owns Treasuries?
The owners of U.S. Treasury’s depicted in this chart are what we need to think about when we consider a reaction to a downgrade. The first thing to notice is that the Federal Reserve holds 14 percent of U.S. government debt. That’s one large holder unlikely to sell because of a downgrade.
Insurance Companies: Don’t Expect a Fire Sale
Most insurance [...]
Paul Joseph Watson
The cost of a decision last week to allow globalist vultures to metaphorically hog-tie Greece while the EU and IMF commences a good old fashioned economic pillaging of her state assets is a total evisceration of the country’s sovereignty, according to Eurogroup chief Jean-Claude Juncker.
“The sovereignty of Greece will be massively limited,” Juncker told Germany’s Focus magazine, adding [...]
A wooden sculpture of a man’s head locked in a vise sits on a cabinet behind Aristotelis Karytinos, general manager of real estate at the National Bank of Greece and a government adviser on the sale of state assets. “That’s how we’re all feeling lately,” says Karytinos. Greece has committed to raising an unprecedented €50 billion ($71 billion) from state assets by 2015 as part of plans [...]
“A ‘91-style meltdown is almost inevitable.” So says Alexei Moiseev, chief economist at VTB Capital, the investment-banking arm of Russia’s second-largest lender, discussing the imminent economic catastrophe that is sure to engulf Belarus following the surprise devaluation of the country’s currency by over 50%, which we announced on Monday. “Unless Belarus heeds Russia’s call for mass privatization of state assets, it is headed for “hyperinflation, massive [...]
NEW YORK — The next big question on the federal debt limit could be whether to start selling the government’s holdings of gold at Fort Knox — and at least one presidential contender, Ron Paul, has told The New York Sun he thinks it would be a good move.
The question has been ricocheting around the policy circles today. An analyst at the Heritage Foundation, Ron [...]
NEW YORK (CNNMoney) — This just in from the Treasury Department: The United States will not be unloading its nearly $400 billion stash of gold to delay hitting the debt ceiling.
At least not if Treasury Secretary Tim Geithner gets his way.
Reaching the debt ceiling would mean the government couldn’t borrow more money, and selling assets would mean an additional revenue stream without running up [...]
GWEN IFILL: As we have just heard from Secretary Geithner, the administration is also preparing to do battle over whether to raise the nation’s debt ceiling. NewsHour economics correspondent Paul Solman looks at why investors and the markets are keeping an eye on the potential impact of that battle as well.
PAUL SOLMAN: It’s not just the Obama administration worrying about whether the debt [...]
The market does not believe for one second that Greece will be bailed out.
The yield on two-year Greek government notes closed at 13.52%, up from Friday’s close of 10.50%.
This is the highest yield on short-dated government debt in the world, according to US bank, Brown Brothers Harriman.
Keep in mind this is just the first inning, Spain and Portugal are up next, followed by Italy and Ireland. Somewhere in the middle [...]