Last week we discussed what the expectations were for Draghi’s OMT – approximately EUR250bn – which coincidentally provided cover for the rest of the year (conditionally) for the entire new issuance of the European Union. Based on EURUSD’s recent exuberance – something we saw ahead of QE1 and QE2 – the market is now more than primed for some serious USD debasement. The current EURUSD of 1.2850 implies a Fed-to-ECB [...]
Over 13 years as an MEP, Daniel Hannan has witnessed first hand how Brussels works. Now he has written a forensic analysis of why it’s rotten to the core. His devastating critique should be required reading for every politician.
There is a popular joke in Brussels that if the European Union were a country applying to join itself, it would be rejected on the grounds of being undemocratic.
It’s absolutely true – [...]
Among other things, the Libor scandal is the largest insider trading scandal of all time.
It also shows that the big banks are literally rotten to the core. And see this.
UC Berkeley economics professor and former Secretary of Labor – Robert Reich – explains today:
What’s the most basic service banks provide? Borrow money and lend it out. You put your savings in a bank to hold in trust, and the bank agrees to pay you [...]
The United States multinationals have sold out to emerging market economies and thus, gutted the American manufacturing base. All the talk of devaluing the currency to boost exports will likely end of a catastrophic collapse of the exchange value of the US dollar. The federal reserve is leading the charge in unleashing the most corrosive and unfair tax on a people in world history (save Germany 1923).
The real problem [...]
by Charles Hugh Smith, Of Two Minds
Every aspect of our economy, from finance, to agriculture, to defense, to legal, to medical, to government has become a disgusting, inhuman racket.
When financial markets have become riddled with fraud, embezzlement and corruption that goes unpunished, then institutional players will avoid that market as crooked: the well has been poisoned.
The full consequences of what I termed The Rot [...]
Stock markets are broken and no trading is encouraged period, which the uninformed and ignorant would know unless they had a desire to chime on anything and everything. As for completely legal, wasn’t Madoff one of those things too?
HuffPo on JPM as a surrogate tax collector:
The NYT on the lose/lose of securities lending in a failed Ponzi environment (full video after the jump).
My Grandad said “when [...]