June 24, 2012
On June 12, a leaked copy of the investment chapter for the Trans-Pacific Partnership (TPP) was made public. This copy was analyzed by Public Citizen’s Global Trade Watch and has been verified as authentic.
This agreement has been negotiated IN SECRET for 2-1/2 years and no information has ever been released until this leak. So why have the details of this negotiation been so secret? This agreement has been framed as [...]
by Charles Hugh Smith
The We-Fixed-Nothing Chickens Are Coming Home to Roost (June 4, 2012)
When the real problems are masked with fake “solutions,” the chickens eventually come home to roost, and we wake up to the reality that the fake “solutions” have only made things much worse.
The reality that the global Status Quo has fixed absolutely nothing in four years is finally coming to roost in the global economy. Though there is an [...]
Europe has 3 months to address crisis: Soros
By Deborah Levine, MarketWatch
NEW YORK (MarketWatch) — The European Union has three months to address its financial crisis before the markets stop giving it time, but in the end the euro is likely to remain, said George Soros, chairman of Soros Fund Management LLC.
Europe is struggling with a fundamental flaw of its original design: that’s it’s a monetary and economic union but not [...]
As everything connected to Europe seemed to fall apart even before US jobs numbers were announced, and we could say I told you so a thousand times when it comes to debt deflation and crunching credit and the rise of the US dollar, but won‘t, there’s a piece by Jeremy Warner at the Telegraph that I think I should mention.
First, though, I see that Nassim Taleb says he’d much rather [...]
Frankfurt police have detained 400 anti-capitalist protesters ahead of a key conference on monetary policy scheduled for the weekend. With thousands more heading into the city in the coming hours, new clashes are expected.
Authorities say anti-capitalists were erecting barricades, vandalizing road signs and blocking traffic at various locations across the city.
Frankfurt – Germany’s financial capital – is home to the European Central Bank (ECB). As the eurozone faces a deepening [...]
Uploaded by CapitalAccount on Jan 18, 2012
It is looking like the greek government may not be able to pay its bills in march as Athens is trying to renegotiate it’s bonds with investors who may need to take an even larger haircut than originally envisioned. In addition, labor unions are negotiating on proposed labor cost cutting. So how will this greek tragedy play out? No one seems to have any idea, so [...]
by David Pierre
This is all we will hear this week and next until they “save” us again.
Treasury Secretary Geithner said this morning “there is no plausible way to run the government after Aug. 2 without the debt ceiling being raised”.
THIS statement is an absolute admission of insolvency, default and bankruptcy.
Think about this for a moment, 2-3 years ago it was heresy to even suggest that the U.S. [...]
From Terry Coxon of Casey Research
The Long Swim â€“ How the Fed Could Become Insolvent
Youâ€™ve seen the proof in real time. Once-dominant industrial companies, e.g., General Motors, can run out of money. The biggest banks, e.g., Bank of America, can run out of money. Even sovereign governments, e.g., Greece, can run out of money. Yes, all those organizations are still limping along, but only after [...]
Money only appears on a bank’s ledger when a borrower shows up at the bank’s door. Because of the low reserve requirements (10,000:1 with the new Capital Account Accord), approximating zero in some cases, and the way the banking system is set up, money now magically appears in the credit side of the bank’s ledger and becomes available for lending.
If the borrower hadn’t shown up, the bank could not [...]