Sep 30

- EL PReSiDeNTe………. (ZeroHedge, Sep 30, 2012)

Tags: , ,

Sep 30

- China’s Great Wall Of Suds: Chemical Spill Results In 50 Foot Foam Tsunami (ZeroHedge, Sep 30, 2012):

This is just the second time in three days that China’s province of Guangdong is being discussed on Zero Hedge. On Thursday we wrote that the mega city of Dongguang, once Guangdong richest, is now on the verge of bankruptcy as China’s hard landing begins to take its toll. Today, we learn that instead of the rivers running red once all hell breaks loose in China, the color will be soapy white. Specifically, following a chemical spill in Xintang, in the provine of Guandong, the result was a 50 foot tsunami of foam which was swept down a river by heavy rainfall, causing widespread panic and evacuations. It also caused the following brilliant explanation from a Chinese spokesman: “People are right to be cautious but it is harmless. It made very large bubbles when it went over a waterfall, but apart from one or two dead fish, it is harmless.” We can’t wait to hear Chinese justifications of mushroom clouds: “aside from one or two billion dead people, they give you a healthy green afterglow“? Continue reading »

Tags: , , , , , ,

Sep 30

- Some “Curious” US And French Military Deployments (ZeroHedge, Sep 29, 2012):

Regular readers are aware that periodically, usually weekly, Zero Hedge presents critical naval updates demonstrating the positioning of key US maritime assets, primarily strategic aircraft carriers. The location of these indicates far more what US foreign policy is focused on at any moment, than propaganda distributed for general consumption via the coopted media. Today, however, instead of focusing on aircraft carriers, using Stratfor analysis, we present several broad “curious” US and French military developments. Continue reading »

Tags: , , , , , , , , , , , , , ,

Sep 30

And this time it’s the ‘Greatest Depression’.


- How Bad Was The Great Depression? (ZeroHedge, Sep 29, 2012):

To properly understand the events of the time (and to put them in today’s context), we believe, like the FEE, that it is factually appropriate to view the Great Depression as not one, but four consecutive downturns rolled into one. These four “phases” are: I. Monetary Policy and the Business Cycle; II. The Disintegration of the World Economy; III. The New Deal; IV. The Wagner Act. The first phase covers why the crash of 1929 happened in the first place; the other three show how government intervention worsened it and kept the economy in a stupor for over a decade. The following brief clip and article shine a light on how bad things were and what was done in the name of ‘helping’ – there are many shocking analogies for current government-inspired acts from taxation to protectionism to money-supply ‘tricks’.

Everyone has heard the sage observation of philosopher George Santayana: “Those who cannot remember the past are condemned to repeat it.” It’s a warning we should not fail to heed.


YouTube

Great Myths 2011 Final Web

Tags: , , , , , , ,

Sep 30

See also:

- Dr. Paul Craig Roberts: How The Government’s Lies Become Truth

- Netanyahu Caught Ignoring Top IAEA ‘No Iran Bomb’ Report


- Iran’s Imminent Nuclear Weapon (ZeroHedge, Sep 29, 2012):

Here’s some context behind the claims that Iran will imminently possess a nuclear weapon.

It started a long time ago (but not, unfortunately, in a galaxy far, far away): Continue reading »

Tags: , , , , , , ,

Sep 30

- Greek Bad Loans Climb To Record 25% Of Total (ZeroHedge, Sep 29, 2012):

It appears that in the past few weeks, the number 25% is strange attractor of bad luck for Greece. First, a month ago we learned that Greek unemployment has for the first time ever reached 25%. Now we get to see the income statement and balance sheet manifestation of a society in socioeconomic collapse – Kathimerini reports that Greek bad loans, or those which haven’t seen a payment made in over 3 months, have hit a record €57 billion, or 25% of all bank debt. “With one in every four loans not being repaid for more than three months, the bank system is feeling the pressure, leading to additional capital requirements that are expected to aggravate the state debt further.” That was Kathimerini’s spin. The reality is that just like in Spain, where between bad loans and deposit outflows, the country has become a protectorate of the ECB, which is now fully in control of its banking system, so too in Greece Mario Draghi’s tentacles are now in every bank office. Should Greece repeat the festivities of this summer and threaten to pull out of the Eurozone, the ECB will merely in turn threaten to push the red button and cut off all cash to terminally insolvent Greek banks, which of course would also mean a total halt of all deposit outflow activity. So instead what will happen is the ongoing rise in unemployment, and the increase in bad loans as percent of total, until one day the economy, even with all the money in the world pumped into it from Frankfurt, will no longer move. That day is getting very close. Continue reading »

Tags: , , , , , , , ,

Sep 30

- Guess Who Was The Biggest Beneficiary From The Fed’s POMO Bonanza (ZeroHedge, Sep 29, 2012)

Tags: , , , , , , , ,

Sep 30

- Presenting The World’s Biggest Hedge Fund You Have Never Heard Of (ZeroHedge, Sep 30, 2012)

Tags: , , , ,

Sep 30

FYI.



YouTube Added: 03.09.2012

Tags: , , , , , , , , , , , , , , , , , , ,

Sep 30

- Mystery virus sickens German school children (euronews, Sep 28, 2012):

An outbreak of an unknown virus in eastern Germany has made 4,000 school children ill. It is believed contaminated school lunches are to blame, causing excessive vomiting and diarrhoea among young sufferers.

Anke Protze who works for the Chemnitz Health Bureau, explains the nature of the illness.

“There are serious and not so serious cases - some children had to be hospitalised. With this sickness you have an enormous loss of fluids and minerals. That means the first thing to do is not give antibiotics but replace the fluids,” she said.

Several schools have closed their doors as a precautionary measure. All eyes are now on catering company Sodexo, which supplies all the schools hit by the bug.

Continue reading »

Tags: , , , ,

Sep 30

- Obama blocks Chinese purchase of US wind farms (AP, Sep 28, 2012):

WASHINGTON (AP) – Citing national security risks, President Barack Obama on Friday blocked a Chinese company from owning four wind farm projects in northern Oregon near a Navy base where the U.S. military flies unmanned drones and electronic-warfare planes on training missions.

It was the first time in 22 years that a U.S. president has blocked such a foreign business deal.

Obama’s decision was likely to be another irritant in the increasingly tense economic relationship between the U.S. and China. It also comes against an election-year backdrop of intense criticism from Republican presidential challenger Mitt Romney, who accuses Obama of not being tough enough with China.

Continue reading »

Tags: , , , , , , ,

Sep 30

- GMO victory within reach? Proposition 37 is ‘likely to pass’ declares LA Times (but your help still needed!) (Natural News, Sep 28, 2012):

Proposition 37, the GMO labeling bill that’s on the ballot in California, is polling 2-to-1 in favor of passing, the LA Times is now reporting. 61% of registered voters currently support GMO labeling, and only 25% oppose it.

This high support rate is the result of a massive, decentralized grassroots effort involving non-profits, independent news outlets (like Natural News), educators like Jeffrey Smith, activists like Ronnie Cummins, large financial donors like Dr. Mercola, honest companies like Dr. Bronner, and countless volunteers who have donated their time, money and effort to get Proposition 37 passed.

But this race is nowhere near over. Huge corporations are, of course, lined up in opposition of Proposition 37 because they don’t want you to know that you’re eating GMO. Monsanto, Dupont, Coca-Cola, Pepsico and all the other usual suspects have funneled tens of millions of dollars into defeating Prop 37, and their ads have only begun to start running.

Continue reading »

Tags: , , , , , , , , , , , , ,

Sep 30

- America’s Singular Path, Life After Israel (Veterans Today, Sep 29, 2012)

Tags: , , , , , , , , , , ,

Sep 30

- A Marine Who Knew Too Much (Veterans Today, Sep 29, 2012):

Retired General Mark Kimmitt in the U.S. State Dept. is going to have some answering to do.

They knew what day we were coming. All I know is that they were already in position and waiting, and they had a ton of ammo! It was a complex ambush. There was no movement in the town or around it before the main force was engaged.” – Scout Squad Leader, USMC

According to many independent sources, Kimmitt is connected with every incident that beats on our American conscience. I have been going over this material for three years, since right after the ambush took place, and while I think many Americans know Kimmitt’s name, they do not understand the full impact of what this man means to our dark legacy in Iraq and Afghanistan.

Again, according to information gleaned from many sources, it appears that Kimmitt is behind the Ganjagal Ambush that left four Marines (One was a Navy Corpsman, as I said ‘Marines’) dead for no reason other than the fact that Aaron Kenefick; who had a top security clearance, was Marine Force Recon (Marine Corps’s special forces like Green Berets and Navy SEAL’s) and had been Kimmitt’s aide and through that experience, knew too much to remain alive.

Tags: , , , , , ,

Sep 30

Don’t miss:

A Marine Who Knew Too Much (Veterans Today)


- US military deaths in Afghanistan hit 2,000 (Bloomberg/AP, Sep 30, 2012):

KABUL, Afghanistan (AP) — U.S. military deaths in the Afghan war have reached 2,000, a cold reminder of the human cost of an 11-year-old conflict that garners little public interest at home as the United States prepares to withdraw most of its combat forces by the end of 2014.

The toll has climbed steadily in recent months with a spate of attacks by Afghan army and police against American and NATO troops, and questions about whether allied countries will achieve their aim of helping the Afghan government and its forces stand on their own after most foreign troops depart in little more than two years.

A U.S. official confirmed the latest death Sunday, saying that an international service member killed in an apparent insider attack by Afghan forces in the east of the country late Saturday was American. The official spoke on condition of anonymity because the nationality of those killed had not been formally released.

A civilian contractor with NATO and at least two Afghan soldiers also died in the attack, according to a coalition statement and Afghan provincial officials. The nationality of the civilian was not disclosed.

At least 1,190 more coalition troops have also died in the Afghanistan war, according to iCasualties.org, an independent organization.

Continue reading »

Tags: , , , , , ,

Sep 29

- Rat reality show: Russian scientists to broadcast GMO experiment (RT, Sep 29, 2012):

After a French study suggested that rats fed on Monsanto GMO corn suffered tumors, Russian researches plan their own, this time public, experiment. The unique reality show with rats is expected to prove or deny GMO’s health-threatening influence.

­The Russian scientists, who oppose genetically modified organisms (GMO) in food, expect that their year-long experiment will show whether the controversial cultivation process has effects as dangerous as French revelations claimed on September 19.

Scientists from France’s University of Caen made public the results of their classified study, publishing the images of rats with tumors after they were fed a diet of genetically modified (GM) maize produced by American chemical giant Monsanto.

The revelation stirred fear across Europe and in Russia, where authorities temporarily suspended the import and sale of Monsanto’s genetically modified corn.

Continue reading »

Tags: , , , , , , , , , , ,

Sep 29

Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

paul-craig-roberts
Dr. Paul Craig Roberts

- How The Government’s Lies Become Truth (Paul Craig Roberts, Sep 29, 2012):

In my last column, “A Culture of Delusion,” I wrote that “Americans live in a matrix of lies. Lies dominate every policy discussion, every political decision.” This column will use two top news stories, Iranian nukes and Julian Assange, to illustrate how lies become “truth.”

Continue reading »

Tags: , , , , , , , , , , , , , , , , ,

Sep 29

Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

paul-craig-roberts
Dr. Paul Craig Roberts

- A Culture of Delusion (Paul Craig Roberts, Sep 27, 2012):

A writer’s greatest disappointments are readers who have knee-jerk responses. Not all readers, of course. Some readers are thoughtful and supportive. Others express thanks for opening their eyes. But the majority are happy when a writer tells them what they want to hear and are unhappy when he writes what they don’t want to hear.

Continue reading »

Tags: , , , , , , , , , , , , , ,

Sep 29

Flashback:

- Top Constitutional Expert: ‘President Obama Says That He Can Kill You On His Own Discretion’: Without Charge Or Trial (Video):

But nationally-recognized constitutional law expert Jonathan Turley (the second most cited law professor in the country, one of the top 10 lawyers handling military cases, who has served as a consultant on homeland security and constitutional issues and is a frequent witness before the House and Senate on constitutional and statutory issues, who ranked 38th in the top 100 most cited ‘public intellectuals’ in a recent study by a well-known judge) said yesterday on C-Span (starting at 15:50):

It’s even worse than coming into your house. President Obama has just stated a policy that he can have any American citizen killed without any charge, without any review, except his own. If he’s satisfied that you are a terrorist, he says that he can kill you anywhere in the world including in the United States.

Two of his aides just were just at a panel two weeks ago and they reaffirmed they believe that American citizens can be killed on the order of the President anywhere including the United States.

You’ve now got a president who says that he can kill you on his own discretion. He can jail you indefinitely on his own discretion

- Senator Carl Levin: Obama Required US Citizens To Be Included In Indefinite Detention!



YouTube Added: 27.09.2012

Description:

Ben Swann Reality Check takes a look at how President Obama says one thing about the indefinite detention clause of the NDAA and yet continually does another.

Commenting on the video:

Thank you so much Führer Obama that you will not use the power to indefinitely detain (and kill) Americans!

We have just one question: Why is your regime demanding ‘Military Prisons For Americans Under NDAA’

… which have already been built under traitor and war criminal Bush?

- Jesse Ventura Conspiracy Theory: Police State (And FEMA Concentration Camps) – Full Length Video

Your regime is such a perfect continuation of  Bush.

Oh, wait a minute, you are actually so much better than Bush …

- Ralph Nader: President Obama Is a ‘War Criminal’ And Worse Than Bush (Video)

… also in bankrupting America:

- Obama Has Stolen $5.3 Trillion From Our Children In Order To Make Himself Look Good:

“By the end of Obama’s first term, the U.S. national debt will have grown more than it did from the time that George Washington became president to the time that George W. Bush became president.”

How many of you remember this?

- HILARIOUS … Obama: ‘I Am Pledging To Cut The Deficit We Inherited By Half By The End Of My First Term In Office’ (Video)

Here is another one:

- Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’

How many of our soldiers have died since Obama gave this promise?

And Romney?

TRAITOR Romney supports an Israeli attack on Iran and ‘Wants To Attack Iran To Prevent A Dirty Bomb‘ (= WW III) and …

- Secret Video Ties Mitt Romney To Terror Attacks and Mossad Election Rigging (Veterans Today)

- Romney & Bain Tied To Death Squads In Latin America (Video)

- Barack Obama And Mitt Romney Are Essentially The Same Candidate … 40 Facts

Good luck America!

Obamney 2012!

“An evil exists that threatens every man, woman, and child of this great nation. We must take steps to insure our domestic security and protect our homeland.”
- Adolf Hitler, proposing the creation of the Gestapo in Nazi Germany

More on the NDAA:
Continue reading »

Tags: , , , , , , , , , , , ,

Sep 29

- Monster typhoon nears Japan — Forecast shows storm to hit Fukushima Sunday (MAPS & VIDEO) (ENENews, Sep 28, 2012)

Tags: , , , , , ,

Sep 29


YouTube

- Israeli Rabbis Greet Iran’s President Ahmadinejahd in NYC on Yom Kippur (Veterans Today, Sep 28, 2012):

In a video you won’t see on CNN or ABC, Israeli Sephardic Rabbis Greeted Ahmadinejahd in New York City on Yom Kippur.

Iran’s President was visibly moved by the emotional prayers for peace and friendship spoken by the Israeli Rabbis.  The Sephardic Rabbis praised Iran’s leaders for 1,000 years of peaceful relations with 50,000 Jewish families in Tehran.

This extraordinary event might account for Ahmedinejahd’s  subdued criticism of Israel in his speech on the floor of the United Nations later that day. Major media have observed that Iran’s President only briefly mentioned Israel once.  Nobody asked why he might have softened his tone.

Let’s make this video go viral, people! There’s great hope for peace, if we can follow these Rabbis’ superb example and treat each other with respect.

Message sent to me with youtube link. If after watching this you do not begin to understand how people are being deceived then you are in a coma.   And we all deserve to suffer the consequences of our ignorance.
Continue reading »

Tags: , , , , , , , , ,

Sep 29

FYI.


- Why Does Our Society Look Down On Unemployed Men So Much? (Economic Collapse, Sep 28, 2012):

If you are unemployed for an extended period of time, people are going to look at you differently.  Unfortunately, this is especially true if you are a man.  In our society, men are primarily defined by “what they do”.  If you have been unemployed for a long period of time, that can make social interactions even more awkward than normal.  Most people will instantly become more uncomfortable around you when they find out that you are unemployed.  Many will look at you with pity, and others will actually look at you with disdain.  Women will not want to date you, and if you are in a relationship unemployment will put a tremendous amount of strain on it.  Once you “don’t have a job”, you will not get the same level of respect from former co-workers, friends, members of your own family and possibly even your own wife.  So why does our society look down on unemployed men so much?  Well, it is generally expected that men are supposed to be the “breadwinners” for their families.  If a woman stays home with the kids nobody has any problems with that, but if men do the same thing it tends to raise eyebrows.  But there is a big problem.  Our economy is not producing enough jobs for everyone.  In fact, there are millions upon millions more workers than there are jobs.  It would be great if this was just a temporary situation, but as I have written about previously, there will never be enough jobs in America ever again.  So there will continually be millions upon millions of men that are looked down upon by society because they can’t get jobs, and as a result we are going to have millions upon millions of men that are constantly battling against soul-crushing despair. Continue reading »

Tags: , , , ,

Sep 29


YouTube Added: 14.03.2012

Description:

ALARMING! Washington’s Dilemma!
Soaring debt and a budget Congress can’t balance.

This VIDEO explains WHY.

Every person in AMERICA should watch this video!

Over 2.9 million VIEWS!

http://www.whitehouse.gov/omb/budget

Tags: , , , , , , , , , , , , ,

Sep 29

- Fitch Warns UK Likelihood It Loses AAA Rating Has Increased (ZeroHedge, Sep 28, 2012):

One-by-one, the highest quality collateral in the world (according to ratings that is) is disappearing. To wit, Fitch warns that a downgrade of the UK’s AAA rating is increasingly likely: “weaker than expected growth and fiscal outturns in 2012 have increased pressure on the UK’s ‘AAA’ rating, which has been on Negative Outlook since March 2012.” The Negative Outlook on the UK rating reflects the very limited fiscal space, at the ‘AAA’ level, to absorb further adverse economic shocks in light of the UK’s elevated debt levels and uncertain growth outlook. Global economic headwinds, including those emanating from the on-going eurozone crisis, have compounded the drag on UK growth from private sector deleveraging and fiscal consolidation as well as from depressed business and consumer confidence, weak investment, and constrained credit growth. But no mention of unlimited QE? Continue reading »

Tags: , , , , , , , ,

Sep 29

- All Your Private Data Are Belong To Obama (ZeroHedge, Sep 28, 2012):

When it comes to spying, eavesdropping on its citizens as well as the complete invasion of American privacy, the first thing that comes to mind is the Patriot ACT and Dubya. And with good reason: because while the rest of the world may “hate us for our freedoms”, they certainly love us for the fact that the NSA usually can autocomplete sentences before they are written in any electronic medium (recall: NSA Whistleblower Speaks Live: “The Government Is Lying To You“). However, as it turns out that the first thing that should be coming to mind is none other than the current administration and Barack Obama. Here are the facts: as the ACLU reveals using documents released by the Justice Department following months of litigation, “federal law enforcement agencies are increasingly monitoring Americans’ electronic communications, and doing so without warrants, sufficient oversight, or meaningful accountability.” How “increasingly”? Look at the chart below and decide.

From the ACLU: Between 20909 and 2011 “the number of people whose telephones were the subject of pen register and trap and trace surveillance more than tripled. In fact, more people were subjected to pen register and trap and trace surveillance in the past two years than in the entire previous decade.

And that’s just the tip of the iceberg.

This is how Uncle Sam spies on you: Continue reading »

Tags: , , , , , , , , , , , , , , ,

Sep 29

- Gold And Silver Lead Everything Week-, Month-, Quarter-, & Year-To-Date (ZeroHedge, Sep 28, 2012)

Tags: , , ,

Sep 29

- 10 Reasons Why We Don’t Need GM Foods (Waking Times, Sep 12, 2012):

Genetically modified (GM) foods are often promoted as a way to feed the world. But this is little short of a confidence trick. Far from needing more GM foods, there are urgent reasons why we need to ban them altogether.

1. GM foods won’t solve the  food crisis

A 2008 World Bank report concluded that increased biofuel production is the major cause of the increase in food prices.[1] Biofuels are crops grown for fuel rather than food. GM giant Monsanto has been at the heart of the lobbying for biofuels — while profiting enormously from the resulting food crisis and using it as a PR opportunity to promote GM foods!

“The climate crisis was used to boost biofuels, helping to create the food crisis; and now the food crisis is being used to revive the fortunes of the GM industry.” — Daniel Howden, Africa correspondent, The Independent (UK)[2]

“The cynic in me thinks that they’re just using the current food crisis and the fuel crisis as a springboard to push GM crops back on to the public agenda. I understand why they’re doing it, but the danger is that if they’re making these claims about GM crops solving the problem of drought or feeding the world, that’s bullshit.” – Prof Denis Murphy, head of biotechnology, University of Glamorgan, Wales[3] Continue reading »

Tags: , , , , ,

Sep 29

- The Next Subprime Crisis Is Here: Over $120 Billion In Federal Student Loans In Default (ZeroHedge, Sep 28, 2012):

Whereas earlier today we presented one of the most exhaustive presentations on the state of the student debt bubble, one question that has always evaded greater scrutiny has been the very critical default rate for student borrowers: a number which few if any lenders and colleges openly disclose for fears the general public would comprehend not only the true extent of the student loan bubble, but that it has now burst. This is a question that we specifically posed a month ago when we asked “As HELOC delinquency rates hit a record, are student loans next?” Ironically in that same earlier post we showed a chart of default rates for federal loan borrowers that while rising was still not too troubling: as it turns out the reason why its was low is it was made using fudged data that drastically misrepresented the seriousness of the situation, dramatically undercutting the amount of bad debt in the system.

Luckily, this is a question that has now been answered, courtesy of the Department of Education, which today for the first time ever released official three-year, or much more thorough than the heretofore standard two-year benchmark, federal student loan cohort default rates. The number, for all colleges, stood at a stunning 13.4% for the 2009 cohort. The number is stunning because it is nearly 50% greater than the old benchmark, which tracked a two year default cohort, and which was a “mere” 8.8% for the 2009 year. Broken down by type of education, and using the new improved, and much more realistic benchmark, for-profit institutions had the highest average three-year default rates at 22.7 percent, with public institutions following at 11 percent and private non-profit institutions at 7.5 percent. In other words, more than one in five federal student loans used to fund private for-profit education, is now in default and will likely never be repaid!

And while it is impossible using historical data to extrapolate with precision what the current consolidated federal student loan default rate is, we do know that there is now $914 billion in federal student loans (which also was mysteriously revised over 50% higher by the Fed just a month ago). Using simple inference, all else equal (and all else has certainly deteriorated), there is now at least $122 billion in federal student loan defaults. And surging every day.

Ladies and gentlemen: meet the new subprime.

Continue reading »

Tags: , , , , , , , , ,

Sep 29

- Apple Has Satanic Close To Quarter (ZeroHedge, Sep 28, 2012):

Ending the day at the lows, AAPL’s stock price traded with a truly demonic $666.66  after-hours. The reason for the last few days’ weakness? Who knows when a bubble bursts but between its analog to MSFT’s meteoric rise, the stocks’ weight in the NASDAQ, ‘disappointing’ first-week sales, Cook’s Maps FUBAR, supply-chain disruptions, or the market having to suddenly price in the arrival of the new Obama-phone, volumes have been picking up.The Bat-Phone…

The Apple iPhone… and its high-volume selling pressure and $666.66 after-hours close…

AAPL +65% YTD, +14% in Q3, +0.23% in September

The Cleveland Obama-Phone…

Tags: , , , , ,

Sep 29

- Friday Humor: Don’t Drink And Trade (ZeroHedge, Sep 28, 2012):

Broker Sent Oil Prices to Eight Month High in a Drunken Stupor

On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.

The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA).

Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night.

On the morning of the 30th an admin clerk called Mr Perkins to ask why he had bought 7 million barrels of crude during the night. Mr Perkins had no recollection of the transactions, and it turned out that he had made the trades during a “drunken blackout.”

By the time PVM had realised the transactions had not been authorised by a client, they had incurred losses of $9,763,252.

Between the hours of 1.22am and 3.41am, Mr Perkins gradually bought 69 percent of the global market, whilst driving prices up from $71.40 to $73.05, by bidding higher each time.

Continue reading »

Tags: , , ,