– China Takes “10 Steps Back,” Slaps 20% Reserve Requirement On Currency Forwards (ZeroHedge, Sept 1, 2015):
Overnight, China decided to take steps to reduce “macro financial risks.”
And by that they mean “do something quick to help ease pressure on the yuan” and by extension, on the PBoC’s rapidly depleting FX reserves.
To that end, starting October 15 banks will have to hold the equivalent of 20% of clients’ FX forward positions with the PBoC, where the money will sit, frozen, for a year, at 0% interest. Continue reading »
H/t reader squodgy:
“Here it comes again…..incrementalisation…..”
* * *
As I’ve said before:
The people should resist a cashless society with everything they’ve got, …
… because next up are RFID microchip implants and if the people will allow THIS to happen, …
… then it is all over.
– The Financial Times Calls for Ending Cash, Calls it a “Barbarous Relic” (Liberty Blitzkrieg, Aug 27, 2015):
Earlier this week, as the financial world was mesmerized by a min-stock market crash, the Financial Times published a dastardly little piece of fascist propaganda.
There is no more egregious anti-liberty economic policy imaginable than banning cash. I covered this earlier in the year in the post, Martin Armstrong Reports on a Secret Meeting in London to Ban Cash. Here’s an excerpt:
At this point, anyone paying even the slightest bit of attention to the central planning economic totalitarians running the fraudulent global financial system is aware of the blatant push in the media to acclimate the masses to accepting a “cashless society.”
– 1000s Of Political Figures Are Stashing Cash In Swiss Accounts, Foreign Ministry Admits (ZeroHedge, Aug 26, 2015):
In spite of all the attention the nation has received in recent years, SCMP reports that thousands of so-called “politically exposed persons”, or PEPs – a category that includes heads of state and other top officials – hold Swiss bank accounts, a Swiss foreign ministry official said. But, perhaps not for much longer as Bern aims to finalize a law aimed at simplifying the process of freezing and unblocking such funds.
– How Western Governments Will Steal Your Land, Part I (Sprott Money, Aug 19, 2015):
This was a difficult piece to write, and an equally difficult piece to title, because the people who most need to see this message are simultaneously the least-likely to read it. How do you steal anything? Boiled down, there are only two procedures: doing so via brute-force (i.e. robbery), or doing so by deception (i.e. fraud).
This is primarily a warning about the latter form of stealing, although ultimately there will be brute-force employed, for any who attempt to resist the mass-foreclosures and mass-evictions which are now imminent. To explain how your land will be stolen from (most of) you – by fraud – first requires a brief lesson in economics, conducted via a simple, hypothetical scenario. Continue reading »
“The Goldman blowback is a particularly challenging subject to understand and analyze. Taken to extremes, criticism of the firm, which was founded and built by Jewish Americans, smacks at times of anti-Semitism. Fed officials don’t want to fall into the trap of ostracizing qualified people merely because of their association with the firm or its Jewish roots.”
– John Hilsenrath
– No Jon Hilsenrath, It Is Not “Anti-Semitic” To Criticize Goldman Sachs (ZeroHedge, Aug 18, 2015):
Yesterday, in the aftermath of the Dallas Fed’s grotesque hire of a former Goldman banker, Robert Kaplan (while former Dallas Fed president Dick Fisher is now collecting a sallary from Barclays, where he is now a “Senior Advisor“) even some “very serious people” employed by the WSJ were shocked by this blatant flaunting of central bank capture by Goldman Sachs: consider that in addition to all the other global power posts currently held by Goldman alumni, three of the Fed’s 12 presidents are now Goldman Sachs alumni.
As a further reminder, it is not just the Fed – the Goldman alumni network has quietly, and not so quietly, over the past few years taken over Europe as well: Continue reading »
– Greek Deposits Become Eligible For Bail-In On January 1, 2016 (ZeroHedge, Aug 17, 2015):
Earlier today an EU official was reported as saying that Greek banks will exclude all depositors from losses until the EU’s Bank Recovery and Resolution Directive rules go into effect on Jan. 1, 2016. Needless to say this was vastly different to Dijsselbloem’s blanket guarantee statement from Friday, and suggests that depositors will indeed be bailed-in, but not right now: only after BRRD rules come in place on the first day of 2016.…
– “Project Omega” – Why HFTs Never Lose Money: The Criminal Fraud Explained (ZeroHedge, Aug 13, 2015):
Two weeks ago, without knowing the details of the most recent market-rigging and frontrunning scandal involving “alternative” market veteran ITG’s dark pool POSIT, which issued a vague 8-K it would settle with the SEC for “irregularities”, we explained what we thought had happened:
ITG had an in house prop trading group, or “pilot”, which operated for nearly two years, whose only signal was client order flow, which it would frontrun, and make millions in profits. In other words, once again precisely what we have claimed since 2009. But oh yes, not everyone is guilty of such manipulation. Only Liquidnet… and Pipeline… and ITG… and countless other ATS and HFT firms for whom clients are better known as either “easy money” or muppets.
And yes, we get the “trading experiment” narrative: calling it “criminal market manipulation and order frontrunning scheme” just does not sound like something the Modern Markets Initiative would spend millions of dollars to get Congressmen to agree on.
It turns out we were spot on, the only thing we missed was the name of this market manipulation exercise. Now, thanks to the SEC, we know: “Project Omega” (or as it was also correctly dubbed here the “criminal frontrunning scheme“) is how ITG dubbed its secretive prop-trading desk whose only purpose was to frontrun clients.
Here are the details for all you suckers who still read the HFT apologists and believe the bullshit that all these algos do is provide liquidity, when in reality all the really do is frontrun your orders, assuring them of 6 years of trading without a single day’s loss (or in the case of Virtu, one trading day loss). From the SEC: Continue reading »
Rick devotes the full one-hour to delivering a blockbuster interview with financial analyst Jim Willie, publisher of the Hat Trick Letter. Jim discusses the rapid drying of the Treasury bond liquidity market, the introduction of a new U.S. currency very soon, the BRICS challenge to the London-New York financial power base, criminal activity in financial markets, the global re-set of the financial system, a gold-backed global reserve currency, and many other hot-button topics.
– JPMorgan Helps Comex Avoid Gold Depletion, Boosts Registered Gold By 78% Overnight (ZeroHedge, Aug 6, 2015):
We were less than surprised to see that just 2 days after our report, the Comex once again succeeded in sweeping default fears under the rug by boosting its eligible gold by a whopping 78% overnight, from 362K ounces to 643K, thereby pushing deliverable gold from its all time lows. However, this was not achieved with an infusion of actual new gold into the Comex, but thanks to JPM reclassifying 276K ounces of gold from the Eligible into the Registered category, even as actual eligible gold continues being withdrawn from the Comex.
– LIBOR Scapegoat Found Guilty, Sentenced To 14 Years (ZeroHedge, Aug 3, 2015):
Update: Hayes has been sentenced to 14 years in jail.
* * *
Tom Hayes, the former UBS trader standing trial for his role in manipulating LIBOR, was found guilty on eight counts in a London court. The jury, which deliberated for a week, was unanimous in its decision. To wit, from Bloomberg:
Former UBS Group AG and Citigroup Inc. trader Tom Hayes, the first person to stand trial for manipulating Libor, was found guilty of eight counts of conspiracy to rig the benchmark rate. Continue reading »
Illuminati (the Rothschilds and the other 12 elite families) control America and they are calling the shots.
America is just being used, or better abused, to fulfill their agenda.
History is repeating itself.
And again … We Are On Our Own
George Carlin sums it up best:
– George Carlin: The American Dream (Video):
– Revolving Door on Steroids – New Bank of England Policymaker Allowed to Retain Financial Interest in Hedge Fund (Liberty Blitzkrieg, July 31, 2015):
Can’t a guy enjoy a beautiful Friday in Colorado without being bombarded with another gigantic oligarch scam? I guess not.
Today’s article takes the revolving door theme to a whole other level. It even puts the recent revelation that law firm Covington and Burlington kept an office empty for Eric Holder while he was head of the Department of Justice to shame. You can’t make this stuff up.
New Bank of England policymaker Gertjan Vlieghe will retain a financial interest in one of the world’s biggest hedge fund firms while he sets interest rates, an arrangement that Britain’s finance ministry said posed no conflict of interest. Continue reading »
– Deutsche Bank “Loses” LIBOR Chat Records; Will Try Hard To Find Them (ZeroHedge, July 31, 2015):
Back in April, Deutsche Bank agreed to pay $2.5 billion (or around $25,475 per employee) to the DoJ, the CFTC, the NY Department for Financial Services, and the UK’s FCA in connection with the bank’s role in the global conspiracy to rig LIBOR (and EURIBOR, and TIBOR, but who’s counting). The fine marked the largest LIBOR-related settlement thus far but as usual, regulators stopped short of insisting that the actual human beings responsible for the manipulation of a benchmark upon which trillions in financial assets are based be put behind bars. In other words, no people were held accountable.
That said, we got a faint glimmer of hope on the accountability front when, late last month, FT reported that the German financial watchdog BaFin was looking into whether (former) co-CEO Anshu Jain lied to the Bundesbank about when he first learned that his traders and submitters might have been involved in fixing the LIBOR fixes. Continue reading »
– How UBS Sent Millions to the Clintons After Hillary Saved the Mega Bank While Secretary of State (Liberty Blitzkrieg, July 30, 2015):
A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts.
If the case proceeded, Switzerland’s largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court.
Within months, Mrs. Clinton announced a tentative legal settlement—an unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS, an outcome that drew criticism from some lawmakers who wanted a more extensive crackdown.
From that point on, UBS’s engagement with the Clinton family’s charitable organization increased. Total donations by UBS to the Clinton Foundation grew from less than $60,000 through 2008 to a cumulative total of about $600,000 by the end of 2014, according the foundation and the bank.
The bank also joined the Clinton Foundation to launch entrepreneurship and inner-city loan programs, through which it lent $32 million. And it paid former president Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House.
– From today’s Wall Street Journal article: UBS Deal Shows Clinton’s Complicated Ties
The best part about Hillary Clinton’s run for the Presidency, is the endless series of scandals and shadiness that inevitably comes along with being part of an entrenched status quo family that prioritizes the accumulation of wealth and power above all else. The reason Barack Obama was able to generate so much genuine “hope” prior to his election is 2008, is because he was a complete unknown. He could say all the right things, and it was easy for people to believe the hype. Continue reading »
– Banks Squirm as Congress Moves to Cut the 6% Dividend Paid to Them by the Federal Reserve (Liberty Blitzkrieg, July 29, 2015):
On December 23 of this year, the Federal Reserve will be 99 years old. And throughout that 99 years, regardless of boom, bust, recession or Great Depression, the biggest Wall Street banks have been enjoying a 6 percent, risk-free return on the capital they hold at the Fed in the form of dividends.
Have you looked at your checking or money market bank statement lately from JPMorgan Chase or Citibank? How about the statement showing the interest you’re earning on your mortgage escrow account with the big banks? While the country suffers through the lingering effects of the Great Recession caused by the biggest Wall Street banks, the public typically receives less than 1 percent on their deposits at the big banks, while the government has legislated a permanent, risk-free 6 percent guarantee to the Wall Street banks for their capital on deposit at the Fed. Now that’s an entitlement program that needs to die!
This corporate welfare program gets even better: if the shares of stock were acquired prior to March 28, 1942, the 6 percent risk-free dividend is tax exempt and the bank doesn’t have to pay corporate taxes on it.
– From the excellent 2012 Wall Street on Parade article: Kill This Entitlement Program: The 6% Risk-Free Dividend the Fed Has Been Paying Wall Street Banks For Almost a Century
Did you know that the Federal Reserve pays an annual 6% dividend to its shareholders, i.e., the member banks of the cartel? Must be nice, considering savers who had nothing to do with cratering the world economy, and failed to receive a taxpayer funded bailout, can barely earn 0.5% on their money. It’s also quite bizarre. How many other “public institutions” have private shareholders to whom they pay 6% risk free dividends? Continue reading »
– Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors (ZeroHedge, July 26, 2015):
Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total of €210 billion in loans), are rising at a pace as high as €1 billion per day (this was confirmed when the IMF boosted Greece’s liquidity needs by €25 billion in just two weeks), are rising at a pace unseen at any time in modern history. Continue reading »
Jul 23, 2015
In this Keiser Report Max Keiser and Stacy Herbert discuss the fact that life’s but a walking shadow, a poor homeless schmuck that struts and frets his squeegee upon thy windshield, and then is heard no more. It is a tale told by an idiot tabloid, full of sound and fury, signifying nothing. In the second half Max interviews Michael Krieger of LibertyBlitzkrieg.com about #BankersLivesMatter and the two-tier justice system in America in relation to bankers and their crimes. They also ask, “where is Eric Holder now? Hmmm, I wonder.”
– Kremlin to Seize Foreign Assets in Response to Frozen Russian Capital (Sputnik, July 24, 2015):
The Russian government’s Commission on Legislative Affairs approved a bill that would allow Russia to seize foreign state assets without consulting them.
According to the new bill, Russia will be able to seize foreign state assets from countries that would infringe Russia’s jurisdictional immunity.
The Ministry of Justice said the new law is to bring parity on the existing “jurisdictional imbalance” between Russia and other countries. In other words, Russia will now seize the state assets of other countries in proportion to the amount of Russian assets frozen in those countries. Continue reading »