Jul 13

muppets-kermit-dead

Summary:

Recall that it was Goldman’s David Kostin who in January admitted that “The S&P500 Is Now Overvalued By Almost Any Measure.” It was then when the Goldman chief strategist admitted there was only 3% upside to the bank’s year end target of 1900.  Well, that hasn’t changed. In his latest note Kostin says that “S&P 500 now trades at 16.1x forward 12-month consensus EPS and 16.5x our top-down forecast… the only time S&P 500 traded at a higher multiple than today was during the 1997-2000 Tech bubble when margins were 25% (250 bp) lower than today. S&P 500 also trades at high EV/sales and EV/EBITDA multiples relative to history. The cyclically-adjusted P/E ratio suggests S&P 500 is now 30%-45% overvalued compared with the average since 1928.” And this is where Goldman just goes apeshit full retard: “we lift our year-end 2014 S&P 500 price target to 2050 (from 1900) and 12-month target to 2075, reflecting prospective returns of 4% and 6%, respectively.

Wait, what???

- Goldman Admits Market 40% Overvalued, Economy Slowing, So… Time To Boost The S&P Target To 2050 From 1900 (Zerohedge, July 12, 2014):

One has to give it to Goldman Sachs: the bank which until a few years ago just couldn’t lose a penny, is about to report earnings which will, even if they beat Wall Street’s estimate, be an embarrassment to the bank that openly used to run the world until very recently. The reason, aside from the moribund economy, is that trading volumes have plummeted at an unprecedented pace as i) nobody trusts the centrally-planned capital markets any more and ii) valuations are, despite what permbulls can say on TV stations with record low viewership, so ridiculous few if any would actually go long here. Continue reading »

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Jul 12

Wile_E_Coyote-Dont_Look_Down

CEO Of Europe’s Largest Insurer Pops The Utopia Bubble: “Nothing Is Solved And Everybody Knows It” (ZeroHedge, July 11, 2014):

It’s one thing for a tinfoil fringe blog to repeat, month after month, that nothing in Europe has been fixed, that Draghi’s disastrous policies are merely concentraing and stockpiling even more unresolved problems – for now ignored courtesy of the gentle sprinkle of ZIRP, or rather NIRP “fairy dust” – and that just like Portugal showed panic can grip the entire continent literally overnight because everyone knows this. It is something entirely different for the CEO of Europe’s largest insurer to make the same statement.

From Bloomberg:

When asking Allianz SE’s chief investment officer about the euro area’s sovereign debt woes, be prepared for an emphatic response.

The fundamental problems are not solved and everybody knows it,” Maximilian Zimmerer said at Bloomberg LP’s London office. The “euro crisis is not over,” he said.

While extraordinary stimulus from the European Central Bank has encouraged investors to pile into the region’s government bonds this year, that’s not a sufficient remedy for Zimmerer, who oversees 556 billion euros ($757 billion) at Europe’s largest insurer. Countries are still building up their debt piles, and that’s storing up trouble for the future, he said.

Continue reading »

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Jul 11

Banker Suicides Return: JPMorgan Executive “Blasts Wife, Kills Self” With Shotgun (Zerohedge, July 10, 2014):

With Russia and China having briefly taken over the hub of global executive suicides, the sad trend has returned back to America. In what appears to the 15th financial services executive suicide this year, yet another JPMorgan Director took his own life. As IBTimes reports, Jefferson Township (New Jersey) police report that the Global Network Operations Center Executive Director, “Julian Knott, age 45, shot his wife Alita Knott, age 47, multiple times and then took his own life with the same weapon.” They are survived by 3 teenage children… 

As IB Times reports,

JP Morgan executive director Julian Knott blasted his wife Alita to death with a shotgun before turning the gun on himself.

Continue reading »

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Jul 11

china butterfly

A money-laundering butterfly flaps its wings in China… and the US housing market crashes?

- Did China Just Crush The US Housing Market? (Zerohedge, July 10, 2014)

 

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Jul 10

- Futures Tumble, Bunds Soar To Record, Gold Surges As Europe Is Broken Again; Espirito Santo Halted (ZeroHedge, July 10, 2014):

But… but… the VIX said everything is ok, and European rates were the lowest they have been in centuries… How can something possibly go wrong?

It just did.

20140710_banco1

The scandal which we first reported yesterday, after observing the record collapse in the bonds of troubled Portuguese lender Espirito Santo International following the failure to make a bond payment, has quickly escalated and overnight went nuclear. Continue reading »

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Jul 10

Always wanted to know the feeling of being in the eye of a monster hurricane?

Well, we all are in the eye of the biggest financial monster hurricane ever created, right now.

It’s already bad, but this is really nothing compared to what is coming.


- Frontrunning: July 10 (ZeroHedge, July 10, 2014):

  • Espirito Santo Financial Suspends Shares, Bonds on ESI Exposure (BBG)
  • Europe Stocks Drop for Fifth Day as Espirito Santo Sinks (BBG)
  • Espirito Santo Creditors Doubt Containment on Missed Payment (BBG)
  • French Stocks Seen Extending Losses on Economy Concern (BBG)
  • Stocks Slide With Portugal Bonds as Yen Gains; Oil Drops (BBG)
  • U.S. Probes Hacking of Government Computers at Personnel Agency (WSJ)… finds terabytes of porn
  • It’s Congress’ fault: Obama rejects criticism over border crisis (Reuters)
  • Israel Mobilizes 20,000 Troops for Possible Gaza Invasion (BBG)
  • Chinese hackers pursue key data on U.S. workers (NYT)
  • Donetsk Primed for Siege as Ukraine Army Hems In Rebels (BBG)

Overnight Media Digest

WSJ Continue reading »

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Jul 10

Germany Blesses “Bail-In” Deposit Confiscation Plan For Failing EU Banks (ZeroHedge, July 9, 2014):

One year earlier than required, the German government approved plans to force creditors into propping up struggling banks across Europe. As WSJ reports, Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk.” What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played – especially if Deutsche runs into problems) but as German authorities explain, “This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.” As a gentle reminder – creditors includes depositors… remember Cyprus?

As WSJ reports,

Germany’s cabinet Wednesday approved plans to force creditors into propping up struggling banks beginning in 2015, one year earlier than required under European-wide plans that set rules for failing financial institutions. Continue reading »

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Jul 10

Portugal’s Largest Bank Misses Bond Payment; Bonds Collapse (ZeroHedge, July 9, 2014):

Brussels, we have a problem. As we warned 6 weeks ago, Espirito Santo International SA – is in a “serious financial condition” according to a central bank driven external audit by KPMG identified “irregularities in its accounts.” Sure enough, the ‘ponzi-like’ maneuvers have left the bank unable to pay its bonds as Bloomberg reports bonds plunged to record lows after a parent company delayed payments on short-term notes. More importantly, given the divisively dependent nature of the domestic sovereign bond market (and hence the health of the EU) and its banking system, it is noteworthy that Portuguese bond risk has surged to 4 month highs with the biggest 2-day spike in a year. As one analyst noted, “The bigger question is whether the government will have to get involved,” leaving the EU taxpayer on the hook once again (for fear of M.A.D. threats) as most critically, it “will have to step in to prevent systemic repercussions?

20140709_ESP

As Bloomberg reports,

Banco Espirito Santo has been “adequately isolated” by the Bank of Portugal from the financial problems, Parliamentary Affairs Minister Luis Marques Guedes said on July 3. The bank was the only one of the three biggest publicly traded Portuguese lenders that didn’t request state aid after the country received a European Union-led bailout in May 2011. Continue reading »

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Jul 10

Wall Street vs Main Street

- Wall Street Teams Up with U.S. Intelligence Cronies in Bid to Form Fascist “Cyber War Council” (Liberty Blitzkrieg, July 8, 2014):

Want to hear the worst idea in the history of horrible ideas? How about we take the industry responsible for destroying the U.S. economy and wrecking the lives of tens of millions of people, and then allow it to create a “government-industry cyber war council.”

It appears that trillions in taxpayer bailouts simply wasn’t enough for Wall Street. Noting that it can seemingly get whatever it wants whenever it wants, the industry is now positioning itself to overtly control U.S. “cyber” policy. What could go wrong?

The man behind the push appears to be ex-NSA chief Keith Alexander, who as I reported on last month, is now: Pimping Advice to Wall Street Banks for $1 Million a Month. As I mentioned in that post, one of Mr. Alexander’s most high profile clients is Wall Street’s largest lobbying group the Securities Industry and Financial Markets Association (SIFMA). Unsurprisingly, SIFMA is behind the latest push to formally merge Wall Street with the government intelligence apparatus. Mr. Alexander isn’t wasting any time.

Bloomberg reports that: Continue reading »

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Jul 09

Keith Alexander Custom Keyboard

- Wall Street gets former NSA chief to help banks create ‘cyber war council’ (RT, July 8, 2014):

The top trade group on Wall Street wants the White House to assemble a “cyber war council,” according to a new report, as America’s banks continue to brace for hackers to hit their computer systems with an unprecedented attack.

Bloomberg News reported on Tuesday this week that its journalists have viewed an internal document from the Securities Industry and Financial Markets Association, or Simfa, calling for the United States government to create such a council “to stave off terrorist attacks that could trigger financial panic by temporarily wiping out account balances” by way of a cyberattack previously unseen on US servers.

According to Bloomberg journalist Carter Dougherty, the unpublished Simfa draft proposes that executives and deputy-level representatives from no fewer than eight US agencies join forces to ensure that the banking industry can withstand a severe cyberattack. Continue reading »

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Jul 08

And I can only repeat myself …

BTFATH!

child-stacking-blocks

… because what could possibly go wrong?

From the article:

“Welcome to the new normal capital structure, where everything is upside down and nothing makes sense.

Oh, and to all those pointing to the weekly increase in the H.8 statement and screaming “look at the recovery”, our apologies: you are, as usual, wrong.”

I hope you are prepared for what is coming.


Stock Buyback Shocker: Companies Using Secured Bank Loans To Repurchase Stock (ZeroHedge, July 8, 2014):

It took the mainstream media a few months to catch up to the theme first revealed here that in addition to the fading QE (even if supplanted by NIRP in Europe and Turbo QE in Japan), one of the primary driving forces of the market’s outperformance in 2014 was a relentless buyback bid as corporations, lacking better uses for their cash, bought a record amount of their own shares in Q1 (and as will soon be proven) in Q2 attempting to increase the EPS by lowering the S.

It was only logical that it would take the MSM a while to follow up with the logical next connection: one which is so simple we described it back in 2012 when we showed “Where The Levered Corporate “Cash On The Sidelines” Is Truly Going” – namely, an unprecedented scramble to lever up and use the proceeds to buy back stocks, a decision which is great for existing shareholders and horrible for the economy (as it means much less spending on capital investment) for employees (as it means less cash available for wages and thus, for the all important wage inflation) and for the long-term viability of the buying back company (as it levers up the corporate balance sheet without a matching increase in revenues or cash flows, in fact, the opposite).

Which brings us to today, and specifically, an FT article titled “Bankers warn over rising US business lending” in which we read that “US lending to businesses is reaching record levels but banks are privately warning that the activity should not be seen as evidence of an economic recovery.”

And the stunner: Much of the corporate lending is going to fund payouts to shareholders, finance acquisitions and fuel the domestic energy boom, bankers say, rather than to support companies’ organic growth.

Continue reading »

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Jul 08

Twintowers_of_Deutsche_Bank_Headquarter_in_Frankfurt_a.M.

- US Set To Alienate Angry Germany Next, As Crackdown Shifts From BNP To Commerzbank, Deutsche Bank (ZeroHedge, July 8, 2014):

As we reported over the weekend in “By “Punishing” France, The US Just Accelerated The Demise Of The Dollar“, following the record $9 billion fine against French BNP, the outcry has been fast and furious, with virtually everyone in the local chain of command, from the CEO of Total to the head of the Bank of France (and ECB member) Christian Noyer, all saying that the US is now clearly abusing the reserve power of the dollar and it is time to move away from a dollar-based reserve currency (how that jives with concurrent French demands for a lower EUR is a different, incomprehensible matter entirely).

It appears that having pushed France forcefully into the Russia-China Eurasian, and anti-US camp, the US will now do the same with Germany. Because after infuriating the German population by first refusing to return their gold contained (the legend goes) at the New York Fed, and then with scandal after spying scandal, most recently involving the CIA directly soliciting a German double agent, now the time has come to “punish” Germany’s largest banks for the same kind of money laundering that BNP was engaged in. As the NYT and Reuters report, the time has come to shift away from the BNP scandal and focus on what will soon be the Commerzbank and Deutsche Bank fallout.

According to the NYT, the money laundering crackdown is “bound for another European financial center: Germany. State and federal authorities have begun settlement talks with Commerzbank, Germany’s second-largest lender, over the bank’s dealings with Iran and other countries blacklisted by the United States, according to people briefed on the matter. The bank, which is suspected of transferring money through its American operations on behalf of companies in Iran and Sudan, could strike a settlement deal with the state and federal authorities as soon as this summer, said the people briefed on the matter, who were not authorized to speak publicly.

The contours of a settlement, which the authorities have only begun to sketch out, are expected to include at least $500 million in penalties for Commerzbank, the people added. Although prosecutors were still weighing punishments, the people briefed on the matter said that the bank would most likely face a so-called deferred prosecution agreement, which would suspend criminal charges in exchange for the financial penalty and other concessions.

It’s not just Commerzbank – a settlement with the smaller bank will merely pave the way for the punishment of the biggest bank of all (in terms of groiss derivative notional held): Deutsche Bank.

A potential deal with Commerzbank — which is expected to pave the way for a separate settlement with Deutsche Bank, Germany’s largest bank — would pale in comparison to the case announced last week against France’s biggest bank, BNP Paribas. The French bank agreed to pay a record $8.9 billion penalty and plead guilty to criminal charges for processing transactions on behalf of Sudan and other countries that America has hit with sanctions, a rare criminal action against a financial giant.

As NYT adds, correctly, “The Commerzbank investigation features an added twist: The bank is 17 percent owned by the German government. It is unclear whether — as in the BNP case, which led French authorities to intervene on the bank’s behalf — the settlement talks could inflame diplomatic tensions between Washington and Berlin.

Of course, since this is the ridiculous “scorched earth” diplomatic policy, if one may call it that, of the Obama administration, nobody is surprised any more that the US president is alienating one former ally after another.

As we first observed a few weeks ago when we revealed JPM’s involvement in all of this money laundering, “some critics have questioned why American authorities have set their eye on European banks. The answer, authorities say, is that American banks by and large avoided processing transactions for Iran and Sudan. But American banks are not immune from touching dirty money. Citigroup’s Banamex unit is under investigation for processing money linked to a drug cartel. And in January, JPMorgan Chase reached a roughly $2 billion deal with the authorities over ignoring signs of the Ponzi scheme orchestrated by Bernard L. Madoff, who held accounts at the bank for over two decades.”

Not only that but as we wrote over the weekend, the bank that was instrumental in facilitating BNP’s money laundering for nearly a decade was none other than JPM. One wonders if JPM also “unwittingly” was the bank that made German money laundering around the globe possible. Did we mention unwittingly?

BNP-Goldman

Still, while one can debate the idiocy of US foreign policy, eager to push European allies into the willing hands of Russia and China at the worst possible moment, when regional and civil wars and conflicts are suddenly breaking out across all key geopolitical hotspots, one wonders: in the case of BNP, the “fine” was as a result of French unwillingness to halt the Russian amphibious warship deal despite US demands. So it would be curious just what the US blackmail against German banks is for: one really does wonder just what punishment Angela Merkel deserves behind the scenes in the eyes of John Kerry et clueless al, to punish her and Germany so blatantly for the entire world to see.

One thing is clear: if the US thinks that Germany will continue to consider America its BFF and make zero contingency plans for when the alliance with the US finally crashes and burns, it will be truly surprised when the Eurasian alliance of Russia and China finally announces its final, all-important, missing link member: the manufacturing and export powerhouse that is Germany itself.

 

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Jul 07

Crony Capitalism Comes To China – Ex Central Bank Chief’s Son-In-Law In Insider-Trading Scandal (ZeroHedge, July 7, 2014): 

As China’s anti-corruption crackdown continues, the crony-capitalists are slowly exposed. As EJ Insight reports, the son-in-law of former PBOC governor and former Tianjin mayor Dai Xianglong bought millions of dollars of shares (via offshore entities) ahead of Beijing’s decision to allow mainland residents buy Hong Kong stocks directly. It appears the Chinese have learned a lot from the West.

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Jul 07

The Stunner From Today’s Round Table Debate To “Fix” The London Gold Fix (ZeroHedge, July 7, 2014):

In other words, the man who assisted and “consulted” Gordon Brown (a man so clueless about finance he didn’t and still doesn’t have any idea what a carry trade is, let alone one in gold) the man who was Chief Manager of the Bank of England’s reserves (all reserves) when Britain commenced its gold dumping campaign intended to, as usual, bail the big banks whose gold shorting trades had gone horribly wrong, the man – John Nugee – is the same man tasked with making the London gold fix fair, efficient, transparent and unrigged.

One can’t make this up.

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Jul 04

- By “Punishing” France, The US Just Accelerated The Demise Of The Dollar (ZeroHedge, July 4, 2014):

Not even we anticipated this particular “unintended consequence” as a result of the US multi-billion dollar fine on BNP (which France took very much to heart). Moments ago, in a lengthy interview given to French magazine Investir, none other than the governor of the French National Bank Christian Noyer and member of the ECB’s governing board, said this stunner at the very end, via Bloomberg:

  • NOYER: BNP CASE WILL ENCOURAGE ‘DIVERSIFICATION’ FROM DOLLAR

Here is the full google translated segment:

Q. Doesn’t the role of the dollar as an international currency create systemic risk?

Noyer: Beyond [the BNP] case, increased legal risks from the application of U.S. rules to all dollar transactions around the world will encourage a diversification from the dollar. BNP Paribas was the occasion for many observers to remember that there has been a number of sanctions and that there would certainly be others in the future. A movement to diversify the currencies used in international trade is inevitable. Trade between Europe and China does not need to use the dollar and may be read and fully paid in euros or renminbi. Walking towards a multipolar world is the natural monetary policy, since there are several major economic and monetary powerful ensembles. China has decided to develop the renminbi as a settlement currency. The Bank of France was behind the popular ECB-PBOC swap and we have just concluded a memorandum on the creation of a system of offshore renminbi clearing in Paris. We have very strong cooperation with the PBOC in this field. But these changes take time. We must not forget that it took decades after the United States became the world’s largest economy for the dollar to replace the British pound as the first international currency. But the phenomenon of U.S. rules expanding to all USD-denominated transactions around the world can have an accelerating effect.

In other words, the head of the French central bank, and ECB member, Christian Noyer, just issued a direct threat to the world’s reserve currency (for now), the US Dollar. Continue reading »

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Jul 04

Largest Austrian Bank Crashes After “Revealing” 40% Surge In Bad Debt Provisions, Record Loss (ZeroHedge, July 4, 2014):

Update: just as expected, the confidence-preservation brigade is quick on the scene:

  • HUNGARY LOAN-REFUND LAW VIOLATES RULE OF LAW: BANK ASSOCIATION 
  • HUNGARY LOAN-REFUND LAW DAMAGES INVESTOR CONFIDENCE, BANKS SAY

Because clearly marking loans to fair value would crush investor confidence. And clearly investors are dumb enough not to realize that it is precisely by hiding what is beneath the surface, that they have zero confidence in the system.

* * *

Ever since 2012, when we first revealed that the biggest problem plaguing Europe’s financial sector is the $2 trillion+ in bad debt on the books of European banks (not our numbers, the IMF’s), it became clear that the only way Europe can avoid a complete financial meltdown coupled with currency disintegration, is if it can constantly keep rolling over said bad debt (obviously the only way to do that would be to create an epic debt bubble leading managers of other people’s money to do idiotic things like buy Spanish debt at 2.75%). This is why not only the BOJ launched its mega QE in 2013, but why Draghi also kicked in with NIRP a month ago: the logic – do anything and everything to reflate the biggest credit bubble possible as otherwise European banks will have no choice but to face up to their trillions in bad loans. Continue reading »

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Jul 03

bitcoin1234

- Russia may legalize bitcoin – Bank of Russia deputy chairman (RT, July 3, 2014):

The Bank of Russia has signaled it is ready to legalize the world’s first mainstream cryptocurrency, despite the big risks and setbacks the digital money has experienced. The Bank’s recognition means it can better regulate it, and even collect tax.

“We advocate a careful approach to bitcoin and are monitoring the situation along with the Bank for International Settlements,” Gazeta.ru quotes Georgy Luntovsky, the Bank of Russia’s Deputy Chairman speaking on Wednesday at the annual International Banking Congress in St. Petersburg. Continue reading »

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Jul 02

Throat Cancer … caused by too many ‘toxic assets’ maybe?

Thinking about Jamie Dimon, I am sure that he would be on the list of people that I would refuse to help, …

… unless he would confess and unload all of his dark deeds as CEO of JPMorgan.

Related info:

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- Chemotherapy Backfires Causes Healthy Cells To Feed Growth Of Cancer Tumors

- Chemotherapy And Radiotherapy Make Cancer More Malignant (Video)

- Study: Chemotherapy Can Backfire And Boost Cancer Growth (AFP)

- Steve Jobs Dead At 56, His Life Ended Prematurely By Chemotherapy And Radiotherapy For Cancer

- New Documentary ‘Cut Poison Burn’ Exposes Cancer Industry’s Death Agenda (Official Trailer)

- Former Model Battles Breast Cancer With Diet Changes; Refuses Chemo And Surgery; Tumor Is Breaking Down

- Surgery, Chemotherapy, Radiation … Brain Tumors Reappear … 8-Year Old Girl Given Weeks To Live, Shrinks Cancer Tumors By 75 % With Diet (Video)


Jamie Dimon cufflinks - The seal reads Seal of the President of the United States and includes the arrow-carrying eagle

Jamie Dimon Diagnosed With Throat Cancer, To Start Radiation And Chemotherapy (ZeroHedge, July 2, 2014):

He may be “richer than you“, but when it comes to cancer everyone is equal. Moments ago, Dow Jones and Bloomberg broke news that JPMorgan CEO Jamie Dimon has been diagnosed with throat cancer.

  •  J.P. Morgan JPM Chairman, CEO Jamie Dimon Tells Employees, Shareholders He Has Been Diagnosed With Throat Cancer, Condition Curable
  • Dimon Says Prognosis “Excellent,” Cancer “Caught Quickly”
  • Dimon Says Cancer Confined, No Evidence Elsewhere
  • Dimon to start Radiation and Chemotherapy Treatment at Sloan Kettering, treatment to last 8 weeks
  • Dimon advised able to continue to be actively involved in the business

And now the best healthcare that money can buy will be promptly put to use. We wish him a speedy recovery as it would be far more equitable for the JPM CEO to answer for his actions in full health before a jury of his peers, where guilt can not be “admitted or denied” away.

Full Dimon email

Message from Jamie Dimon to all colleagues and shareholders

Subject line: Sharing some personal news

Dear Colleagues and Shareholders – Continue reading »

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Jul 01

- Putin to West: Stop turning world into ‘global barracks,’ dictating rules to others (RT, July 1, 2014):

Russia’s president has blamed the turmoil in Ukraine on the country’s newly-elected leader Petro Poroshenko. Vladimir Putin also criticized the West for its intention to turn the planet into a “global barracks.”

Russia’s president has laid the blame for the ongoing turmoil between Kiev and south-eastern regions squarely at the feet of Petro Poroshenko, after the Ukrainian leader terminated the ceasefire.

He has stressed that Russia and European partners could not convince Poroshenko to not take the path of violence, which can’t lead to peace.

“Unfortunately, President Poroshenko has made the decision to resume military actions, and we – meaning myself and my colleagues in Europe – could not convince him that the way to reliable, firm and long-term peace can’t lie through war,” Putin said. “So far, Petro Poroshenko had no direct relation to orders to take military action. Now he has taken on this responsibility in full. Not only military, but also political, more importantly.”

On Monday, the leaders of Russia, France, Germany and Ukraine held a phone call in which Putin stressed the need to prolong the ceasefire and the creation of “a reliable mechanism for monitoring compliance with it and the OSCE [Organization for Security and Cooperation in Europe] should play an active role.” Continue reading »

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Jun 28

- Martin Armstrong Warns Civil Unrest Is Rising Everywhere: “This Won’t End Pretty” (ZeroHedge, June 28, 2014):

Submitted by Martin Armstrong of Armstrong Economics,

Russell Brand

The greatest problem we have is misinformation. People simply do not comprehend why and how the economic policies of the post-war era are imploding. This whole agenda of socialism has sold a Utopian idea that the State is there for the people yet it is run by lawyers following their own self-interest. The pensions created for those in government drive the cost of government up exponentially with time. The political forces blame the rich and this merely creates a class warfare with no resolution for the future. Even confiscating all the wealth of the so-called rich will not sustain the system. Consequently, we just have to crash and burn and start all over again.

The Guardian reported that some 50,000 people marched in London to protest against austerity. They cried: “Who is really responsible for the mess this country is in? Is it the Polish fruit pickers or the Nigerian nurses? Or is it the bankers who plunged it into economic disaster – or the tax avoiders? It is selective anger.”

Continue reading »

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Jun 27


Added: Apr 15, 2014

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Jun 27

Former Governor Warsh Slams Fed’s “Reverse Robin Hood” Policies (ZeroHedge, June 26, 2014):

Isn’t it odd that when ‘officials’ are no longer part of the status-quo-sustainers, how the truthiness flows… As former Fed Governor Kevin Warsh explained this morning, “on the fairness point – if you have access to credit, if you’ve got a big balance sheet, the Fed has made you richer,” concluding rather too honestly for some people’s liking, “I would say [Fed policy] has been in some sense Reverse Robin Hood.” The bottom line, he chides, “this is a way to make the well to do more well to do because that’s all the Federal Reserve can do.”

 

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Jun 27

spain_flag_burning

NIRP Strikes: Spain To Create Tax On Bank Deposits (ZeroHedge, June 26, 2014):

It was a little over a year ago, just as the Cyprus deposit confiscation aka “bail in” was taking place, when we asked, rhetorically, if “Spain is preparing for its own deposit levy” when an announcement by Spain’s Finance Minister, Montoro, hinted at the imminent arrival of just that.

Specifically we said: Continue reading »

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Jun 26

- Head Of Fourth Largest Albanian Bank Assassinated In Broad Daylight (ZeroHedge, June 26, 2014):

It was about two months ago when in a shocking development in the otherwise sleepy tax-evasion haven of Lichtenstein, the CEO of local Bank Frick, was murdered in the underground garage of the bank by a disgruntled former client. As readers may recall, the tragic event happened at a time when there was a spike in banker suicides, prompting us to wonder if “with the first open bank CEO murder, one wonders if there will be a change in the pattern.” Two months later it appears as if the vector of death is indeed changing when, as Reuters reported, overnight the head of the fourth largest bank in Albania, Credins, was murdered, shot at least five times, as he entered his office in the capital Tirana.

Continue reading »

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Jun 26

Barclays

- How Barclays Got Caught Red-Handed With “Pernicious HFT Fraud” (ZeroHedge, June 25, 2014):

 

First it was gold, now it is HFT – poor Barclays just can’t get away with any market rigging crime these days.

Remember when in the aftermath of the most recent Michael Lewis-inspired HFT scandal, one after another HFT and Dark Pool exchange swore up and down they know, see, hear and certainly trade no predatory algo evil? Turns out they lied, as usual. Continue reading »

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Jun 25


Added: June 23, 2014

If the above video does not play watch it here: YouTube

Description:

The lies bankers have disseminated to the four corners of the earth regarding inflation rates and stock markets prevent people from making informed decisions about converting fiat currency into physical gold and silver. Don’t get left behind when gold and silver soar and fiat currencies collapse as the Central Bank currency wars enter their final stage. Continue reading »

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Jun 25


Added: Mar 30, 2014

Description:

http://usawatchdog.com/zero-prosecuti… Fraud expert and former regulator Professor William Black says, “Even today, we are well into 2014, and the Department of Justice record is intact. There have been zero prosecutions of the elite officers who led the epic epidemic of fraud. It was the most destructive in world history, zero of them even unsuccessfully prosecuted, much less prosecuted.”

What is the result of massive rampant unprosecuted fraud? Professor Black says, “If you don’t have any accountability, you not only make certain that there is going to be a next blow-up, but it will be worse. . . . We have effectively removed the criminal laws for a particular elite class of frauds.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Professor William Black of UMKC.

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Jun 21


Added: June 20, 2014

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Jun 20

Don’t miss:

- Worldwide Financial Criminal Network Revealed Part1 (Veterans Today, June 15, 2014):

(MDC-NYSE) Denver Headquarters of Organized Crime. Illegal Mortgage Backed Securities $100 Trillion, Bank Bailouts, Derivatives $5,000 Trillion and the theft of 12 million American’s Homes through illegal foreclosures.
Denver’s Organized Crime Boss Hogs Leonard Millman and Larry Mizel who run MDC a Financial Conglomerate of Organized Crime who are the Bankers behind the Illegal Mortgage Backed Securities Frauds that lead to the 2008 Bank Bailout which was set up by their partner in crime U.S. President George W Bush to loot the U.S. Treasury and hide their crimes. U.S. Attorney General Eric Holder and his Law partner Lanny Breuer maintained the cover up without any prosecutions of these horrendous crimes. Eric Holder and Lanny Breuer head of the Justice Department’s criminal division were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of foreclosure fraud. Breuer resigned last year from the Justice Department after a series on the Bank Frauds done by PBS Frontline.com.

Hillary Clinton laundered over $2.5 Billion of Narcotics Money from the Iran Contra Drugs for Guns run out of Mena, Arkansas to MDC’s cutout M&L Business Machines Company while her husband Bill Clinton was Governor of Arkansas. Hillary Clinton and her Rose Law firm had created Foreign Trusts for Bush, Millman and Mizel that Norman Brownstein is now the Trustee in order to avoid U.S. Taxes and to hide the true identity of who is behind these trusts. Brownstein is one of six of the CIA Council to then CIA Director George HW Bush. Bush-Millman-Clinton Zionist Organized Crime Family Flow Chart (1) Leonard Millman, Larry Mizel and Norman Brownstein control AIPAC the American Israeli PAC, the ADL Anti Defamation League and the Simon Wiesenthal Center. Both Mizel and Browstein are Directors of AIPAC and The Simon Wiesenthal Center. Leonard Millman’s other partner in crime Convicted HUD figure Philip Winn and a major player in the fake Mortgage Backed Securities and former Director of MDC is a Director of the ADL.

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Jun 17

herding sheep

- Fed Prepares For Bond-Fund Runs, Looking At Imposing “Exit Fee” Gates (ZeroHedge, June 16, 2014):

It was two short years ago that the Fed, in its relentless attempt to push everyone into the biggest equity bubble of all time, did something many thought was merely a backdoor ploy to forcibly reallocate capital out of the $2.7 trillion money market industry and into stocks when, as we wrote in July 2012, it contemplated imposing suspensions of fund redemptions to “allow for the orderly liquidation of funds assets.” Or in other words “gate” money markets.

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