Jun 26

Bank of America Trolls The Middle Class, Or How Wall Street Destroyed Main Street (ZeroHedge, June 26, 2015):

While the punchline of this post is well-known by everyone, and even the Federal Reserve finally admits that its own actions have led to record inequality and a world in which the rich have never been richer and poor, never been poorer (over the objections of some certifiable lunatics), we find it amazing that even the banks – those ultimate beneficiaries of every action by the Fed in the past 7 years – are now openly trolling what little is left of the middle class.

Presenting: Bank of America’s chart showing who the undisputed victor in that age-old war between Wall Street and Main Street, truly is.

wall vs main street

“So what chu gonna do about it?”

– Bank of Countrywide Lynch (already bailed out once by Main Street)

 

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Jun 26


Jun 3, 2015

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David speaks of the evil that has enslaved the world.
Enjoy!

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Jun 25

Bundesbank Slams ECB’s “Bridge Financing” To Greece (ZeroHedge, June 24, 2015):

The Bundesbank’s Jens Weidmann unleashed a litany of cticisim on the Eurosystem (read the ECB) when he said that Greek banks should not continue to buy the short-term debt of their government, which is then repoed back to the ECB in exchange for precious cash. “The Eurosystem must not provide bridge financing to Greece even in anticipation of later disbursements,” said Weidmann, who also sits on the European Central Bank’s Governing Council, which approves such funding to Greece. “When banks without access to the markets buy debt of a sovereign which is likewise locked out of the market, taking recourse to ELA raises serious monetary financing concerns,” he said in a speech to be delivered at a conference in Frankfurt.

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Jun 25


Jun 24, 2015

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Max Keiser: The Greatest Economic Collapses In History is Coming!
Alex Jones talks with Max Keiser about the coming economic collapse and how oblivious the American public is. Continue reading »

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Jun 22

“Under pressure from all sides (and most importantly from Mario Draghi who holds the fate of the Greek banking sector in his hands) Greece looks to have folded and is now set to accept an extension of its current bailout program. PM Alexis Tsipras now faces an uphill battle to unite Syriza around what is likely to be an unpopular agreement. If he fails, the country could plunge into political and social turmoil. “

We’ll close with what we said last week about the tough choice the PM faces: “Tsipras must decide how he wants history to remember his tenure as Prime Minister. Either he will be the leader who allowed Greece to crash out of the euro on its way to a redomination-driven economic collapse, or he will go down as the fiery advocate for change who caved under pressure and allowed the troika to stamp out democracy in the place where it was born.”


Tsipras-Hopeobama hope

Greece Capitulates: Tsipras Crosses “Red Line”, Will Accept Bailout Extension (ZeroHedge, June 22, 2015):

We’ve long said that negotiations between Greece and its creditors are more a matter of politics than they are a matter of economics or finance.

From the troika’s perspective, breaking Greece and forcing PM Alexis Tsipras to concede to pension cuts and a VAT hike is paramount, and not necessarily because anyone believes these measures will put the perpetually indebted periphery country on a sustainable fiscal path, but because of the message such concessions would send to Syriza sympathizers in Spain and Portugal. In short, the troika cannot set a precedent of allowing debtor nations to obtain austerity concessions by threatening to expose the euro as dissoluble. Continue reading »

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Jun 22

Mario-Draghi-laughingdraghi prayer

Goldman’s “Conspiracy Theory” Stunner: A Greek Default Is Precisely What The ECB Wants (ZeroHedge, June 22, 2015):

“… the immediate aftermath of such a non-payment will be to push bond yields up across the periphery. This rise in the fiscal risk premium (Exhibit 3) will of course be limited, because the ECB will likely accelerate QE, including via the Bundesbank. That will push rate differentials, especially longer-dated ones, against EUR/$. We estimate that the initial fiscal risk premium effect could be three big figures, while the subsequent QE effect could be worth around seven big figures”

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Jun 22

“… suddenly the reality of a Greek bail-in which could amount to up to 100% of total Greek deposits, becomes all too real. “


 

greek deposits vs ECB claims

For The First Time Ever, Total ECB Claims On Greek Banks Surpass Total Greek Deposits (ZeroHedge, June 22, 2015):

If it seems like it was only yesterday (in trading days) when the ECB boosted its latest Greek ELA by €1.8 billion to a record high €85.9 billion, it’s because it was.

Fast forward to Monday morning, when following a Friday bank run which sucked out another €1.6 billion coupled with another €1.6 billion withdrawn over the weekend and today, and perhaps the only question is why did the ECB not hike its latest “emergency” ELA disbursement more than just another €1.9 billion to a new record high of €87.8 billion: after all it will have no choice but to increase its emergency liquidity for Greece’s increasingly more insolvent banks (because the collateral against which the ECB is lending after a modest haircut would be worth precisely zero if the ECB were to pull its backstop to the Greek banking system) tomorrow, or else engage Goldman’s plan B in which a Greek terminal bank run ends up in a default and as a result the ECB proceeds to boost its QE to “regain credibility”, send the EUR plunging (to assist the internal revaluation), and assure another year of record bonuses for Goldman. Continue reading »

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Jun 22

– Let Them Snort Coke… On The Subway (ZeroHedge, June 22, 2015):

Caught on tape:  (again)

Because in a world without consequences and wristslaps for bankers, at best, this happens…

Source: The Sun

Brings a whole new meaning to the term “blow”-ing bubbles.

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Jun 21

Greek GDP vs forecasts_0

Greek GDP: The Shocking Reality Vs IMF Forecasts; And Who Is To Blame For The Greek Implosion (ZeroHedge, June 21, 2015):

With a Greek default, shortly followed by a Grexit, a collapse of the “irreversible union” (but… but… “political capital“), and ultimately the end of the latest European monetary union experiment (the latest in a long and illustrious series of prior failures) now seemingly imminent, the blame game has begun. As the NYT noted overnight “the recriminations that would then fly would be so bitter that they would inflict a second round of damage.”

But who is really to blame? Continue reading »

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Jun 20

EurosPrint

Meanwhile, Greece Is Quietly Printing Billions Of Euros (ZeroHedge, June 20, 2015):

Earlier today we showed why Greece is now literally living on borrowed time. The combined €2.9 billion in ELA cap increases ‘generously’ bestowed upon the flailing Greek banking sector by the ECB last week looks to have been barely enough to keep things from “ending very differently” (to quote Kathimerini) at the ATMs on Friday.

But perhaps more importantly from a big picture perspective, Greece may have already breached the upper limit of its borrowing base. JPM calculates Greek banks’ eligible collateral at €121 billion (€38 billion in EFSF bonds €8 billion in government securities, and €75 billion in “credit claims”). With Friday’s ELA increase, the country’s total borrowings (that’s OMO plus ELA) amount to some €125 bilion. Why would the ECB allow this? Because it knows the breach will be promptly limited or reversed on Monday, or there will be a deal.

So, it is literally “deal or no deal” time, because if JPM is correct and eligible collateral was either exhausted two weeks ago or, in the best case scenario, is right at the limit, capital controls will need to be put in place as early as Tuesday at which point the ATMs will officially stop dispensing freshly-minted euros which, incidentally, brings up an important point. As Barclays notes, during the same period over which Greek banks lost nearly €30 billion in deposits, banknotes in circulation jumped by some €13 billion. In short, because Greeks are increasingly prone to stuffing their euros in mattresses, a large proportion of the deposit flight has come in the form of hard currency withdrawals, meaning the Bank of Greece is forced to (literally) print billions in physical banknotes: Continue reading »

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Jun 20

“The Collateral Has Run Out” – JPM Warns ECB Will Use Greek “Nuclear Option” If No Monday Deal (ZeroHedge, June 20, 2015)

“If no agreement is reached on Monday, then the ECB will have little reason to show further flexibility and it will likely freeze its ELA limit on Greek banks. As a result capital controls will become almost inevitable after Monday.”

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Jun 20

ATMTease

–  “Bank Holiday” Preparations Begin In Greece, Lines Form At Athens ATMs (ZeroHedge, June 20, 2015)

 

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Jun 19

ECB Gives Greek Banks Barely Enough Cash To Cover One Day’s Bank Run  (ZeroHedge, June 19, 2015):

Yesterday evening, after what had been a dramatic surge in the Greek bank run which has resulted in over €3 billion in cash withdrawn through Thursday night, the Greek central bank requested an emergency cash dispensation from the ECB under the country’s Emergency Liquidity Assistance program, just one day after the ECB granted the latest €1.1 billion expansion in the ELA. Rarlier today, in an unscheduled session, the ECB did as requested, however it granted Greece far less than the amount it sought, and according to MarketNews reports, the ECB gave Greece just €1.8 billion in addition funds.

This means that Greek deposits have declined by over €5 billion in the past 7 days alone, as indicated by the surge in the ELA from €80.7 billion on June 10 to €85.9 billion currently.

Worse, as Reuters reported moments ago, on Friday alone there was another €1.2 billion in deposit outflows which means that the entire ELA increase has already been used up, and Greece is again facing the abyss. Continue reading »

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Jun 19

Signs are seen on the outside of Swiss bank UBS in central London

UBS Had Libor-Rigging Instruction Manual, Former Trader Claims (ZeroHedge, June 19, 2015):

Just like in the case of Goldman’s first of its kind MBS settlement which unleashed over $200 billion in legal charges against the US banking system (an IRR of about 1% relative to the criminal gains) and which in turn cast all the blame on the infamous Fabrice Tourre who was the solitary scapegoat for all of Goldman’s Abacus transgressions, so when it comes to Libor rigging at one of the biggest culprits, Swiss bank UBS, all the senior executives are trying to put all the blame on 35-year old Tom Hayes who is the centerpiece of the prosecution’s case against Libor manipulator.

The only problem: Hayes won’t go down without a fight and unlike Tourre who may well have been promised a Swiss bank account with many zeroes in it on the other side, Hayes is fighting back and making it very clear that it wasn’t just him who was rigging Libor. It was everyone. And everyone knew about it, from the traders on to the very top.

His proof: a Libor “manipulation” manual, presented as evidence in court. Continue reading »

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Jun 19

trust-no-one

“The System is Broken”: Americans No Longer Believe In Its Institutions (SHFTplan, June 17, 2015):

It’s not difficult to see that the foundation is crumbling…

A new Gallup poll has found that already low “confidence” in our system of government, our economy, the media, banking, big business, religious institutions and watchdogs is further eroding.

“Americans’ confidence in most major U.S. institutions remains below the historical average for each one,” a Gallup spokesman said in a news release.

[…]

All in all, it’s a picture of a nation discouraged about its present and worried about its future, and highly doubtful that its institutions can pull America out of its trough.

There is plenty of good reason, with evidence uncovered daily, weekly and consistently throughout the years of the hypocrisy and failures of government, the failed promises of politicians, the lies and spin of the mainstream media and newspapers, the greed and exploitation of the financial sector and the “just us” mentality of above-the-law enforcers who are supposed to uphold justice.

Just check out how little faith remains in the structure of, well, just about any institution in America, by the numbers: Continue reading »

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Jun 18

Greece

ECB “Blesses” Greek Bank Runs, Says Unsure If Banks Will Reopen Monday (ZeroHedge, June 18, 2015):

Update: what else – an official denial: EU OFFICIAL: ECB DIDN’T SAY GREEK BANKS MAY NOT OPEN MONDAY

So, Benoit did not say what he said?

* * *

Just minutes after Greek FinMin Varoufakis warned people were trying to “incite capital flight” from Greece and Dijsselbloem stated that “capital outflows from Greece are worrying,” Reuters is reporting that The ECB dropped the bank run hammer:

ECB TOLD EURO ZONE FINANCE MINISTERS IT WAS NOT SURE IF GREEK BANKS WOULD BE ABLE TO OPEN ON MONDAY- OFFICIALS

Friday sees Russia-Greece meetings and Euro area leaders are supposedly meeting on Monday evening due to the seriousness of the situation so it appears the endgame is looming large one way or another.

The Greeks said this: Continue reading »

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Jun 17

Highly recommended … for all those you haven’t seen this yet.


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Jun 17

Rothschild

The History of the House of Rothschild:

The Rothschilds have been in control of the world for a very long time, their tentacles reaching into many aspects of our daily lives, as is documented in the following timeline.  However, before you jump to the timeline, please read this invaluable introduction which will tell you who the Rothschilds are as oppose to who they claim to be. Continue reading »

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Jun 14

piggy-bank-gun

The War On Cash: Officially Sanctioned Theft (Of Two Minds, June 13, 2015):

While the benefits to banks and governments of banning physical cash are self-evident, there are downsides to the real economy and to household resilience.

You’ve probably read that there is a war on cash being waged on various fronts around the world. What exactly does a war on cash mean?
It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are both restricting the amount of cash that can be withdrawn from banks, and limiting what can be purchased with cash.
These limits are broadly called capital controls.
The War On Cash: Why Now? Continue reading »

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Jun 13

FYI.



Jun 13, 2015

Description:

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss bursting bond bubbles, fleeing banks and scaring the hell out of Bill Gross. In the second half, Max interviews documentary filmmaker, Nick Broomfield, about whether #BlackLivesMatter when NHI (‘no humans involved’).

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