Sep 30

- China Housing Bubble Bursts: Q3 Land Sales Crater 50% (ZeroHedge, Sep 29, 2014):

China may be doing everything in its power to divert attention from the simple fact that its housing bubble, the largest in the world in terms of both assets comprising it as well as divergence from fair value, has burst. But while there is no clear threshold of what constitutes a bursting bubble when it comes to housing, the latest data out of Soufun, China’s largest real-estate website, which said that land sales have dropped a massive 22% to 1.7 trillion Yuan in 2014 so far, is likely as clear an indication as any that Beijing is about to panic.

And if that was not enough Bloomberg adds that land sales in 300 cites followed by Soufun fell almost 50% Y/Y to 415.9 billion yuan in 3Q, while residential land sales declined more than 50% to 265.3b yuan in 3Q. Continue reading »

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Sep 30

Liquidation

- PIMCO Liquidations Begin; And So Does The Retaliation: All Bill Gross Tweets Deleted (ZeroHedge, Sep 29, 2014):

The last few days have been hectic for PIMCO executives. As we already noted, expectations of outflows persist and today’s open in CDS markets suggested major concerns among market participants that PIMCO redemptions would force selling through an illiquid market. Sure enough, Bloomberg reports that PIMCO’s Total Return Fund ETF was behind the auction of more than $170m of Fannie Mae CMBS on Friday (and more BWICs were seen today). As one trader noted, “you’re going to sell your most liquid stuff first.” Additionally, PIMCO has seen fit to delete all Bill Gross’ tweets… so here are the last six months for the record.

As Bloomberg reports, the PIMCO liquidations have begun… Continue reading »

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Sep 30

- Gross To Have Final Laugh? Whopping Two-Thirds Of PIMCO’s Flagship Fund May Be Withdrawn (ZeroHedge, Sep 29, 2014):

The reason why the first article we wrote on Friday after news hit that PIMCO co-founder was shockingly leaving the firm on Friday, was listing the massive bond fund’s biggest holdings, was because it was only a matter of time: it, being of course, the massive redemptions that would follow Gross’ departure by people that his 30+ tenure at the bond fund made very rich, and who couldn’t care less about a brief central planning-inspired flame out. After all Gross isn’t the first person who has lost the plotline due to the Fed’s manipulation of every market. Continue reading »

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Sep 30

- Hong Kong Stocks Tumble Erase 2014 Gains, Volatility Soars As Protests Freeze City: Full Summary (ZeroHedge, Sep 29, 2014):

The Hong Kong protests, which we covered over the weekend, and which took a dramatic turn for the worse overnight when thousands of students camped out and demand universal suffrage on the city streets and were in turn tear-gassed and arrested en masse by the local riot police demanding students disperse or else, and where the leader of the student protest, Joshua Wong – who had been previously arrested and was released on Sunday night – has openly called for the resignation of Hong Kong Chief Executive Leung Chun-ying in an interview with Hong Kong Cable TV, have done the unthinkable: they have impacted financial markets and the “wealth effect” transmission mechanism of the local billionaires.

Here as a summary of the latest market activity via Bloomberg:

  • Hang Seng Index declines 2.25% after falling as much as 2.5%, most since Feb. 4; erases YTD gains
  • MSCI Hong Kong Index drops as much as 3.2%, most since Nov. 2011
  • HSI Volatility Index surges as much as 27%, most since Aug. 2011
  • HKD weakens as much as 0.09% against USD to HK$7.7648, most since Dec. 2011 Continue reading »

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Sep 30

The US Is Now 50% More Unequal Than Ancient Rome (And That Includes Slaves) (ZeroHedge, Sep 29, 2014):

As we previously noted, only the highest income earners have seen any gains in compensation since the crisis began around 2007 to the current ‘recovery’ tops. It is perhaps not entirely surprising then that, the total income controlled by the Top 1% is drastically above that of the slave-included times of Ancient Rome and as high as the peak in the roaring 20s. “The greatest irony is that the President is railing against inequality as one of the most important problems of the day, despite the fact that his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough.”

 

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Sep 30

It is said that 80% of the New York Fed is owned by just 8 families:

Goldman Sachs, Rockefeller, Lehman, Kuhn Loeb, Rothschild, Warburg, Lazard and Israel Moses Seif.


- Smoking Gun Evidence That The New York Fed Serves The Interests Of Goldman Sachs (Economic Collapse, Sep 29, 2014):

For years, many people have suspected that the New York Fed is more or less controlled by the “too big to fail” banks.  Well, now we have smoking gun evidence that this is indeed the case.  A very brave lawyer named Carmen Segarra made a series of audio recordings while she was working for the New York Fed.  The 46 hours of meetings and conversations that she recorded are being called “the Ray Rice video for the financial sector” because of the explosive content that they contain.  What these recordings reveal are regulators that are deeply afraid to do anything that may harm or embarrass Goldman Sachs.  And it is quite understandable why Segarra’s colleagues at the New York Fed would feel this way.  As a recent Bloomberg article explained, it has become “common practice” for regulators to leave “their government jobs for much higher paying jobs at the very banks they were once meant to regulate.”  If you think that there is going to be a cushy, high paying banking job for you at the end of the rainbow, you are unlikely to do anything that will mess that up.

To say that the culture at the New York Fed is “deferential” to big banks such as Goldman Sachs would be a massive understatement. Continue reading »

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Sep 29

- Revealed – the Troika threats to bankrupt Ireland (The Irish Independent, Sep 28, 2014):

Honohan: ECB officials agreed to threaten Ireland with bankruptcy if the government tried to burn bondholders

The threat was made at a high-level teleconference meeting, details of which have been revealed for the first time by the Central Bank governor, Dr Patrick Honohan.

Mr Honohan, who famously told the nation Ireland would be entering the Troika bailout programme live on radio as government ministers were publicly denying it, also revealed he was kept out of loop about the meeting. Continue reading »

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Sep 29

Suicide-Banker-Blankfein-Goldman-Sachs


- “I Am Putting Everything In Goldman Sachs Because These Guys Can Do Whatever The Hell They Want”  (ZeroHedge, Sep 28, 2014):

If you can’t beat it, may as well bid it. That, at least, is the take home lesson to Nanex’ Eric Hunsader who says that after listening to the “Goldman Tapes” I’m putting everything in GS – because these guys can do whatever the hell they want“…

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Sep 29

Sept. 25 (Bloomberg) — Former Budget Director Under President Reagan David Stockman discusses central banks monetary policies and financial bubbles on “Market Makers.”

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Sep 29

“There is a principle which is a bar against all information, which is proof against all arguments, and which cannot fail to keep a man in everlasting ignorance – that principle is contempt prior to investigation.”
– Herbert Spencer (William Paley according to Wikiquote)


- Great Historical Quotes (TrueWorldHistory):

If you read these in order, they tell a story…

“Who controls the past controls the future. Who controls the present controls the past.” – George Orwell

“One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.” – Plato

“Just because you do not take an interest in politics doesn’t mean politics won’t take an interest in you.” – Pericles Continue reading »

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Sep 29

… has been working for the Rothschild’s.

Both families were living in the same house in Frankfurt.


Full article here:

JACOB SCHIFF: THE MOST INFLUENTIAL MAN IN U.S. HISTORY:

A reader asks, “Mike, all roads eventually lead to the Rothschilds of Europe; but who do you think was the most powerful Jew in American history?”

Upon first thought, that almost seems like asking who the greatest baseball player of all time was. Was it Ruth? Gehrig? DiMaggio? Williams? Mays? Mantle? Bonds? (pre & post steroids) There are so many deserving candidates that it appears impossible to say with absolute certainty.

A strong case for the MVZ Award (Most Valuable Zionist) can be made for Paul Warburg, Bernard Baruch, Adolph Ochs, William Paley, Eugene Meyer, Arthur Hays Sulzberger, David Sarnoff, Jack Warner, Carl Laemmle, Henry Morganthau, George Soros, Henry Kissinger, Sumner Redstone, Michael Eisner and a few others. Just ‘Google’ each of those names and marvel at the power which the chosen ones have wielded over the last century. And although they weren’t Jews, the Rockefellers and Morgans were not lacking in political-economic muscle either. Continue reading »

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Sep 28

FYI.

H/t reader squodgy:

“More than coincidence.

All of this, like GMO, Climate Engineering, Vaccines & Pandemics, Wars, Common Core/Purpose, Market manipulation showing false growth, Gold suppression in face of exponential demand, covert inflation, unemployment with massive unfunded state subsidies which, with perpetual National insolvency it is not just random coincidence.

The relentless consistency of each by increments show it is impossible for all of it to be chance, all are being carefully orchestrated.

Related info:

Gold confiscation in 1933:

- On This Day In 1933:

By January 1934, Roosevelt increased the dollar price of gold from $20.67 to $35, thus devaluing the dollar by 70 percent while increasing the value of gold that the government now owned.

Gold confiscation” today:

- Governments Worldwide Are Implementing Orwellian Gold Confiscation Today. You Just Haven’t Realized it Yet.:

This article also explains how gold protected your financial assets in the past:

Now imagine you had converted your $20,000 into gold in 1913. In 1913, gold was priced at $18.92 an ounce. Therefore $20,000 would have bought 1,057 ounces of gold. Instead of holding $20,000 in the bank since 1913, had you converted this COUNTERFEIT money in the form of US dollars into the REAL money of gold and simply held 1,057 ounces of gold in a vault (granted one outside of the US) since 1913, your 1,057 ounces of vaulted gold would now be worth 1,057 ounces * 1,580 an ounce = $1,670,060 2013 dollars.

Here’s what happened to the U.S. dollar:

Dollar-Purchasing-Power-1913-to-2013



Sep 27, 2014

An ANP Exclusive Interview with “V The Guerrilla Economist”

(Note- The last portion of the interview had some sound issues, even after everyone rebooted and reconnected, but the meat and potatoes of the interview was in the first 25 minutes and clear as can be. The article that will be linked here explains what was said at the end)

Article link: http://www.allnewspipeline.com/The_Bi…

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Sep 28

- BofA Merrill Lynch: the Four “Canaries in the Coalmine” Died (Wolf Street, Sep 26, 2014)

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Sep 28

- Last Time this Happened, the Housing Market Crashed (Wolf Street, Sep 25, 2014):

This chart shows how truly screwed up this housing market really is.

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Sep 28


Mar 3, 2014

William Black is an associate professor of economics and law at UMKC. He has held many prestigious positions, including executive director for Fraud Prevention. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae’s former senior management. He is a criminologist and former financial regulator.

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Sep 27


Sep 26, 2014

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Sep 27

- Hungary suspends gas supplies to Ukraine (BBC News, Sep 26, 2014):

Hungary’s gas pipeline operator, FGSZ, says it has suspended delivery of gas to neighbouring Ukraine “indefinitely”.

Ukraine has been receiving gas from Hungary, Poland and Slovakia since Russia cut off supplies to Ukraine in June in a dispute over unpaid bills. Continue reading »

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Sep 27

Russia Discovers Massive Arctic Oil Field Which May Be Larger Than Gulf Of Mexico (ZeroHedge, Sep 27, 2014):

In a dramatic stroke of luck for the Kremlin, this morning there is hardly a person in the world who is happier than Russian president Vladimir Putin because overnight state-run run OAO Rosneft announced it has discovered what may be a treasure trove of black oil, one which could boost Russia’s coffers by hundreds of billions if not more, when a vast pool of crude was discovered in the Kara Sea region of the Arctic Ocean, showing the region has the potential to become one of the world’s most important crude-producing areas, arguably bigger than the Gulf Of Mexico. The announcement was made by Igor Sechin, Rosneft’s chief executive officer, who spent two days sailing on a Russian research ship to the drilling rig where the find was unveiled today.

 

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Sep 27

H/t reader squodgy:

“They are criminals, pure and simple.

The people are victims of manipulated news so what would be true reactions are dumbed down.

However, the Icelandics have successfully prosecuted their crimals, but surprise surprise, nothing in the MSM on this…..”


- Iceland: Bankers convicted, unemployment down (Angry Bear, Sep 26, 2014):

Remember Iceland? During the high-flying early 2000s, its three main banks went berserk, paying high interest rates to international investors that accumulated deposits equal to more than 100% of the country’s gross domestic product (GDP) and making loans equal to 980% of GDP. When the collapse came, Iceland took a route not taken by Ireland, Spain, and other EU countries: Rather than bail out the banks, the government simply let them go bankrupt. The value of the krona fell by about half, the country was embroiled in disputes with the Netherlands and the United Kingdom over paying off Dutch and British depositors, and it had to take an International Monetary Fund (IMF) loan just to stay afloat. Continue reading »

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Sep 27


Feb 3, 2014

Understanding the reality of our government is essential for everyone to “realize, know, and understand”. At the moment the American people do not have a legitimate government. As Rep Traficant said in 1993, it is “de facto”.

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Sep 26

- How Goldman Controls The New York Fed: 47.5 Hours Of “The Secret Goldman Sachs Tapes” Explain (ZeroHedge, Sep 26, 2014):

When nearly a year ago we reported about the case of “Goldman whistleblower” at the NY Fed, Carmen Segarra, who alleged she was wrongfully terminated after she flagged “numerous conflicts of interest and breaches of client ethics [involving Goldman] that she believed warranted a downgrade of Goldman’s regulatory rating” and which were ignored due to the intimate, and extensively documented on these pages, proximity between Goldman and either one-time NY Fed Chairman and former Goldman director Stephen Friedman or current NY Fed president and former Goldman employee Bill Dudley, we said: Continue reading »

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Sep 26

- Ukraine PM Cries “Russia Wants Us To Freeze” As Locals Prepare For A Long, Cold Winter (ZeroHedge, Sep 26, 2014):

We would like to be able to commiserate with Ukraine’s US-muppet regime, we really would, but when Ukraine’s PM Argeny Yatseniuk, or Yats as he is known to Victoria Nuland, almost cried in an interview with Reuters yesterday when he pleaded that “[Russia] wants us to freeze… This is the aim and this is another trump card in Russian hands…. So, except military offense, except military operation against Ukraine, they have another trump card, which is energy”. we have just two things to say to him: i) he is absolutely correct, about Russia having the trump card that is – something obvious to everyone with half a brain from the start of the conflict, and ii) perhaps Ukraine should finally pay Gazprom not only for the gas they would like to use in the future, but also the gas they have already used and payment for which is overdue and which the IMF, i.e., the US taxpayer, gave Ukraine explicit money to pay for and instead was embezzled by the people in power. Continue reading »

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Sep 26

- Public Pension Funds Face $2 Trillion Shortfall, Moodys Warns (ZeroHedge, Sep 26, 2014):

“Despite the robust investment returns since 2004, annual growth in unfunded pension liabilities has outstripped these returns,” Moody’s warns in its latest report on the state of public pension systems. As Bloomberg reports, the 25 biggest systems by assets averaged a 7.45% return from 2004 to 2013, but liabilities tripled over the same period leaving them facing a $2 trillion shortfall as investment returns can’t keep up with ballooning obligations. The top 25 funds account for 40% of the entire US public pension system with Illinois, Kentucky, Connecticut, and Louisiana at the top of the ‘most underfunded’ list.

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Sep 26

- PIMCO: Here’s What It Owns (ZeroHedge, Sep 26, 2014):

PIMCO is big. Scratch that, it’s massive: after all it holds over $2 trillion in global securities, mostly bond-related. It is so big, in fact, it takes two pages just to list the number of funds that comprise it, let alone the securities that these funds actually own. Which is a problem when trying to estimate the impact of what a possible asset-shift, if not outright liqudation of some/all of PIMCO’s holdings would have.  Yet one has to start somewhere, and the somewhere probably should be with the list of the TRF’s biggest holdings as a % of NAV. Here it is.

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Sep 26

- Bill Gross Quits PIMCO, Which He Co-Founded, Joining Janus (ZeroHedge, Sep 26, 2014):

After co-founding PIMCO in 1971, Bill Gross has called it quits…

  • *WILLIAM H. GROSS JOINS JANUS CAPITAL
  • *JANUS:GROSS TO START MANAGING FUND,RELATED STRATEGIES OCT.6,’14

“I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization,” said Mr. Gross.

Janus stock is +20% on the news. 40% now!) Continue reading »

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Sep 26

- “You Can’t Fire Me, I Quit” – PIMCO Was Preparing To Fire Gross (ZeroHedge, Sep 26, 2014):

With more than $65 billion pulled from PIMCO’s funds since May 2013, Bill Gross’ firm had been struggling amid spotty performance and it seems, according to The Wall Street Journal, PIMCO (not Allianz) was set to fire the 70-year old bond king this weekend. It seems clear that Mr. Gross move was pre-emptive as sources cite his “increasingly erratic behavior” and ultimatums as factors in the move. Assumptions about Mohamed El-Erian returning to run the company have been denied. Some have estimated PIMCO could see a further 10-30% in fund outflows on the back of Mr. Gross’ departure.

As The Wall Street Journal reports, Continue reading »

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Sep 26

From the article:

When one fund’s liquidation of a part of their portfolio can drop the Nasdaq by 2%, it should be clear to everyone (including Janet and here friends at The Eccles Building) that the stock market ‘stability’ is anything but “contained.”


- Was This The Selloff Catalyst: $10+ Billion BlueCrest Capital Unwinding Positions, Fires PMs (ZeroHedge, Sep 26, 2014):

Yesterday’s plunge in stocks (and credit markets) was pinned on several catalysts from Russia to Fed speak, but the ‘liquidations’ explanation appeared to make most sense and now we have a candidate for the culprit. As The Wall Street Journal reports, $10.6 billion BlueCrest Capital Management LLP, one of Europe’s largest hedge-funds (and best known for its credit market expertise), laid off several stock traders in the U.S. Thursday and began liquidating their investments, according to people familiar with the matter, not long after it aggressively expanded into equities. Continue reading »

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Sep 26

“Bales Of Cash On The Sidelines”: The Average Billionaire Has A Record $600 Million In Cash (ZeroHedge, Sep 26, 2014):

While the saying “cash on the sidelines” is patently wrong as all cash represents is a form of risk, asset and liquidity preference (and yes, for every buyer of stock there is a seller: repeat as many times as necessary until it clicks), we are confident the fact that the world’s record number of billionaires, 2,325 in 2014 up from 2,170 a year ago, holding a record $7,291 trillion in assets or a little under half of the US GDP, have a record $600 million in cash on average, up from $540 million the year before.

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Sep 25

Vladimir-Putin1

- No More Foreplay: Russia Threatens European Gas Supply Disruptions (ZeroHedge, Sep 25, 2014):

It appears Vladimir Putin is willing to hit’em while they’re down. Early European equity weakness (and safe-haven flows) on asset-freeze threats have accelerated as Bloomberg reports, Russian energy minister Alexander Novak threatens gas supply disruptions if the EU continues to re-export Russian gas to Ukraine. 3Y German bond yields have plunged to -4.1bps, a record low close and European stocks are closing on their lows of the day.

  • *RUSSIA THREATENS GAS SUPPLY THROTTLING TO EUROPE: HANDELSBLATT

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Sep 25

Putin111

- Russia Asset Freeze Threat Sends DAX Reeling (ZeroHedge, Sep 25, 2014):

Germany’s DAX is tumbling this morning (and back in the red for 2014) as The Moscow Times reports Russian courts could get the green light to seize foreign assets on Russian territory under a draft law intended as a response to Western sanctions over the Ukraine crisis. Whether this is retaliation at Italian tax police seizing €30m in assets, including a luxury hotel in Rome and two villas in Sardinia, controlled by Arkady Rotenberg, is unclear, but the timing is highly coincidental and Rotenberg has been a longtime ally of Russian president Vladimir Putin.

As The Moscow Times reports,

Russian courts could get the green light to seize foreign assets on Russian territory under a draft law intended as a response to Western sanctions over the Ukraine crisis. Continue reading »

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