102913 Gleaning Obozo 666 The Liar Pays Antichrist Syrians Islamic Tribute Like The Libor Babylon Whore In Gay Pride BDU’s
It’s the Muslim holiday, Eid al-Fitr, which marks the end of Ramadan. President Obama has decided to give $195M of taxpayer money to the Islamic nation of Syria to mark the occasion.
Meanwhile, the sequester continues, the White House is not conducting educational tours, and our military don’t have the necessary equipment to protect themselves.
Syrian government forces retook a Christian town north of Damascus on Monday, expelling al-Qaida-linked rebels after a week of heavy fighting, state media and opposition activists said.
Political scientist, Hilal Khashan said, “When you bring a Christian and make him choose between Assad and the Islamic State in Iraq and the Levant, the answer is clear,” explaining that rebels perceive Christians to be the enemy simply because they are not Muslims.
Rebels continue to raid and conquer Christian villages and slaughter priests. Christians celebrating religious holidays have also been targeted and murdered for their faith.
SSDD. Collapsing confidence, check. Housing Recovery meme toast, check. Volume at 2013 lows, check. BTFATH and send Trannies up for 13th of last 15 days (+10.4%), Dow near all-time highs again (thank you IBM buybacks), and S&P to new all-time highs… but don’t tell Treasuries (which stand +/-1bps on the week). VIX wasn’t drinking the kool-aid but the NASDARK session enabled futures to drag us back to higher before limping lower into the closer. The USD oscilatted around Nowotny comments and POMO ending the day up a rather notable 0.5% from Friday’s close and that pressured commodities in general lower (gold hovering at $1345).
The scandal over manipulation of an international financial benchmark widened Tuesday as authorities fined a Dutch global bank nearly $1.1 billion for rigging the closely-watched rate.
Rabobank became the fifth firm penalized for manipulating Libor — the London Interbank Offered Rate that’s used to set the rates on trillions of dollars of mortgages, car loans, student loans and some complex financial derivatives. Libor rates cover multiple currencies worldwide for varying time periods. The bank also rigged rates for Euribor, a similar financial benchmark.
And that, it goes without saying, is the biggest punchline of all. Because absolutely everyone in each of the Libor manipulating banks knew what was going on- from the lowliest mail boy, to the CEO. And so did the regulators: after all many of them used to work previously at the banks where the Libor cartel operated. But it would not look good to the general public if the people at the very top of the banking industry were found to be the same common crooks like those filling every single US prison.
To the manipulating cabal, it was a lucrative victimless crime. To everyone else, between this and all the other crimes conducted by bankers in the years before 2008, it became the biggest taxpayer funded bank bailout in history. So unfortunately, the joke was on everyone else. Twice.
One of the great things about the neverending series of Libor busts and settlements (which incidentally were once a “conspiracy theory” because it was supposedly impossible for so many people to keep their mouth shut, or so the always wrong conventional wisdom went until the summer of 2012 when theory became fact) is that they all thought they would never get caught, used communications that left a record visible from a mile away, and in the process described the criminal aspects, which lately it seems are the only ones left, of banking from the inside in greater detail than anyone else. Such as in the case of today’s Rabobank $1.1 billion Libor manipulation settlement which also cost the CEO, Piet Moerland, his job. It is there that we read just how the Libor criminals saw their daily crimes, which amounted to millions in year end bonus terms: “Don’t worry mate — there’s bigger crooks in the market than us guys!” There is (sic) indeed.
The latest quarterly report from the Treasury Department says it has booked a $9.7 billion loss on the $49.5 billion bailout of General Motors.
Nearly three years ago, before anyone had heard of expert networks, before the SEC had brought any major enforcement action against any hedge fund and long before anyone had to gall to accuse SAC of insider trading, Zero Hedge started a series of posts commencing with “Is The SEC’s Insider Trading Case Implicating FrontPoint A Sting Operation Aimed At S.A.C. Capital?” exposing the fraudulent transactions of Steve Cohne’s hedge fund despite fears of violent legal reprisals. We are delighted to inform our readers that this particular chapter is now over: the WSJ has just reported that SAC will plead guilty to securities fraud, pay a final $1.2 billion penalty (still a tiny sum compared to all the ill-gotten gains by Steve Cohen over the years), and most importantly, end the fund’s management of outside money.
On paper, this looks great. But in reality, they’re setting the stage to default on Social Security beneficiaries without causing a single ripple in the financial system.
Remember, when governments get this deep in debt, someone is going to get screwed.
In other words, first they want to implement capital controls to ensure that everyone’s money is trapped. Then they want to make a grab for people’s bank accounts, just like they did in Cyprus.
The warning signs couldn’t be more clear. I’ve been writing about this for years. It’s now happening. This is no longer theory.
“You can see what’s going on worldwide. ‘HSBC sees gold demand in Asia surging as inflation fans sales.’ Inflation keeps going up and so do sales of gold. Again, going back to India, they are doing everything possible to restrict the inflow of gold into India, to artificially keep the price down, but inflation keeps going up. It keeps going up around the world.
The only reason it doesn’t go up in the United States is because they lie about it.
Either way, the seemingly endless period of financial stability in Latin America, and particularly Brazil (where record consumer debt is a far greater issue), long seen as a derivative of China, is ending. Luckily, the next steps in the global overlevered soap opera are about to be unveiled. So sit back, grab the popcorn and watch as the world receives yet another Donald Trump, i.e., fallen billionaire angel, this time in Latin America, and all the associated entertainment, even if it is not quite as entertaining for the thousands of Brazilians who are about to lose their jobs as the debt tsunami finally rolls over.
Puerto Rico, an American territory, risks a Greek-style bust. With $70 billion of debt outstanding, the equivalent of 70% of its GDP, it is more indebted than any of America’s 50 states. (Puerto Rico is not technically a state, but its bonds are treated as if it were.) Yields on its bonds have soared as high as 10%, as investors fret it may be heading for a default.
As the chart above shows, the unadjusted retail sales number difference from August to September was a whopping $40 billion, or a 9% drop in one month, which in turn meant the headline retail sales number contained in it had an “adjustment factor” of $39.6 billion. This was the biggest NSA September retail sales drop on record, even worse than the prior worst such monthly drop posted in 2007 when the Second Great Depression was about to begin.
If ever there was a few minutes of television to confirm the deep-seated disconnect between reality and the ivory-tower academics pulling the levers behind the curtain, CNBC’s Rick Santelli just exposed it.
That means the administration knew that more than 40 to 67 percent of those in the individual market would not be able to keep their plans, even if they liked them.
Yet President Obama, who had promised in 2009, “if you like your health plan, you will be able to keep your health plan,” was still saying in 2012, “If [you] already have health insurance, you will keep your health insurance.”
Iran could produce enough weapons-grade uranium to build an atomic weapon within two weeks and has, “in a certain way,” already reached the point of no return in its nuclear program, a former senior International Atomic Energy Association official said Monday.
The nuclear-capable bombers, which took off from the Engels airbase in the Volga region, “flew over the Caribbean, the eastern Pacific and along the southwestern coast of the North American continent, and landed at Maiquetia airfield in Venezuela,” the ministry said in a statement
An explanatory note to Section 2 states: “Religious intolerance is understood to cover Islamophobia” but it provides no definition at all of “Islamophobia,” a term invented by the Muslim Brotherhood in the 1990s. If taken to its logical conclusion, Section 2 would presumably ban all critical scrutiny of Islam and Islamic Sharia law, akey objective of Muslim activist groups for more than two decades.
While European leaders are busy expressing public indignation over reports of American espionage operations in the European Union, the European Parliament is quietly considering a proposal that calls for the direct surveillance of any EU citizen suspected of being “intolerant.”
“Obama is intentionally weakening and gutting our military, Pentagon and reducing us as a superpower, and anyone in the ranks who disagrees or speaks out is being purged,” he charged.
“The American public should be deeply troubled to learn that EPA is actively working to increase energy prices based on predicted global temperature increases without first undertaking efforts to determine if temperatures are actually increasing to the extent predicted by the climate models they are using,” reads the Senate Republicans’ report.
“This is the 3rd X-flare since Oct. 25th, which means solar activity is still high,” astronomer Tony Phillips of Spaceweather.comwrote in an update.
MONUMENTAL EARTH CHANGES: “Worst Storm In Years” – St. Jude Storm Wreaks Havoc Across Northern Europe; At Least 15 Dead; Widespread Falling Trees And Blackouts; Transportation Collapses; Wind Speeds Reach 42 Meters Per Second; Monster Waves Drag People To Death At Sea; 132 Flood Alerts Across Englan…
As the Bank of Spain pinpointed in its latest economic report, government consumption and specifically employee compensation is yet to be adjusted. We thus expect the impact on GDP to kick in early 2014 and bring Spain back to recession.
Trading isn’t the only thing that happens in milliseconds nowadays, complicated exploits of computer systems happen just as fast — and
with astounding potential consequences.
The newest competition out of the Defence Advanced Research Projects Agency aims to create “fully automatic network defence systems” in order to mitigate these real-world consequences.
In other words, they want software systems that automatically detect, repair, and repel hacker attacks. Shorter terms: Artificial Intelligence (AI).