31414-15 Gleaning Flight 008 Obozo Bond Bombs Away
And He said to them, “I was watching Satan fall from heaven like lightning.
My research team recently passed along a piece of legislation they were looking at called the“ENFORCE the Law Act of 2014.”
It immediately piqued my interest… because anytime you see all CAPS in government documents, it signifies some absurd acronym. And the ‘ENFORCE the Law Act’ did not disappoint.
ENFORCE stands for “Executive Needs to Faithfully Observe and Respect Congressional Enactments”.
This pretty much sums up the sad state of affairs in the Land of the Free.
When Congress has to pass a new law just to get the President of the United States to, you know, follow the Constitution that he swore to ‘support and defend’, you can be certain that the system has become broken beyond all repair.
the system itself that is fundamentally flawed. The model is simply no longer valid. Having an election and voting in a new commander-in-chief won’t fix the problem. All you’re doing is changing the players. It’s time to change the game.
According to the president’s recent Executive Order, “Blocking Property of Certain Persons Contributing to the Situation in Ukraine” (first reported by WND’s Aaron Klein), the provisions for seizure of property extend to “any United States person.” That means “any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States.”
Declaring a “national emergency” over the planned referendum in Crimea to determine whether or not to join Russia, the US president asserts that asset seizure is possible for any US person “determined by the Secretary of the Treasury, in consultation with the Secretary of State”:
But, Eric, I have to stress that investors must hold physical gold and store it outside the banking system. We’ve had a recent example, again, of a client who some time ago transferred his gold to a Swiss bank, and that was physical gold. And then when the client now, recently, wanted to transfer the bars to a private vault, the bank didn’t have the physical, but only paper gold.
Last year’s revelation that the NSA was forcing every major phone carrier to turn over phone records for millions of American citizens was pretty shocking to many people.
What I found even more shocking was how few people actually cared. I heard, “well, it’s just phone records, it’s not like they’re listening,” or “well, I don’t really have anything to hide, so who cares.”
Who cares indeed. Would you care if the government could figure out if you’re a gun owner simply by these records? Would you care if they could figure out your medical conditions? Financial situation?
We are sure it is just coincidence – and awkward combination of luck and suspicious timing – butVedomosti reports that Viktor Zubkov, the Chairman of Russia’s massive energy monopoly Gazprom, dumped his entire stake in the company just a few weeks before Vladimir Putin crossed the red line. Gazprom shares have dropped 25% in the last 3 weeks so his timing was impeccible.
Because obviously there are more pressing matters at hand like pitching Obamacare to toddlers, and because there is always time for 18 holes before World War III.
“Obama Did Not Attend The Meeting”, Or In A Moment Of Crisis The President Stands Resolute
And let’s not forget, nobody does a better job of explaining to Vladimir Vladimirovich the “costs” of showing the world just how much of a laughing stock US foreign policy has become.
In a rather concerning (though not entirely surprising) turn of events, the United Nations (which may well need to be renamed after this) is making headlines:
It is hardly surprising since the UN Resolution declared Sunday’s referendum on Crimea as invalidbut China’s abstention makes it clear that the 2nd largest economy in the world is in no way supportive of the West’s plans and is siding more with Russia (albeit in a diplomatically safe way – for now).
With a day left until the critical, if widely expected, results from the Crimean referendum are revealed, it is worth recalling the main footnote in last night’s State Department travel alert for Russia: “all U.S. citizens located in or considering travel to the border region, specifically the regions bordering Ukraine in Bryansk, Kursk, Belgorod, Voronezh, and Rostov Oblasts and Krasnodar Krai, should be aware of the potential for escalation of tensions, military clashes (eitheraccidental or intentional).” See, for the purpose of a military provocation, “accidental” will do. It is therefore not surprising to see that moments ago all major news wires blasted the following headline, quoting the Ukraine ministry of defense:
- UKRAINIAN MILITARY REPELS ATTEMPT BY RUSSIAN FORCES TO ENTER REGION ADJACENT TO CRIMEA-UKRAINE’S DEFENCE MINISTRY
The incursion allegedly took place in the Ukraine region of Kherson, neighboring the Crimea.
And finally, just in case things weren’t exciting enough, the US appears to finally be flexing its muscles too.
- U.S. WARSHIP TRUXTUN TO CARRY OUT FURTHER EXERCISES WITH ALLIES IN BLACK SEA-COMMANDER
If all this has happened while it is still light in Ukraine and before the Crimean referendum, we can’t wait until darkness falls on Sunday night.
it seems more and more likely that we are now facing a longer-term battle between Russia and the West.
Bank of America Corp. (BAC:US), Citigroup Inc. (C:US) and Credit Suisse Group AG (CSGN) were among 16 of the world’s biggest banks sued by the U.S. Federal Deposit Insurance Corp. for allegedly manipulating the London interbank offered rate from 2007 to 2011.
The FDIC, acting as receiver for 38 failed banks including Washington Mutual Bank, IndyMac Bank FSB and Colonial Bank, claimed that institutions sitting on the U.S. dollar Libor panel “fraudulently and collusively suppressed” the rate. Also named in the suit, filed yesterday in Manhattan federal court, is the British Bankers Association, an industry group that oversaw Libor.
Regulators around the world have been probing whether firms colluded to manipulate interest-rate benchmarks including Libor, which affects more than $300 trillion of securities worldwide. Financial institutions have paid about $6 billion so far to resolve criminal and civil claims in the U.S. and Europe that they manipulated benchmark interest rates.
The Inspector General of the Department of Justice just issued a report slamming DOJ’s prosecution of mortgage fraud.
Initially, the report found that – despite talking a good game about going after mortgage fraud – the Department of Justice and its subsidiary, the FBI, placed a very low priority on mortgage fraud:
This is nothing new.
And – as we pointed out in 2010 – the Department of Justice “crackdown” on Wall Street is just a P.R. stunt targeting small-time crooks.
The prospect of raising additional revenue from the various types of wealth taxation was recently discussed in IMF (2013b) and their role in reducing inequality can be summarized as follows.
- Property taxes are equitable and efficient, but underutilized in many economies. The average yield of property taxes in 65 economies (for which data are available) in the 2000s was around 1 percent of GDP, but in developing economies it averages only half of that (Bahl and Martínez-Vázquez, 2008).There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument, although effective implementation will require a sizable investment in administrative infrastructure, particularly in developing economies (Norregaard, 2013).
And there you have it: if you are buying a house, enjoy the low mortgage (for now… and don’t forget – if and when the time comes to sell, the buyer better be able to afford your selling price and the monthly mortgage payment should the 30 Year mortgage rise from the current 4.2% to 6%, 7% or much higher, which all those who forecast an improving economy hope happens), but what will really determine the affordability of that piece of property you have your eyes set on, are the property taxes.
Because they are about to skyrocket.
The whole story about how private equity firms and hedge funds have steamrolled into the residential home market to become this decade’s slumlords is a story covered on this blog before mainstream media even knew it was happening. I first identified the trend in January of last year in one of my most popular posts of 2013: America Meet Your New Slumlord: Wall Street.
Since the, I’ve done my best to cover the various twists and turns in this fascinating and disturbing saga. Some of my follow up pieces can be read below:
March 2013: Is the “Buy to Rent” Party Over?
May 2013: Carrington Bails: More Smart Money Leaves the “Buy to Rent” Game
July 2013: The Las Vegas Housing Market has Gone Full Chinese
August 2013: Welcome to the Housing Recovery: Rents are Rising, Incomes are Falling
October 2013: A Closer Look at the Decrepit World of Wall Street Rental Homes
February 2014: Is “Buy to Rent” Dead? – Rents on Blackstone Housing Bonds Plunge 7.6%
Now read this fantastic article from real estate analyst Mark Hanson, who points out that homes are much less affordable now that they were at the peak of the most recent housing bubble.
Never fear serfs, now that homes have once again become unaffordable, the banks are bringing back subrpime loans so that Blackstone can sell back to the muppets.
Ah, crony capitalism at its finest.
Full article here.
President Barack Obama credited the investors for helping put a floor under the plunging housing market and consumer advocates such as the National Community Reinvestment Coalition later blamed them for soaring prices in some cities.
Kissing the Kaaba Stone is nothing more than Judas Kissinger sent via NixSON to China on behalf of another, as it were a BlackStone, ChairSatan Odd Rockefeller to Team 911 Obozo The Pandering POTUS Clown, that turned gold into a Sirius(ly) U.N.god(ly) petrodollar debt note foreclosure 666 seal on an REO DeepCapture home even a Saudi KingDUMB would be at peace with, so long as the Dome Of The Rock is not disturbed by an Israeli tax collector. At this point it takes the wisdom inspired by the Holy Spirit of our Father in Christ to know the whole Truth and reality of this fact, for it is the revelation and prophetic reality upon this last generation. That is certain. Reading this site, as you are, the evidence is sure and complete. There is no doubt about what is now upon this generation. The mark of the beast is measured to the false prophet of Mohammad claiming dominion upon the Temple Mount in Jerusalem, which defines the false peace of Israel the Antichrist is currently brokering and is about to lead to the 3 1/2 years, first portion of the end time prophetic 7 year tribulation etc…, which is measured to the scripture parable description of the revelation and confirmation of the Antichrist and false prophet. It is obvious to see who they are, as a measure of wheat for a penny is risen and overflowing from the scale cup of fornication defining the prophetic strong delusion and wine of wrath image of the prophetic Black Horse. The combination of The Two Antichrist Hosts, Bibi and Obozo The POTUS Clown, with the reality of Antichrist Islamic Russian Chinese numbers of military personnel that fulfills the prophetic description confirming the force that shall rise against Israel in the tribulation, it is clear, the prophetic leaping frog is upon the tongue of all the leaders in play. The leader that seals the prophetic false peace of Israel also has the authority to kill the two witnesses in Jerusalem. That narrows it down to one man, whom, upon killing them, breaks the seal and hedge they provided the city and Israel, confirming the end of their 3 1/2 years witness portion of the 7 year tribulation which is cut short for the sake of the elect. The elect; whom are sealed in Christ and risen, after the dead in Christ, and the two witnesses that are now dead, are risen, ending the time given unto the gentiles that trample the Holy City in Jerusalem for 3 1/2 years. That is clear enough for all that have eyes to see and ears to hear. Those that are in Judea do well to leave now, even before Daniel 9:27 – And he shall confirm the covenant comes to pass shortly, as the Skull and Bone head moron on ”Team Obozo The POTUS Clown” is panging pregnant and about to deliver the sealing of The Beast upon this generation. The best way to flee Judea is to come out of her and be risen up in agreement with the sustaining mercy Yahweh Yahshua. In the mean time …the ritual human slaughter continues, as it were among the deceived a sacrificial offer unto themselves, without care for the mercy of The Father risen in agreement in His Image, The Father defining The Risen Son of God. This lack of care defines the corrupt evil occult masonic antichrist measure among the nations and tongues, Jew and Muslim etc…
Jesus saith unto them, Did ye never read in the scriptures, The stone which the builders rejected, the same is become the head of the corner: this is the Lord’s doing, and it is marvellous in our eyes?
Barack Obama is about to grant citizenship to a Hezbollah terrorist who kidnapped, tortured, and murdered two Irish soldiers who were serving with UN peacekeeping forces (a third soldier barely survived). Bill Clinton and George W. Bush let this terrorist remain in the U.S. since at least April 2000, when Irish RTE reporter Fiona MacCarthy found the man and interviewed him in Dearbornistan, Michigan, where he is living. The terrorist murderer, Mahmoud Bazzi, already has Legal Permanent Residence (a “green card”) and, in the warmer months, is driving an ice cream truck.
The ambush occurred along a trail used by Syrian rebels to sneak from Lebanon into Syria, where the Lebanese Shiite militant group Hezbollah is spearheading an offensive to seize the mountainous Qalamoun area north of Damascus.
DUBAI – Saudi Arabia demanded that Qatar shut down Al-Jazeera and two think tanks during a recent meeting of the Gulf Cooperation Council, a source close to someone who attended the talks told AFP Friday.
Riyadh demanded the closure of the pan-Arab broadcaster as well as the Brookings Doha Center and the Arab Center for Research and Policy Studies, the source said on condition of anonymity.
After the reportedly heated March 5 GCC meeting, Saudi Arabia, Bahrain and the United Arab Emirates recalled their ambassadors from fellow member Qatar, which they accuse of interfering in their internal affairs and supporting the Muslim Brotherhood.
The source said Saudi Foreign Minister Saud al-Faisal had demanded three things of Doha — “to close the (Qatari-owned) Al-Jazeera network, which stirs sedition; close the research centers in Doha, and turn over all outlaws” on its territory.
Saudi Arabia’s restrictive laws prevent women from driving; people from selling, buying, or wearing anything red or heart-shaped on Valentine’s Day; visiting the movies (there are no movie theaters); music schools; and women traveling without permission, among other myriad bans.
“Now these are the judgments which you shall set before them: 2 If you buy a Hebrew servant, he shall serve six years; and in the seventh he shall go out free and pay nothing. 3 If he comes in by himself, he shall go out by himself; if he comes in married, then his wife shall go out with him. 4 If his master has given him a wife, and she has borne him sons or daughters, the wife and her children shall be her master’s, and he shall go out by himself.5 But if the servant plainly says, ‘I love my master, my wife, and my children; I will not go out free,’ 6 then his master shall bring him to the judges. He shall also bring him to the door, or to the doorpost, and his master shall pierce his ear with an awl; and he shall serve him forever.
In the aftermath in the recent surge in China’s renminbi volatility which saw it plunge at the fastest pace in years, many, us included, suggested that the immediate next step in China’s “fight with speculators” (not to mention the second biggest trade deficit in history), was for the PBOC to promptly widen the Yuan trading band, something it hasn’t done since April 2012, with the stated objective of further liberalizing its monetary system and bringing the currency that much closer to being freely traded and market-set. Overnight it did just that, when it announced it would widen the Yuan’s trading band against the dollar from 1% to 2%.
One thing is certain: as the world digests the latest out of the country that creates credit at a pace that is five times greater than the US, the volatility in the CNY will soar, at jthe worst possible time. Because as we explained before, all global specs, especially those out of Hong Kong need, is for the USDCNY to surge above 6.20 for the margin calls to start coming in fast and furious.
The expression “follow the money” has never been more appropriate. If the military preparations, threats and warnings from the Obama administration isn’t enough to convince the general public that war is on the horizon, then watching China and Russia dump billions in USD and Euros should be a huge red flag and wake up call.
Over $15 billion has been “reallocated from the Fed’s custody accounts,” by Russia and China, taking their money out before the Ukraine/Crimea referendum is voted on, in preparation for the US to attempt to freeze Russian assets, which are no longer there because the smart money is moving ahead of war.
This also holds the possibility that with such a large amount being dumped as China and Russia prepare, US banks could be forced to shutdown.
Always follow the money.
So either China selling TSYs and buying EURs to make European import power stronger, if not so much its exports (much to Draghi’s ongoing horror). Or Russia, which may be dumping USTs to support the ruble… Or dumping just because.
Earlier today we reported that according to weekly Fed data, a record amount – some $105 billion – in Treasurys had been sold or simply reallocated (which for political reasons is the same thing) from the Fed’s custody accounts, bringing the total amount of US paper held at the Fed to a level not seen since December 2012. While China was one of the culprits suggested to have withdrawn the near USD-equivalent paper, a far likelier candidate was Russia, which as is well-known, has had a modest falling out with the West in general, and its financial system in particular. Turns out what Russian official institutions may have done with their Treasurys (and we won’t know for sure until June), it was merely the beginning. In fact, as the FT reports, in silent and not so silent preparations for what will be near-certain financial sanctions (which would include account freezes and asset confiscations following this Sunday’s Crimean referendum) the snealy Russians, read oligarchs,have already pulled billions from banks in the west thereby essentially making the biggest western gambit – that of going after the wealth of Russia’s 0.0001% – moot.
So the bottom line is that Russia, thinking a few steps ahead, already has withdrawn the bulk of its assets from the West, and why not. Recall that a year ago it was revealed that the same Russians who were supposed to be punished in Cyprus had mostly withdrawn their funds in advance of the bail in: they tend to know what is coming. It was the ordinary Cypriot citizens, who had done nothing wrong, who were most impaired.
And so while the Russian response is already known, we wonder just how true is the inverse: just how prepared is the west, and especially Europe, to exist in a world in which a third of Germany’s gas is suddenly cut off? We can’t wait to find out early next week.
Now it should begin to make sense why I have advocated for not being in the banking system controlled by the whoremongers and warmongers. I have also encouraged people to shop locally and stay out of the corporate entities. Turn off your TV and read a book, the Bible would be a great place to start.
What did Jesus say about being in the world and not of the world? It still might be possible to collapse the corrupt system from the inside-out and begin anew. However, that ship has already sailed and I am sure it is too late.
You (We The People) are not a citizen (that is a Roman term), you are a human (private independent individual person). No government or person(s) shall offer a name and number of a man as a mark of contempt upon you that seals you to a man unless you accept it as a seal (even 666/forever) that binds you as a slave (as it were a slave of Rome), as it were a citizen slave earmarked for the second death.
It’s not a revolt to not comply with a completely bankrupt and corrupt evil government, that now want’s to declare: the right to bare (unregistered) arms and remain in defense against (contempt for life freedom independence etc…) the government is now suddenly a criminal act, it’s patriotic, American and wise.
Weapons registration compliance is in contempt of mercy. That is revolting.
The brave cadets who spoke to me said it’s disturbing to watch the academy trample on the Constitution. They said the current state of affairs at the Air Force Academy can be summed up by a message someone had posted on their dorm wall.
“You can’t pick and choose what freedoms you’re going to defend,” the poster read. “You can either defend them all or you can defend none o
Airmen responsible for missile operations at Minot Air Force Base, N.D., passed an inspection in March 2013 with a “marginal” rating, the equivalent of a “D” in school. But it now turns out that even that was only because of good marks received by support staff like cooks and facilities managers, as well as a highly rated training program. Launch officers, or missileers, entrusted with the keys to the missiles did poorly and, on their own, would have flunked, the records show.
An official inquiry into the troubled inspection of the 91st Missile Wing at Minot in March 2013 concluded that one root cause was poor use of routine testing and other means of measuring the proficiency of launch crews in their assigned tasks. For example, commanders at Minot did not ensure that monthly written tests were supervised. The analysis also said Minot senior leaders failed to foster a “culture of accountability.”
American personnel on the ground in Benghazi the night of the 2012 terror attack are outraged after learning that the CIA’s inspector general never conducted an investigation into what happened — despite two CIA workers being killed in the attack and despite at least two complaints being filed by CIA employees.
You’ve heard that there’s a big battle between the CIA and Congress over the CIA spying on the Senate Intelligence Committee’s review of documents related to the Bush-era torture program.
FBI agents working alongside Utah state prosecutors in a wide-ranging corruption investigation have uncovered accusations of wrongdoing by two of the U.S. Senate’s most prominent figures — Majority Leader Harry Reid and rising Republican Sen. Mike Lee — but the Justice Department has thwarted their bid to launch a full federal investigation.
Everyone knows that after years of kicking the can and resolutely sticking its head in the sand, China is finally on the verge, if hasn’t already crossed it, of a major credit event, confirmed by the first ever corporate bond default which took place a week ago. Few, however, know just why China is in this untenable position. If we had to select one data point with which to explain it all, it would be the following: just in the fourth quarter of 2013, Chinese bank assets rose from CNY147 trillion to CNY151.4 trillion, or, in dollar terms, an increase of almost exactly $1 trillion!
By comparison, US bank assets in the same period rose by just over $200 billion, a number which consists almost entirely of the reserves injected by the Fed.
What’s worse: China is now hooked to a “flow” pace of $3.5 trillion each and every year, just to generate an annual GDP of about 8% and declining with every passing year. Any reductions in the pace of monetary flow will have magnified implications on China’s growth, and from there, social, and globa, stability.
But what does this really mean? Simple: in this epic, unprecedented, feverish pace to “grow” the economy and create hot, if worthless, money out of assets, all assets, even “magic” assets (i.e. thin air), the following took place:
CITIC Trust tried to auction the collateral but failed to do so because the developer has sold the collateral and also mortgaged it to a few other lenders.
Until now nobody cared because defaults were prohibited in China and nobody really cared what was underneath the hood. Now, defaults are allowed and, in fact, are encouraged. Which is why suddenly everyone is starting to cast curious glances into the dark shadows where the engine is supposed to be.
They won’t like what they find.
To understand economics experts in Feynman’s absence, the best analogy that we can think of is to the methods of a magician. Magicians operate by showing their audience a small window on reality, and then tricking people into mentally filling in the rest incorrectly. Because the economy has so many moving parts, a similar approach also works in economics. Pundits can draw our attention to a couple of indicators, ignore everything else, and make claims that sound realistic even though they make little sense in the bigger picture. One difference between economists and magicians, though, is that economists are often unaware of their trickery because they fool themselves before fooling others.
To be clear, we don’t claim to be immune to such deceptions, but we do try to root them out as best we can and will do that here.
They’ve used up all of the tricks in their magic hat. One misstep here and we’re going down. Any number of domestic or geo-political events could trigger a meltdown in U.S. stock markets and send the broader economy crashing.
When, not if, this thing buckles again we’re going to be in for an unprecedented period in U.S. history.
The system was on the brink of total collapse in 2008, as evidenced by Representative Brad Sherman on the House floor:
No reason to keep records of what happened at one of the world’s most powerful central banks during the height of the 2008 Crash. Nothing important to know there. No reason to look back and remember what worked and what didn’t. No reason to keep the evidence.
Oh I’m sorry. Did I say evidence?
With the Bank of England recently denying any collusion with dealers to manipulate FX rates and exclaiming “it was not our job to go hunting for the rigging of markets,” the WSJ reports that none other than that bastion of trust The Federal Reserve examined key FX benchmarks months before global regulators sounded alarms over the manipulations… but took no action.
The Federal Reserve examined a key foreign-exchange benchmark months before global regulators sounded the alarm about potential manipulation, but officials took no public action.
Today, that benchmark—the so-called WM/Reuters fix—is at the center of a burgeoning investigation into whether bank traders and others colluded to manipulate the $5.3-trillion-a-day currencies market. Roughly two dozen bank traders have been fired or suspended. Banks are bracing for potentially huge civil and criminal penalties.
Until earlier this year, the Fed has been absent from the long list of authorities publicly probing the situation.
But – they did nothing…
Some journalists and their Wall Street sources have argued that insider trading is an essentially harmless offense and that SAC Capital deserves leniency, but their arguments obscure the fact that SAC Capital’s insider trading has involved the wholesale corruption of the FDA and some of the nation’s most prominent doctors, all of whom have (as my book documents in detail) shown themselves more than willing not only to provide inside information to Steve Cohen and his associates, including Milken, but also to undermine pharmaceutical companies with effective treatments while promoting other companies (i.e., companies that are financed by Milken and his associates) whose treatments were actually killing people.
Bank of Japan monetary stimulus designed to spur economic growth and achieve 2 percent inflation has weakened the yen by 6.8 percent in the past 12 months, eroding the value of wages to a record low. Abe, the son of an ex-foreign minister who grew up in a house with servants, is under fire from the opposition party after the cost of living surged to a five-year high.
President Barack Obama’s former national security adviser says rejecting the Keystone XL pipeline would be a gift to Vladimir Putin
He says he can’t understand why the U.S. would spend billions and risk soldiers’ lives to stabilize oil sources abroad — then reject a piece of vital infrastructure at home.
Finally, for those who want the blow by blow, here is BofA’s tentative take of what the preliminary steps of the next global great depression will look like:
If we do experience a sizable default, the knee-jerk market reaction will be cash hoarding since it will strike as a big surprise. Thus, we expect the repo rate to rise first, while the long term government bond would get bid due to risk aversion flows.
However, what follows will be quite uncertain, aside from PBoC injecting liquidity and easing monetary policy to help short term rate come down. It has been proven again and again the Chinese government will get involved and be proactive. The bond market reaction will be different depending on the government solution.
Alas, at that point, not even the world’s largest bazooka will be enough.
At this point one should conclude that reality – through massive, unprecedented liquidity injections – has been deferred long enough. It is time to let the markets finally return to some semblance of uncentrally-planned normalcy: there is a reason why nature abhors a vacuum. Even if it means the eruption of the very painful grand reset, washing away decades of capital misallocation, lies and ill-gotten wealth, so very overdue.
So as Moody’s noted:
Analysts see more such defaults in the coming months in sectors with overcapacity, such as steel and mining, as crackdowns on careless loans continue. “The lack of intervention is consistent with the central Chinese government’s adoption of more market-oriented policies, which include increased tolerance for corporate bond defaults, as it reforms the country’s financial markets,” Moody’s said in a commentary after the default.
In conclusion, one default here or there now is no longer relevant as the first crack in the damn has been made. Risk will be re-priced… confidence has been broken that money is free and 10% yields are riskless… finally, as we previously noted in great detail, here are the next steps…
The question, however, in addition to “why”, is whether the Fed also agrees with BofA’s stunningly frank, and quite disturbing conclusion, perhaps finally realizing that aside from the US, the biggest house of cards that would topple once the “flow”-free emperor is exposed in his nudity, is that of the world’s largest “growth” (and credit) dynamo of the past two decades – China. Because, as noted above, if Lehman’s collapse was bad, a deflationary collapse brought on by Chinese hard landing coupled with a full unwind of the global carry trade, would be disastrous and send the world into a depression the likes of which have never before been seen.
China is braced for a wave of industrial bankruptcies as its slowing economy forces companies with sky-high debts to the wall, the country’s premier has said.
Premier Li Keqiang told lenders to China’s private sector factories they should expect debt defaults as the world’s second largest economy encounters “serious challenges” in the year ahead.
US State Department officials told The Jerusalem Post that Israel’s decision on whether to follow through with its final release of prisoners next week, a condition of the original agreement that jump-started direct negotiations, would be a harbinger for whether or not talks continue.
In his final address to Afghanistan’s parliament Saturday, President Hamid Karzai told the United States its soldiers can leave at the end of the year because his military, which already protects 93 percent of the country, was ready to take over entirely.
All 10 candidates seeking the presidency in April 5 elections have said they would sign the security agreement. But Karzai himself does not appear to want his legacy to include a commitment to a longer foreign troop presence in his country.
Investigators say the missing Malaysia Airlines jet was hijacked, steered off-course and could have reached Pakistan.
A Malaysian government official said people with significant flying experience could have turned off the flight’s communication devices.
The search operation has now been focused on two ‘corridors’, one which extends from north west from Thailand to the Kazakstan-Turkmenistan border and the other which opens out into the southern Indian Ocean.
The representative said that hijacking theory was now ‘conclusive’, and police are now believed to be searching the home of pilot, Capt. Zaharie Ahmad Shah, in Kuala Lumpur.
While Malaysian Prime Minister Najib Razak refused to confirm that flight MH370 was taken over, he admitted ‘deliberate action’ on board the plane resulted in it changing course and losing connection with ground crews.
The plane’s communication system was switched off as it headed west over the Malaysian seaboard and could have flown for another seven hours on its fuel reserves.
Satellite data shows hijacked MH370 was last seen flying towards Pakistan OR Indian Ocean as Malaysian PM admits tracking devices were switched off before an ‘experienced’ pilot flew it off course
Military radar data suggests a Malaysia Airlines jetliner missing for nearly a week was deliberately flown hundreds of miles off course, heightening suspicions of foul play among investigators, sources told Reuters on Friday.
Two sources said an unidentified aircraft that investigators believe was Flight MH370 was following a route between navigational waypoints when it was last plotted on military radar off the country’s northwest coast.
This indicates that it was either being flown by the pilots or someone with knowledge of those waypoints, the sources said.
The ultimate irony is that a similar report conducted in 2008 found the exact same internal control weaknesses as those found in the most recent report conducted by the Inspector General. Due to an obvious inability of EPA officials to correct these internal control weaknesses, there is no guarantee that any of the prohibited and improper conduct by EPA employees will change.
While I doubt anyone reading this will be shocked by major fraud at the Environmental Protection Agency (EPA), the potential extent of the fraud is huge, and we still have no idea how big it is.
A report released by the EPA’s Inspector General found that over 90% of sampled transactions were for “prohibited, improper, or erroneous purchases.” Worst of all, the sample size was extremely small at only 80 transactions out of 67,000 transactions during the sample period. Considering EPA cardholders spent $29 million in taxpayer dollars in 2012 with a potential 90% fraud rate, you do the math.
Oh, but the story gets even better (or worse, depending on your perspective). Examples of egregious fraud at the EPA have been well documented in the past, in fact as recently as in 2008. Absolutely nothing was done about it.
An herbicide that contaminates the tap water consumed by millions of Americans has been found to produce gender-bending effects in male frogs, “chemically castrating” some and turning others into females, a study shows.
History suggests that this low-intensity conflict within the ruling Elite is generally a healthy characteristic of leadership in good times. As times grow more troubled, however, the unity of the ruling Elite fractures into irreconcilable political disunity, which becomes a proximate cause of the dissolution of the Empire if it continues.
I recently proposed the idea that Wall Street now poses a strategic threat to national security and thus to the Deep State itself: Who Gets Thrown Under the Bus in the Next Financial Crisis? (March 3, 2014)
Many consider it “impossible” that Wall Street could possibly lose its political grip on the nation’s throat, but I suggest that Wall Street has over-reached, and is now teetering at the top of the S-Curve, i.e. it has reached Peak Wall Street.
Calling Tom Horn & Steve Quayle! World’s Leading Bioethics Journal Says Get Ready For All Kinds Of Genetically Engineered People — Individuals That Can Mate With Selves, Multiplex Parenting, Gay Gattacas
The controversy over three-parent embryos could soon be old hat. Writing in one of the world’s leading journals, one of Britain’s best-known bioethicists has outlined a strategy for creating children with four or more genetic parents. He calls it “multiplex parenting”.
John Harris, of the University of Manchester, and two colleagues, César Palacios-González and Giuseppe Testa contend in the Journal of Medical Ethics (free online) that this is one of many exciting consequences of using stem cells to create synthetic eggs and sperm. (Or as they prefer to call them, in vitro generated gametes (IVG).)
After the discovery of induced pluripotent stem cells in 2007, theoretically any cell in the body can be created from something as simple as a skin cell. Mice have already been born from sperm and eggs created from stem cells. Harris and his colleagues believe that the day is not far off when scientists will be able to do the same with humans. In their paper, they spin an ethical justification for this and outline some possible uses.
The next logical step is the creation of human-animal hybrids for organ donation. Using a similar procedure to Prof. Nakauchi, it is believed that human skin cells could be used to grow human tissue inside pigs. The organs grown would be genetically identical to the donor of the skin cells, making those patients ideal candidates for organ transplants with no chance of rejection. However, this research is surrounded in controversy.
The majority of the population in places like America and Europe live in something like a subtle trance state and they do not realize that they have now entered the world of the science fiction movie Minority Report.
FIRE IN THE SKY: Latest Incidents Of Fireballs Over The Earth – Fireball Leaves Spectacular Trail Over Gloucester, England; Massive Fireball Captured On Hundreds Of Cameras Across Korea; Emergency Services Called After Reports Of “Fireball In The Skies” Over The UK; Second Large Meteorite Found Following Massive Fireball Over Korea; And Massive Fireball Lights Up Early Morning Skies Over Northern England And Southern Scotland!
If you are not now actively making an effort to resist those individuals currently in the government that are now at war against America, you are showing up to work today for a negative rate of return on your own labor, which you fed to the beast that is devouring not only labor, but the host thereof and the country. If you do not think this to be true, consider the cost of having your work effort inside a bank that charges you for having an account. When your savings statement (if you even have one for the new sole purpose of ”in case of fire” not general security, lol, because there is no security anymore) declares the negative rate of return reality of doing so, like it is now, that is more than a confirmation, it’s a sad fact. So wake your dumb dusty asses up. Lol, but, if you don’t work for the government, which pays twice the median income of a private individual being taxed and leveraged beyond their savings, and you found this site, you most likely are awake.
…and that would be a miracle.