Is “crafted for the benefit of insiders” not the very definition of a rigged game?
And in the latter time of their kingdom, when the transgressors are come to the full, a king of fierce countenance, and understanding dark sentences, shall stand up.
24 And his power shall be mighty, but not by his own power: and he shall destroy wonderfully, and shall prosper, and practise, and shall destroy the mighty and the holy people.
25 And through his policy also he shall cause craft to prosper in his hand; and he shall magnify himself in his heart, and by peace shall destroy many: he shall also stand up against the Prince of princes; but he shall be broken without hand.
The captured corporate MSM is celebrating the six year anniversary of when the stock market bottomed in March 2009. They will spin a false narrative of Bernanke, Obozo and Geithner saving the world with TARP, QE, and the $800 billion Porkulus bill. What great heroes. Bernanke now gets $300,000 for a lunchtime speech at Bank of America gatherings. He is raking in north of $10 million per year now. He made $200,000 per year as the Fed Chairman. His wisdom must be on par with Jesus Christ to get $300,000 for a one hour speech. Bernanke’s Sermon on the Mount tour:
The millions he is getting paid by the Wall Street banks for speeches isn’t a payoff. Right?
Bernanke and Geithner stopped the market from falling in March 2009 by threatening the accounting geeks at the FASB and forcing them to allow fraudulent reporting by the insolvent Wall Street banks. The crisis ended – precisely – on March 16, 2009, when the Financial Accounting Standards Board abandoned FAS 157 “mark-to-market” accounting, in response to Congressional pressure from the House Committee on Financial Services and threats from Bernanke and Geithner on March 12, 2009. That change immediately removed the threat of widespread insolvency by making insolvency opaque. Mark to fantasy was born. Profits for everyone!!!
The fix was in. Every Wall Street bank was insolvent in March 2009. Citicorp and Bank of America were dead. There were hundreds of billions in worthless toxic mortgage securities, derivatives, auto loans, and credit card debt sitting on their books. FAS 157 required them to price those assets at what they could sell them for in the market. You remember free market capitalism? Something is worth whatever an independent party is willing to pay. The fat cats love free market capitalism when they are making billions. Not so much when they blow up the financial system and are faced with the consequences of THEIR actions.
The Wall Street banks were leveraged 30 to 1. Therefore, a 4% loss on their portfolio meant they were bankrupt. They were all bankrupt, and should have been liquidated in bankruptcy. That is why we have bankruptcy laws. But here’s the rub. Jamie Dimon, Lloyd Blankfein, the other Wall Street executives, billionaire investors, and many other very rich men would have borne the losses. That was unacceptable to the ruling oligarchs. They told their puppets – Bernanke & Geithner – to pressure the FASB into changing the accounting rule, so they could value their assets at whatever number they chose. The puppets did as they were told and the cowering mangy curs at the FASB reversed course.
All of a sudden, the Wall Street banks were miraculously solvent, making billions, paying themselves massive bonuses, rigging the markets, and enjoying the fruits of 0% interest money from Bennie and the inkjets. Ignore the blather you will see and hear about the saving the world bullshit. It was the pussy accountants at the FASB that “saved the bankers”. The people were fucked over and continue to be fucked over by the Fed and their Wall Street owners.
And after six years, if you applied mark to market accounting again, the Too Big To Trust Wall Street banks would still be insolvent. In addition, the Federal Reserve bought trillions in toxic assets, that sit on their balance sheet. They are currently leveraged 60 to 1. A 2% loss on their $4 trillion portfolio would make them insolvent.
Can you spell PONZI?
If anyone had devised a way to create a genetically engineered baby, I figured George Church would know about it.
At his labyrinthine laboratory on the Harvard Medical School campus, you can find researchers giving E. Coli a novel genetic code never seen in nature. Around another bend, others are carrying out a plan to use DNA engineering to resurrect the woolly mammoth. His lab, Church likes to say, is the center of a new technological genesis—one in which man rebuilds creation to suit himself.
When I visited the lab last June, Church proposed that I speak to a young postdoctoral scientist named Luhan Yang, a Harvard recruit from Beijing who’d been a key player in developing a new, powerful technology for editing DNA called CRISPR-Cas9. With Church, Yang had founded a small company to engineer the genomes of pigs and cattle, sliding in beneficial genes and editing away bad ones.
As I listened to Yang, I waited for a chance to ask my real questions: Can any of this be done to human beings? Can we improve the human gene pool? The position of much of mainstream science has been that such meddling would be unsafe, irresponsible, and even impossible. But Yang didn’t hesitate. Yes, of course, she said. In fact, the Harvard laboratory had a project to determine how it could be achieved. She flipped open her laptop to a PowerPoint slide titled “Germline Editing Meeting.”
Here it was: a technical proposal to alter human heredity.
The 2015 list is:
1. Fuel cell vehicles
2. Next-generation robotics
3. Recyclable thermoset plastics
4. Precise genetic engineering techniques
5. Additive manufacturing
6. Emergent artificial intelligence
7. Distributed manufacturing
8. ‘Sense and avoid’ drones
9. Neuromorphic technology
10. Digital genome
And since there is no such thing as a free lunch, it will be the US taxpayer who will as usual end up footing the bill. Expect college fees to go vertical once deans and administrators understand that they can charge anything and the taxpayer will end up footing the bill.
And, the punchline: according to the TBAC’s worst case scenario of the future of student debt, this gargantuan load will triple over the next decade, to as much as $3.3 trillion by 2024.
This means that up to $1 trillion, and likely more, in household debt will go “bad” over the next decade. The problem: student debt is not dischargeable in a personal bankruptcy.
And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.
7 And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see.
8 And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth.
“We’ve got a strategy to encourage people, with their cameras, is to move them down to eye level.”
But he warned they needed to be positioned correctly to be useful, adding: “Over the last year as facial recognition software has got better we can apply the software to the images
In Monck’s Corner, SC National Guard personnel, the Berkeley County Sheriff’s Office, and other state and local “emergency responders” went door to door conducting “wellness checks” on civilian homes. The sight of military personnel going door to door in civilian neighborhoods is beyond creepy to say the least.
Such door-to-door “wellness checks” also took place in Overton, S.C.
The portion of the drills that were witnessed by this writer involved a setup of about 9 military tents outside of the Florence, SC airport. A number of trucks were present as well as Humvees, many of which were outfitted with machine gun turrets and machine guns. A sign reading “Region 4: HRF” was posted outside of the airport. HRF stands for Homeland Response Force and Region 4 represents the FEMA region of the area. As the convoy was preparing to leave the field site in front of the airport, a bus had been added to the mix. Many helicopters and chopper sightings were reported as well.
Numerous military vehicles were seen on the streets of Florence throughout the day.
It should be noted, however, that while the local media and the State Guard represented the exercises as having been focused on hurricane landfall and natural disasters, there were unconfirmed reports of artillery being fired in the areas near Florence and Pamplico.
There were other reports suggesting (also not confirmed) that private military contractors may have been involved as well.
Although both the National Guard and the media implied that the Vigilant Guard exercise was state-based, Vigilant Guard is a federally-funded exercise sponsored by US NORTHCOM that seeks to encourage and further cooperation between Federal, State, and local “emergency management” agencies and “first responders.”
This is perhaps why the same drill took place in North Carolina as well on the same day since the training is based in terms of region. In Charlotte, military personnel practiced providing security for the Water Treatment plant while other personnel drilled on “keeping the peace.”
Of course, few would argue that preparedness and training for emergencies on the part of government agencies, the military, or other appropriate public institutions is a bad idea. However, given the fact that these drills and training operations are clearly being used to acclimatize the general public to seeing and accepting an open military presence on the streets of the U.S., one would be justified in wondering whether or not these drills are truly designed to prepare anything other than the minds of the American people.
Considering what happened in the wake of Hurricane Katrina in New Orleans and the treasonous response of the National Guard there, one would certainly hope that lessons have been learned. Unfortunately, the trend of events in the United States tends to point toward more Katrina-style responses, not less.
In California, a biotech company called Ganogen Inc. is bragging about their new research breakthrough in a procedure that harvests the organs of aborted children and transplants them in animals, where they can grow and then be made available to patients.
The only important line from the 15 or so minutes that Hillary Clinton devoted to the biggest political scandal rocking the nation was not that she “only used the personal email for convenience”; it was this:
“I did not email any classified materials.”
Aside from all allusions to an almost verbatim line used by her husband when he too was in a sticky, so to say, situation during his presidency, this statement by Hillary is a problem, and could potentially be the dealbreaker for her presidential application. Why? Because of this.
For those confused, a pattern has emerged: the Antichrist NWO 666 Obozo 911 Clown administration has turned a blind eye, and in fact may have encouraged, its members to use one or more email accounts for a very simple reason: to avoid the potential humiliation of a FOIA-based or legal discovery request, and limit public accountability. Because once the public demands transparency via FOIA, the only discoverable information would be limited to whatever did not take place on the private account. And there, as Hillary Clinton would like the idiot public to believe, one should just trust these people’s judgment that whatever they deleted was very much private, non-confidential, and not in any way a matter of public record.
The most transparent administration ever, indeed.
Of course, all that it would take is for someone on the other side of firstname.lastname@example.org (hegel wasn’t as tricky as Hillary to set up his own email server) or email@example.com, to show that they are in possession of an email that should have been sent via a traceable, government route, and let the civil litigiation commence. Or rather, it would commence if all the judges in the US didn’t happen to have “two accounts” themselves…
No lesser trustworthy character than Assistant Secretary of State Victoria Nuland explained this morning that the US can “confirm” new Russian weapons delivery to Ukraine and that they “can tell” when Russia sends in new weapons (though offering no explanation of this statement). This comment to the Senate Committee comes a day after the US delivered ‘lethal aid’ to Latvia – 120 armored units (including tanks) – with US Army General John O’Conner who witnessed the tanks arriving on Latvian soil said, “Freedom must be fought for, freedom must be defended.” And finally, one more shot in the eye of the germans, deputy under-secretary of Defense Brian McKeon said the US is “actively considering more weapons for Ukraine,” seemingly implying they alreadt sent some?
The rhetoric is heating up
*ASSISTANT SEC. OF STATE NULAND SPEAKS BEFORE SENATE COMMITTEE
*U.S. CAN CONFIRM NEW RUSSIAN WEAPONS DELIVERY TO UKRAINE:NULAND
*NULAND SAYS U.S. CAN TELL IF RUSSIA SENDS IN NEW WEAPONS
*NULAND SAYS UKRAINE LEADERS KNOW IN RACE TO REFORM GOVERNMENT
*DEPUTY UNDER SECRETARY OF DEFENSE BRIAN MCKEON SPEAKS TO SENATE
*U.S. ‘ACTIVELY’ CONSIDERING MORE WEAPONS FOR UKRAINE: MCKEON
And this comes a day after the US delivered lethal aid to Latvia…
When does the Euro become the Ruble?
This is the weakest for the Euro since April 2003…
And swissy is back at parity – *USD/CHF AT PARITY FOR FIRST TIME SINCE SNB REMOVED FRANC CAP
This is the fastest rise in The USD In 34 Years…
The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25.
“The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today.
“Indeed, it may well be in worse fiscal shape than any developed country, including Greece,” he said.
In January, Fitch downgraded Greece, whose debt-to-Gross Domestic Product (GDP) ratio is 175 percent, from Stable to Negative.
“This declaration of national insolvency will, no doubt, shock those of you who use the officially reported federal debt as the measuring stick for what our country owes,” Kotlikoff told committee members who are considering President Obama’s proposed budget for Fiscal Year 2016.
“After all, federal debt in the hands of the public is only 74 percent of GDP. Yes, this is double the debt-to-GDP ratio recorded a decade ago. But it’s still a far cry from Italy’s 135 debt-to-GDP ratio or Greece’s 175 percent ratio.”
However, using the Congressional Budget Office’s July 2014 75-year Alternate Fiscal Scenario projection, Kotlikoff calculated that the U.S.’ “fiscal gap” –which he defines as “the difference between our government’s projected financial obligations and the present value of all projected future tax and other receipts” – is actually much higher than those of either Italy or Greece.
“We have a $210 trillion fiscal gap at this point,” Kotlikoff told the senators, which amounts to 211 percent of the U.S.’ $18.2 trillion GDP, making it higher than Greece’s 175 percent debt-to-GDP ratio.
The fiscal gap is “16 times larger than official U.S. debt, which indicates precisely how useless official debt is for understanding our nation’s true fiscal position,” said Kotlikoff, a former senior economist on President Ronald Reagan’s Council of Economic Advisers.
“Stated differently, the overall federal government is 58 percent underfinanced,” Kotlikoff testified.
“By way of comparison, the Social Security system, taken by itself, is 33 percent underfinanced.” Last year, Kotlikoff testified on Capitol Hill that the Social Security system was in “significantly worse financial shape than Detroit’s two pension funds taken together.”
Kotlikoff said that not counting “off book” liabilities like Social Security give lawmakers and the public a false sense of the nation’s true fiscal condition.
“What economics tells us is that we can’t choose what to put on the books. All government obligations and all government receipts, no matter what they are called, need to be properly valued in the present taking into account their likelihood of payment by and to the government,” Kotlikoff testified.
“Successive Congresses, whether dominated by Republicans or Democrats, have spent the postwar accumulating massive net fiscal obligations, virtually all of which have been kept off the books,” he noted.
“Congress’ economically arbitrary decisions as to what to put on and what to keep off the books have not been innocent,” he continued, criticizing what he called “the Enron-type accounting that’s been going on for decades under both parties.”
“A positive fiscal gap means the government is attempting to spend, over time, more than it can afford,” Kotlikoff explained, adding that every year of delay in addressing the problem makes it that much harder to close the fiscal gap.
For example, starting now, eliminating the fiscal gap would require an immediate 58.5 percent increase in all federal taxes or a 37.7 percent permanent, across-the-board decrease in federal spending.
But if the government waits 30 years, it would require a 77 percent tax increase or a 46.5 percent cut in spending by 2045 to eliminate the fiscal gap.
“Spending six decades raising or extending transfer payments and cutting or limiting taxes helped members of Congress get reelected. But it has placed our children and grandchildren under a fiscal Sword of Damocles that gravely endangers their economic futures,” said Kotlikoff, co-author of The Coming Generational Storm: What You Need to Know About Our Nation’s Economic Future, which was published in 2005.
The Rev. Franklin Graham says that just as he tries to “emulate” Jesus, who was “a man of peace,” Antichrist Muslims try to emulate their leader, who “was a man of war.”
“Antichrist Muhammad was a man of war and he killed many people,” Graham told Tucker Carlson on “Fox & Friends Weekend” on Sunday. “Jesus Christ came as a man of peace, and as a follower of Christ I follow him and I want to emulate Him. But the followers of Islam are emulating the Antichrist prophet Muhammad, and that’s what you’re seeing carried out.”
“We have to be very careful and understand that Antichrist Islam — the teachings of Antichrist Islam — are militant,” the president of the Samaritan’s Purse charity said. ” I’m talking about, when you read the Antichrist Quran, when you read the Surra, it’s very militant.”
According to Graham, one of the reasons for the rise of Christian persecution in the Middle East was the fall of the former Iraqi leader Saddam Hussein.
“When Iraq was invaded by our country — and I’m not saying this was right or wrong, I’m just saying it’s a fact — there was a large Christian minority. Saddam Hussein gave them quite a lot of freedom,” he explained.
“But when that government fell and the new government came to power, the Antichrist Islamists in the country, Antichrist al-Qaida and others, began to attack and burn churches,” Graham said.
“We’ve seen that happen throughout Iraq, and now it’s happening in Syria,” he explained.
And now as a result, “the Christian community is being slaughtered by the Antichrist Muslims, and they’re being forced to leave,” he said.
According to Graham, “there used to be large Christian and Antichrist Jewish communities in Antichrist Saudi Arabia. But over the centuries they have been exterminated by the Antichrist Muslims.
“This isn’t something that has just happened with Antichrist ISIS. This has been going on for centuries, and has been going on in Egypt,” he said.
“When those Egyptian men [Coptic Christians] had their heads cut off, that’s not the first time,” he said. “That’s been going on in Egypt for a long time.”
However, Graham made it clear that he doesn’t “want the Antichrist Muslims out there to think that I’m bashing them. I’m not. I love Antichrist Muslims and I want them to know what I know — that God loves them, that Jesus Christ died for their sins, that he rose from the grave, he can come into the heart, and they can have that hope of heaven and that hope of eternal life.”
The son of the Rev. Billy Graham said that he is also concerned about “persecution [coming] in this country. We’ve already seen many laws that have been passed that restrict our freedom as Christians.
“I believe it’s going to get worse.”
Three days after Israel’s Antichrist prime minister stood before Congress questioning the wisdom of a key Antichrist NWO 666 Obozo 911 administration foreign policy initiative, National Security Adviser Susan Rice on Friday named as head of her Mideast desk an official who has stoked controversy with past criticisms of Israel and by meeting with Antichrist Hamas terrorists.
Robert Malley, who has been serving as NSC senior director for Antichrist Iran, Iraq, Syria and the Gulf states, is set to succeed Philip Gordon as special assistant to the president and White House coordinator for the Middle East, North Africa and the Gulf region.
Before signing off on an agreement with Iran, Congress should heed the advice of officials at the Department of Energy and intelligence professionals — not Antichrist NWO 666 President Barack Obozo The 911 Clown and Skull & Bones Secretary of State John Kerry — about Antichrist Tehran’s “intentions and capabilities,” according to Gen. Michael Hayden, the former director of the National Security Agency and Central Intelligence Agency.
“We need to look at the deal in its entirety and frankly push the president’s view on the deal aside, push Skull & Bones Antichrist NWO 666 Obozo 911 Secretary Kerry’s view on the deal aside,” Hayden, a retired four-star Air Force general, said Monday on Newsmax TV’s “America’s Forum.”
Region 2297, currently the only numbered sunspot region on the Earth side of the Sun, is crackling with solar flares for the fifth day in a row.
After 3 low level M-class flares on March 5 and 6, a long duration M9.2 on March 7 and impulsive M4.5 at 14:33 UTC on March 9 this region produced two more strong solar flares (long duration M5.8 and impulsive M5.1).
The first one reached M5.8 (R2-Moderate radio blackout) at its peak time on March 9. It started at 23:29, peaked at 23:53 and ended at 00:12 UTC on March 10.
A Type II (estimated velocity 967 km/s) and Type IV radio emissions were associated with the event. Type IV emissions occur in association with major eruptions on the Sun and are typically associated with strong Coronal Mass Ejections (CMEs) and solar radiation storms.
Additionally, a 10cm Radio Burst lasting 17 minutes, with peak flux of 550 sfu was associated with the event. A 10cm radio burst indicates that the electromagnetic burst associated with a solar flare at the 10cm wavelength was double or greater than the initial 10cm radio background. This can be indicative of significant radio noise in association with a solar flare. This noise is generally short-lived but can cause interference for sensitive receivers including radar, GPS, and satellite communications.
March 10, 2015 – ITALY – In Molise, it has been snowing for almost two days and the situation became critical in Campobasso, where this morning the snow first reached 16 inches and later on the day 19 inches.
In areas above 1000 meters, snow accumulations reach beyond 39 inches. At the end of the day, reports say the village of Capracotta had been covered by 78 inches of snow.
Capracotta is a tiny village in the Isernia area, with less than a thousand people.
From the meltup to Nasdaq 5,000 day to today… The Dow is down 600 points from its highs…
Dow over 600 points below highs…
It seems like a very systemic drop in stocks…
as carry trades are unwound en masse…
Well that escalated quickly…
S&P and Dow join Trannies in the red year-to-date…
For the first time since Lehman, Wholesale Trade Sales dropped for a 3rd month in a row in January. Plunging 3.1% MoM (against -0.5% expectations), this is the biggest drop since March 2009. Excluding auto sales, wholesale sales fell 3.5%. Wholesale inventories rose 0.3% (beating expectations) with only a very modest -0.1% drag from oil.
This has sent the inventory-to-sales ratio soaring as the “Field Of Dreams” economy is back – but as one wise trader noted, we are now 10bps higher in inventory/sales than when we entered the recession in Dec 2007.
But the punchline is the following chart showing the annual change of Wholesale Trade Sales. It does not need much explanation:
It certainly puts the chart of the Factory Orders in much better context:
.. 6 years after the start of our crusade to purge the capital markets of the 2nd worst scourge to capital allocation efficiency and fraud, the first being of course the central banks, and 5 years after the flash crash, we just realized that we, and all those others who caution every day against the threat that HFT poses every single day, we have finally made an epic breakthrough. To wit:
LEW SAYS GOVERNMENT TRYING TO UNDERSTAND HIGH-FREQUENCY TRADING
That’s right: the US Treasury Secretary is finally trying to figure out what all this buying and selling and buying and selling (repeat that 1 million times in one second) is used for. Well… it was about time.
So to help out Jack Lew on his quest to understand why the market is rigged, and is, as even former SEC directors admit, “two-tiered”, we could point him to the full explainer we wrote just for this purpose last April in “High Frequency Trading: All You Need To Know”, but since we know US officials have a limited attention span, we will instead direct him to the latest revelation from the revised Virtu S-1 ahead of its second attempt at an IPO (following the massive revulsion to all things vacuum-tuby, market-tuby in the aftermath of Michael Lewis’ Flash Boys).
So here, dear Treasury Secretary, is all you need to know about HFT from the mouth of the most dominant HFT market player itself:
The chart below illustrates our daily Adjusted Net Trading Income from January 1, 2009 through December 31, 2014. The overall breadth and diversity of our market making activities, together with our real-time risk management strategy and technology, have enabled us to have only one overall losing trading day during the period depicted, a total of 1,485 trading days…
And with that, now you know all there is to know about HFT.