Archive for the ‘Economic War’ Category

Beyond Economics, Beyond Crime, too big to fail …

Neil Barofsky is interviewed by Bill Moyers.

Even if you know nothing of the economic crisis or anything about what may have ’caused’ the situation, the statements by Barofsky must be heard.

When you come to understand these words and what they mean for the future, you may have a different understanding of why a truly ‘private’ money system is needed.

Link: http://youtu.be/NjNCOM7Hztk

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Market Regulation

A quote from Karl Polanyi’s book, “The Great Transformation”

The self-regulating market was a threat to them all, and for essentially similar reasons. And if factory legislation and social laws were required to protect industrial man from the implications of the commodity fiction in regard to labor power, if land laws and agrarian tariffs were called into being by the necessity of protecting natural resources and the culture of the countryside against the implications of the commodity fiction in respect to them, it was equally true that central banking and the management of the monetary system were needed to keep manufactures and other productive enterprises safe from the harm involved in the commodity fiction as applied to money. Paradoxically enough, not human beings and natural resources only but also the organization of capitalistic production itself had to be sheltered from the devastating effects of a self-regulating market.

The markets are in a state of flux right now with the commodity “currency” now coming into disrepute.

One must start to question how much longer this can continue before the ‘real’ commodities such as oil, food, water and gold are put back into a majority position?

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China Demand?

The economic conditions are shifting rapidly in China.

More so than is commonly written about I suspect.

This report from the Real News gets into some of the reasons behind these shifts.


More at The Real News

Note please the lack of demand for all the housing and other construction that was done in the past decade.

There is a real-estate bubble in China that will make the North American one look like a bubble gum popping were it to continue to overheat and explode.

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Not enough lipstick to make this pig look pretty anymore

Governments On Both Sides of the Atlantic Try to Put Lipstick on a Pig

pig needing lipstick

piggy waiting for lipstick

We noted yesterday that the big banks have criminally conspired since 2005 to rig $800 trillion dollar Libor-based market.

Barclay’s chairman says that the Bank of England gave explicit approval for the manipulation.

A former Barclay’s executive – who was close to the Libor-setting manipulation – told the Daily Mail that Barclay’s manipulated Libor to make the bank look healthier than it really was, and , and the cover-up led to a slow policy response which prolonged the financial crisis.

This appears to be very similar to what happened in America.   As I noted last year:

The Tarp Inspector General has said that [then-Secretary of the Treasury Hank] Paulson misrepresented the big banks’ health in the run-up to passage of TARP. This is no small matter, as the American public would have not been very excited about giving money to insolvent institutions.

(Paulson also threatened martial law if Tarp was not passed.)

As we reported last year:

[All of the big banks were] insolvent in the 1980s, but the government made a concerted decision to cover that up.

Financial writers such as Mish and Reggie Middleton pointed out in late 2007 and early 2008 that B of A was again insolvent.

Nouriel Roubini noted in January 2009 that the entire U.S. banking system is “bankrupt” and “effectively insolvent”:

“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion.”

***

“The problems of Citi, Bank of America and others suggest the system is bankrupt,” Roubini said. “In Europe, it’s the same thing.”

Indeed, the American government’s zero interest rate policy is very much like the British Libor manipulation scandal … it’s nothing but an attempt to breathe life back into the insolvent banks, at the expense of the taxpayer.  And see this.

And the “financial reform” laws passed in the wake of the crisis have, in some ways, actually weakened regulations of the financial markets, allowed the big banks to get a lot bigger, and have intentionally allowed fraudulent accounting (and see this).

Likewise, the “stress tests” in both Europe and America have been a total scam … a naked attempt to put lipstick on a pig to cover up the fact that the big banks are insolvent.

By choosing the big banks over the little guy – and failing to rein in the fraud which caused the crisis in the first place – the governments on both sides of that Atlantic are dooming both the financial system and the people to failure.

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Euro troubles persist

During the U.S. Civil War, the future of the Union was challenged by the secession of the South. The decisions were made on the battlefields where men were willing to die either for the Union or to break away from it. Who will die for the European Union? And what will hold it together when its decisions are unpopular? The concept of extended integration can work, but not without the passion that moves a Greek or a German to protect his and his country’s interest. Without that, the glue that holds nations together is missing in the European Union. The greater the integration, the more this will reveal itself.

Read more: Spain, Debt and Sovereignty | Stratfor
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Money for Nothing

The German government is now getting buyers (in large numbers) for their ZERO PERCENT (0%) return bonds. 

Essentially they are offering to keep your currency from vanishing … like any of the fiat currencies have any hope of NOT doing a disappearing trick in the next decade.

Indeed the story has elements that say the coming bond issue will include NEGATIVE real returns, just imagine, we promise to loose less than you will anywhere else!

More on Zero Hedge

Wall Street Journal

Irish Times

Alternative Economics

The Guardian

Bloomberg

Tired of these sort of return tales?

Contact us: info@rsreal.com; there are alternatives to watching your money (currency) vanish ….

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Financial Ponzi Scheme : sorting it all out

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Russian Market Closes … may stay shut for more than 24 hours.

Via Zero Hedge:

http://www.zerohedge.com/news/russia-will-not-reopen-situation-has-been-reocginzed-emergency

There are a series of serious challenges to the Russian Stock Market.

Given that since 2000 nearly all world stock markets have been trading in similar direction, the implications of a cascading market shut down are significant.

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Commodity insider track … get yours while you can!

Mike Maloney says it clearly,”High frequency shearing.”

Get out while you can!

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SILVER LIBERATION ARMY

Max Keiser – Silver Liberation Army

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