Huge gold swaps have recently occurred between the Bank for International Settlements and various banks in Western Europe and the United States. Bankers are attempting to play this up as "business as usual". However, the gold swaps that have been conducted lately are recording breaking in size, as far from "business as usual" as you can get….
The con of the decade (Part I) involves the transfer of private debt to the public (the marks), who then pays interest forever to the con artists. I’ve laid out the Con of the Decade (Part I) in outline form: 1. Enable trillions of dollars in mortgages guaranteed to default by packaging unlimited quantities of…
Aproximately 70 respected economists, academics, gold analysts and market commentators (see list below) are of the firm opinion that gold is going to go to at least $2,500 if not as high as $10,000 per ounce (or more) before the parabolic top is reached. As such, just imagine what is in store for silver given…
WHOA! Richard Russell, the famous writer of the Dow Theory Letters, has a chilling line in todays note: Do your friends a favor. Tell them to "batten down the hatches" because theres a HARD RAIN coming. Tell them to get out of debt and sell anything they can sell (and don’t need) in order to…
(Reuters) – Another deflationary wave of global credit strains, heralded by the Greek debt crisis, will broadly punish riskier assets, technical analyst Robert Prechter said on Friday. U.S. stock markets will erase their past six months of gains "in a matter of weeks," said Prechter, president of research company Elliott Wave International, in Gainesville, Georgia…
Greece is only the beginning. The worlds leading economies have long lived beyond their means, and the financial crisis caused government debt to swell dramatically. Now the bill is coming due, but not all countries will be able to pay it. Savvas Robolis is one of Greeces most distinguished economics professors. He advises cabinet ministers…
The lackluster Republican opposition to Senator Dodd’s Financial Reform bill is focused on whether or not the Democratic proposal allows for or prohibits additional bailouts. A secondary hot topic is the supposed derivative limitations. Frankly, these are both red herrings. They serve to mask an even larger danger that no one is talking about: a…
When he wasn’t busy helping create a $127 billion mess for taxpayers to clean up, former Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the "green" movement were inventing a patented system to trade residential carbon credits. Patent No. 6904336 was approved by the U.S. Patent and…
NAIROBI, Kenya – The head of the International Monetary Fund on Monday proposed a plan for the worlds governments to pool together to raise money needed to adapt to climate change, a rare step for an organization that normally does not develop environmental policies. IMF Managing Director Dominique Strauss-Kahn said the Fund is concerned about…
March 8 (Bloomberg) — The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter. Direct investments may allow funds such as those…
Goldman Sachs and other big banks aren’t just pocketing the trillions we gave them to rescue the economy – they’re re-creating the conditions for another crash MATT TAIBBI On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming Americas pre-eminent Marvel Comics…
NYT is out with a major story by Louise Story, Landon Thomas and Nelson D. Schwartz on how Goldman Sachs, Morgan Stanley and other investment banks have helped Greece hide the extent of its debt: As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in…
If the economy deteriorates in the L-shaped “hockey-stick” rut that many economists forecast, what political price will President Obama and the Democrats pay for having returned the financial keys to the Bush Republican appointees who gave away the store in the first place? Reappointing Federal Reserve Chairman Ben Bernanke may end up injuring not only…
Now this is a guaranteed rape job. In a short conversation this noontime that CNBC apparently has omitted from their archives (Whys that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market. Where would they get this? From your 401k and IRA accounts! From Businessweek:
The U.S. government must craft a plan next year to get its ballooning debt under control or face possible panic in financial markets, a bipartisan panel of budget experts said in a report on Monday. Though the government should hold off on immediate tax hikes and spending cuts to avoid harming the fragile economic recovery,…
The rally in gold prices has driven several bullion analysts to frenzied forecasts. Some say gold prices will reach $2,000 per ounce soon. Others are predicting big boom for the yellow metal, saying gold prices will zoom to $5,000 and eventually to even $15,000 per ounce in the years to come. What is happening in…
Nov. 16 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said economic “headwinds” of reduced bank lending and a weak labor market will probably restrain the pace of the U.S. economic recovery, warranting continued low borrowing costs. “Significant economic challenges remain,” Bernanke said in a speech today to the Economic Club of New York. “The…
The mortgage giants move is part of an attempt by lenders to keep a wave of foreclosed properties from slamming a housing market that has shown some signs of recovery. Mortgage giant Fannie Mae said Thursday that it would throw a lifeline to some people losing their homes to foreclosure by allowing them to lease…
And we thought these guys were smart. (editor) We’ve been trying to figure out what, if any, preparations Wall Street has been taking to guard against H1N1. For the most part, the banks have been coy about their activities. But as noted on The Today Show this morning, several banks have been among the early…
AMSTERDAM — The Dutch central bank shuttered DSB Bank NV, a struggling consumer and mortgage lender, after a run by depositors that followed a call from a consumer group to pull money out of the controversial institution. The government said it would begin an investigation into what happened at the bank, a privately owned institution…
