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Eminem, Ice Cube, Korn and Anonymous BLOW YOUR MIND (#WaveOfAction)
By majestic on February 20, 2014 in News
http://disinfo.com/2014/02/eminem-ice-cube-korn-anonymous-blow-mind-waveofaction/
Check out Eminem, Ice Cube, Korn and Anonymous aligning forces to BLOW YOUR MIND and set off the #WaveOfAction scheduled for 4/4/14:
The Ukraine Conflict Ignites Tension Between The US And Russia -- Episode 295
Published on Feb 20, 2014
Get economic collapse news throughout the day visit http://x22report.com
More news visit http://thepeoplesnewz.com
French service sector is rapidly declining while the rest of the economy slips into a recession / depression. European confidence has hit rock bottom as the people realize that there is no recovery. Walmart 4Q profits shrink by 21% because of the government reduction in food stamps or is it because people don't have jobs? DHS is pursuing facial recognition meanwhile they decided to cancel the license plate scanner because of privacy issues. The Ukraine rioting continues even though there was a temporary truce. The central bankers/US government are pushing their agenda to push the Ukraine government out and to replace it with a puppet government and if they can get Russia involved to start WWIII.
IMF, Britain warn emerging economies ahead of G20
http://goingglobaleastmeetswest.blogspot.com/2014/02/imf-britain-warn-emerging-economies.html
Related articles ..
G20: the United States wants a "rebalancing" of global growth - next meeting Friday and Saturday, Feb 21st and 22nd
http://goingglobaleastmeetswest.blogspot.com/2014/02/g20-united-states-wants-rebalancing-of.html
The first ministerial-level G20 meeting Finance Ministers and Central Bank Governors meeting February 21-23-2014
http://goingglobaleastmeetswest.blogspot.com/2014/02/the-first-ministerial-level-g20-meeting.html
February 20, 2014
IMF, Britain warn emerging economies ahead of G20
IMF chief Christine Lagarde and British finance minister George Osborne on Thursday demanded emerging economies get their own houses in order, after some attacked US monetary policy in the run-up to G20 talks this weekend.
While Ms Lagarde also cautioned the US Federal Reserve to be "mindful" of the impact of its stimulus exit on major developing players, Mr Osborne urged emerging markets to refrain from "finger-pointing and distractions" at the Sydney meeting of G20 finance ministers and central bankers.
Countries including Argentina, India, Russia, South Africa and Turkey have suffered sharp losses to their currencies as a by-product of the Fed's "taper" - the ending of a mammoth stimulus programme that is seeing capital flows switch abruptly away from the developing world.
Ms Lagarde said "just a hint of tapering" in May last year had sent ripples through the markets and the International Monetary Fund had asked "the US authorities, particularly the Fed, be mindful of what's happening elsewhere when you do what you have announced".
http://www.businesstimes.com.sg/breaking-news/world/imf-britain-warn-emerging-economies-ahead-g20-20140220
Brazil's spending freeze is step in the right direction -Fitch
BRASILIA Thu Feb 20, 2014 11:16pm IST
http://in.reuters.com/article/2014/02/20/brazil-economy-fiscal-fitch-idINE5N0JS00Q20140220
Feb 20 (Reuters) - Brazil's budget freeze is a step in the right direction and highlights the fact that the government is seeking to better anchor expectations on fiscal policy, a senior analyst with Fitch Ratings said on Thursday.
"That said, we have to monitor the actual implementation and fiscal performance in 2014 to judge how effective the spending freezes turn out to be, especially in the context of continued downside risks to growth projections," said Shelly Shetty, head of Fitch Ratings Latin America sovereigns, in a note.
Brazil said it would freeze 44 billion reais ($18.44 billion) in budgeted public spending this year in a bid to recover investors' credibility.
Plan to divide California into 6 states advances
February 20, 2014 7:34 PM ET
By By MICHAEL R. BLOOD
http://money.msn.com/business-news/article.aspx?feed=AP&date=20140220&id=17370115
LOS ANGELES (AP) - California has reached the breaking point. Or so says Tim Draper, a Silicon Valley venture capitalist who is pushing a proposal to crack the nation's most populous state into pieces.
Six of them, in this case.
California has grown so big, so inefficient, it's essentially ungovernable, according to a ballot initiative that could reach voters as early as November.
It has to go.
"Vast parts of our state are poorly served by a representative government," according to Draper's plan, which cleared a key government hurdle this week to qualify for the ballot. California residents "would be better served by six smaller state governments."
In an interview Thursday, Draper said he has seen a state once regarded as a model slide into decline — many public schools are troubled, transportation, water and other infrastructure systems are overmatched and outdated, spending on prisons has soared.
A group of states could change that, he said, competing and cooperating with each other.
Without change "it will get worse," he warned. "California is not working."
No one would dispute that California, home to 38 million people, is full of rivalries and squabbling. Dodgers or Giants. Tacos or sushi. Where water goes, and how much of it.
But the state has proven reliably resilient against attempts to split it apart, dating to the era of its founding in 1850. Over the years, proposals have suggested California should be two states, or three, or four.
"It's certainly fun to talk about," said Raphael Sonenshein, executive director of the Pat Brown Institute of Public Affairs at California State University, Los Angeles. But "its prospects are nil."
Even if it were to be approved by voters, Congress would have to endorse the idea of creating six new states — and adding 10 senators to the chamber's political mix (as with all states, California currently has two). Congress, under the U.S. Constitution, must approve the creation or division of any states.
"I don't think anyone is going to give California 12 Senate seats," Sonenshein said.
Draper, in documents he submitted to the Secretary of State's Office, recommends dividing California regionally, including establishing a state called Silicon Valley, which would include San Francisco and nearby counties that are home to technology giants like Facebook and Apple.
Los Angeles would become part of the new state of West California, which also would include the coastal cities of Santa Barbara and Ventura. The state's farming heartland would become Central California. San Diego would be the largest city in the new South California.
Earlier this week, he received approval from the state to begin collecting petition signatures to qualify the proposal for the ballot — he needs about 808,000 by mid-July to make the cut.
It's also possible the proposal could be delayed until 2016. Facing a tight deadline to gather signatures and build political momentum, "I want to make sure there is enough time," Draper said.
The complexities of dividing a state the size of California, by itself among the world's top 10 economies, would be daunting.
What would become of the California State Water Project, which uses aqueducts and pumping stations to disperse water across the state? If the federal government approves the idea, tax collections and spending by the state would end, and its assets and debts would have to be divided.
Draper said the smaller governments would be more responsive to the needs of residents and communities, compared to Sacramento. There would be vigorous competition for residents among them, he predicted, again driving change.
Campaign veteran Matt David doubted the proposal would get far.
"California is as diverse geographically as it demographically, but ultimately we all take pride in the fact that we are Californians," said David, a Republican consultant based in Los Angeles. "Diluting that identity between six states will never happen."
Nail In The Coffin! Final Proof of the Sandyhook Hoax!
Published on Feb 20, 2014
This info seals the deal ! After you hear whats in this video, Plus the full audio, You will know the Truth and NEVER Look at this Game the Same! More Sandyhook Info At Links!
Audio:
http://recordings.talkshoe.com/TC-52956/TS-832014.mp3
http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=52956&cmd=tc
Trees:
http://fellowshipoftheminds.com/tag/daniel-brown/
Hot Pockets Recalls 8 Million Pounds Of Meat Due To "Diseased & Unsound Animals"
Submitted by Tyler Durden on 02/20/2014 17:16 -0500
http://www.zerohedge.com/news/2014-02-20/hot-pockets-recalls-8-million-pounds-meat-due-diseased-unsound-animals
The New Exchange Rate System
February 19, 2014
http://philosophyofmetrics.com/2014/02/19/the-new-exchange-rate-system/
How The Elite Over Throw Countries, One by One!
Published on Feb 20, 2014
More info at links!
http://america.aljazeera.com/opinions/2014/2/ukraine-yanukovichkievputineu.html
http://news.goldseek.com/GoldSeek/1391958120.php
http://www.allaboutfeed.net/Nutrition/General/2014/2/People-Monsanto-appoints-New-Director-of-Development-1464980W/
http://europa.eu/about-eu/countries/member-countries/index_en.htm
Stocks And Silver Soar On China PMI Miss
Submitted by Tyler Durden on 02/20/2014 16:04 -0500
http://www.zerohedge.com/news/2014-02-20/stocks-and-silver-soar-china-pmi-miss
The Rental Bubble Is Also Bursting
Submitted by Tyler Durden on 02/20/2014 14:26 -0500
http://www.zerohedge.com/news/2014-02-20/rental-bubble-also-bursting
Over the past year we have been closely following the slow motion bursting of the latest hot money, spec capital, and foreclosure subsidy-driven housing bubble, which has for now mostly impacted the peripheral areas like Las Vegas, where we reported housing demand has plunged by 20% while supply has exploded as everyone scrambles to cash out. The fact that the foreclosure wave has just turned and the number of California foreclosures recently exploded by 57% in one month merely is further confirmation of just how weak organic support for home prices truly was. And as the Emerging Market hot money wave turns (thank you taper) and as recyclable capital suddenly becomes scarce, look for this trend to hit the major metropolitan centers next, as even the wealthy investors finally pull back from the luxury US housing market.
However, even as the primary housing market was slowly circling the drain, the one silver lining was that the US rental market, largely dominated by several Wall Street investment firms, most notably Blackstone, was doing relatively well. It was doing so well that equity sponsors such as Blue Mountain couldn't wait to offload their prized REIT property to the public, culminating with last August's IPO of American Homes 4 Rent, the second-largest US homes-for-rent operator after Blackstone. And since the stock price of all these corporations was performing admirably or at all time highs, supported by the record fungible liquidity sloshing among the world's interconnected markets, nobody was very concerned.
It is time to get concerned.
Last night, American Homes 4 Rent (AMH) announced that Peter J. Nelson, its Chief Financial Officer, will resign his position, following a transition period, to "pursue other career interests. The company has begun the process of identifying Mr. Nelson's successor. Mr. Nelson is expected to remain with the company into the second quarter to complete the company's year-end financial reporting and to provide for an orderly transition for his replacement." That he made this announcement in such a hurry, without even having found a successor, speaks volumes about what is coming over the horizon.
For those who are confused about the significance of this departure, which may have marked the peak of the rental property bubble, here is a Bloomberg report that was released concurrently with the AMH announcement, and which confirms that the rental bubble has indeed popped.
Rents collected on the collateral for the first U.S. rental-home securities declined by 7.6 percent from October to January, according to Morningstar Inc.
Payments declined as expiring leases and early tenant departures left residences backing the bonds of Blackstone (BX) Group LP’s Invitation Homes vacant, Becky Cao and Brian Alan, analysts at Morningstar’s credit-ratings unit, said in a report. While 8.3 percent of the properties were vacant or occupied by delinquent renters in January, renewals on 78.5 percent of leases that expired the prior month exceeded the analysts’ expected rate of 66.7 percent.
The deal’s performance is being watched as Wall Street bankers and institutional property investors seek to follow Blackstone’s $479.1 million transaction in November with additional offerings. Initial lease expirations for the 3,207 homes are scheduled to peak from January through March, Morningstar said. To woo investors and rating firms in the new market, the transaction started with all of the units leased, unlike bonds backed by apartment-building loans.
One dealer was offering to sell top-rated notes from the Blackstone transaction for about face value today, according to Empirasign Strategies LLC, which tracks securitization-market trading. Some riskier slices were being offered by JPMorgan Chase & Co. for less than par last month, people with knowledge of trading said then.
And following today's Walmart news of yet another ugly quarter (with guidance for more to come), not to mention recent retail sales and general abysmal economic reports, we can only conclude that what was once America's middle class will soon be homeless, and using an EBT card for all their dining needs... but at least it will have unlimited and free global texting opportunities courtesy of Whatsapp, not to mention constant blasts by NSA, pardon, Facebook-hosted IP-tracking cookie enabled ads. The good news: since the polar vortex is largely over, at least sub-bridge living will be in largely balmy conditions if only for another 6-9 months.
US Launching New GPS Satellite Tonight
By Stephen Clark, Spaceflight Now
February 20, 2014 02:02pm ET
http://www.space.com/24757-gps-satellite-launch-delta4-rocket.html
What Binging on House of Cards Taught Me About Politics
http://www.thebolditalic.com/articles/4453-what-binging-on-house-of-cards-taught-me-about-politics
1. Nothing stops moving in D.C. House of Cards' second season picks up right where the first one left off, so although we may need a moment to catch our breath and to remember each person’s twisted, toxic past, we don't begin on season two, episode one – this is chapter 14. Lots of things went down in Washington, while We the People were just lazing around waiting for our Netflix show to come back on.
2. Twisted shit is not just for the boys. Hearing Robin Wright say to a pregnant woman, “I am prepared to watch your baby wither and die if that’s what it takes,” is a disgusting “Come at me, bro” from one of the most chilling – and smoking hot – women on television.
3. Get in Vice President Frank Underwood’s way, you die. Pretty much, it’s that simple. I wonder if vice presidents are ever this evil. Probably not?
4. The Whip – who knew the details of that job before House of Cards? I sure didn’t.
5. Two-faced relationships are everywhere. There is always some behind the scenes plan going on while another plan happens right in front of your face. So basically, trust no one.
6. “I stand to gain as much as you” is the quote of the season. Frank Underwood's tit-for-tat mantra is repeated throughout House of Cards' Washington. And that’s just sad.
7. Politicians have perfected the game face. Cases on point: when you're pinning a medal on the man who raped your wife (Frank Underwood), or you're having to clap for the man who raped you (Claire Underwood), keep this political face on, so nobody sees your weakness.
8. This show makes me kinda sad. But also. Can. Not. Look. Away.
9. Except to play Candy Crush. Saccharine breaks are needed when watching such darkness.
10. 96% of the Internet isn’t accessible by everyday people. Weapons, narcotics – it’s a hackers' universe. “You just need torrent, which protects you through proxy servers, keeps you anonymous. And careful what you click” -House of Cards hacking expert dude. In real life, I’m wondering if my Kickstarter account is okay.
11. Which brings me to this one. To quote a writer in LA I used to make pizzas with, Jacob Harper: “Pretty sure House of Cards hired the writers from Law and Order: SVU to handle every scene where someone has to talk about the internet.” Totally agree. I feel like I’m getting smarter and dumber at the same time.
12. Entitlement reform, mentioned often in Chapter 16: it gave me hope that they were looking at the white privilege entrenched in our political system. But actually, they were talking about retirement or some shit.
13. Presence is power. Abstaining from being in meetings is a power play congress-peoples do often. On this show. In real life. Look at the ledgers.
14. There's a system protecting a rapist in the armed forces? Yeah, that smells familiar. According to a 2011 Newsweek report, women are more likely to be assaulted by a fellow soldier than killed in combat.
15. Do our government officials really sit and watch Civil War reenactments for three days?
16. Politicians constantly flip-flop. These guys are switchings teams and alliances all the time. What’s loyalty?
17. When a Native American businessman says, “I will never put trust in a white man, especially if he works for the federal government” I have to think, well, shit, how could anyone blame him
18. Ribs are the best BBQ. Every time Frank Underwood visited Freddy's place, I wanted to eat the shit out of those ribs.
Exactly, ETF's are for flipping.
My certified Eagle 69 and 70 proofs have held value nicely btw.
If Silver and Gold is not in your fingers you don't own it.
Could the U.S. Military Easily Take Omaha Beach With Modern Weapons?
Feb. 20 2014 7:49 AM
By Quora Contributor
http://www.slate.com/blogs/quora/2014/02/20/how_easily_could_the_u_s_military_take_omaha_beach_with_modern_weaponry.html
Asia Imports Huge 80% Of Swiss Gold And Silver Exports In January
Submitted by GoldCore on 02/20/2014 07:04 -0500
http://www.zerohedge.com/contributed/2014-02-20/asia-imports-huge-80-swiss-gold-and-silver-exports-january
I wouldn't buy anything but physical Gold & Silver NO ETFs etc!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78216234
Jim Sinclair's email on GOLD
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77825402
Quote:"Nothing will unnerve the paper gold shorts more quickly and do more to undercut their confidence than to strip them of the real metal and force them to come up with more hard gold bullion to make good on deliveries. "Stand and Deliver or Go Home" should be the rallying cry of the gold longs to the paper gold shorts." --Trader Dan Norcini
The price of gold will go to and through $3500. The physical demand for gold that has produced its resiliency comes from the robber barons with their trillions in fiat currency as well as central banks.
Why do you hold securities with a clearing firm? Why do you own any public gold company that will not direct register or deliver certificates for you? Why are you long paper gold and think you really own gold? How do you hold ETFs and really believe you own gold? You do not! How do you buy gold anywhere you never will see or touch.
Will Consumer Credit Drive The Next Economic Boom?
Submitted by Tyler Durden on 02/20/2014 13:56 -0500
http://www.zerohedge.com/news/2014-02-20/will-consumer-credit-drive-next-economic-boom
Spain Adds Rothschild as Adviser for Bankia Privatization
By Christopher Bjork And Jeannette Neumann , The Wall Street Journal
Feb. 19, 2014, 1:36 p.m. EST
http://www.marketwatch.com/%28X%281%29A%28NCs7wM73zAEkAAAAN2FjYzUwM2EtMjcyMC00NGZhLTg2NzktMDdkYTk2OWFiYmJhWd_GBHQPhVYaf0xxk3ruPENcrgw1%29%29/story/spain-adds-rothschild-as-adviser-for-bankia-privatization-2014-02-19-124493150
MADRID—Spain has added Rothschild to the list of advisers for its privatization of Bankia SA, the country's biggest bailed-out lender, people familiar with the matter said Wednesday.
Rothschild will help Bankia's parent company, Banco Financiero y de Ahorros SA, to execute the planned sale, including the selection of a group of investment banks that would offer Bankia stock to investors, these people said.
BFA controls 68.4% of Bankia's stock and is fully owned by a government-led bank restructuring fund.
The appointment comes after the restructuring fund announced Friday that Goldman Sachs Group GS +0.97% Inc. would advise it on a broad strategy on the privatization of Bankia.
A spokesman for Rothschild didn't respond to a request for comment. A spokeswoman for the fund declined to comment.
Bankia was at the heart of the country's recent financial crisis and was the largest Spanish bank nationalized and recapitalized with European Union bailout funds in 2012. Its return to private hands will be followed as a barometer of the Spanish government's progress in restructuring the banking industry.
EU officials have given the Spanish government until 2017 to sell its stake in Bankia.
Goldman Sachs advised the Spanish government on the bailout of Bankia, while Rothschild currently advises Bankia on selling down equity stakes in several listed companies.
The government valued Bankia at €1.35 ($1.86) per share at one point during the nationalization of the bank. The lender's stock price surpassed that level in recent months, encouraging talk in Madrid financial circles about when the government would start to sell down its stake. Bankia's stock closed Wednesday at €1.56.
Bankia and BFA have received €22.4 billion in bailout money. Spain was forced to nationalize the lender after huge losses on real-estate loans threatened to take down the bank and raised questions about Spain's own solvency. Bankia's current market valuation is €18 billion.
Bankia was cobbled together from the 2010 merger of seven small and troubled regional savings banks. In 2011, the bank went public and sold stock mainly to Spanish individual investors. The subsequent bailout triggered massive losses for those investors.
Leading party says Soros prepares “Libyan scenario” for Ukraine
Published time: April 14, 2011 07:39
Edited time: April 14, 2011 14:33
http://rt.com/politics/leading-party-soros-prepares/
Davos: A Hungarian-American financier George Soros. (AFP Photo / Fabrice Coffrini)
Ukraine’s leading political party has said that the international financier George Soros has been preparing a “Lybian scenario” for the country.
The head of the Party of Regions parliamentary faction Aleksandr Yefremov said in a televised comment on Wednesday that he had information that George Soros had allocated funds for the overthrow of the Ukrainian political authorities.
“I even have information that Soros has allocated certain funds in order to prepare a certain group of young boys here in Ukraine who could launch any existing projects based on the North Africa examples,” Yefremov said. He also added that he hoped that the Ukrainian people will be wise enough not to follow such provocations.
The information about George Soros’s involvement in Ukrainian politics was openly voiced by Yulia Timoshenko in 2008. Timoshenko, then the country’s prime minister, said that she was attempting to minimize the effect of the global financial crisis by following George Soros’s advice. This raised suspicions that through such advice George Soros could influence the rate of the Ukrainian national currency in his own speculative interests. Several officials from president Yushchenko’s administration said they wanted to launch a probe into Soros’ Ukrainian activities, but it did not happen.
It was only in 2010 that the Ukrainian State Security Service started to check the activities of the Vozrozdeniye foundation, officially sponsored by Soros, and its ties with other Ukrainian NGOs, but this probe gave no feasible results.
The Soros Foundation reacted to Yefremov’s statement almost immediately and refuted all accusations. The foundation said in a special statement that all funds allocated for Ukrainian programs are being spent on the development of the open and democratic society and also for helping Ukrainian citizens, who suffered from the effects of the international financial crisis.
The statement also said that the accusations of funding some antigovernment activities should be backed by proof and that the policy of the foundation was maximum transparency that left no room for such criticism.
$2 Billion in Cash Could Make Silver Short Positions UNCOVERABLE
Could also make brokers jump out of windows..
2 More Navy SEALS Found Dead – Video Report
http://beforeitsnews.com/strange/2014/02/2-more-navy-seals-found-dead-video-report-2454736.html
Wednesday, February 19, 2014 11:50
Two more former US Navy Seals have been found dead aboard the Maersk Alabama, the ship that was featured in the movie ‘Captain Phillips.’ While the mainstream media is quick to point out the ‘Captain Phillips’ link, public forums are quick to grab onto the unusual banker deaths, Navy SEALS being ‘offed’ surrounding Osama bin Laden’s ‘death’ and AT LEAST 190 additional military officers who have been removed from duty recently, leading one person to proclaim.:
6 top bankers died of strange circumstances in the last two weeks.
192 officers removed form command in the military.
Seals murdered?
Alex Jones does not sound so much like a nut anymore.
MUST LISTEN: The Hair-Trigger For Thermonuclear War -- Harley Schlanger & Helga-Zepp LaRouche
http://www.youtube.com/watch?v=zGhIl-qV9FI&feature=youtu.be
Published on Feb 13, 2014
Harley Schlanger & Helga Zepp-LaRouche join us for this special report on the Western-backed attempt at a coup under the guise of "revolution", now underway in Ukraine. NATO and the US government is actively trying to close the noose around Putin and Russia using NGO's and George Soros paid protestors. What's at stake? NATO's desire to surround Russia with its "anti-ballistic missile defense" system which Putin knows will give FIRST STRIKE capability to the U.S. -- From Russia's point of view, war has already begun, and the Ukaraine is fast becoming what LaRouche calls a 'hair-trigger for thermonuclear war'.
LaRouche PAC
http://larouchepac.com/
Britain in talks to set up yuan clearing bank in London
Jeanny Yu
PUBLISHED : Thursday, 20 February, 2014, 11:16am
UPDATED : Thursday, 20 February, 2014, 11:16am
http://www.scmp.com/business/economy/article/1431603/britain-talks-set-yuan-clearing-bank-london
Bank of China has its British headquarters in London's Lothbury Street. Photo: Enoch Yiu
Britain’s finance minister said his country is in “active” discussions with Chinese authorities to appoint a clearing bank in London.
It is the latest in the British capital’s initiatives to cement its position as a top offshore yuan centre and corner a bigger share of the global business in the currency.
“The UK and Chinese government are in active discussions now about the employment of a renminbi clearing bank in London,” Chancellor of the Exchequer George Osborne said in a speech to business leaders in Hong Kong on Thursday.
Osborne highlighted the importance of having a local clearing mechanism in London for the yuan, also known as the renminbi, to boost trades in the currency and development of more products denominated in it.
At present, China has three offshore clearing banks: Bank of China (Hong Kong), Bank of China’s Taiwan branch and Industrial & Commercial Bank of China’s branch in Singapore.
“Ultimately, what we all want to see is the renminbi being used more and more as a currency of choice of the world,” Osborne said.
He said Chinese asset manager E Fund Asset Management plans to list an exchange-traded fund on the London Stock Exchange that would invest offshore yuan in China’s onshore securities markets.
E Fund would become the second mainland asset manager, after CSOP Asset Management, to list an ETF in London to tap offshore yuan held there.
Anita Fung Yuen-mei, chief executive of HSBC Bank Hong Kong, and Benjamin Hung Pi-cheng, chief executive of Standard Chartered Bank (Hong Kong), attended Osborne’s talk.
$CNY $CYB $RMB
100 tons of toxic water leaked at Fukushima plant
Published time: February 20, 2014 04:13
http://rt.com/news/fukushima-new-leak-toxic-832/
Reuters / Kimimasa Mayama
Around 100 tons of highly radioactive water leaked from one of the tanks at Fukushima Daiichi nuclear plant, the plant's operator, Tokyo Electric Power Co. (TEPCO) said on Thursday.
The water reportedly spilled beyond the barrier that is set up to block it from flowing out of tanks.
A process to stop the radioactive leak is underway. The spill is said to contain 230 million becquerels per liter of strontium and other beta ray-emitting radioactive substances.
TEPCO believes the leakage has not reached the adjacent sea, as no drain was found.
The leak was discovered by workers on patrol at around 11:25 p.m. local time on Wednesday.
The Global Reset - “The Big Reset: War on Gold and the Financial Endgame”
http://goingglobaleastmeetswest.blogspot.com/2014/02/the-global-reset-big-reset-war-on-gold.html
Trunews ..
*CLICK HERE TO LISTEN
http://www.trunews.com/listen/
February 19, 2014
Today’s Guest : Willem Middlekoop
Topic : Willem Middlekoop phones in from the Netherlands to discuss his prescient new book, “The Big Reset: War on Gold and the Financial Endgame,” in which he predicts the coming of a major paradigm shift to the world’s financial system out of which will emerge a unified global basket of currencies that will replace the dominance of the dollar.
$2 Billion in Cash Could Make Silver Short Positions UNCOVERABLE -- Rick Rule
Published on Feb 18, 2014
Rick Rule from Sprott Global Resource Investments joins us to talk about everything precious metals. But towards the end of the interview we get to the brass tax: "The idea that silver can be manipulated down ignores the fact that it could easily be manipulated UP. And the consequence of two years of extraordinary physical demand in the face of the unwinding of the leveraged long carry trade in silver expressed in SLV and expressed in the futures markets, tell me that it will be easier to make money manipulating the price of silver UP than manipulating the price of silver down. And my suspicion is that the commercial interests in manipulation will ultimately do the easiest thing to do. If there was $2 Billion employed, not on margin by the way, cash - so the rules could not be changed like they were on the Hunts - $2 Billion in cash employed in the futures markets which was held for delivery, cleaning OUT the good deliver silver that's available, the short interest would LITERALLY be uncoverable."
Winklevosses make their own Bitcoin index
http://goingglobaleastmeetswest.blogspot.com/2014/02/winklevosses-make-their-own-bitcoin.html
February 19, 2014
Winklevosses make their own Bitcoin index
Winkdex: the name sounds like an X-rated cleaning product.
But that doesn’t mean the latest brainchild from the Winklevoss twins is a bad idea.
As the New York Times reported, the Winkdex (ugh!) launched on Wednesday, and offers Bitcoin watchers a new way to track the value of the currency, by blending the value of three top currency exchanges. It looks like this:
The website has the potential to be an important new pricing metric since the cost of a bitcoin has historically varied significantly between one exchange and the next. And while other sites, like Coinbase and Bitstamp, offer price trackers too, their charts are less detailed and transparent. The Winkdex price is based on a formula based on the highest exchanges by volume (Mt. Gox, recently the biggest exchange in the world, is excluded due to its recent troubles.)
The Winkdex, then, could help the virtual currency become more mainstream by adding more price certainty, and in turn removing some of the volatility associated with bitcoin-related trades and transactions.
The Winklevoss twins, meanwhile, have a direct interest in all of this too — as the owners of a stash of bitcoin worth tens of millions, they are doing all they can to do promote the mainstream adoption of the currency such as describing it as “Gold 2.0.” And, as the Times describes, they are working with regulators to launch an exchange-traded fund, which likewise promises to bring new stability to bitcoin.
The likes of the Winklevoss may be anathema to the outlaw image of Bitcoin’s early days but, as I’ve argued before, this is not a bad thing. The self-appointed leaders who speak on behalf of the currency (those who aren’t in jail) have done a poor job of developing governance mechanisms for the currency. So, in this context, transparency tools like the Winkdex are welcome.
http://gigaom.com/2014/02/19/dont-laugh-the-winkdex-is-good-news-for-bitcoin/
GE Sues IRS For $658 Million Tax Refund
Submitted by Tyler Durden on 02/19/2014 19:34 -0500
http://www.zerohedge.com/news/2014-02-19/ge-sues-irs-658-million-tax-refund $GE
Mystery: Firm won’t reveal location of Seattle’s first Bitcoin ATM
by Taylor Soper on 2/18/2014 at 3:44 pm
http://www.geekwire.com/2014/seattle-atm-bitcoin/
Madness to Call for Bear Market Now
Hey what's up, looks like the very sophisticated Philip Manduca was on Bloomberg again back in Nov, once again makes some very great points....
http://www.bloomberg.com/video/madness-to-call-for-bear-market-now-manduca-5r3gFvgMRCS8lWSoXlTk9w.html
he talks politics in the Middle East/U.S./Europe halfway through this video...first half is about Gold and Diamonds
http://www.bloomberg.com/video/titanium-ceo-favors-diamond-investment-over-gold-XXW7M2hNQYi16sKAR~gs5Q.html
Kiev, Ukraine: You can see all the riot police staging in this live stream.
Global Gold Coin And Bar Demand Surged 28% To Record 1,654 Tonnes In 2013
Submitted by GoldCore on 02/18/2014 13:02 -0500
http://www.zerohedge.com/contributed/2014-02-18/global-gold-coin-and-bar-demand-surged-28-record-1654-tonnes-2013
Today’s AM fix was USD 1,314.00, EUR 957.59 and GBP 787.44 per ounce.
Yesterday’s AM fix was USD 1,326.00, EUR 967.60 and GBP 791.97 per ounce.
LBMA closing fix yesterday was USD 1,327.50, EUR 968.55 and GBP 794.15 per ounce.
The U.S. markets were closed for the President’s Day holiday yesterday.
Gold drifted lower today as traders took profits from recent gains, but gold held not far off 3 and a 1/2 month highs due to a weaker U.S. dollar and concerns over U.S. and global economic growth.
Webinar: Gerald Celente On Strategies For Protecting Your Wealth In 2014 And Beyond
Join Gerald Celente on this broadcast this Thursday as he examines the opportunities in 2014 and in the coming uncertain years.
Gold in U.S. Dollars, 5 Years - (Bloomberg)
Bullion is up 10% this year as investors and store of value buyers see the 28% fall in 2013 as a buying opportunity. The volatility and weakness in equities globally due to emerging market turmoil and economic concerns is leading to safe haven demand.
Silver also fell but wasn't too far from a 3-1/2 month high of $21.96 hit on Monday. Spot silver prices rose for a 12th day yesterday, the longest rally since at least 1968, data compiled by Bloomberg show.
The World Gold Council’s global supply and demand figures have been released. They confirm what was already known - huge physical demand for coins and bars globally was counter acted by significant liquidations by COMEX speculators and weak hand ETF investors.
Gold Demand Trends Full Year 2013 makes interesting reading nevertheless. The World Gold Council said full-year 2013 gold demand was 3,756 tonnes, valued at $170 billion and down from 4,415 tonnes in the previous year due to ETF liquidations.
The data confirms that 2013 saw record demand for coins and bars globally but especially in China, Japan and much of Asia.
Annual global investment in bars and coins reached 1,654 tonnes, up from 1,289 tonnes in 2012, a rise of 28%, and the highest figure since the World Gold Council’s data series began in 1992. For the full year, Chinese and Indian investment in gold bars and coins was up 38% and 16%, respectively.
Although much smaller markets in terms of volume, in the U.S. bar and coin demand was up 26% to 68 tonnes, and in Turkey it was up 113% to 102 tonnes.
China became the world’s largest store of wealth buyer of gold in 2013. They are not consumers as only a tiny fraction of gold is ever consumed. Chinese people bought a record 1,066 metric tons of gold last year, as sudden price falls led to a 32% jump in bars, coins and jewelry buying.
China’s increased purchases helped limit the decline in gold prices as western speculators and investors sold 869.1 tons through exchange-traded products backed by bullion.
Chinese gold demand surged past Indian demand making China the world’s number one buyer of gold. However, India's gold demand remained buoyant in 2013 and rose by 13% to 945 tonnes compared to 2012. The Indian demand number does not capture the full level of demand as the governments punitive import taxes led to a huge jump in black market activity and the smuggling of gold in huge quantities into India.
Gold demand in Japan jumped threefold in 2013 as people in Japan sought refuge from Prime Minister ShinzoAbe’s campaign to stoke inflation and weaken the yen. Demand for jewelry, bars and coins increased to 21.3 metric tons last year from 6.6 tons in 2012. Demand for jewelry rose 5.4% to 17.6 tons and Japan became a net buyer of bars and coins for the first time since 2005 with 3.7 tons of purchases. There is scope for a massive increase in Japanese investment, pension and store of wealth demand in the coming years.
Central banks added 61 tons to gold reserves in the fourth quarter, the least since the end of 2010, and full-year purchases declined 32% to 368.6 tons, according to the council. Nations added to holdings for 12 consecutive quarters and will continue purchasing amounts in the hundreds of tons which should support gold.
It is important to note that full-year 2013 total global gold demand of 3,756 tonnes is worth just $170 billion which is what the Federal Reserve prints in less than three months. It is much less than what the Fed, ECB, BOE, BOJ and PBOC and other central banks are printing every month.
Global gold coin and bar demand at 1,654 tonnes per annum is worth just $75 billion which is not far off what the Federal Reserve is printing each month now. This shows how while demand has increased in recent years, the demand is very sustainable and there remains room for a significant jump in demand in the coming years.
Webinar: Gerald Celente On Strategies For Protecting Your Wealth In 2014 And Beyond
Join Gerald Celente on this broadcast this Thursday as he examines the opportunities in 2014 and in the coming uncertain years.
Gerald Celente needs little introduction: Founder of The Trends Research Institute in 1980, Gerald Celente is a pioneer trend strategist. He is author of the national bestseller Trends 2000 and Trend Tracking (Warner Books) and publisher of the internationally circulated Trends Journal newsletter.
This webinar is scheduled for this Thursday, Feb 20, 2014 1:00 PM - 2:00 PM GMTand will be moderated by Mark O'Byrne, Head of Research at GoldCore.
Former Bank of America investment banker Stefan Selig, Fang acknowledged, received more than $9 million in bonus pay after he was nominated to join the Obama administration in November. And Michael Froman, the current US trade representative, was awarded over $4 million from Citigroup when he left them in 2009 in order to go work for the White House.
Pisses me right the hell off!! WTF??
Teens arrested for attacking disabled veteran in downtown Cleveland
Published time: February 18, 2014 18:30
http://rt.com/usa/cleveland-disabled-vet-assaulted-598/
AFP Photo / Emmanuel Dunand
Authorities in Cleveland, Ohio have arrested three teenagers believed to be involved in the violent beating of a disabled Army veteran earlier this month.
Three suspects — Kenneth Matthews, Ronald Reid Williams and an unnamed 16-year-old girl — have all been apprehended by police during the last week, local media reported, in connection to a surprise assault that occurred in downtown Cleveland.
Matthew Robinson, a disabled United States Army vet, told Cleveland’s 19 Action News that he had just exited a city bus on Friday, February 7 when a group of six to eight teenagers followed him, then attacked.
"What they were saying was, 'Knock that boy out!' 'White boy.' 'Cracker.' They were saying, 'Knock that white boy out,” Robinson recalled.
“The whole time I'm just thinking, pretty much protect myself and don't let anybody in behind you. No-one stepped in to help, so I thought it was a shame,” he told 19 News.
Police say the teens mugged Robinson of his belongings, all the while videotaping the incident as it unfolded. According to a local CBS affiliate, the unnamed 16-year-old still had a recording of the assault on her cell phone when she was apprehended by authorities.
Now according to the Daily Mail, Robinson hopes authorities will lock up his assailants.
“I think there should be jail time for assaults. Who's to say that your mother or sister couldn't be on the bus, and the same thing could happen to them?” the outlet quoted Robinson as saying. “No-one should have to deal with that kind of racism or ridicule.”
Unfortunately for Cleveland, however, the local media reports that there has been a rash of beatings in the city in recent months, often perpetrated by the likes of violent teenagers. One of Robinson’s alleged assailants, in fact — Kenneth Matthews — was busted by Cleveland police before last week’s incident for attempting to steal a woman’s cell phone, 19 Action News reported. Cops have since started patrolling parts of downtown on horseback, especially after a 17-year-old boy was randomly knocked unconscious there last month while waiting for a bus.
The victim’s age has not been released, but a public LinkedIn profile believed to be registered by Robinson suggests he served in the US Army as an infantryman sniper. According to that profile, he served for nearly eight-and-a-half years beginning in September 2004.
Kerry Generates 12 Tons of CO2 on Trip Discussing Climate Change
By Jim Geraghty
February 17, 2014 9:54 AM
http://www.nationalreview.com/campaign-spot/371280/kerry-generates-12-tons-co2-trip-discussing-climate-change-jim-geraghty
Secretary of State John Kerry spent his weekend discussing climate change in Indonesia:
“We should not allow a tiny minority of shoddy scientists and science and extreme ideologues to compete with scientific facts,” Kerry told the audience gathered at a U.S. Embassy-run American Center in a Jakarta shopping mall. “Nor should we allow any room for those who think that the costs associated with doing the right thing outweigh the benefits.”
This is part of a six-day Kerry trip through Seoul, South Korea; Beijing, China; Jakarta; Indonesia; Abu Dhabi, United Arab Emirates, then back to Washington.
In case you’re wondering, flying first class from Washington to Seoul to Beijing to Jakarta to Abu Dhabi and then back to Washington runs up roughly 12.16 metric tons of carbon dioxide, according to CarbonFootprint.com, which uses data from the EPA and Department of Energy.
The average American generates about 19 tons of carbon dioxide in a year.
So in one week, just from flying from meeting to meeting, Kerry generated about two-thirds the carbon output of the average American in one year.
Clearly, he should cut down on the air travel and set an example for the rest of us. After all, we shouldn’t “allow any room for those who think that the costs associated with doing the right thing outweigh the benefits.”
What does he think powers the plane he flies on, wind and solar?
Global Capitalism Has Written Off The Human Race — Paul Craig Roberts
February 18, 2014
http://www.paulcraigroberts.org/2014/02/18/global-capitalism-written-human-race-paul-craig-roberts/
Global Capitalism Has Written Off The Human Race
Paul Craig Roberts
Economic theory teaches that free price and profit movements ensure that capitalism produces the greatest welfare for the greatest number. Losses indicate economic activities where costs exceed the value of production, thus investment in these activities is curtailed. Profits indicate economic activities where the value of output exceeds its cost, thus investment increases. Prices indicate the relative scarcity and value of inputs and outputs, thus serving to organize production most efficiently.
This theory doesn’t work when the US government socializes cost and privatizes profits as it has been doing with the Federal Reserve’s support of “banks too big to fail” and when a handful of financial institutions have concentrated much economic activity. Subsidized “private” banks are no different from the former publicly subsidized socialized industries of Great Britain, France, Italy, and the former communist countries. The banks have imposed the costs of their incompetence, greed, and corruption on taxpayers. Indeed, the socialized firms in England and France were more efficiently run and never threatened the national economies, much less the entire world, with ruin as do the private US “banks too big to fail.” The English, French, and communists never had to print $1,000 billion dollars annually to save a handful of corrupt and incompetent financial enterprises.
This only happens in “free market capitalism” where the capitalists, with the approval of the corrupt US Supreme Court can purchase the government, which represents them and not the electorate. Thus, the taxation and money creation powers of government are used to support a few financial institutions at the expense of the rest of the country. This is what is meant by “markets are self-regulating.”
Several years ago Ralph Gomery warned me that the damage done to US labor by jobs offshoring was about to be superseded by robotics. Gomery told me that the ownership of the technology patents is highly concentrated and that breakthroughs have made robots increasingly human in their capabilities. Consequently, the prospect for employment of humans is dismal.
Gomory’s words reverberated with me when I read RT’s February 15, 2014, report that computer and robotic experts at Harvard have constructed mobile machines programmed with the logic of termites to be self-organizing and able to complete complex tasks without central direction or oversight. http://rt.com/news/self-organizing-termite-robots-172/
RT doesn’t understand the implications. Instead of raising a red flag, RT gushes: “The possibilities are vast. The machines can be made to build any three-dimensional structure on their own and with minimal instruction. But what is truly staggering is their ability to adapt to their work environment and to each other; to calculate losses, reorganize efforts and make adjustments. It is already clear that the development will do wonders for humanity in space, hard-to-reach places and other difficult situations.”
The way the world is organized under a few powerful and immensely greedy private interests, the technology will do nothing for humanity. The technology means that humans will no longer be needed in the work force and that emotionless robotic armies will take the place of human armies and have no compunction about destroying the humans on whom they are unleashed. The picture that emerges is more threatening than Alex Jones’ predictions. Faced with little demand for human labor, little wonder thinkers predict that the rich intend to annihilate the human race and live in an uncrowded environment served by their robots. If this story has not been written as science fiction, someone should get on the job before it becomes ordinary reality.
The Harvard scientists are proud of their achievement, as no doubt most of the Manhattan Project participants were about their achievement in producing a nuclear weapon. But the success of the Manhattan Project scientists was not very nice for the residents of Hiroshima and Nagasaki, and the prospect of nuclear war continues to cast a dark shadow over the world.
The Harvard technology will prove to be an enemy of the human race.
This outcome does not have to be, but free market ideologues think that any planning or foresight is an interference with the market, which always knows best (thus, the current financial and economic crisis). Free market ideology stands in the way of societal control and serves the short-term interests of powerful and greedy private groups. Instead of being used for humanity, the technology will be used for the profits of a handful.
That is the intention but what is the reality? How can there be a consumer economy if there is no employment? There cannot be, which is what we are gradually learning from the offshoring of American jobs by global corporations. For a limited period an economy can continue to function on the basis of part-time jobs, drawing down savings, food stamps, and extended unemployment benefits.
However, when savings are drawn down, when the heartless politicians who demonize the poor cut food stamps and unemployment benefits, the economy ceases to provide a market for the offshored goods that the corporations bring home to sell.
Here we see the total failure of Adam Smith’s invisible hand. Each corporation in pursuit of greater managerial “performance bonuses” as determined by profits did its part in producing the destruction of the US consumer market and greater misery for all.
Adam Smithian economics applies to economies in which capitalists have some sense of commonality with other citizens of the country like Henry Ford did, some sense of belonging to a country or to a community. Globalism destroys this sense. Capitalism has evolved to the point where the most powerful economic interests, interests that control the government itself, have no sense of obligation to the country in which their business entities are registered. Except for nuclear weapons, international capitalism is the greatest threat humanity has ever faced.
International capitalism has raised greed to a determinant force in world history. Unregulated greed-driven capitalism is destroying the jobs prospects of First World labor and the ability of Third World countries, whose agricultures have been turned into export monocultures serving the global capitalists, to feed themselves. When the crunch comes, the capitalists will let the “other” humanity starve.
As the capitalists declare in their high level meetings, “there are too many people in the world.”
Obama's TPP negotiators received huge bonuses from big banks
Published time: February 18, 2014 17:12
http://rt.com/usa/tpp-fang-big-banks-577/
Stefan Selig.( Reuters / Mike Segar )
A controversial trade deal being touted by the White House is expected to give American corporations broad new authority if approved. Now according to newly released documents, big banks gave millions to the execs that are now orchestrating the agreement.
Investigative journalist Lee Fang wrote for Republic Report on Tuesday this week that two former well-placed individuals within the ranks of Bank of America and CitiGroup were awarded millions of dollars in bonuses before jumping ship to work on the Trans-Pacific Partnership on behalf of the White House.
The Trans-Pacific Partnership, or TPP, is a widely-contested trade deal between the US and 11 other nations adjacent to the Pacific Rim, and has been negotiated by representatives for those countries in utmost secrecy. According to leaked excerpts of the TPP and remarks from experts following the news closely, though, it’s believed that the arrangement would allow corporations to oppose foreign laws while at the same time limiting the abilities for governments to regulate those entities.
On Tuesday, Fang wrote that two major United States-based financial firms have significantly awarded former executives who have since attracted the attention of President Barack Obama and subsequently been offered positions that put them directly involved in TPP talks.
Former Bank of America investment banker Stefan Selig, Fang acknowledged, received more than $9 million in bonus pay after he was nominated to join the Obama administration in November. And Michael Froman, the current US trade representative, was awarded over $4 million from Citigroup when he left them in 2009 in order to go work for the White House. Republic Report were provided those statistics through financial disclosures included in Fang’s article.
When Selig was asked to head the International Trade Administration by the White House last November — a Commerce Department job — the New York Times considered it “a rare appointment of a Wall Street banker by the Obama administration.” If he is confirmed by the Senate as expected, he will work directly with US trade officials on hammering out final arrangements for the TPP. Froman has been the US trade representative since last June, and according to his biography on that department’s official website, is directly overseeing TPP discussions.
In Fang’s report, he noted that such hefty bonuses aren’t unusual on Wall Street.
“Many large corporations with a strong incentive to influence public policy award bonuses and other incentive pay to executives if they take jobs within the government,” he wrote.
But with the TPP expected to have serious implications on the corporate and financial realms, the appointments of Selig and Froman raise new questions about the potential influence of Wall Street on an already widely-disputed trade deal.
“The controversial TPP trade deal has rankled activists for containing provisions that would newly empower corporations to sue governments in ad hoc arbitration tribunals to demand compensation from governments for laws and regulations they claim undermine their business interests,” Fang acknowledged. “A fact-sheet provided by Public Citizen explains how multi-national corporations may use the TPP deal to skirt domestic courts and local laws. The arrangement would [allow] corporations to go after governments before foreign tribunals to demand compensations for tobacco, prescription drug and environment protections that they claim would undermine their expected future profits.”
“Not only do US treaties mandate that all forms of finance move across borders freely and without delay, but deals such as the TPP would allow private investors to directly file claims against governments that regulate them, as opposed to a WTO-like system where nation states (ie the regulators) decide whether claims are brought,” Boston University associate professor Kevin Gallagher told Fang.
When WikiLeaks released a draft version of a section of the TPP last year, the anti-secrecy group warned that “Particular measures proposed include supranational litigation tribunals to which sovereign national courts are expected to defer, but which have no human rights safeguards”
“No wonder they kept it secret,” internet entrepreneur Kim Dotcom told RT at the time. “What a malicious piece of US corporate lobbying. TPP is about world domination for US corporations. Nothing else.”
Last month, leaked memos obtained by the Huffington Post suggested that the US has lost almost all international support from the 11 other Pacific Rim nations engaged in TPP discussions.
Can the Markets Crash?
Submitted by Phoenix Capital Research on 02/18/2014 11:10 -0500
http://www.zerohedge.com/contributed/2014-02-18/can-markets-crash
MaN On A HeDGe...
Submitted by williambanzai7 on 02/18/2014 11:21 -0500
http://www.zerohedge.com/contributed/2014-02-18/man-hedge
Ukraine's Military Releases The Armored Vehicles And Fighter Jets
Submitted by Tyler Durden on 02/18/2014 11:54 -0500
http://www.zerohedge.com/news/2014-02-18/ukraines-military-releases-armored-vehicles-and-fighter-jets
Bank Runs Spread To Thailand
Submitted by Tyler Durden on 02/18/2014 11:38 -0500
see more bold etc:
http://www.zerohedge.com/news/2014-02-18/bank-runs-spread-thailand
Thailand's Government Savings Bank (GSB) president admitted that clients withdrew 30bn Baht (around $1bn) in a single-day last week and Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude, have also seen withdrawal spikes of similar magnitude according to The Bangkok Post. The 'bank run' comes after speculation that cash at the state-run banks are being used by the government (which is in turmoil) to fund farmers (who have not received their 'promised' rice subsidies of over 130 bn Baht). Withdrawal requests are met with banks warning that there were insufficient funds at the time due to many depositors withdrawing cash. One depositor, rather ironically summed it up, "I started to feel concerned that my money may become only paper."
Via The Bangkok Post,
The deposit flight from the Government Savings Bank (GSB) is not out of fear for its financial stability but rather is a response to speculation the state-run bank is involved in lending to the troubled rice subsidy of the Yingluck Shinawatra government.
Spikes in money withdrawal have also been seen at the Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude.
The bank run comes after the Thai government's "rice-pledging" scheme - which
The rice pledging scheme, a key plank of the Pheu Thai Party’s winning platform in 2011, is proving to be the Achilles heel of Yingluck Shinawatra’s caretaker government.
Problems with the scheme, which offered farmers a price 40-50% higher than market prices, loomed shortly after it began in October 2011. The Yingluck government hoarded a large supply in state warehouses, wagering that global rice prices would rise.
The attempt to manipulate the market backfired as rice flooded the global market. The bad bet has left Thailand with a record stockpile, and the country has relinquished its crown as top rice exporter to India and Vietnam.
Thailand’s rice shipments in 2012 and 2013 totalled less than 7 million tonnes, down from 9-10 million tonnes in the past. The scheme is tarnishing the caretaker government, and things worsened when the National Anti-Corruption Commission last month announced a probe of Ms Yingluck’s role in the scheme after bringing formal corruption charges against two of her cabinet ministers.
...
With the huge stockpile and the government’s vow to buy every single grain, the rice subsidy is estimated to have caused losses north of 400 billion baht for the first two harvest seasons, quickly exhausting its 500-billion-baht outstanding budget.
In response, the government sought 180 billion baht from the BAAC to make advance payments to farmers.
And the current bank run was sparked when...
Due to the cash crunch, the Yingluck government delayed paying 130 billion baht to 1.4 million farmers — a core constituency of Pheu Thai. Ms Yingluck’s decision to dissolve the House last Dec 9 has obstructed the caretaker government’s ability to borrow more to pay farmers, as such borrowing could be ruled unconstitutional and leave banks open to charges of wrongdoing.
...
GSB president Worawit Chailimpamontri insisted during urgent press conferences yesterday and Sunday that the GSB has extended 5 billion baht to the BAAC as part of its existing 20-billion-baht credit line to the BAAC in the interbank market, and that the funds were not meant to fund the rice pledging scheme.
...
Even so, the lending has spurred rumours that it would be used to pay the government’s overdue debt to rice farmers.
Interbank borrowing is a channel that allows banks experiencing a glut of savings to lend to banks that are falling short of liquidity.
But both the GSB and the BAAC have surplus liquidity, said Dr Lalida, adding that such borrowing is considered a hidden deal.
The people are not happy that their deposits are being used this way...
“Such actions are deemed to help the government avoid legal restrictions,” said Lalida Veeravithayanant, a doctor at a local hospital, referring to the alleged loans.
She withdrew 800,000 baht from her two accounts at KTB a day after she learned the country’s biggest state-owned bank had approved short-term loans to existing customers who are rice traders and exporters taking part in government rice auctions.
Dr Lalida said it was a surprise when she requested a cash withdrawal at KTB’s branch in the Zuellig House building on Silom Road and was denied. The excuse given was that there were insufficient funds at the time due to many depositors withdrawing cash.
She also closed her savings account with the GSB after withdrawing 100,000 baht and redeeming savings certificates to the tune of 1 million baht after local media reported the bank had extended billions of baht in loans to the BAAC through interbank lending.
...
“The right way to solve the rice pledging problem is by selling rice to pay off farmers. The current method will create a distortion of the problem,” she said.
Simply put - the people no longer trust the banks...
“Being a state-owned bank, it must have responsibility,” she said. “The bank cannot say it does not know what the BAAC will use the lending for. If so, how can the bank extend loans without any risk evaluation, and how can people trust the bank?”
Even though the irregular withdrawals from the GSB stemmed from depositors’ discontent over lending to the BAAC, fears from other depositors that they may not get their money back in full and immediately as requested could escalate — and the bank could be in hot water at that point.
“I withdrew 20,000 baht from my savings account at the GSB and redeemed another 180,000 baht in savings certificates, as I started to feel concerned that my money may become only paper like the farmers’ pledging invoices,” said another employee of an international company.
So - in summary - the government won an election by promising to pay rice farmers (a major part of Thailand's voting population) more money... soon after, the 'promise' was shown to be entirely false and now the government is using its banks (and thus other people's deposits) to make good on its 'promises' and to keep the rest of the people happy... sound familiar?
Average:
A Disruptive Proposal by the IMF
By Douglas A. Rediker and Angel Ubide Feb 17, 2014 4:03 PM GMT-0600
http://www.bloomberg.com/news/2014-02-17/a-disruptive-proposal-by-the-imf.html
Illustration by Jason Polan
Hoping to learn from what it sees as its missteps in handling the Greek bailout and other recent crises, the International Monetary Fund is quietly wading into one of the most sensitive issues in international finance: How to balance political, economic and financial considerations when a country might not be able to pay back its debts.
Specifically, some at the IMF are suggesting that, as a precondition for financial assistance, countries would be required to force private creditors to accept losses when the borrowing country's debt sustainability is uncertain and market access has been lost. The fund will act as the lender of last resort only if the private sector shares the pain.
However well-intentioned, such a policy shift would probably disrupt markets, increase episodes of default, raise borrowing costs and discourage countries from seeking the IMF's help when they most need it.
The IMF argues that countries sometimes wait too long to seek its assistance, increasing the amount of money required for a bailout and allowing some private investors to cash out their holdings at public expense. The IMF's first Greek rescue program, for example, allowed investors, including German and French banks, to be paid in full, thus avoiding responsibility for their poor lending decisions. The IMF justified this decision by citing the risk of a systemic meltdown.
To better protect its resources in the next crisis, the IMF is considering abandoning this systemic exception and establishing more rigid rules for the model it uses to assess a country's ability to repay its debt. Under the system being considered, the IMF would establish thresholds for debt sustainability, and if a country breaches those limits, it would be judged on its perceived sustainability and ability to access markets. If both sustainability and market access are found wanting, there would be a presumption of limited costs imposed on creditors, forcing the country to temporarily delay repayments to its bondholders in exchange for IMF support.
The problem with this model is that predetermined thresholds will inevitably conflict with the unpredictable circumstances of reality. The IMF's analyses must always involve a degree of judgment and subjectivity. It is hard to imagine a model that captures the particularities of Argentina and Greece, but excludes those of Italy or Japan.
Regardless of its form, the imposition of costs on investors -- known as private sector involvement -- requires them to accept less than they are entitled to. Forcing bondholders to take a loss may occasionally be necessary to exert discipline, but should never be easy or common. After all, restructuring is simply a more diplomatic term for a fundamental breach of contract between a country and its lenders. Were such imposed losses to become more common, funding costs would almost certainly rise for all but the safest of nations.
The IMF's role should be to rescue countries in times of crisis and bolster market confidence and stability. Therefore, its financial support should never be disruptive. Yet, in part because of its preferred creditor status, the IMF's most recent intervention in the euro area resulted in higher borrowing costs for the very nations it intended to help. The IMF's suggested plan would have a similarly destabilizing effect and countries would almost certainly be less likely to seek early IMF involvement in the future, the opposite of the policy's goal.
Making private sector involvement the norm would also reduce the global supply of risk-free assets, with more countries’ bonds potentially subject to losses in times of financial crises. Injecting credit risk into otherwise risk-free sovereign debt could cause a migration of the investor base, introducing return-hungry credit-investors who base their decisions on default probabilities rather than economic fundamentals such as growth.
There is a better way to meet the IMF's goal of limiting its risk while staving off contagion. For example, a more rational pricing of risk could be achieved by earlier and more thorough IMF surveillance, including better scrutiny of cross-border flows, corporate currency mismatches and debt holdings. Regular assessments of debt sustainability could be included in the IMF's World Economic Outlook and the Global Financial Stability Report. Louder naming and shaming to force early policy corrections is a far better approach than promoting a presumption of risk for the private sector.
Furthermore, IMF rescues should always seek to achieve success at the least possible cost to growth. If the appropriate crisis response involves a full bailout, then that rescue should be provided (with appropriate conditionality). If losses to bondholders are appropriate, then they should be part of a solution that reflects a country’s needs and systemic circumstances. Appropriate prescriptions will always depend, in part, on the political will of a country to implement them.
Private sector involvement should never be ruled out. However, there is no reason to abandon the IMF's current case-by-case policy or to presume that breaches of contract are necessary. Predetermined formulas are doomed to be misapplied with unanticipated consequences. By using these instruments, instead of fostering financial stability, the IMF could introduce greater risk, uncertainty and costs to the global financial system. Surely, that isn't the fund's goal.
(Douglas A. Rediker is a visiting fellow at the Peterson Institute and a former member of the IMF executive board; Angel Ubide is a senior fellow at the Peterson Institute and a former member of the IMF staff.)
To contact the writer of this article: Douglas A. Rediker at drediker@piie.com and Angel Ubide at aubide@piie.com.
To contact the editor of this article: Alex Bruns at abruns@bloomberg.net.
Richard Russell - World In Depression As US Lies To Its People
February 18, 2014
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/2/18_Richard_Russell_-_World_In_Depression_As_US_Lies_To_Its_People.html
With continued chaos and uncertainty in global markets, today KWN is publishing an incredibly powerful piece that was written by a 60-year market veteran. The Godfather of newsletter writers, Richard Russell, is warning that the Fed and the US government are bombarding US citizens with a never-ending parade of lies as the world remains caught in the throes of a severe depression. He also discussed what is happening in the gold market.
Russell: “An hour before the close (on Friday), the Dow was up 120 points, with substantially less volume. This told me that institutions were selling into the rally. The Dow closed slightly off its high. I call this a poor day, accented by institutional selling. Gold had its best day since last August, closing at a new high for the move.
I think gold is overbought now, with many Johnny-come-latelies belatedly advising positions in gold. Today there was a full-page ad in the New York Times advertising “bargain gold.” This too suggested that gold, after its excellent rally, is now overdue for a rest.
In the big picture, I continue to believe that we’re in a world depression. This will be followed by frantic activity by the Fed, as it prints new trillions of dollars. Which I’m certain, by the way, is why gold has been rising. I think we’re at the inflection point where the primary bear trend is overcoming the frantic action of the Fed.
For years the Fed has been trying to establish its objective of 2% inflation. But the global deflationary pressures have thwarted the Fed. The dollar is key here. If or when the dollar index closes under 80, I think we will see fireworks in gold.”
Russell also warned: “Despite government Fed lies and propaganda, I will repeat my take on the present situation. The world is in a continuing depression, and only the vanishing US middle class is aware of it. The Fed and the government are feeding an unending parade of lies to the American people.
Once the actual facts emerge to the newspapers, I expect Janet Yellen to buy Treasuries at a greater rate than we've seen so far. And at the same time, she will be creating new trillions of dollars without end. Rising gold is anticipating these future Fed moves. But rising gold will be a red flag for all to see. I look for the dollar index as a first sign of the Fed's helplessness in the face of the ongoing world depression.
So far, the dollar index has clung to a price of $80 plus. I believe a break of the $80 support level for the dollar will be a sign that the Fed is losing its battle. The powerful performance of gold for weeks and weeks is a subtle sign that the Fed has already lost its grip. A position in gold is a position against the Federal Reserve.
Unfortunately for the Fed, gold is traded across the face of the planet. And currently gold is telling us the truth about the Fed's money creation. I continue to like CEF as a security beyond the reach of the Fed and the government. As noted yesterday, most gold items are now in the process of breaking out of their bases. A vote for gold is a vote against central bank planning. Gold will forever be a hated item in the eyes of central planners.”
To subscribe to Richard Russell’s Dow Theory Letters CLICK HERE.
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IMPORTANT - KWN will be releasing interviews all day today.
The audio interviews with Art Cashin, Rick Rule, David Stockman, John Mauldin, Eric Sprott, Bill Fleckenstein, Egon von Greyerz, Dr. Paul Craig Roberts, MEP Nigel Farage, James Dines, Gerald Celente and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.
Eric King
KingWorldNews.com
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Cashin: Fed 'doesn't have many places to go'
Published: Tuesday, 18 Feb 2014 | 10:39 AM ET
By: Jeff Morganteen | Producer, CNBC.com
http://www.cnbc.com/id/101423756
Watch Here: http://video.cnbc.com/gallery/?video=3000246357
Art Cashin: Fed not many places to go
Tuesday, 18 Feb 2014 | 9:20 AM ET
Art Cashin, UBS director of floor operations, discusses how the weather has impacted trading volume and "tainted" stock market data.
With major stock market indexes coming off their first two-week winning streaks of the year, UBS' Art Cashin says this winter's frigid weather has helped traders overcome worries about emerging markets and an economic slowdown.
Concerns over the Fed's plans to scale down its economic stimulus programs, coupled with pullbacks in emerging markets, made for a weak start to 2014. Then came several sets of weaker-than-expected economic data. But as markets rallied, the winter storms plaguing the East Coast provided traders a convenient scapegoat for the bad numbers, Cashin said Tuesday, calling the nasty weather a "get-out-jail-free card."
(Read more: Traders to shovel through data in hunt for real economy)
"We got lousy payroll numbers and we had a rally that day," Cashin said on CNBC's "Squawk on the Street." "We've had pretty miserable numbers since and everybody's excusing it, including the Fed, that it may all be weather related."
Cashin added: "We have nothing but tainted data. Things have quieted down. The emerging markets did not spiral off a cliff, so more money is coming back in. We're getting near the old highs, and that's going to be a critical area."
The bands of resistance in the S&P 500 on Tuesday should remain between around 1,838 and 1,841, said Cashin, USB's director of floor operations at the NYSE. If the S&P breaks through those levels, it should hit fresh resistance between around 1,848 and 1,851, he said.
(Read more: Home builders burned by the deep freeze)
Cashin added that if the U.S. economy slows down, absent of weather effects, it will leave the Fed hard-pressed to find a solution.
"The Fed doesn't have many places to go. It's already at zero interest. They tried quantitative easing, and one of the reasons they're pulling out of QE is it's been thoroughly ineffective," Cashin said. "They feel they're pushing on a string, so they have a problem. ... [The market] can continue to wedge its way through, but at some point we're going to lose the weather as an excuse and then we're going to find out if the economy is really slowing down or not."
China Sells Second-Largest Amount Of US Treasurys In December: And Guess Who Comes To The Rescue
Submitted by Tyler Durden on 02/18/2014 10:29 -0500
http://www.zerohedge.com/news/2014-02-18/china-sells-second-largest-amount-us-treasurys-december-and-guess-who-comes-rescue
While we will have more to say about the disastrous December TIC data shortly, which was released early today, and which showed a dramatic plunge in foreign purchases of US securities in December - the month when the S&P soared to all time highs and when everyone was panicking about the 3% barrier in the 10 Year being breached and resulting in a selloff in Tsy paper - one thing stands out. The chart below shows holdings of Chinese Treasurys (pending revision of course, as the Treasury department is quite fond of ajdusting this data series with annual regularity): in a nutshell, Chinese Treasury holdings plunged by the most in two years, after China offloaded some $48 billion in paper, bringing its total to only $1268.9 billion, down from $1316.7 billion, and back to a level last seen in March 2013!
This was the second largest dump by China in history with the sole exception of December 2011.
That this happened at a time when Chinese FX reserves soared to all time highs, and when China had gobs of spare cash lying around and not investing in US paper should be quite troubling to anyone who follows the nuanced game theory between the US and its largest external creditor, and the signals China sends to the world when it comes to its confidence in the US.
Yet what was truly surprising is that despite the plunge in Chinese holdings, and Japanese holdings which also dropped by $4 billion in December, is that total foreign holdings of US Treasurys increased in December, from $5716.9 billion to 5794.9 billion. Why? Because of this country. Guess which one it is without looking at legend.
That's right: at a time when America's two largest foreign creditors, China and Japan, went on a buyers strike, the entity that came to the US rescue was Belgium, which as most know is simply another name for... Europe: the continent that has just a modest amount of its own excess debt to worry about. One wonders what favors were (and are) being exchanged behind the scenes in order to preserve the semblance that "all is well"?
Russians return to Cyprus, a favorite tax haven
Published: Tuesday, 18 Feb 2014 | 1:41 AM ET
By: LIZ ALDERMAN
http://www.cnbc.com/id/101421968
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