The reason the liberal mainstream corporate media demonized the Tea Party is because it threatens the status quo. The reason the conservative corporate mainstream media demonizes Occupy Wall Street is because it threatens the status quo. These are textbook divide and conquer strategies being used on the American people. Do not fall for it. Yesterday I read a really interesting gallup poll that stated: “Not surprisingly, Americans who consider themselves supporters of the Occupy Wall Street movement (26% of all Americans) are more likely to blame Wall Street than the federal government for the nation's economic problems. Supporters of the Tea Party movement (22% of Americans) are overwhelmingly likely to blame the government.” What is most compelling to me is that 26%+22% = 48% so basically almost a majority. All we need to do is teach people that Washington D.C. and Wall Street are now the same corrupt entity. They are one gigantic rogue trader sucking the lifeblood out of America. If we can unite these forces, which I can say with certainty agree on the important issues, we can put an end to the status quo and free ourselves of this bondage.
To everyone needing a big picture refresh of all that is happening in the world, and to focus on the forest behind the trees of endless headlines, here is Damien Cleusix' latest macro markets update. "We will start with some rumblings on the financial sector in general and banks in particular. For those only interested in the financial market calls they are at the end... THE KEY for the future of the system has we know it will be the decision which will be made in the weeks/months to come with regard to banks. If politicians screw this once more we are afraid that this will be remembered as the final trigger toward a radical change on how our financial system work. This won't happen overnight but be sure that the system you will be living in in 5 years will be RADICALLY different than today's. While the "Occupy Wall Street" movement remains marginal, be sure that it will grow exponentially if politicians make the bad choices. It will grow so much that it might ultimately dictate the political (regulator) agenda. Far fetched? Probably but we have done some far fetched prediction in the past 10 years and they have come to pass to why not try our luck once more. How could politicians and regulators screw it once more? Simply by not letting the losses fall upon those who made the wrong bets. Did they learn from the 2008-2009 mistake? We don't think so and so there is a very high probability that they will screw it again (we apologize for the choice of word but this is really what they are doing, they are paving the way for a whole generation toward insecurity, poverty and despair)."
The system doesn’t work, and they don’t want to reduce this to a set of technocratic little fix its and paste-its.
Ben Bernanke will provide brief prepared remarks at the Fed's systemic risk conference starting any minute. Watch it live below. Nothing new is expected to be revealed even though the speech is less than a week away from the FOMC meeting, and will be watched by many.
Bill Buckler Puts Things Back Into Perspective: "Of The Total US $15 Trillion Market Capitalization, The Fed Provided About Half Of That"Submitted by Tyler Durden on 07/24/2011 22:21 -0400
On a surprisingly quiet night, during which many, chief among them the President of the US, were expecting some fireworks, it is easy to get lost in all in your face political farce, while ignoring, and even blissfully forgetting, the real financial details behind the scenes. Luckily we have Bill Buckler, whose latest edition of "The Privateer" puts everything right back in perspective, and reminds us that "in the period between December 2007 and July 2010, the Fed parcelled out $US 16.1 TRILLION in emergency loans to financial entities all over the world. Almost half of this - a total of $US 7.75 TRILLION - was loaned to four US banks. They were Citigroup, Morgan Stanley, Merrill Lynch and the Bank of America. In July 2010 (the cut off date for this “audit”), total US stock market capitalisation was $US 15 TRILLION. The Fed provided about half of that." And here we are, haggling over $30 billion here, and $50 billion there...
John Taylor, the "Fed Chairman who should have been", has penned a terrific op-ed in the WSJ. Advocating nothing short of a great reset, this is one of today's must read pieces: "If government interventions are the economic problem, then the solution is to unwind them. Some lament that with the high debt and bloated Fed balance sheet, we have run out of monetary and fiscal ammunition, but this may be a blessing in disguise. The way forward is not more spending, greater debt and continued zero-interest rates, but spending control and a return to free-market principles. Unfortunately, as the recent debate over the debt limit indicates, narrow political partisanship can get in the way of a solution. The historical evidence on what works and what doesn't is not partisan. The harmful interventionist policies of the 1970s were supported by Democrats and Republicans alike. So were the less interventionist polices in the 1980s and '90s. So was the recent interventionist revival, and so can be the restoration of less interventionist policy going forward. "
He had the unmitigated hubris to publish another piece of feeble hubristic trash in the WSJ at precisely the same time Citizen Murdoch was being castigated for his hubris and Goldman Sachs was reporting on the sorry quarterly result of it's...hubris.
Time For Tim Geithner's Annual Top-Ticking Op-Ed, In Which We Learn That It Is Time To Panic About America's BanksSubmitted by Tyler Durden on 07/19/2011 20:05 -0400
When just under a year ago, Tim Geithner penned "Welcome to the Recovery" he top ticked the zenith of the business cycle to the day if not the hour, with the economy finding itself in a straight line contraction ever since then, blissfully delayed by a 9 month QE2 detour. Now that the QE2 is no longer a factor, we are already seeing economists everywhere cut their Q2 GDP forecasts to sub 2%, an effective stall speed for the economy in real terms, and reducing their full year economic forecasts. Which is why we were delighted to learn that today Geithner has just released his latest iteration of a top-ticking missive, this one titled inappropriately enough "Dodd-Frank Has Made Our Banks Stronger" which is supremely ironic because not only has Dodd-Frank not made anything stronger as it has not even been remotely implemented, but as Bank of America, Goldman and Citi's Q2 results have just confirmed, the US bank sector is now the weakest it has been in years. Thus, when accentuated with a Geithner adminition to not panic our only advice is to do precisely the opposite. Oh yes, it took precisely 25 days between Geithner's heartfelt appeal to America's idiot class last year and Bernanke's Jackson Hole appearance. We wonder if this year it will be shorter.
We have a very tough time understanding those bearish arguments against silver. We look at the real silver market, and based on the supply and demand data coming from the real, physical markets for silver, the fundamentals are only getting stronger. And yet there exists another silver market, which as we’ve shown, is not very connected to the physical realm at all. And though silver investors have for decades suffered the tyranny of a rigged paper monopoly over silver price discovery, it appears to us that the tides are turning. In the age of QE to infinity, investors are being more scrupulous with their capital and as such they are demanding physical silver in quantity. With more and more dollars flowing into the silver markets and a finite supply of physical to meet that demand, the theoretical losses for the paper silver short-sellers are near infinite. And with such a skewed and obvious risk/reward payoff vastly favoring the longs, we pose the following question. Who is most at risk in the silver markets: the buyers of a scarce and real asset that serves a growing multitude of purposes, or the sellers, who are short a quantity of silver which may very well not even be obtainable at anywhere near current prices? Let the Seller Beware!
Below we present some additional analysis on the implementation of Dodd-Frank's precious metal and FX OTC spot trading prohibition from law firm Morgan Lewis, as well as another potentially far more disturbing implication for non-US Hedge Funds which trade FX (and since virtually all hedge funds are located offshore due to tax implications, and since most hedge funds have now shifted to FX trading in an attempt to pursue volatility, we imagine this means absolutely everyone in the space). Basically it appears that hedge funds that have "one single US investor [who] has less than $10 million in investable assets, that fund will be classified as a retail FX fund. If an FX fund has investors that fail to meet the $10 million threshold,
that fund would therefore not be considered an eligible contract
participant. Gary Alan DeWaal, senior managing director and group general counsel at prime brokerage firm Newedge, said most non-US FX hedge funds seemed unaware of these obscure, burdensome requirements. “Most hedge funds would not think that they are retail funds. However, all it takes is one US client, who fits into this bracket to make them a retail FX fund. I think a lot of hedge funds could be forced to either throw out these clients from their funds or change their counterparties,” added DeWaal." Forget the liquidity freeze courtesy of Greece. Our own congressional and senatorial idiots are about to do it on their own without any country having to go into default.
One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind. "We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET. We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated."
Fraudclosure | Michigan Attorney General Subpoenas (CRIMINAL) Lender Processing Services, Fidelity National Financial Inc. (FNF) and CT Corporation System in ProbeSubmitted by 4closureFraud on 06/15/2011 14:19 -0400
The subpoenas are part of a criminal investigation into questionable mortgage documentation (Linda Green) filed with Michigan’s Register of Deeds offices. The subpoenas were approved by the state court in Lansing June 13 and require responses by June 30.
In this respect, the war being waged against Greece by the European Central Bank (ECB) may best be seen as a dress rehearsal not only for the rest of Europe, but for what financial lobbyists would like to bring about globally.
The Supreme Court of Canada just threw us back into the Dark Ages...