Corruption

A French court ordered the orange-skinned IMF head to finally face trial over her alleged role in the Tapie payout scandal. What is most unexpected about this outcome is that France's top prosecutor had recommended in September that investigations against Lagarde in the case be dropped.

If ecological panic is the primary trigger of collapse, war and industrialized death, the elites escape all blame. They are the ones, after all, trying to “save us” from ourselves by introducing carbon emissions controls, not to mention the idea of population controls. Global warming becomes a catch-all bogeyman, a Frankenstein monstrosity created by humanity and plaguing humanity. Those who deny the existence of global warming or who question the legitimacy of its high priests (climate scientists) are not exercising their right to skepticism; they are contributing to inevitable genocide. Therefore, climate denial would have to be punished by governments, as climate scientists have been publicly suggesting.

While New York City and London are already well known as top destinations for shady, foreign-money laundering oligarchs who often attain untold riches by thieving from their own people, the Los Angeles area has likewise morphed into a criminal real estate hub.

The writing has been on the wall since the S&P "junking" in September, and now Fitch has jumped on the bandwagon, cutting Brazil to BB+, outlook negative. 

China’s sweeping crackdown on sellers, “manipulators”, frontrunners, financial journalists and anyone else “suspected” of acting in such a way as to sow fear and uncertainty in the wake of the dramatic meltdown in Chinese equities that unfolded over the summer has ensnared money managers, high profile executives, and government officials alike. Earlier this week, it reached a crescendo with the disappearance of Guo Guangchang, known to some as “China’s Warren Buffett. We now have a bit more in the way of color regarding Guo’s detention and sure enough, he’s being “held in connection with an investigation.”

Every year, roughly $1 trillion flows illegally out of developing and emerging economies due to crime, corruption, and tax evasion. This amount is more than these countries receive in foreign direct investment and foreign aid combined. This week, a new report was released that highlights the latest data available on this “hot” money. How does this “hot” money leave these countries? Global Financial Integrity has calculated that 83% of illicit financial flows are due to what it calls “trade misinvoicing”.

You can't make this up...

• Futures down sharply as oil hits seven-year low (Reuters)
• Oil slides to new seven-year low as IEA warns of worse glut (Reuters)
• But... but... they all said... Cheap Oil Gives Little Help to U.S. Spending (WSJ)
• Disappearances in China Highlight Ruling Party Detention System (BBG)
• China’s Credit Rebounds as Stimulus Helps Boost Loan Demand (BBG)
• Junk Fund’s Demise Fuels Concern Over Bond Rout (WSJ)

If we have a saviour, it is the person in the mirror. If we are to be saved, we alone must do the research, make the plans, vote with our feet and establish our own liberty.

After yesterday's rollercoaster session in both the S&P and in oil, where initially stocks soared alongside oil, only to promptly tumble as stops were taken out and as the refiners' inventory strategy was exposed after the DOE's latest weekly numbers were released, it has been a quieter session so far, though maybe not for China where stocks jumped at the open only to fizzle and close at the lows in what appears to be ever less intervention by the market manipulating "National Team."

We are at a critical crossroads in American history, and we have a choice: freedom or fascism. Let’s hope the American people make the right choice while we still have the freedom to choose.

The IMF has now been drawn into the U.S. Cold War orbit. On Tuesday it made a radical decision to dismantle the condition that had integrated the global financial system for the past half century... By doing so, it announced its new policy: “We only enforce debts owed in US dollars to US allies.”

Why does most brand-name beer taste like swill? Why has the standard of living across most of the Western world fallen by more than half over the past 40+ years? 

“I’ve always known about your and your people’s complete lack of trust in me and the PMDB. A lack of trust that is incompatible with what we’ve done to maintain personal and partisan support for your government.”

Less than two weeks after Guotai chief Yim Fung went "missing" amid Beijing's reinvigorated crackdown on market "manipulators," Citic Securities - China's largest broker - says it cannot find two of its most prominent investment bankers. Considering recent events, you don't have to be a detective to make an educated guess as to what might have happened to Jianlin Yan and Jun Chen.