NSA Spying Directly Harms Internet Companies, Silicon Valley, California … And the Entire U.S. EconomySubmitted by George Washington on 07/31/2013 13:47 -0400
Mass Surveillance Is “Killing Our Most Productive Golden Goose”
- Ackman Says Pershing Square Takes 9.8% Stake in Air Products (BBG) - So is APD Carl Icahn's biggest ever short yet
- Latest Hilsenplant: Summers Hedges His Doubts on Fed's Bond Buying (WSJ)
- China Stocks World’s Worst Losing $748 Billion on Slump (BBG)
- U.S. Spy Program Lifts Veil in Court (WSJ)
- Abenomics on the rock again: Japan July manufacturing PMI shows growth at 4-month low (Reuters)
- EADS to be renamed Airbus in shake-up (FT)
- Goldman's GSAM has significantly increased its exposure to European equities (FT) - there is a reason why this is Goldman's worst division
- Japanese Megabanks Post Mega Profit Gains (WSJ) - when one excludes MTM impact from rate surge of course
- Ex-workers sue Apple, seek overtime for daily bag searches (Reuters)
- Hong Kong Yuan Deposits Snap Eight-Month Increase on Cash Crunch (BBG)
- Downtown NYC Landlords Remake Offices in Shift From Banks (BBG)
Is there such a thing as a ‘safe’ fiat currency? The term itself is as intellectually disingenuous as terms like ‘fair tax’ or ‘government innovation’. But as we’ve been exploring recently why modern central banking is completely dysfunctional, it does beg the question – is any currency ‘safe’? Let’s look at the numbers for some data-driven analysis. But which is the safest major currency?
- More Doctors Steer Clear of Medicare (WSJ)
- Syrian Looters in Bulldozers Seek Treasure Amid Chaos (BBG)
- Siemens CEO Peter Löscher Is Set to Leave His Post After Series of Earnings Misses (WSJ)
- Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy (BBG)
- Omincom and Publicis merger shows that advertising is now firmly in the business of Big Data: collecting and selling the personal information of millions of consumers (NYT)
- Apple supplier accused of labour violations (FT)
- 'BarCap was the Wild Wild West – that’s what we called it’ (Telegraph)
- P&G chief seizes opportunity in era of three-day stubble (FT)
- Federal Reserve 'Doves' Beat 'Hawks' in Economic Prognosticating (WSJ) - LOL: Fed "hawks"
In the last month not a day appears to pass without some news about a glitch, malfunction, or full-blown fire, affecting the ironically named Boeing Dreamliner (resulting in the stock soaring to daily all time highs). Today promises to be no different, with not one, not two, but three separate incidents impacting the airplane. Reuters reports that Qatar Airways has taken one of its 787 Dreamliners out of service following what it described as a "minor" technical issue. "Minor" as in a burnt-out indicator light, or "Minor" as in the plane nearly fell out of the sky burnt to a crisp? The distinction can be important.
Back in June 2011 we first reported how "Goldman, JP Morgan Have Now Become A Commodity Cartel As They Slowly Recreate De Beers' Diamond Monopoly" in an article that explained, with great detail, how Goldman et al engage in artificial commodity traffic bottlenecking (thanks to owning all the key choke points in the commodity logistics chain) in order to generate higher end prices, rental income and numerous additional top and bottom-line externalities and have become the defacto commodity warehouse monopolists. Specifically, we compared this activity to similar cartelling practices used by other vertically integrated commodity cartels such as De Beers: "the obvious purpose of "warehousing" is nothing short of artificially bottlenecking primary supply." Over the weekend, with a 25 month delay, the NYT "discovered" just this, reporting that the abovementioned practice was nothing but "pure gold" to the banks. It sure is, and will continue to be. And while we are happy that the mainstream media finally woke up to this practice which had been known to our readers for over two years, the question is why now? The answer is simple - tomorrow, July 23, the Senate Committee on Banking will hold a hearing titled "Should Banks Control Power Plants, Warehouses, And Oil Refiners."
- An actual Bloomberg headline: Granny’s Gold Bars Are Key to Vietnam Push to Boost Dong (BBG)
- Gay delivers further body blow to troubled sport (Reuters)
- China Wealth Eludes Foreigners as Stocks Earn 1% in 20 Years (BBG)
- Bernanke Boom Signaled by Yield Surge as Market Recalculates (BBG)
- Portugal's Parties Set Deadline for Pact (WSJ)
- Corporate Spending Set to Surge in U.S. (BBG)... or not at all based on the actual corporate data
- Legal Fears Slowed Aid to Syrian Rebels (WSJ)
- A mega-camp adds to the Boy Scouts’ troubles (Reuters)
- GSK accused of being ‘ringleader’ in China probe (FT)
- 19 Hospitalized in US-Ukraine Army Exercise - Ministry (RIA)
- Egypt Islamists march as senior U.S. official visits (Reuters)
- German spies made use of U.S. surveillance data (Reuters)
Spain, as you know, and no matter how the story is fabricated, was bailed out by the European Union. The money was lent to the banks so that Spain does not have to count it as sovereign debt even though the country guaranteed the loans. Madrid, however, tells the truth in the same manner as a sardine naturally climbs mountains. Spain has set up a "bad bank" known as Sareb (Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria). This operation has $66 billion of Real Estate loans and property as their assets we are told. So far they have sold 700 properties and they claim they can achieve an annual return on equity of 13%-14% over its fifteen year tenure. The truth - so far - is unbelievably worse than expected.
- Summers Said to Show Interest in Fed Chairmanship After Bernanke (BBG)
- Obama Tells Chinese He’s Disappointed Over Snowden Case (BBG)
- Texas Threat to Abortion Clinics Dodged at Flea Markets (BBG)
- A Peek at Trucking Data, and Then the Stock Surged (WSJ)
- China cuts growth target… or does it? (FT) - yes, it does, net of goal seeked Random () of course
- China Official Suggests Tolerance for Lower Growth (WSJ)
- Disney Says Wristband Boosts Sales in Disney World Test (BBG) - next up: implanted RFID chips
- Spain Prepares Cuts in Renewable-Energy Subsidies (WSJ)
- Bernanke Departure With Duke Heralds Cascade of Fed Appointments (BBG)
- Bernanke Supports Continuing Stimulus Amid Debate Over QE (BBG)
- Portugal president wants 'salvation' deal, including opposition (Reuters)
- Egypt has less than two months imported wheat left - ex-minister (Reuters)
- A rise in long-term interest rates is creating challenges and opportunities for the largest U.S. banks. (WSJ)
- BoJ says Japanese economy is ‘recovering’ (FT)
- More Chinese cities likely to curb auto sales (Reuters)
- PC Shipments Fall for 5th Quarter (BBG)
- Property Crushes Hedge Funds in Alternative Markets (BBG)
- New aid gives Greece summer respite before showdown (Reuters)
- Rajoy Punishes Exporters Sustaining Spain’s Economy (BBG)
It has all gone belly up if we look at the EU and we are honest. Yes, they might be trying to paper of the cracks and yes they might be shoving some super strong glue in their to stop everyone pulling in different directions, but if they are really truthful about it, the EU28 (now that Croatia has become a member since July 1st 2013)
As the EU agrees to fund another bailout deal to help Greece rise from the ashes, providing them with another $8.7 billion in financial aid, the question that begs an answer is: will this have any effect on the austerity that is being imposed on the country. Throwing good money after bad?
- MSM discovers that soaring dollar hurts corporate profits: P&G to Apple Hurt by Strong Dollar Keep S&P 500 Profits in Check (BBG)
- China Posts Surprise Drop in Exports (WSJ) - lol: "surprise"
- Plan Reins In Biggest Banks (WSJ)
- European Commission Seeks Authority to Wind Down Banks (WSJ) - and Germany just says 9
- U.S. Banks Seen Freezing Payouts as Harsher Leverage Rules Loom (BBG)
- Brussels sets up clash with Berlin over banks (FT)
- EU to Toughen Creditor-Loss Rules at Failing Banks From August (BBG) - or September, or October, but definitely November... 2023
- China's crude, iron ore imports falter as demand cools (Reuters)
- Obama pushes economic case for immigration as House eyes next steps (Reuters)
Is the global economic downturn going to accelerate as we roll into the second half of this year? There is turmoil in the Middle East, we are seeing things happen in the bond markets that we have not seen happen in more than 30 years, and much of Europe has already plunged into a full-blown economic depression. Sadly, most Americans will never understand what is happening until financial disaster strikes them personally. As long as they can go to work during the day and eat frozen pizza and watch reality television at night, most of them will consider everything to be just fine. Unfortunately, the truth is that everything is not fine.
Free Advice Is Sometimes Worth More Than You Paid for It. On That Note, Irishman... Take Your Money And Run!!!Submitted by Reggie Middleton on 07/05/2013 10:46 -0400
Don't consider this investment advice, but if you leave your money in this bank after reading this article then your a fool who deserves to lose every euro that gets confiscated. Just my personal opinion, of course.