In the natural course of things, structural reform can occur, but that natural course entails some degree of disorder and loss.
"The net effect of all that will be the disappearance of nominal wealth — it crosses an event horizon into a black hole never to be seen again. The continent discovers it is a lot poorer than it thought. Fifty years of financial engineering comes to the grief it deserves for promoting the idea that it’s possible to get something for nothing."
Awkward: Day After EPA Finds Fracking Does Not Pollute Water, Top Oil Regulator Resigns Over Water ContaminationSubmitted by Tyler Durden on 06/06/2015 17:10 -0400
Put this one in the awkward file: just hours after the EPA released yet another massive study (literally, at just under 1000 pages) which found no evidence that fracking led to widespread pollution of drinking water (an outcome welcome by the oil industry and its backers and criticized by environmental groups), the director of the California Department of Conservation, which oversees the agency that regulates the state's oil and gas industry, resigned as the culmination of a scandal over the contamination of California's water supply by fracking wastewater dumping.
"Until and unless we at least resolve all five of the following, and everyone involved wears an orange jumpsuit and has their corporate and institutional edifices closed down with the ill-gotten gains disbursed back to their victims we are, as a nation, DONE."
FIFA "Rampant" Corruption Exposed Following DOJ Indictment, 14 Arrested In Swiss Hotel - FBI/DoJ Press Conference Live FeedSubmitted by Tyler Durden on 05/27/2015 10:35 -0400
That FIFA has been a hotbed of corruption, shady backroom dealings and outright crime for years, has been known to anyone who has a passing interest in football. Which is why we were surprised to learn this morning that none other than the US Attorney General, seemingly content with all the wristslaps handed out to criminal US foreign banks (and subsequent SEC waivers) gave FIFA the red card in a charge detailing "rampant" corruption in international soccer hours after 14 officials were arrested on accusations of a 24-year scheme to enrich themselves through FIFA, whose office was searched in a series of dawn raids in Zurich.
Memorial Day commemorates soldiers killed in war. We are told that the war dead died for us and our freedom. US Marine General Smedley Butler challenged this view in 1933: "War is just a racket... our soldiers died for secret agendas of which they knew nothing. Capitalists hid their self-interests behind the flag, and our boys died for the One Percent’s bottom line. Our Soldiers Died for the Profits of the Bankers." It appears 82 years later - nothing has changed.
The cynicism among the informed classes has never been so deep. Even the pompom boys in the cheerleading clubs like CNBC and The Wall Street Journal express wonderment at the levitation of stock indexes and bond values. They chatter about a “correction” of 20 percent being a healthful tonic that would clear away some dross and quickly usher in a new episode of “growth” — or growthiness, which, like truthiness, became an acceptable approximation of the real thing. The truth, as opposed to truthiness, is they no longer believe their own bullshit about growthiness. Behind the financial jitters of the informed minority is the greater fear of social unrest.
"The culture is, you're not working unless you are writing summonses or arresting people... Those tickets might look like productivity on paper... but they're not actually making anyone safer."
Bank of America Revenue Drops, Misses Due To Declining Trading Revenues, Loan Creation And Net Interest MarginSubmitted by Tyler Durden on 04/15/2015 08:02 -0400
One look at BofA's earnings report shows why contrary to popular opinion, the bank that bailed out insolvent Merrill Lynch is far better off to be pnealized with tens of billions in legal fees than running its business unbothered by the racketeering government. The reason: a year after BofA reported $6 billion in litigation charges, moments ago Bank of America announced only $0.4 billion in legal fees, which meant it barely had any credible addbacks. So when looking at its numbers on a realistic, GAAP basis, BofA once again missed EPS, with the bottom line printing at $0.27, or below the $0.29 estimate.
"People make the difference" at Knight Oil Tools where the "Knightmark" of "excellence, leadership, and integrity" was on full display last year when then-CEO Mark Knight planted drugs in his brother's car then paid police to arrest him...
The USA set the tone for 21st century magical finance, in which “wealth” was “created” by digital accounting fraud. The effects at home are visible on our landscape of suburban hyperwaste and decrepitating older towns and cities.
A wicked web of deceit, with just a good measure of theft and forgery thrown in for old time’s sake!
It’s not that long ago, in 2001, that Jim O’Neill, then still with Goldman Sachs, coined the term BRICs, for the fast emerging markets of Brazil, Russia, India and China. O’Neill saw a global power shift from the west to these four nations happening. Fast forward to today, and we see Russia under multiple attacks, including economic ones, from the west, as India just announced the second rate cut this year and China is attempting controlled demolition of the possibly biggest financial bubble in the history of the world. And Brazil? If anything, it’s falling even faster off its pedestal than the other three nations.
"Davos Man... derives most of his income, directly or indirectly, from state patronage. Davos is a place where you see, in Marxist terms, is a gang of rentiers coming together to devise new means to live off the sweat of the workers... It’s like an Ayn Rand novel, where lobbyists reach cosy arrangements with each other in elliptical language."