• Pivotfarm
    04/18/2014 - 12:44
    Peering in from the outside or through the looking glass at what’s going down on the other side is always a distortion of reality. We sit here in the west looking at the development, the changes and...

World Bank

Tyler Durden's picture

Meet America's 51st (Broke) State

It is only fitting that a few days after South Sudan became the newest independent country to join the roster of IMF and World Bank "modernization and industrialization" targets, another Southern version of something should break apart, although some may be surprised that this latest secession is not somewhere in the middle of Africa, but in America's own insolvent back yard. Meet Southern California. "Accusing Sacramento of pillaging local governments to feed its runaway spending and left-wing policies, a Riverside County politician is proposing a solution: He wants 13 mostly inland, conservative counties to break away to form a separate state of "South California.'' Supervisor Jeff Stone, a Republican pharmacist from Temecula, called California an "ungovernable'' financial catastrophe from which businesses are fleeing and where taxpayers are being crushed by the burden of caring for welfare recipients and illegal immigrants." Ah yes, the heart of prosperity that is the Inland Empire, known for such great achievements as Hell's Angels, the most ridiculous excesses of the housing bubble, Del Taco, and... that's pretty much it. This sounds like yet another Swiss Watch plan.


ilene's picture

Stock World Weekly: Fireworks!

"Look for a huge shock when they announce just how much more debt the gummit will need to sell compared to what was originally estimated"


Tyler Durden's picture

Guest Post: The U.S. Is A Kleptocracy, Too

Yesterday, I noted that Greece Is a Kleptocracy; the U.S. is a kleptocracy, too. Before you object with a florid speech about the Bill of Rights and free enterprise, please consider the following evidence that the U.S. is now a kleptocracy worthy of comparison to Greece: 1. Neither party has any interest in limiting the banking/financial cartel; 2. Our stock markets are dominated by insiders; 3. The rule of law in the U.S. has been divided into two branches: one in name only for the financial Elites and corporate cartels, and one for the rest of us mere citizens; 4. Just as in Greece, taxes are optional for the nation's financial Elites.


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Christine Lagarde Releases Statement To IMF Executive Board Pitching Her Candidacy

Christine Lagarde, who is quick to play the gender card, has released her formal statement to the IMF Executive Board pitching her candidacy. As she herself prioritizes her qualifications: "Having clarified this situation let me state the following: I stand here as a woman, hoping to add to the diversity and balance of this institution." etc. Translation: no need to worry I will (allegedly) rape maids, so pick me. Then there's everything else, which for a bailout agency which is now wholly in China's shadow, is very much irrelevant.


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Doubling Down On Bailout CDOs: EFSF Guarantees To Be Raised From €440 Bn To €780 Bn As Europe Prepares For Spain Failure

According to flashing headlines, the CDO better known as the European Financial Stability Fund will be increased to guarantee €780 billion in the future, up from €440 billion currently (the same EFSF which currently sees Greece, which has no money left at all, guaranteeing €12.4 billion of European bailouts). This was largely expected previously as many had noted that the EFSF in its current form is insufficient to cover the liabilities of Spain once the country is swept away to the Greek insolvency tsunami. Alas, for the EURUSD which is seeing this as good news, and has surged on the announcement, this development actually means that Europe is taking proactive steps to fund Spain imminently when the house of cards start falling potentially as soon as Tuesday night. This is nothing but a Spain, and then Italy, backstop. However, for Italy to be covered, expect the total covered amount to be €1. 5 trillion. Did the Eurozone just blink?


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Bank Of Israel Governor Stanley Fischer Barred From IMF Job Race For Being Too Old

Luckily, the IMF does not bar candidates for being too thin, or too male...


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Full List Of 2011 Bilderberg Conference Attendees

Many have asked for it, so here it is: the full list of gentlemen (and ladies) attending this year's Bilderberg conference. Some wonder if like in previous years, when following the group's 2009 and 2010 meetings in Greece and Spain, the host countries have subsequently had to deal with some sad episodes of sovereign insolvency, if 2011 host Switzerland, despite its ironclad Swiss National Bank (except for all those dollars on the balance sheet of course) may be next...


Tyler Durden's picture

Frontrunning: June 10

  • Germany Digs In On Greek Debt Restructuring (Bloomberg)
  • Libya emerges as Opec's big winner (FT)
  • Athens approves four-year austerity package (FT)
  • Germany sticks to demand for Greek bond swap (Reuters)
  • Fed said to consider expansion of capital reviews (Bloomberg)
  • Ally Financial delaying IPO (Reuters)
  • Tokyo Riot Squad to Safeguard Tepco Meeting (Bloomberg)
  • Christine Lagarde's victory a "done deal" says IMF rival (Telegraph)
  • Jamie Dimon's faulty capital requirement math (Simon Johnson)

Tyler Durden's picture

Hillary Clinton Seeks To Run World Bank

Update 2: State Department official says Clinton would not even take World Bank job if it was offered - CBS News

Update: NBC WIRE: From Philippe Reines, a Clinton spokeman: "It's 100% untrue, Reuters is wrong. That's on the record."

Phew, that was scary...

We are surprised that the "recidivist rapist" post-DSK PR backlash took so long. Yet it is now here. From Reuters:

  • Secretary of State Hillary Clinton has been in discussions with the
    White House about leaving her job next year to become head of the World
    Bank, sources familiar with the discussions said Thursday.

Far more importantly, another rat leaves Obama's sinking ship. In the meantime, feminists everywhere rejoice, because, you know, Hillary, extremely experienced in economic, bankruptcy, and other financial issues is a woman.  Next up: Oprah seeks to run the Bilderberg group, in order to give it a more "streamlined", humane appearance and Rachel Maddow in rumored to run the Trilateral Commission. Obviously, Erin Burnett is a shoo in for the CFR. And yes, the world has now officially gone crazy.


Tyler Durden's picture

Frontrunning: June 9

  • Obama Considering Another Stimulus Tax Cut (New Republic)
  • Taxes on the menu in debt-reduction talks (Reuters)
  • Americans torn over debt limit (WaPo)
  • Dimon Challenges Bernanke on Wall Street Regulation (Bloomberg)
  • The Great Property Bubble of China May Be Popping (WSJ)
  • Beige Book confirms break in supply chain(FT)
  • Trichet May Play ECB Rate Card as Germany Risks Split on New Greek Rescue (Bloomberg)
  • Slow growth to anchor Bank rates despite price pressure (Reuters)
  • President Obama Authors The Economic Recovery That Isn’t (Forbes)
  • New Cracks in Oil Cartel (WSJ)

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