Earlier this week I told you about Social Security’s Disability Insurance Trust Fund (DI), which will become insolvent in a matter of months. The DI problem (just like the rest of Social Security) has been a long time coming. But rather than form some meaningful solution, Congress has instead opted to commit financial fraud by commingling DI monies together with the other Social Security funds. Now comes the Highway Trust Fund. The difference between DI and the Highway Trust fund is that this one won’t be insolvent in a matter of years or months. Their own data shows that it may very well be toast… today.
Some were confused if the Mt. Gox founder, Mark Karpeles, was going to get away with nothing more than an excuse, even if - as many speculated - he had personally fabricated exchange data entries and embezzled millions of dollars for his own account. Earlier today we got the answer when nearly 18 months after his infamous apology, Mark Karpeles was arrested in Tokyo. FT reports that Japanese police have arrested Mark Karpelès, the head of the bankrupt Japan-based bitcoin exchange Mt Gox. The arrest charge is that he made an illegal entry to the system in February 2013 and increased the balance of his account by $1 million.
With Greece facing a critical €3.2 billion payment to the ECB on August 20, creditors are under immense pressure to conclude official discussions on a third bailout program within the next three weeks. Now, Focus magazine says some German officials doubt whether the quadriga's timeline is realistic.
Widespread outrage across Germany is erupting following the revelation that the nation’s Attorney General has launched an investigation into treason charges for two journalists working for Netzpolitik. The charge is treason. The crime is journalism.
We didn't think much yesterday morning when we read reports that a 2010 Embraer Phenom 300 private jet, with a Saudi Registration HZ-IBN, crashed at a car auction site in Hampshire. Just like one year ago, the reason for the importance of the crash was made apparent only hours later. Shortly after the crash, reports in UK media outlets, including the Daily Mail and Mirror, alleged that the $11 million jet was owned by Jeddah-based Salem Aviation, a company named after Osama bin Laden’s elder cousin, who himself was an amateur pilot and died in a plane crash. Among the other casualties: Osama bin Laden's sister and stepmother.
When all of your arguments have been crushed with brutal determination, what better way to prove you have no idea what you are talking about than to name drop this website, and start laughing hysterically.
"Please remember, these people are our neighbors and friends. You have a skill that will be very much in need when this goes down. You are experts in the job market and you know what it takes to get hired. This is a time for us to step up and do what we can to help."
It does not matter what you hold your savings in only that it will retain value when conventional paper currencies become a despised possession. When that happens you need the ability to buy the things you need with what you physically have on hand. The question you must answer is what will you have on hand when that day comes.
The journey from hubris to humiliation in EM has taken roughly 5 years. As BofAML notes, despite muted asset returns, 2015 has seen the emergence of two big trends: the risk of a bubble in US health care & technology; and the crash in EM/Resources/Commodities. The two trends are best exemplified by the "Map of Hubris & Humiliation" which shows among other things that the market cap of MSCI Russia is currently equivalent to Intel’s, while the market cap of Netflix equals that of MSCI Chile.
"...seen from the proper angle, the dollar is revealed to be a paper thin instrument of warfare, a ripple effect on the people, a twisted illusion, a weaponized money now engaged in a covert economic warfare that threatens their very livelihood."
Amid the collapse in commodities, crashing Chinese stocks, the weakest US wage growth in US history, and a data-dependent Fed; Goldman Sachs fears the new normal is 'shorter-and-faster' business cycles with no persistence primed by monetary policies. Most wprryingly, they conclude, will short business cycles beget shorter business cycles?
The IMF failures in Greece bring back vivid memories of the Asian Financial Crisis of 1997-98... As the Indonesian episode should teach us, the IMF’s management can be very political and often neither trustworthy nor competent. Greece offers yet another chapter.
"We warn soldiers of (Division 30) against proceeding in the American project. We, and the Sunni people in Syria, will not allow their sacrifices to be offered on a golden platter to the American side."
Presidential hopeful Bernie Sanders recently raised the ire of both progressives and libertarians with his remarks concerning immigration. In just a few sentences, Sanders manages to demonstrate a hodgepodge of nativist, nationalist, protectionist, and socialist sentiments. But for anyone wondering why he wandered off the progressive narrative on immigration, it’s because protectionist labor unions pay him better than, say, La Raza.
A Hillview man has been arrested after he shot down a drone flying over his property - but he's not making any apologies for it. "I just think you should have privacy in your own backyard," said William Merideth, 47, "I went and got my shotgun and I said, "I'm not going to do anything unless it's directly over my property."" That moment soon arrived, "within a minute or so, here it came... it was hovering over top of my property, and I shot it out of the sky." Merideth was arrested and charged with first degree criminal mischief and first degree wanton endangerment...