Beatles Last Concert

http://www.openculture.com/2011/09/the_beatles_rooftop_concert.html

Liquidity does not Produce Solvency

"In short, the effect of quantitative easing has diminished substantially since 2009, when risk-premiums were elevated and amenable to being pressed significantly lower. At present, risk-premiums are thin, and the S&P 500 has retreated very little from its April 2012 peak. My impression is that QE3 would (will) be unable to pluck the U.S. out of an unfolding global recession, and that even the ability to provoke a speculative advance in risky assets will be dependent on those assets first declining substantially in value.

Our economic problems run far deeper than what can be healed by more reckless bubble-blowing by the Federal Reserve. At the center of global economic turmoil is a mountain of bad debt that was extended on easy terms by weakly regulated lenders with a government safety net. Global leaders have done all they can to protect the lenders at the expense of the public – to make good on the bond contracts of mismanaged financial institutions by breaking the social contracts with their own citizens. The limit of this unprincipled madness is being reached.

The way out is to restructure bad debt instead of rescuing it. Particularly in Europe, this will require numerous financial institutions to go into receivership, where stock will be wiped out, unsecured bonds will experience losses, senior bondholders will get a haircut on the value of their obligations, and loan balances will be written down. Bank depositors, meanwhile, will not lose a dime, except in countries where the sovereign is also at risk of default. Even there, depositors will probably not lose any more than they would if they held sovereign debt directly. In the U.S., the pressing need continues to be mortgage restructuring, and an emerging recession is likely to bring that issue back to the forefront, as roughly one-third of U.S. mortgages exceed the value of the home itself.

Liquidity does not produce solvency. Bailouts from one insolvent entity to another insolvent entity do not produce solvency. Efforts to stimulate growth will not produce solvency if a large fraction of the economy is overburdened with debt obligations that cannot be repaid. What will produce solvency is debt restructuring. The best hope is that global leaders will recognize the necessity and move ahead with debt restructuring in an orderly way, particularly in the European banking system. The worst nightmare is that global leaders will deny the necessity and belatedly discover that they have squandered the last opportunity to avoid a disorderly finale." - Dr. John Hussman

http://www.hussman.net/wmc/wmc120709.htm

Eric King Interviews Gerald Celente

“It’s a rigged game.  What people don’t realize is the banks have taken over the world.  It’s as simple as that.  The financial crime syndicate is in charge. 

Actually (these are) the words of Rothschild, which he wrote some 200 years ago, “The few who understand the system, will either be so interested in its profits, or so dependent on its favors that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantages...will bear its burden without complaint, and perhaps without suspecting that the system is inimical (harmful) to their best interests.”

He hit it right on the head.  He knew it.  The people have become vassals to the bankers, but they still like to call it freedom and democracy.  It’s a takeover.  The central banks in Europe are now being established in Brussels.  All of the nations are losing their sovereignty, the same way we have lost our sovereignty in the United States”. 

Here is a portion of what Celente had to say regarding gold:  “Not only are the Chinese (buying gold), but so are (other) central banks.  There are a number of central banks around the world that are buying gold.  And, again, it’s manipulated.  In India they are making it more and more difficult to buy gold, and that’s one 

Today top trends forecaster Gerald Celente spoke with King World News what he called, “the story of the 21st century.”  He also discussed gold at length, and stated, “...it’s rigged (the gold market).  Again, go back to the LIBOR scandal, they were lying about the severity of the crisis by rigging the numbers.”  Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world.  Here is what Celente had to say:  “Eric, the big news is the formation of a European Central Bank, in the same fashion as the United States central bank.  Of course there’s the ECB now, but what’s really going on now, it’s not about bailing out the banks of Spain, Greece, Italy, Ireland or Portugal, no, that’s not what that last G-20 meeting was all about.”

Gerald Celente continues:

“So you see it’s a big camouflage because what they are doing now is they are forming a central bank in Brussels.  All of the countries are going to be losing their banking sovereignty, just like they’ve lost it in the United States.  They are all under the thumb of the central bank.

Then you go look at what’s happened over there in the UK with the LIBOR scandal that just happened.  You know what that means?  Well, it just affects a couple of billion people.  Everybody with auto loans, mortgages, etc.. 

Now we find out that the whole thing is a rigged game, which I’ve been saying for years....

“It’s a rigged game.  What people don’t realize is the banks have taken over the world.  It’s as simple as that.  The financial crime syndicate is in charge. 

Actually (these are) the words of Rothschild, which he wrote some 200 years ago, “The few who understand the system, will either be so interested in its profits, or so dependent on its favors that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantages...will bear its burden without complaint, and perhaps without suspecting that the system is inimical (harmful) to their best interests.”

He hit it right on the head.  He knew it.  The people have become vassals to the bankers, but they still like to call it freedom and democracy.  It’s a takeover.  The central banks in Europe are now being established in Brussels.  All of the nations are losing their sovereignty, the same way we have lost our sovereignty in the United States”. 

Here is a portion of what Celente had to say regarding gold:  “Not only are the Chinese (buying gold), but so are (other) central banks.  There are a number of central banks around the world that are buying gold.  And, again, it’s manipulated.  In India they are making it more and more difficult to buy gold, and that’s one of the heaviest gold buying countries in the world.  The whole game is rigged, how much more proof do people need? 

Of course it’s rigged (the gold market).  Again, go back to the LIBOR scandal, they were lying about the severity of the crisis by rigging the numbers.  If you or I did this it would be criminal activity.”

Celente also added:  “It’s a global slowdown.  In the last week, China, they announced interest rate cuts, the ECB announced interest rate cuts, India announced more stimulus, the UK announced more stimulus and bond buying.  This whole thing is collapsing, that’s why I’m in gold.

The way I see it is the criminal gang that’s running the show can’t keep it from collapsing.  This LIBOR story should be the story of the 21st century.  Everyone on the planet was affected by this criminal activity.”

from KWN http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/7_Gerald_Celente_-_The_Biggest_Story_of_the_21st_Century.html

Banksters

US Senator Bernard Sanders (I-Vt.)
Washington, DC
June 12, 2012

Jamie Dimon Is Not Alone

During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve.

1. Jamie Dimon, the Chairman and CEO of JP Morgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007. During the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total financial assistance. JP Morgan Chase was also used by the Fed as a clearinghouse for the Fed’s emergency lending programs.
2. In March of 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. During the financial crisis, the Fed provided JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. The Fed also agreed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
3. Jeffrey Immelt, the CEO of General Electric, served on the New York Fed’s Board of Directors from 2006-2011. General Electric received $16 billion in low-interest financing from the Federal Reserve’s Commercial Paper Funding Facility during this time period.
4. Stephen Friedman. In 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap Fed loans. During the same period, Friedman, who was chairman of the New York Fed at the time, sat on the Goldman Sachs board of directors and owned Goldman stock, something the Fed’s rules prohibited. He received a waiver in late 2008 that was not made public. After Friedman received the waiver, he continued to purchase stock in Goldman from November 2008 through January of 2009 unbeknownst to the Fed, according to the GAO. During the financial crisis, Goldman Sachs received $814 billion in total financial assistance from the Fed.
5. Sanford Weill, the former CEO of Citigroup, served on the Fed’s Board of Directors in New York in 2006. During the financial crisis, Citigroup received over $2.5 trillion in total financial assistance from the Fed.
6. Richard Fuld, Jr, the former CEO of Lehman Brothers, served on the Fed’s Board of Directors in New York from 2006 to 2008. During the financial crisis, the Fed provided $183 billion in total financial assistance to Lehman before it collapsed.
7. James M. Wells, the Chairman and CEO of SunTrust Banks, has served on the Board of Directors at the Federal Reserve Bank in Atlanta since 2008. During the financial crisis, SunTrust received $7.5 billion in total financial assistance from the Fed.
8. Richard Carrion, the head of Popular Inc. in Puerto Rico, has served on the Board of Directors of the Federal Reserve Bank of New York since 2008. Popular received $1.2 billion in total financing from the Fed’s Term Auction Facility during the financial crisis.
9. James Smith, the Chairman and CEO of Webster Bank, served on the Federal Reserve’s Board of Directors in Boston from 2008-2010. Webster Bank received $550 million in total financing from the Federal Reserve’s Term Auction Facility during the financial crisis.
10. Ted Cecala, the former Chairman and CEO of Wilmington Trust, served on the Fed’s Board of Directors in Philadelphia from 2008-2010. Wilmington Trust received $3.2 billion in total financial assistance from the Federal Reserve during the financial crisis.
11. Robert Jones, the President and CEO of Old National Bancorp, has served on the Fed’s Board of Directors in St. Louis since 2008. Old National Bancorp received a total of $550 million in low-interest loans from the Federal Reserve’s Term Auction Facility during the financial crisis.
12. James Rohr, the Chairman and CEO of PNC Financial Services Group, served on the Fed’s Board of Directors in Cleveland from 2008-2010. PNC received $6.5 billion in low-interest loans from the Federal Reserve during the financial crisis.
13. George Fisk, the CEO of LegacyTexas Group, was a director at the Dallas Federal Reserve in 2009. During the financial crisis, his firm received a $5 million low-interest loan from the Federal Reserve’s Term Auction Facility.
14. Dennis Kuester, the former CEO of Marshall & Ilsley, served as a board director on the Chicago Federal Reserve from 2007-2008. During the financial crisis, his bank received over $21 billion in low-interest loans from the Fed.
15. George Jones, Jr., the CEO of Texas Capital Bank, has served as a board director at the Dallas Federal Reserve since 2009. During the financial crisis, his bank received $2.3 billion in total financing from the Fed’s Term Auction Facility.
16. Douglas Morrison, was the Chief Financial Officer at CitiBank in Sioux Falls, South Dakota, while he served as a board director at the Minneapolis Federal Reserve Bank in 2006. During the financial crisis, CitiBank in Sioux Falls, South Dakota received over $21 billion in total financing from the Federal Reserve.
17. L. Phillip Humann, the former CEO of SunTrust Banks, served on the Board of Directors at the Federal Reserve Bank in Atlanta from 2006-2008. During the financial crisis, SunTrust received $7.5 billion in total financial assistance from the Fed.
18. Henry Meyer, III, the former CEO of KeyCorp, served on the Board of Directors at the Federal Reserve Bank in Cleveland from 2006-2007. During the financial crisis, KeyBank (owned by KeyCorp) received over $40 billion in total financing from the Federal Reserve.
19. Ronald Logue, the former CEO of State Street Corporation, served as a board member of the Boston Federal Reserve Bank from 2006-2007. During the financial crisis, State Street Corporation received a total of $42 billion in financing from the Federal Reserve.

US Senator Bernard Sanders (I-Vt.)
Washington, DC
June 12, 2012

Wisdom - Andrew Zuckerman

"You don’t stop doing things because you get old. You get old because you stop doing things.” ~ Rosamunde Pilcher, writer

Report: Hincapie, Leipheimer, Vande Velde, Zabriskie, Vaughters give evidence against Armstrong

By: 

Cycling News

Published: 

July 5, 07:16, 

Updated: 

July 5, 07:16

Edition:

First Edition Cycling News, Thursday, July 5, 2012

Riders given six-month delayed ban by USADA

Four former teammates of Lance Armstrong will receive six month bans after they confessed to doping and testified against the seven-time Tour de France winner, according to De Telegraaf.

George Hincapie, Levi Leipheimer, Christian Vande Velde and David Zabriskie are said to have given evidence in the USADA investigation which has charged Armstrong with doping. All four riders are currently taking part in the Tour de France, but in recent weeks, USA Cycling revealed theyopted not to be considered for the Olympic Games.

Today's report, which is front-page news, also names Garmin-Sharp boss Jonathan Vaughters. It is not clear whether Vaughters too will face suspension.

"Miraculously, USADA has arranged for the suspensions to begin at the start at the end of the season so that they are able to race both the Tour de France and the Vuelta a Espana," the article states.

In mid June, USADA formally charged Armstrong with doping with the use of evidence gathered in the investigation into potential doping on the United States Postal Service (USPS) (1996-2004), Discovery Channel (2005-2007), Astana (2009) and RadioShack (2010) cycling teams. Johan Bruyneel, Dr. Pedro Celaye, Dr. Luis Garcia del Moral, Dr. Michele Ferrari, and Mr. Pepe Marti are also accused of a variety of doping violations, from the administration of doping products, trafficking, assisting and abetting and covering up.

Within the 15-page letter detailing the charges, USADA pointed to 10 witnesses to the alleged conduct, made up of cyclists and cycling team employees, but until now their identities remained secret.

http://www.cyclingnews.com/news/report-hincapie-leipheimer-vande-velde-zabriskie-vaughters-give-evidence-against-armstrong

Tom Fitzpatrick via King World News

Here is what Fitzpatrick had to say about the stock market: “The price action here is still similar to that seen at the highs in 2007 going into 2008 (see parallel lines).  The initial leg down from the Oct 2007 high (1,576) was 10.7%. We then bounced 8.3% before turning lower again and trending down to the 200 week moving average.

  

This year, the initial leg down from April’s high was 10.9%.  Four week’s ago we set an interim low and bounced 7.6%, so not quite as much but still similar.  While the there is still room for a small squeeze up, we ultimately expect a move down to the 200 week moving average (1,136).”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/4_Citis_Fitzpatrick_-_2_Key_Markets__The_Euro_vs_Dollar_%26_Stocks.html