Corporate Media Continues to Pump Out Fake News on Wall Street Crash of 2008

When there is an epic financial crash in the U. S. that collapses century old Wall Street institutions and brings about the greatest economic collapse since the Great Depression, one would think that the root causes would be chiseled in stone by now. But when it comes to the 2008 crash, expensive corporate media real estate is happy to allow bogus theories to go unchallenged by editors.
What is happening ever so subtly over time is that the unprecedented greed, corruption and unrestrained manufacture of fraudulent securities by iconic brands on Wall Street that actually caused the crash are getting a gentle rewrite. The insidious danger of this is that Wall Street is never reformed or adequately regulated – that it remains a skulking financial monster with its unseen tentacles wrapped tightly around every economic artery of American life, retaining its ever present strangulation potential.
On August 10 of this year, Wall Street Journal reporter James Mackintosh penned the following astonishing sentence: ‘The global financial crisis began 10 years ago this week, when a French bank suspended three money-market funds. What savers thought was money turned out to be merely credit, and the realization rapidly trashed U. S. money-market funds and the global banking system.’

This post was published at Wall Street On Parade on August 15, 2017.

The Globalist Agenda Is Being Met: ‘To Collapse The United States Internally And Attack It Externally’

The rights of the American people have been, and are being trampled into the dust, as the pseudo-representatives glut themselves from the trough of lobbyists and oligarchs alike. It could be proven, but won’t be proven: the investigating ‘authority’ is not accountable to the people and there is no oversight. The FBI, and any investigations under special counsel? Look at Fast and Furious and how the Attorney General’s office covered that one up. What is needed to prove it? Something that doesn’t exist. Here is what is needed:
A team of spotless individuals with a leader of unquestionable character and service…with complete authority and impunity: unable to be hindered by any federal, state, or local police and army of ‘authorities.’ This Special Investigative Team would have the power to investigate fully any and all ties to Congressmen, Senators, and Supreme Court judges…to find evidence of bribery, kickbacks, and influence peddling…and then arrest them and bring them to trial.
Everyone can jump up and down, desiring to boil in oil anyone making such a suggestion; however, without some kind of accountability, these elected officials are running rampant and trampling the rights of the citizens. Who is going to stop it? The courts? The courts are the biggest pack of crooks of all. Yes, ‘Your Honor,’ and ‘The Honorable,’ ad infinitum.
I guarantee that a Special Investigator with impunity would have found plenty of coral snakes under Chief (in)Justice John Roberts’ front porch…if Obama and Holder had been made to step aside and an investigation had been done. This should have been done after he cast his deciding vote on Obamacare. Going back a few years, Obamacare would have never made it to the floor of the Senate if Olympia Snow (R, ME) had not allowed it to come up for a vote. Who paid her off?
In order to follow the money, you have to be allowed to follow it: or you’ll just end up arrested or dead.
The special unit of investigators I suggested? They need to be armed to the teeth, and they need giant, shiny badges that every human in the Western Hemisphere will recognize. And why not? It worked for Elliot Ness and his team. This won’t be done, of course, for one reason:

This post was published at shtfplan on August 7th, 2017.

Only Ten Years After the Last Financial Crisis the Banks Are At It Again

Apparently the Banks have been lobbying heavily, and expending significant amounts of money again, leaning on their Congressmen and pressuring regulators, saying that their capital standards need to be relaxed so that they can make more loans to stimulate economic growth.
But that, according to the FDIC Vice-Chairman, is utter nonsense.
“Hoenig, who was a high-ranking Federal Reserve official during the crisis, cautioned Senate Banking Committee Chairman Mike Crapo and the committee’s senior Democrat, Sherrod Brown, “against relaxing current capital requirements and allowing the largest banks to increase their already highly leveraged positions.”
Using public data to analyze the 10 largest bank holding companies, Hoenig found they will distribute more than 100 percent of the current year’s earnings to investors, which could have supported to $537 billion in new loans.

This post was published at Jesses Crossroads Cafe on 04 AUGUST 2017.

GOVERNMENT WATCHDOG: U.S. IS ‘DROWNING AFGHANS IN MONEY’

The Special Inspector General for Afghan Reconstruction (SIGAR), John Sopko, in an interview with Breitbart News, said the U. S. has been ‘drowning’ Afghanistan in money, wasting millions and creating conditions for corruption.
‘You can drown somebody in goodness,’ Sopko told Breitbart. ‘It’s the comedy of the absurd when it comes down to [American] assistance [to Afghanistan] and we are just drowning Afghans in money. And when you drown somebody in money, you can’t be surprised that some of it gets wasted.’
Sopko said the American people should care about the Afghan war as a natural security issue, but should also demand accountability for their government’s reckless use of tax dollars in the conflict.
The office of the SIGAR is charged with overseeing reconstruction projects in Afghanistan, conducting audits and investigations to prevent waste, fraud and abuse. To date, the U. S. has appropriated a total of some $700 billion for the war, including the $120 billion spent on ‘reconstruction’ which Sopko’s office is tasked to track and account for.

This post was published at The Daily Sheeple on AUGUST 1, 2017.

Pakistan Plunges Into Political Turmoil After Prime Minister Ousted For Corruption

Pakistan plunged into political turmoil when its Prime Minister Nawaz Sharif resigned shortly after the Supreme Court ousted him from office on Friday following an investigation into allegations of corruption centering on undeclared offshore assets. As Reuters notes, The court disqualified Sharif for not being ‘honest’, a requirement for lawmakers under Pakistan’s constitution, something the US sorely needs to amend as well. The court also ordered a corruption trial against Mr. Sharif, whose family is accused of amassing wealth through corrupt means and purchasing expensive overseas properties with that money.
The case against Mr. Sharif centers on four upscale apartments in London, which the opposition party alleges were bought with money made from corruption. Details of the property, held in the name of Mr. Sharif’s children, were disclosed in the huge leak of documents from the Panamanian law firm Mosack Fonseca last year, known as the “Panama Papers”, detailing the undisclosed offshore holdings of people around the world. The Prime Minister said the apartments belonged to his children, not him, and were acquired as part of a settlement of an old family business deal with a Qatari prince.

This post was published at Zero Hedge on Jul 28, 2017.

Feds Say Condo Involved In NYC’s Largest Foreclosure Tied To Nigerian Corruption Case

New York City real estate, particularly the luxury market, is a popular refugee for world’s corrupt, self-dealing public servants and the crooked businessmen who bribe them. China cracked down on wealthy citizens seeking to stash their wealth in international real estate by adding several deterrents to its capital controls earlier this year (Among them, Chinese investors moving money out of the country must now sign a pledge saying it won’t be used to buy real estate, or investment securities). Shortly after, the New York real-estate – literally half a world away – was rattled by a crush of stalled deals.
So, it’s unsurprising that the mystery behind the largest residential foreclosure auction in NYC history would have this kind of sordid backstory. Last month, we met Kola Aluko, a Nigerian oil magnate and the purported owner of One57’s Apartment 79, a $50 million apartment that will be sold next week in what appears to be the largest foreclosure auction in New York City history.

This post was published at Zero Hedge on Jul 16, 2017.

Can Japan End its Easy-Money Addiction?

The shock landslide defeat of PM Shinzo Abe’s Liberal Democratic Party (LDP) in the recent Tokyo metropolitan elections – and the triumph there of Tokyo Governor Koike’s new party (Tomin First) – has lit a faint hope that the radical Japanese monetary expansion policy could be on its way out. The flickering light though is not strong enough to soothe the mania in Japan’s carry trades and so the yen continued to slide in the aftermath of the elections. Between mid-June and early July the Japanese currency depreciated by some 5% against the US dollar and 10% against the euro.
The perception in currency markets is that Japan will not be embarking on monetary normalization this year or next, in contrast to Europe where ECB Chief Draghi has hinted that the train (to monetary normalization) will start next year, even though the journey promises to be very slow. The US train to normalization continues at a glacially slow pace including some periods of reverse movement. Moreover the monetary climate prior to the journey commencing is even more extreme in the case of Japan than in Europe or the US.
It was possible to imagine that the shock election setback for the LDP could have caused Shinzo Abe to withdraw support from his money-printer in chief, Bank of Japan governor Haruhiko Kuroda (whose term ends in April 2008), thereby signaling an early end to negative interest rates and quantitative easing. But markets in their wisdom have concluded this is not to be. Many elderly Japanese are pleased with their stock market and real estate gains even though they complain about negative interest rates and the threat of inflation. In any case it was young voters, responding to the stink of alleged corruption scandals, who turned out en masse for Governor Koike’s new party.

This post was published at Ludwig von Mises Institute on July 17, 2017.

No ‘Trump Bump’ for the Economy

Crackpot Schemes POITOU, FRANCE – ‘Nothing really changes.’ Sitting next to us at breakfast, a companion was reading an article written by the No. 2 man in France, douard Philippe, in Le Monde. The headline promised to tell us how the country was going to ‘deblock’ itself. But upon inspection, the proposals were the same old claptrap about favoring ‘green’ energy… changing the tax code to reward one group and punish another… and spending more money on various humbug initiatives.
***
Subsidized green energy scams are mainly creating eyesores – other than that, they add up to nothing but cronyism writ large. After the one of the biggest solar company bankruptcies ever happened in Spain, a detailed economic study found that for every subsidized renewable energy job the government ‘created’ (at a cost of nearly $2 million per job!) 2.2 jobs were lost elsewhere. It is a good bet that the math isn’t much different elsewhere. To add insult to injury, there is precisely zero evidence that carbon emissions are reduced by even one iota due to these efforts. It is an apodictic certainty that no economy can possibly be ‘rescued’ by the subsidization of this nonsense. There is a widespread belief in government circles that ‘economic growth’ can somehow be conjured up by bureaucrats. That is a costly error that increasingly endangers the future of Western civilization. [PT]

This post was published at Acting-Man on July 12, 2017.

Anti-Cash Fanaticism in Scandinavia

First they came for the inmates’ cash. . . .
Apparently, the prevarications and base tactics of anti-cash fanatics know no bounds. In an announcement in May that garnered very little mainstream press coverage, the Danish government stated its intention to ban cash from its largest prisons. The ostensible reason, according to Justice Minister Soeren Pape Poulsen, is that “there is a risk that people in criminal circles exploit their friends’ incarceration to hide money.” Forcing inmates to pay for purchases electronically will make it “easier to follow the money flow in and out.” So let’s get this straight. The Danish government actually believes that it is more likely that inmates’ unincarcerated cronies will show up en masse and hand over wads of krone to stash in a government prison than that the inmates will figure out a way to use the electronic payments devices to contact and scheme with these cronies to commit more crimes. Of course government officials do not believe this nonsense. The real point of the measure is to reinforce the link between cash and criminality in the public mind so that citizens are more amenable when the day comes that their own cash is seized by government.
MISES WIRE

This post was published at Ludwig von Mises Institute on July 7, 2017.

Jeff Zucker Should Stand Trial for Conspiring Against the United States For Corporate Profits – Enough is enough!

Project Veritas, which CNN and others try bad mouthing, has caught CNN’s Supervising Producer admitting (1) they are on a witch-hunt against Trump, and (2) they constantly bash Trump with Russia putting the entire world at risk of war simply to make money. They treat their viewers as idiots who lack enough intelligence to distinguish the truth from propaganda violating even the fiduciary duty and public trust they must maintain as directors of a public corporation. CNN has become the source for misrepresenting implicitly that Trump won office only with Putin’s help.
The CEO of CNN, Jeff Zucker, is a very dangerous man who is violating federal law pursuing money and to hell with ethics, God, or the country also violating the security laws that every other director of a public corporation must maintain or face 25 years in prison. Trump has made CNN because he has been their number one story – relentlessly. Zucker has lost all credibility but he loves it and Time Warner is becoming a really dangerous propaganda corporation since Zucker is the true face of just how unethical Time Warner has become. If a drug company made false claims about a product just to make money, they would be in jail. So why not Time Warner?


This post was published at Armstrong Economics on Jul 2, 2017.

Jeff Zucker & Jeff Bewkes Should Stand Trial for Conspiring Against the United States For Corporate Profits – Enough is enough!

Project Veritas, which CNN and others try bad mouthing, has caught CNN’s Supervising Producer admitting (1) they are on a witch-hunt against Trump, and (2) they constantly bash Trump with Russia putting the entire world at risk of war simply to make money. They treat their viewers as idiots who lack enough intelligence to distinguish the truth from propaganda violating even the fiduciary duty and public trust they must maintain as directors of a public corporation. CNN has become the source for misrepresenting implicitly that Trump won office only with Putin’s help.
The CEO of CNN, Jeff Zucker, is a very dangerous man who is violating federal law pursuing money and to hell with ethics, God, or the country also violating the security laws that every other director of a public corporation must maintain or face 25 years in prison. Trump has made CNN because he has been their number one story – relentlessly. Zucker has lost all credibility but he loves it and Time Warner is becoming a really dangerous propaganda corporation since Zucker is the true face of just how unethical Time Warner has become. If a drug company made false claims about a product just to make money, they would be in jail. So why not Time Warner?

This post was published at Armstrong Economics on Jul 2, 2017.

If We Don’t Change the Way Money Is Created, Rising Inequality and Social Disorder Are Inevitable

Centrally issued money optimizes inequality, monopoly, cronyism, stagnation and systemic instability. Everyone who wants to reduce wealth and income inequality with more regulations and taxes is missing the key dynamic: central banks’ monopoly on creating and issuing money widens wealth inequality, as those with access to newly issued money can always outbid the rest of us to buy the engines of wealth creation. History informs us that rising wealth and income inequality generate social disorder. Access to low-cost credit issued by central banks creates financial and political power. Those with access to low-cost credit have a monopoly as valuable as the one to create money. I explain why in my book A Radically Beneficial World: Automation, Technology and Creating Jobs for All. Compare the limited power of an individual with cash and the enormous power of unlimited cheap credit. Let’s say an individual has saved $100,000 in cash. He keeps the money in the bank, which pays him less than 1% interest. Rather than earn this low rate, he decides to loan the cash to an individual who wants to buy a rental home at 4% interest.

This post was published at Charles Hugh Smith on MONDAY, JUNE 26, 2017.

Infrastructure ‘Stimulus’ – Chinese Ghost Cities & The Big Money Drain

As President Trump’s “Infrastructure Week” comes to an ignominious end, NIRP Umbrella’s Alex Deluce reminds us that spending money on bridges to nowhere and cities of the future is anything but the stimulating panacea it is talked up to be…
Is a Chinese credit bubble in the cards? Well, it will be interesting to see if China’s authorities can get through the unwind of US $3 trillion worth of excess credit and the distressed debt on banks’ balance sheets.
From 2009 to 2016, more than 10 trillion of Chinese investment was thrown at infrastructure, ghost cities, and corruption thanks to a helping hand from the Chinese banks and foreign lenders eager to participate in the Chinese growth story.
In fact, hundreds of new cities in China are essentially empty. The hope is that rural population someday move in.
Roughly 40% of the 300 million Chinese expected to move into a town by 2030 will mostly be moving to smaller cities in the ‘chengzhenhua’ system.
As OfTwoMinds’ Charles Hugh Smith recently explained, building bridges to nowhere isn’t just a waste of money in the present; it saddles the economy with productivity-draining costs for decades to come.

This post was published at Zero Hedge on Jun 10, 2017.

Kim Dotcom Disappoints: Offers Full Seth Rich Testimony But Only To Special Counsel Mueller

#SethRich was a hero#SethRich changed history#SethRich exposed the corrupt
Here is my statement > — Kim Dotcom (@KimDotcom) May 23, 2017

As promised over the weekend, Kim Dotcom has delivered his official ‘statement’ on the Seth Rich murder. Unfortunately, it’s a bit light on the details and more of a teaser along with a promise to disclose full details of his relationship with Seth Rich to Special Counsel Mueller in return for safe passage to and from the United States.
Here is the full statement as posted to Kim Dotcom’s website:
I know that Seth Rich was involved in the DNC leak.
I know this because in late 2014 a person contacted me about helping me to start a branch of the Internet Party in the United States. He called himself Panda. I now know that Panda was Seth Rich.
Panda advised me that he was working on voter analytics tools and other technologies that the Internet Party may find helpful.
I communicated with Panda on a number of topics including corruption and the influence of corporate money in politics.
‘He wanted to change that from the inside.’

This post was published at Zero Hedge on May 23, 2017.

Brazil’s President Tells Supreme Court To Suspend Corruption Probe Of Brazil’s President

In a move that will surely light the proverbial lightbulb over Donald Trump’s head, Brazilian President Michel Temer, having been officially dragged into Brazil’s massive corruption scandal after a record emerged in which he urged the payment of “hush money”, said on Saturday he would ask the Supreme Court to suspend its investigation into allegations he was also involved in the carwash corruption scheme, vowing to remain in power.
Speaking during a televised address on Saturday afternoon, Brazil’s deeply unpopular president, who replaced a just as deeply unpopular president last year when Dilma Rouseff was impeached, claimed the recording that implicated him in the scandal was doctored and said he would file a petition with the Supreme Court to suspend the investigation until it could be verified, the WSJ reported.
In the recording cited by Temer, which unleashed a historic crash of the Brazilian stock market and currency on Thursday when news of Temer’s involvement broke, the president can be heard chatting with Joesley Batista, chairman and heir of the beef-and-chicken JBS empire, apparently him his approval to pay the jailed former speaker of the House Eduardo Cunha – the man responsible for Dilma Rouseff’s ouster last year – to buy his silence. Batista, who made the recording and gave it to prosecutors in hopes for prosecutorial leniency against JBS, said the recording wasn’t edited.

This post was published at Zero Hedge on May 20, 2017.

Unprecedented Corruption Among Brazil’s Top Politicians Revealed In Unsealed JBS Plea Bargain

Recall that behind the latest political scandal to grip Brazil, in which president Michel Temer was accused of paying hush money to the jailed former House speaker, Eduardo Cunha (who was responsible for the impeachment of Temer’s predecessor Dilma Rouseff) to keep him from dragging Temer down as well, and which yesterday led to historic losses for the the Bovespa, was a plea bargain by the top executives of Brazil’s meatpacking giant JBS, Joseley Batista and his brother Wesley, which among other things, included an alleged recording of a phone conversation in which Batista told Temer he was paying Cunha to remain silent, to which the president was recorded saying, “You need to keep that up, okay?”

This post was published at Zero Hedge on May 19, 2017.

Brazil Plunges Into Fresh Political Crisis After Temer “Hush Money” Recordings Emerge; Market Crashes

#protest now in #SoPaulo against #Brazil #Temer caught negotiating kickbacks & for direct elections in the country (photo: Dani Sampaio) pic.twitter.com/t4ojSzwyoe
— ana cernov (@anacernov) May 18, 2017

The presidency of Brazil’s Michel Temer, who replaced disgraced and impeached predecessor Dilma Rouseff last summer, lasted about one year without a major corruption scandal.
That changed tonight, when Brazil’s O Globo newspaper which was instrumental in exposing the Carwash scandal which ultimately led to Rouseff’s downfall and the arrest and incarceration of countless politicians, reported that the chairman of meatpacking giant JBS secretly recorded his discussion with Temer about “hush money” payments to jailed former House Speaker Eduardo Cunha in return for his silence.
The allegations are the latest development in Operation Carwash, a sprawling corruption probe that has implicated many of Brazil’s business and political elite, including some in the president’s own party. Temer has repeatedly denied any wrongdoing.
Readers may recall that in a delightfully ironic case study of political irony and power vacuum, Eduardo Cunha, the conservative Brazilian political leader who led the push in 2016 to oust Dilma Rousseff, was sentenced in March to more than 15 years in prison himself, when a Brazil judge found him guilty of corruption, money laundering and illegally sending money abroad, all in connection with the sprawling graft investigation involving the state-run oil company Petrobras, and which Cunha himself used as a pretext to dispose of Rouseff.

This post was published at Zero Hedge on May 18, 2017.

There Is One Way Out of Debt-Serfdom: Fanatic Frugality

Debt is serfdom, capital in all its forms is freedom.
If we accept that our financial system is nothing but a wealth-transfer mechanism from the productive elements of our economy to parasitic, neofeudal rentier-cartels and self-serving state fiefdoms, that raises a question: what do we do about it?
The typical answer seems to be: deny it, ignore it, get distracted by carefully choreographed culture wars or shrug fatalistically and put one’s shoulder to the debt-serf grindstone.
There is another response, one that very few pursue: fanatic frugality in service of financial-political independence. Debt-serfs and dependents of the state have no effective political power, as noted yesterday in It Isn’t What You Earn and Owe, It’s What You Own That Generates Income.
There are only three ways to accumulate productive capital/assets: marry someone with money, inherit money or accumulate capital/savings and invest it in productive assets. (We’ll leave out lobbying the Federal government for a fat contract or tax break, selling derivatives designed to default and the rest of the criminal financial skims and scams used so effectively by the New Nobility financial elites.)

This post was published at Charles Hugh Smith on THURSDAY, MAY 04, 2017.

Central Banks Have a $13 Trillion Problem

Paycheck to Paycheck
GUALFIN, ARGENTINA – The Dow was down 118 points on Wednesday. It should have been down a lot more. Of course, markets know more than we do. And maybe this market knows something that makes sense of these high prices. What we see are reasons to sell, not reasons to buy.
Nearly half of all American families live ‘paycheck to paycheck,’ say researchers. Without borrowing, 46% couldn’t raise $400 to cover an emergency. This is at least part of the reason why retail sales dropped for the second month in a row in March. Despite seven years of economic ‘recovery,’ millions of Americans don’t have much money.
According to Census Bureau figures, 110 million Americans receive benefits from means-tested federal programs – food stamps, disability, and the like. And according to the Bureau of Labor Statistics, about 125 million Americans have full-time work (with another roughly 112 million without jobs).
That means there are only 125 million people in full-time jobs supporting the whole kit and caboodle of the U. S. economy, with a total population of 323 million. At that rate, each full-time worker supports about 2.6 people… including almost one person receiving money from the feds.
They are also supporting a government debt of $20 trillion and private debt of another $40 trillion or so. That puts the debt-to-full-time-worker ratio at $480,000. The average salary for a full-time worker is just $48,000. At a modest 5% interest, his share of the debt cost would set him back $24,000 each year.
He’d have only the remaining $24,000 to support (1) his own family… and (2) all the malingerers, cronies, and zombies who are drawing government benefits. Obviously, those numbers don’t work. But they explain much of the weakness in the U. S. economy.
The feds’ cheap credit keeps moving money (mostly in the form of asset price increases) to the wealthiest ZIP codes… while the average person’s budget gets tighter and tighter.

This post was published at Acting-Man on April 21, 2017.