One American’s Rage Spills Over: Shut Your Mouth & Start Fighting These Political Parasites

Warning: NSFW, for the weak of heart, look away… Submitted by Thad Beversdorf via First Rebuttal blog, I was shocked today by the absolute gaul of the Fed releasing a statement about Net Worth in America reaching record levels.  Now I get that they are under extreme pressure to sell the story that everything is rainbows and butterflies.  But surely they understand that working class Americans are going along with the story because they really don’t have any say in our nation’s policies anymore.  That doesn’t mean they want it thrown in their faces that the Fed has spent 6 years now inflating the wealth of the top 10% so much that it actually lifts the total wealth of the nation’s citizens to record highs. The ugly reality is that the bottom 80% of Americans experienced none of that gain.  That’s right a big ole goose egg.  And so when the Fed via its […] Read More

The Rigging Triangle Exposed: The JPMorgan-British Petroleum-Bank Of England Cartel Full Frontal

The name Dick Usher is familiar to regular readers: he was the head of spot foreign exchange for JPMorgan, and the bank’s alleged chief FX market manipulator, who was promptly fired after it was revealed that JPM was the bank coordinating the biggest FX rigging scheme in history, as initially revealed in “Another JPMorganite Busted For “Bandits’ Club” Market Manipulation.” Subsequent revelations – which would have been impossible without the tremendous reporting of Bloomberg’s Liam Vaughan – showed that JPM was not alone: as recent legal actions confirmed, virtually every single bank was also a keen FX rigging participant. However, the undisputed ringleader was always America’s largest bank, which would make sense: having a virtually unlimited balance sheet, JPM could outlast practically any margin call, and make money while its far smaller peers were closed out of trades… and existence. But while the past year revealed that FX rigging […] Read More

Keynesian Shangri-La From Myth To Reality

Authored by Mark St.Cyr, In less than the time it takes for a chrysalis to release one of life’s remarkable transformations, many once called “capitalists” woke to find the world they once new changed into something only dreamed or told in folklore. Where business models resembling unicorns abounded along with rainbows in their resembling equivalent of over-arching ETF’s. All available in a multitude of hues and proportions so plentiful: It was hard for one not to well up when contemplating. For in this new fairytale land there must certainly be a pot of gold at the end of every “rainbow.” However, one would be mistaken. For one must remember this is a “Keynesian Shangri-la” and gold here is useless. (insert choir music here) Today, at the end of these self propagated rainbows lies a Central Bank ready and willing to print as much money as one needs to see […] Read More

“There Is No Honest Pricing Left” – The Epochal Error Of Modern Central Banking

Submitted by David Stockman of Contra Corner blog, David Stockman, Director of the Office of Management and Budget under Reagan, former Congressman, and author of the bestseller The Great Deformation: The Corruption of Capitalism in America, discusses his book, the gold standard, bailouts, and the problems the American economy faces today. Mises Institute: In the book, you oppose Bernanke’s view of the Great Depression, which you point out relies heavily on the views of Milton Friedman. David Stockman: Bernanke has cultivated this idea that he is a brilliant scholar of The Great Depression, but that’s not true at all. What Bernanke did was basically copy Milton Friedman’s misguided and very damaging theory that the Federal Reserve didn’t expand its balance sheet fast enough by massive open market purchases of government debt during the Great Depression. Bernanke therefore claimed that monetary stringency deepened and lengthened the depression, but in fact interest […] Read More

Yellen Is Flat-Out Wrong: Financial Bubbles Are Caused By The Fed, Not The Market

Submitted by Jeffrey Snider of Alhambra Partners, More of the same from Janet Yellen in her latest speech, but her focus on “resilience” caught my attention as it relates to very recent developments. The taper threat experience last year may have been a warning, but it doesn’t seem like it resonated with her or policymakers. The major bond selloff, which led to global ripples of crisis in credit, funding and currencies, was the opposite of flexibility. Perhaps a better definition of the word would be a place to start. But her meaning was a bit different, in that it is clear (from this speech and prior assertions, wrong as they were, about the mid-2000’s housing bubble) she sees bubbles as “market” events in which the central bank’s role is primarily shock absorption. In other words, idiot investors wholly of their own accord create bubbles and it’s the job of […] Read More

The Chaos In Iraq Is By DESIGN

Neoconservatives like Paul Wolfowitz planned regime change in Iraq more than 20 years ago … in 1991. But the goal wasn’t just regime change (or oil).  The goal was to break up the country, and to do away with the sovereignty of Iraq as a separate nation. The Guardian noted in 2003: President Hosni Mubarak of Egypt predicted devastating consequences for the Middle East if Iraq is attacked. “We fear a state of disorder and chaos may prevail in the region,” he said. *** They are probably still splitting their sides with laughter in the Pentagon. But Mr Mubarak and the [Pentagon] hawks do agree on one thing: war with Iraq could spell disaster for several regimes in the Middle East. Mr Mubarak believes that would be bad. The hawks, though, believe it would be good. For the hawks, disorder and chaos sweeping through the region would not be […] Read More

Spying Is Meant to Crush Citizens’ Dissent, Not Catch Terrorists

Preface: NSA Lied When It Said It Doesn’t Record Content Last week, Washington Post reporter Barton Gellman –  who has reviewed many of the documents leaked by Ed Snowden – told PBS’ Frontline: Who’s e-mailing whom? Who’s texting whom? Who’s doing Skype calls with whom? They’re collecting a lot of information, a lot of content of phone calls. They’re actually recording the voices— not for all of our calls, but for a lot of U.S. telephone calls. Background. Okay, now you’re ready for the main story … Spying Is Meant to Crush Citizens’ Dissent, Not Catch Terrorists While many Americans understand why the NSA is conducting mass surveillance of U.S. citizens, some are still confused about what’s really going on.In his new book, No Place to Hide, Glenn Greenwald writes: The perception that invasive surveillance is confined only to a marginalised and deserving group of those “doing wrong” – […] Read More

The Secret Back Story to Russia and Ukraine that Americans Never Learned In School

Preface:  We believe that Soviet communism was an abomination.  Stalin was certainly a tyrant: he killed countless political enemies or threw them into insane asylums.   We also have littler tolerance for useful idiots who defend communism as a force for good.  In short, we hate Soviet era communism. And Putin also runs Russia like it’s his plaything, with little regard for the desires of his people. But U.S. warmongers have also been hyping the Russian threat with self-serving lies – and committing atrocities and telling lies – for some 70 years.  As an American, my concern is keeping America from destroying itself.  And – unless we learn our history – we could get in a lot of trouble. America Launched the Cold War Even Before World War II Had Ended Joseph Stalin and the Soviets were key in helping the U.S. to defeat the Nazis.  20 million Russians died […] Read More

And Then There’s This: “The Oceans Will Rise; Nuclear Winter Will Be Upon Us; And The World As We Know It Will End”

As U.S. Justice Department prosecutors begin to bring the first criminal charges against global banks since the financial crisis, they are facing dire warnings of uncontainable collateral damage from none other than the sell-side’s banking analysts… “Don’t play with matches,” warned Brad Hintz, bringing up the specter of Enron (somehow suggesting we would better if that had not been prosecuted?) “The mere threat of requiring a hearing could cause customers to lose confidence in the institution and could cause a run on the bank,” warns a banking lawyer (well isn’t that how it’s supposed to be?). Too Big To Prosecute is starting to tarnish a little as Preet Bharara begins to bring the heat, adding, somewhat humorously that, banks have a “powerful incentive to make prosecutors believe that death or dire consequences await.” It seems Eric Holder’s words – as we noted here… “But I am concerned that the […] Read More