Monday, December 31, 2012

LLoyds bank Customers were reporting today that they were unable to withdraw money from cash machines or pay by card.

Lloyds bank cards fail ahead of New Year celebrations
5:26PM GMT 31 Dec 2012
"New Year’s revellers have been left stranded without money as computer systems at Lloyds Banking Group crashed, leaving customers unable to withdraw cash this afternoon. Lloyds customers have flooded Twitter to complain that they are unable to get money out of cash machines and that their debit cards were being declined. Others claimed they were unable to access up-to-date details of their bank account, although the bank later said that this "intermittent problem" had been resolved. The problems affected both the Lloyds TSB brand and those with Halifax and Bank of Scotland accounts, all of which are part of Lloyds Banking Group. The bank, which has 22 million current account customers, is the largest retail bank in the UK. It is now part owned by the taxpayer after it had to be bailed out by the Government during the financial crisis in 2008 and 2009. One twitter user, Steve J, tweeted: “Cash machines don’t work, debit card refused (so no cashback). What a great time for computer problems. Thanks.”"

Saturday, December 29, 2012

Ron Paul On The Fiscal Cliff: "We Have Passed The Point Of No Return"

"We have passed the point of no return where we can actually get our house back in order," Paul begins, adding that "they pretend they are fighting up there, but they really aren't. They are arguing over power, spin, who looks good, who looks bad; all trying to preserve the system where they can spend what they want, take care of their friends and print money when they need it." With social safety nets available to rich and poor, there is no impetus for change and "the country loses," but Paul concludes, the markets are starting to say "there is a limit to this."

Thursday, December 27, 2012

Thursday, December 20, 2012

Large money going long gold.

"What is happening now is the Great Train robbery
whereby the Goldmans of this world will take a huge long position in gold under the beard of manipulation and control of popular gold guys plus financial TV. Please tell our Euroland friends to simply hunker down because this is as much of a passing cloud as was every single reaction since $248. Once these blackards take all the CIGA gold they can get, we are off to $3500 and above. This is not something I think. This is something I know."
"Respectfully, Jim"

Monday, December 3, 2012

Credit Suisse accounts to have negative interest rate

"In a world that already makes little sense to most, Credit Suisse just pushed the envelope a little further. The bank has just announced that going forward it will be charging for firms to hold a CHF cash balance - i.e. the bank, given the already-negative Swiss government bond yields, has moved to its own NIRP for its clients. The need to do this suggests an overwhelming desire for short-term safety that flies in the face of the seeming level of complacency that exists in the European bond (and stock markets). As we have warned before, it seems that the currency wars that appear to have escalated have now started the 'capital control' wars as CS (and implicitly the SNB) adds this negative interest rate 'charge' to its already pegged currency in the vain hope of managing the unmanageable flow of safe-haven-seeking cash."

Friday, November 16, 2012

All your retirement savings are belong to us:

It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.
The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).

Wednesday, November 7, 2012

Greek Parliament passes new austerity package with tiny majority

Ekathimerini Thursday November 8, 2012
Before the party leaders’ speeches there had been a different type of drama in Parliament. Finance Minister Yannis Stournaras>>>>> retracted a proposed amendment to include parliamentary employees in cuts to civil service salaries, after the employees threatened to strike, though he said the bill would be resubmitted.

LIVE CAM--Greece: Huge protest in Syntagma Square against austerity to be voted on today

Watch live streaming video from stopcarteltvgr at

Tuesday, November 6, 2012

Here's a bunch of links for following the US electionU

US election coverage links

China power structure: an interesting chart

Here is an interesting chart produced by Goldman Sachs:

Bahrain bombs mark escalation in tensions

Bomb attacks in busy area
"The incident was the first since the height of antigovernment protests last year in which coordinated bombs have been planted in busy areas of the capital. ... The attacks came less than a week after a ban by the government on all protest gatherings, a move that drew widespread international criticism, including from the US."

Saturday, November 3, 2012

Wednesday, October 31, 2012

Mauritius central bank to promote gold savings plan

The Bank of Mauritius will begin selling minted gold bars to the public in November, in a bid to promote a savings culture in the country.

Ecuador wants to repatriate gold reserves

"Over the weekend we stated the gold repatriation avalanche had begun with a Netherlands citizens group joining the German Federal Accountability Office in demanding the BOE and NY Fed return their nation’s gold reserves. We predicted that an avalanche of nations across the West would soon join Germany and Venezuela in attempting to repatriate their tungsten gold reserves from the Fed and the BOE, and it appears that avalanche is picking up momentum as Ecuador, with 26.3 tons of gold reserves, has just demanded the repatriation of one third of their foreign gold holdings‘to support national growth‘."

Monday, October 29, 2012

New York, Sandy storm picture twitpic

New Jersey: Esta imagen la acaba de postear una tía desde New Jersey #Hur... on Twitpic

Friday, October 26, 2012

Australia investment fund Banksia in receivership, investors face difficulty recovering funds

Banksia investors nervous
THOUSANDS of Banksia Financial Group investors remain in limbo and are facing the loss of millions of dollars. Investor assets have been frozen after the company went into receivership yesterday amid $660 million debt. The news has devastated investors, particularly in northern Victoria where there are several Banksia offices.
Banksia investors unlikely to have all money returned
Elderly, families may lose nest eggs after collapse of Banksia Financial Group
Receiver's release

Panama:Strikes and protests continue in Colon, spread to Panama City

PANAMA – October 26th, 2012 – (
– Factions against the sale of lands in the Colon Free Zone did not accept the Government’s offer to revoke a section of the law that allows the territory to be sold. They announced that the protests would stop only if the entire law is abolished.
The city of Colon, which holds the largest Free Zone in the continent, has seen all commercial, transportation and education activity completely shutdown for the past three days, due to the strikes that were declared in opposition to the Panamanian government’s plans to sell lands in the Free Zone to private companies.
Various transit routes were also blocked in Panama City by members of the “Suntracs” construction union, who are also opposed to the sale of lands in the Colon Free Zone, resulting in many delays in traffic.

Sunday, October 21, 2012

Kuwait Protests Update: Tear Gas And Stun Grenades Used

1:38am UK, Monday 22 October 2012
About 100 protesters and 11 police officers were injured as Kuwaiti police used tear gas and rubber bullets during clashes with demonstrators, according to witnesses and officials.
Opposition activists were marching against planned changes to election laws ahead of polls due to take place in December.

Afghanistan oil production: China's CNPC begins operations in Amu Darya

Sun Oct 21, 2012 9:25am EDT[reuters]
"Afghanistan signed a 25-year contract with National Petroleum Corp (CNPC) last December covering drilling and a planned refinery in the northern provinces of Faryab and Sar-e-Pul. It is the first major oil production in the country."

Kuwait: Tensions escalate as opposition call for protest

Situation getting more and more complex
Several wounded as Kuwait protesters clash with police
Kuwait cracks down on opposition as crisis deepens
"Saturday, October 20, 2012 KUWAIT CITY: Kuwait plunged into political turmoil on Friday after the public prosecution ordered the detention of three former opposition MPs for three days with more arrests expected."
Kuwaiti police attack anti-government protesters
Published Tuesday, October 16, 2012 Riot police used batons to beat anti-government protesters in Kuwait City last night, arresting six and injuring four, as they criticized the ruling family and demanded a greater political voice, witnesses said. At least 5,000 protesters attended the rally, defying a government order to cancel the demonstration outside the national assembly.

Thursday, October 18, 2012


"The charred financial and economic landscape has transformed so radically since 2008, that aberrant distorted disconfigured bizarre and twisted are considered as normal."
-Deep dependence upon bond monetization without sterilization has become the norm -The hidden motive for QE3 is to bury multi-$trillion mortgage bond fraud -The USDollar global reserve privilege will be victim to the never-ending global financial crisis -The COMEX and LBMA are scrambling to find Gold & Silver supply for inventory

Thursday, October 11, 2012

Saudi Arabia And China Team Up To Build A Gigantic New Oil Refinery

In mind the name of this blog, here is what kind of thing the TV "news" is not reporting:
The largest oil exporter in the Middle East has teamed up with the second largest consumer of oil in the world (China) to build a gigantic new oil refinery and the mainstream media in the United States has barely even noticed it. This mammoth new refinery is scheduled to be fully operational in the Red Sea port city of Yanbu by 2014. Over the past several years, China has sought to aggressively expand trade with Saudi Arabia, and China now actually imports more oil from Saudi Arabia than the United States does. In February, China imported 1.39 million barrels of oil per day from Saudi Arabia. That was 39 percent higher than last February.
Saudi oil refinery deal shows close ties
"The $8.5 billion joint venture, which covers an area of about 5.2 million square meters, is already under construction. It will process 400,000 barrels of heavy crude oil per day. Aramco will hold a 62.5 percent stake in the plant while Sinopec will own the remaining 37.5 percent. The deal "represents a strategic partnership in the refining industry between one of the main energy producers in Saudi Arabia and one of the world's most important consumers", said Aramco president and CEO Khalid Al-Falih."

Sunday, October 7, 2012

Venezuela: Chavez appears to have about 54% in election

Chavez sends armored carriers in streets for order during election.
(Venezuela vote) Chavez polls 54.4pc (10 mins ago)
Venezuelan President Hugo Chavez was re-elected to another six-year term after seeing off a stiff challenge from youthful opposition leader Henrique Capriles, partial results showed.
“I ask the nation to stay calm, be patient and that nobody despair, that nobody fall into provocations, no violence, and we wait for the results,'' Chavez said in a phone call to his campaign team.
“Calm, act sensibly, patience! Today was a historic, magnificent day, the people spoke!'' Capriles wrote earlier on Twitter. “We know what happened and we must wait! Viva Venezuela!''
Latino América mas unida que nunca,gano #Chavez,gano la patria grande! Cipayo LTA,llora,llora la derecha![Translate:"about 3 hours ago Latin America more united than ever, won # Chavez, won the great nation! Cipayo LTA, cry, cry right!]"

Friday, October 5, 2012

California gasoline shortage

Short supplies keep gas prices rising in Calif. Updated 10:27 p.m., Friday, October 5, 2012
"California gas prices continued surging Friday, adding another 17 cents per gallon on average, and the increases are expected to continue for at least several more days, ensuring long lines and short tempers at pumps around the state. A week of soaring costs has led some stations to close and others to charge record prices — in some places $5 or more — as California leapfrogged Hawaii as the state with the most expensive fuel. "

UK banks LloydsTSB and Halifax unable to process withdrawals

Lloyds TSB, Halifax, Co-operative and Smile customers have reported being unable to access their accounts, withdraw money or make purchases in stores.

Bahrain civil unrest

Twitter from Bahrain
Demonstrators hurled firebombs and rocks at troops about 700 meters (yards) from Pearl Square, where crowds gathered in February 2011 as the Arab Spring-inspired uprising erupted in the Gulf nation.

Wednesday, October 3, 2012

Iran currency inflating rapidly

In consequence, Iran is now experiencing a devastating increase in prices – hyperinflation.
Iran however has been buying gold and selling oil for gold.
Iran bought gold to cut dollar exposure

Tuesday, October 2, 2012

Greece municipal workers confront troika auditors

Gathered threw coffee in the technical team of auditors Swearing, kicking and water in the Troika [entourage]
Earlier on Tuesday, municipality workers chased members of a Troika technical team as they were trying to meet with Greek majors from the Central Union of Municipalities (KEDE). However the municipality workers union tried to hinder the meeting.
They blocked the KEDE entrance with overturned garbage bins. When the team arrived, the workers started to chase them, to throw water bottles at them and use the usual …French. Proto Thema speaks even of “kicks” and “hurled coffees”.

Wednesday, September 26, 2012

Compton, California bears watching

LA Times from 5 Sept
Rating agency Standard & Poor's announced Wednesday that it has suspended its ratings on the city of Compton's bonds, as the city has yet to get an audit firm to sign off on its financial statements from last year. In June, the city's former audit firm, Mayer Hoffman McCann, refused to sign off on its financial statements and quit, citing allegations made by Mayor Eric Perrodin that waste, fraud and abuse of public funds may have contributed to the city's financial distress.


Atwater, California, is going broke under the weight of public employee costs, lost revenue and a stagnant economy, pushing it toward becoming the state’s fourth city to seek bankruptcy protection. The city of 28,000, situated among Merced County’s dairies and almond groves about 100 miles (about 160 kilometers) southeast of San Francisco, has a $3.3 million deficit that may leave it insolvent before year’s end, according to budget documents. Atwater’s City Council is set to vote Oct. 3 on a fiscal emergency declaration that would permit it to follow other California cities — Stockton, San Bernardino and Mammoth Lakes — into bankruptcy court. Across the state, the recession and the foreclosure crisis have depleted property-tax revenue at the same time municipalities are burdened with rising costs including pensions.

Greece general strike today CAM LIVE VIVO

Sunday, September 23, 2012

Portugal contemplates reducing austerity measures

Portugal to launch new talks on disputed austerity Sunday, 23 September 2012 13:28
Portugal's embattled government will hold talks soon with trade unions and industry bosses on alternatives to tough austerity measures after a storm of criticism of planned spending cuts. The moves were decided following an eight-hour meeting of the advisory Council of State convened late Friday by President Anibal Cavaco Silva. It followed a statement by Prime Minister Pedro Passos Coelho that he is open to dialogue after his proposals met with fierce opposition.
Portugal Backs Down on Social Security Tax Rise
The centre-right government in Portugal has agreed to look for alternatives to a social security tax rise a week after huge anti-austerity street protests.

Qatar rethinking Syria conflict?

Latest Information: Qatar: No choice but to surrender to Al-Asad September 20, 2012
The Foreign Minister of Qatar, Sheikh Hamad bin Jassim bin Jaber Al Thani, said Wednesday that there is no other choice but to take the decision to surrender to Syrian President Bashar al-Asad, an act that represents the withdrawal of the main sponsor of terrorists in Syria.
I think there is no other choice but to take the courageous decision to surrender to the government of Al-Asad, on the condition that none of the parties involved in the conflict to retaliate against the other, has also expressed the Prime Minister Cathari in an interview with the Kuwaiti daily Al-Rai.

Wednesday, September 19, 2012

China protesters stop US ambassador's car, cause damage

LA Times with video
September 19, 2012 | 12:16am
The car of the U.S. ambassador to China was surrounded Tuesday by a small group of demonstrators who damaged the vehicle and briefly prevented it from entering the U.S. Embassy compound in Beijing
The five-minute video shows a black car approaching the embassy and attempting to turn into the gate. As demonstrators surround the vehicle, several dozen Chinese police and uniformed guards rush to the scene. Several water bottles are thrown at the car and one man can be seen banging on the hood of the vehicle.

Tuesday, September 18, 2012

Protest outside US embassy in Beijing

Zerohedge:"Between the anti-Japanese tensions and the converging dominance of the Japanese with the Chinese to our fiscal status quo, it seems the Chinese are increasingly pushing the US hand to supporting the Japanese. Via Ai Weiwei, contemporary Chinese artist, the US Embassy in Beijing is under protest by the Chinese marchers demanding (Google Translated) "Pay Back The Money" and "Down with US Imperialism". Some embassy cars were attacked - apparently on the back of the US role in the China-Japan tensions. The question now is what happens to China's Treasury holdings? They already threatened Japan with economic sanctions and now the populist view is turning anti-American at a time of new leadership. We assume they will continue to sell down their USD-based Treasury holdings and convert to Gold as they have been for the past year. With 2 months until the election, this will be an interesting distraction of global importance as the US is forced to support Japan or throw them under the bus."
al weiwei's instagram

Monday, September 17, 2012

Marc Faber: Own Gold – ‘Don’t Store It In The U.S., The Fed Will Take It Away From You One Day’

Faber is on record as to the importance of owning physical gold and he again warned about the importance of owning gold but not storing it in the U.S.
“You ought to own some gold but don’t store it in the U.S., the Fed will take it away from you one day,” Faber astutely noted.
He said that Bernanke is a money printer and this could lead to massive inflation and the Dow Jones at 20,000, 50,000 or 10 million.
Faber cheerily predicted that the “the Federal Reserve’s monetary policy will destroy the world” and “eventually we will have a systemic crisis and everything will collapse

Iran's Revolutionary Guards in Syria

Sun Sep 16, 2012 1:19pm EDT
(Reuters) - Members of Iran's Islamic Revolutionary Guards Corps (IRGC) are providing non-military assistance in Syria and Iran may get involved militarily if its closest ally comes under attack, commander-in-chief Mohammad Ali Jafari said on Sunday.

Thursday, September 13, 2012

Spanky Bernanke

Economic stimulus

Portugal ATM cash machines down


Wednesday, September 12, 2012

Economy: Worst film revenue week in more than decade

US Movies Hit Worst Slump Since 2001
"The US box office suffered its worst slump in a decade with the top grosser The Possession earning less than $10 million...."

Libya update:US ambassador killed in consulate attack in Libya

Ambassador Chris Stevens was killed Tuesday night when he and a group of embassy employees went to the consulate to try to evacuate staff as the building came under attack by a mob guns and rocket propelled grenades.

Saturday, September 8, 2012

Tuesday, September 4, 2012

Greek pensioners storm health ministry over cuts in covered doctor and pharmacist payments

The man in the white shirt is shouting [translated] "That is enough! We cannot suffer more!"
Greek pensioners storm ministry of health in Athens
"That was a dynamic action nobody had dared to expect from pensioners who proved more brisk and vital than one would have thought. Some 200 pensioners from Greece’s biggest insurance fund IKA stormed the Health Ministry in Athens on Tuesday morning, when they were denied a meeting with minister Andreas Lykourentzos."
Protesting Greek Pensioners Occupy Health Ministry September 4, 2012

Australia mining boom is over

China slowing down will cause commodity prices to collapse
Pettis now believes commodity prices will collapse by as much as 50% over the next few years. His rationale is solid.[China Financial Markets]
The boom isn't over, Julia Gillard [Prime Minister of Australia] tells miners ,which,of course, confirms that the boom is over.

Sunday, September 2, 2012


"Begin with a preface to a meaningful event that could change the entire US landscape, a redux of what happened four years ago. Consider the next Wall Street financial firm failure. It is in progress. It is not avoidable. It will have numerous ramifications. It will open the door to account thefts, the burial of documents, the ransack of undesired leveraged positions, the concealment of wrecked derivatives, and a path toward the merger of surviving (selected core) firms. It will urge an extreme defensive posture. "

Spain bank deposit outflows total over 17% this year

Mark J. Grant, author of Out of the Box via Zerohedge:
The central bank of Spain just released the net capital outflow numbers and they are disastrous.During the month of June alone $70.90 billion left the Spanish banks and in July it was worse at $92.88 billion which is 4.7% of total bank deposits in Spain. For the first seven months of the year the outflow adds up to $368.80 billion or 17.7% of the total bank deposits of Spain and the trajectory of the outflow is increasing dramatically. Reality is reality and Spain is experiencing a full-fledged run on its banks whether anyone in Europe wants to admit it or not.
The Spanish ten year now yields a 6.81% and their thirty year is yielding 7.34%. Spain has now set up a fund for its regions to tap of $22.6 billion and this, in my opinion, will not even be close to what is asked for or required with the regions needing some $50-75 billion in assistance in my estimation. Many of the regions in Spain are not paying suppliers or their other local debts and the situation is clearly out of control.

Friday, August 31, 2012

Precious metals climbing

Check out the gold and silver charts >>>>>>>>>>>>>>>

Syria:Aleppo Residents Celebrate the return of law and order as Army moves in

24/August/12 Hundreds took to the streets even though fighting in some part of Aleppo continues.

Egypt wouldn't fire on Iran ship

Aug. 27, 2012 at 11:01 AM CAIRO, Aug. 27 (UPI)
Egypt's Navy refused a U.S. request to fire on an Iranian weapons ship heading for violence-torn Syria through the Suez Canal, al-Arabiya reported. "The Suez Canal is a narrow waterway and it is impossible for military action to take place there," Mohab Mamish, recently appointed chairman of the Suez Canal Authority and former Egyptian Navy commander told al-Arabiya. The U.S. request was made recently, the report said. The Egypt Independent had a similar report, saying it was told by Mamish the Navy refused a United States request to "strike" the Iranian ship.

Tuesday, August 28, 2012

Greek national bank attacked

Reuters Tue Aug 28, 2012 12:37am EDT
A makeshift bomb exploded outside a National Bank of Greece branch in Athens early on Tuesday, causing minor damage but no injuries, police said.

Friday, August 24, 2012

Vietnam depositors nervous

Aug 24 (Reuters) -
A big bank hit by a widening scandal in Vietnam tried to convince customers that their money was safe on Friday after the resignation and arrest of its chief executive, while shares rose after a slide on the stock market this week.

Tuesday, August 21, 2012

City of Duarte,California heading toward bankruptcy

Duarte could become the latest municipality to be forced into formal bankruptcy
and many other cities could be facing the same fate. Citing the loss of the City’s 38-year old Redevelopment Agency, the Duarte City Council will be considering declaring a fiscal emergency on Tuesday night in order to place a sales tax measure on the upcoming November 6 ballot.

Monday, August 20, 2012

Greek islanders hold finance police hostage

[Aug 20, 2012 ]
According to Athens News the 55-year-old taverna owner fainted when the finance police attempted to arrest her,leaving them to arrest her 25-year-old son instead. Around 200 Hydriots, inflamed by the arrest, surrounded the police station where the young man was held, cutting off the water and electricity supplies and effectively holding the finance police hostage overnight. Riot police were called from Athens but islanders blocked the port fearing the arrested man would be taken off the island. Athenian police eventually secured the release of the finance police and escorted them on their rest of their checks.
Watch a video report here:[report starts at 4:23 in the video]
Watch live streaming video from stopcarteltvgr at

Belize Nears Default After Missing $23 Million Bond Payment

Aug 20, 2012 2:49 PM PT
Belize neared default after the Central American country missed a payment today on about $544 million of bonds and Finance Secretary Joseph Waight said the government is unlikely to pay during a 30-day grace period. The government can’t make today’s $23 million bond payment, Waight said in a phone interview from Belmopan City. Prime Minister Dean Barrow, who won re-election in March, said a restructuring was needed after the coupon on the country’s so- called superbond climbed to 8.5 percent this year from 6 percent as part of an accord reached with investors in 2007. “We simply do not have the capacity to make the payment,” Waight said. “We are hoping to engage with creditors as quickly as possible.”

Thursday, August 16, 2012

Assange or Corzine?

"The United States won’t prosecute[link] Corzine for raiding segregated customer accounts, but will happily convene a Grand Jury in preparation for prosecuting Julian Assange for exposing the truth about war crimes.
"...the issue at hand is the sense that we have entered a phase of exponential criminality and corruption. A slavering crook like Corzine who stole $200 million of clients’ funds can walk free. Meanwhile, a man who exposed evidence of serious war crimes is for that act so keenly wanted by US authorities that Britain has threatened to throw hundreds of years of diplomatic protocol and treaties into the trash and raid the embassy of another sovereign state to deliver him to a power that seems intent not only to criminalise him, but perhaps even to summarily execute him. The Obama administration, of course, has made a habit of summary extrajudicial executions of those that it suspects of terrorism, and the detention and prosecution of whistleblowers. And the ooze of large-scale financial corruption, rate-rigging, theft and fraud goes on unpunished."

Wednesday, August 15, 2012

Italy retailers struggling

Saldi !
I found this news story at Mish's blog
Summer of gloom for crisis-hit Rome shops By Mathilde Auvillain | AFP – Tue, 14 Aug, 2012
It is not just stifling summer heat that is keeping shoppers at bay on Rome's Via del Corso: as the economic crisis hits locals and tourists alike, many shops have little choice but to close for good. The few people around seem to ziz zag from shop to shop, seeking relief from the heat in air-conditioned outlets and leaving behind frustrated shop assistants who struggle to sell anything despite discounts of up to 80 percent. "The crisis has hit everyone," sighed one empty-handed customer, while shopkeepers up and down the street whiled away their time folding and re-folding piles of brightly coloured T-shirts and stylish outfits. "The sales have not gone well," said clothes shop manager Fabio Anticoli. While the eternal city usually draws tourists from all over the world who spend their cash on Italian designs, "this year, it's an impoverished tourism." The sales have gone "very badly" compared with 2011 according to the shopkeepers' association Confesercenti, which reports a 20 percent drop in turnover in central Rome, a figure that rises to 40 percent in outer suburbs.

Sunday, August 5, 2012

CEO of GE says nuclear power “really hard” to defend financially — “At some point, really, economics rule”

Not so long ago, it used to be the opponents of nuclear generation who argued that the economics did not add up. Nowadays, at least one of the industry’s more influential proponents seems to agree.

Thursday, August 2, 2012

Mexico moves to regulate drugs, reducing big money and violence

President-elect Pena:
I'm in favor of opening a new debate in the strategy in the way we fight drug trafficking. It is quite clear that after several years of this fight against drug trafficking, we have more drug consumption, drug use and drug trafficking. That means we are not moving in the right direction. Things are not working.
War on Drugs:Fail
The following article is critical of Pena, but the quote is right on.
Game Over

Spain 10-year over 7%

Spanish 10s at 7.08% Thu, Aug 02 2012, 14:04 GMT | Forex Live

Wednesday, August 1, 2012

Where is Prince Bandar?

Investigative journalist Pepe Escobar:
Was Prince Bandar "Bush," 63, son of Prince Sultan bin Abdulaziz (perennial Saudi Defense Minister,1963-2001), semi-perennial ambassador to Washington (1983-2005), and secretive jihad financier, killed by a Syrian intelligence death squad? Thunderous silence prevails on Syrian, Iranian and Arab media (most of it controlled by the Saudis). The same applies for al-Jazeera. This is DEBKA's somewhat fanciful take. Dates are crucial. Prince Bandar bin Sultan bin Abdulaziz Al Saud may have pulled off operation "Damascus Volcano" on July 18. He was definitely promoted to head of Saudi intelligence on July 19. And he might have been killed in a bomb attack on the Saudi General Intelligence HQ in Riyadh on July 22. One Syrian rumor mill version rules that "Damascus Volcano" came from Saudi intel -- with logistics provided by the Central Intelligence Agency (CIA). This is highly unlikely; the CIA is clueless on how to penetrate Assad's inner sanctum. The predominant version circulating in the Syrian capital is this was a white coup. "Damascus Volcano," by the way, was a flop; the swarm of mercenaries -- infiltrated via Jordan -- who were supposed to take over the capital had to retreat up north. Now the news cycle is fixated on another faux game-changer -- the "Battle of Aleppo."
Prince Bandar Bin Sultan: Is The Saudi Spy Chief Dead Or Alive?
Where in the World Is Prince Bandar bin Sultan?

San Bernardino files for municipal bankruptcy

San Bernardino, California, Files Chapter 9 Bankruptcy Petition - Aug 1, 2012 9:13 PM PT
San Bernardino, California, after disclosing a $46 million shortfall in the city’s budget, filed for municipal bankruptcy. San Bernardino listed assets and debt of more than $1 billion in a filing yesterday with the U.S. Bankruptcy Court in Riverside, California. It’s the third California city to seek court protection from creditors since June 28.

Tuesday, July 24, 2012

Monday, July 23, 2012

Swiss France update: At year-to-date low

Swiss central bank must be monetizing in great quantities and/or buying Euros
1 CHF = 1.0080 USD -0.00449 (-0.443%) Jul 23, 1:15PM GMT

Spain 10-year bond yield: 7.5%
Spain 10-Year Bond Yield Madrid 7.518 +0.234 (+3.21%) [23 July 2012] 13:12:04 GMT - Real-time Data. ( Disclaimer ) Type: Bond Group: Government Market: Spain

Saturday, July 21, 2012

Spain: Informative comment is a good summary of situation

Zerohedge commenter
reply Sat, 07/21/2012 - 17:39 | 2639284new A Man without Q...
Even in the current state, the Spanish banks face realistic losses of €250bn. They have about €100bn of loan loss reserves, meaning the proposed bailout is not enough. Add to that, the federal government is out of money and the autonomous regions are in a huge hole, with a collapse in revenues and too many debts obscured over recent years. A full 50% of state spending comes out at the regional level, so the Spanish people are going to feel the consequences very soon.
In my view, there is not enough capacity in the EFSF even to cover Spain.
Since the inception of the Euro, the nation has gorged itself on cheap debt, which combined with a construction boom hid the fact that what little industry there was has been destroyed by the rise of the emerging markets. The productive economy was withering on the vine, while the country enoyed a debt fueled consumption boom. They cannot pay yesterday's bills and eat today. Of course, they will blame foreigners, blame bankers and especially the Germans, but the real problem is the corrupt and bloated public sector, who won't fix the problem because they can't accept it is them.
As for the solution, I genuinely don't see one. The warning signs were ignored by the European Union, the IMF, everyone went along with the fantasy, because it was so much easier to overlook. Even now, they somehow think you can stabilise real estate prices and allow banks to clear their books in an orderly fashion. The reality is, nobody wants to buy an unfinished apartment in the desert next to a golf course that was never built, especially someone with no money and no job. And without the cosy relationshp with the Cajas, the insolvency of the local governments is going to be quickly revealed.

Wednesday, July 18, 2012

Syria: No bombing at National Security Headquarters?

There's only one problem with mainstream news reports BBC News started to ascertain that something was seriously amiss right after Syrian national TV reported the bombing: above about the Damascus bombing and likewise the response of the U.S. government to this news. It appears that no such bombing at the Syrian National Security Headquarters actually took place.
ts 15h Lina Sinjab ‏@BBCLinaSinjab Just walked around national security building and saw no sign of explosions, no broken window, no heavy security presence #Damascus #Syria Expand Reply Retweet FavoriteLina Sinjab BBC
Lina Sinjab ‏@BBCLinaSinjab Residents very close 2 building said they haven't heard any sound of explosion or gunfire, haven't seen insured being removed either #Syria Collapse Reply Retweet Favorite

Sicily could face bankruptcy

Italian Prime Minister Mario Monti warned Wednesday that the heavily indebted island of Sicily could face bankruptcyand called for the governor of the autonomous region to step down.
Monti plans 'Greek-style' takeover of Sicily to avert default

Tuesday, July 17, 2012

Cabbies protest being shut out of Olympics shuttle lanes

The Sun
More than 200 black cabs arrived in Parliament Square just before 2pm blaring their horns to onlookers’ bemusement. Their demonstration is targeted at Games organisers who developed the so-called Zil lanes available only to Olympics officials, athletes and other approved vehicles.

Thursday, July 12, 2012

Swiss 2-year bond safe haven at -.318% yield

From :
Switzerland 2-Year Bond Yield Switzerland -0.318 +0.043 (+-11.91%) 14:31:13 GMT - Real-time Data. ( Disclaimer ) Type: Bond Group: Government Market: Switzerland

Wednesday, July 11, 2012

San Bernardino seeks bankruptcy protection

LA Times
July 10, 2012, 11:17 p.m.
San Bernardino on Tuesday became the third California city in less than a month to seek bankruptcy protection, with officials saying the financial situation had become so dire that it could not cover payroll through the summer.
“We have an immediate cash flow issue,” said Interim City Manager Andrea Miller, according to the Los Angeles Times. Miller said the city has already stopped paying some vendors, and may not be able to make payroll over the next three months.