Sometimes you just need to laugh at how bad our entire financial system is.
Category Archives: Economy
My comment on this article: Let’s hope derivitaves don’t blow up again (even though it’s only logical that it will)… cause the infastructure to make the tax payers pay is coming into place.
Jim Sinclair, Chairman and CEO of Tanzanian Royalty Exploration Corporation (TRX: Altanext NYSE platform, TNX: Senior Toronto Stock Exchange) comments on this article:
“QE to infinity is going to be guaranteed by the taxpayer, you. Derivatives have exploded again. Morgan’s losses must be humdingers. You can be sure there are many more out there hiding is plain sight. That is what a step like this means.”
- Ozone is not inherently bad, nor dangerous. It’s a normal part of your air supply, and it’s only when ozone levels are excessive that health problems can occur
- At the appropriate natural levels like you find outside on a non-polluted day, ozone is not only effective – it’s nature’s method for cleaning the air we breathe — it’s naturally safe
- The EPA’s latest ozone ruling is unsupported by scientific evidence and may cost the U.S. a trillion dollars and millions of lost jobs
My Thoughts: Just another example of unnecessary regulation hurting the economy.
Gerald Celente is a world renowned trend researcher. The guy is super funny and always right on the money. He predicted long ago the world wide protests (including in the US) due to the economy. He often says, “When the people have nothing to lose, they lose it”. I was checking up on his latest interviews only to find out that his account with over $100,000 in it has been closed on (meaning it as a $0 balance now) due to the bankruptcy of MF Global (whom he had an account with since they bought out the company he did business with). They were one of the largest brokerage companies in the US.
This case illustrates my concerns about our economy. MF Global took customers deposits and gambled with it. The gamble went bad and they didn’t have the money to cover the customers accounts, and therefore went bankrupt. The question is what happens to the customers? The judge in the case has ordered the trustee to give some of the customers 60% of there accounts. I looked up on the gov FDIC page to see what is covered and found this: “Increasingly, institutions are also offering consumers a broad array of investment products that are not deposits, such as mutual funds, annuities, life insurance policies, stocks and bonds. Unlike the traditional checking or savings account, however, these non-deposit investment products are not insured by the FDIC.”
So what does this mean? To me it means that banks are using customers deposits to gamble. If it is an FDIC account you are unlikely to personally have any interruption in your service and will have access to your funds (according to recent case histories I looked at), however we as tax payers will be on the line for it. While banks do pay a fee towards the FDIC fund, but it is shrinking according to a 2009 NPR article If they were not to have enough they would borrow from the treasury department (i.e. the tax payers). If you have an account (or safety deposit box) that is not FDIC insured your screwed.
A University of Zurich study is the first to look at all 43,060 transnational corporations and the web of ownership between them – and created a ‘map’ of 1,318 companies at the heart of the global economy.
The study found that 147 companies formed a ‘super entity’ within this, controlling 40 per cent of its wealth. All own part or all of one another. Most are banks – the top 20 includes Barclays and Goldman Sachs. But the close connections mean that the network could be vulnerable to collapse.
The top 50 of the 147 superconnected companies
1. Barclays plc
2. Capital Group Companies Inc
3. FMR Corporation
5. State Street Corporation
6. JP Morgan Chase & Co
7. Legal & General Group plc
8. Vanguard Group Inc
9. UBS AG
10. Merrill Lynch & Co Inc
11. Wellington Management Co LLP
12. Deutsche Bank AG
13. Franklin Resources Inc
14. Credit Suisse Group
15. Walton Enterprises LLC
16. Bank of New York Mellon Corp
18. Goldman Sachs Group Inc
19. T Rowe Price Group Inc
20. Legg Mason Inc
21. Morgan Stanley
22. Mitsubishi UFJ Financial Group Inc
23. Northern Trust Corporation
24. Société Générale
25. Bank of America Corporation
26. Lloyds TSB Group plc
27. Invesco plc
28. Allianz SE 29. TIAA
30. Old Mutual Public Limited Company
31. Aviva plc
32. Schroders plc
33. Dodge & Cox
34. Lehman Brothers Holdings Inc*
35. Sun Life Financial Inc
36. Standard Life plc
38. Nomura Holdings Inc
39. The Depository Trust Company
40. Massachusetts Mutual Life Insurance
41. ING Groep NV
42. Brandes Investment Partners LP
43. Unicredito Italiano SPA
44. Deposit Insurance Corporation of Japan
45. Vereniging Aegon
46. BNP Paribas
47. Affiliated Managers Group Inc
48. Resona Holdings Inc
49. Capital Group International Inc
50. China Petrochemical Group Company
* Lehman still existed in the 2007 dataset used
(Data: PLoS One)
The Unconstitutionally of the War in Libya
White House: US ‘can act in Libya without Congress’. BBC. June 15 2011
Possible Motives For Declaring War On Libya
Humanitarian or resources? You be the judge. All I have to say is they didn’t even block the radio waves to stop the cummnication in the in the genocide in Rawanda…..
Gold: Libya has 144 tons of gold and Chavez is demanding delivery of their 366 tons of gold. It is well known in the metal markets that they have been leveraged (meaning stocks are sold for physical gold they don’t have, so when someone demands physical delivery problems can happen…) Funny how just when Chavez wants delivery libya starts to fall….
Oil: Before the war, Libya produced about 2 percent of global oil output or 1.6 million barrels per day and has reserves to sustain that level of production for 80 years.
When companies have more money then large countries….that’s a problem. That means the countries are easily controlled and therefore the countries governments become corrupt and no longer represent the people. Think of all the increasing money required for successful campaigns. And now with super pacs (as Stephen Colbert has pointed out through forming his own as a joke) you can contribute unlimited to campaigns.