ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Dec 16 08:14

A Century Ago: Rockefellers Funded Eugenics Initiative to Sterilize 15 Million Americans

Some people are still under the impression that the Rockefeller Foundation is all about philanthropy: helping people and saving lives.

In reality, the Rockefellers have been one of the largest financial backers and drivers of the eugenics and the depopulation agenda for over a century now.

Check out these 1915 newspaper clippings we came across in research.

Dec 16 08:00

Spain Criminalizes Protest Against EU Central Bankster Austerity

Spain will impose a raft of new laws to combat popular protests in opposition to EU central bankster austerity.

Webmaster's Commentary: 

Dec 15 20:27

Yes, It's Possible For A Gold-Backed Renminbi To Dethrone The US Dollar

“[W]e want to use our reserves more constructively by investing in development projects around the world rather than just reflexively buying US Treasuries. In any case, we usually lose money on Treasuries, so we need to find ways to improve our return on investment.”

– Unnamed senior Chinese official, cited in an FT article, ‘Turning away from the dollar’, 10th December 2014.

Dec 15 13:54

Broken prison labor program fails to keep promises, costs millions

Today, some 1,600 incarcerated men and women in prison factories produce everything from dorm furniture to school lunches. Washington Correctional Industries (CI) generates up to $70 million in sales a year, ranking as the nation’s fourth-largest prison labor program.

But behind CI’s glossy brochures and polished YouTube videos is a broken program that has cost taxpayers millions of dollars, charged exorbitant markups to state agencies to make up for losses, and taken jobs from private businesses that can’t compete with cheap prison labor, a Seattle Times investigation has found.

Dec 15 12:42

London banker banned for dodging rail fares

A London banker has been banned from working in the financial services industry after he was caught dodging rail fares.

The Financial Conduct Authority (FCA) said in a statement today that Jonathan Burrows has been banned for not being “fit and proper.”

The former BlackRock director would board a train at Stonegate, a suburb nearly 60 miles southeast of London, for his daily commute and, after arriving at London’s Cannon Street, pay only 7.20 pounds ($11.70) for the journey, instead of the full 21.50 pounds price that was required for that journey, railway officials said.

By boarding at a station without a ticket gate barrier, Burrows was able to use a loophole in the system of pre-paid transport passes. When arriving in London he touched out with his pass, which is only valid for travel within London, and was charged only 7.20 pounds. He should instead have bought a full ticket for traveling into the city from Stonegate.

Webmaster's Commentary: 

This is exactly the sort of behavior by bankers that MAKES them bankers!

Dec 15 12:11

Hazardous Trend: The ‘Commodification’ of Sleep

Clearly, there are some serious risks associated with our 24/7, wireless, ‘smart’ culture. Maybe this is just another cost of ‘progress’, or maybe it’s because we simply cannot keep up with the basic costs of living and dozens fees, fines and stealth taxes?

Dec 15 10:20

Subprime lending market in Canada skyrockets to record as banks tighten reins

What is going on is that Windows has become a bloated nightmare and as the economy shrinks, Microsoft has lost the ability to effectively maintain it all. This problem is hardly confined to Microsoft, and indeed Rome fell when it could no longer maintain the infrastructure it had built such as the roads and aqueducts.

Dec 15 10:20

Microsoft update blunders going out of control

We have had an absolute deluge of problem updates from Redmond recently and some have been serious. What's up at Microsoft?

Webmaster's Commentary: 

What is going on is that Windows has become a bloated nightmare and as the economy shrinks, Microsoft has lost the ability to effectively maintain it all. This problem is hardly confined to Microsoft, and indeed Rome fell when it could no longer maintain the infrastructure it had built such as the roads and aqueducts.

Dec 15 10:17

BEX ALERT - US manufacturing output surges in November

US manufacturing output surges in November

Webmaster's Commentary: 

See next story down!

Dec 15 10:16

New York state manufacturing index lowest in two years: New York Fed

The New York Fed's Empire State general business conditions index fell to -3.58 in December from November's 10.16 reading, falling to negative territory for the first time since January 2013.

Economists polled by Reuters had expected a reading of 12.4 this month. A reading above zero indicates expansion.

The new orders index tumbled to -1.97 from 9.14 in November, while prices paid were at 10.42 against 10.64 in the prior.

Dec 15 10:15

Dodd-Frank Budget Fight Proves Democrats Are a Bunch of Stuffed Suits

The dominant media narrative this past week has been that Massachusetts Senator Elizabeth Warren, firmly saddled in her high horse, is trying to hold up the passage of the budget over a trifle. In reality, the so-called "Citigroup" provision to kill a rule designed to prevent future bailouts (so named because it was allegedly written by Citigroup lobbyists) is potentially quite an evil and destructive little thing. But the nitpicking counter-spin is already coming hot and heavy.

Dec 15 07:18

Russian Central Bank Intervenes After Currency Crashes, Halts "Manipulated" Equity Futures Trading

The Russian Ruble has collapsed this morning. Despite a modest dead-cat-bounce-like rally in crude oil, the Ruble is down almost 3 handles smashing through the 61/USD level for the first time ever. Minutes after flash-crashing to 61.46/USD, officials, according to Reuters, halted trading in certain instruments to “prevent possible manipulation of equity futures market."

Dec 15 07:07

We Just Witnessed The Worst Week For Global Financial Markets In 3 Years

Is this the start of the next major financial crisis? The nightmarish collapse of the price of oil is creating panic in financial markets all over the planet. On June 16th, U.S. oil was trading at a price of $107.52. Since then, it has fallen by almost 50 dollars in less than 6 months. This has only happened one other time in our history.

Dec 15 07:06

Rioting and vandalism in Zurich, Switzerland

The protest began on Friday evening at 22.15 clock.

Police fired rubber bullets, tear gas and water cannon to disperse some 500 people who caused hundreds of thousands of euros worth of damage
that police said was claimed by left-wing radicals.

Zurich is a major financial hub hosting several banking giants.Cars, trees and bins were set alight in the upscale and normally peaceful city.
The violence erupted during a left-wing protest in Zurich’s upscale Stadtkreis 4 neighbourhood.

Dec 15 06:51

Activists launch online initiative against ‘Internet Tax’

A group of Russian citizens has launched a petition seeking to prevent the adoption of a bill that would introduce a universal tax on the internet, collected by rights organizations representing authors of copyrighted films, music and books.

The anonymous authors of the motion claim that the universal tax is against the law as it would force the majority of internet users to pay for content that they never download or use.

Dec 15 06:30

Congress approves plan to allow pension cuts

More than a million retired and current truck drivers, construction workers and other union workers could see their pension benefits cut now that Congress passed a proposal aimed at shoring up some of the nation's biggest pensions.

Tacked on as an amendment to the government's $1.1 trillion spending bill, the proposal was approved by the Senate late Saturday night.

While those sponsoring the pension proposal say it is "the only available option" to save failing multiemployer pension plans, other groups -- like the AARP and the Pension Rights Center -- are crying foul.

Webmaster's Commentary: 

There is another option to cutting pensions. Take those Wall Street bankers whose 2008 mortgage-backed securities fraud wrecked the pension funds in the first place and make them cover the shortfall to protect the pensioners!

Dec 14 18:50

Bernie Sanders unveils plan to break up Wall Street banks

Sen. Bernie Sanders plans to introduce new legislation to break up Wall Street banks and prevent them from using the the House-passed spending bill to engage in the kind of investments that led to the 2008 financial crisis.

Webmaster's Commentary: 

Stay out of small planes, Bernie!

Dec 14 18:43

Report: Obamacare Shutting Down Free Health Clinics

The Affordable Care Act is spelling the demise of free healthcare clinics across the country, The Wall Street Journal reports.

Of clinics across 28 states, almost a dozen in the past two years have cited Obamacare as their reason for shutting their doors.

Dec 14 18:11

US isolated, BRICS to get greater voting power at IMF

Months after the formation of new financial institutions like the $100 billion BRICS Bank and the China-led Asia Infrastructure Investment Bank, Christine Lagarde, managing director of the International Monetary Fund (IMF), said Friday that the organization is ready to discuss IMF voting reforms without the United States to give BRICS and emerging countries greater voting power.

Lagarde said the IMF is disappointed with the US inaction to ratify the governance and quota reforms and will now move forward without Washington.

“The IMF’s membership has been calling on and was expecting the United States to approve the IMF’s 2010 Quota and Governance Reforms by year-end. Adoption of the reforms remains critical to strengthen the Fund’s credibility, legitimacy, and effectiveness, and to ensure it has sufficient permanent resources to meet its members’needs,” Lagarde said in a statement.

Dec 14 18:05

Belgium braces for national strike

The strike, which is the climax of a union movement that began last month with a huge march and violent protests in Brussels, will also likely close schools, businesses, factories and government offices.

Unions say there is "no choice" but to go ahead with the strike after the right-of-centre government of Prime Minister Charles Michel pushed ahead with plans to save 11 billion euros ($13.7 billion) over five years.

Dec 14 14:27

The Global Bankers’ Coup Coming to US with Bail-In Bill

On December 11, 2014, the US House passed a bill repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses. The bill was vigorously challenged by Senator Elizabeth Warren; but the tide turned when Jamie Dimon, CEO of JPMorganChase, stepped into the ring. Perhaps what prompted his intervention was the unanticipated $40 drop in the price of oil. As financial blogger Michael Snyder points out, that drop could trigger a derivatives payout that could bankrupt the biggest banks. And if the G20’s new “bail-in” rules are formalized, depositors and pensioners could be on the hook.

Dec 14 09:00

Chicago Fed Reserve bank - Biggest Bank vault in the country bricking up windows on first floor

Webmaster's Commentary: 

Yep, the fit is about to hit the shan!

Dec 14 08:02

Tycoon’s fatal plunge ‘linked to five other mystery deaths’

Stephen Curtis died when his new £1.5million machine plunged to the ground a short distance from an airport.

Days earlier he told a relative: “If anything happens to me in the next few weeks, it will not be an accident.”

Dec 14 07:29

EU Mulls New Russia Sanctions Over Crimea, Denmark Says

The European Union is considering stepping up its restrictions on business with Crimea to make clear that the bloc doesn’t accept Russia’s annexation of the Ukrainian peninsula, Danish Foreign Minister Martin Lidegaard said.

Webmaster's Commentary: 

The Crimean people voted to separate from the unelected Junta in Kiev (the latter being the product of a US/EU-backed coup a year ago), then voted to ask to join Russia. Russia agreed. What's the matter, Denmark? Don't you believe in Democracy?

Dec 14 07:22

Visa, MasterCard sued for blocking donations to WikiLeaks

Lawyers representing the credit card processor used by WikiLeaks are suing Visa and MasterCard in the United States over the 2010 banking blockade that kept the anti-secrecy group from receiving funds.

On Monday this week, American attorneys for Icelandic hosting provider DataCell ehf filed suit in the US District Court for the Eastern District of Virginia in hopes of having a federal judge award the company upwards of $5 million for what it claims was a coordinated attempt between Visa and MasterCard to restrict funding to WikiLeaks after the secret-spilling organization started publishing classified US State Department cables over four years ago.

Dec 14 07:00

US to give Israel $350mn for Iron Dome

The US Senate has approved a multi-billion-dollar military spending bill that includes $350 million for Israel’s Iron Dome missile system.

The Senate passed the bill on Friday by a 89-11 vote.

The bill was sent to the White House for President Barack Obama's signature.

The 2015 defense authorization bill also authorized $521.3 billion for Defense Department operations, and about $64 billion for overseas military operations.

The House of Representatives last week approved the National Defense Authorization Act by a 300-119 vote.

Five billion dollars are allocated for the fight against the ISIL terrorist group. The money should be spent for the training and arming of the so-called moderate rebels in Syria for two years and for the training and assisting of Iraqi and Kurdish forces.

Earlier this month, US Vice President Joe Biden announced that the Obama administration had provided Israel with more than $17 billion in military aid since 2008.

Dec 14 06:51

Barclays 'may have automated currency rigging'

New York's financial regulator investigates possibility of systemic foreign exchange manipulation at Barclays and Deutsche Bank

Dec 14 06:41

The global currency reset is now 100% confirmed, activated and performing.

The global currency reset is now 100% confirmed, activated and performing.

Bank of China monies have been received into master paymaster accounts globally, yet still are unreleased to private groups or the public as of Monday evening EST.

The United States Treasury was sequestered to solve government shut down threat this coming Thursday. But remaining cabal leadership, led by David Cohen of UST, is still fighting public disclosure of TRN tooth and nail. However, his delay attempts are futile as the Believe it or not cabal has been rendered incapable of starting yet another war/mass destruction event (a la 9/11 or 3/11).

Dec 13 21:01

Spare dollars

Last week I wrote that contrary to the prevailing mood US dollar strength could reverse at any time. This week I look at another aspect of the dollar, which almost certainly will become a significant source of supply: a global shift out of it by foreign holders.

Dec 13 21:00

Memo To Citigroup CEO Michael Corbat: Does Your Crony Capitalist Plunder Know No Shame?

But now comes a naked Wall Street raid on the taxpayers that’s beyond the pale; and it would have sailed right through in the dead of night absent Elizabeth Warren’s intrepid opposition. Bravo, Senator!

I am referring to the Citigroup-drafted sneak attack on Washington’s tepid effort to curtail the more egregious gambling habits of some of the big banks. These incorrigible larcenists have been trying to gut the “push out” provisions of Dodd-Frank for more than three years now, yet the latter boils down to a simple and urgently necessary injunction to the banks. Namely, you can’t roll the dice in the “derivatives” gambling halls with taxpayer guaranteed deposits.

Dec 13 08:07

Venezuela to face US sanctions over violence against protesters

The US is poised to impose sanctions on Venezuela over the sometimes-violent suppression of anti-government protests which racked the country earlier this year.

Webmaster's Commentary: 

"Because when we club down the Occupy protesters, that's GOOOOOOOOD, and when others club down their protesters, that's BAAAAAAAD!" -- Official White Horse Souse

Dec 13 08:05

Brazil, Uruguay move away from US dollar in trade

Brazil and Uruguayhave switched to settling bilateral trade with local currency to stimulate turnover, bypassing the US dollar.

Dec 13 08:04

Fitch Downgrades France

And the final punch in the gut on this bloodbathy Friday some from French Fitch which just downgraded France from AA+ to AA.

Webmaster's Commentary: 

Merde!

Dec 13 07:40

The Economy Is Worse than During the Great Depression

We noted in 2013 that the British economy is worse than during the Great Depression.

The Washington Post’s Wonkblog pointed out in August that Europe is stuck in a “Greater Depression” … worse than the Great Depression.

Well-known economist Brad DeLong agrees. As does Paul Krugman.

Historian, economist and demographer Neil Howe provided the following charts via Forbes last month, showing how dire the situation is in Europe:

Dec 13 07:27

Buried Within Omnibus Bill, a 'Long-Term Blank Check for War Spending'

Analysts warn that "emergency" war spending fund, which was supposed to be temporary, has become permanent fixture that inflates Pentagon's budget

Dec 13 06:49

The Red Hand Coalition and the fight against austerity in Quebec

On this week's episode of Talking Radical Radio, I talk with Joël Pedneault of the Red Hand Coalition, one of the main province-wide formations opposing austerity measures in Quebec, about the trajectory of resistance to those measures in recent years -- from before and through the student strike that brought down a government, to the lull in the year that followed, and into the resurgence that has just begun as a new Liberal government seeks once again to impose austerity on the province.

Dec 12 16:43

Bail-In and the Financial Stability Board: The Global Bankers’ Coup

On December 11, 2014, the US House passed a bill repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses. The bill was vigorously challenged by Senator Elizabeth Warren; but the tide turned when Jamie Dimon, CEO of JPMorganChase, stepped into the ring. Perhaps what prompted his intervention was the unanticipated $40 drop in the price of oil. As financial blogger Michael Snyder points out, that drop could trigger a derivatives payout that could bankrupt the biggest banks. And if the G20’s new “bail-in” rules are formalized, depositors and pensioners could be on the hook.

Dec 12 16:04

UK government to 'pay back' all World War One debt

Nearly one hundred years after it was first issued, the UK Government has announced that it will redeem all of the nation's World War One debt.

Webmaster's Commentary: 

Well then, of COURSE it is time for the bankers to start a new World War!

Dec 12 15:45

Progressives to Dems on Budget Deal: 'We Will Remember This Betrayal'

As Senate prepares votes on funding measure dubbed "the Citigroup Budget," critics lament sad return of Clinton-era "triangulation" and economic policies that continue to favor Wall Street over Main Street

Dec 12 14:45

All About That Wall Street Giveaway That Elizabeth Warren Hates

On Tuesday evening, lawmakers released the text of the massive spending bill that Congress must approve to avoid a government shutdown. Buried on page 615 of that 1,603-page piece of legislation is a provision entirely unrelated to government funding that a few lawmakers managed to sneak into the bill without any public debate during last-minute negotiations. It's a Wall Street giveaway—written by Citigroup—that would allow banks to engage in more types of risky trading with taxpayer-backed money.

Dec 12 14:32

Congress Passes Temporary Tax Breaks for Big Business Now for 15 Years Straight

Last week, the House voted to extend special interest tax breaks, most of which expired at the end of last year. The 55 provisions included in this year's package are the legacy of the Bush-era tax cuts that began in 2001. But 15 years later, these temporary tax break meant to stimulate a slowing economy have mutated into a slew of provisions that mostly help corporations avoid taxes. According to the bipartisan nonprofit Committee for a Responsible Federal Budget, these tax extenders have sapped the U.S. government of $44 billion in lost revenue over the past decade. And while some provisions do help individuals in the middle and lower classes, like tuition credits and deductions for teachers buying school supplies, three-quarters of that lost revenue has gone to big businesses.

Dec 12 13:29

Threats to your retirement accounts!

If you ask most Americans they will tell you they don’t even expect to ever get all their pension or 401k. As a facilitator of the LLC IRA, a unique way to jailbreak an IRA and take it off grid, I am told by countless clients that they always viewed their pension or 401k as a phantom asset- something they would be lucky if they ever fully received. The system has done a miraculous job deceiving the public about retirement accounts. This will make an overhaul or even outright theft of these accounts not only possible but generally accepted in the face of a systemic fiscal meltdown.

Webmaster's Commentary: 

Posted in light of the new law allowing Pension Plans to short-change retirees!

Dec 12 13:13

Banks Get OK to Use Taxpayer Money for Derivative Speculation

A good example of this is the House and Senate agreeing to raise the budgets for the Commodities Futures Trading Commission and Securities & Exchange Commission in exchange for quietly repealing the Lincoln Amendment to the Dodd Frank financial regulation law. The action looks like more money for tougher regulation, but eliminating the Lincoln Amendment means American banks are once again free to use taxpayer money to back-stop their speculative derivative trading.

Dec 12 13:13

Boeing to Lay off 561 Employees in SoCal

According to the Los Angeles Times, 253 people at Boeing's Long Beach facilities will lose their jobs, while an additional 308 jobs will be cut at the company's Huntington Beach and El Segundo outposts.

"Boeing carefully links its employment levels to business requirements," company spokesman Stephen Davis explained to the Times. "These employee layoffs are being driven by the difficult business and economic conditions that all businesses have been experiencing."

Dec 12 12:33

I, pet goat II

A story about the fire at the heart of suffering.
Bringing together dancers, musicians, visual artists and 3d animators, the film takes a critical look at current events. A mysterious figure travels aboard his boat through a dark and desolate landscape in his quest for inner peace.

Dec 12 11:17

US Treasury ordering survival kits for Bank Examiners? Anyone Expecting a Crisis Here?

Yep. The US Department of Treasury is trying to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation they put out. These survival kits are to be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets and the price should not exceed $200,000 per kit? Unbelievable.

Dec 12 10:18

Couple who received more than SEVEN HUNDRED robocalls over four years from Bank of America win $1m lawsuit

A married couple has been awarded over $1 million in compensation after successfully bringing a harassment complaint against Bank of America for being subjected to hundreds of loan collection calls over a four year period.

Nelson and Joyce Coniglio, of Tampa, Florida, received more than 700 automated calls after they fell behind on mortgage loan payments in 2009.

In a complaint filed in federal court in July, attorneys for the couple said they had been on the receiving end of 'patterns of outrageous, abusive and harassing conduct' by a subsidiary of Bank of America.

Dec 12 10:08

5 Awful Things Congress Snuck Into the Omnibus Budget Deal

On Tuesday, Congressional leaders struck a deal to avert another government shutdown and put off our next completely avoidable, 100% self-imposed budget crisis until next September. And while most members of the least productive Congress in the history of these United States are already busy patting themselves on the back for summoning enough courage and can-do American spirit to actually govern for a day, the rest of us shouldn’t start celebrating just yet.

If you’re a Congressperson looking to sneak through something shady, the omnibus budget bill is the perfect opportunity since 1.) It’s 1600 pages long and very easy to hide things in, and 2.) Congress kind of has to pass it or the government shuts down. Again.

Dec 12 10:05

The Vanishing Male Worker: How America Fell Behind

Working, in America, is in decline. The share of prime-age men — those 25 to 54 years old — who are not working has more than tripled since the late 1960s, to 16 percent. More recently, since the turn of the century, the share of women without paying jobs has been rising, too. The United States, which had one of the highest employment rates among developed nations as recently as 2000, has fallen toward the bottom of the list.

Dec 12 10:04

US corporations are winning the war against human rights lawsuits

A landmark U.S. Supreme Court decision in 2013 that made it all but impossible to sue foreign companies in U.S. courts for alleged roles in overseas human rights abuses is proving to be a boon for U.S. firms too, court documents show.

In the roughly year and a half since the ruling in Kiobel v. Royal Dutch Petroleum Co, U.S. companies such as Chiquita Brands International Inc , IBM Corp and Ford Motor Co have successfully invoked the Supreme Court’s reasoning to fend off lawsuits alleging they were involved in human rights abuses in South Africa, Colombia and elsewhere.

Dec 12 09:40

U.S. Funds Development of Russian Rocket Engine Replacement

U.S. lawmakers have agreed to fund the development of an American-made replacement to the Russian engine used on some military rockets.

The massive spending bill, called the Omnibus Appropriations Act, which Congress may vote on today, would avert a government shutdown and fund most federal agencies for the rest of the year, including the Defense Department.

The legislation would provide $220 million “to accelerate rocket propulsion system development,” according to the bill’s accompany text, which clearly targets the Russian-made RD-180 even though it doesn’t specify the propulsion system.

Dec 12 09:38

Premier Jim Prentice warns of consequences of low oil in State of the Province Address

In a nearly 45 minute speech in front of 700 people, Premier Jim Prentice gave his first State of the Province Address Tuesday.

Prentice began his speech at the Edmonton Chamber of Commerce luncheon by acknowledging the fact oil has hit record lows lately, sitting around $63 a barrel Tuesday compared to just months ago when it was going for $100 a barrel.

“The economic viability, the sustainability, the strength of our energy industry in this province is not in question,” Prentice told the room.

“This is a price trough. This is a price trough, to be clear, of uncertain duration. Longer, I think, than many people realize,” he added.

Webmaster's Commentary: 

"But Canada's suffering is a small price to pay to GET THOSE @##$% RUSSIANS!" -- Official White Horse Souse

Dec 12 09:09

El-Erian: Divergent Central Bank Policies May Spell Danger

Global economies are moving at different speeds, creating a divergence in central bank policy that could cause trouble next year, says Mohamed El-Erian, chief economic adviser at Allianz.

The U.S. economy will strengthen, he writes on Project Syndicate. Chinese growth will stabilize at a level lower than recent averages, and Europe will struggle, El-Erian says.

"This multi-speed economic performance will contribute to multi-track central banking, as pressure for divergent monetary policies intensifies," he writes.

The Federal Reserve will probably start raising interest rates in the third quarter, while the European Central Bank conducts quantitative easing, and the Bank of Japan maintains its "pedal-to-the-metal monetary stimulus," El-Erian says.

The divergence means a stronger dollar, he writes.

Dec 12 09:08

"The City Is On The Verge Of Collapse" - East Cleveland Is Begging To File For Bankruptcy

With Detroit emerging from bankruptcy yesterday, its experience under Chapter 9 was apparently so successful (occasional subsequent massive power outage notwithstanding), that suddenly every other insolvent city in the US is also i) admitting it is in dire straits and ii) hoping to recreate the Detroit experience.

Webmaster's Commentary: 

"Success" being described as the transferring of public assets into the bankers' hands!

Dec 12 09:05

House narrowly approves spending bill, legislation heads to Senate

The House narrowly approved a sweeping spending bill Thursday night despite deep misgivings among liberals and conservatives alike, sending the measure to the Senate as lawmakers averted a partial government shutdown.

Webmaster's Commentary: 

"Misgivings." That is Congress' reaction to the provision in the bill that dump $300 trillion (with a 't') in derivatives exposure onto the taxpayers, and allow pension funds who have lost money to Wall Street's frauds to slash benefits to the retired workers that paid that money into the pension fund in the first place.

Dec 12 09:02

Yuan Has Real Shot at IMF Blessing on Reserve Status

In late 2015, the IMF will conduct its next twice-a-decade review of the basket of currencies its members can count toward their official reserves. Including the yuan in this so-called Special Drawing Rights system would allow the IMF to recognize the ascent of the world’s second-biggest economy while aiding China’s attempts to diminish the dollar’s dominance in global trade and finance.

Webmaster's Commentary: 

A telling reminder that these private central banks have no loyalty to the nations in which they operate, but are loyal only to themselves and their greed!

Dec 12 08:10

Chrysler recalls 208,000 vehicles for Takata air bags

Chrysler now has recalled about 617,000 vehicles with Takata air bags since June. In total, 10 major automakers have now recalled more than 10.7 million vehicles with Takata air bags. Inflators in the Takata bags can explode and shoot metal shrapnel at drivers and passengers.

Dec 12 08:00

New Federal Law Targets Retirement Benefit Cuts: “We Thought Our Pension Was Secure”

The $1.01 trillion spending bill being moving through Congress right now includes some new provisions that may come as a shock to millions of American pension holders. In a bipartisan deal that also included leaders of unions and retirement fund management companies, pension recipients who depend on the money promised to them during their working years may see significant cuts to their monthly disbursements.

There have been Senate hearings, exploratory committees and rumors over the years, but nothing had ever really been legislated so most Americans simply ignored it as another one of those “conspiracy theories.”

Unit now.

Webmaster's Commentary: 

INTRODUCING! PENSION MOTEL! YOUR CASH CHECKS IN, BUT IT NEVER CHECKS OUT. ANOTHER FINE PRODUCT BROUGHT TO YOU BY THE UNITED STATES CONGRESS.

On a more serious note, the US Government has just dropped a big hammer on the retirees, a demographic normally supportive of the incumbents.

Dec 12 07:52

Pension plans to be looted nationwide as Congress okays institutional theft of funds

When societies approach collapse, coercion shifts to outright theft: Stealing money right out of your bank account, for example, like we recently witnessed in Cyprus. Government also routinely target pension funds and even private retirement accounts, attempting to keep itself afloat by any means necessary.

Just like clockwork, that looting of pension plans is now about to commence. "Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation's 1,400 multi-employer pension plans," writes Michael Fletcher of the Washington Post. [1] The Post continues:

"This proposal would devastate retirees and their surviving spouses," said Karen Friedman, executive vice president of the Pension Rights Center, a nonprofit group. "The proposal would also torpedo basic protections of the federal private pension law ... that states that once benefits are earned, they can't be cut back."

Webmaster's Commentary: 

Dec 12 07:20

Germany, Stuck with Massive Bill for Ukraine, Asks Russia for Help

The last two paragraphs in the article show that the German Finance Minister Wolfgang Schauble has been obliged to telephone Anton Siluanov, Russia’s Finance Minister, to ask him not to call in Russia’s $3 billion loan, which becomes automatically repayable when Ukraine’s debt exceeds 60% of its GDP, something which everybody knows has now happened.

It also says that “George Osborne, the UK finance minister, expressed surprise at the request, attendees said, saying the EU was now asking for help from Russia at the same time it was sanctioning the Kremlin for its actions in Ukraine.”

In other words in order to “save” Ukraine (and their own political reputations) the European leadership is now being forced to turn to Russia for help - the same country they accuse of invading and destabilising Ukraine and which they have sanctioned.

Webmaster's Commentary: 

And Russia will step in to help, pulling the rug out from under US meddling in Europe.

Dec 11 16:45

Spending Bill to Get House Vote Amid Discord on Bank Measure

The banking language, insisted upon by Republicans, would ease rules enacted to protect taxpayers against bank losses after souring derivatives trades helped cause the 2008 financial crisis. The dispute over the banking rule is a preview of Republican plans to roll back other business regulations when they take control of both chambers in 2015.

Dec 11 16:19

CRomnibus gridlock as Congress goes on surprise recess with government shutdown looming

The United States House of Representatives has been in an emergency recess since 2 p.m. as dissent on both sides of the aisle grows for the "CRomnibus" spending bill.

Dec 11 13:36

The New Cold War Policy Has Backfired

The world’s geopolitics, major trade patterns and military alliances have changed radically in the past month. Russia has re-oriented its gas and oil trade, and also its trade in military technology, away from Europe toward Eurasia.

The result is the opposite of America’s hope for the past half-century of dividing and conquering Eurasia: setting Russia against China, isolating Iran, and preventing India, the Near East and other Asian countries from joining together to create an alternative to the U.S. dollar area. American sanctions and New Cold War policy has driven these Asian countries together in association with the Shanghai Cooperation Organization as an alternative to NATO, and in the BRICS moves to avoid dealing with the dollar area, the IMF and World Bank austerity programs.

Webmaster's Commentary: 

The United States greatly over-estimated the need other nations have for it, and tried to use that need to coerce compliance, only to find the other nations were perfectly happy to go on about their lives without any entanglements with the US system!

Dec 11 11:03

$1 trillion spending bill barely hangs on in first test vote

The $1.1 trillion spending bill narrowly survived its first test Thursday when the House approved rules for debate, bringing the bill to the floor and setting up an afternoon showdown that will expose just how deep the divisions run within the Democratic Party.

Senate Democrats were pleading for the bill’s passage, saying it was the best deal possible in divided government, but a House Democratic leader said the bill was so bad it would “fundamentally change our republic” because it altered campaign finance laws and made changes to how banks can trade derivatives.

Dec 11 10:22

How "Superman of Renters" Daniel Bramzon Revolutionized L.A.'s Eviction-Defense Industry

Rents in Los Angeles have climbed by 25 percent since 2000, according to a UCLA study, while households' median incomes have actually declined. That's left L.A. among the least (if not the very least) affordable cities in which to live in the United States. According to Zillow, a person making the metro area's median income of $59,000 must pay 48 percent of his or her paycheck to cover median rent, which is currently an eye-popping $2,392.

With margins like that, it's easy to fall behind. Some 64,000 to 73,000 people are evicted in L.A. each year — a population equal to that of Redondo Beach. But before the sheriff shows up at their door with a padlock, they're called here, to "unlawful detainer" (legalese for eviction) court. Every day, more than 50 cases move through Department 94.

Dec 11 10:15

Ellen Brown: Big Banks Will Take Depositors Money In Next Crash

It gets worse, as Brown goes on to say, “Theoretically, we are protected by deposit insurance up to $250,000 in the U.S. and 100,000 euros in Europe. The FDIC fund has $46 billion, the last time I looked, to cover $4.5 trillion worth of deposits. ”

Dec 11 09:58

European banks are stuck in a severe crisis

Big banks in Europe are riskier than anywhere else in the world.

They have higher non-performing loans, greater asset shrinkage, larger losses and higher debt-to-equity ratios. And European banks are bracing for even worse loan losses.

It’s the combination of those characteristics that lead to a crisis, and the eurozone essentially is in one today.

Webmaster's Commentary: 

The root cause of all these problems is that eleventh marble!

Dec 11 09:54

Mexico vows to sell dollars to halt peso's slide

Mexico is ready to intervene in currency markets to fight the peso's fall against the dollar amid concerns over dropping oil prices and a possible increase in U.S. interest rates.

Dec 11 09:54

McDonald's to pare U.S. menus, ingredient lists

McDonald's Corp said on Wednesday it plans to cut the number of items on its U.S. menus and use fewer ingredients in food as it moves to speed up service, bolster sales and offer consumers personalized options to compete better with Subway and Chipotle Mexican Grill.

Webmaster's Commentary: 

I do not expect this to work. McDonald's may join SEARS and Radio Shack on the endangered icons list!

Dec 11 09:35

THE WRH BANKER ARTICLES: ALL IN ONE CHUNK

I have received many emails regarding the various articles I have written about the problems with the current economic system of being forced to borrow all currency at interest from a privately-owned central bank. This is, of course, the very system of banking the United States fought a revolution to be free of, only to be sold back into said banker slavery not just once, but three times by corrupted congresses and corrupted presidents.

I have been asked to collect all those articles into a single page to make it easier for people to send to their friends, and this collection is the result.

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WRH Exclusive
Dec 11 09:32

Your Survival Depends On Taking Your Money Out of the Bank

Nearly every publication estimates the derivatives debt to be in the range of one quadrillion dollars to $1.5 quadrillion dollars. Conservative estimates tell us that this derivatives debt, that has been assumed by the governments of the world, is at least 16 times the entire value of the assets of Planet Earth. This generation cannot pay off this debt. Your children, grandchildren and even great-great-great-great-great grandchildren cannot pay off this debt. If the status quo were to remain in place this debt could not be paid off in the 25th century, the 30th century, nor the 50th century. My estimates place the interest on the debt to exceed the entire value of the world’s assets and the interest is increasing far faster than the governments of the world can service the debt. Who is the debt owed to? It is owed to the first movers, the owners of the central banking system.

Dec 11 09:29

House Budget Deal Strikes Major Blow To Michelle’s School Lunch Program

With school districts around the nation dropping the federal nutrition program backed by Michelle Obama, despite the fact that doing so means a drastic reduction in funding, it is clear that many affected by its mandates are not on board. Students have staged protests against the insufficient, unappetizing fare being offered in lunchrooms, administrators cite the loss in revenue associated with reduced school lunch participation, and parents lament the dearth of choices being presented.

Webmaster's Commentary: 


The new, IMPROVED, Michelle Obama school lunch. Just imagine how nutritious it is!

Dec 11 08:48

Leadership courts centrist support for $1.1T spending bill as shutdown looms

Congressional leaders were trying to hold the center in the run-up to Thursday’s government shutdown deadline, with Senate Democrats and House Republicans pleading for their troops to back a $1.1 trillion spending bill that had those on both extremes of the ideological spectrum fuming.

House Republican leaders touted dents to the Internal Revenue Service budget and Environmental Protection Agency staffing levels, language that stalls some of President Obama’s plans to battle climate change, and the chance to fight the White House’s deportation amnesty next year as reasons to get behind the massive 1,600-page bill.

Webmaster's Commentary: 

THIS IS A CALL TO KEYBOARDS FOR ALL RIVERO'S RANGERS!

Wherever you see any articles, posts, or blogs about raising the debt ceiling, please post the above graphic, or quote the following...

"The question Americans should be asking is not whether to raise the debt ceiling, but rather why the Federal Government, which is authorized by the Constitution to create and issue interest-free money, instead borrows that money at interest from a privately owned central bank, thereby plunging future generations into debt slavery to that bank? THAT is the real question Americans should be asking!"

This quote is already making the rounds but we need to put this in front of the eyes of every American that we can over the next week as Congress debates just how much further they will sell us all into the slavery of the private central bankers.

Dec 11 08:05

How Wal-Mart Made Its Crumbling China Business Look So Good for So Long

After years of heralding China as one of its best markets, Wal-Mart (WMT) in August said its performance there was among the worst in its major countries. A management shake-up and job cuts have followed.

Dec 11 07:31

Lifestyles of the money-junkies - The World’s Most Expensive Watches: 8 Timepieces Over $1 Million

Webmaster's Commentary: 

A lot of people really do not see the wealth gap between the money-junkies and ... us. As I mentioned in the article about the HYT H1 Hydro-Mechanical Watch, I have a resonance with the art of fine watch making. But the $45,000 price tag for the HYT seemed a bit impractical to me, especially since my CASIO has far more functionality for only $300. But the watches in this article, topping out at $2.5 million for a wrist decoration, make anyone wearing the $45,000 HYT look like a pauper!

Dec 11 07:30

Luxury Brand Retail Stocks: All You Need to Know

Strangely, Americans are getting richer and poorer at the same time, and this is benefiting the luxury brand stocks. While the number of Americans requiring food stamps is at a staggering 48 million or so, at the other end of the spectrum, the rich are increasing their wealth to new record-highs at a rapid pace. This is what will help the luxury brand stocks—a widening income gap that’s seeing the rich rapidly becoming richer.

Webmaster's Commentary: 

Yes, you can make money investing in stocks for companies that cater to the rich. The problem is there are not enough rich to support the entire economy. There are not enough hours in the day for them to buy all the products manufactured by all the people, so they "save time" by buying a few highly overpriced trinkets to prove their wealth.

Dec 10 18:02

Leaked Document: Ukraine's Government Set To Eliminate... Everything

In reality, bureaucrats and politicians who produce nothing of value parasitically choke off the productive class through onerous taxation and regulation.

Dec 10 14:30

Congress and Pentagon Shielding Weapons Contracts From Budget Cuts

Dec 10 14:29

Treasury Department Seeking Survival Kits For Bank Employees

The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation.

The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets.

The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4.

The survival kits must come in a fanny-pack or backpack that can fit all of the items, including a 33-piece personal first aid kit with “decongestant tablets,” a variety of bandages, and medicines.

Webmaster's Commentary: 

Oh shit! :)

Dec 10 13:35

Venezuela Default Probability Has Never Been Higher; Maduro "Working To Raise Oil Prices"

With OPEC slashing demand expectations to 12 year lows, oil prices have re-cratered today putting further pressure on socialist-utopia Venezuala which needs $121/bbl to break-even. Credit risk for the South American nation has exploded today to record highs - implying a 93% probability of default and President Maduro has taken to the airwaves to calm a benefit-needy nation... tensions are mounting...

Default risk has gone vertical...

Dec 10 13:07

Congressional leaders hammer out deal to allow pension plans to cut retiree benefits

A measure that would for the first time allow the benefits of current retirees to be severely cut is set to be attached to a massive spending bill, part of an effort to save some of the nation’s most distressed pension plans.

Webmaster's Commentary: 

These pension plans were put into distress when Wall Street's pet ratings agencies rated the mortgage-backed securities as "Triple A", making it legal for pension plans to invest in them. Then when the fraud collapsed in 2008, pensions were defunded. But nobody in either government of the corporate media had the gonads to point the finger of blame for the pensions problem where it belonged and instead blamed "greedy" workers and anyone who had the temerity to live to a ripe old age. So, together with the proposal to drop the derivatives losses onto the American people, this proposed bill is another example of Congress screwing ordinary Americans to pay for Wall Street's crimes!

Dec 10 12:07

Dow off 200-plus as oil price slips further

The U.S. stock market was headed for its first three-day losing streak since October Wednesday as a gloomy prediction for global oil demand sent crude prices plunging again.

Dec 10 11:55

Obama's FDIC, DOJ conspire to bankrupt gunmakers: Govt. report

While overshadowed by the release of the Senate's CIA torture report, the announcement of Attorney General Eric Holder's racial profiling ban, and the highly anticipated testimony of the "Obamacare architect," Dr. Jonathan Gruber, before a congressional panel, the House Oversight Committee chairman, Californian Republican Rep. Darrell Issa, released another report that got lost in the shuffle on Monday. A part of the report reveals how President Barack Obama and his minions conspired against companies they disliked such as firearms and ammunition manufacturers with the goal of denying them access to bank loans and capital.

Webmaster's Commentary: 

When the people allow the government and bankers to acquire all of the money, inevitably great evil against the people follows.

Dec 10 11:51

2.5 Million Children Are Homeless in US, New Data Reveals

A historic number of America's youth – 2.5 million children – are homeless according to a report recently released by the National Center on Family Homelessness. These children, the report shows, are victims of a number of variables that contribute to homelessness including single motherhood, racial disparities and low household incomes.

Webmaster's Commentary: 

"We do Not have homeless American children. We are the greatest nation on Earth! We are exceptional. We are AWESOME (FOX News says so)! And anyone who says otherwise will be tortured!" -- Official White Horse Souse

Dec 10 11:38

7 Questions Gold Bears Haven't Answered

A glance at any gold price chart reveals the severity of the bear mauling it has endured over the last three years.

More alarming, even for die-hard gold investors, is that some of the fundamental drivers that would normally push gold higher, like a weak US dollar, have reversed.

Throw in a correction-defying Wall Street stock market and the never-ending rain of disdain for gold from the mainstream, and it may seem that there’s no reason to buy gold; the bear is here to stay.

If so, then I have a question. Actually, a whole bunch of questions.

If we’re in a bear market, then…

Dec 10 11:30

US Senate approves sanctions bill on Venezuelan officials

The US Senate has approved a bill that would freeze the assets of Venezuelan officials accused of human rights violations, barring them from entry to the United States.

Webmaster's Commentary: 


Of course, this has nothing to do with human rights violations and everything to do with Venezuela selling their oil for the Yuan!

Dec 10 11:29

The American Dream deferred for young Americans: Living in rentals, inflated college tuition, and low wages await millions of young Americans.

The Americans Dream was largely built on a few simple ideals. One was the ability to purchase your own home without needing artificially low rates and dangerously low down payments. Another key aspect of the dream was allowing young Americans to receive a college education to pursue their future. While more Americans are going to college, many are taking on dangerously high levels of debt to embark on this journey. Another key component of the American Dream was having the ability to have a job that paid well enough to have a good standard of living. That standard of living is eroding as inflation is eating away purchasing power. It is hard to come to terms but the upcoming generation may not have it as good as that of the baby boomers. There is no fast and hard rule saying that each generation should be better. That is why the middle class rising in the US was a historical anomaly. Something worth aspiring and investing in.

Dec 10 11:11

Will Lawmakers Sneak a Gift to Wall Street into the Spending Bill?

Under cover of legislative chaos, lawmakers from both parties are working this week to preserve taxpayer-backing for some of Wall Street’s riskiest activities.

The deal taking shape would be slipped into the catch-all federal spending bill that is meant to finance the government in 2015, according to Capitol Hill sources who are not authorized to speak publicly. It would effectively repeal a plank of the Dodd-Frank financial reform law that would force big banks to conduct their most speculative derivatives trades in separately-capitalized subsidiaries, where they would be ineligible for federal deposit insurance, Federal Reserve assistance or other taxpayer-provided support.

The point of the law is to end the “heads I win, tails you lose,” game on Wall Street, in which the biggest banks keep the lavish winnings from their bets while pushing catastrophic losses onto the public, as happened in the financial crisis.

Dec 10 10:36

Billionaire Frank Giustra’s Massive Bet On Gold & Silver

On the heels of a $25 surge in the price of gold and a nearly 5 percent rally in the price of silver, today King World News takes a look at what would lead one of the world’s richest men, billionaire Frank Giustra, to make a massive bet on significantly higher gold and silver prices in the future.

Dec 10 09:38

Russian Prostitutes Hike Rates Over Slumping Ruble

The crime of buying sexual services is becoming more expensive in Russia as prostitutes increase their rates to offset the free-falling ruble, regional media reported.

Webmaster's Commentary: 

Redefining the term, "Pussy Riot!" :)

Dec 10 09:29

Welcome to the Recovery – McKinsey Survey Shows 40% of Americans Living Paycheck to Paycheck, Up From 31% in 2012

Nothing screams economic recovery like 2 out of every 5 Americans living paycheck to paycheck. Especially when that number has reportedly increased by 33% since 2012.

Perhaps someone should inform these destitute plebs that the stock market is up nearly 45% over the past two years, and after all, nothing says economic success like the 0.01% enriching themselves via fraud and financial engineering.

Here are two of the most sobering findings from the survery:

40 percent of the consumers we surveyed said they are coping with the challenge of living paycheck to paycheck, up from 31 percent in 2012.

Today just 23 percent say they are optimistic about the economy, down from 27 percent at the beginning of the recession in 2009.

Webmaster's Commentary: 

IF you have been feeling the effect of stagnant wages and inflation just tearing your budget apart, you are not alone.

Dec 10 09:25

Here We Go Again – the Effective Repeal of Dodd-Frank As Xmas Gift to Bankers?

The high-flying banks are at it again. There has been lobbying going on to sneak a clause in the continuing resolution to fund the government over the holidays for the December 11th deadline. The provision they are trying to sneak in would allow the banks to trade derivatives through subsidiaries that are federally insured by the FDIC. In other words, they are circumventing the very reforms of the 2007-2009 crash.

Webmaster's Commentary: 

This is a Call to Keyboards for Rivero's Rangers out there: please call your Congress Critters, and let them know that if this language is included as a rider into any bill, the only office they should worry about running for next time.... is that of dog catcher!!!

Don't threaten or use foul language; be impossible-to-ignore polite in your communications. But let them know that should they do this, their career as an ALLEGED "public representative" is over, kaput, nada, ...gone.

Given that Congress is going to ignore you, to appease the money junkies, your next 20 phone calls should go to friends and neighbors, to let them know that Congress is going to make THEM pay for Wall Street's crimes.

Dec 10 09:15

U.S. PROTESTERS DEMAND: END SECRECY, RELEASE THE TEXTS ON TRANS-PACIFIC PARTNERSHIP

Cassidy Regan, trade organizer for Popular Resistance, remarked that after public pressure the European Union recently agreed to release its negotiating proposals for the Trans-Atlantic Trade and Investment Partnership to the public. The EU wanted to release the full text of the agreement but was blocked by the United States.

“The trade agreements being drafted in secret threaten everything from worker rights and wages to public health and access to medicines. The negotiators keep texts hidden because these agreements aren’t made with the public in mind — instead, they serve to give transnational corporations further power to exploit people and the planet for the sake of profit. The unprecedented lack of transparency denies communities’ right to know policies that could impact so many aspects of our lives, for generations to come.”

Webmaster's Commentary: 

That the TPP is negotiated behind the backs of the American people, and with no transparency whatsoever, demonstrates, painfully clearly, that the US government is being run BY the Corporations; OF the Corporations; and FOR the Corporations.

We the People have become irrelevant and expendable to this government, and it is high time that this stops!

Dec 10 08:38

Too Poor To Eat: Man Reduced To Tears As He Describes Being Unable To Afford Food

Speaking to LBC radio Mike says: “I live in a tiny room, and what you get covers just what you need, and you have to go to food banks, and sometimes I’m living off a tin of spaghetti a day, or a tin of beans, and there are people out there who really are struggling, and it’s not fun.

“For these people to sit there to say oh go and get a job – I’m out there every day, looking and searching, and you know you’re trying to do it on your own, but you can’t, and it gets harder and harder.

“You’re just trying to get by. Some days I can’t eat. I don’t eat.”

Dec 10 08:38

36 DEAD BANKER COVERING THE TRUTH

Dec 10 08:37

FDR’s 1933 Gold Confiscation was a Bailout of the Federal Reserve Bank

President Franklin Delano Roosevelt’s 1933 executive order outlawing the private ownership of gold in the United States was arguably unconstitutional. But why did he do it ? Many historians and economists point to efforts to get the economy moving again as the reason, the theory being that people were hoarding gold and the velocity of money in circulation needed to be sped up.

But the real reason for the gold confiscation was a bailout of the privately-controlled Federal Reserve Bank. And the evidence has been printed right in front of our faces.

Dec 10 08:37

GMO Labeling, US Dollar Collapse, Bitcoin, & Nuclear War w/Michael Rivero

Dec 09 10:40

Venezuelan Bonds Crash To Lowest Price Since 1998

Bond prices in Venezuela have totally collapsed this morning - at 45c on the dollar, they are the lowest since 1998 - as the realization of the "abyss" they are staring into sparks an exodus from all credit positions in the country. VENZ 5Y CDS rallied 130bps which signals hedgers unwinding and the simultaneous sale of the underlying bonds implies broad-based capital flight (and profit taking) as 1Y CDS surges to record highs at 4830bps.

Webmaster's Commentary: 

Coming hard on the heels of the Greek problems and the US market being down, could this trigger a global sell-off?

Dec 09 10:01

Greece’s stock market just suffered its worst collapse ever

Webmaster's Commentary: 

And the US markets are not doing so well either!

Dec 09 09:31

Greece Post Mortem: Worst Day Since 1987 Crash, Banks Destroyed, Bond Yields At Post-Bailout Highs

As the sun sets in Athens, we thought a moment of reflection was worthwhile. Greek stocks are now down 13% - the biggest single-day drop since (drum roll please) the crash of 1987... led by total carnage in Greek banks (down 15-25% on the day). Greek bond yields exploded, 3YR +183bps to a new post-bailout high at 8.32% (and inverted to 10Y).

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