Mainstream economist Nouriel Roubini said recently:
Nobody has gone to jail since the financial crisis. The banks, they do things that are illegal and at best they slap on them a fine. If some people end up in jail, maybe that will teach a lesson to somebody. Or somebody hanging in the streets.
Former British prime minister Tony Blair – currently employed as a senior adviser to JP Morgan – said today:
We must not start thinking that society will be better off “if we hang 20 bankers at the end of the street” ….
Where’s all of this coming from?
The American government’s top official in charge of the bank bailouts writes:
Americans should lose faith in their government. They should deplore the captured politicians and regulators who distributed tax dollars to the banks without insisting that they be accountable. The American people should be revolted by a financial system that rewards failure and protects those who drove it to the point of collapse and will undoubtedly do so again.
Only with this appropriate and justified rage can we hope for the type of reform that will one day break our system free from the corrupting grasp of the megabanks.
Italian regional authorities may not be able to open schools after the summer break if spending cuts planned in the government’s latest spending review are carried through, the head of the Union of Italian Provinces (UPI) said on Monday.
“With these cuts we won’t be able to guarantee the opening of the school year,” UPI President Giuseppe Castiglione told reporters in Rome.
Japanese and Tokyo Electric Power officials ignored the risks of an atomic accident because they believed in the “myth of nuclear safety”, a government panel’s report on the Fukushima crisis said on Monday.
“The fundamental problem lies in the fact that utilities, including TEPCO, and the government have failed to see the danger as reality as they were bound by a myth of nuclear safety and the notion that severe accidents do not happen at nuclear plants in our country,” said the 450-page report.
The study, completed by a government-appointed panel including scholars, journalists, lawyers and engineers, also said Fukushima staff were poorly trained to deal with the crisis after the plant’s reactors went into meltdown last year.
#10 The unemployment rate in Spain is up to an astounding 24.6 percent. The unemployment rate in Spain is already higher than it was in the United States at the peak of the Great Depression of the 1930s.
#11 The youth unemployment rate in Spain is now over 52 percent.
Where have we seen this before? Bond yields soar above the 7 percent danger level. Check. The stock market crashes to new lows. Check. Industrial activity plummets like a rock and the economy contracts. Check. The unemployment rate skyrockets to more than 20 percent. Check. The bursting of a massive real estate bubble pushes the banking system to the brink of implosion. Check. Broke local governments beg the broke national government for bailouts. Check. The international community pressures the national government to implement deep austerity measures which will slow down the economy even more and hordes of violent protesters take to the streets. Check. All of this happened in Greece, it is happening right now in Spain, and mark my words it will eventually happen in the United States. Every debt bubble eventually bursts, and right now Spain is experiencing a level of economic pain that very, very few people saw coming. The recession in Spain is rapidly becoming a full-blown economic depression, and at this point there is no hope and no light at the end of the tunnel.
The bad news for the global economy is that Spain is much larger than Greece. According to the United Nations, the Greek economy is the 32nd largest economy in the world. The Spanish economy, on the other hand, is the 4th largest economy in the eurozone and the 12th largest economy on the entire planet. It is nearly five times the size of the Greek economy.
Egypt is allowing Palestinians free entry to its territory in a landmark move ending part of a longtime blockade on Gaza. It was imposed by Israel with the help of Egypt five years ago, after Hamas took control of the Palestinian territory. But with a president from the Muslim Brotherhood now leading Egypt, the move is widely seen as a friendly gesture to Hamas – an offshoot of the Brotherhood, which operates independently.
People should, rightly, have fear of having their money in paper instruments, whether it’s in a bank account or a bond. If they had any sense they would be buying (physical) gold and/or silver. That’s the only way to maintain your purchasing power.
Black Monday messages on Facebook and Twitter have gone viral in Italy as people have had enough of austerity, job losses, and uncertainty. La Stampa reports on Panic in the Network.
What follows is a Mish-revised translation of select ideas and quotes from the article. My specific comments are in brackets.
Black Monday breaks early in the morning on websites across the world and social networking spreads alarm. “Withdraw money from bank accounts” is the appeal of Andrew to Facebook friends.
Pseudo-analysis on the alleged benefits of a return to the lira go around the net. “Enough of this sad agony. Bring back the old money”, Paul insists.
“In 2000 we had the lira. We were producing more, exporting more, and children were living better, the results of monetary sovereignty” says Magdi Cristiano Allam on Twitter.
“We are on the brink of the abyss and the top EU cazzeggiano [slang for F* around],” accuses Ivan.
The tones on social networks are apocalyptic: “This is not a crisis, it’s the end of capitalism.” On the forum of the economics of printing a black player sees: “Folks, we begin to pray, after Greece’s up to us. We are at the end titles, to every man for himself.”
In an interview with The Daily Telegraph, the former prime minister launches a defence of the free market and liberal economic rules established by the Thatcher government.
The approach promoted by Baroness Thatcher’s government is not to blame for the recent financial and economic crisis, Mr Blair says, warning against taking vengeance on bankers and increasing State intervention in the private sector.
We must not start thinking that society will be better off “if we hang 20 bankers at the end of the street”, Mr Blair says.
“Follow the money,” the simple but famous instruction whispered to Washington Post reporter Bob Woodward by his “Deep Throat” source, was enough to crack the Watergate scandal. Today, 40 years later, those very same words appear to have blown the lid off of another political outrage in our nation’s capital: the corrupting influence of money in politics.
While this financial connection, in and of itself, is hardly a great revelation, new analysis from Strategas Research Partners shows irrefutable evidence that companies are getting a real bang for their buck on the money they spend trying to influence lawmakers. By tracking the 50 companies that spend the most money — as a percentage of their total assets — on lobbying, the so-called Lobbying Index proves it’s a darn good investment.
How good? The Lobbying Index has now beaten the S&P 500 for 12 years in a row.
In a first for Moody’s, the rating agency, traditionally about a month after Egan Jones (whose rationale and burdensharing text was virtually copied by Moody’s: here and here), has decided to cut Europe’s untouchable core, while still at Aaa, to Outlook negative, in the process implicitly downgrading Germany, Netherlands and Luxembourg, and putting them in line with Austria and France which have been on a negative outlook since February 13, 2012.The only good news goes to Finland, whose outlook is kept at stable for one simple reason: the country’s attempts to collateralize its European bailout exposure, a move which will now be copied by all the suddenly more precarious core European countries.
From the report:
Moody’s changes the outlook to negative on Germany, Netherlands, Luxembourg and affirms Finland’s Aaa stable rating
London, 23 July 2012 — Moody’s Investors Service has today revised to negative from stable the outlooks on the Aaa sovereign ratings of Germany, the Netherlands and Luxembourg. In addition, Moody’s has also affirmed Finland’s Aaa rating and stable outlook.
All four sovereigns are adversely affected by the following two euro-area-wide developments:
1.) The rising uncertainty regarding the outcome of the euro area debt crisis given the current policy framework, and the increased susceptibility to event risk stemming from the increased likelihood of Greece’s exit from the euro area, including the broader impact that such an event would have on euro area members, particularly Spain and Italy.
2.) Even if such an event is avoided, there is an increasing likelihood that greater collective support for other euro area sovereigns, most notably Spain and Italy, will be required. Given the greater ability to absorb the costs associated with this support, this burden will likely fall most heavily on more highly rated member states if the euro area is to be preserved in its current form.
There was a time when regulators caught red-handed abusing their privileges, aka, doing nothing in the face of glaring malfeasance, would quietly fade away only to even more quietly reappear, sans press release, as a third general counsel or some other C-grade menial role paying a minimum 6 figure compensation to the individual for years of doing nothing. This is no longer the case: it appears that the best such exposed “regulators” can hope for going forward is to get media positions. Such is the case with John Ewan. Who is John Ewan? None other than the director “responsible for the management of the setting of Libor” at the British Bankers’ Association. In other words, the man whom The Sun of all non-captured publications (oddly enough, tabloids sometimes have more journalistic integrity than Reuters and the FT as we will shortly find) has dubbed Mr. Libor. The Sun continues: “In a staggering profile on the internet Mr Ewan reveals he joined the BBA in 2005 to “put Libor on a secure commercial footing”. That year Barclays traders began fiddling the figures they submitted for the Libor calculations. On the LinkedIn networking site Mr Ewan boasts of generating a “tenfold” increase in revenue from licensing out the Libor rate.” He adds: “I introduced new products and obtained EU, US and Japanese trademarks for BBA Libor. “I successfully negotiated contracts with derivatives exchanges and all of the major data vendors.” Well, in the aftermath of Lieborgate surely Ewan is going to someone receptive to his permissive and highly profitable tactics over the years, such as Barclays. Actually no: instead of a bank, the only place that is willing to accept Ewan is media conglomerate Reuters. And not just as anyone: “Thomson Reuters confirmed that Ewan has joined the company as head of business development for its fixing and benchmark business.” We wonder how much revenue Mr. Ewan generated for Reuters?
The video below marks a new low in police conduct. The final horrific incident on display allegedly was sparked by the suspicious killing of a man who witnesses say did nothing more than turn to run from police.
After “an unruly crowd” — as the reporter below conveniently states — gathered to ask questions and express anger at what was perceived to be a senseless killing, the officers further proved that those who were gathered had valid concerns about their local police force. In response, police quickly opened fire with rubber bullets, and even set a dog loose on a woman with a baby stroller. The woman was able to grab her baby before the dog arrived, but she was slightly injured, while a man can be seen in the video having his arm bitten.
Police brutality videos are legion, with many of the worst, such as the infamous torture killing of Kelly Thomas, carrying “age restricted” notices (the one below is now included). This restricted notice in many cases restricts them from going viral, even though other scenes of violence classified as “entertainment” are readily available.
This story is still developing and is under investigation, but a very strange aspect to it is mentioned by the reporter in the final moments of the video: witnesses are claiming that Anaheim officers were offering to buy the cell phone footage that some people captured.
It is up to anyone appalled by these actions to inform whomever they can that life in America continues to degenerate at an alarming pace. Police are being trained to see the American people as a threat first, and as citizens of a Constitutional Republic a very distant second. We must be prepared to demand that our local law enforcement use the utmost restraint, and punish those who have offended the honor and duty of what it means to protect and serve. In the meantime, local residents are being urged to take action by protesting in front of the Anaheim Police Department — a large group is taking shape on their Facebook Event Page HERE.
Additional sources and updates can be found by clicking “read more” below. Please include your own links in the comment section to help people stay informed.
Here are additional sources – some with video footage. News anchors say angry witnesses to the deadly shootout started throwing rocks and bottles – but that is not seen in the YouTube video which takes place during day. Another point worth noting is that some of the mainstream news sources are emphasizing that these were non-lethal rounds being shot, but how could the crowd be aware of that … especially children?
The victim of the shooting has been identified as 24-year-old Manuel Diaz by family members.
Officers not yet identified, but two have been placed on leave.
According to the latest report from The Orange County Register, “protestors stormed the Anaheim police headquarters lobby to protest another officer-involved shooting, chanting messages such as, ‘No justice. No peace,’ ‘Justice for Manuel,’ and ‘Cops. Pigs. Murderers’ in front of a line of five police officers. (Source and photos)
A new killing has taken place today: Joel Acevedo is believed to have been shot dead while in handcuffs. Adding to the suspicion, officers are reported to have used their flashlights to block video footage being taken by residents of a nearby apartment complex. (Source)
Here’s video of about 50 protestors storming the Anaheim police station. A dispatch is forthcoming… (Source)
Comments from Anaheim police chief, victims, and grieving relatives of Manuel Diaz:
Cops shooting unarmed and oftentimes innocent suspects has been an ongoing and systemic issue in Anaheim. Perhaps the grieving residents simply had enough! That’s what it looks like on the Facebook page above.
A few are trying to say this document is fake or that I made it up.. (in the comments below this video) … to that I say.. wrong! just do the search going back through May and June. Its there.
I’ll make it easy for the skeptics and even do the search FOR you!
UPDATE 7.21: the news made it out !! infowars (alex jones) http://www.infowars.com and several other news sites have picked up this news and are analyzing the ramifications of it.
Al Jazeera has obtained video of the Taliban preparing to launch an attack on a U.S. base in Afghanistan’s eastern province of Khost. Al Jazeera’s Kamal Hyder reports.
Durham said the Marine Corps plans to show off its new battalions in Miami later this month at a conference put on by the Southern Command that is expected to be attended by government officials from Central American countries, such as Guatemala, Honduras, El Salvador and Belize.
CAMP PENDLETON, Calif. — The Marine Corps has created its first law-enforcement battalions — a lean, specialized force of military police officers that it hopes can quickly deploy worldwide to help investigate crimes from terrorism to drug trafficking and train fledgling security forces in allied nations.
The Corps activated three such battalions last month. Each is made up of roughly 500 military police officers and dozens of dogs. The Marine Corps has had police battalions off and on since World War II but they were primarily focused on providing security, such as accompanying fuel convoys or guarding generals on visits to dangerous areas, said Maj. Jan Durham, commander of the 1st Law Enforcement Battalion at Camp Pendleton.
CAIRO – An explosion on Sunday rocked the Egyptian pipeline built to carry natural gas to Israel and Jordan, the 15th time it has been attacked since the start of the uprising in early 2011 that toppled President Hosni Mubarak.
The blast occurred in the early hours of Sunday morning at al-Tuwail, east of the coastal Sinai town of al-Arish, at a point before the pipeline splits into separate branches to Israel and Jordan, security officials and witnesses said.
Gunmen in a small truck drove up to the pipeline, dug a hole and placed explosive charges under the pipeline that they detonated from a distance, a security official and witnesses said.
Last week when we wrote about the imminent default of Sicily which Mario Monti tried to sweep under the rug by demanding the local governor resign for not masking the situation with lies, and doing all he can to prevent the advent of reality, we noted, rather sarcastically, that the “resignation of Sicily Governor Lombardo will somehow allow all those who care about the fundamentals of Italy to stick their heads in the sand… at least until Sicily is followed by Calabria, Campania, Lazio, Abruzzo, Tuscany, Lombardy, Umbria, Liguria, Veneto and so on. At least the governors of those respective provinces now have an advance warning what the endgame is.” Sure enough, now that this particular floodgate has also been opened, it is only fitting that in the aftermath of this weekend’s main news that a total of 6 Spanish regions will demand bailouts, that Italy follow suit with its own blacklist, and as La Stampa has reported, there are now ten major Italian cities at risk of an imminent financial collapse, yet another factor pushing Italian yields well on their way to the country’s own 7% rubicon, now at 6.34%.
Greece is in a “Great Depression” similar to the American one in the 1930s, the country’s Prime Minister Antonis Samaras told former U.S. President Bill Clinton on Sunday.
Samaras was speaking two days before a team of Greece’s international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify for further rescue payments and avoid a chaotic default.
Athens wants to soften the terms of a 130-billion euro bailout agreed last March with the European Union and the International Monetary Fund, to soften their impact on an economy going through its worst post-war recession.
The last time a sovereign bond issue was imploding at this rate without the ECB’s intervention, Silvio Berlusconi was about to be forcibly retired. This time, however, we fail to see what the assorted globalist elements will benefit by having Rajoy displaced: after all he has been a studious and versatile pawn of the status quo, who squawks repeatedly and whenever needed that Spain is solvent and that its banks are not in need of a bailout. That said, stick a fork in Spain, and all those newsletter writers who were saying to buy its bonds, or equities: at last check the IBEX was down nearly 5%, after falling by the same amount on Friday. This is the equivalent of the Dow Jones tumbling by just about 600 points. The catalyst – the 10 Year which touched on 7.565% minutes earlier, as virtually all hope is now lost – it is now every country and region for himself, and he who panics first, panics best.
It appears that following the resignation letter fiasco from Friday, the venerable IMF is trying to regain some level of credibility in the world. In a note obtained by SPIEGEL, senior IMF officials patience has clearly come to an end and has decided that, with Greece likely to go bust by September, it is no longer willing to provide additional Greek aid (we assume in light of the push-backs on the promised cuts that the aid was based upon). Pointing to this now being a euro-zone problem, their cessation of Greek aid is even more critical since both Holland and Finland pledged support because the IMF was involved. August 20th marks an important short-term hurdle as Greece is required to pay back EUR3.8bn to the ECB – and with collateral being withdrawn, we wonder how long before the ECB pulls the plug entirely – even on Greek T-Bills. Whether this is sabre-rattling before the delayed TROIKA visit or the IMF (and the rest of the TROIKA) indeed deciding enough is enough and realizing finally that more debt (or even maturity extensions) does not solve the problem of too much debt – only default will do that!
Japan, Tokyo: A girl holds her petition to ask the education ministry to protect children from radioactive contamination at Fukushima prefecture. (AFP Photo / Yoshikazu Tsuno)
Over a third of children in Japan’s Fukushima region could be prone to cancer if medics don’t apply more effort in treating their unusually overgrown thyroid glands and commit to international health aid and consultations, according to a new report.
The shocking new report shows that nearly 36 per cent of children in the nuclear disaster-affected Fukushima Prefecture have abnormal thyroid growths. This is an extremely large number of abnormalities – some of which, experts say, pose a risk of becoming cancerous.
After examining more than 38,000 children from the area, medics found that more than 13,000 have cysts or nodules as large as 5 millimeters on their thyroids, the Sixth Report of Fukushima Prefecture Health Management Survey states.
In comparison, a 2001 analysis by the Japan Thyroid Association found that fully zero per cent of children in the city of Nagasaki, which suffered a nuclear attack in August of 1945, had nodules, andonly 0.8 per cent had cysts on their thyroids, reports the Telegraph.
Millions of pounds of herbicides are applied to crops around the nation each year. In one single year, 2006, 96.7 million pounds of glyphosate was sprayed on soybeans alone; this is a 20-fold increase from the 4.9 million pounds in 1994, the year before Monsanto’s Roundup Ready seeds were introduced.
Well, now, biotechnology giant and creator of pesticides and herbicides, Dow AgroSciences is bringing forth brand new GMO soybeans and GMO corn to the market that will ultimately cause more herbicides than ever to be sprayed across the nation. What’s more, the USDA is all over the idea.
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