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Guatemala’s president: ‘My country bears the scars from the war on drugs’

“This is often the problem with the war on drugs: shifting the problem from one region to another. The transit nations are now recognised as a distinct set of countries caught in the war on drugs. As they produce and consume few drugs they are among the more innocent victims. But now they have a bullish and vociferous spokesperson in Guatemala’s president, Otto Pérez Molina. A previously hardline director of military intelligence, Pérez Molina became president a year ago. He surprised many when, within weeks, he declared that the war on drugs had failed and that the international community needed to end the ‘taboo’ of debating decriminalisation.” Continue reading →

Destroying the Switzerland of Central America

“Leave it to the U.S. national-security state to destroy another country, this one being Costa Rica, known as the ‘Switzerland of Central America’ and whose national slogan is ‘pura vida’—’pure life.’ How is the U.S. government now destroying Costa Rica? No, not with bombs or missiles—at least not yet—but with its much-vaunted drug war, which the Pentagon and the CIA are expanding in Latin America since that their adventures in Afghanistan and the Middle East might be winding down. Does anyone in Costa Rica really believe that the militarization of Costa Rican society is going to have any significant effect on the 40-year-old war on drugs?” Continue reading →

Ex-Goldman Sachs trader charged with $118 million trading fraud

“A former trader with US banking giant Goldman Sachs was arrested Wednesday on criminal charges of fraud linked to a scheme to hide an $8 billion futures bet, officials said. The federal prosecutor’s office in Manhattan said Taylor was due to appear before a judge on the charges ‘in connection with a scheme to accumulate and conceal an unauthorized $8 billion position in a trading account that he managed at Goldman, Sachs & Co.’ In November, the Commodities Futures Trading Commission filed a civil suit accusing Taylor of defrauding his employer ‘by intentionally concealing… the true huge size, as well as the risk and potential profits or losses associated.'” Continue reading →

Doug Casey: All Banks Are Bankrupt

“The whole banking business is corrupt from top to bottom today. Part of the problem is that banks are no longer financed by the individuals who start them, putting their personal net worth on the line. Now, they are all publicly traded entities – just like all brokerages – playing with Other People’s Money. Management has no incentive to do anything but pad their wallets, so they pay themselves gigantic salaries and bonuses, and give themselves options. These people aren’t shepherding their money and that of clients they know personally. They’ve got zero skin in the game. This is true all over the world, not just in the US and Europe.” Continue reading →

Cyprus, The First Domino?

“For the investor, if he has been preparing himself carefully for the events that will unfold in the next few years, Cyprus will have been an event that did not impact him at all. This sounds like economic heresy, because the very idea that banks would systematically and intentionally steal the money of its depositors is a major, major event. Yes, it is quite definitely a major event, but one that should not have impacted the seasoned investor, as it is an event that is a mere comma in his overall outlook – it is an event that was anticipated.” Continue reading →

The Financial Situation in Cyprus and the End of the Euro

“There are several lessons to be learned here: 1. Politicians lie. Only a few weeks ago, politicians in Cyprus promised that deposits in local banks would be backed 100% and that euro-zone taxpayers would finance any bailout. Obviously, that turned out not to be true. 2. The swift win the race. Those depositors who got their funds out of Cyprus banks before the bailout get to keep 100% of their capital. Those who delayed face losses up to 60%. 3. Cash is king. While the value of the euro has slumped in recent weeks, anyone with euros in cash form, rather than in an account, is far better off than with euros in a bank account. [..]” Continue reading →

Fannie Mae record profit: How long until it pays back bailout money?

“The firm, along with a sibling corporation named Freddie Mac, is at the heart of a US mortgage market that imploded during the financial crisis. The two firms received some of the biggest taxpayer bailouts in 2008. But now, as housing markets are recovering, so are their fortunes. Fannie Mae has drawn some $116 billion in financial support from the US Treasury since the firm was taken over in a federal conservatorship in 2008. Some $35.6 billion of that has, in effect, been paid back through dividend payments to the Treasury since 2009. Executives at Fannie and Freddie are touting the role they’ve played in buoying the housing market since the recession ended.” Continue reading →

GM, Ford and Chrysler post best U.S. sales since 2007

“General Motors, Ford and Chrysler reported their best US sales performances since 2007 on Tuesday amid booming overall auto demand following the US industry’s near-collapse five years ago. Total industry sales rose 3.4 percent from March 2012 and came in at a seasonally adjusted, annual pace of 15.3 percent, according to Autodata. The strong sales come after years of painful restructuring and the plunge in demand following the 2008 financial crisis, which pushed GM and Chrysler into government-backed bankruptcies.” Continue reading →