Bankocracy

Truth From The Treasury Secretary: Social Security at Risk

"He is only talking here about the problems that political gamesmanship between Democrats and Republicans might temporarily cause in the Treasury selling debt. But the danger is the same, if not greater, when markets won't allow the Treasury to raise funds at cheap rates. It will mean cutbacks in Social Security and other entitlement programs or it will mean the Federal Reserve stepping in and printing more money to buy the Treasury securities that no one else will want. Either way, it won't turn out well for the retirees who depend on Social Security, either there will be immediate cutbacks or price inflation will cut into the purchasing power of the payments." Continue reading →

Continue ReadingTruth From The Treasury Secretary: Social Security at Risk

Treasury chief says U.S. again perilously close to breaching the debt ceiling

"Treasury Secretary Jacob Lew urged Congress on Thursday to raise the US borrowing ceiling, warning that not doing so could jeopardize Washington’s creditworthiness and raise fears of a default. With the US closing on the point where spending will surpass available funds, Lew said it was crucial for Congress to raise the debt cap as soon as it comes back into session at the beginning of September. Failure to raise the ceiling would force cuts to many parts of the government, including the military and social security benefit payouts, and 'have disastrous effects for our nation,' Lew told an audience in Mountain View, California." Continue reading →

Continue ReadingTreasury chief says U.S. again perilously close to breaching the debt ceiling

Are commodity prices about to explode?

"Prices in financial markets are determined by psychology, by what people think stocks, bonds and commodities are worth rather than what they actually are worth. Recent sentiment readings for some key commodities, such as copper, gold, sugar, wheat, cattle, etc., were at extreme levels of negativity. From a contrarian aspect of course, that's very bullish. We see a similar pattern in many, but not all commodities in respect to commitment of traders, where knowledgeable commercials are comfortably long. On the other hand, speculators, who as a group usually guess incorrectly at turning points, are taking the other side of the trade with bearish bets." Continue reading →

Continue ReadingAre commodity prices about to explode?

Bond Funds Lose $30.3 Billion in August in Big ‘Shift’

"The withdrawals for the month through Aug. 19 are already the third-highest on record, following $69.1 billion of withdrawals in June and $42 billion in October 2008, according to a report dated yesterday by TrimTabs Investment Research in Sausalito, California. Bond funds have suffered $4 billion in redemptions this year, on pace for the biggest withdrawals since investors pulled $7 billion in 2004. The prospect of losses in the fixed-income market and rising rates have spurred investors to retreat after pouring $1.2 trillion into bond mutual funds and ETFs from 2009 through 2012." Continue reading →

Continue ReadingBond Funds Lose $30.3 Billion in August in Big ‘Shift’

German jailed for Julius Bär bank data theft

"A German citizen who began working as a contractor for the Zurich-based bank in 2005, admitted that he had gathered information about the bank's clients, including their names, addresses and account numbers, between October and December 2011. He had then compiled a list of German clients with assets of more than 100,000 euros, Swiss francs, British pounds or dollars, and passed it on to a retired German tax inspector. In exchange, he had been set to receive €1.1 million euros. He told the court he had planned to use part of his compensation to pay off his own back-tax debt to German authorities." Continue reading →

Continue ReadingGerman jailed for Julius Bär bank data theft

Boardwalk Violinist vs. City Hall: Challenging Ocean City’s Noise Ban

"Ocean City, Maryland is known for a bustling boardwalk that's packed with the sights, smells, and sounds of summer. The city's leaders, however, approved an ordinance prohibiting anyone from being audible from more than 30 feet away while on the boardwalk. Mayor Rick Meehan tells Reason that the goal was 'to ensure that everybody had an opportunity to enjoy Ocean City.' But that wasn't how William Hassay saw it after being hassled by cops. Hassay has been entertaining passersby for almost 20 years by playing his violin for tips. 'I was told I would be cited and that I would be subjected to face jail time,' he says." Continue reading →

Continue ReadingBoardwalk Violinist vs. City Hall: Challenging Ocean City’s Noise Ban

Vermont Completely Nullifies Federal Hemp Ban

"Vermont has become the most recent state to take a stand against the federal government and nullify the federal ban on hemp cultivation. Governor Shumlin signed the new bill into law in June. Vermont is actually the 9th state to lift the ban on hemp, and 20 states have introduced industrial hemp legislation for the 2013 legislative season. However, what makes Vermont unique is that the new law does not hold a stipulation or amendment requiring the federal government to first lift the ban on hemp cultivation. Much like Colorado, Vermont will proceed regardless of the federal law banning hemp cultivation." Continue reading →

Continue ReadingVermont Completely Nullifies Federal Hemp Ban

CIA finally admits it masterminded Iran’s 1953 coup

"On the 60th anniversary of the 1953 military coup in Iran that overthrew the government of radical nationalist Mohammad Mossadegh, the US has declassified documents detailing how the CIA’s secret operation brought the country’s Shah back to power. Monday’s publication under the US Freedom of Information Act came as something of a surprise, since most of the materials and records of the 1953 coup were believed to have been destroyed by the CIA, the Archive said. The CIA said at time that its 'safes were too full.'" Continue reading →

Continue ReadingCIA finally admits it masterminded Iran’s 1953 coup

Court: Britain can look at Greenwald partner’s seized electronic documents

"British authorities can sift through electronic documents seized from journalist Glenn Greenwald’s Brazilian partner, in the interests of 'national security', a court ruled on Thursday. The 'highly sensitive' material could risk lives, said UK police. Two judges gave authorities until Aug. 30 to analyze 'thousands' of documents, according to a police lawyer. 'he home office and police now have seven days to prove that there is a genuine threat to national security, rather than make mere assertions as they have done today,' stated lawyer Gwendolen Morgan after the ruling was passed." Continue reading →

Continue ReadingCourt: Britain can look at Greenwald partner’s seized electronic documents

Only One Big Telecom CEO Refused To Cave To The NSA; Jailed For Years

"Former Qwest CEO Joseph Nacchio is currently serving a six-year sentence after being convicted of insider trading in April 2007 for selling $52 million of stock in the spring of 2001 as the telecommunications carrier appeared to be deteriorating. During the trial his defense team argued that Nacchio, 63, believed Qwest was about to win secret government contracts that would keep it in the black. Nacchio alleged that the government stopped offering the company lucrative contracts after Qwest refused to cooperate with a National Security Agency surveillance program in February 2001." Continue reading →

Continue ReadingOnly One Big Telecom CEO Refused To Cave To The NSA; Jailed For Years