"Now remember, contributions via the European Stability Mechanism (ESM) are loan guarantees, not upfront cash. But here's the break-down of how much each EU country is on the hook for in the Cyprus bailout." Continue reading →
"Lawmakers in Arizona are poised to follow Utah, which authorized bullion for currency in 2011. Similar bills are advancing in Kansas, South Carolina and other states. The Utah Precious Metals Association, established after passage of the 2011 law to advocate for the use of gold and silver coins, has about two dozen members enrolled in a two month-old bill-pay service in which their accounts are held in gold, said Lawrence Hilton, the group’s chairman. Hilton envisions a future with an alternative monetary system based on precious metals in which merchants accept silver coin while gold mostly backs electronic transfers." Continue reading →
"Today, major bank runs happen for the most part not on the street, but electronically and often within minutes. They attract minimal public attention, are easily kept quiet, and the aggregate amounts transferred are known only to finance ministries and central banks. The true magnitude of any run on Cypriot or eurozone banks is hard for outsiders to clearly ascertain. This can be used as a major weapon in cajoling EU leaders into accepting greater banking 'unity' in both the eurozone and the greater EU. Should the Cypriot crisis prove an inadequate threat to further centralize the EU banking system, then there are a number of brewing crises that might do the trick." Continue reading →
"A cottage industry of stores buying and reselling goods online for Bitcoins has emerged, and some high-profile transactions have helped push the currency into mainstream consciousness. One Canadian man reportedly hoped to sell his house for Bitcoins, and a US man claimed to have traded his 2007 Porsche for 300 Bitcoins. The Cyprus banking crisis – which saw the tiny nation agree a bailout deal with the International Monetary Fund, European Commission and European Central Bank that will shrink the banking sector and lead to losses on deposits of more than 100,000 euros – also coincided with a run-up in Bitcoin valuation." Continue reading →
"So it is expected (and a bit sad) that households and businesses don't leave their banks readily, so its not surprising they stayed on board right up until the end. What is fascinating to me is that the banks that were NOT in the eurozone clearly had no idea what was coming, and the banks actually ON Cyprus only had an inkling, and that only at the last minute. Given both the timing and the form of the Cyprus bank resolution was in the hands of the ECB, as well as French and German politicians, is this astounding ability of the Eurozone banks to avoid losses truly a surprise?" Continue reading →
"You think you know American history? Think again. Drunks, slackers, prostitutes, and pirates were the real heroes of the American Revolution. Slaves created a culture that made America free. Prostitutes, not feminists, were the pioneers of women's liberation. Gangsters helped establish Hollywood, birth control, Las Vegas, legal alcohol, and gay rights. And zoot-suiters and rock-and-rollers, not generals or the Air Force, brought down the Soviet Union." Continue reading →
"In this YouTube video clip, Vice President Joe Biden states that the 'affirmative task before us now is to create a new world order' at the Export Import Bank conference in Washington on April 5, 2013. OK — David Rockefeller, Henry Kissinger, George H. W. Bush, Zbigniew Brzezinski, Jimmy Carter, Bill Clinton, George W. Bush, John McCain, Barack Obama, Joe Biden ad nauseam — how do you explain away this one? Conspiracy fact or conspiracy theory?" Continue reading →
"For generations we have been taught that the ideal journalist is fair, balanced and objective. But the idea of the objective journalist is a myth. Join us today on The Corbett Report as we explore the ideologies and assumptions behind all news media and what alternative models we have for journalism in the online era." Continue reading →
"Do you hate paying taxes? Are you fighting foreclosure? Do you feel like no one should be allowed to commit violence against you and don't always blindly follow the commands of the authorities? Do you film encounters with police or believe gold makes better currency than Federal Reserve Notes? Well you might be part of a domestic terrorism movement and not even know it. On Friday, the Los Angeles Times posted an article attempting to define a domestic terrorist movement consisting of as many as 300,000 Americans. Some are even labeled as non-violent 'paper terrorists'." Continue reading →
"The harsh reality of Obamacare is that tens of millions will lose their employer provided insurance because of the perverse incentives under the program. Even the establishment CBO admits that at least 7 million, and as many as 20 million, will lose their employer coverage. Workers who do not receive employer provided coverage are eligible to purchase their health insurance on the state Exchanges with extensive taxpayer subsidies to help cover the cost. Employers can terminate their employee coverage, give their workers a raise with part of the savings, and let the taxpayers bear the cost of subsidizing their coverage in the Exchanges." Continue reading →