The TSA and your junk

Of course hopefully most of the readers of this blog will have come to relize that airport scanners have little to do with preventing weapons or bombs getting on planes, as metal detectors and bomb dogs are sufficient for that purpose. Why the scanners are being setup and becoming commonplace is to allow the US to implement capital controls. When the the population panics and thinks about leaving with whatever cash they have strapped to themselves the scanners or groping will catch them in the act. The US has learned a lot from the South African situation of wealthy people fleeing and getting around the capital controls when the Communists took power.

Billions erased in market's worst day in a year

From the Sydney Morning Herald:

The Australian sharemarket has suffered its worst day since June last year as renewed worries about the strength of the global economy wiped about $33 billion off the value of the market.

At the close, the benchmark S&P/ASX200 index was down 106.9 points, or 2.3 per cent, at 4600.4, while the broader All Ordinaries index slumped 105.4 points, or 2.2 per cent, at 4683.2.

The size of the retreat is the most since almost 3 per cent was lopped off the market's value on June 7, 2010.

Read more: http://www.smh.com.au/business/markets/billions-erased-in-markets-worst-day-in-a-year-20110602-1fhh0.html#ixzz1O6IoXznx

Gaddafi dodged Madoff only to be attacked by The Squid

From The Independent:

Goldman Sachs managed to lose nearly all of the money it had been given to invest by the Libyan government, which eventually led the giant Wall Street bank to offer shares as compensation that would have effectively made Colonel Gaddafi one of its largest single investors.

The Libyan Investment Authority, a sovereign wealth fund worth tens of billions of dollars into which the Gaddafi administration poured the money it made from oil sales, handed over $1.3bn to the bank in 2008 with a mandate to invest in foreign currency markets and other structured products. The deal was struck months before the onset of the financial crisis, and sources close to the bank yesterday claimed that the LIA had initially been uninterested when Goldman told it that the value of the investment had lost several hundreds of millions of dollars.

But by early 2009 Goldman Sachs had lost 98 per cent of what it had been given, according to a report in The Wall Street Journal. It is believed that senior Goldman Sachs officials were then summoned to Tripoli, and were told that, after losing the cash in just a handful of complex trades, the bank would need to offer some sort of compensation......read on

Moody's cuts Greece's credit rating

(Reuters) - Moody's on Wednesday cut Greece's credit rating by three notches to an extremely speculative level on debt restructuring worries and warned that more downgrades could come.

Citing a growing risk that the government will fail to stabilize its debt position without a debt restructuring, Moody's cut Greece's rating to Caa1 from the previous level of B1, bringing it seven notches into junk territory.

The outlook on the new rating is negative, in a sign that another downgrade is likely in the short- to medium-term.

"The first trigger for today's downgrade is Moody's view that Greece is increasingly likely to fail to stabilize its debt ratios within the timeframe set by previously announced fiscal consolidation plans," the ratings agency said in a statement......read on

Bill Fleckenstein on the Gold & Silver Markets

Bill Fleckenstein, President of Fleckenstein Capital, discusses the Gold and Silver markets with Eric King of King World News......listen here

Egon von Greyerz and James Turk discuss how gold can preserve your wealth

by GoldMoneyNews on May 28, 2011

Egon and James Turk discuss why gold is the best way to preserve wealth for the long term and how we are living through very interesting times for the gold market. Central banks are debasing all major currencies and this will lead to much higher gold prices.

Egyptian Banker Arrested in NYC Hotel Attack

Am I overly suspicious because I don't believe in coincidences? Does a coincidence get bigger than this story?

Russia’s Central bank unexpectedly lifts deposit interest rate

By Associated Press, Published: May 30

MOSCOW — Russia on Monday unexpectedly raised its deposit interest rate by 0.25 percentage points to 3.5 percent in a bid to curb inflation.

Russia’s Central Bank said in a statement that the new deposit rate would take effect Tuesday, while other rates including the benchmark refinancing rate would remain unchanged.

The bank said the decision was taken to address inflation fears “and risks for sustainable growth.”

The move was a surprise after Central Bank chief Sergei Ignatyev said last week it was “in no hurry” to raise rates.

Although inflation slowed somewhat in May, it is still at 9.7 percent, far above the government’s target of 7 percent.....read on

Keiser Report: Neo-Feudal Gulag Casino State

By RussiaToday on May 31, 2011

This week Max Keiser and co-host, Stacy Herbert, report on the oil traders puking on markets and the gold confiscators eyeing Greece, Portugal, Spain and Italy. In the second half of the show, Max talks to former chief forex trader for VISA, Jon Matonis of TheMonetaryFuture.blogspot.com, about Bitcoin, the new peer-to-peer crypto-currency.

Counting the Cost - Glencore: Taking over the world?

From: AlJazeeraEnglish | May 29, 2011

We look at the world's biggest listed commodities trader and its controversial start to public life.