Wednesday, May 16, 2012

FBI Launches JPMorgan Probe, Clawbacks Possible

Probably the best Young Turks report this year. Cenk Uygur, normally a Barry Soetoro supporter even acknowledges Barry is a sycophantic joke when it come to talking about banksters.

May 15, 2012 by  

Greek depositors withdrew €700 million from the country's banks on Monday


Original source

Greek depositors withdrew €700 million ($898 million) from the country's banks on Monday, fueling fears of a bank run amid the growing political disarray.

With deposits falling, Greek banks become even more dependent on the European Central Bank to meet their funding needs, exposing the central bank to potentially huge losses if Greece leaves the euro area.

Greek President Karolos Papoulias told the country's political leaders that bank withdrawals plus buy orders received by Greek banks for German bunds totaled some €800 million on Monday, a transcript of his comments said. A central bank official confirmed the figures.

"The strength of banks is very weak right now," Mr. Papoulias said, citing a conversation he had with Greek central-bank Gov. George Provopoulos.

Monday's deposit withdrawal far outpaced Greek banks' steady decline in deposits since the start of the country's debt crisis in 2009, as depositors withdraw cash and transfer funds overseas. In the past two years, deposit outflows have generally averaged between €2 billion and €3 billion a month, though in January they topped €5 billion.

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If you are Australian you better sit down before you read this post

This series of charts puts the Greece situation into prospective. As for Australia a Japanese economic collapse is the greatest potential Black Swan we face. Japan is the world's third largest economy and more importantly Australia's second largest trading partner (China is the largest), with more than twice the dollar amount of trade than with our third largest trading partner South Korea (trade stats source)


Original source

By now everyone has seen some iteration the following chart of relative sovereign debt/GDP values, in which Japan is an outlier:

As well as this chart of sovereign interest to revenue, in which Japan is also an outlier:

And certainly this chart showing Japan's straight diagonal line of debt/GDP:

But how many have seen this chart showing global sovereign debt as a percentage of total government revenues? 

Is there now any doubt after seeing this why the proverbial four horseman are really just one giant black swan, only not one of failed bond auctions or something quite as dramatic, but something as simple and mundane as the smallest uptick higher in rates which would blow up the entire global financial farce, starting with the most imbalanced domino of all - the land of the rising sun?... And that at least Greece is not Japan?

Brother JohnF's Silver Update - Silver Update - Collapse Coming

May 15, 2012 by

Capital Account - Is JP Morgan CEO Jamie Dimon the "World's Funniest Financier?"

May 15, 2012 by   Follow @

Gold: Just another commodity

No you Pommie Git, paper is a commodity, Gold is Money.

Click on the image to watch the video.

The report mentions the dramas in the Eurozone and that no protection is being offered in Gold. To prove the point they present a graph of Gold in US$ - WTF?  Well at this blog I realise that 96% of the world's population doesn't buy their Gold in US$. Here is a gold price chart in Euro, looks better than Euro trash to me.

Hollande sworn in as president of France

May 15, 2012 by

And the queues start forming at Greek ATMS...

A Euro in the hand is worth two Euros in a Greek bank account.

Ron Paul Revolution

May 15, 2012 by

Ron Paul has been taking slow strides that could lead to gaining the GOP nomination. Many have already claimed Romney as the clear winner and the mainstream media has ignored Ron Paul, but lately Paul has claimed a major of delegates in several states. Could Ron Paul keep the momentum going and defeat Romney? Austin Petersen, director of production for Freedom Works, gives us his take.

Greek govt talks collapse, new election to be held

Euro plunges in US$

chart from

Original source

ATHENS, Greece (AP) — Greece will hold a new election in June after days of talks failed to resolve the country's political deadlock, party leaders said Tuesday.

The Athens Stock Exchange plunged on the news, diving 4.86 percent minutes after the announcement before recovering somewhat.

The May 6 election left no party with enough votes for a majority in parliament and repeated efforts over nine days to cobble together a coalition government proved fruitless.

"The country is unfortunately heading again to elections," Socialist party leader and former finance minister Evangelos Venizelos said. "It is heading back to elections in a few days under very bad circumstances, because certain people coldly put their short-term party interests above the national interest."

The protracted political uncertainty has worried Greece's international creditors, who have extended the country billions of euros in rescue loans over the past two years. The election campaign was dominated by the debate over Greek's dismal financial state and the strict austerity measures taken in return for the bailout — and anti-austerity parties on both the right and the left made huge gains in the vote.

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May 15, 2012 by

Discussions of a Greek euro exit, or a Grexit, have become more prominent in Brussels after Greek leaders failed to form a coalition government since elections were held on 6th of May. But eurozone finance ministers on Monday reaffirmed their commitments to keep Greece in the euro zone.

Just Say No

May 15, 2012 by