Wednesday, July 25, 2012

Alex Jones breaks down the news

Jul 24, 2012 by!/RealAlexJones

Euro to fall futher against the US Dollar?

Former Anglo Irish Bank CEO Seán FitzPatrick arrested

Jul 24, 2012 by

The former Chief Executive and Chairman of Anglo Irish Bank has appeared in court in Dublin charged in connection with financial irregularities at the bank. Seán FitzPatrick was charged with 16 offences under Section 60 of the Companies Act.

Spain bailout pressure mounts

Jul 24, 2012 by

A growing belief that Spain is going to need a full bailout from the European Union caused Madrid's borrowing costs to rise again on Tuesday.

The interest it had to offer to get investors to buy its short-term government bonds rose close to the highest since the creation of the euro.

Spain did find buyers for all the three billion euros worth of bonds it wanted to sell, but the markets are very nervous, which was reflected in a sell-off shares on the Madrid stock exchange.

Adding to the worries was the near certainty that more of Spain's regions will ask for bailout help from Madrid as they can no longer borrow independently.

David Jones, Chief Market Strategist with IG Index, said: "I think a full bailout for Spain is something that the European Central Bank and the eurozone as a whole will be very keen to try and avoid, but it's difficult to see it going any other way at the moment."

Spain's Economy Minister Luis de Guindos was in Berlin on Tuesday for crisis talks with his German counterpart Wolfgang Schaeuble.

On Monday de Guindos repeated Madrid would not need more aid.

The government's position remains that the 100 billion euros that it has asked for from the EU to recapitalise its battered banks will be enough to stem the crisis but the latest bond auction showed the markets do not believe that.

*Madrid's mounting costs*

Spain's increasingly desperate struggle to put its finances right have seen its borrowing costs soar to levels that are seen as being unsustainable. Italy, commonly regarded as too big to bail out, has been dragged along in its wake.

The Spanish Treasury raised 3.04 billion euros of three and six month T-bills, meeting its target. The average yield on the three month bill was 2.434 percent, up from 2.362 in June.

For the six-month paper, the yield jumped to 3.691 percent from 3.237 percent last month.

On the secondary market, Spanish five-year government bond yields rose above 10-year yields for the first time since June 2001. Having to pay more to borrow shorter-term rather than longer-term is usually a sign that markets think the risk of a default or debt restructuring has increased.

"The spread between five and 10-years moved to negative today, which is a classic sign that the market thinks the current trends are unsustainable for Spain's fiscal dynamics," said Nick Stamenkovic, bond strategist at RIA Capital Markets.

Rebekah Brooks and Andy Coulson charged with phone hacking

Jul 24, 2012 by
British Prime Minister David Cameron's former director of communications, Andy Coulson, and the former chief executive of Rupert Murdoch's News International, Rebekah Brooks, will be charged with phone hacking, the Crown Prosecution Service said. Rory Challands reports from London. Six other people will also be charged in the ever-widening scandal for their roles in a lengthy campaign of illegal espionage that victimised hundreds of people, the CPS said on Tuesday in a televised statement.

California Dreaming

Jul 24, 2012 by

Banks behind France's housing scandal

Sacré bleu !!

Jul 24, 2012 by
French banks set up subsidiaries which offered property loans to middle class families, on one condition: the homes could never be sold, had to be compulsorily rented and only banks, not the landlords, could select tenants Then they received warning letters from banks. Home owners realized the contract sent by banks had been illegally skewed whereby, they were forced to repay 6 times their initial loan and all their belongings were auctioned off. Their debts rose to 200 percent and home owners decided to file a case. The case is termed as France's own sub-prime scandal. A thousand homeowners have lost over a billion euros. 

Silver: Supply and Demand

Jul 24, 2012 by
Ever wonder how supply and demand affects the price of silver? It's not as simple as you may think. This educational video explores the economics of silver and its various uses for industrial demand. Visit for more information. Presented by Endeavour Silver Corp. as part of an ongoing series of educational films on all things silver.

Capital Account - Marc Faber on a Global Market Crash, the U.S. Treasury Bubble and China's Slowdown

Jul 24, 2012 by

Keiser Report: Financial Feeding Frenzy

Jul 24, 2012 by

In this episode, Max Keiser and co-host, Stacy Herbert, discuss feeding frenzies on Wall Street, drug money laundering in the City and Javier Bardem pays a little visit to the bankers. In the second half of the show, Max talks to comedian, actress, writer and Presidential candidate, Roseanne Barr about the mainstreaming of calls to 'hang bankers' and about ridding our democracies of politicians owned by bankers.