Monday, July 2, 2012

Obamacare/Entitlement Programs In One Picture


  1. Welcome to my world people of America! As a Canadian who works his butt off and also works smart, it drives me nuts all the new ways the government is always finding to take my money away and redistribute it!!

    Justin from Canada

  2. "Haven't we got more important things to do here , like taking the dollars out of your mommies and daddies drawers and dressers and sending them to me!?!"

  3. Talking about entitlement...wonder how many hedgies knew about this scam?

    There’s Something Rotten in Banking

    Derivatives Contracts

    At times, Barclays traders sought to affect rates on dates when interest-rate derivatives contracts settled, thus profiting more from trades, according to documents made public by the U.S. Commodity Futures Trading Commission, one of the agencies conducting the Libor probes. Here’s an e-mail about the three- month rate from a senior Barclays trader in New York to the London banker who submitted the rates: “Hi Guys, We got a big position in 3m libor for the next 3 days. Can we please keep the lib or fixing at 5.39 for the next few days. It would really help. We do not want it to fix any higher than that. Tks a lot.”

    Bankers submitting rates responded to such requests as if they were routine: “For you, anything,” and “done ... for you big boy,” according to the e-mails. Not that the efforts went unappreciated: “Dude. I owe you big time!” one trader wrote to a Libor submitter. “Come over one day after work and I’m opening a bottle of Bollinger.”

    Barclays traders also coordinated with counterparts from other banks. In an instant message, one Barclays trader wrote to a trader at another bank: “If you know how to keep a secret I’ll bring you in on it, we’re going to push the cash downwards. ... I know my treasury’s firepower ... please keep it to yourself otherwise it won’t work.”

    PAGE 1 of 3
    Financial Journalism: “Sometimes Being Responsible Means Pissing People Off”
    By Janet Tavakoli – July 3, 2012
    Last week, Gillian Tett of the Financial Times wrote how five years previously, she and her fellow
    journalists were intimidated into backing off of a huge story about banks manipulating LIBOR. This is
    the London Interbank Offered Rate set by a poll of leading banks to determine the benchmark interest
    rate referenced by many home mortgage loans, floating rate notes, collateralized debt obligations, and
    many other financial instruments:
    “At the time, this sparked furious criticism from the British Bankers’ Association, as well as
    big banks such as Barclays; the word “scaremongering” was used. But now we know that,
    amid the blustering from the BBA, the reality was worse than we thought. As emails released
    by the UK Financial Services Authority show, some Barclays traders were engaged in a
    constant and pervasive attempt to rig the Libor market from 2006 on, with the
    encouragement of more senior managers. And the British bank may not have been alone.”
    (“LIBOR Affair Shows Banking’s Big Conceit,” Financial Times, June 28, 2012.)
    At the heart of the allegations is what appears to be a blasé criminal conspiracy within Barclays.
    Moreover, Tett is correct. Barclays is far from alone.

  5. thanx now i have the link which i was looking for my research.

  6. Why is Nobody Freaking Out About the LIBOR Banking Scandal?

    If Bob Diamond and Paul Tucker were having these talks about LIBOR, is it fair to wonder what else Hank Paulson and Lloyd Blankfein were talking about in the 24 discussions they had in the six days following the AIG disaster? When Paulson had a secret meeting with the entire board of Goldman Sachs in, of all places, his hotel suite in Moscow, in June of 2008? Or what other material nonpublic information was exchanged when Paulson met with a gang of hedge fund chiefs at the offices of Eton Park management in July 2008, and laid out for them a possible scenario for putting Fannie and Freddie into receivership?

    Anyway, the LIBOR story is leading the front pages of most of Britain’s dailies, it’s on TV, and it’s producing blistering editorials and howls of outrage amongst politicians and activists. But as compadre Yves Smith at Naked Capitalism put it, where’s the outrage here in America?

    Read more:

  7. Wonderful dynamic thinkers. How full of arrogance. That is exactly the downfall of people. Sick and tired of this shit. QE at the BOE, China and ECB and precious metals can't get it up - apparently because of the dollar!!! Jeeze what crap. At the fringes you will always get Gold close to the "paper gold".

    1. ‘The mob learned from Wall Street’: Eliot Spitzer on the ‘cartel-style corruption’ behind Libor scam

  8. Exposure of Banker Corruption
    Few observers make the connection, but the current LIBOR scandal is a middle inning of two important events. The first is the demise of the Western banker leadership crew. The executives from the most powerful banks will be last to be deposed, all sharing an ethnic strain. The second is the open fracture of the Western financial system. Over the past few years, to be sure a great many people have grown tired of Jackass descriptions of corruption within the banking sector and financial system in general. Well, hear this: TOLD YA SO! The London Interbank Offered Rate scandal will erupt into an uncontrollable firestorm, hitting one chamber and then the next, with rapid contagion. The Bank of England and the US Federal Reserve are both implicated, but they will skate until the end game. They control the prosecutors and the news networks. Few yet connect the LIBOR rigged prices to the important parts of the financial kingdom run by the harried banker elite. The supposedly informed experts point to the rigged low rates for adjustable rate mortgages, for credit cards, and for student loans. Only the ARM rate is important among these, since it kept and housing bubble going. If truth be told, the LIBOR anomalies have persisted since late 2008. The intrepid first class forensic bond analyst Rob Kirby linked the sordid trails and mismatched discrepancies of the LIBOR to the JPMorgan monster, the US Federal Reserve syndicate ring leader, and the USDept Treasury (haven for Goldman Sachs lieutenants). See his 2008 article on Financial Sense (CLICK HERE). Regulators have done nothing for four years. It was not fully appreciated at the time, like it might be today. The LIBOR should match the settled EuroDollar contract, but it has not for years. The evidence for price rig has been glaring for years. The big banks have skimmed the difference for profit for years. Imagine selling milk or concrete with a variation in price at the wholesale level, enabling vast profits from skimming. It has been permitted for the big banks, a grand blemish on an already scarred sector.

  9. Can Americans Escape the Deception?

    Hot Air Day is upon us. On July 4 hot air will spew forth all over the country as dignitaries deliver homilies to our “freedom and democracy” and praise “our brave troops” who are protecting our freedom by “killing them over there before they come over here.”

    Not a single one of these speeches will contain one word of truth. No speaker will lament the death of the US Constitution or urge his audience to action to restore the only document that protects their liberty. No speaker will acknowledge that in the 21st century the Bush/Obama Regime, with the complicity of the Department of Justice, federal courts, Congress, presstitute media, law schools, bar associations, and an insouciant public have murdered the Constitution in the name of the “war on terror.”

    As in medieval times, American citizens can be thrown into dungeons and never accounted for. No evidence or charges need be presented to a court. No trial is required, and no conviction.

    As in tyrannies, US citizens can be executed at the sole discretion of the despot in the Oval Office, who sits there drawing up lists of people to be murdered.

    Protestors exercising their constitutionally guaranteed rights to freedom of speech and freedom of association are attacked by armed police, beaten, tasered, tear-gassed, pepper sprayed, and arrested.

    Whistleblowers who report the government’s crimes are prosecuted despite the statute that protects them.

  10. Mitt Romney Praised ObamaCare Mandate, Exchanges, Portability In 2010

    Mitt Romney yesterday said in an interview with CBS News that the individual mandate was a tax, while the plan he put in place in Massachusetts was a penalty, and not a tax. In a video from April 2010, Mitt Romney praised some similarities between his plan and President Obama's. Romney said he liked the individual mandate, the portability of the insurance, the requirement that insurers cover people with a preexisting condition, and the similar exchanges. Romney said his plan was different because it was state plan and his plan did not raise taxes, and did not cut Medicare. (As a Governor, Romney had no authority to cut Medicare.)

  11. July 13th, Silver bomb!

    Participate! Buy one oz! Buy 100!



  12. good read today especially "WRAP UP

    Going back to the USSR we get a term that described the Communist ruling class that replaced the Tsarist elite. The term is NOMENKLATURA."


    Is this anything like “black mail”? An email from a Greek lady who lives in Athens makes me wonder how any country can recover from such abysmal fiscal and psychological dysfunction without a 100% collapse, much less ensure the survival of the EU or the Euro.

    Varoufakis is describing the situation in a realistic way, since we don’t experience just a financial crisis, but a crisis of values and, yes, a big psychological depression. Many young Greeks might want to emigrate, either due to high unemployment rate or because they have never lived with less than they used to, during the past two decades.

    This country’s economy is a black hole, any bailout loan simply vanishes as soon as it reaches Greece (if it ever reaches Greece).

    My daughter is 17, and she will take exams to go to University next year. In the back of her mind is the bankruptcy. How could she possibly go to University if the country bankrupts (as if it isn’t already bankrupt!). And I am trying to give her the right incentives to do her best and fight for her future.

    I am not going to tell you about homeless people, or people who are fed in soup kitchens, or about students fainting in the classrooms, because of malnutrition. One way or another, you’re already aware of all these. And I am not optimistic enough to believe that something will change or improve soon.

    This clearly shows what happens when politicians control the value of money-its long term store of value. It shows you what the end result is when we have to be legally forced to abide by a corrupt monetary system. If money is corrupt then so will our values be corrupt as well. We need a new monetary system and not one based on political whims and the debt pedaled by central banks and their members.

    What you just read is the epitome of what Mises calls HUMAN ACTION. No matter what mandates, laws or regulations corrupt governments force upon its citizens there will always be this Human Action to resist and adapt to a life seeking more freedom, more liberty and more happiness. That is human nature, but not the nature of oppressive governments and corrupt politicians and the money that empowers their corruption.


    Here is what the guy who was one of the founders of OCCUPY WALL STREET, David Gaeber, has to say about debt. Essentially he says “Debt is a promise.” Isn’t money a “promise” also, a political one?

  13. Gold's cross to bear - "QE to infinity" - and the "dynamic thinkers" who are not able to adapt the message.

    It's like swimming in a pool with sharks and putting chum in the pool.

    Well done.

    Perhaps it would be wise to adapt to a message of what has gone on before and what the consequences are for deflation in a debt saturated environment..

    Who are the lemmings and sheeple now???

    History doesn't change it repeats. So we have seen a 2008 before..

  14. This paper game is getting fucking tiring!

  15. how many more????????

    Court orders SEC whistleblower evidence on JP Morgan Hedge Fund fraud released

    A Connecticut state court judge has ordered whistleblower documents and internal emails sent to the SEC last year turned over to UBS who’s suing a JP Morgan owned hedge fund. According to a suit filed by ex-JPM’er Kevin Dillon the secret documents allegedly show JP Morgan’s back office trading administration worked with a Hedge Fund, Texas-based Highland Capital, to manipulate the net asset value of their fund’s assets. Court filings claim this was all done to get the Swiss banking giant, UBS, to lend them more money when they were in a performance death spiral and not let on to their investors that trouble was brewing in an effort to starve off redemptions.

    The UBS lawsuit shows a complicated financial restructuring of a mega-million security by JPM’s staff to cover up the assets that likely should have failed sooner than they did. There are allegations of amping up the NAV to attract more investor money until the financial crisis whipped them into a tail spin they couldn’t recover from. Until a low-level internal whistleblower started gathering docs and complaining to his superiors we might have never known how deep the alleged deception was. Dillon was fired, sued, got some cash from JP Morgan in a private settlement but now UBS plans to reopen the wound and not let JP Morgan hide their bad behavior.

    When UBS, who claims to have lost near $700mn on the Highland fraud, gets the whistleblower documents from Dillon’s Greenwich attorney Mark Sherman we could see all kinds of nasty emails exposing illegal acts like: back dating cross-trades between funds, applying trade-date accounting to up the NAV without settling trades, and moving crap assets out of one fund into another fund while making it look nice and rosy so UBS wouldn’t slam them with margin calls.