Submitted by Tyler Durden: With so much hollow and pointless discussion over the past week, month and year over such fundamentally trivial things as who will inject more money faster, who will be bailed out first, who will go back to their own currency before everyone else, it is easy to forget that reality actually matters. And the reality is not who has their CTRL-P macro stuck, but what does the future of the world truly hold when one sidesteps such idiotic flights of fancy that debt may be cured with more debt. In order to completely change the topic from what has become trivial and generic - i.e., the various encroaching forms of central planning: Fed, SCOTUS, G-8 through G-20; European Finance Ministers, and now, with the ESM passing German parliament, the German Constitutional Court, we focus on something few have discussed, yet all have a morbid fascination with: Robots... And China. And why the combination of the two just may be the most dangerous thing for China's several hundred million strong migrant labor force, which, on the margin may just be the deciding factor defining the engine of global growth for the next decade. Oh, and did we mention global structural unemployment which will only get worse as increasing automation leaves more and more millions collecting their 99 weeks of extended unemployment benefits.
Friday, June 29, 2012
This is a huge story:
On Wednesday, Barclays won the race to reach a deal with U.S. and British regulators, beating UBS, which was reportedly the first bank to begin cooperating with international antitrust authorities. Barclays agreed to pay at least $450 million to resolve government investigations of manipulation of Libor and the Euro interbank offered rate (or Euribor): $200 million to the U.S. Commodity Futures Trading Commission, $160 million tothe criminal division of the U.S. Department of Justice and $92.8 million to Britain's Financial Services Authority.
I wrote about the Libor investigation in the current issue of Rolling Stone, in "The Scam Wall Street Learned From the Mafia," about muni bond bid-rigging. Throughout this spring, while the Carollo bid-rigging case played out in a Manhattan courtroom, negotiations between banks and regulators were going on in this far larger cartel-corruption case. It’s been clear for some time now that a number of players had begun cooperating, and the only question was which bank was going to settle first.
Submitted by Tyler Durden: It's official: all those rumors of unprecedented deposit withdrawals in May as Greece was heading into one then another parliamentary election were true. According to just released NBG data, May deposit outflows were €8.5 billion, or the highest on record, bringing the local banks' total private sector deposit base to just €157 billion, the lowest since January 2006, and represents a massive 5% outflow of the entire deposit base as of the end of April. And keep in mind rumors of epic bank jogs and trots did not really pick up until weeks into the second Greek election two weeks ago. At this rate of outflows the entire Greek banking system will have zero deposit cash left in under two years. So aside from the 'details', Europe is all fixed and stuff. Source
Nasser bin Hamad Al Khalifa is the head of Bahrain's Olympic committee and is due to lead the country's delegation during the Olympics Games in London. But according to Bahraini opposition members, he's also a sadistic torturer who's been personally involved in crushing anti-regime demonstrations by force. They also say he has cheer-led the persecution of Bahraini athletes opposed to the Al Khalifa dictatorship. Part 2>
How Papandreou/Troika turned down SECOND debt lifeline in 2011. How a German consultancy got involved. How the brand new Greek finance minister is in bed with that consultancy. - The Slog
New Greek Finance Minister: he devised a way to get Papandreou off the hook, he steered Greece into the Euro in 2001. The plot thickens.
by MICHAEL HANLON: The world's first geneticallymodified humans have been created, it was revealed last night.
The disclosure that 30 healthy babies were born after a series of experiments in the United States provoked another furious debate about ethics.
So far, two of the babies have been tested and have been found to contain genes from three 'parents'.
Fifteen of the children were born in the past three years as a result of one experimental programme at the Institute for Reproductive Medicine and Science of St Barnabas in New Jersey.
The babies were born to women who had problems conceiving. Extra genes from a female donor were inserted into their eggs before they were fertilised in an attempt to enable them to conceive.
Genetic fingerprint tests on two one-year- old children confirm that they have inherited DNA from three adults --two women and one man.
The fact that the children have inherited the extra genes and incorporated them into their 'germline' means that they will, in turn, be able to pass them on to their own offspring.
Altering the human germline - in effect tinkering with the very make-up of our species - is a technique shunned by the vast majority of the world's scientists.
Geneticists fear that one day this method could be used to create new races of humans with extra, desired characteristics such as strength or high intelligence.
Writing in the journal Human Reproduction, the researchers, led by fertility pioneer Professor Jacques Cohen, say that this 'is the first case of human germline genetic modification resulting in normal healthy children'.
Some experts severely criticised the experiments. Lord Winston, of the Hammersmith Hospital in West London, told the BBC yesterday: 'Regarding the treat-ment of the infertile, there is no evidence that this technique is worth doing . . . I am very surprised that it was even carried out at this stage. It would certainly not be allowed in Britain.'
Since the 2008 collapse of Lehman Brothers, we’ve had a global unwinding of bad debt, financial journalist Max Keiser said in an interview with Press TV. He added that JP Morgan’s recent financial loss has suddenly made more visible the shadow banking system.