16 Sep 2012

This Is Your Final Warning: The Worst Financial Disaster In 500 Years Is Nigh

Video Rebel's Blog: My Debt Cancellation hero is Professor Steve Keen of Australia.
He said in a recent  video
1) We have the greatest level of debt to GDP to cancel in 500 years which means we are approaching the greatest Depression in 500 years. That means the greatest levels of Austerity unemployment, wage cuts, defaults, bankruptcies and starvation in 500 years in Europe,  North America and the rest of the world. Of course if we followed Dr Keen’s advice on Debt Cancellation we know for a certainty: ‘This need not be.’

2) The nations which have been deindustrialized (emphasis on America) will face the hardest landing when debts are cancelled and we are forced to face reality. He said he feared for the fate of those people in deindustrialized nations  when the paper Bubble is pierced.
American deindustrialization began in 1994 with the passage of the North American Free Trade Act. The Federal Reserve has just announced it will begin or really continue buying up fraudulent Mortgage Backed Securities. This will free up cash for the banks to drive up food prices by buying even more commodities in the futures markets. Foreigners will realize our current inflation will accelerate and rise rapidly after the elections. The real inflation rate is 10% but will go higher as the dumping of the dollar accelerates. Investors are buying gold and silver. The dollar has declined in value which makes imports including oil more expensive. China simultaneously announced that they will trade for oil in yuan. Henry Kissinger invented the Petrodollar after th1973 Arab-Israeli war. America needed wars and rumors of ward in the Mideast to spike oil prices higher. Higher oil prices were good for the dollar because OPEC took all those excess dollars they earned to buy US Treasury bonds. The Japanese and the Chinese who have no oil ran huge trade surpluses with America which they used to buy oil. And all those Petrodollars were forwarded to Washington  to fund America’s wars for Israel.

UK housing collapse to leave 1.7 million families homeless

Britain's suffering its worst housing crisis in modern history - with the number of new households increasing faster than the number of homes it can build. Over 1.7 million families are waiting for a place to live. Source

Greeks takes their case of ‘bankers committing genocide’ to the Hague for a crimes against humanity trial

The site http://crimesagainstgreeks.com was created to begin the public and scientific recording of data and evidence of crimes to be submitted to the open file in the ICC at the Hague regarding crimes against humanity and genocide in times of peace at the expense of the Greek People, after the official complaint to the ICC by Olga and Tanya Yeritsidou.
Δημιουργήθηκε ο ιστοχώρος http://www.crimesagainstgreeks.com για την τροχοδρόμηση της δημόσιας και επιστημονικής συλλογής στοιχείων και την καταγραφή των εγκλημάτων, για τον ανοιχτό φάκελο που υπάρχει στο ΔΠΔ της Χάγης σχετικά με εγκλήματα κατά της ανθρωπότητας και γενοκτονία εν καιρώ ειρήνης κατά του Ελληνικού Λαού, από την προσφυγή που κατέθεσαν οι Όλγα και Τάνυα Γεριτσίδου.  Source

Japan's Ambassador To China Dies As Chinese Police Use Tear Gas, Water Cannon On Anti-Japan Protesters

Tyler Durden's picture Yesterday we described that anti-Japan sentiment across China was spreading like wildfire with some even suggesting it is time to declare war on Japan (see picture) in retaliation for the unprecedented shift in Japan's status quo vis-a-vis the Senkaku Islands. Today it has gotten even worse. From Reuters: "Chinese police used pepper spray, tear gas and water cannon to break up an anti-Japan protest in southern China on Sunday as demonstrators took to the streets in scores of cities across the country in a long-running row over a group of disputed islands. The protests erupted in Beijing and many other cities on Saturday, when demonstrators besieged the Japanese embassy, hurling rocks, eggs and bottles and testing police cordons, prompting the Japanese prime minister to call on Beijing to ensure protection of his country's people and property. In the biggest flare-up on Sunday, police fired about 20 rounds of tear gas and used water cannon and pepper spray to repel thousands occupying a street in the southern city of Shenzhen, near Hong Kong. Protesters attacked a Japanese department store, grabbed police shields and knocked off their helmets. One protester was seen with blood on his face. At least one policeman was hit with a flowerpot." And while the populist reaction was widely expected, the most surprising development came from Japan, where the designated ambassador to Beijing mysteriously died several hours ago after collapsing in the street without any obvious cause.

Gulag Gaza will not be "livable" by 2020: UN estimates - Remember Palestine

A report launched by Maxwell Gaylard, UN Resident and Humanitarian Coordinator in the occupied Palestinian territory, Jean Gough of the UN Children's Fund (UNICEF) and Robert Turner of the UN Relief and Works Agency for Palestinian Refugees in the Near East (UNRWA) forecasts a worsening situation for the population living under an Israel-enforced blockade, which rights groups have called an "open air prison."

Meanwhile In Beijing: "For The Respect Of The Motherland, We Must Go To War With Japan"

Tyler Durden's picture Anti-US protests sweeping across the entire Muslim world (which are continuing today), besieging, attacking and burning down US embassies, are not the only thing that the central banker policy vehicle known as "the markets" have to ignore in the coming days and weeks. Cause here comes China: "Thousands besiege Japan's embassy in Beijing over Tokyo's assertion of control over disputed islands in East China Sea." And China is not happy: "For The Respect Of The Motherland, We Must Go To War With Japan." Sure enough, where would the US be if the focal point of this escalation in militant anger - the Senkaku Islands - was not merely the latest expression of Pax Americana, and America's national interests abroad.

We already discussed the inevitable implications of the meaningless populist agitation over the contested Senkaku Islands. Here it is playing out in real time:

Money laundering: JP Morgan in the frame for Venezuelan drugs link - The Slog

Moral Tone’s employers face difficult questions 
about Venezuelan drug monies
Those slightly dense British politicians convinced that American attacks on our banks involved in drug-money laundering were motivated by envy may be in for a few jolts in the next few weeks, I hear. The first of these comes in the shape of US regulators being on the verge of filing such charges against that most un-British of banks (save for the presence of Tony Blair) JP Morgan.
While the extent of the inquiry taking place into JPM is for the moment vague, I’m told the liabilities could be gigantic. Morgan has already gone public to say it expects ‘heightened scrutiny’ of its compliance with laundry regulations. But I understad that, in turn, the Office of the Comptroller of the Currency is about to confirm it will examine Morgan activities and failures in detecting the use of its bank to render grubby drug money clean.
This new investigation does not, apparently, involve Colombia, but rather Venezuela. Although the Venezuelan government has trumpeted one major blow after another against drug traffickers, recent investigations suggest that the claims are exaggerated. And poor diplomatic relations with President Hugo Chávez of Venezuela, mean that the reach of American drug agents is limited in the region.
In September 2011, Barack Obama signed a memorandum designating Venezuela as a country that failed to meet international obligations to fight drug trafficking. He cited a federal report that concluded that the country was one of the preferred trafficking routes out of South Americaand had a generally permissive and corrupt environment.”

Understanding Bitcoin Security – Trace Mayer interviewed by VisionVictory

Chris Hedges: The Absurdity of Empire with Laura Flanders

Bernanke has GOT to be a stacker!!! + Andrew Jackson's duels - SilverFuturist

"Financial markets not discounting the future... they are not assessing the prospects of companies... they are trading the word clouds emitted by central bankers."

Cops punch, tase, handcuff man then smash his cell phone for recording brother’s arrest

By Madison Ruppert: Jefferson Parish, Louisiana Sheriff Deputies turned on Sean Warren last week simply for recording the questionable treatment meted out to his brother, Casey Warren. The police beat him, tased him, handcuffed him and smashed his cell phone after treating his brother in a nearly identical manner.
Unfortunately this is far from an isolated incident given that police across the country have been guilty of similar attempts to destroy evidence. Similarly, police have brutally beaten people simply for legally filming an arrest from the seeming safety of their own property.
Despite the phone being thrown to the ground after Sean Warren was sucker punched by the deputies, Warren managed to recover the video after taking his phone to a repair shop.
As Carlos Miller rightly points out, the recovered video (embedded below) is quite dark and grainy, thus making it quite difficult to make out exactly what is going on. However, “it does show deputies trying to shove Casey Warren into the back of a patrol car.”
Witnessing the strange and likely disturbing incident, Sean Warren’s fiancée called 911 in an attempt to get the New Orleans police to come to the rescue.
The New Orleans police arrived, informed both Warren brothers they were not being arrested and one officer even used his flashlight to assist Sean Warren in locating his broken phone.
According to The New Orleans Times-Picayune, “The brothers and other witnesses say the Jefferson Parish deputies initially threw the spent Taser cartridges into a neighbor’s trash can, but retrieved them once New Orleans police arrived.”
New Orleans attorney Sonny Armond, who is both the stepfather and attorney of the Warren brothers, said that the police were actually trying to cover up evidence of their actions.
“They were clearly trying to manipulate the scene,” said Armond.

Janet Tavakoli: Understanding Derivatives and Their Risks

by : Global financial markets are awash in hundreds of trillions of dollars worth of derivatives. By some estimates, the total amount exceeds one quadrillion.

Derivatives played a central role in the 2008 credit crisis, as they had a brutal multiplying effect on the magnitude of the carnage. As a bad asset was written down, oftentimes there were derivative contracts written against it that resulted in total losses 10x greater than the initial write-down.

But what exactly are derivatives? How do they work?