Goldman Non-Prosecution: AG Eric Holder Has No Balls - By Matt Taibbi (16/8/12) PDF Print E-mail
Matt Taibbi   
Thursday, 16 August 2012 14:20

Rollingstone Magazine

I’ve been on deadline in the past week or so, so I haven't had a chance to weigh in on Eric Holder’s predictable decision to not pursue criminal charges against Goldman Sachs for any of the activities in the report prepared by Senators Carl Levin and Tom Coburn two years ago.

Last year I spent a lot of time and energy jabbering and gesticulating in public about what seemed to me the most obviously prosecutable offenses detailed in the report – the seemingly blatant perjury before congress of Lloyd Blankfein and other Goldman executives, and the almost comically long list of frauds committed by the company in its desperate effort to unload its crappy “cats and dogs” mortgage-backed inventory.

In the notorious Hudson transaction, for instance, Goldman claimed, in writing, that it was fully "aligned" with the interests of its client, Morgan Stanley, because it owned a $6 million slice of the deal. What Goldman left out is that it had a $2 billion short position against the same deal.

If that isn’t fraud, Mr. Holder, just what exactly is fraud?

Still, it wasn’t surprising that Holder didn’t pursue criminal charges against Goldman. And that’s not just because Holder has repeatedly proven himself to be a spineless bureaucrat and obsequious political creature masquerading as a cop, and not just because rumors continue to circulate that the Obama administration – supposedly in the interests of staving off market panic – made a conscious decision sometime in early 2009 to give all of Wall Street a pass on pre-crisis offenses.



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Why The Deflationists Are Wrong - By Gary North (16/8/12) PDF Print E-mail
Gary North   
Thursday, 16 August 2012 07:18

Mises Daily

[FF Editorial: This is the best and most persuasive article on the debate between “deflationists” and “Inflationists”. In a few short paragraphs, the author got rid of all the academic and pseudo economists’ mumbo jumbo and cut to the heart of the matter. It is application of common sense at its very best. The paragraph on digital money alone settles the debate in favour of the Inflationists’ position. The brilliance is in its simplicity and illustration. Hopefully, all future articles pertaining to this issue and other issues concerning the economy etc. will follow this example of concise writing. Even, Joe-six-Packs will understand. A big thank you to the author.]     

An inflationist is someone who believes that price inflation is the result of two things: (1) monetary inflation and (2) central-bank policy.

A deflationist is someone who believes that deflation is inevitable, despite (1) monetary inflation and (2) central -bank policy.

No inflationist says that price inflation is inevitable. Every deflationist says that price deflation is inevitable.

Deflationists have been wrong ever since 1933.

Milton Friedman is most famous for his book A Monetary History of the United States (1963), which relies on facts collected by Anna Schwartz, who died recently.

It is for one argument: the Federal Reserve caused the Great Depression because it refused to inflate.

This argument, as quoted by mainstream economists, is factually wrong.



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Warning: Get Your Money Out: 'All Legal Bank Deposit Protections Are Now Officially Gone' - By Mac Slavo (16/8/12) PDF Print E-mail
Mac Slavo   
Thursday, 16 August 2012 07:13

Information Clearing House

Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing “systemic” problems within the entire financial industry, has issued a new warning about the stability of US banks and the safety of individual deposit accounts.

The warning, stemming from a recent federal appeals court ruling surrounding customer funds lost during the 2007 collapse of Chicago futures broker Sentinel, indicates that individuals who lose deposited funds because a financial institution improperly manages that money, even if those funds are supposed to be “segregated” from other operations of the firm, are essentially left with no recourse if the firm goes belly-up. According to the court, a misallocation of those customer funds, “is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud’ its customers.”

The implications of the ruling, according to Barnhardt, will affect the monies of all private individuals who have seen their deposit accounts wiped out in the collapse of firms like John Corzine’s MF Global and put all deposit account holders in the country at risk should their bank be faced with a financial windstorm:
The NFA in collusion with the banksters, government and judiciary have achieved their goal. The entire concept of “customer segregated funds” is officially, completely, legally dead.

Guys, it is OVER. I know that many of you are still cowering in normalcy bias, unable to deal with reality, unable to face the world as it is, but you have GOT to snap out of it. The marketplace is DESTROYED. You CANNOT be in these markets. All legal protections are now officially gone.



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Five Reasons Why The Government Is Destroying The Dollar - By Daniel R. Amerman, CFA (15/8/12) PDF Print E-mail
Daniel R. Amerman, CFA   
Wednesday, 15 August 2012 07:33

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Bulls Still In Control, But Time Is Running Out - By Toby Connor (15/8/12) PDF Print E-mail
Toby Connor   
Wednesday, 15 August 2012 07:32

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