An Austrian Defense Of The Euro - By Jesus Huerta de Soto (25/6/12) PDF Print E-mail
Jesus Huerta de Soto   
Monday, 25 June 2012 08:43

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Global Systemic Crisis – September-October 2012: When The Trumpets Of Jericho Ring Out Seven Times For The World Before The Crisis (25/6/12) PDF Print E-mail
Administrator   
Monday, 25 June 2012 08:41

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The Wrong Risks: What A Hedge Gone Awry At JPMorgan Chase Tells Us About What's Wrong With Dodd-Frank - By Jan Kregel (22/6/12) PDF Print E-mail
Jan Kregel   
Friday, 22 June 2012 11:04

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The "American Exceptionalism" Paradigm Is Broken - By Jeff Snider, President & CIO (21/6/12) PDF Print E-mail
Jeff Snider, President & CIO   
Thursday, 21 June 2012 11:11

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Why Congress Won’t Touch Jamie Dimon: JPM Derivatives Prop Up US Debt - By Ellen Brown (21/6/12) PDF Print E-mail
Ellen Brown   
Thursday, 21 June 2012 11:07

Common Dreams

When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?”

The groveling of the Senators was so obvious that Jon Stewart did a spoof news clip on it, featured in a Huffington Post piece titled “Jon Stewart Blasts Senate’s Coddling Of JP Morgan Chase CEO Jamie Dimon,” and Matt Taibbi wrote an op-ed called “Senators Grovel, Embarrass Themselves at Dimon Hearing.” He said the whole thing was painful to watch.

“What is going on with this panel of senators?” asked Stewart. “They’re sucking up to Jamie Dimon like they’re on JPMorgan’s payroll.” The explanation in a news clip that followed was that JPMorgan Chase is the biggest campaign donor to many of the members of the Banking Committee.

That is one obvious answer, but financial analysts Jim Willie and Rob Kirby think it may be something far larger, deeper, and more ominous. They contend that the $3 billion-plus losses in London hedging transactions that were the subject of the hearing can be traced, not to European sovereign debt (as alleged), but to the record-low interest rates maintained on U.S. government bonds.

The national debt is growing at $1.5 trillion per year. Ultra-low interest rates MUST be maintained to prevent the debt from overwhelming the government budget. Near-zero rates also need to be maintained because even a moderate rise would cause multi-trillion dollar derivative losses for the banks, and would remove the banks’ chief income stream, the arbitrage afforded by borrowing at 0% and investing at higher rates.



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